APTS - APTS STOCK NEWS

Preferred Apartment Communities, Inc. (NYSE: APTS) will announce its third quarter 2021 earnings after market close on November 8, 2021. A conference call to discuss the results is scheduled for November 9, 2021, at 11:00 a.m. Eastern Time. Investors can join via domestic dialing at (877) 883-0383 or internationally at (412) 902-6506, using passcode 5239504. A replay will be available from 3:00 PM Eastern Time on the same day until November 23, 2021. The company's focus is on generating stable returns from income-producing properties.

Preferred Apartment Communities, Inc. (NYSE: APTS) has completed the sale of the Armour Yards Portfolio for $79.5 million, yielding approximately $31.1 million in net proceeds after settling $48.4 million of debt. The company plans to redeem 36,926 shares of its 6.00% Series A Redeemable Preferred Stock on September 13, 2021. Total redemption proceeds per share will be $1,002.17. Since September 30, 2020, APTS has redeemed $580 million of Series A Preferred Stock.

Preferred Apartment Communities, Inc. (NYSE: APTS) announced a real estate loan investment of approximately $23.15 million for the development of Club Drive Apartments, a 352-unit multifamily community in Gwinnett County, Georgia. The investment is part of Oxford Properties' construction efforts, with the first units expected in Fall 2023 and a loan maturity date set for February 2027. The company aims to leverage such investments to enhance growth through attractive returns and to build a pipeline of modern multifamily properties.

Preferred Apartment Communities reported a 3.5% decline in revenues for Q2 2021, totaling $118.7 million, primarily due to the sale of eight student housing properties. However, same-store revenue growth was strong at 5.5%, with net operating income (NOI) up 6.4%. The company experienced significant rent growth, with new leases up 21.3% in July. Following the sale of five office assets for $645.5 million, PAC is focusing on simplifying its business and enhancing its capital structure. They anticipate improving trends in multifamily properties and a revised Core FFO guidance between $0.90 to $1.00 for 2021.

Preferred Apartment Communities (NYSE: APTS) plans to redeem 221,645 shares of its 6.00% Series A Redeemable Preferred Stock on August 3, 2021. This represents 100% of the callable shares, approximately 13.5% of the total outstanding shares. The company has redeemed over $550 million, or 28% of the Series A Preferred Stock since September 2020. The redemption price will be $1,000.50 per share, inclusive of accrued dividends. This move aligns with PAC's strategy to realign its balance sheet and focus on its core multifamily business.

Preferred Apartment Communities, Inc. (NYSE: APTS) has completed the sale of five office properties and a loan investment to Highwoods Properties, Inc. for $645.5 million, generating net proceeds of approximately $241.5 million. This transaction is part of PAC's strategy to streamline its investments, focusing on core Sunbelt multifamily properties. Additionally, PAC has an agreement to sell the Armour Yards Portfolio to Northwood Investors, with closing expected in Q3 2021. The proceeds from these sales will be used for balance sheet realignment and multifamily acquisitions.