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Nov. 7, 2011 /PRNewswire/ -- Preferred Apartment Communities, Inc. (AMEX: APTS) today reported results for the quarter ended
September 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 with our results for the third quarter, the first full quarter of operations since going public
April 5, 2011, where we reported Cash Available for Distribution of
$0.150 per share," said
John A. Williams, Preferred Apartment Communities' President and CEO. Williams added, "Given our performance expectations for the fourth quarter, we currently believe that our Cash Available for Distribution again will be sufficient to cover our projected dividend for the fourth quarter of 2011. We are especially pleased with total property revenue growth of approximately 4.0% and total property net operating income growth of approximately 4.3%, both in the third quarter over our pro forma second quarter results."
Third Quarter 2011
The Company reported that both Cash Available for Distribution, or CAD, and Adjusted Funds from Operations, or AFFO, were approximately
$774 thousand, or
$0.150 per share, for the third quarter 2011.
For the third quarter 2011, the Company reported Funds from Operations, or FFO, as defined by the National Association of Real Estate Investment Trusts, or NAREIT, of approximately
$717 thousand, or
$0.139 per share.
The Company reported total property revenues increased approximately 4% in the third quarter over the pro forma second quarter results. The Company also reported total property net operating income, or NOI, grew approximately 4.3% in the third quarter over the pro forma second quarter results. The pro forma second quarter results referenced above assume the Company acquired all three multifamily communities on
April 1, 2011.
AFFO is calculated by beginning with FFO and eliminating certain items that we believe 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. NOI is calculated as rental and other revenues from our three acquired multifamily communities, less property operating and maintenance expenses, property management fees, real estate taxes, and property insurance. A reconciliation of net loss attributable to the Company to FFO, AFFO, CAD and NOI is included in the financial tables accompanying this press release on our website.