Preferred Apartment Communities: 2Q Earnings Snapshot

Associated Press
Updated ·1 min read

ATLANTA (AP) _ Preferred Apartment Communities Inc. (APTS) on Monday reported a key measure of profitability in its second quarter.

The real estate investment trust, based in Atlanta, said it had funds from operations of $10.5 million, or 21 cents per share, in the period.

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 $51.3 million, or $1.06 per share.

The real estate investment trust posted revenue of $123.3 million in the period.

The company's shares have dropped 43% since the beginning of the year. In the final minutes of trading on Monday, shares hit $7.54, a drop of 48% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on APTS at https://www.zacks.com/ap/APTS