ATLANTA, Nov. 5, 2012 /PRNewswire/ -- Preferred Apartment Communities, Inc. (NYSE MKT: APTS) (the "Company" or "Preferred Apartment Communities") today reported results for the quarter ended September 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 very pleased that our financial results for the third quarter clearly met our expectations, and that our net cash from operating activities of $1,225,510 was more than sufficient to fund our declared third quarter dividends on both our Common Stock and our Series A Redeemable Preferred Stock which aggregated $892,758," said John A. Williams, Preferred Apartment Communities' Chairman and Chief Executive Officer. Williams added "Given our performance expectations for the final quarter of 2012, we continue to believe that our net cash from operating activities will be more than sufficient to cover our recently declared $0.145 per common share dividend for the fourth quarter 2012 and all of our projected preferred stock dividends for the same period."
Third Quarter 2012The Company reported that net cash from operating activities was $1,225,510 for the third quarter 2012, compared with net cash from operating activities of $553,596 for the third quarter 2011, an increase of approximately 121%. The Company reported Adjusted Funds From Operations Attributable to Common Stockholders, or AFFO, was $817,996 for the third quarter 2012, compared with AFFO of approximately $770,473 for the third quarter 2011, an increase of approximately 6%. For the third 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 $881,543, compared with FFO of approximately $713,843 for the third quarter 2011, an increase of approximately 24%. 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.