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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
 
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File No. 001-34995 
Preferred Apartment Communities, Inc.
(Exact name of registrant as specified in its charter)
Maryland27-1712193
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
3284 Northside Parkway NW, Suite 150, Atlanta, GA 30327
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (770818-4100
apts-20200630_g1.jpg 

Securities registered pursuant to Section 12(b) of the Act:  
Title of each class
 
Trading Symbol
Name of each exchange on which registered
 
Common Stock, par value $.01 per shareAPTSNYSE


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Sec. 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer    Accelerated filer    Non-accelerated filer    Smaller reporting company  Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No  
The number of shares outstanding of the registrant’s Common Stock, as of August 5, 2020 was 49,622,321.



PART I - FINANCIAL INFORMATION
INDEX
Item 1.Financial Statements
Page No.
 
Condensed Consolidated Balance Sheets (unaudited) – as of June 30, 2020 and December 31, 2019 
Condensed Consolidated Statements of Operations (unaudited) – Three Months and Six Months Ended June 30, 2020 and 2019 
Condensed Consolidated Statements of Stockholders' Equity (unaudited) – Three Months and Six Months Ended June 30, 2020 and 2019 
Condensed Consolidated Statements of Cash Flows (unaudited) – Six Months Ended June 30, 2020 and 2019 
Notes to Condensed Consolidated Financial Statements (unaudited)10  
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations47  
Item 3.Quantitative and Qualitative Disclosures About Market Risk75  
Item 4.Controls and Procedures76  
PART II - OTHER INFORMATION
Item 1.Legal Proceedings76  
Item 1A.Risk Factors76  
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds78  
Item 3.Defaults Upon Senior Securities78  
Item 4.Mine Safety Disclosures78  
Item 5.Other Information78  
Item 6.Exhibits78  












Preferred Apartment Communities, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands, except per-share par values)June 30, 2020December 31, 2019
Assets
Real estate
Land$671,687  $635,757  
Building and improvements3,375,631  3,256,223  
Tenant improvements174,565  167,275  
Furniture, fixtures, and equipment354,340  323,381  
Construction in progress22,539  11,893  
Gross real estate4,598,762  4,394,529  
Less: accumulated depreciation(503,467) (421,551) 
Net real estate4,095,295  3,972,978  
Real estate loan investments, net of deferred fee income of $1,416 and $1,460 and allowance for expected
loan loss of $9,796 and $0306,026  325,790  
Real estate loan investments to related parties, net of deferred fee income of $0 and $16, allowance for expected
loan loss of $2,148 and $0 and allowance for doubtful accounts of $1,400 and $1,4002,568  23,692  
Total real estate and real estate loan investments, net4,403,889  4,322,460  
Cash and cash equivalents60,101  94,381  
Restricted cash56,333  42,872  
Notes receivable7,758  17,079  
Note receivable and revolving lines of credit due from related parties9,011  24,838  
Accrued interest receivable on real estate loans23,046  25,755  
Acquired intangible assets, net of amortization of $169,867 and $149,896145,187  154,803  
Deferred loan costs on Revolving Line of Credit, net of amortization of $1,185 and $849950  1,286  
Deferred offering costs4,088  2,147  
Tenant lease inducements, net of amortization of $4,454 and $3,56719,103  19,607  
Tenant receivables and other assets89,817  65,332  
Total assets$4,819,283  $4,770,560  
Liabilities and equity
Liabilities
Mortgage notes payable, net of deferred loan costs and mark-to-market adjustment of $49,893 and $42,807$2,762,291  $2,567,022  
Revolving line of credit 92,500    
Term note payable, net of deferred loan costs of $0 and $511  69,489  
Unearned purchase option termination fees1,585  2,859  
Deferred revenue37,862  39,722  
Accounts payable and accrued expenses56,143  42,191  
Deferred liability to Former Manager23,168    
Contingent liability due to Former Manager14,880    
Accrued interest payable7,927  8,152  
Dividends and partnership distributions payable20,570  23,519  
Acquired below market lease intangibles, net of amortization of $28,831 and $23,65557,793  62,611  
Prepaid rent, security deposits, and other liabilities34,568  20,879  
Total liabilities3,109,287  2,836,444  
Commitments and contingencies (Note 11)
Equity
Stockholders' equity
Series A Redeemable Preferred Stock, $0.01 par value per share; 3,050 shares authorized; 2,226 and 2,161 shares
   issued; 2,026 and 2,028 shares outstanding at June 30, 2020 and December 31, 2019, respectively20  20  
Series A1 Redeemable Preferred Stock, $0.01 par value per share; up to 1,000 shares authorized; 68 and 5 shares
   issued and outstanding at June 30, 2020 and December 31, 2019, respectively    
Series M Redeemable Preferred Stock, $0.01 par value per share; 500 shares authorized; 106 shares issued;
  93 and 103 shares outstanding at June 30, 2020 and December 31, 2019, respectively1  1  
Series M1 Redeemable Preferred Stock, $0.01 par value per share; up to 1,000 shares authorized; 5 and zero shares
   issued and outstanding at June 30, 2020 and December 31, 2019, respectively    
Common Stock, $0.01 par value per share; 400,067 shares authorized; 49,283 and 46,443 shares issued and
outstanding at June 30, 2020 and December 31, 2019, respectively493  464  
Additional paid-in capital1,917,212  1,938,057  
Accumulated (deficit) earnings (206,724) (7,244) 
Total stockholders' equity1,711,002  1,931,298  
Non-controlling interest(1,006) 2,818  
Total equity1,709,996  1,934,116  
Total liabilities and equity$4,819,283  $4,770,560  
The accompanying notes are an integral part of these condensed consolidated financial statements.
2


Preferred Apartment Communities, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per-share figures)Three months ended June 30,Six months ended June 30,
2020201920202019
Revenues:
Rental and other property revenues$111,574  $99,127  $223,440  $193,520  
Interest income on loans and notes receivable10,407  12,093  23,846  23,381  
Interest income from related parties604  1,632  3,141  7,434  
Miscellaneous revenues692  1,000  3,952  1,023  
Total revenues123,277  113,852  254,379  225,358  
Operating expenses:
Property operating and maintenance16,841  13,864  33,641  26,743  
Property salary and benefits (including reimbursements of $0, $4,213, $1,430
and $8,292 to related party)5,720  4,828  10,911  9,485  
Property management costs (including $0, $2,502, $894 and $4,969 to related parties) 1,042  3,373  3,045  6,640  
Real estate taxes and insurance16,506  14,081  32,031  28,172  
General and administrative8,847  1,388  15,211  2,807  
Equity compensation to directors and executives246  306  476  617  
Depreciation and amortization51,793  45,663  101,302  90,952  
Asset management and general and administrative expense fees to related party  8,209  3,099  16,038  
Provision for expected credit losses482    5,615    
Management internalization expense458  280  179,251  325  
Total operating expenses101,935  91,992  384,582  181,779  
Waived asset management and general and administrative expense fees  (2,795) (1,136) (5,424) 
Net operating expenses101,935  89,197  383,446  176,355  
Operating (loss) income before gain on sale of trading investment21,342  24,655  (129,067) 49,003  
Gain on sale of trading investment      4  
Operating (loss) income21,342  24,655  (129,067) 49,007  
Interest expense31,136  27,611  60,729  54,367  
Change in fair value of net assets of consolidated VIEs from mortgage-backed pools  584    725  
Loss on extinguishment of debt(6,156) (52) (6,156) (69) 
Gain on sale of real estate loan investment  747  479  747  
Net loss(15,950) (1,677) (195,473) (3,957) 
Consolidated net loss (income) attributable to non-controlling interests266  571  3,407  79  
Net loss attributable to the Company(15,684) (1,106) (192,066) (3,878) 
Dividends declared to preferred stockholders(35,624) (27,542) (68,692) (53,081) 
Earnings attributable to unvested restricted stock(11) (7) (13) (9) 
Net loss attributable to common stockholders$(51,319) $(28,655) $(260,771) $(56,968) 
Net loss per share of Common Stock available
to common stockholders, basic and diluted$(1.06) $(0.66) $(5.47) $(1.32) 
Weighted average number of shares of Common Stock outstanding,
basic and diluted48,220  43,703  47,674  43,194  

The accompanying notes are an integral part of these condensed consolidated financial statements.
3


Preferred Apartment Communities, Inc.
Condensed Consolidated Statements of Stockholders' Equity
For the three-month period ended June 30, 2020
(Unaudited)
(In thousands, except dividend per-share figures)Series A, Series A1, Series M and Series M1 Redeemable Preferred StockCommon StockAdditional Paid in CapitalAccumulated Earnings Total Stockholders' Equity Non-Controlling InterestTotal Equity
Balance at April 1, 2020$22  $476  $1,969,534  $(191,040) $1,778,992  $(843) $1,778,149  
 Issuance of Series A preferred shares     —  —    —    
 Issuance of Series A1/M1 preferred shares 1    34,525  —  34,526  —  34,526  
 Exercise of warrants —  —  —  —  —  —  —  
 Redemptions of Series A preferred stock (2) 17  (38,324)   (38,309)   (38,309) 
 Syndication and offering costs —  —  (4,288) —  (4,288) —  (4,288) 
Equity compensation to executives and directors    196    196    196  
 Conversion of Class A to common stock     279    279  (279)   
Current period amortization of Class B Units           50  50  
 Net loss       (15,684) (15,684) (266) (15,950) 
 Contributions from minority holders —  —  —  —  —  —  —  
 Reallocation of minority interest in PAC OP     (462)   (462) 462    
 Distributions to minority holders           (130) (130) 
Dividends to Series A preferred stockholders
($5.00 per share per month)    (33,208)   (33,208)   (33,208) 
Dividends to mShares preferred stockholders
($4.79 - $6.25 per share per month)  —  (1,610)   (1,610)   (1,610) 
Dividends to Series A1/M1 preferred stockholders
($5.00 and $5.08 - $5.92 per share per month, respectively)    (806)   (806)   (806) 
Dividends to common stockholders ($0.175 per share)    (8,624)   (8,624)   (8,624) 
Balance at June 30, 2020$21  $493  $1,917,212  $(206,724) $1,711,002  $(1,006) $1,709,996  

The accompanying notes are an integral part of these condensed consolidated financial statements.




4


Preferred Apartment Communities, Inc.
Condensed Consolidated Statements of Stockholders' Equity, continued
For the three-month period ended June 30, 2019
(Unaudited)
(In thousands, except dividend per-share figures)Series A and
Series M Redeemable Preferred Stock
Common StockAdditional Paid in CapitalAccumulated EarningsTotal Stockholders' Equity Non-Controlling InterestTotal Equity
Balance at April 1, 2019$18  $432  $1,698,810  $  $1,699,260  $309  $1,699,569