ATLANTA, May 6, 2013 /PRNewswire/ -- Preferred Apartment Communities, Inc. (NYSE MKT: APTS) (the "Company" or "Preferred Apartment Communities") today reported results for the quarter ended March 31, 2013. 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 our net cash provided by operating activities for first quarter 2013, excluding the effect of acquisition costs related to the three communities acquired in January 2013, increased approximately 101% compared to first quarter 2012," said John A. Williams, Preferred Apartment Communities' Chairman and Chief Executive Officer. Williams added, "We believe we have successfully integrated the three multifamily communities we acquired in January 2013. As we move forward, we are excited about our opportunities for 2013 as we continue to work on improving operations, increasing rents and growing the Company through acquisitions."
First Quarter 2013
The Company reported net cash provided by operating activities for first quarter 2013, excluding the effect of approximately $1.1 million of acquisition costs related to the three communities acquired in January 2013, was $1,863,401. This represents an increase of approximately $935,000, or 101% over net cash provided by operating activities for first quarter 2012, excluding the effect of $912 of miscellaneous acquisition costs related to prior period acquisitions, of $928,306.The Company reported Adjusted Funds From Operations Attributable to Common Stockholders and Unitholders, or AFFO, of $897,917 for first quarter 2013, compared with AFFO of approximately $768,941 for first quarter 2012, an increase of approximately 16.8%. For first quarter 2013, the Company reported Funds from Operations Attributable to Common Stockholders and Unitholders, or FFO, as defined by the National Association of Real Estate Investment Trusts, or NAREIT, of a loss of $161,454, which reflects a deduction for acquisition costs of approximately $1.1 million related to our three new communities acquired in January 2013, compared with an FFO gain of $490,783 for first quarter 2012, which reflects a deduction for acquisition costs of only $912. 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 income (loss) attributable to common stockholders to FFO and AFFO is included in the Supplemental Financial Data attached to this press release on our website.