ATLANTA, Aug. 6, 2012 /PRNewswire/ -- Preferred Apartment Communities, Inc. (NYSE MKT: APTS) (the "Company" or "Preferred Apartment Communities") today reported results for the quarter ended June 30, 2012. 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 excited that our results for the second quarter exceeded the top end of our guidance with Adjusted Funds From Operations Attributable to Common Stockholders of $830,980," said John A. Williams, Preferred Apartment Communities' President and CEO. Williams added, "We are also pleased that our net cash from operations of $869,992 was more than sufficient to fund our second quarter dividends on both our Common Stock and our Series A Redeemable Preferred Stock. Given our performance expectations for the second half of 2012, we continue to believe that our net cash from operations will be more than sufficient to cover all of our projected dividends for 2012 at the current rate."
Second Quarter 2012The Company reported that net cash from operations was $869,992 for the second quarter 2012, compared with net cash used in operations of $697,122 for the second quarter of 2011. The Company reported Adjusted Funds From Operations Attributable to Common Stockholders, or AFFO, was approximately $830,980 for the second quarter 2012, compared with AFFO of approximately $430,000 for the second quarter 2011. For the second quarter 2012, 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 $596,671, compared with FFO of approximately - $1.2 million for the second quarter 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. A reconciliation of net loss attributable to common stockholders to FFO and AFFO is included in the Supplemental Financial Data attached to this press release on our website.