By Colin Kellaher


Shares of Apartment Income REIT surged in premarket trading Monday after The Wall Street Journal reported that Blackstone has agreed to buy the owner of upscale apartment buildings for about $10 billion.

Blackstone is paying $39.12 a share in cash for the real-estate investment trust, which operates as AIR Communities, a 25% premium to Friday's closing price of $31.35, The Journal reported, citing people briefed on the matter.

Apartment Income shares were recently up nearly 24% at $38.75 in premarket trading.


Write to Colin Kellaher at colin.kellaher@wsj.com


(END) Dow Jones Newswires

04-08-24 0834ET