PR Newswire
ATLANTA, April 30, 2018
ATLANTA, April 30, 2018 /PRNewswire/ -- Preferred Apartment Communities, Inc. (NYSE: APTS) ("we," "our," the "Company" or "Preferred Apartment Communities") today reported results for the quarter ended March 31, 2018. Unless otherwise indicated, all per share results are reported based on the basic weighted average shares of Common Stock and Class A Units of the Company's operating partnership ("Class A Units") outstanding. See Definitions of Non-GAAP Measures.
"As we continue executing our strategy of property acquisitions, we are able to utilize our unique access to capital through the independent broker-dealer and registered investment advisory channels to issue our Series A Preferred Stock and mShares. These additional capital channels beyond the sale of our common stock give us a significant competitive advantage as we explore opportunities," said Daniel M. DuPree, Preferred Apartment Communities' Chairman and Chief Executive Officer.
Financial Highlights
Our operating results are presented below. Net income (loss) per share reflected gains on sales of real estate of approximately $1.14 per share for the first quarter 2017 and $0.52 per share for the first quarter 2018.
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| | Three months ended March 31, | | | | |||||||
| | 2018 | | 2017 | | % change | | |||||
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| Revenues (in thousands) | $ | 90,370 | | | $ | 66,561 | | | 35.8 | % | |
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| Per share data: | | | | | | | |||||
| Net income (loss) (1) | $ | (0.14) | | | $ | 0.54 | | | — | | |
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| FFO (2) | $ | 0.37 | | | $ | 0.35 | | | 5.7 | % | |
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| AFFO (2) | $ | 0.26 | | | $ | 0.27 | | | (3.7) | % | |
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| Dividends (3) | $ | 0.25 | | | $ | 0.22 | | | 13.6 | % | |
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(1) Per weighted average share of Common Stock outstanding for the periods indicated. | ||||||||||||
(2) FFO and AFFO results are presented per weighted average share of Common Stock and Class A Unit in our Operating Partnership outstanding for the periods indicated. See Reconciliation of FFO and AFFO to Net Income (Loss) Attributable to Common Stockholders and Definitions of Non-GAAP Measures. | ||||||||||||
(3) Per share of Common Stock and Class A Unit outstanding. |
(A) We calculate the AFFO payout ratio to Common Stockholders as the ratio of Common Stock dividends and distributions to preferred stockholders to AFFO. We calculate the AFFO payout ratio to preferred stockholders as the ratio of Preferred Stock dividends to the sum of Preferred Stock dividends and AFFO. Since our operations resulted in a net loss from continuing operations for the periods presented, a payout ratio based on net loss is not calculable. See Definitions of Non-GAAP Measures. |
(B) Same store net operating income is a non-GAAP measure. See Definitions of Non-GAAP Measures. |
Acquisitions of Properties
During the first quarter 2018, we acquired the following properties:
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| Property | | Location (MSA) | | Units | | Leasable | | |
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| Multifamily communities: | | | | | | | | |
| The Lux at Sorrel | | Jacksonville, FL | | 265 | | n/a | | |
| Green Park | | Atlanta, GA | | 310 | | n/a | | |
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| Office buildings: | | | | | | | | |
| Armour Yards | | Atlanta, GA | | n/a | | 187,000 | | |
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Real Estate Assets
| | | | | | | | |||
| | Owned as of | | Potential additions | | Potential total | | |||
| Multifamily communities: | | | | | | | |||
| Properties | 31 | | | 15 | | | 46 | | |
| Units | 9,768 | | | 4,378 | | | 14,146 | | |
| Grocery-anchored shopping centers: | | | | | | | |||
| Properties | 39 | | | — | | | 39 | | |
| Gross leasable area (square feet) | 4,055,714 | | | — | | | 4,055,714 | | |
| Student housing properties: | | | | | | | |||
| Properties | 4 | | | 6 | | | 10 | | |
| Units Werbung Mehr Nachrichten zur Preferred Apartment Communities Aktie kostenlos abonnieren
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