Preferred Apartment Communities, Inc. (NYSE:APTS) (“PAC” or the “Company”) has extended its external management agreement with Preferred Apartment Advisors, LLC (“PAA”).
Duff & Phelps served as exclusive financial advisor to the Conflicts Committee of PAC to determine the fairness of the amended management agreement.
The original management agreement was entered into concurrently with the Company's initial public offering in April 2011. It had a term of five years, followed by successive one-year terms unless either party terminated the agreement. The amended management agreement has a three-year evergreen term. No material changes were made to the overall fees payable to PAA for its services and the Company retains the right to terminate PAA for cause.
About Preferred Apartment Communities, Inc.
Preferred Apartment Communities, Inc. is a real estate investment trust, which invests in the U.S. real estate market. It primarily acquires and operates multifamily apartment properties and retail properties.