PLANO, Texas, Sept. 14, 2017 /PRNewswire/ -- Monogram
Residential Trust, Inc. (NYSE: MORE), an owner, operator and
developer of luxury apartment communities with a significant
presence in select coastal markets, today announced that Monogram
stockholders voted to approve the acquisition of Monogram by a
newly formed perpetual life fund, Greystar Growth and Income Fund,
LP, led by Greystar Real Estate Partners and its initial founding
capital partners, affiliates of APG Asset Management N.V., GIC, and
Ivanhoé Cambridge, pursuant to the previously announced definitive
merger agreement, dated as of July 4,
2017. At a special meeting held on September 14, 2017, approximately 70% of Monogram
shares outstanding and entitled to vote at the meeting were voted
in favor of the merger and the other transactions contemplated by
the merger agreement, including the restructuring of Monogram's
joint venture with Stichting Depositary PGGM Private Real Estate
Fund.
Under the terms of the merger agreement, Monogram's stockholders
will be entitled to receive $12.00
per share in cash upon the closing of the proposed merger. The
merger, which is expected to close in the second half of 2017,
remains subject to the satisfaction or waiver of other customary
closing conditions.
ABOUT MONOGRAM
Monogram is a fully integrated self-managed real estate
investment trust that invests in, develops and operates high
quality multifamily communities offering location and lifestyle
amenities. Monogram invests in stabilized operating
properties and properties in various phases of development, with a
focus on communities in select markets across the United States. As of June 30, 2017, Monogram's portfolio includes
investments in 48 multifamily communities in 10 states comprising
13,438 apartment homes. More information is available at
www.monogramres.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of federal securities laws that are based on Monogram's
current expectations, estimates, forecasts and projections and are
not guarantees of future performance. These statements may be
impacted by a number of known and unknown risks and uncertainties,
including, without limitation, risks associated with Monogram's
business strategy; Monogram's ability to obtain future financing
arrangements; estimates relating to Monogram's future
distributions; Monogram's understanding of its competition; market
trends; and projected capital expenditures. Actual results may
differ materially from those expressed in these forward-looking
statements, and you should not place undue reliance on any such
statements. Factors that could cause such differences include,
but are not limited to, (i) the risk that the proposed merger
may not be completed in a timely manner, or at all, which may
adversely affect Monogram's business and the price of its common
stock, (ii) the failure to satisfy all of the closing
conditions of the proposed merger, (iii) the occurrence of any
event, change or other circumstance that could give rise to the
termination of the merger agreement, (iv) the effect of the
announcement or pendency of the proposed merger on Monogram's
business, operating results, and relationships with joint venture
partners, lenders, tenants, competitors and others, (v) risks
that the proposed merger may disrupt Monogram's current plans and
business operations, (vi) potential difficulties retaining
employees as a result of the proposed merger, (vii) risks
related to the diverting of management's attention from Monogram's
ongoing business operations, and (viii) the outcome of any
legal proceedings that have been or may be instituted against
Monogram related to the merger agreement or the proposed
merger. In addition, a number of other important factors
could cause actual results to differ materially from the
forward-looking statements contained in this press release,
including important risk factors described in the Risk Factors
section of Monogram's Annual Report on Form 10-K for
the year ended December 31, 2016 and in Monogram's subsequent
filings with the Securities and Exchange Commission.
Forward-looking statements in this press release speak only as of
the date on which such statements were made, and Monogram
undertakes no obligation to update any such statements to conform
to actual results or changes in its expectations.
View original
content:http://www.prnewswire.com/news-releases/monogram-stockholders-approve-acquisition-by-greystar-led-fund-300520046.html
SOURCE Monogram Residential Trust, Inc.