Preferred Apartment Communities: 2Q Earnings Snapshot
ATLANTA (AP) _ Preferred Apartment Communities Inc. (APTS) on Monday reported a key measure of profitability in its second quarter.
The real estate investment trust, based in Atlanta, said it had funds from operations of $16 million, or 36 cents per share, in the period.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had a loss of $28.7 million, or 66 cents per share.
The real estate investment trust posted revenue of $113.9 million in the period.
Preferred Apartment Communities expects full-year funds from operations to be $1.44 to $1.50 per share.
The company’s shares have increased 1% since the beginning of the year. In the final minutes of trading on Monday, shares hit $14.23, a fall of 14% in the last 12 months.