Apartment Income REIT (AIRC) has issued an update.
Apartment Income REIT Corp., a Maryland-based real estate investment company, has agreed to a merger with several entities affiliated with Blackstone Inc., resulting in the company becoming a private entity and its delisting from the New York Stock Exchange. Following the merger, the issued equity interests of the company will remain intact, and a significant debt financing package will be initiated to facilitate the merger and subsequent distributions to unit holders. The board has amended the partnership agreement to adjust post-merger cash payment policies and the valuation of redeemed units. The merger’s completion is expected by June 28, 2024, with a new valuation policy to be applied thereafter, potentially impacting cash distributions and the value of the company’s shares.
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