Preferred Apartment sees FY17 revenue $285M-$315M, consensus $295.34M
Sees FY17 sees FY17 Core FFO $1.42 - $1.48. The company said " We are actively adding properties and real estate loan investments to our real estate portfolio and the specific timing of the closing of acquisitions is difficult to predict. Through December 31, 2016, the Company expensed property acquisition costs as incurred, which include costs such as due diligence, legal, certain accounting, environmental and consulting, when the acquisition constituted a business combination. Accounting Standards Update 2017-01, which was adopted by the Company effective January 1, will cause the Company to capitalize certain of these costs for transactions deemed to be asset acquisitions and amortize them over their estimated useful lives. Acquisition activity by its nature can cause material variation in our reported depreciation and amortization expense and interest income. Since net income per share is calculated net of depreciation and amortization expense, our net income results can fluctuate, possibly significantly, depending upon the timing of the closing of acquisitions. For this reason, we are unable to reasonably forecast this measure or provide a reconciliation of our projected Core FFO per share to this measure."