ATLANTA, March 14, 2012 /PRNewswire/ -- Preferred Apartment Communities, Inc. (AMEX: APTS) today reported results for the quarter ended December 31, 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. The Company did not include its annual results for 2011 in this release because it did not commence revenue-generating operations until April 2011.
"We are pleased with our results for the fourth quarter, our second full quarter of operations since going public April 5, 2011, where we reported Cash Available for Distribution of $0.151 per share," said John A. Williams, Preferred Apartment Communities' President and CEO. Williams added, "Given our performance expectations for the first quarter of 2012, we increased our quarterly dividend 4% from $0.125 per share to $0.130 per share and currently believe that our Cash Available for Distribution will be sufficient to cover our declared dividend for the first quarter of 2012 and our projected dividends at this new rate for the balance of 2012. We continue to use Cash Available for Distribution as our primary tool for measuring performance of the Company."
Fourth Quarter 2011The Company reported that both Cash Available for Distribution, or CAD, and Adjusted Funds from Operations, or AFFO, were approximately $778 thousand, or $0.151 per share, for the fourth quarter 2011. For the fourth quarter 2011, the Company reported Funds from Operations Attributable to Common Stockholders, or FFO, as defined by the National Association of Real Estate Investment Trusts, or NAREIT, of approximately $625 thousand, or $0.121 per share. 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. A reconciliation of net loss attributable to the Company to FFO, AFFO and CAD is included in the financial tables accompanying this press release on our website.