Preferred Apartment Communities: 3Q Earnings Snapshot
{{#rendered}} {{/rendered}}ATLANTA (AP) _ Preferred Apartment Communities Inc. (APTS) on Monday reported a key measure of profitability in its third quarter. The results fell short of Wall Street expectations.
The Atlanta-based real estate investment trust said it had funds from operations of $11.5 million, or 28 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 37 cents per share.
{{#rendered}} {{/rendered}}Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had a loss of $14.2 million, or 35 cents per share.
The real estate investment trust posted revenue of $104.2 million in the period, which beat Street forecasts. Three analysts surveyed by Zacks expected $102.9 million.
{{#rendered}} {{/rendered}}Preferred Apartment Communities expects full-year funds from operations to be $1.43 to $1.45 per share.
The company's shares have decreased 20 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $16.27, a fall of 21 percent in the last 12 months.
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{{#rendered}} {{/rendered}}This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on APTS at https://www.zacks.com/ap/APTS