Preferred Apartment Communities, Inc. (NYSE:APTS) Q1 2019 Earnings Conference Call Transcript
Apr 30, 2019 • 11:00 am ET
Good morning, ladies and gentlemen, and welcome to the Preferred Apartment Communities First Quarter 2019 Earnings Conference Call. All participants will be on listen-only mode. (Operator Instructions) This conference is being recorded. After today's presentation, there'll be an opportunity to ask questions. (Operator Instructions)
Now I'd like to introduce your host for today's conference call, Mr. Jeff Sprain, General Counsel.
Jeffrey R. Sprain
Thank you for joining us this morning, and welcome to Preferred Apartment Communities' first quarter 2019 earnings call.
We hope that each of you have had a chance to review our first quarter earnings report which we released yesterday after the market close. In a moment, I'll be turning the call over to Dan DuPree, our Chairman of the Board and CEO for his thoughts. Following the conclusion of our prepared remarks, we'll be pleased to answer any questions you might have.
Before we begin, I'd like everyone to know that forward-looking statements may be made during our call. These statements are not guarantees of future performance and involve various risks and uncertainties, and actual results may differ materially. There is a discussion about these risks and uncertainties in yesterday's press release. Our press release can be found on our website at www.pacapts.com.
The press release also includes our supplemental financial data report for the first quarter 2019 with definitions and reconciliations of non-GAAP financial measures and other terms that may be used in today's discussion. We encourage you to refer to this information during your review of our operating results and financial performance. Unless we otherwise indicate, all per share results that we discuss this morning are based on the basic weighted average shares of common stock and Class A partnership units outstanding for the period.
I now would like to turn the call over to Dan DuPree. Dan?
Daniel M. DuPree
We're pleased with our first quarter results. They represent excellent operational focus, coupled with a disciplined approach to each of the strategies in our different business units. I want to take a minute this morning to talk about the quality of the senior management team we have at PAC.
I've been in this business for over 40 years, and have had the opportunity to work with some extraordinary teams, but I believe, top to bottom, this team is the deepest in terms of both talent and work ethic that I've ever worked with. You'll hear this morning first from Lenny Silverstein, our President and Chief Operating Officer, about our first quarter results. Lenny helped found PAC with John Williams in 2011 and helped create our unique capital structure.
Next, John Isakson, our excellent Chief Financial Officer, will discuss capital markets. John enjoys unique and valuable relationships in this space. Joel Murphy is the Chief Executive Officer of our new market subsidiary. He is also the Chairman of our Investment Committee covering all property types. Joel and I have worked together across three platforms for over 30 years. He'll walk you through our active first quarter in terms of our