ATLANTA (AP) _ Preferred Apartment Communities Inc. (APTS) on Monday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The Atlanta-based real estate investment trust said it had funds from operations of $10 million, or 36 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 34 cents per share.
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 net income of $14.7 million, or 54 cents per share.
The real estate investment trust posted revenue of $66.6 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $55.5 million.
Preferred Apartment Communities expects full-year funds from operations in the range of $1.40 to $1.48 per share, with revenue in the range of $285 million to $315 million.
The company's shares have decreased roughly 4 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $14.37, a climb of 16 percent in the last 12 months.
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
Keywords: Preferred Apartment Communities, Earnings Report