Preferred Apartment Communities: Blackstone Real Estate Income Trust Completes $5.8 Billion Acquisition of Preferred Apartment Communities, Inc. – Form 8-K

Blackstone Real Estate Income Trust Completes $5.8 Billion Acquisition of Preferred Apartment Communities, Inc

ATLANTA & NEW YORK, June 23, 2022 – Blackstone (NYSE: BX) and Preferred Apartments Communities, Inc. (NYSE: APTS) (“PAC” or the “Company”) announced today that Blackstone Real Estate Income Trust, Inc (“BROAD”) has completed its previously announced acquisition of PAC for $25.00 per common share, no interest, in a cash transaction valued at approximately $5.8 billion. The holders of each series of PAC preferred shares will receive the liquidation preference of $1,000 per share for each preferred share plus accrued but unpaid dividends thereon, excluding interest. As a result of the transaction, PAC’s common stock will no longer be listed on any public market.

Joel T. Murphy, Chairman and Chief Executive Officer of PAC, said, “Today’s completion of BREIT’s acquisition of PAC marks the beginning of an exciting new chapter for PAC. This result, with over 99% of voting shareholders supporting the acquisition, underscores the merits of this transaction and the value of the hard work our team put in leading up to and during this process. I would like to thank the Blackstone team for their collaboration as we worked together to achieve this result. We look forward to the next phase for PAC.”

Jacob Werner, Co-Head of Americas Acquisitions at Blackstone Real Estate, said, “We are pleased to complete this acquisition on behalf of our BREIT investors and to welcome the talented PAC team to Blackstone. Including this transaction, approximately half of BREIT’s portfolio consists of residential properties, mostly located in the western and southern regions of the United States, with robust demand and stable occupancy Retail centers is a complementary addition to BREIT’s portfolio of stabilized income-generating assets and we look forward to being long-term owners of these properties.”

Jones Lang LaSalle Limited, BofA Securities, Lazard Frères & Co. LLC and Wells Fargo Securities LLC acted as BREIT’s financial advisors and Simpson Thacher & Bartlett LLP acted as BREIT’s legal advisors.

Goldman Sachs & Co. LLC acted as principal financial advisor to PAC. KeyBanc Capital Markets, Inc. and Jones Trading Institutional Services, LLC. also served as financial advisors to PAC. King & Spalding LLP and Vinson & Elkins LLP acted as legal counsel to the Company.

The transaction was announced on February 16, 2022.

About Preferred Apartment Communities, Inc.

Preferred Apartment Communities, Inc. (NYSE: APTS) is a real estate investment trust principally engaged in the ownership and operation of Class A apartment buildings, with select investments in shopping malls with grocery stores. Preferred Apartment Communities’ investment objective is to generate attractive, stable returns for shareholders by investing in income producing real estate and by acquiring or originating real estate loans. As of March 31, 2022, the Company owned or had investments in 113 properties in 13 states, primarily in the southeastern United States. Learn more at www.pacapts.com.

About Blackstone Real Estate Income Trust, Inc.

Blackstone Real Estate Income Trust, Inc. (“BREIT”) is a perpetual, institutional-grade real estate investment platform that makes private real estate available to income-seeking investors. BREIT invests primarily in stabilized, income-generating US commercial real estate of all major property types and to a lesser extent in real estate debt investments. BREIT is managed externally by a subsidiary of Blackstone (NYSE: BX), a global leader in real estate investments. Blackstone’s real estate business was founded in 1991 and has approximately $298 billion in investor capital under management. For more information, visit www.breit.com.

contacts

Preferred Apartment Communities, Inc. Contacts

investors

Preferred Apartment Communities, Inc.

John A. Isakson 770-818-4109

CFO

jisakson@pacapts.com

Paul Cullen, Executive Vice President – Investor Relations

(770) 818-4144

PCullen@pacapts.com

media

Longacre Square Partners

Dan Zacchei / Joe Germani

DZacchei@longacresquare.com / JGermani@longacresquare.com

Blackstone media contact

Jeffrey Kauth

(212) 583-5395

Jeffrey.Kauth@Blackstone.com

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