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Preferred Apartment Communities, Inc. Reports Results for Fourth Quarter and Year Ended 2018

Atlanta, GA, February 25, 2019


Preferred Apartment Communities, Inc. (NYSE: APTS) ("we," "our," the "Company" or "Preferred Apartment Communities") today reported results for the quarter and year ended December 31, 2018. Unless otherwise indicated, all per share results are reported based on the basic weighted average shares of Common Stock and Class A Units of the Company's operating partnership ("Class A Units") outstanding. See Definitions of Non-GAAP Measures on page S-22.

Financial Highlights

Our operating results are presented below.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended December 31,
 
 
 
Years ended December 31,
 
 
 
 
 
2018
 
2017
 
% change
 
2018
 
2017
 
% change
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues (in thousands)
$
106,280

 
$
81,652

 
30.2
%
 
$
397,271

 
$
294,005

 
35.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Per share data:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) (1)
$
0.06

 
$
(0.60
)
 

 
$
(1.08
)
 
$
(1.13
)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FFO (2)
$
0.38

 
$
0.31

 
22.6
%
 
$
1.41

 
$
1.32

 
6.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AFFO (2)
$
0.48

 
$
0.31

 
54.8
%
 
$
1.33

 
$
1.17

 
13.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends (3)
$
0.26

 
$
0.25

 
4.0
%
 
$
1.02

 
$
0.94

 
8.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(1) Per weighted average share of Common Stock outstanding for the periods indicated.
(2) FFO and AFFO results are presented per weighted average share of Common Stock and Class A Unit in our Operating Partnership outstanding for the periods indicated. See Reconciliations of FFO Attributable to Common Stockholders and Unitholders and AFFO to Net Income (Loss) Attributable to Common Stockholders on pages S-3 and S-4 and Definitions of Non-GAAP Measures beginning on page S-22.
(3) Per share of Common Stock and Class A Unit outstanding.

"We had an outstanding fourth quarter and delivered FFO per share growth of 22.6% as compared to the fourth quarter 2017. For the year, we increased FFO per share by 6.8%, we increased our dividend again by over 8% and we achieved multifamily same store NOI growth of 3.4%, reflecting our intensified focus on operational results. We are very proud of the performance of our team as we navigated our way through an emotional start to the year", said Daniel M. DuPree, Preferred Apartment Communities' Chairman and Chief Executive Officer.

    
For the year ended December 31, 2018, our FFO payout ratio to Common Stockholders and Unitholders was approximately 73.0% and our FFO payout ratio (before the deduction of preferred dividends) to our preferred stockholders was approximately 60.0%. For the fourth quarter 2018, our FFO payout ratio to Common Stockholders and Unitholders was approximately 68.9% and our FFO payout ratio (before the deduction of preferred dividends) to our preferred stockholders was approximately 59.9%. (A) 

For the year ended December 31, 2018, our AFFO payout ratio to Common Stockholders and Unitholders was approximately 77.5% and our AFFO payout ratio (before the deduction of preferred dividends) to our preferred stockholders was approximately 61.4%. For the fourth quarter 2018, our AFFO payout ratio to Common Stockholders and Unitholders was approximately 54.4% and our AFFO payout ratio (before the deduction of preferred dividends) to our preferred stockholders was approximately 54.1%. (B) 

For the year ended December 31, 2018, our same store net operating income for our established multifamily communities increased approximately 3.4% as compared to the year ended December 31, 2017.(C) For the fourth quarter 2018, our average established multifamily communities' physical occupancy was 94.3% and for the year ended December 31, 2018, our same-store rental revenue grew 3.2% from the year ended December 31, 2017.

FOURTH QUARTER 2018 - EARNINGS RELEASE AND SUPPLEMENTAL FINANCIAL DATA | 1


The following information was filed by Preferred Apartment Communities Inc (APTS) on Monday, February 25, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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