{"id":45731,"date":"2020-07-15T11:45:00","date_gmt":"2020-07-15T11:45:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=2654165"},"modified":"2020-07-15T11:45:00","modified_gmt":"2020-07-15T11:45:00","slug":"preferred-apartment-communities-inc-provides-rent-collection-updates","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2020\/07\/15\/preferred-apartment-communities-inc-provides-rent-collection-updates\/","title":{"rendered":"Preferred Apartment Communities, Inc. Provides Rent Collection Updates"},"content":{"rendered":"

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 Preferred Apartment Communities, Inc. provided updates on the following cash rental collections1<\/sup> activity, as of July 10, 2020<\/span> for the months of April, May & June:<\/p>\n

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MULTIHOUSING<\/strong><\/span><\/p>\n<\/td>\n

 <\/td>\n<\/tr>\n
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Multifamily<\/span><\/p>\n<\/td>\n

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Student Housing<\/span><\/p>\n<\/td>\n<\/tr>\n

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April<\/strong>: 97% Collected<\/span><\/p>\n<\/td>\n

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April<\/strong>: 97% Collected<\/span><\/p>\n<\/td>\n<\/tr>\n

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May<\/strong>: 97% Collected<\/span><\/p>\n<\/td>\n

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May<\/strong>: 96% Collected<\/span><\/p>\n<\/td>\n<\/tr>\n

 <\/td>\n\n

June<\/strong>: 97% Collected<\/span><\/p>\n<\/td>\n

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June<\/strong>: 96% Collected<\/span><\/p>\n<\/td>\n<\/tr>\n

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GROCERY-ANCHORED RETAIL<\/strong><\/span><\/p>\n<\/td>\n

 <\/td>\n<\/tr>\n
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April<\/strong>: 91% Collected<\/span><\/p>\n<\/td>\n

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May<\/strong>: 86% Collected<\/span><\/p>\n<\/td>\n

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June<\/strong>: 80% Collected2<\/sup><\/span><\/p>\n<\/td>\n

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OFFICE<\/strong><\/span><\/p>\n<\/td>\n

 <\/td>\n<\/tr>\n
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April<\/strong>: 98% Collected<\/span><\/p>\n<\/td>\n

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 <\/td>\n\n

May<\/strong>: 96% Collected<\/span><\/p>\n<\/td>\n

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 <\/td>\n\n

June<\/strong>: 94% Collected2<\/sup><\/span><\/p>\n<\/td>\n

 <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Preferred Apartment Communities<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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1<\/sup> Does not include negotiated deferred rent.<\/span><\/p>\n<\/td>\n<\/tr>\n

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2<\/sup> Including GSA leases paid in arrears.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

“We believe these cash collection updates for the past three months support the view that our well-positioned and diversified portfolio should be able to navigate the current pandemic as it continues to evolve. This update also shows the consistency we continue to see across our business lines. We are especially pleased with our grocery-anchored retail business and our ability to collect rent for prior months as we move forward. This can be seen in the continued improvement in percentage collection from our previous updates released on April 24<\/span>th<\/sup>, May 11<\/span>th<\/sup> and June 4<\/span>th<\/sup>,” said Joel Murphy<\/span>, President and Chief Executive Officer.<\/p>\n

More complete details about these monthly collections and other business updates are included in a presentation on our website here: July 2020<\/span> Business Update. The Company will provide additional updates with its second quarter 2020 earnings results, which we intend to release on August 10, 2020<\/span>, followed by our earnings call on August 11, 2020<\/span> at 11:00 am Eastern Time<\/span>.<\/p>\n

Additional information on how the Company is striving to protect and support our tenants, associates and local work force in connection with the COVID-19 pandemic can be found at https:\/\/pacapts.com\/covid19\/.<\/p>\n

About Preferred Apartment Communities, Inc.<\/strong><\/p>\n

Preferred Apartment Communities, Inc. is a real estate investment trust engaged primarily in the ownership and operation of Class A multifamily properties, with select investments in grocery anchored shopping centers, Class A office buildings, and student housing properties. Preferred Apartment Communities’ investment objective is to generate attractive, stable returns for stockholders by investing in income-producing properties and acquiring or originating real estate loans. As of March 31, 2020<\/span>, we owned or were invested in 123 properties in 15 states, predominantly in the Southeast region of the United States<\/span>. Learn more at www.pacapts.com.<\/p>\n<\/div>\n<\/div>\n

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See Campaign: <\/strong>https:\/\/pacapts.com<\/a>
Contact Information:<\/b>
https:\/\/pacapts.com<\/p>\n

Tags:<\/b>
<\/a>, Wire<\/a>, Wire Real Estate<\/a>, United States<\/a>, English<\/a><\/p>\n

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