Preferred Apartment Communities: 2Q Earnings Snapshot
{{#rendered}} {{/rendered}}ATLANTA (AP) _ Preferred Apartment Communities Inc. (APTS) on Monday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Atlanta, said it had funds from operations of $15.5 million, or 38 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 34 cents per share.
{{#rendered}} {{/rendered}}Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had a loss of $26.1 million, or 66 cents per share.
The real estate investment trust posted revenue of $96.4 million in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $96.8 million.
{{#rendered}} {{/rendered}}Preferred Apartment Communities expects full-year funds from operations to be $1.43 to $1.47 per share, with revenue in the range of $400 million to $440 million.
The company's shares have dropped 19 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $16.50, a drop of 4 percent in the last 12 months.
_____
{{#rendered}} {{/rendered}}This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on APTS at https://www.zacks.com/ap/APTS