Preferred Apartment Communities, Inc (APTS) saw its loss widen to $2.69 million, or $0.56 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $1.70 million, or $0.31 a share. Revenue during the quarter surged 78.72 percent to $53.54 million from $29.96 million in the previous year period.
Total expenses were $43.99 million for the quarter, up 70.28 percent or $18.16 million from year-ago period. Operating margin for the quarter expanded 407 basis points over the previous year period to 17.83 percent.
Operating income for the quarter was $9.55 million, compared with $4.12 million in the previous year period.
Preferred Apartment Communities, Inc expects revenue to be in the range of $190 million to $205 million for financial year 2016. For financial year 2016, the company projects diluted earnings per share to be in the range of $1.28 to $1.30.
"We had a superb third quarter with all areas of our business performing exceptionally well. We believe these results reflect our strategy to acquire and manage multifamily communities in large metropolitan areas that are not considered gateway cities" said John A. Williams, Preferred Apartment Communities' Chairman and Chief Executive Officer. Leonard A. Silverstein, Preferred Apartment Communities' President and Chief Operating Officer, added "The strength of our third quarter results also reflects our continued focus on Core FFO operating metrics."
Net receivables were at $53 million as on Sep. 30, 2016, down 27.77 percent or $20.37 million from year-ago.
Real estate investments stood at $49.83 million as on Sep. 30, 2016.
Total assets jumped 87.76 percent or $992.58 million to $2,123.54 million on Sep. 30, 2016. On the other hand, total liabilities were at $1,338.79 million as on Sep. 30, 2016, up 102.45 percent or $677.49 million from year-ago.
Return on assets moved down 37 basis points to 1.03 percent in the quarter. Return on equity for the quarter stood at negative 1.74 percent as compared to a negative 1.53 percent for the previous year period.
Debt increases substantially
Total debt was at $1,256.95 million as on Sep. 30, 2016, up 102.90 percent or $637.45 million from year-ago. Shareholders equity stood at $784.75 million as on Sep. 30, 2016, up 76.93 percent or $341.20 million from year-ago. As a result, debt to equity ratio went up 21 basis points to 1.60 percent in the quarter.
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