Michael Aide - 31 Mar 2022 Form 4/A - Amendment Insider Report for PREFERRED APARTMENT COMMUNITIES INC

Role: PRESIDENT - RETAIL
Signature: /s/ Jeffrey R. Sprain, Attorney-in-Fact
Issuer symbol: N/A
Transactions as of: 31 Mar 2022
Net transactions value: $0
Form type: 4/A - Amendment
Filing time: 28 Apr 2022, 11:16:17 UTC
Date Of Original Report: 04 Apr 2022
Previous filing: 17 Mar 2022
Next filing: 23 Jun 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	APTS	Common Stock, par value $0.01 per share						32,416	31 Mar 2022	Direct

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	Award		+3,665	+108%		7,071	31 Mar 2022	Common Stock	3,665	$0.000000	Direct	F1, F2

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

Explanation of Responses:

Id	Content
F1	Represents Class A Units ("Class A Units") of Preferred Apartment Communities Operating Partnership, L.P., of which Preferred Apartment Communities, Inc. (the "Company") 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 Company. Class A Units have no expiration date.
F2	On January 2, 2018, the reporting person was awarded a maximum of 3,665 Class B Units of the Operating Partnership ("2018 Class B Units") issued in lieu of any reimbursement for annual cash compensation for 2018, 2019 and 2020, subject to certain performance and time-based conditions. As of March 31, 2022, all performance and time based conditions were met for the 2018 Class B Units. When earned and vested, each Class B Unit is converted into a Class A Unit. As of April 1, 2022, the Compensation Committee of the Board of Directors of the Company determined that the extent to which the performance conditions had been achieved during the performance period resulted in 100% of the 2018 Class B Units becoming earned 2018 Class B Units.

Content

Represents Class A Units ("Class A Units") of Preferred Apartment Communities Operating Partnership, L.P., of which Preferred Apartment Communities, Inc. (the "Company") 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 Company. Class A Units have no expiration date.

On January 2, 2018, the reporting person was awarded a maximum of 3,665 Class B Units of the Operating Partnership ("2018 Class B Units") issued in lieu of any reimbursement for annual cash compensation for 2018, 2019 and 2020, subject to certain performance and time-based conditions. As of March 31, 2022, all performance and time based conditions were met for the 2018 Class B Units. When earned and vested, each Class B Unit is converted into a Class A Unit. As of April 1, 2022, the Compensation Committee of the Board of Directors of the Company determined that the extent to which the performance conditions had been achieved during the performance period resulted in 100% of the 2018 Class B Units becoming earned 2018 Class B Units.