- Up in a down market today is Preferred Apartments (APTS +3.1%) after last night reporting Q1 normalized FFO of $7M or $0.30 per share vs. $5.2M and $0.24 one year ago. Adjusted FFO per share of $0.38 rose from $0.22.
- Same-store rental revenues gained 4.2% Y/Y and expenses rose 5.5%, leading to NOI growth of 2.3%.
- Full-year NFFO is expected to be $1.24-$1.32 per share.