Preferred Apartment stockholders vote to add holder redemption options

By Tali Rackner

Norfolk, Va., June 26 – Preferred Apartment Communities, Inc. said its common stockholders approved Proposal 2, a proposal to approve articles of amendment to the company’s charter to add holder redemption options in the first two years of ownership of the company’s series A redeemable preferred stock, according to a notice.

As announced on May 8, Preferred Apartment’s stockholders approved both Proposal 1, election of eight directors, and Proposal 3, ratification of the appointment of PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm for the fiscal year ending Dec. 31, 2014.

“The concept of including holder redemption options in the first two years of ownership of our series A redeemable preferred stock was created in response to feedback received from the financial advisor community and their clients, and applies to all of our outstanding series A redeemable preferred stock,” a source from the company said. “We believe this change further enhances the value of our preferred stock as an investment vehicle and financial planning tool for our investors.”

Preferred Apartment Communities is an Atlanta-based real estate investment trust.

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