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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 $15.6 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 $38.6 million, or 77 cents per share.
The real estate investment trust posted revenue of $121.1 million in the period.
For the year, the company reported funds from operations of $53.2 million, or $1.07 per share. Revenue was reported as $502.2 million.
Preferred Apartment Communities expects full-year funds from operations in the range of 81 cents to 89 cents per share.
The company's shares have increased 13% since the beginning of the year. In the final minutes of trading on Monday, shares hit $8.34, a decline of 14% in the last 12 months.