APTS - APTS STOCK NEWS

Preferred Apartment Communities, Inc. (NYSE: APTS) released a cash rental collections update for August and September 2020, highlighting a positive trend over the past six months. The company's portfolio, particularly in the Sunbelt region and grocery-anchored retail, continues to perform well. As of October 9, 2020, the collection rate for prior months remains strong, contributing to overall stability. The company aims to support its tenants and workforce amid the ongoing COVID-19 pandemic, reflecting its commitment to maintaining business operations effectively.

Preferred Apartment Communities, Inc. (NYSE: APTS) will release its third quarter 2020 earnings on November 9, 2020, after market close. A conference call to discuss the results is scheduled for November 10, 2020, at 11:00 a.m. Eastern Time. Interested participants can join by dialing (877) 883-0383 for domestic calls or (412) 902-6506 for international calls, using passcode 2463393. As of June 30, 2020, the company owned or invested in 125 properties across 15 states, focusing on multifamily, grocery-anchored shopping centers, and other income-producing assets.

Preferred Apartment Communities (NYSE: APTS) has scheduled a special meeting for its common stockholders on November 5, 2020, at 9:00 a.m. ET. The meeting aims to approve two key proposals: granting bylaw access to common stockholders and reducing the call option on Series A Redeemable Preferred Stock from 10 years to 5 years. Stockholders of record as of September 25, 2020 can vote during the virtual meeting due to COVID-19 precautions. The Board of Directors recommends voting "FOR" both proposals.

Preferred Apartment Communities, Inc. (NYSE: APTS) announced on September 3, 2020, a loan investment of approximately $20.7 million to support the development of Solis Cumming Town Center, a 320-unit Class A multifamily community in Forsyth County, Georgia. The first units are expected to deliver in the second quarter of 2022. This investment marks PAC's fourth collaboration with developer Terwilliger Pappas and aims to capitalize on the anticipated growth in suburban regions post-COVID-19.

Preferred Apartment Communities, Inc. (NYSE: APTS) will host a conference call on August 11, 2020, at 11:00 a.m. Eastern Time to discuss its second quarter 2020 results. Interested participants can dial (844) 890-1791 domestically or (412) 380-7408 internationally. The call will also be accessible via live online broadcast on the company's website under the 'Investors' section. As of June 30, 2020, the company owned or was invested in 125 properties across 15 states, focusing on income-generating real estate.

Preferred Apartment Communities (APTS) reported Q2 2020 results, showing a revenue increase of 8.3% year-over-year to $123.3 million. However, net loss per share widened to $(1.06) compared to $(0.66) in Q2 2019. Core FFO dropped by 41.7%, while AFFO also fell by 77.3%. The dividend was reduced by 33.3% to $0.175 per share. Despite the COVID-19 impact, the company maintained strong rental revenue collections over 99% across its portfolios. They expect cash flow stability due to their Sunbelt market presence and diversified asset portfolio.

Preferred Apartment Communities, Inc. (NYSE: APTS) issued a correction regarding its rental collection figures for the months of April, May, and June as previously stated in a press release on July 14, 2020. The corrections revealed improved collection percentages: April (92%), May (87%), and June (82%) for multifamily properties, and June (97%) for office properties. These corrections do not include negotiated deferred rent and account for GSA leases paid in arrears. This update aims to clarify the company's financial standing during the ongoing COVID-19 pandemic.

Preferred Apartment Communities, Inc. (NYSE: APTS) reported resilient cash rental collections as of July 10, 2020, amidst the ongoing pandemic. For multifamily properties, 97% of rents were collected in April, May, and June. Grocery-anchored retail experienced collections of 91%, 86%, and 80% respectively. Office properties maintained strong performance with 98%, 96%, and 94% collections over the same period. The CEO expressed optimism about the company's diversified portfolio's ability to navigate current challenges effectively.

Preferred Apartment Communities (NYSE: APTS) announced the refinancing of eight Class A multifamily communities with 2,127 units, generating approximately $286.0 million at a blended interest rate of 2.91%. This refinancing significantly extended the average maturity from 2.1 years to 8.4 years and reduced maturing debt by over 50%, from $350 million to $165 million by January 1, 2024. Chief Financial Officer John Isakson highlighted the company's ability to navigate capital markets despite COVID-19, achieving a rental collection rate of 99.0% for the second quarter.