Preferred Apartment Communities, Inc. Reports Results for Fourth Quarter 2021
February 28, 2022 | Preferred Apartment Communities, Inc.
Preferred Apartment Communities, Inc. (NYSE: APTS) (“we,” “our,” the “Company,” “Preferred Apartment Communities” or “PAC”) today reported results for the quarter and year ended December 31, 2021. Unless otherwise indicated, all per share results are reported based on the basic weighted average shares of Common Stock and Class A Units (“Class A Units”) of the Preferred Apartment Communities Operating Partnership (our “Operating Partnership”) outstanding. See Definitions of Non-GAAP Measures.
“The fourth quarter marked a continuation of our solid operating performance throughout the entirety of 2021 and capped off an exciting and transformational year. For 2021 as a whole, we continued to grow our high quality apartment portfolio and real estate investment loan book while population, job, and income growth across our Sunbelt markets provided an excellent fundamental backdrop for our business. These fundamentals and the quality and vintage of our multifamily portfolio produced strong fourth quarter results, with top line year over year same store revenue growth of 9.6% and year over year same store NOI growth of 14.8%. Also for the fourth quarter, our same store properties had 22.0% rent growth for new leases and 12.5% for renewals for a blended 17.0% increase. These solid results caused us to end the year at 7.2% same store NOI growth for the full year, above the high end of our full year guidance. This rent growth has continued into January as our new leases are up 17.4% and renewals have increased 12.1% for a blended 14.3% increase,” stated Joel Murphy, Preferred Apartment Communities Chairman and Chief Executive Officer.
“Importantly, we achieved key milestones in our corporate simplification efforts that began two years ago, ending 2021 as a focused owner and operator of high quality multifamily and grocery anchored retail properties in suburban Sunbelt markets, operated by our best in class team. Additionally, I’m proud to say we furthered our commitment to the principles of ESG, ensuring that we are responsible partners for our community, the environment and all stakeholders. Finally, I want to thank our entire team for their hard work and dedication this past year, their collective contributions produced our excellent results.”
