Intrinsic value of Preferred Apartment Communities - APTS

Previous Close

$17.41

  Intrinsic Value

$5.10

stock screener

  Rating & Target

str. sell

-71%

Previous close

$17.41

 
Intrinsic value

$5.10

 
Up/down potential

-71%

 
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
  46.90
  42.71
  38.94
  35.55
  32.49
  29.74
  27.27
  25.04
  23.04
  21.23
  19.61
  18.15
  16.83
  15.65
  14.59
  13.63
  12.76
  11.99
  11.29
  10.66
  10.09
  9.58
  9.13
  8.71
  8.34
  8.01
  7.71
  7.44
  7.19
  6.97
Revenue, $m
  200
  432
  616
  856
  1,161
  1,538
  1,995
  2,539
  3,175
  3,907
  4,736
  5,665
  6,693
  7,820
  9,043
  10,362
  11,774
  13,277
  14,869
  16,548
  18,312
  20,160
  22,092
  24,108
  26,209
  28,395
  30,669
  33,033
  35,490
  38,042
  40,695
Variable operating expenses, $m
 
  296
  420
  582
  787
  1,041
  1,350
  1,716
  2,145
  2,638
  3,197
  3,818
  4,511
  5,270
  6,095
  6,984
  7,936
  8,949
  10,022
  11,153
  12,342
  13,588
  14,890
  16,249
  17,665
  19,139
  20,672
  22,265
  23,920
  25,641
  27,429
Fixed operating expenses, $m
 
  34
  34
  35
  36
  37
  38
  38
  39
  40
  41
  42
  43
  44
  45
  46
  47
  48
  49
  50
  51
  52
  53
  54
  56
  57
  58
  59
  61
  62
  63
Total operating expenses, $m
  170
  330
  454
  617
  823
  1,078
  1,388
  1,754
  2,184
  2,678
  3,238
  3,860
  4,554
  5,314
  6,140
  7,030
  7,983
  8,997
  10,071
  11,203
  12,393
  13,640
  14,943
  16,303
  17,721
  19,196
  20,730
  22,324
  23,981
  25,703
  27,492
Operating income, $m
  30
  102
  162
  239
  338
  460
  608
  785
  991
  1,229
  1,498
  1,805
  2,139
  2,505
  2,903
  3,332
  3,792
  4,280
  4,798
  5,344
  5,918
  6,520
  7,148
  7,805
  8,488
  9,200
  9,940
  10,709
  11,508
  12,339
  13,203
EBITDA, $m
  108
  529
  769
  1,082
  1,478
  1,969
  2,564
  3,273
  4,101
  5,054
  6,135
  7,345
  8,685
  10,154
  11,749
  13,468
  15,308
  17,267
  19,342
  21,530
  23,829
  26,238
  28,757
  31,385
  34,123
  36,973
  39,937
  43,019
  46,221
  49,548
  53,007
Interest expense (income), $m
  39
  72
  72
  72
  72
  72
  72
  72
  72
  72
  72
  72
  72
  72
  72
  72
  72
  72
  72
  72
  72
  72
  72
  72
  72
  72
  72
  72
  72
  72
  72
Earnings before tax, $m
  -10
  30
  90
  167
  266
  388
  536
  713
  919
  1,157
  1,426
  1,733
  2,067
  2,433
  2,831
  3,260
  3,719
  4,208
  4,726
  5,272
  5,846
  6,448
  7,076
  7,732
  8,416
  9,128
  9,868
  10,637
  11,436
  12,267
  13,131
Tax expense, $m
  0
  8
  24
  45
  72
  105
  145
  192
  248
  312
  385
  468
  558
  657
  764
  880
  1,004
  1,136
  1,276
  1,424
  1,578
  1,741
  1,911
  2,088
  2,272
  2,464
  2,664
  2,872
  3,088
  3,312
  3,545
Net income, $m
  -10
  22
  65
  122
  194
  283
  391
  520
  671
  844
  1,041
  1,265
  1,509
  1,776
  2,067
  2,380
  2,715
  3,072
  3,450
  3,849
  4,268
  4,707
  5,166
  5,645
  6,144
  6,663
  7,203
  7,765
  8,348
  8,955
  9,585

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
  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
Adjusted assets (=assets-cash), $m
  2,409
  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
Revenue / Adjusted assets
  0.083
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Average production assets, $m
  1,440
  4,224
  6,028
  8,376
  11,353
  15,042
  19,515
  24,837
  31,056
  38,210
  46,324
  55,407
  65,463
  76,483
  88,453
  101,354
  115,166
  129,865
  145,433
  161,851
  179,105
  197,184
  216,083
  235,803
  256,350
  277,735
  299,977
  323,096
  347,123
  372,091
  398,039
Working capital, $m
  0
  -2,745
  -3,918
  -5,444
  -7,379
  -9,776
  -12,684
  -16,142
  -20,184
  -24,834
  -30,107
  -36,011
  -42,547
  -49,709
  -57,489
  -65,873
  -74,850
  -84,404
  -94,522
  -105,193
  -116,406
  -128,156
  -140,440
  -153,256
  -166,611
  -180,510
  -194,965
  -209,991
  -225,607
  -241,835
  -258,699
Total debt, $m
  1,465
  427
  427
  427
  427
  427
  427
  427
  427
  427
  427
  427
  427
  427
  427
  427
  427
  427
  427
  427
  427
  427
  427
  427
  427
  427
  427
  427
  427
  427
  427
Total liabilities, $m
  1,537
  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 equity, $m
  884
  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 liabilities and equity, $m
  2,421
  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
Debt-to-equity ratio
  1.657
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.367
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -10
  22
  65
  122
  194
  283
  391
  520
  671
  844
  1,041
  1,265
  1,509
  1,776
  2,067
  2,380
  2,715
  3,072
  3,450
  3,849
  4,268
  4,707
  5,166
  5,645
  6,144
  6,663
  7,203
  7,765
  8,348
  8,955
  9,585
Depreciation, amort., depletion, $m
  78
  427
  608
  842
  1,140
  1,509
  1,956
  2,488
  3,110
  3,826
  4,637
  5,541
  6,546
  7,648
  8,845
  10,135
  11,517
  12,987
  14,543
  16,185
  17,910
  19,718
  21,608
  23,580
  25,635
  27,774
  29,998
  32,310
  34,712
  37,209
  39,804
Funds from operations, $m
  64
  449
  673
  964
  1,334
  1,792
  2,348
  3,009
  3,781
  4,670
  5,678
  6,806
  8,055
  9,425
  10,912
  12,515
  14,232
  16,059
  17,993
  20,034
  22,178
  24,425
  26,774
  29,225
  31,779
  34,437
  37,201
  40,074
  43,061
  46,164
  49,389
Change in working capital, $m
  2
  -877
  -1,173
  -1,526
  -1,935
  -2,397
  -2,908
  -3,459
  -4,042
  -4,650
  -5,273
  -5,904
  -6,536
  -7,162
  -7,780
  -8,385
  -8,976
  -9,554
  -10,118
  -10,671
  -11,214
  -11,750
  -12,283
  -12,817
  -13,354
  -13,899
  -14,455
  -15,026
  -15,616
  -16,228
  -16,864
Cash from operations, $m
  62
  1,326
  1,846
  2,490
  3,269
  4,189
  5,255
  6,467
  7,823
  9,320
  10,951
  12,709
  14,591
  16,587
  18,692
  20,900
  23,208
  25,613
  28,112
  30,704
  33,392
  36,175
  39,057
  42,042
  45,133
  48,336
  51,656
  55,101
  58,677
  62,392
  66,254
Maintenance CAPEX, $m
  0
  -288
  -422
  -603
  -838
  -1,135
  -1,504
  -1,952
  -2,484
  -3,106
  -3,821
  -4,632
  -5,541
  -6,546
  -7,648
  -8,845
  -10,135
  -11,517
  -12,987
  -14,543
  -16,185
  -17,910
  -19,718
  -21,608
  -23,580
  -25,635
  -27,774
  -29,998
  -32,310
  -34,712
  -37,209
New CAPEX, $m
  -1,020
  -1,349
  -1,804
  -2,347
  -2,977
  -3,689
  -4,474
  -5,321
  -6,219
  -7,154
  -8,113
  -9,084
  -10,056
  -11,020
  -11,970
  -12,901
  -13,811
  -14,700
  -15,568
  -16,418
  -17,253
  -18,079
  -18,899
  -19,720
  -20,547
  -21,385
  -22,241
  -23,120
  -24,027
  -24,968
  -25,948
Cash from investing activities, $m
  -1,127
  -1,637
  -2,226
  -2,950
  -3,815
  -4,824
  -5,978
  -7,273
  -8,703
  -10,260
  -11,934
  -13,716
  -15,597
  -17,566
  -19,618
  -21,746
  -23,946
  -26,217
  -28,555
  -30,961
  -33,438
  -35,989
  -38,617
  -41,328
  -44,127
  -47,020
  -50,015
  -53,118
  -56,337
  -59,680
  -63,157
Free cash flow, $m
  -1,065
  -311
  -381
  -460
  -546
  -635
  -723
  -806
  -880
  -940
  -983
  -1,007
  -1,006
  -980
  -927
  -846
  -739
  -604
  -443
  -257
  -47
  186
  440
  713
  1,006
  1,315
  1,642
  1,983
  2,340
  2,711
  3,097
Issuance/(repayment) of debt, $m
  702
  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
Issuance/(repurchase) of shares, $m
  435
  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 from financing (excl. dividends), $m  
  1,132
  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 cash flow (excl. dividends), $m
  67
  -311
  -381
  -460
  -546
  -635
  -723
  -806
  -880
  -940
  -983
  -1,007
  -1,006
  -980
  -927
  -846
  -739
  -604
  -443
  -257
  -47
  186
  440
  713
  1,006
  1,315
  1,642
  1,983
  2,340
  2,711
  3,097
Retained Cash Flow (-), $m
  -361
  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
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
  220
  242
  265
  289
  315
  341
  368
  396
  426
  457
Cash available for distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  186
  440
  713
  1,006
  1,315
  1,642
  1,983
  2,340
  2,711
  3,097
Discount rate, %
 
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  10
  18
  22
  22
  21
  18
  15
  11
  9
  6
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

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 -46.1
Price to Sales 2.3
Price to Book 0.5
Price to Tangible Book
Price to Cash Flow 7.4
Price to Free Cash Flow -0.5
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 $294 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 46.9% 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 5.6%, 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 69%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $33 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 16.9% 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 1.2%.

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 978.1%.

Life of production assets of 10 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 -635.7%. 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 - $0 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 32 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 $0.6 billion.

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COMPANY NEWS

▶ For sale: Orlando retail properties go on the market after REIT spinoff   [Jul-10-18 03:40PM  American City Business Journals]
▶ 7 Inflation-Beating Stocks to Consider for This New Reality   [May-30-18 03:39PM  InvestorPlace]
▶ Preferred Apartment Communities: 1Q Earnings Snapshot   [Apr-30-18 05:59PM  Associated Press]
▶ Legendary developer John Williams remembered as "truly unique"   [Apr-17-18 10:04AM  American City Business Journals]
▶ John Williams was a rags to riches success story   [06:59AM  American City Business Journals]
▶ Atlanta apartment king John A. Williams, founder of Post Properties, has died   [Apr-16-18 05:23PM  American City Business Journals]
▶ 3 Dividend Stocks to Buy That Are Under $20   [Mar-13-18 02:47PM  InvestorPlace]
▶ Preferred Apartment Communities reports 4Q results   [Feb-26-18 06:07PM  Associated Press]
▶ 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]
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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