Apartment Income REIT (NYSE:AIRC) stock is rising higher on Monday following news that Blackstone (NYSE:BX) is taking the real estate investment trust (REIT) private.
According to a press release from the company, Blackstone will acquire all outstanding shares of AIRC stock for $39.12 apiece. That represents a 25% premium to the stock’s previous closing price and its 30-day volume weighted average share price.
The total value of this deal is $10 billion and it has the unanimous support of the Board of Directors. It has also resulted in the suspension of the AIRC quarterly dividend.
Terry Considine, President and CEO of AIR Communities, said the following about the acquisition news:
“The business the AIR team has built will be improved and expanded by collaboration with Blackstone and a shared focus on serving residents and investing wisely. The AIR team is grateful to Blackstone for the opportunity and for its faith in what can be accomplished working together.”
What This Means for AIRC Stock
When AIRC stock is bought by Blackstone, it will no longer trade on public markets. That’s set to happen sometime in the third quarter of 2024.
AIRC stock is seeing heavy trading on today’s acquisition news. That has more than 12 million shares moving as of this writing. This is well above its daily average trading volume of about 1.2 million shares.
AIRC stock is up 22.5% as of Monday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
