Preferred Apartment Communities (APTS) Misses Q3 EPS, Revenues Beat; Lowers Outlook

Preferred Apartment Communities (NYSE: APTS) reported Q3 EPS of ($0.35), which may not compare to the analyst estimate of $0.00. Revenue for the quarter came in at $104.23 million versus the consensus estimate of $100.95 million. AFFO was $0.21.

GUIDANCE:

"In the third quarter and subsequent to quarter end, we were able to capture approximately $35.5 million in realized gains on the sales of two of our older assets. This was somewhat offset by an approximate $3.0 million ($0.07 per share) loan loss allowance that we recorded on a real estate loan investment we made in Irvine, California. This loan paid over $21.1 million in interest, allowing us to book an approximate 12.9% IRR over the life of the loan. When the property is sold to a third party buyer, however, the total distributable proceeds will not cover all the interest we had accrued. As a result, we are reducing our guidance range for 2018 FFO per share from $1.43 - $1.47 (midpoint $1.45 per share) to $1.39 - $1.42 (midpoint $1.405 per share)," said Daniel M. DuPree, Preferred Apartment Communities' Chairman and Chief Executive Officer.

For earnings history and earnings-related data on Preferred Apartment Communities (APTS) click here.

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