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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 September 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-20200930_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 November 4, 2020 was 49,900,555.



PART I - FINANCIAL INFORMATION
INDEX
Item 1.Financial Statements
Page No.
 
Condensed Consolidated Balance Sheets (unaudited) – as of September 30, 2020 and December 31, 2019
Condensed Consolidated Statements of Operations (unaudited) – Three Months and Nine Months Ended September 30, 2020 and 2019
Condensed Consolidated Statements of Stockholders' Equity (unaudited) – Three Months and Nine Months Ended September 30, 2020 and 2019
Condensed Consolidated Statements of Cash Flows (unaudited) – Nine Months Ended September 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 Operations50 
Item 3.Quantitative and Qualitative Disclosures About Market Risk78 
Item 4.Controls and Procedures79 
PART II - OTHER INFORMATION
Item 1.Legal Proceedings79 
Item 1A.Risk Factors79 
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds81 
Item 3.Defaults Upon Senior Securities81 
Item 4.Mine Safety Disclosures81 
Item 5.Other Information81 
Item 6.Exhibits81 












Preferred Apartment Communities, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands, except per-share par values)September 30, 2020December 31, 2019
Assets
Real estate
Land$657,286 $635,757 
Building and improvements3,361,174 3,256,223 
Tenant improvements175,400 167,275 
Furniture, fixtures, and equipment357,010 323,381 
Construction in progress23,677 11,893 
Gross real estate4,574,547 4,394,529 
Less: accumulated depreciation(542,161)(421,551)
Net real estate4,032,386 3,972,978 
Real estate loan investments, net of deferred fee income and allowance for expected
loan loss of $10,480 and $1,460307,033 325,790 
Real estate loan investments to related parties, net of deferred fee income and allowances for expected
loan losses and doubtful accounts of $3,548 and $1,4162,568 23,692 
Total real estate and real estate loan investments, net4,341,987 4,322,460 
Cash and cash equivalents30,337 94,381 
Restricted cash65,690 42,872 
Notes receivable2,894 17,079 
Note receivable and revolving lines of credit due from related parties9,011 24,838 
Accrued interest receivable on real estate loans24,784 25,755 
Acquired intangible assets, net of amortization of $177,348 and $149,896133,297 154,803 
Deferred loan costs on Revolving Line of Credit, net of amortization of $1,362 and $849879 1,286 
Deferred offering costs4,721 2,147 
Tenant lease inducements, net of amortization of $4,902 and $3,56718,655 19,607 
Investment in unconsolidated joint venture6,851  
Tenant receivables and other assets91,956 65,332 
Total assets$4,731,062 $4,770,560 
Liabilities and equity
Liabilities
Mortgage notes payable, net of deferred loan costs and mark-to-market adjustment of $48,376 and $42,807$2,765,793 $2,567,022 
Revolving line of credit 33,000  
Term note payable, net of deferred loan costs of $0 and $511 69,489 
Unearned purchase option termination fees1,164 2,859 
Deferred revenue36,909 39,722 
Accounts payable and accrued expenses66,283 42,191 
Deferred liability to Former Manager23,373  
Contingent liability due to Former Manager14,867  
Accrued interest payable8,538 8,152 
Dividends and partnership distributions payable20,971 23,519 
Acquired below market lease intangibles, net of amortization of $31,511 and $23,65554,483 62,611 
Prepaid rent, security deposits, and other liabilities34,823 20,879 
Total liabilities3,060,204 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; 1,991 and 2,028 shares outstanding at September 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; 103 and 5 shares
   issued and outstanding at September 30, 2020 and December 31, 2019, respectively  
Series M Redeemable Preferred Stock, $0.01 par value per share; 500 shares authorized; 106 shares issued;
  91 and 103 shares outstanding at September 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; 13 and zero shares
   issued and outstanding at September 30, 2020 and December 31, 2019, respectively  
Common Stock, $0.01 par value per share; 400,067 shares authorized; 49,901 and 46,443 shares issued and
outstanding at September 30, 2020 and December 31, 2019, respectively499 464 
Additional paid-in capital1,882,149 1,938,057 
Accumulated (deficit) earnings (210,218)(7,244)
Total stockholders' equity1,672,451 1,931,298 
Non-controlling interest(1,593)2,818 
Total equity1,670,858 1,934,116 
Total liabilities and equity$4,731,062 $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 September 30,Nine months ended September 30,
2020201920202019
Revenues:
Rental and other property revenues$114,831 $105,049 $338,271 $298,569 
Interest income on loans and notes receivable10,649 12,608 34,495 35,989 
Interest income from related parties609 2,546 3,750 9,980 
Miscellaneous revenues608  4,560 1,023 
Total revenues126,697 120,203 381,076 345,561 
Operating expenses:
Property operating and maintenance19,278 16,493 52,919 43,236 
Property salary and benefits (including reimbursements of $0, $4,681, $1,430
and $12,973 to related party)6,054 5,360 16,965 14,845 
Property management costs (including $0, $2,565, $894 and $7,534 to related parties) 983 3,534 4,028 10,174 
Real estate taxes and insurance16,078 14,474 48,109 42,646 
General and administrative7,898 1,364 23,109 4,171 
Equity compensation to directors and executives582 305 1,058 922 
Depreciation and amortization51,794 46,239 153,096 137,191 
Asset management and general and administrative expense fees to related party 8,611 3,099 24,649 
Provision for expected credit losses(152) 5,463  
Management internalization expense577 818 179,828 1,143 
Total operating expenses103,092 97,198 487,674 278,977 
Waived asset management and general and administrative expense fees (3,081)(1,136)(8,505)
Net operating expenses103,092 94,117 486,538 270,472 
Operating (loss) income before gain on sale of real estate and loss from
unconsolidated joint venture23,605 26,086 (105,462)75,089 
Loss from unconsolidated joint venture(120) (120) 
Gain on sale of real estate, net3,261  3,261 4 
Operating (loss) income26,746 26,086 (102,321)75,093 
Interest expense29,879 28,799 90,608 83,166 
Change in fair value of net assets of consolidated VIEs from mortgage-backed pools 591  1,316 
Loss on extinguishment of debt(518)(15)(6,674)(84)
Gain on land condemnation49  528 747 
Net loss(3,602)(2,137)(199,075)(6,094)
Consolidated net loss (income) attributable to non-controlling interests108 59 3,515 138 
Net loss attributable to the Company(3,494)(2,078)(195,560)(5,956)
Dividends declared to preferred stockholders(35,909)(29,446)(104,601)(82,527)
Earnings attributable to unvested restricted stock(96)(5)(109)(14)
Net loss attributable to common stockholders$(39,499)$(31,529)$(300,270)$(88,497)
Net loss per share of Common Stock available
to common stockholders, basic and diluted$(0.79)$(0.71)$(6.21)$(2.02)
Weighted average number of shares of Common Stock outstanding,
basic and diluted49,689 44,703 48,351 43,703 

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 September 30, 2020
(Unaudited)
(In thousands, except dividend per-share figures)Redeemable Preferred StockCommon StockAdditional Paid in CapitalAccumulated Earnings Total Stockholders' Equity Non-Controlling InterestTotal Equity
Balance at July 1, 2020$21 $493 $1,917,212 $(206,724)$1,711,002 $(1,006)$1,709,996 
Issuance of Series A1/M1 preferred shares   42,352 — 42,352 — 42,352 
At-the-market issuance of common stock  6 4,608 — 4,614 — 4,614 
Redemptions of preferred stock —  (33,823) (33,823) (33,823)
Syndication and offering costs — — (4,127)— (4,127)— (4,127)
Equity compensation to executives and directors  512  512  512 
Conversion of Class A Units to common stock  (2) (2)2  
Current period amortization of Class B Units      70 70 
Net loss    (3,494)(3,494)(108)(3,602)
 Contributions from non-controlling interests
  — —  (98)(98)
Reallocation of non-controlling interest to Class A Unitholders   202  202 (202) 
Distributions to non-controlling interests
     (119)(119)
Distributions to Class A Unitholders      (132)(132)
Dividends to Series A preferred stockholders
($5.00 per share per month)  (32,964) (32,964) (32,964)
Dividends to mShares preferred stockholders
($4.79 - $6.25 per share per month) — (1,547) (1,547) (1,547)
Dividends to Series A1/M1 preferred stockholders
($5.00 and $5.08 - $5.92 per share per month, respectively)  (1,398) (1,398) (1,398)
Dividends to common stockholders ($0.175 per share)  (8,876) (8,876) (8,876)
Balance at September 30, 2020$21 $499 $1,882,149 $(210,218)$1,672,451 $(1,593)$1,670,858 

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 September 30, 2019
(Unaudited)
(In thousands, except dividend per-share figures)Redeemable Preferred StockCommon StockAdditional Paid in CapitalAccumulated EarningsTotal Stockholders' Equity Non-Controlling InterestTotal Equity
Balance at July 1, 2019$19 $442 $1,784,197 $ $1,784,658 $(488)$1,784,170 
Issuance of Series A preferred shares1  116,827  116,828 — 116,828 
Issuance of mShares  17,156  17,156 — 17,156 
Redemptions of preferred stock 9 (2,886) (2,877) (2,877)
Exercises of warrants 2 2,480  2,482  2,482 
Syndication and offering costs  (13,553) (13,553) (13,553)
Equity compensation to executives and directors  155  155  155 
Conversion of Class A Units to common stock  112  112 (112) 
Current period amortization of Class B Units     150 150 
Net loss   (2,078)(2,078)(59)(2,137)
Contributions from non-controlling interests
  — —  2,050 2,050 
Reallocation of non-controlling interest to Class A Unitholders  305  305 (305) 
Distributions to non-controlling interests     (225)(225)
Dividends to Series A preferred stockholders
($5.00 per share per month)  (30,094)1,983 (28,111) (28,111)
Dividends to mShares preferred stockholders
($4.79 - $6.25 per share per month) — (1,430)95 (1,335) (1,335)
Dividends to common stockholders ($0.2625 per share)  (11,823) (11,823) (11,823)
Balance at September 30, 2019$20 $453 $1,861,446 $ $1,861,919 $1,011 $1,862,930 

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












5




Preferred Apartment Communities, Inc.
Condensed Consolidated Statements of Stockholders' Equity, continued
For the nine-month period ended September 30, 2020
(Unaudited)
(In thousands, except dividend per-share figures)Redeemable Preferred StockCommon StockAdditional Paid in CapitalAccumulated Earnings Total Stockholders' Equity Non-Controlling InterestTotal Equity
Balance at January 1, 2020$21 $464 $1,938,057 $(7,244)$1,931,298 $2,818 $1,934,116 
Cumulative adjustment to reflect the adoption
of ASU 2016-13
— — — (7,414)(7,414)— (7,414)
Issuance of Series A preferred shares 1  64,483 —