PREFERRED APARTMENT COMMUNITIES INC (APTS) [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Multifamily communities					4.1
Other					289.9
Total revenues [+]	451.1	501.2	470.4	397.3	294.0	200.1	109.3	56.5
Lease / rental	404.6	445.8	406.9	331.5	231.9	137.3	69.1	30.8
Net interest income	43.8	46.6	49.5	50.2	35.9	28.8	23.2	18.5
Other real estate						19.3	9.5	3.9
Revenue growth	-10.0%	6.5%	18.4%	35.1%	46.9%	83.1%	93.3%	75.9%
Cost of goods sold [+]	122.2	133.8	117.9	98.0	61.2	41.6	20.8	8.5
Maintenance and operations costs	61.5	70.0	59.9	51.0	29.9	20.0	10.9	4.9
Real estate taxes and insurance	60.7	63.8	58.0	47.0	31.3	21.6	9.9	3.6
Gross profit	328.9	367.4	352.5	299.2	232.8	158.5	88.5	48.1
Gross margin	72.9%	73.3%	74.9%	75.3%	79.2%	79.2%	81.0%	85.0%
Selling, general and administrative [+]	48.6	50.9	25.2	21.2	19.8	4.6	2.3	1.1
General and administrative [+]	48.6	50.9	25.2	21.2	19.8	4.6	2.3	1.1
General and administrative expenses	29.1	28.5	4.5	3.5	6.5	4.6	2.3	1.1
Other selling, general and administrative
Other operating expenses	-11.8	171.7	40.4	-32.9	-0.7	32.9	20.1	14.8
EBITDA [+]	292.2	144.8	286.9	310.9	213.8	121.1	66.1	32.2
EBITDA growth	101.8%	-49.5%	-7.7%	45.4%	76.5%	83.1%	105.6%	83.8%
EBITDA margin	64.8%	28.9%	61.0%	78.3%	72.7%	60.5%	60.5%	56.9%
Depreciation	169.2	201.7	185.1	171.1	116.8	78.1	27.7	12.3
EBITA	123.0	-56.9	101.8	139.8	97.0	43.0	38.5	19.9
EBITA margin	27.3%	-11.4%	21.6%	35.2%	33.0%	21.5%	35.2%	35.2%
Amortization of intangibles							10.4	4.1
EBIT [+]	123.0	-56.9	101.8	139.8	97.0	43.0	28.0	15.8
EBIT growth	-316.1%	-155.9%	-27.2%	44.1%	125.7%	53.3%	77.1%	603.9%
EBIT margin	27.3%	-11.4%	21.6%	35.2%	33.0%	21.5%	25.7%	28.0%
Non-recurring items						8.5	9.2	3.5
Interest expense	102.4	118.6	112.0	95.6	67.5	44.3	21.3	10.2
Interest expense	102.4	118.6	112.0	95.6	67.5	44.3	21.3	10.2
Other income (expense), net [+]	82.0	95.4	110.4	0.3	-0.9
Gain (loss) on debt retirement		-6.7	-0.1		-0.9
Pre-tax income	102.5	-80.0	100.2	44.5	28.7	-9.8	-2.4	2.1
Income taxes	82.1	97.8	107.5	1.1	1.0	-0.3	0.0	0.0
Tax rate	80.1%		107.2%	2.4%	3.4%	3.1%	1.0%	1.6%
Minority interest	0.1	-3.8	-0.2	1.1	1.0	-0.3	0.0	0.0
Net income	-133.5	-338.9	-121.0	-43.3	-36.0	-50.6	-21.2	-5.3
Net margin	-29.6%	-67.6%	-25.7%	-10.9%	-12.2%	-25.3%	-19.4%	-9.4%

Basic EPS [+]	($2.59)	($6.95)	($2.73)	($1.08)	($1.13)	($2.11)	($0.95)	($0.31)
Growth	-62.7%	154.3%	152.9%	-4.1%	-46.6%	121.3%	212.6%	-80.7%
Diluted EPS [+]	($2.59)	($6.95)	($2.73)	($1.08)	($1.13)	($2.11)	($0.95)	($0.31)
Growth	-62.7%	154.3%	152.9%	-4.1%	-46.6%	121.3%	212.6%	-80.7%

Dividends per share [+]	$0.79	$1.05	$1.02	$1.02	$0.94	$0.82	$0.73	$0.66
Growth	-25.0%	2.9%	0.0%	8.5%	15.0%	12.4%	11.1%	8.3%

Shares outstanding (basic) [+]	51.5	48.7	44.3	40.0	31.9	24.0	22.2	17.4
Growth	5.7%	10.1%	10.6%	25.4%	33.2%	8.1%	27.5%	84.0%
Shares outstanding (diluted) [+]	51.5	48.7	44.3	40.0	31.9	24.0	22.2	17.4
Growth	5.7%	10.1%	10.6%	25.4%	33.2%	8.1%	27.5%	84.0%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.