APTS - APTS STOCK NEWS

Preferred Apartment Communities, Inc. (NYSE: APTS) announced a real estate loan investment of approximately $17.0 million for the development of Populus at Pooler, a 316-unit Class A multifamily community in Savannah, Georgia. This investment aligns with the company's strategy of expanding in growth markets. The loan matures on May 28, 2025 and supports a project co-financed with a construction loan. The President of Multifamily, Jeff Sherman, highlighted Savannah's economic diversity as a key factor for investment.

Preferred Apartment Communities (NYSE: APTS) announced the appointment of Joel Murphy as Chairman of the Board, in addition to his roles as President and CEO. Murphy has led the company since January 2020 and has extensive experience in real estate. Howard McLure continues as Lead Independent Director. Murphy’s leadership during the pandemic has been noted as crucial for maintaining business stability and executing strategic changes. The company focuses on generating attractive returns through ownership of multifamily properties and selective retail investments.

Preferred Apartment Communities, Inc. (NYSE: APTS) will hold its 2021 Annual Meeting of Stockholders virtually on June 3, 2021, at 9:00 a.m. Eastern Time. This decision is made to prioritize the health and safety of stockholders due to COVID-19. Stockholders must vote by June 2, 2021, using mail, internet, or phone. Participation is available for those who held shares on the record date of April 5, 2021, with a 15-digit control number. Proxy materials, including the 2021 Proxy Statement and 2020 Annual Report, are accessible online.

Preferred Apartment Communities (APTS) reported Q1 2021 results with total revenues of $115.7 million, down 11.6% year-over-year due to the sale of student housing properties. The company posted a net loss of $0.73 per share but improved from a loss of $4.44 in Q1 2020. Funds From Operations (FFO) reached $0.16 per share compared to a loss of $3.42 in the previous year. Core FFO decreased to $0.25, while Adjusted FFO (AFFO) fell to $0.18. The average occupancy across multifamily communities increased to 95.8%. APTS plans to sell a majority of its office portfolio by Q3 2021, aiming to enhance long-term shareholder value.

Preferred Apartment Communities (NYSE: APTS) announced the sale of a portfolio consisting of seven office properties and one real estate loan investment to Highwoods Properties (NYSE: HIW) for $717.5 million. This strategic sale aims to simplify PAC's business, focusing on its Class A suburban multifamily and grocery-anchored retail investments. Proceeds will be used for redeeming Series A preferred shares and reinvesting in core multifamily opportunities. The transaction, approved by PAC's Board, is expected to close in Q3 2021.

Preferred Apartment Communities, Inc. (NYSE: APTS) has announced that it will release its first quarter 2021 earnings on May 10, 2021, after market close. A conference call to discuss the results is scheduled for May 11, 2021, at 11:00 a.m. ET, with access details provided for both domestic and international participants. As of December 31, 2020, the company owned or invested in 116 properties across 13 states, primarily in the Southeast U.S., focusing on generating stable returns through income-producing properties.

Preferred Apartment Communities, Inc. (NYSE: APTS) announced that Executive Chairman Daniel M. DuPree will retire from the Board of Directors effective June 3, 2021. DuPree, who has been with the company since its IPO in 2011 and served as Executive Chairman since January 2020, has over 48 years of experience in commercial real estate. He previously held roles at Cousins Properties Inc. (NYSE: CUZ). The company is focused on generating stable returns for stockholders through investments in Class A multifamily properties and shopping centers, owning 116 properties across 13 states as of December 31, 2020.