ATLANTA (AP) _ Preferred Apartment Communities Inc. (APTS) on Monday reported a key measure of profitability in its fourth quarter.
The real estate investment trust, based in Atlanta, said it had funds from operations of $14.7 million, or 31 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 $32.5 million, or 71 cents per share.
The real estate investment trust posted revenue of $124.9 million in the period.
For the year, the company reported funds from operations of $61.8 million, or $1.37 per share. Revenue was reported as $470.4 million.
Preferred Apartment Communities expects full-year funds from operations to be $1.07 to $1.14 per share.
The company's shares have declined 11% since the beginning of the year. In the final minutes of trading on Monday, shares hit $11.92, a decrease of 25% in the last 12 months.