APTS - APTS STOCK NEWS

Preferred Apartment Communities (APTS) reported a 6.8% revenue increase to $502.2 million for 2020, driven by acquisitions despite a 3% decline in Q4 revenue. The company saw net loss per share at $(0.77) and FFO of $(0.20) for Q4. Operationally, rental collections remained strong, averaging 99%, with same-store NOI slightly down by 1.9%. The sale of student housing for $478 million and strategic initiatives improved governance and balance sheet flexibility. The board declared a dividend of $0.175 per share for Q4 2020, reflecting a 33.3% decrease year-over-year.

Preferred Apartment Communities, Inc. (NYSE: APTS) announced the release date for its fourth quarter and year-end 2020 earnings, scheduled for March 1, 2021, after market close. A conference call to discuss the results will take place on March 2, 2021, at 11:00 a.m. Eastern Time. Participants can join using the passcode 7003443. The company focuses on owning and operating Class A multifamily properties and aims to deliver stable returns through income-producing investments. As of September 30, 2020, they managed 125 properties across 15 states.

Preferred Apartment Communities, Inc. (NYSE: APTS) announced the expected classification of its 2020 distributions for federal income tax purposes. The preliminary results indicate that distributions will primarily consist of nondividend distributions. Shareholders are advised to consult tax advisors regarding their specific tax treatment. The company emphasized that no material change in the classification is anticipated. Distribution details for common and preferred stock, including record and payment dates, cash distribution amounts, and tax classifications, were provided.

Preferred Apartment Communities, Inc. (NYSE: APTS) reported robust cash rental collections for November and December 2020, indicating the strength of its Sunbelt portfolio amidst the pandemic. The company's property segments, including multifamily and grocery-anchored retail, have shown consistent performance, allowing for strategic investments and capital activities. As of September 30, 2020, APTS owned 125 properties across 15 states, focusing on generating stable returns for shareholders.

Preferred Apartment Communities (NYSE: APTS) announced key investment and capital updates for November and December 2020. Notably, the company sold its student housing portfolio for $478.7 million and acquired two multifamily communities in Florida: The Blake and The Menlo, totaling 613 units. Additionally, PAC was repaid on three multifamily investment loans and sold a non-core multifamily asset. With the transactions providing capital for future investments, PAC aims to shift focus towards its core multifamily strategy, anticipating strong returns for stockholders.

On November 19, 2020, Preferred Apartment Communities, Inc. (APTS) announced the approval of two key proposals by its common stockholders. Proposal 1 permits bylaw access to common stockholders, receiving 97.75% support, while Proposal 2 reduces the call option on Series A Redeemable Preferred Stock from 10 to 5 years, with 95.4% approval. The management expressed satisfaction with the shareholder support, emphasizing enhanced corporate governance and improved capital flexibility as primary benefits. These changes aim to drive long-term earnings growth and provide strategic balance sheet control.

Preferred Apartment Communities (NYSE: APTS) announced plans to redeem 208,786 shares of its 6.00% Series A Redeemable Preferred Stock, amounting to $208.8 million, on November 24, 2020. This redemption represents about 11% of the total outstanding shares and is facilitated by proceeds from the recent sale of student housing assets. Shareholders will receive $1,004 per share, including accrued dividends, with a cash dividend of $5.00 paid for the prior period. The company aims to simplify its focus on suburban multifamily properties and improve its balance sheet.

Preferred Apartment Communities (APTS) reported a 5.4% increase in revenues for Q3 2020, totaling $126.7 million, compared to $120.2 million in Q3 2019. However, the company experienced a net loss of $0.79 per share, worsening from a loss of $0.71 per share year-over-year. Funds from Operations (FFO) fell by 45.2% to $0.17 per share. The company focused on strategic goals, including the sale of student housing assets for approximately $478 million, aimed at enhancing balance sheet strength. Despite COVID-19 challenges, rental collections remained strong, exceeding 99% for most asset categories.

Preferred Apartment Communities (NYSE: APTS) has adjourned its 2020 Special Meeting of Stockholders until November 19, 2020. The meeting addresses key proposals: one to provide bylaw access to stockholders and another to shorten the call period on Series A Redeemable Preferred Stock from 10 to 5 years. As of today, approximately 64% of shares were voted, with 97.9% supporting the first proposal and 95.7% the second. Stockholders are encouraged to participate in the vote during the reconvened meeting, available via live webcast.