Shares of Apartment Income REIT Corp. (NASDAQ: AIRC) appear to be on a continued ascent on the US market today. The value of AIRC shares has surged by 22.68% to $38.46 as per the latest observation. This upsurge follows the revelation of a prospective private takeover bid for AIRC.
Apartment Income (AIRC) has disclosed its entry into a definitive agreement with Blackstone (BX). In accordance with this agreement, Blackstone will acquire all of the outstanding common shares of AIR Communities in a cash transaction of around $10 billion, including debt payments, for $39.12 per share.
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This acquisition price represents 25% above Apartment Income’s closing share price on April 5, 2024, the day before the acquisition announcement. It also represents 25% above the volume-weighted average share price for the previous thirty days on the same exchange.
A total of 76 upscale rental communities make up Apartment Income’s portfolio, most of which are located in coastal cities like Miami, Los Angeles, Boston, and Washington, D.C. Over $400 million will be invested by Blackstone for maintaining and enhancing the existing communities in the portfolio, along with additional investment to expand the portfolio in the future.
This transaction will bolster AIRC’s commitment to providing housing solutions, fostering an excellent workplace environment, acting as responsible stewards of AIR communities, and being a dependable partner to Apartment Income investors. The collaboration with Blackstone and mutual emphasis on resident service and prudent investment will refine and broaden the business that the Apartment Income team has established.
The Apartment Income team expresses gratitude to Blackstone for the opportunity and for their confidence in the potential achievements through collaboration. The transaction garnered unanimous approval from the AIR Communities Board of Directors and is anticipated to conclude in the third quarter of 2024, pending approval by AIR Communities’ shareholders and satisfaction of customary closing conditions.
In conjunction with the transaction, Apartment Income has suspended the payment of its quarterly dividend, effective immediately. Upon fulfillment of the transaction, Apartment Income’s common stock will cease to be listed on the New York Stock Exchange.
