Preferred Apartment Communities (APTS) Misses Q4 EPS by $4.59

Preferred Apartment Communities (NYSE: APTS) reported Q4 EPS of ($0.77), $4.59 worse than the analyst estimate of $3.82. Revenue for the quarter came in at $121.21 million versus the consensus estimate of $121.59 million.

"We are very pleased with our fourth quarter and full year operational results across our entire portfolio which demonstrate the durability and quality of these assets located in the thriving Sunbelt region. Our rent collections were very strong, and we credit this to our best in class teams and our focused Sunbelt strategy. Our Class A suburban multifamily portfolio continues to demonstrate solid growth due to broad positive economic and migration trends," stated Joel Murphy, Preferred Apartment Communities' President and Chief Executive Officer.

"2020 was also a transformational year for PAC. We went on offense and focused on several key strategic initiatives designed to streamline our business and position PAC for future growth. We completed our internalization, which simplified our platform, and completed the sale of our student housing portfolio for $478 million, which simplified our portfolio. With shareholder approval, we improved our governance by allowing shareholders to amend our bylaws, and we improved our balance sheet flexibility by reducing the call option on our Series A preferred stock from 10 years to 5 years. As a result of these steps, we ended the year having significantly reduced our preferred shares outstanding and invested $277 million in multifamily acquisitions. We enter 2021 energized to continue our drive to further improve our balance sheet and to grow our multifamily portfolio by leveraging our deep relationships and local market knowledge in key suburban Sunbelt markets."

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

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