Preferred Apartment Communities, Inc. Reports Results for First Quarter Ended 2018

Three months ended March 31,

2018

2017

% change

Revenues (in thousands)

$

90,370

$

66,561

35.8

%

Per share data:

Net income (loss) ⁽¹⁾

$

(0.14)

$

0.54

—

FFO ⁽²⁾

$

0.37

$

0.35

5.7

%

AFFO ⁽²⁾

$

0.26

$

0.27

(3.7)

%

Dividends ⁽³⁾

$

0.25

$

0.22

13.6

%

⁽¹⁾ Per weighted average share of Common Stock outstanding for the periods indicated.

⁽²⁾ FFO and AFFO results are presented per weighted average share of Common Stock and Class A Unit in our Operating Partnership outstanding for the periods indicated. See Reconciliation of FFO and AFFO to Net Income (Loss) Attributable to Common Stockholders and Definitions of Non-GAAP Measures.

⁽³⁾  Per share of Common Stock and Class A Unit outstanding.

^(A) We calculate the AFFO payout ratio to Common Stockholders as the ratio of Common Stock dividends and distributions to preferred stockholders to AFFO. We calculate the AFFO payout ratio to preferred stockholders as the ratio of Preferred Stock dividends to the sum of Preferred Stock dividends and AFFO. Since our operations resulted in a net loss from continuing operations for the periods presented, a payout ratio based on net loss is not calculable. See Definitions of Non-GAAP Measures.

^(B) Same store net operating income is a non-GAAP measure. See Definitions of Non-GAAP Measures.

Property

Location (MSA)

Units

Leasable
square feet

Multifamily communities:

The Lux at Sorrel

Jacksonville, FL

265

n/a

Green Park

Atlanta, GA

310

n/a

Office buildings:

Armour Yards

Atlanta, GA

n/a

187,000

Owned as of
March 31, 2018

Potential additions
from real estate
loan investment
portfolio ⁽¹⁾

Potential total

Multifamily communities:

Properties

31

15

46

Units

9,768

4,378

14,146

Grocery-anchored shopping centers:

Properties

39

—

39

Gross leasable area (square feet)

4,055,714

—

4,055,714

Student housing properties:

Properties

4

6

10

Units

891

1,457

2,348

Beds

2,950

4,145

7,095

Office buildings:

Properties

5

—

5

Rentable square feet

1,539,000

—

1,539,000

⁽¹⁾  We evaluate each project individually and we make no assurance that we will acquire any of the underlying properties from our real estate loan investment portfolio.

Stoneridge Farms at Hunt Club

Overton Rise

Avenues at Cypress

Vineyards

Aster at Lely

Avenues at Northpointe

McNeil Ranch

Venue at Lakewood Ranch

Stone Rise

Citi Lakes

Lenox Portfolio

Sorrel

Multifamily Established Communities' Same Store Net Operating Income

Three months ended:

(in thousands)

3/31/2018

3/31/2017

$ change

% change

Revenues:

Rental revenues

$

13,412

$

12,990

$

422

3.2

%

Other property revenues

1,458

1,390

68

4.9

%

Total revenues

14,870

14,380

490

3.4

%

Operating expenses:

Property operating and maintenance

1,839

1,865

(26)

(1.4)

%

Payroll

1,148

1,229

(81)

(6.6)

%

Property management fees

599

577

22

3.8

%

Real estate taxes

2,181

2,382

(201)

(8.4)

%

Other

610

627

(17)

(2.7)

%

Total operating expenses

6,377

6,680

(4.5)

%

Same store net operating income

$

8,493

$

7,700

$

793

10.3

%

Reconciliation of Multifamily Established Communities' Same Store Net Operating Income (NOI) to Net
Income (Loss)

Three months ended:

(in thousands)

3/31/2018

3/31/2017

Same store net operating income

$

8,493

$

7,700

Add:

Non-same-store property revenues

60,936

39,419

Less:

Non-same-store property operating expenses

21,641

14,586

Property net operating income

47,788

32,533

Add:

Interest revenue on notes receivable

10,300

7,948

Interest revenue on related party notes receivable

4,265

4,814

Less:

Equity stock compensation

1,135

873

Depreciation and amortization

40,616

24,826

Interest expense

20,968

15,009

Acquisition costs

—

9

Management fees

6,241

4,513

Insurance, professional fees and other

704

903

Gain on sale of real estate

20,354

30,724

Contingent asset management and general and administrative expense fees

(1,220)

(175)

Net income (loss)

$

14,263

$

30,061

Preferred Apartment Communities, Inc.

Consolidated Statements of Operations

(Unaudited)

Three months ended March 31,

(In thousands, except per-share figures)

2018

2017

Revenues:

Rental revenues

$

64,077

$

45,363

Other property revenues

11,728

8,436

Interest income on loans and notes receivable

10,300

7,948

Interest income from related parties

4,265

4,814

Total revenues

90,370

66,561

Operating expenses:

Property operating and maintenance

8,805

6,539

Property salary and benefits

3,899

3,028

Property management fees

2,756

1,902

Real estate taxes

9,975

7,904

General and administrative

1,841

1,505

Equity compensation to directors and executives

1,135

873

Depreciation and amortization

40,616

24,826

Acquisition and pursuit costs

—

9

Asset management and general and administrative expense

fees to related party

6,241

4,513

Insurance, professional fees, and other expenses

1,445

1,291

Total operating expenses

76,713

52,390

Contingent asset management and general and administrative

expense fees

(1,220)

(175)

Net operating expenses

75,493

52,215

Operating income

14,877

14,346

Interest expense

20,968

15,009

Net income (loss) before gain on sale of real estate

(6,091)

(663)

Gain on sale of real estate

20,354

30,724

Net income

14,263

30,061

Consolidated net (income) attributable to non-controlling interests

(380)

(999)

Net income attributable to the Company

13,883

29,062

Dividends declared to preferred stockholders

(19,517)

(14,386)

Earnings attributable to unvested restricted stock

(2)

(1)

Net (loss) income attributable to common stockholders

$

(5,636)

$

14,675

Net (loss) income per share of Common Stock available to common stockholders,

basic and diluted

$

(0.14)

$

0.54

Dividends per share declared on Common Stock

$

0.25

$

0.22

Weighted average number of shares of Common Stock outstanding,

basic and diluted

39,098

26,936

Reconciliation of FFO and AFFO

to Net (Loss) Income Attributable to Common Stockholders ^(A)

Three months ended March 31,

(In thousands, except per-share figures)

2018

2017

Net (loss) income attributable to common stockholders (See note 1)

$

(5,636)

$

14,675

Add:

Depreciation of real estate assets

27,712

18,131

Amortization of acquired real estate intangible assets and deferred leasing costs

12,591

6,532

Income attributable to non-controlling interests (See note 2)

380

999

Less:

Gain on sale of real estate

(20,354)

(30,724)

FFO

14,693

9,613

Add:

Acquisition and pursuit costs

—

9

Loan cost amortization on acquisition term note (See note 3)

25

27

Amortization of loan coordination fees paid to the Manager (See note 4)

476

356

Mortgage loan refinancing and extinguishment costs

41

—

Insurance recovery in excess of weather-related property operating losses  (See note 5)

(260)

—

Non-cash equity compensation to directors and executives

1,135

873

Amortization of loan closing costs (See note 6)

1,045

798

Depreciation/amortization of non-real estate assets

313

163

Net loan fees received (See note 7)

800

—

Accrued interest income received (See note 8)

1,343

2,524

Deemed dividends from cash redemptions of preferred stock

318

—

Non-cash dividends on Series M Preferred Stock

106

—

Amortization of lease inducements (See note 9)

257

—

Less:

Non-cash loan interest income (See note 8)

(4,932)

(4,299)

Cash paid for loan closing costs

(391)

—

Amortization of acquired above and below market lease intangibles

and straight-line rental revenues (See note 10)

(3,189)

(1,817)

Amortization of deferred revenues (See note 11)

(497)

—

Normally recurring capital expenditures and leasing costs (See note 12)

(874)

(846)

AFFO

$

10,409

$

7,401

Common Stock dividends and distributions to Unitholders declared:

Common Stock dividends

$

9,802

$

5,971

Distributions to Unitholders (See note 2)

268

198

Total

$

10,070

$

6,169

Common Stock dividends and Unitholder distributions per share

$

0.25

$

0.22

FFO per weighted average basic share of Common Stock and Unit outstanding

$

0.37

$

0.35

AFFO per weighted average basic share of Common Stock and Unit outstanding

$

0.26

$

0.27

Weighted average shares of Common Stock and Units outstanding: ^(A)

Basic:

Common Stock

39,098

26,936

Class A Units

1,070

926

Common Stock and Class A Units

40,168

27,862

Diluted Common Stock and Class A Units ^(B)

41,226

28,786

Actual shares of Common Stock outstanding, including 6 and 8 unvested shares

 of restricted Common Stock at March 31, 2018 and 2017, respectively

39,215

27,193

Actual Class A Units outstanding at March 31, 2018 and 2017, respectively.

1,070

903

Total

40,285

28,096

(A) Units and Unitholders refer to Class A Units in our Operating Partnership, or Class A Units, and holders of Class A Units, respectively. Unitholders include recipients of awards of Class B Units in our Operating Partnership, or Class B Units, for annual service which became vested and earned and automatically converted to Class A Units. Unitholders also include the entity that contributed the Wade Green grocery-anchored shopping center. The Class A Units collectively represent an approximate 2.66% weighted average non-controlling interest in the Operating Partnership for the three-month period ended March 31, 2018.

(B) Since our FFO and AFFO results are positive for the periods reflected above, we are presenting recalculated diluted weighted average shares of Common Stock and Class A Units for these periods for purposes of this table, which includes the dilutive effect of common stock equivalents from grants of the Class B Units, warrants included in units of Series A Preferred Stock issued, as well as annual grants of restricted Common Stock. The weighted average shares of Common Stock outstanding presented on the Consolidated Statements of Operations are the same for basic and diluted for any period for which we recorded a net loss available to common stockholders, excluding any gains from sales of real estate assets.

Notes to Reconciliations of FFO and AFFO to Net Income (Loss) Attributable to Common Stockholders

1)

Rental and other property revenues and property operating expenses for the quarter ended March 31, 2018 include activity for the two multifamily communities and one office building acquired during the quarter only from their respective dates of acquisition. In addition, the first quarter 2018 period includes a full quarter of activity for the six multifamily communities, eight grocery-anchored shopping centers, two student housing properties and one office building acquired during the second, third and fourth quarters 2017. Rental and other property revenues and expenses for the first quarter 2017 include activity for the acquisitions made during that period only from their respective dates of acquisition.

2)

Non-controlling interests in our Operating Partnership consisted of a total of 1,070,103 Class A Units as of March 31, 2018. Included in this total are 419,228 Class A Units which were granted as partial consideration to the seller in conjunction with the seller's contribution to us on February 29, 2016 of the Wade Green grocery-anchored shopping center. The remaining Class A units were awarded primarily to our key executive officers. The Class A Units are apportioned a percentage of our financial results as non-controlling interests. The weighted average ownership percentage of these holders of Class A Units was calculated to be 2.67% and 3.32% for the three-month periods ended March 31, 2018 and 2017, respectively.

3)

We incurred loan closing costs for the $11 million term note, which we used to finance the acquisition of our Anderson Central grocery-anchored shopping center, and on our $200 million acquisition revolving credit facility, or Acquisition Facility, which is used to finance acquisitions of multifamily communities and student housing communities. The costs to establish these instruments were deferred and amortized over the lives of the instruments. The amortization expense of these deferred costs is an additive adjustment in the calculation of AFFO.

4)

As of January 1, 2016, we pay loan coordination fees to Preferred Apartment Advisors, LLC, our Manager, related to obtaining mortgage financing for acquired properties. Loan coordination fees were introduced to reflect the administrative effort involved in arranging debt financing for acquired properties. The portion of the loan coordination fees paid up until July 1, 2017 attributable to the financing were amortized over the lives of the respective mortgage loans, and this non-cash amortization expense is an addition to FFO in the calculation of AFFO. Beginning effective July 1, 2017, the loan coordination fee was lowered from 1.6%  to 0.6% of the amount of any mortgage indebtedness on newly-acquired properties or refinancing. All of the loan coordination fees paid to our Manager subsequent to July 1, 2017 are amortized over the life of the debt. At March 31, 2018, aggregate unamortized loan coordination fees were approximately $12.4 million, which will be amortized over a weighted average remaining loan life of approximately 10.5 years.

5)

We sustained weather-related operating losses due to Hurricane Harvey at our Stone Creek multifamily community during the first quarter 2018; these costs are added back to FFO in our calculation of AFFO. Included in these adjustments are the receipt from our insurance carrier during the first quarter 2018 of claims proceeds for lost rental revenues incurred during the third and fourth quarters of 2017 that totaled approximately $588,000, which was recognized in our statements of operations for the first quarter 2018.

6)

We incur loan closing costs on our existing mortgage loans, which are secured on a property-by-property basis by each of our acquired real estate assets, and also for occasional amendments to our syndicated revolving line of credit with Key Bank National Association, or our Revolving Line of Credit. On March 23, 2018, but effective April 13, 2018, the maximum borrowing capacity on the Revolving Line of Credit was increased from $150 million to $200 million. These loan closing costs are also amortized over the lives of the respective loans and the Revolving Line of Credit, and this non-cash amortization expense is an addition to FFO in the calculation of AFFO. Neither we nor the Operating Partnership have any recourse liability in connection with any of the mortgage loans, nor do we have any cross-collateralization arrangements with respect to the assets securing the mortgage loans, other than security interests in 49% of the equity interests of the subsidiaries owning such assets, granted in connection with our Revolving Line of Credit, which provides for full recourse liability. At March 31, 2018, aggregate unamortized loan costs were approximately $19.8 million, which will be amortized over a weighted average remaining loan life of approximately 7.9 years.

7)

We receive loan origination fees in conjunction with the origination of certain real estate loan investments. These fees are then recognized as revenue over the lives of the applicable loans as adjustments of yield using the effective interest method. The total fees received after the payment of loan origination fees to our Manager are additive adjustments in the calculation of AFFO. Correspondingly, the amortized non-cash income is a deduction in the calculation of AFFO. Over the lives of certain loans, we accrue additional interest amounts that become due to us at the time of repayment of the loan or refinancing of the property, or when the property is sold. This non-cash interest income is subtracted from FFO in our calculation of AFFO.

8)

This adjustment reflects the receipt during the periods presented of additional interest income (described in note 7 above) which was earned and accrued prior to those periods presented on various real estate loans.

9)

This adjustment removes the non-cash amortization of costs incurred to induce tenants to lease space in our office buildings and grocery-anchored shopping centers.

10)

This adjustment reflects straight-line rent adjustments and the reversal of the non-cash amortization of below-market and above-market lease intangibles, which were recognized in conjunction with our acquisitions and which are amortized over the estimated average remaining lease terms from the acquisition date for multifamily communities and over the remaining lease terms for grocery-anchored shopping center assets and office buildings. At March 31, 2018, the balance of unamortized below-market lease intangibles was approximately $39.0 million, which will be recognized over a weighted average remaining lease period of approximately 9.4 years.

11)

This adjustment removes the non-cash amortization of deferred revenue recorded by us in conjunction with Company-owned lessee-funded tenant improvements in our office buildings.

12)

We deduct from FFO normally recurring capital expenditures that are necessary to maintain our assets' revenue streams in the calculation of AFFO. This adjustment also deducts from FFO capitalized amounts for third party costs during the period to originate or renew leases in our grocery-anchored shopping centers and office buildings. No adjustment is made in the calculation of AFFO for nonrecurring capital expenditures. See Capital Expenditures, Grocery-Anchored Shopping Center Portfolio, and Office Buildings Portfolio sections for definitions of these terms.

Preferred Apartment Communities, Inc.

Consolidated Balance Sheets

(Unaudited)

(In thousands, except per-share par values)

March 31, 2018

December 31, 2017

Assets

Real estate

  Land

$

422,361

$

406,794

  Building and improvements

2,146,135

2,043,853

  Tenant improvements

75,531

63,425

  Furniture, fixtures, and equipment

225,553

210,779

  Construction in progress

13,420

10,491

   Gross real estate

2,883,000

2,735,342

  Less: accumulated depreciation

(193,141)

(172,756)

   Net real estate

2,689,859

2,562,586

Real estate loan investments, net of deferred fee income

278,258

255,345

Real estate loan investments to related parties, net

134,786

131,451

   Total real estate and real estate loan investments, net

3,102,903

2,949,382

Cash and cash equivalents

19,711

21,043

Restricted cash

47,683

51,969

Notes receivable

12,174

17,318

Note receivable and revolving line of credit due from related party

28,020

22,739

Accrued interest receivable on real estate loans

29,693

26,865

Acquired intangible assets, net of amortization

100,276

102,743

Deferred loan costs on Revolving Line of Credit, net of amortization

1,578

1,385

Deferred offering costs

7,374

6,544

Tenant lease inducements, net

16,318

14,425

Tenant receivables and other assets

28,444

37,957

Total assets

$

3,394,174

$

3,252,370

Liabilities and equity

Liabilities

Mortgage notes payable, net of deferred loan costs

$

1,871,966

$

1,776,652

Revolving line of credit

13,200

41,800

Term note payable, net of deferred loan costs

—

10,994

Real estate loan investment participation obligation

10,798

13,986

Deferred revenue

31,053

27,947

Accounts payable and accrued expenses

33,053

31,253

Accrued interest payable

5,472

5,028

Dividends and partnership distributions payable

16,460

15,680

Acquired below market lease intangibles, net of amortization

38,991

38,857

Security deposits and other liabilities

12,349

9,407

Total liabilities

2,033,342

1,971,604

Commitments and contingencies

Equity

Stockholders' equity

Series A Redeemable Preferred Stock, $0.01 par value per share; 3,050

   shares authorized; 1,348 and 1,250 shares issued; 1,313 and 1,222

shares outstanding at March 31, 2018 and December 31, 2017, respectively

13

12

Series M Redeemable Preferred Stock, $0.01 par value per share; 500

   shares authorized; 20 and 15 shares issued and outstanding

at March 31, 2018 and December 31, 2017, respectively

—

—

Common Stock, $0.01 par value per share; 400,067 shares authorized;

39,208 and 38,565 shares issued and outstanding at

March 31, 2018 and December 31, 2017, respectively

392

386

Additional paid-in capital

1,357,725

1,271,040

Accumulated earnings

—

4,449

      Total stockholders' equity

1,358,130

1,275,887

Non-controlling interest

2,702

4,879

Total equity

1,360,832

1,280,766

Total liabilities and equity

$

3,394,174

$

3,252,370

Preferred Apartment Communities, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

Three months ended March 31,

(In thousands)

2018

2017

Operating activities:

Net income (loss )

$

14,263

$

30,061

Reconciliation of net income (loss) to net cash provided by operating activities:

Depreciation expense

27,990

18,288

Amortization expense

12,626

6,539

Amortization of above and below market leases

(1,178)

(798)

Deferred revenues and fee income amortization

(943)

(284)

Amortization of market discount on assumed debt and lease incentives

323

—

Deferred loan cost amortization

1,480

1,180

(Increase) in accrued interest income on real estate loans

(2,828)

(1,546)

Equity compensation to executives and directors

1,135

873

Gain on sale of real estate

(20,354)

(30,724)

Other

—

187

Changes in operating assets and liabilities:

(Increase) in tenant receivables and other assets

625

(1,965)

(Increase) in tenant lease incentives

(2,149)

(2,913)

Increase in accounts payable and accrued expenses

(1,074)

(716)

Increase in accrued interest, prepaid rents and other liabilities

1,502

95

Net cash provided by operating activities

31,418

18,277

Investing activities:

Investment in real estate loans

(68,929)

(16,272)

Repayments of real estate loans

42,312

9,866

Notes receivable issued

(472)

(1,263)

Notes receivable repaid

5,618

—

Note receivable issued to and draws on line of credit by related party

(14,419)

(7,650)

Repayments of line of credit by related party

9,034

7,554

Loan origination fees received

1,600

—

Loan origination fees paid to Manager

(800)

—

Acquisition of properties

(170,072)

(138,298)

Disposition of properties, net

42,266

76,368

Increase in cash held in like-kind exchange

—

3,761

Receipt of insurance proceeds for capital improvements

412

—

Additions to real estate assets - improvements

(7,637)

(3,680)

(Deposits) on acquisitions

4,021

(1,838)

Decrease (increase) in restricted cash

—

4,450

Net cash used in investing activities

(157,066)

(71,452)

Financing activities:

Proceeds from mortgage notes payable

123,275

104,300

Payments for mortgage notes payable

(27,350)

(67,141)

Payments for deposits and other mortgage loan costs

(1,733)

(3,399)

Proceeds from real estate loan participants

5

82

Payments to real estate loan participants

(3,314)

(2,467)

Proceeds from lines of credit

86,200

37,500

Payments on lines of credit

(114,800)

(68,000)

Repayment of the Term Loan

(11,000)

—

Proceeds from sales of Units, net of offering costs and redemptions

87,490

68,987

Proceeds from sales of Common Stock

—

186

Proceeds from exercises of warrants

11,169

4,249

Common Stock dividends paid

(9,576)

(5,741)

Preferred stock dividends paid

(18,963)

(13,961)

Distributions to non-controlling interests

(221)

(195)

Payments for deferred offering costs

(1,152)

(2,126)

Net cash provided by financing activities

120,030

52,274

Net increase in cash, cash equivalents and restricted cash

(5,618)

(901)

Cash, cash equivalents and restricted cash, beginning of period

73,012

67,715

Cash, cash equivalents and restricted cash, end of period

$

67,394

$

66,814

Project/Property

Location

Maturity
date

Optional
extension
date

Total loan
commitments

Carrying amount ⁽¹⁾ as of

Current /
deferred
interest %
per annum

March 31,
2018

December 31,
2017

Multifamily communities:

(in thousands)

Encore

Atlanta, GA

4/8/2019

10/8/2020

$

10,958

$

10,958

$

10,958

8.5 / 5

Encore Capital

Atlanta, GA

4/8/2019

10/8/2020

9,758

7,723

7,521

8.5 / 5

Palisades

Northern VA

5/7/2018

⁽²⁾

N/A

17,270

17,132

17,111

8 / 5

Fusion

Irvine, CA

5/31/2018

5/31/2020

70,835

65,981

58,447

8.5 / 7.5

Green Park

Atlanta, GA

2/28/2018

12/1/2019

13,464

—

11,464

8.5 / 5.83

Bishop Street

Atlanta, GA

2/18/2020

N/A

12,693

12,405

12,145

8.5 / 6.5

Hidden River

Tampa, FL

12/3/2018

12/3/2020

4,735

4,735

4,735

8.5 / 6.5

Hidden River Capital

Tampa, FL

12/4/2018

12/4/2020

5,380

5,149

5,041

8.5 / 6.5

CityPark II

Charlotte, NC

1/7/2019

1/7/2021

3,365

3,365

3,365

8.5 / 6.5

CityPark II Capital

Charlotte, NC

1/8/2019

1/31/2021

3,916

3,702

3,624

8.5 / 6.5

Park 35 on Clairmont

Birmingham, AL

6/26/2018

6/26/2020

21,060

21,060

21,060

8.5 / 2

Wiregrass

Tampa, FL

5/15/2020

5/15/2023

14,976

13,250

12,972

8.5 / 6.5

Wiregrass Capital

Tampa, FL

5/15/2020

5/15/2023

3,744

3,637

3,561

8.5 / 6.5

Berryessa

San Jose, CA

4/19/2018

N/A

31,509

—

30,571

10.5 / 0

Berryessa

San Jose, CA

2/13/2021

2/13/2023

137,616

34,563

—

8.5 / 6.0

Brentwood

Nashville, TN

6/1/2018

N/A

2,376

2,329

2,261

12 / 0

Fort Myers

Fort Myers, FL

2/3/2021

2/3/2022

9,416

7,461

3,521

8.5 / 5.5

Fort Myers Capital

Fort Myers, FL

2/3/2021

2/3/2022

6,193

5,101

4,994

8.5 / 5.5

360 Forsyth

Atlanta, GA

7/11/2020

7/11/2022

22,412

18,342

13,400

8.5 / 5.5

Morosgo

Atlanta, GA

1/31/2021

1/31/2022

11,749

9,269

4,951

8.5 / 5.5

Morosgo Capital

Atlanta, GA

1/31/2021

1/31/2022

6,176

4,863

4,761

8.5 / 5.5

University City Gateway

Charlotte, NC

8/15/2021

8/15/2022

10,336

2,968

850

8.5 / 5

University City Gateway

Capital

Charlotte, NC

8/18/2021

8/18/2022

7,338

5,652

5,530

8.5 / 5

Student housing properties:

Haven 12

Starkville, MS

12/17/2018

11/30/2020

6,116

6,116

5,816

8.5 / 0

Haven46

Tampa, FL

3/29/2019

9/29/2020

9,820

9,820

9,820

8.5 / 5

Haven Northgate

College Station, TX

6/20/2019

6/20/2020

67,680

66,644

65,724

⁽³⁾  / 1.5

Lubbock II

Lubbock, TX

4/20/2019

N/A

9,857

9,635

9,357

8.5 / 0

Haven Charlotte

Charlotte, NC

12/22/2019

12/22/2021

19,582

18,242

17,039

8.5 / 6.5

Haven Charlotte Member