Preferred Apartments lower after earnings miss

Adjusted FFO of $3.4M or $0.21 per share vs. $1.9M and $0.23 one year ago. The decline in the per share result is from the timing "anomaly" of the Series B Preferred Stock conversion. Adjusting for this, AFFO per share a year ago would have been $0.17. Dividend is $0.16.

Same-store rents up 4.3% Y/Y, with same-store NOI up 6.9%.

Planned acquisitions: Four multifamily communities with a total of 1,397 units are under agreement, along with nine grocery-anchored shopping centers.

Q3 AFFO guidance of $0.16-$0.21 per share.

Previously: Preferred Apartment Communities misses by $0.03, beats on revenue

APTS -1.1%

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