MICHAEL JOSEPH CRONIN - 21 Dec 2021 Form 4 Insider Report for PREFERRED APARTMENT COMMUNITIES INC

Role: EVP, CAO AND TREASURER
Signature: /s/ Jeffrey R Sprain, Attorney-in-Fact
Issuer symbol: N/A
Transactions as of: 21 Dec 2021
Net transactions value: $0
Form type: 4
Filing time: 27 Dec 2021, 15:46:59 UTC
Previous filing: 21 Jun 2021
Next filing: 14 Jan 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	APTS	Common Stock, par value $0.01	Conversion of derivative security		+28,607	+37%		105,889	21 Dec 2021	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	APTS	Class A Units	Conversion of derivative security		-28,607	-100%		0	21 Dec 2021	Common Stock	28,607		Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The reporting person redeemed 28,607 Class A Units of the Operating Partnership, of which the issuer is the general partner. Each Class A Unit may be exchanged for one share of the Company's common stock, or cash, as selected by the issuer. The issuer elected to redeem the reporting person's Class A Units with common stock. Class A Units have no expiration date.