Preferred Apartment Communities, Inc. (NYSE:APTS) Q2 2019 Earnings Conference Call Transcript

Jul 30, 2019 • 11:00 am ET

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Preferred Apartment Communities, Inc. (NYSE:APTS) Q2 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good morning, ladies and gentlemen, and welcome to Preferred Apartment Communities Second Quarter 2019 Earnings Conference Call. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]

I would now like to introduce today's conference call, Lenny Silverstein, President and Chief Operating Officer. Please go ahead.

Executive
Leonard Silverstein

Thank you for joining us this morning and welcome to Preferred Department Communities second quarter 2019 earnings call. We hope that each of you have had a chance to review our second quarter earnings report, which we released yesterday after the market closed. In a moment, I'll be turning the call over to John Isakson, our Chief Financial Officer, to share a detailed description of our second quarter operating results. Dan DuPree, our Chairman and CEO, will share his thoughts on the state of the company. Following the conclusion of our prepared remarks, we'll be pleased to answer any questions you might have. Also with us this morning is Jeff Sherman, Executive Vice President, Managing Director of our Multifamily Business Unit; Joel Murphy, CEO of New Market Properties; Boone DuPree, President of Preferred Office Properties; Mike Cronin, our Chief Accounting Officer and Jeff Sprain, our General Counsel.

Before we begin, I'd like everyone to know that forward-looking statements may be made during the call. These statements are not guarantees of future performance and involve various risks and uncertainties and actual results may differ materially. There was a discussion about these risks and uncertainties in yesterday's press release. Our press release can be found on our website at pacapts.com. The press release also includes a supplemental financial data report for the second quarter 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.

Before I turn the call over to John, I wanted to take a moment to reflect on how PAC differentiates itself within the public REIT industry. When Preferred Apartment Communities was originated, it was Designed as a multi family company that can harness the power and the expertise of third-party developers. We anticipated that in the future, we would want to diversify to some degree from owning and managing purely multifamily assets to include other real estate assets in an attempt to lessen the risk to our public stockholders and to manage the inevitable wave of business cycles. This strategy has held us in good stead.

As you have heard before and as you will later hear from Dan DuPree, we believe this is a transformative year for our company in several ways. In the end, we want to be abundantly clear that we're looking to continue to harness the roots of our entrepreneurial spirit to take us to