ATLANTA, Aug. 15, 2011 /PRNewswire/ -- Preferred Apartment Communities, Inc. ("PAC") (AMEX: APTS) today reported results for the quarter ended June 30, 2011. Unless otherwise indicated, all per share results are reported based on the weighted average shares of Common Stock outstanding on a fully-diluted basis for the period.
"We are pleased that we were able to implement our business strategy in the second quarter of 2011," said John A. Williams, Preferred Apartment Communities' President and CEO. Williams added, "Since our initial public offering of Common Stock this past April, we have acquired three multifamily communities, two of which were identified in our IPO prospectus, and made a mezzanine loan investment in connection with a fourth multifamily community located adjacent to one of our existing communities for which we also received an option to purchase that community. Given the successful deployment of our IPO proceeds during the second quarter, and our forecasted normalized full-quarter run rate, we currently believe that our Cash Available for Distribution will be sufficient to cover our projected dividends for the third and fourth quarters of 2011. We are especially pleased with our rental revenue growth of approximately 1%, month over month."
Second Quarter 2011The Company reported Cash Available for Distribution, or CAD, of approximately $420,000, or $0.09 per share, for the second quarter of 2011. For the second quarter of 2011, the Company reported Adjusted Funds from Operations, or AFFO, of approximately $430,000, or $0.09 per share, and Funds from Operations, or FFO, as defined by the National Association of Real Estate Investment Trusts, or NAREIT, of approximately - $1.2 million, or - $0.24 per share. AFFO is calculated by beginning with FFO and eliminating certain items that by their nature are not comparable from period to period or tend to obscure the Company's actual operating performance. CAD is calculated by beginning with AFFO and adjusting for certain REIT establishment costs that impact the Company's determination of the amount of funds it has available for distribution to its stockholders. A reconciliation of net loss attributable to the Company to FFO, AFFO and CAD is included in the financial tables accompanying this press release posted to our website.