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Aug. 5, 2013 /PRNewswire/ -- Preferred Apartment Communities, Inc. (NYSE MKT: APTS) (the "Company" or "Preferred Apartment Communities") today reported results for the quarter ended
June 30, 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 very pleased with the Company's operating performance for second quarter 2013," said
John A. Williams, Preferred Apartment Communities' Chairman and Chief Executive Officer. Williams added, "We believe our cash flow from operations and AFFO were exceptional. During the second quarter we more than doubled our capitalization, now have over 11 million shares of Common Stock outstanding, and have approximately
$260 million in total assets. Our leasing activity was extremely strong during this period with rent increases and occupancy above our expectations. In addition, we are now harvesting the values created by our mezzanine loan program with the acquisition of Trail II, which should be a solid contributor to our organic growth."
Second Quarter 2013
The Company reported net cash provided by operating activities for the second quarter 2013, excluding the effect of approximately
$125,000 of acquisition costs related to the acquisition of Trail II in
June 2013, was
$2,607,974. This represents an increase of
$1,737,982, or approximately 200%, over net cash provided by operating activities for the second quarter 2012. There were no acquisitions in the second quarter 2012.
The Company reported Adjusted Funds From Operations Attributable to Common Stockholders and Unitholders, or AFFO, of
$1,896,365 for the second quarter 2013, compared with AFFO of
$826,684 for the second quarter 2012, an increase of approximately 129%. AFFO for the second quarter of 2013 reflects an exit fee for accrued interest of
$283,062, which the Company realized when its mezzanine loan for Trail II was settled.
For the second 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
$5,526,564, which reflects deductions for a one-time deemed non-cash dividend of approximately
$7.0 million related to the conversion of the Company's Series B Preferred Stock to Common Stock on
May 16, 2013, acquisition costs of approximately
$125,000 related to our acquisition of Trail II in
June 2013, and a loss on the early extinguishment of debt of approximately
$604,000 related to the refinancing of our combined Trail Creek properties, compared with an FFO gain of
$592,375 for the second quarter 2012.
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.