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Organization
 9 Months Ended
Sep. 30, 2020
Organization [Abstract]  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Organization and Basis of Presentation
Preferred Apartment Communities, Inc. (NYSE: APTS) is a real estate investment trust engaged primarily in the ownership and operation of Class A multifamily properties, with select investments in grocery anchored shopping centers, Class A office buildings, and student housing properties. Preferred Apartment Communities’ investment objective is to generate attractive, stable returns for stockholders by investing in income-producing properties and acquiring or originating real estate loans. As of September 30, 2020, the Company owned or was invested in 125 properties in 15 states, predominantly in the Southeast region of the United States. Preferred Apartment Communities, Inc. has elected to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended, commencing with its tax year ended December 31, 2011. The Company was externally managed and advised by Preferred Apartment Advisors, LLC, or its Former Manager, a Delaware limited liability company and related party until the Company acquired the Former Manager and NMP Advisors, LLC, or the Sub-Manager, or the Internalization, on January 31, 2020. Prior to the Internalization transaction, according to the Sixth Amended and Restated Management Agreement, effective as of June 3, 2016, among the Company, the Operating Partnership (as defined below), and the Former Manager, or the Former Management Agreement, the Company paid acquisition fees and other fees and expense reimbursements to the Former Manager. Following the Internalization transaction that closed on January 31, 2020, the Company no longer pays any fees or expense reimbursements to its Former Manager or Sub-Manager (see Note 6).

As of September 30, 2020, the Company had 49,900,555 shares of common stock, par value $0.01 per share, or Common Stock, issued and outstanding and was the approximate 98.5% owner of the Preferred Apartment Communities Operating Partnership, L.P., the Company's operating partnership, at that date. The number of partnership units not owned by the Company totaled 742,413 at September 30, 2020 and represented Class A OP Units of the Operating Partnership, or Class A OP Units. The Class A OP Units are convertible at any time at the option of the holder into the Operating Partnership's choice of either cash or Common Stock. In the case of cash, the value is determined based upon the trailing 20-day volume weighted average price of the Company's Common Stock.

The Company controlled the Operating Partnership through its sole general partner interest and conducted substantially all of its business through the Operating Partnership until January 31, 2020. Beginning February 1, 2020, the Company conducts substantially all of its business through PAC Carveout, LLC, or Carveout, a wholly-owned subsidiary of the Operating Partnership. Carveout intends to elect to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended, commencing with its tax year ended December 31, 2020. The Company has determined the Operating Partnership is a variable interest entity, or VIE, of which the Company is the primary beneficiary. The Company is involved with other VIEs as discussed in Note 4. New Market Properties, LLC owns and conducts the business of our portfolio of grocery-anchored shopping centers. Preferred Office Properties, LLC owns and conducts the business of our portfolio of office buildings. Preferred Campus Communities, LLC owns and conducts the business of our portfolio of off-campus student housing communities. Each of these entities are indirect wholly-owned subsidiaries of the Operating Partnership.

Basis of Presentation

These consolidated financial statements include all of the accounts of the Company and the Operating Partnership presented in accordance with accounting principles generally accepted in the United States of America, or GAAP. These condensed financial statements were derived from audited financial statements, but do not contain all the disclosures required by GAAP. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the company’s Annual Report on Form 10-K for the year ended December 31, 2019. All significant intercompany transactions have been eliminated in consolidation. Certain adjustments have been made consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair presentation of the Company's financial condition and results of operations. The results of operations for the three and nine months ended September 30, 2020 and 2019, are not necessarily indicative of the results that may be expected for the full year. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes.

During the first quarter of 2020, there was a global outbreak of a novel coronavirus, or COVID-19, that has had and will continue to have an adverse impact on economic and market conditions and trigger a period of economic slowdown in the United States and globally. The potential reach, severity and duration of impacts of the COVID-19 pandemic will cause our estimates and forecasts of future events to be inherently less certain. Actual results could differ from those estimates. Amounts are presented in thousands where indicated.
Reclassification Adjustments

The Company recorded certain reclassification adjustments on its Condensed Consolidated Statement of Operations for the three-month and nine-month periods ended September 30, 2019, to conform prior period presentation to the current presentation reflective of the internalized structure as shown in the table below. None of these reclassification adjustments were due to error or misstatement.
For the three-month period ended September 30, 2019
(in thousands)As reported in Quarterly Report on Form 10-Q at September 30, 2019Reclassification adjustmentsAs reported in Quarterly Report on Form 10-Q at September 30, 2020
Rental revenues$101,817 $(101,817)$— 
Other property revenues$3,232 $(3,232)$— 
Rental and other property revenues$— $105,049 $105,049 
Operating expenses:
Property operating and maintenance$14,928 $1,565 $16,493 
Real estate taxes$12,870 $(12,870)$— 
Real estate taxes and insurance$— $14,474 $14,474 
General and administrative$1,898 $(534)$1,364 
Insurance, professional fees and other expenses$3,453 $(3,453)$— 
Management internalization expense$— $818 $818 


For the nine-month period ended September 30, 2019
(in thousands)As reported in Quarterly Report on Form 10-Q at September 30, 2019Reclassification adjustmentsAs reported in Quarterly Report on Form 10-Q at September 30, 2020
Rental revenues$289,647 $(289,647)$— 
Other property revenues$8,922 $(8,922)$— 
Rental and other property revenues$— $298,569 $298,569 
Operating expenses:
Property operating and maintenance$38,186 $5,050 $43,236 
Real estate taxes$37,914 $(37,914)$— 
Real estate taxes and insurance$— $42,646 $42,646 
General and administrative$6,425 $(2,254)$4,171 
Insurance, professional fees and other expenses$8,671 $(8,671)$— 
Management internalization expense$— $1,143 $1,143