Intrinsic value of Preferred Apartment Communities - APTS

Previous Close

$14.42

  Intrinsic Value

$6.69

stock screener

  Rating & Target

str. sell

-54%

Previous close

$14.42

 
Intrinsic value

$6.69

 
Up/down potential

-54%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as APTS.

We calculate the intrinsic value of APTS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  83.49
  38.90
  35.51
  32.46
  29.71
  27.24
  25.02
  23.02
  21.21
  19.59
  18.13
  16.82
  15.64
  14.57
  13.62
  12.76
  11.98
  11.28
  10.65
  10.09
  9.58
  9.12
  8.71
  8.34
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.60
Revenue, $m
  200
  278
  376
  499
  647
  823
  1,029
  1,266
  1,534
  1,835
  2,168
  2,532
  2,928
  3,355
  3,812
  4,298
  4,813
  5,356
  5,926
  6,524
  7,149
  7,801
  8,481
  9,188
  9,923
  10,688
  11,482
  12,308
  13,166
  14,058
  14,985
Variable operating expenses, $m
 
  229
  311
  411
  534
  679
  849
  1,044
  1,266
  1,514
  1,788
  2,089
  2,416
  2,768
  3,145
  3,546
  3,970
  4,418
  4,889
  5,382
  5,898
  6,436
  6,996
  7,580
  8,187
  8,817
  9,473
  10,154
  10,862
  11,597
  12,363
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  170
  229
  311
  411
  534
  679
  849
  1,044
  1,266
  1,514
  1,788
  2,089
  2,416
  2,768
  3,145
  3,546
  3,970
  4,418
  4,889
  5,382
  5,898
  6,436
  6,996
  7,580
  8,187
  8,817
  9,473
  10,154
  10,862
  11,597
  12,363
Operating income, $m
  30
  49
  66
  87
  113
  144
  180
  221
  268
  321
  379
  443
  512
  587
  667
  752
  842
  937
  1,037
  1,142
  1,251
  1,365
  1,484
  1,608
  1,737
  1,870
  2,009
  2,154
  2,304
  2,460
  2,622
EBITDA, $m
  108
  157
  212
  281
  365
  464
  580
  714
  865
  1,035
  1,223
  1,428
  1,652
  1,892
  2,150
  2,424
  2,715
  3,021
  3,343
  3,680
  4,033
  4,400
  4,784
  5,183
  5,597
  6,029
  6,477
  6,943
  7,427
  7,930
  8,453
Interest expense (income), $m
  39
  51
  72
  98
  131
  170
  217
  272
  335
  407
  487
  576
  673
  779
  893
  1,015
  1,145
  1,282
  1,427
  1,579
  1,739
  1,906
  2,080
  2,261
  2,450
  2,646
  2,850
  3,062
  3,283
  3,512
  3,750
Earnings before tax, $m
  -10
  -2
  -6
  -11
  -17
  -26
  -37
  -51
  -67
  -86
  -108
  -133
  -161
  -192
  -226
  -263
  -302
  -345
  -390
  -438
  -488
  -541
  -596
  -653
  -713
  -776
  -841
  -909
  -979
  -1,052
  -1,127
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -10
  -2
  -6
  -11
  -17
  -26
  -37
  -51
  -67
  -86
  -108
  -133
  -161
  -192
  -226
  -263
  -302
  -345
  -390
  -438
  -488
  -541
  -596
  -653
  -713
  -776
  -841
  -909
  -979
  -1,052
  -1,127

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  12
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,421
  3,347
  4,536
  6,008
  7,793
  9,916
  12,396
  15,249
  18,484
  22,106
  26,115
  30,507
  35,278
  40,420
  45,923
  51,781
  57,984
  64,526
  71,400
  78,603
  86,133
  93,990
  102,175
  110,695
  119,556
  128,767
  138,339
  148,286
  158,623
  169,368
  180,541
Adjusted assets (=assets-cash), $m
  2,409
  3,347
  4,536
  6,008
  7,793
  9,916
  12,396
  15,249
  18,484
  22,106
  26,115
  30,507
  35,278
  40,420
  45,923
  51,781
  57,984
  64,526
  71,400
  78,603
  86,133
  93,990
  102,175
  110,695
  119,556
  128,767
  138,339
  148,286
  158,623
  169,368
  180,541
Revenue / Adjusted assets
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
Average production assets, $m
  1,440
  2,000
  2,710
  3,589
  4,656
  5,924
  7,406
  9,111
  11,043
  13,207
  15,602
  18,226
  21,076
  24,148
  27,436
  30,936
  34,642
  38,550
  42,657
  46,960
  51,459
  56,153
  61,043
  66,133
  71,427
  76,930
  82,648
  88,591
  94,767
  101,186
  107,861
Working capital, $m
  0
  139
  188
  249
  323
  411
  514
  633
  767
  917
  1,084
  1,266
  1,464
  1,677
  1,906
  2,149
  2,406
  2,678
  2,963
  3,262
  3,575
  3,901
  4,240
  4,594
  4,962
  5,344
  5,741
  6,154
  6,583
  7,029
  7,492
Total debt, $m
  1,465
  2,047
  2,799
  3,731
  4,861
  6,205
  7,775
  9,581
  11,629
  13,921
  16,459
  19,239
  22,259
  25,514
  28,998
  32,705
  36,632
  40,773
  45,124
  49,684
  54,450
  59,423
  64,605
  69,998
  75,607
  81,437
  87,496
  93,793
  100,336
  107,138
  114,211
Total liabilities, $m
  1,537
  2,119
  2,871
  3,803
  4,933
  6,277
  7,847
  9,653
  11,701
  13,993
  16,531
  19,311
  22,331
  25,586
  29,070
  32,777
  36,704
  40,845
  45,196
  49,756
  54,522
  59,495
  64,677
  70,070
  75,679
  81,509
  87,568
  93,865
  100,408
  107,210
  114,283
Total equity, $m
  884
  1,228
  1,665
  2,205
  2,860
  3,639
  4,549
  5,597
  6,784
  8,113
  9,584
  11,196
  12,947
  14,834
  16,854
  19,004
  21,280
  23,681
  26,204
  28,847
  31,611
  34,494
  37,498
  40,625
  43,877
  47,257
  50,770
  54,421
  58,215
  62,158
  66,259
Total liabilities and equity, $m
  2,421
  3,347
  4,536
  6,008
  7,793
  9,916
  12,396
  15,250
  18,485
  22,106
  26,115
  30,507
  35,278
  40,420
  45,924
  51,781
  57,984
  64,526
  71,400
  78,603
  86,133
  93,989
  102,175
  110,695
  119,556
  128,766
  138,338
  148,286
  158,623
  169,368
  180,542
Debt-to-equity ratio
  1.657
  1.670
  1.680
  1.690
  1.700
  1.710
  1.710
  1.710
  1.710
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
  1.720
Adjusted equity ratio
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -10
  -2
  -6
  -11
  -17
  -26
  -37
  -51
  -67
  -86
  -108
  -133
  -161
  -192
  -226
  -263
  -302
  -345
  -390
  -438
  -488
  -541
  -596
  -653
  -713
  -776
  -841
  -909
  -979
  -1,052
  -1,127
Depreciation, amort., depletion, $m
  78
  108
  146
  194
  252
  320
  400
  492
  597
  714
  843
  985
  1,139
  1,305
  1,483
  1,672
  1,873
  2,084
  2,306
  2,538
  2,782
  3,035
  3,300
  3,575
  3,861
  4,158
  4,467
  4,789
  5,123
  5,470
  5,830
Funds from operations, $m
  64
  106
  141
  183
  234
  294
  363
  442
  530
  628
  735
  852
  978
  1,113
  1,257
  1,409
  1,570
  1,739
  1,916
  2,101
  2,294
  2,495
  2,704
  2,921
  3,148
  3,382
  3,627
  3,880
  4,144
  4,418
  4,703
Change in working capital, $m
  2
  39
  49
  61
  74
  88
  103
  118
  134
  150
  166
  182
  198
  213
  228
  243
  257
  271
  285
  299
  312
  326
  340
  354
  368
  382
  397
  413
  429
  446
  464
Cash from operations, $m
  62
  67
  91
  122
  160
  206
  260
  323
  396
  478
  569
  670
  780
  900
  1,029
  1,166
  1,313
  1,467
  1,631
  1,802
  1,981
  2,169
  2,364
  2,568
  2,780
  3,000
  3,229
  3,467
  3,715
  3,972
  4,239
Maintenance CAPEX, $m
  0
  -78
  -108
  -146
  -194
  -252
  -320
  -400
  -492
  -597
  -714
  -843
  -985
  -1,139
  -1,305
  -1,483
  -1,672
  -1,873
  -2,084
  -2,306
  -2,538
  -2,782
  -3,035
  -3,300
  -3,575
  -3,861
  -4,158
  -4,467
  -4,789
  -5,123
  -5,470
New CAPEX, $m
  -1,020
  -560
  -710
  -880
  -1,066
  -1,268
  -1,482
  -1,705
  -1,933
  -2,164
  -2,395
  -2,624
  -2,850
  -3,072
  -3,288
  -3,500
  -3,706
  -3,908
  -4,107
  -4,303
  -4,499
  -4,694
  -4,890
  -5,090
  -5,294
  -5,503
  -5,719
  -5,943
  -6,176
  -6,420
  -6,675
Cash from investing activities, $m
  -1,127
  -638
  -818
  -1,026
  -1,260
  -1,520
  -1,802
  -2,105
  -2,425
  -2,761
  -3,109
  -3,467
  -3,835
  -4,211
  -4,593
  -4,983
  -5,378
  -5,781
  -6,191
  -6,609
  -7,037
  -7,476
  -7,925
  -8,390
  -8,869
  -9,364
  -9,877
  -10,410
  -10,965
  -11,543
  -12,145
Free cash flow, $m
  -1,065
  -571
  -727
  -904
  -1,100
  -1,314
  -1,542
  -1,781
  -2,029
  -2,283
  -2,540
  -2,798
  -3,055
  -3,311
  -3,565
  -3,816
  -4,066
  -4,313
  -4,560
  -4,807
  -5,056
  -5,307
  -5,562
  -5,822
  -6,089
  -6,363
  -6,648
  -6,943
  -7,250
  -7,570
  -7,905
Issuance/(repayment) of debt, $m
  702
  594
  752
  932
  1,130
  1,344
  1,570
  1,806
  2,048
  2,292
  2,537
  2,780
  3,020
  3,255
  3,484
  3,708
  3,927
  4,141
  4,351
  4,560
  4,766
  4,973
  5,182
  5,393
  5,609
  5,830
  6,059
  6,296
  6,544
  6,802
  7,072
Issuance/(repurchase) of shares, $m
  435
  347
  442
  551
  673
  805
  948
  1,098
  1,254
  1,415
  1,579
  1,745
  1,912
  2,079
  2,246
  2,413
  2,579
  2,746
  2,913
  3,081
  3,251
  3,424
  3,600
  3,780
  3,965
  4,156
  4,354
  4,559
  4,773
  4,995
  5,228
Cash from financing (excl. dividends), $m  
  1,132
  941
  1,194
  1,483
  1,803
  2,149
  2,518
  2,904
  3,302
  3,707
  4,116
  4,525
  4,932
  5,334
  5,730
  6,121
  6,506
  6,887
  7,264
  7,641
  8,017
  8,397
  8,782
  9,173
  9,574
  9,986
  10,413
  10,855
  11,317
  11,797
  12,300
Total cash flow (excl. dividends), $m
  67
  369
  468
  579
  702
  835
  976
  1,122
  1,273
  1,425
  1,577
  1,728
  1,877
  2,022
  2,165
  2,304
  2,440
  2,573
  2,704
  2,833
  2,962
  3,090
  3,220
  3,351
  3,485
  3,623
  3,765
  3,913
  4,066
  4,227
  4,395
Retained Cash Flow (-), $m
  -361
  -347
  -442
  -551
  -673
  -805
  -948
  -1,098
  -1,254
  -1,415
  -1,579
  -1,745
  -1,912
  -2,079
  -2,246
  -2,413
  -2,579
  -2,746
  -2,913
  -3,081
  -3,251
  -3,424
  -3,600
  -3,780
  -3,965
  -4,156
  -4,354
  -4,559
  -4,773
  -4,995
  -5,228
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  23
  26
  28
  30
  30
  28
  25
  18
  10
  -2
  -17
  -35
  -56
  -81
  -108
  -139
  -172
  -209
  -248
  -289
  -333
  -380
  -429
  -480
  -533
  -589
  -646
  -706
  -768
  -833
Discount rate, %
 
  10.60
  11.13
  11.69
  12.27
  12.88
  13.53
  14.21
  14.92
  15.66
  16.44
  17.27
  18.13
  19.04
  19.99
  20.99
  22.04
  23.14
  24.30
  25.51
  26.79
  28.12
  29.53
  31.01
  32.56
  34.19
  35.90
  37.69
  39.57
  41.55
  43.63
PV of cash for distribution, $m
 
  21
  21
  20
  19
  16
  13
  10
  6
  3
  0
  -3
  -5
  -6
  -6
  -6
  -6
  -5
  -4
  -3
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  64.1
  42.3
  28.7
  20.0
  14.3
  10.4
  7.7
  5.9
  4.5
  3.5
  2.8
  2.3
  1.8
  1.5
  1.3
  1.0
  0.9
  0.8
  0.6
  0.6
  0.5
  0.4
  0.4
  0.3
  0.3
  0.2
  0.2
  0.2
  0.2
  0.2

Preferred Apartment Communities, Inc. is a real estate investment trust (REIT). The Company is formed to acquire and operate multifamily properties in select targeted markets throughout the United States. It operates through segments, including multifamily communities, real estate related financing, new market properties and office buildings. The multifamily communities segment consists of its portfolio of owned residential multifamily communities. The real estate related financing segment consists of the Company's portfolio of real estate loans, bridge loans, and other instruments deployed by it to partially finance the development, construction, and prestabilization carrying costs of new multifamily communities and other real estate and real estate related assets. The new market properties segment consists of its portfolio of grocery-anchored shopping centers. The office buildings segment consists of its office buildings located in Atlanta, Georgia and Birmingham, Alabama and Texas.

FINANCIAL RATIOS  of  Preferred Apartment Communities (APTS)

Valuation Ratios
P/E Ratio -38.2
Price to Sales 1.9
Price to Book 0.4
Price to Tangible Book
Price to Cash Flow 6.2
Price to Free Cash Flow -0.4
Growth Rates
Sales Growth Rate 83.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 140%
Cap. Spend. - 3 Yr. Gr. Rate 95.2%
Financial Strength
Quick Ratio 0
Current Ratio NaN
LT Debt to Equity 151.2%
Total Debt to Equity 165.7%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.6%
Ret/ On Assets - 3 Yr. Avg. 1.8%
Return On Total Capital -0.6%
Ret/ On T. Cap. - 3 Yr. Avg. -0.1%
Return On Equity -1.4%
Return On Equity - 3 Yr. Avg. -0.3%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 79.5%
Gross Margin - 3 Yr. Avg. 81.5%
EBITDA Margin 53.5%
EBITDA Margin - 3 Yr. Avg. 50.4%
Operating Margin 15%
Oper. Margin - 3 Yr. Avg. 18.4%
Pre-Tax Margin -5%
Pre-Tax Margin - 3 Yr. Avg. -1.1%
Net Profit Margin -5%
Net Profit Margin - 3 Yr. Avg. -1.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio -570%

APTS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the APTS stock intrinsic value calculation we used $200 million for the last fiscal year's total revenue generated by Preferred Apartment Communities. The default revenue input number comes from 2016 income statement of Preferred Apartment Communities. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our APTS stock valuation model: a) initial revenue growth rate of 38.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 10.6%, whose default value for APTS is calculated based on our internal credit rating of Preferred Apartment Communities, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Preferred Apartment Communities.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of APTS stock the variable cost ratio is equal to 82.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for APTS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Preferred Apartment Communities.

Corporate tax rate of 27% is the nominal tax rate for Preferred Apartment Communities. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the APTS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for APTS are equal to 719.8%.

Life of production assets of 18.5 years is the average useful life of capital assets used in Preferred Apartment Communities operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for APTS is equal to 50%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $884 million for Preferred Apartment Communities - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 33.04 million for Preferred Apartment Communities is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Preferred Apartment Communities at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ Armour Yards sale proves creative office prices continue to impress   [Jan-31-18 06:15AM  American City Business Journals]
▶ Preferred Apartment Communities reports 3Q results   [Oct-30-17 06:51PM  Associated Press]
▶ REIT Industry Stock Outlook - Sept. 2017   [Sep-18-17 04:07PM  Zacks]
▶ 3 Top Small-Cap Stocks to Buy in Real Estate   [Aug-31-17 07:51AM  Motley Fool]
▶ Preferred Apartment Communities reports 2Q results   [Jul-31-17 10:16PM  Associated Press]
▶ Preferred Apartment Communities reports 1Q results   [May-01-17 05:04PM  Associated Press]
▶ Atlanta developer acquires Publix-anchored shopping center in Cumming, Ga.   [Apr-26-17 07:32AM  American City Business Journals]
▶ 3 Secure Income Plays For 6.3% To 7.8% Yields   [Apr-23-17 08:38AM  Forbes]
▶ Top Ranked Income Stocks to Buy for March 20th   [Mar-20-17 10:46AM  Zacks]
Financial statements of APTS
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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