Preferred Apartment Communities
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Preferred Apartment Communities, Inc. is a Maryland corporation formed primarily to own and operate multifamily properties and, to a lesser extent, own and operate student housing properties, grocery-anchored shopping centers and strategically located, well leased class A office buildings, all in select targeted markets throughout the United States. The last earnings update was 24 days ago. More info.
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APTS Share Price and Events
7 Day Returns
1 Year Returns
APTS Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Preferred Apartment Communities (APTS) | -2.6% | 8.2% | 2.6% | 11.7% | 17.1% | 93.5% |
| US REITs | 0.1% | 2.1% | 3.4% | 13.9% | 11.4% | 25.6% |
| US Market | -1.4% | -3.9% | 0.2% | 1.6% | 33.2% | 38.2% |
1 Year Return vs Industry and Market
- APTS underperformed the REITs industry which returned 13.9% over the past year.
- APTS outperformed the Market in United States of America which returned 1.6% over the past year.
Value
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
Preferred Apartment Communities
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Preferred Apartment Communities.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations | |
| Levered Adjusted Funds From Operations | Average of 2 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 13.5% |
| Perpetual Growth Rate | 10-Year US Government Bond Rate | 2.7% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year US Govt Bond Rate | 2.7% |
| Equity Risk Premium | S&P Global | 6% |
| REITs Unlevered Beta | Simply Wall St/ S&P Global | 0.53 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 21%) (403.55%)) |
1.814 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.81 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.814 * 5.96%) |
13.54% |
Discounted Cash Flow Calculation for NYSE:APTS using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model
The calculations below outline how an intrinsic value for Preferred Apartment Communities is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
Preferred Apartment Communities is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.
| Adjusted Funds From Operations (AFFO) (USD, Millions) | Source |
Present Value Discounted (@ 13.54%) |
|
|---|---|---|---|
| 2019 | 55.96 | Analyst x3 | 49.28 |
| 2020 | 64.70 | Analyst x2 | 50.19 |
| 2021 | 67.21 | Est @ 3.89% | 45.92 |
| 2022 | 69.59 | Est @ 3.54% | 41.87 |
| 2023 | 71.89 | Est @ 3.3% | 38.10 |
| 2024 | 74.14 | Est @ 3.13% | 34.60 |
| 2025 | 76.37 | Est @ 3.01% | 31.39 |
| 2026 | 78.60 | Est @ 2.92% | 28.46 |
| 2027 | 80.85 | Est @ 2.87% | 25.78 |
| 2028 | 83.14 | Est @ 2.83% | 23.35 |
| Present value of next 10 years cash flows | $368.93 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= $83.14 × (1 + 2.73%) ÷ (13.54% – 2.73%) |
$789.92 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= $789.92 ÷ (1 + 13.54%)10 |
$221.83 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= $368.93 + $221.83 |
$590.76 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $590.76 / 44.23 |
$13.36 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $13.36 |
| Current discount | Discount to share price of
$16.37
= -1 x ($16.37 - $13.36) / $13.36 |
-22.6% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
- The current share price of Preferred Apartment Communities is above its future cash flow value.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for Preferred Apartment Communities's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Preferred Apartment Communities's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-03-31) in USD | $-1.61 |
| NYSE:APTS Share Price ** | NYSE (2019-05-24) in USD | $16.37 |
| United States of America REITs Industry PE Ratio | Median Figure of 155 Publicly-Listed REITs Companies | 32.61x |
| United States of America Market PE Ratio | Median Figure of 3,084 Publicly-Listed Companies | 17.44x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Preferred Apartment Communities.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NYSE:APTS Share Price ÷ EPS (both in USD) = 16.37 ÷ -1.61 |
-10.16x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Preferred Apartment Communities is loss making, we can't compare its value to the US REITs industry average.
- Preferred Apartment Communities is loss making, we can't compare the value of its earnings to the United States of America market.
Price based on expected Growth
Does
Preferred Apartment Communities's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | -10.16x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts |
-40.4%per year |
| United States of America REITs Industry PEG Ratio | Median Figure of 141 Publicly-Listed REITs Companies | 2.41x |
| United States of America Market PEG Ratio | Median Figure of 2,121 Publicly-Listed Companies | 1.51x |
*Line of best fit is calculated by linear regression .
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Unable to calculate PEG ratio for Preferred Apartment Communities, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on
Preferred Apartment Communities's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-03-31) in USD | $39.30 |
| NYSE:APTS Share Price * | NYSE (2019-05-24) in USD | $16.37 |
| United States of America REITs Industry PB Ratio | Median Figure of 191 Publicly-Listed REITs Companies | 1.89x |
| United States of America Market PB Ratio | Median Figure of 5,207 Publicly-Listed Companies | 1.8x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NYSE:APTS Share Price ÷ Book Value per Share (both in USD) = 16.37 ÷ 39.30 |
0.42x |
* Primary Listing of Preferred Apartment Communities.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Preferred Apartment Communities is good value based on assets compared to the US REITs industry average.
Value checks
We assess Preferred Apartment Communities's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) Preferred Apartment Communities has a total score of 1/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- Unable to compare Preferred Apartment Communities's earnings growth to the low risk savings rate as it is expected to be loss making during the next 1-3 years.
Growth vs Market Checks
- Unable to compare Preferred Apartment Communities's earnings growth to the United States of America market average as it is expected to be loss making during the next 1-3 years.
- Preferred Apartment Communities's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| NYSE:APTS Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts | -40.4% |
| NYSE:APTS Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts | 15% |
| United States of America REITs Industry Earnings Growth Rate | Market Cap Weighted Average | 5.8% |
| United States of America REITs Industry Revenue Growth Rate | Market Cap Weighted Average | 4.4% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 13.7% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7.3% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 2 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | ||||
| 2022-12-31 | ||||
| 2021-12-31 | ||||
| 2020-12-31 | 546 | -150 | 1 | |
| 2019-12-31 | 476 | -125 | 2 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2019-03-31 | 418 | 140 | -66 |
| 2018-12-31 | 397 | 145 | -43 |
| 2018-09-30 | 373 | 128 | -68 |
| 2018-06-30 | 343 | 117 | -70 |
| 2018-03-31 | 318 | 99 | -56 |
| 2017-12-31 | 294 | 86 | -36 |
| 2017-09-30 | 271 | 78 | -30 |
| 2017-06-30 | 250 | 71 | -28 |
| 2017-03-31 | 225 | 67 | -25 |
| 2016-12-31 | 200 | 62 | -51 |
| 2016-09-30 | 175 | 61 | -41 |
| 2016-06-30 | 151 | 50 | -34 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 2 Analyst Estimates (S&P Global) | See Below |
All data from Preferred Apartment Communities Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | ||||
| 2022-12-31 | ||||
| 2021-12-31 | ||||
| 2020-12-31 | ||||
| 2019-12-31 | -2.79 | -2.79 | -2.79 | 1.00 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 2019-03-31 | -1.61 |
| 2018-12-31 | -1.08 |
| 2018-09-30 | -1.75 |
| 2018-06-30 | -1.88 |
| 2018-03-31 | -1.61 |
| 2017-12-31 | -1.13 |
| 2017-09-30 | -1.05 |
| 2017-06-30 | -1.04 |
| 2017-03-31 | -0.99 |
| 2016-12-31 | -2.11 |
| 2016-09-30 | -1.75 |
| 2016-06-30 | -1.49 |
*GAAP earnings excluding extraordinary items.
Performance in 3 years
In the same way as past performance we look at the future estimated return
(profit) compared to the available
funds. We do this looking forward 3 years.
- Unable to establish if Preferred Apartment Communities will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
Future performance checks
We assess Preferred Apartment Communities's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Preferred Apartment Communities has a total score of 1/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
Past Performance
How has Preferred Apartment Communities performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- Preferred Apartment Communities does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
- Unable to compare Preferred Apartment Communities's 1-year earnings growth to the 5-year average as it is not currently profitable.
- Unable to compare Preferred Apartment Communities's 1-year growth to the US REITs industry average as it is not currently profitable.
Earnings and Revenue History
All data from Preferred Apartment Communities Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2019-03-31 | 418.41 | -65.97 | 18.73 | |
| 2018-12-31 | 397.27 | -43.29 | 17.61 | |
| 2018-09-30 | 372.64 | -68.17 | 19.14 | |
| 2018-06-30 | 343.31 | -70.33 | 18.32 | |
| 2018-03-31 | 317.81 | -56.30 | 17.56 | |
| 2017-12-31 | 294.01 | -35.99 | 16.75 | |
| 2017-09-30 | 271.34 | -30.33 | 15.71 | |
| 2017-06-30 | 249.98 | -27.56 | 14.77 | |
| 2017-03-31 | 224.94 | -24.77 | 14.12 | |
| 2016-12-31 | 200.12 | -50.63 | 13.54 | |
| 2016-09-30 | 175.04 | -40.80 | 11.88 | |
| 2016-06-30 | 151.46 | -33.98 | 11.01 | |
| 2016-03-31 | 129.70 | -28.42 | 9.30 | |
| 2015-12-31 | 109.31 | -21.17 | 8.22 | |
| 2015-09-30 | 95.44 | -16.74 | 7.26 | |
| 2015-06-30 | 78.66 | -15.06 | 6.06 | |
| 2015-03-31 | 66.64 | -10.58 | 5.47 | |
| 2014-12-31 | 56.54 | -5.31 | 4.74 | |
| 2014-09-30 | 46.21 | -2.55 | 3.99 | |
| 2014-06-30 | 41.78 | 1.68 | 3.51 | |
| 2014-03-31 | 38.04 | -9.39 | 3.17 | |
| 2013-12-31 | 32.13 | -14.99 | 2.85 | |
| 2013-09-30 | 23.48 | -15.51 | 2.59 | |
| 2013-06-30 | 17.97 | -14.65 | 2.44 | |
| 2013-03-31 | 12.50 | -4.70 | 2.23 | |
| 2012-12-31 | 12.49 | -0.61 | 2.18 | |
| 2012-09-30 | 11.38 | -2.00 | 1.95 | |
| 2012-06-30 | 10.77 | -4.88 | 1.76 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- Preferred Apartment Communities has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Preferred Apartment Communities used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
- It is difficult to establish if Preferred Apartment Communities improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
Past performance checks
We assess Preferred Apartment Communities's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Preferred Apartment Communities has a total score of 0/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
Health
How is Preferred Apartment Communities's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up Preferred Apartment Communities's finances.
The net worth of a company is the difference between its assets and liabilities.
- Preferred Apartment Communities is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- Preferred Apartment Communities's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from Preferred Apartment Communities Company Filings, last reported 1 month ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2019-03-31 | 1,699.57 | 2,921.81 | 80.40 |
| 2018-12-31 | 1,609.39 | 2,626.69 | 38.96 |
| 2018-09-30 | 1,512.38 | 2,464.08 | 26.84 |
| 2018-06-30 | 1,433.48 | 2,309.81 | 21.30 |
| 2018-03-31 | 1,360.83 | 1,895.96 | 19.71 |
| 2017-12-31 | 1,280.77 | 1,843.43 | 21.04 |
| 2017-09-30 | 1,170.15 | 1,641.44 | 17.05 |
| 2017-06-30 | 1,077.40 | 1,468.76 | 13.06 |
| 2017-03-31 | 967.26 | 1,497.90 | 13.37 |
| 2016-12-31 | 885.26 | 1,465.09 | 12.32 |
| 2016-09-30 | 784.75 | 1,276.59 | 10.46 |
| 2016-06-30 | 686.92 | 1,026.94 | 5.72 |
| 2016-03-31 | 605.83 | 868.41 | 4.70 |
| 2015-12-31 | 525.45 | 708.78 | 2.44 |
| 2015-09-30 | 443.55 | 632.03 | 8.05 |
| 2015-06-30 | 390.19 | 496.40 | 6.87 |
| 2015-03-31 | 335.09 | 434.84 | 7.61 |
| 2014-12-31 | 291.58 | 381.88 | 3.11 |
| 2014-09-30 | 242.96 | 428.96 | 13.59 |
| 2014-06-30 | 196.43 | 178.10 | 9.68 |
| 2014-03-31 | 176.14 | 172.88 | 9.11 |
| 2013-12-31 | 166.05 | 169.91 | 9.18 |
| 2013-09-30 | 121.69 | 152.43 | 5.45 |
| 2013-06-30 | 112.66 | 141.65 | 7.54 |
| 2013-03-31 | 101.78 | 114.68 | 5.45 |
| 2012-12-31 | 50.06 | 70.44 | 2.97 |
| 2012-09-30 | 43.59 | 70.64 | 2.50 |
| 2012-06-30 | 42.03 | 55.64 | 2.93 |
- Preferred Apartment Communities's level of debt (171.9%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has increased over the past 5 years (98.1% vs 171.9% today).
CASH RUNWAY ANALYSIS
For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.
- Whilst loss making Preferred Apartment Communities has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.
- Whilst loss making Preferred Apartment Communities has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by -39.7% per year.
Financial health checks
We assess Preferred Apartment Communities's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Preferred Apartment Communities has a total score of 3/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
Dividends
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
$2,000 of
Preferred Apartment Communities
shares you are expected to receive
$128
in your first year as a dividend.
Dividend Amount
- Preferred Apartment Communities's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.47%).
- Preferred Apartment Communities's dividend is above the markets top 25% of dividend payers in United States of America (3.75%).
Upcoming dividend payment
Purchase Preferred Apartment Communities before the 'Buy Limit' to receive their next dividend payment.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 2 Analyst Estimates (S&P Global) | See Below |
| United States of America REITs Industry Average Dividend Yield | Market Cap Weighted Average of 184 Stocks | 3.8% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 2007 Stocks | 2.5% |
| United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.8% |
| United States of America Bottom 25% Dividend Yield | 25th Percentile | 1.5% |
| United States of America Top 25% Dividend Yield | 75th Percentile | 3.8% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2023-12-31 | 1.12 | 1.00 |
| 2022-12-31 | 1.10 | 1.00 |
| 2021-12-31 | 1.08 | 1.00 |
| 2020-12-31 | 1.10 | 3.00 |
| 2019-12-31 | 1.06 | 5.00 |
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-05-02 | 1.050 | 6.469 |
| 2019-02-21 | 1.040 | 6.771 |
| 2018-11-01 | 1.040 | 6.766 |
| 2018-08-02 | 1.020 | 5.911 |
| 2018-04-30 | 1.020 | 6.544 |
| 2018-02-01 | 1.000 | 6.924 |
| 2017-10-23 | 1.000 | 5.061 |
| 2017-08-07 | 0.940 | 5.055 |
| 2017-04-17 | 0.940 | 5.988 |
| 2017-02-02 | 0.880 | 6.492 |
| 2016-11-03 | 0.880 | 6.385 |
| 2016-08-04 | 0.810 | 6.000 |
| 2016-05-05 | 0.810 | 5.703 |
| 2016-02-04 | 0.770 | 6.354 |
| 2015-11-05 | 0.770 | 6.519 |
| 2015-08-06 | 0.720 | 6.677 |
| 2015-04-29 | 0.720 | 6.644 |
| 2015-02-05 | 0.700 | 6.582 |
| 2014-11-03 | 0.700 | 7.727 |
| 2014-08-07 | 0.640 | 7.482 |
| 2014-05-08 | 0.640 | 7.273 |
| 2014-02-06 | 0.640 | 7.865 |
| 2013-11-07 | 0.640 | 8.025 |
| 2013-08-09 | 0.600 | 7.245 |
| 2013-05-09 | 0.600 | 6.928 |
| 2013-02-07 | 0.580 | 6.241 |
| 2012-11-01 | 0.580 | 7.212 |
| 2012-08-02 | 0.560 | 6.748 |
| 2012-05-11 | 0.520 | 7.128 |
| 2012-02-02 | 0.520 | 6.776 |
| 2011-11-10 | 0.500 | 8.240 |
| 2011-08-15 | 0.500 | 7.848 |
| 2011-05-05 | 0.500 | 5.922 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Whilst dividend payments have been stable, Preferred Apartment Communities has been paying a dividend for less than 10 years.
- Dividend payments have increased, but Preferred Apartment Communities only paid a dividend in the past 8 years.
Income/ dividend checks
We assess Preferred Apartment Communities's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Preferred Apartment Communities afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Preferred Apartment Communities has a total score of 2/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
Management
CEO
| COMPENSATION | $1,732,607 |
| AGE | 71 |
| TENURE AS CEO | 1.1 years |
CEO Bio
Mr. Daniel M. DuPree, also known as Dan, has been Chairman and Chief Executive Officer of Preferred Apartment Communities, Inc. since April 16, 2018. Mr. DuPree served as the Vice Chairman of Preferred Apartment Communities, Inc. since August 2012 until April 16, 2018. He served as Chief Investment Officer of Preferred Apartment Communities, Inc. since January 01, 2014 until April 16, 2018. He served as the Chief Executive Officer of The Reynolds Companies from March 2009 to March 2012. He served as the President and Chief Operating Officer of Cousins Properties Inc. from April 18, 2007 to February 2009. In this role, he focused on a variety of key initiatives, including developing joint ventures, identifying distressed acquisition and development opportunities and insuring the performance of Cousins' recently developed retail portfolio. During his previous tenure with Cousins Properties Inc. from October 1992 to April 2001, Mr. DuPree served as Senior Vice President since April 1993 and Senior Executive Vice President since April 1995. He serves as Director of NELL Partners, Inc. and serves as its Executive Officer. He has over 47 years of commercial real estate experience in development, leasing and property management which include the execution of more than 50 commercial projects totaling more than 16 million square feet and the management of more than 30 JV partnerships. He has also deep experience in managing large organizations. He served as the Chief Executive Officer of Barry Real Estate Companies, Inc. from September 2002 to March 2003. In 1984, Mr. DuPree founded New Market Development Company, Ltd., where he developed nearly 6 million square feet of retail space across the U.S. before selling New Market Development Company to Cousins in 1992. From 1976 to 1982, Mr. DuPree served as an Executive Vice President for Post Properties, Inc. where he was responsible for shopping center management, leasing and development. From 1974 to 1976, he was a commercial real estate broker for Coldwell Banker and Company. From 1984 to 1992, he served as President and Chief Executive Officer of New Market Companies, Inc. and affiliates. He served as Vice Chairman of Cousins Properties Inc. from February 2009 to March 15, 2009 and also previously since March 2003. He has been an Independent Director of Preferred Apartment Communities, Inc. since March 31, 2011 and served as its Lead Independent Director until December 31, 2013. Mr. DuPree served as a Director of Cousins Properties Inc. until March 15, 2009. He has served as Capital Campaign Chair of the Atlanta Community Food Bank, as Board Chair of the Midtown Alliance and as Transportation Committee Chair for the Metropolitan Atlanta Chamber of Commerce. He is a board member of both the University of Florida, College of Business Administration and the Wake Forest University Calloway School of Business. Mr. DuPree holds a Bachelor of Science Business Administration from the University of Florida.
CEO Compensation
- Dan's compensation has increased whilst company is loss making.
- Dan's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the Preferred Apartment Communities management team in years:
- The tenure for the Preferred Apartment Communities management team is about average.
Management Team
Dan DuPree
Chairman & CEO
$2M
71
1.1 yrs
Lenny Silverstein
Co-Founder
$2M
59
6.8 yrs
John Isakson
CFO & Executive VP
$1M
47
0.8 yrs
Mike Cronin
Executive VP
$688K
63
9.7 yrs
Jeffrey Sprain
Executive VP
$497K
46
10.3 yrs
Joel Murphy
CEO & President of New Market Properties LLC
$1M
59
4.7 yrs
Paul Cullen
Executive VP & Chief Marketing Officer
2.7 yrs
Jeff Sherman
Executive VP & MD of Multifamily
Rob Gayle
Chief Operating Officer of Preferred Residential Management LLC
0.8 yrs
Kimberly Hodge
Executive VP & Chief Property Management Officer
1.3 yrs
Board of Directors Tenure
Average tenure and age of the Preferred Apartment Communities board of directors in years:
- The tenure for the Preferred Apartment Communities board of directors is about average.
Board of Directors
Dan DuPree
Chairman & CEO
$2M
71
1.1 yrs
Lenny Silverstein
Co-Founder
$2M
59
1.1 yrs
Steve Bartkowski
Independent Director
$100K
65
8.2 yrs
Gary Coursey
Independent Director
$90K
78
8.4 yrs
Timothy Peterson
Independent Director
$103K
53
8.2 yrs
Howard McLure
Lead Independent Director
$103K
61
5.3 yrs
Johnny Gresham
Independent Director
$80K
75
5.3 yrs
John Wiens
Independent Director
$80K
62
3 yrs
Sara Finley
Independent Director
57
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 11. Dec 18 | Sell | William Gresham | Individual | 10. Dec 18 | 10. Dec 18 | -1,800 | $14.91 | $-26,838 | ||
| 04. Sep 18 | Sell | Timothy Peterson | Individual | 29. Aug 18 | 29. Aug 18 | -5,500 | $18.11 | $-99,605 | ||
| 08. Aug 18 | Sell | Michael Cronin | Individual | 08. Aug 18 | 08. Aug 18 | -16,460 | $17.11 | $-281,631 | ||
Management checks
We assess Preferred Apartment Communities's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Preferred Apartment Communities has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
News
Simply Wall St News
Does It Make Sense To Buy Preferred Apartment Communities, Inc. (NYSE:APTS) For Its Yield?
(NYSE:APTS) from a dividend investor's perspective. Owning a strong dividend company and reinvesting the dividends is widely seen as an attractive way of growing your wealth.. … In this case, Preferred Apartment Communities likely looks attractive to dividend investors, given its 6.6% dividend yield and eight-year payment history.! … NYSE:APTS Historical Dividend Yield, May 8th 2019
Simply Wall St - – Full articleThe Preferred Apartment Communities (NYSE:APTS) Share Price Has Gained 87% And Shareholders Are Hoping For More
Preferred Apartment Communities isn't a profitable company, so it is unlikely we'll see a strong correlation between its share price and its earnings per share (EPS). … Some companies are willing to postpone profitability to grow revenue faster, but in that case one does expect good top-line growth. … In the last 5 years Preferred Apartment Communities saw its revenue grow at 44% per year.
Simply Wall St - – Full articleIs Preferred Apartment Communities, Inc. (NYSE:APTS) A Healthy REIT?
Preferred Apartment Communities, Inc. … real estate investment trust (REIT) based in Atlanta, United States. … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation.
Simply Wall St - – Full articleHow Many Insiders Sold Preferred Apartment Communities, Inc. (NYSE:APTS) Shares?
We generally tread carefully if insiders have been selling on market, even if they sold slightly above the current price. … All up, insiders sold more shares in Preferred Apartment Communities than they bought, over the last year … It's not ideal to see that insiders have sold at around the current price
Simply Wall St - – Full articleCould Preferred Apartment Communities Inc's (NYSE:APTS) Investor Composition Influence The Stock Price?
Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … We also tend to see lower insider ownership in companies that were previously publicly owned. … Preferred Apartment Communities is not a large company by global standards.
Simply Wall St - – Full articleIs Preferred Apartment Communities Inc (NYSE:APTS) A Healthy REIT?
Preferred Apartment Communities Inc is a US$656m. … real estate investment trust (REIT) based in Atlanta, United States. … See our latest analysis for Preferred Apartment Communities
Simply Wall St - – Full articleShould You Be Worried When Preferred Apartment Communities Inc’s (NYSE:APTS) Insiders Sell?
Preferred Apartment Communities is one of United States’s. … some insider selling over the past three months, with insiders divesting from. … A research published in The MIT Press (1998) concluded that stocks following insider selling fell 2.7% compared to the market
Simply Wall St - – Full articleIs Preferred Apartment Communities Inc (NYSE:APTS) A Healthy REIT?
Preferred Apartment Communities Inc is a US$632.38m. … REITs own and operate income-generating property and adhere to a different set of regulations. … View out our latest analysis for Preferred Apartment Communities
Simply Wall St - – Full articlePreferred Apartment Communities Inc (NYSE:APTS): Dividend Is Coming In 5 Days, Should You Buy?
On the 16 July 2018, Preferred Apartment Communities Inc (NYSE:APTS) will be paying shareholders an upcoming dividend amount of $0.26 per share. … Is this future income stream a compelling catalyst for dividend investors to think about the stock as an investment today? … When assessing a stock as a potential addition to my dividend Portfolio, I look at these five areas:
Simply Wall St - – Full articleRead This Before Buying Preferred Apartment Communities Inc (APTS) For Its Upcoming $0.25 Dividend
See our latest analysis for APTS 5 questions to ask before buying a dividend stock When researching a dividend stock, I always follow the following screening criteria: Does it pay an annual yield higher than 75% of dividend payers? … NYSE:APTS Historical Dividend Yield Dec 11th 17 How does Preferred Apartment Communities fare? … You may be wondering why Preferred Apartment Communities is paying out dividends at all, instead of re-investing into the business to generate higher cash flows in the future.
Simply Wall St - – Full articleCompany Info
Description
Preferred Apartment Communities, Inc. is a Maryland corporation formed primarily to own and operate multifamily properties and, to a lesser extent, own and operate student housing properties, grocery-anchored shopping centers and strategically located, well leased class A office buildings, all in select targeted markets throughout the United States. As part of our business strategy, we may enter into forward purchase contracts or purchase options for to-be-built multifamily communities and we may make real estate related loans, provide deposit arrangements, or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities. As a secondary strategy, we may acquire or originate senior mortgage loans, subordinate loans or real estate loans secured by interests in multifamily properties, membership or partnership interests in multifamily properties and other multifamily related assets and invest a lesser portion of our assets in other real estate related investments, including other income-producing property types, senior mortgage loans, subordinate loans or real estate loans secured by interests in other income-producing property types, membership or partnership interests in other income-producing property types as determined by our manager as appropriate for us. At March 31, 2019, the Company was the approximate 97.9% owner of Preferred Apartment Communities Operating Partnership, L.P., the Company's operating partnership. Preferred Apartment Communities, Inc. has elected to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended, commencing with its tax year ended December 31, 2011.
Details
| Name: | Preferred Apartment Communities, Inc. |
| APTS | |
| Exchange: | NYSE |
| Founded: | 2009 |
| $724,025,030 | |
| $709,630,316 | |
| 44,228,774 | |
| Website: | http://pacapts.com |
| Address: |
Preferred Apartment Communities, Inc. 3284 Northside Parkway NW, Suite 150, Atlanta, Georgia, 30327, United States |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| NYSE | APTS | Common Stock | New York Stock Exchange | US | USD | 01. Apr 2011 | |
| DB | P2A | Common Stock | Deutsche Boerse AG | DE | EUR | 01. Apr 2011 |
Number of employees
Current staff
Industry
| Residential REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/05/26 00:23 |
| End of day share price update: | 2019/05/24 00:00 |
| Last estimates confirmation: | 2019/05/17 |
| Last earnings filing: | 2019/05/02 |
| Last earnings reported: | 2019/03/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
