Parker Boone Dupree - Jun 17, 2021 Form 4 Insider Report for PREFERRED APARTMENT COMMUNITIES INC (APTS)

Role: President - Office
Signature: /s/ Jeffrey R. Sprain, attorney-in-fact
Stock symbol: APTS
Transactions as of: Jun 17, 2021
Transactions value $: -$18,778
Form type: 4
Date filed: 6/21/2021, 07:36 AM

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	APTS	Common Stock, par value $0.01 per share	Tax liability	-$18.8K	-1.79K	-5.46%	$10.52	30.9K	Jun 17, 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
holding	APTS	Class A Units						1.02K	Jun 17, 2021	Common Stock	1.02K		Direct	F2

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

Explanation of Responses:

Id	Content
F1	On June 17, 2020, the reporting person was issued 17,218 shares of time-based restricted common stock. The time-based restricted common stock vests approximately equally on June 17, 2021, June 17, 2022, June 17, 2023 and June 17, 2024. On June 17, 2021, 4,305 shares vested. The reporting person elected, pursuant to their restricted stock agreement, to satisfy their tax obligation by withholding 1,785 shares having a value equal to the withholding obligation.
F2	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.

Content

On June 17, 2020, the reporting person was issued 17,218 shares of time-based restricted common stock. The time-based restricted common stock vests approximately equally on June 17, 2021, June 17, 2022, June 17, 2023 and June 17, 2024. On June 17, 2021, 4,305 shares vested. The reporting person elected, pursuant to their restricted stock agreement, to satisfy their tax obligation by withholding 1,785 shares having a value equal to the withholding obligation.

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.