By Marc Lichtenfeld It’s not that common that I review a stock immediately after it has cut its dividend. But I’ve had a number of requests for this one, and it’s an interesting situation.
Preferred Apartment Communities (NYSE: APTS) owns 123 multifamily housing, student housing, office and retail spaces in 15 states.
Its properties include…
The Overlook at Crosstown Walk, a 180-apartment community in Tampa, Florida
Independence Square, a 140,000-square-foot retail plaza in Dallas, Texas
Stadium Village, a 792-bed student housing apartment building in Kennesaw, Georgia.
In its first quarter earnings announcement, Preferred Apartment Communities said it is reducing its quarterly dividend to $0.175 per share from $0.2625.
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