Schedule III

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure

Schedule III
Preferred Apartment Communities, Inc.
Real Estate Investments and Accumulated Depreciation
December 31, 2021
	(Dollars in thousands)		Initial Costs			Gross Amount Carried at Close of Period
	Properties	Related Encumbrances	Land	Building and Improvements	Costs Capitalized Subsequent to Acquisition	Land	Building and Improvements	Total (1)	Accumulated Depreciation	Year Constructed/Renovated	Date Acquired	Depreciable Lives (Years)
	Multifamily Communities
	Alabama
	Birmingham
	Retreat at Greystone	$40,057	$4,077	$44,462	$1,479	$4,077	$45,941	$50,018	$(12,179)	2015	3/24/2017	5 - 49
	Vestavia Reserve	35,860	4,140	54,206	1,294	4,140	55,500	59,640	(9,246)	2016	11/9/2018	5 - 48
	Florida
	Jacksonville
	Lux at Sorrel	29,239	5,332	42,531	1,082	5,332	43,613	48,945	(9,426)	2017	1/9/2018	5 - 49
	Sorrel	47,551	4,412	42,217	1,512	4,412	43,729	48,141	(10,450)	2015	8/24/2016	5 - 48
	The Menlo	47,000	7,670	64,983	220	7,670	65,203	72,873	(3,431)	2020	12/15/2020	5 - 50
	Melbourne
	Artisan at Viera	38,355	4,839	58,791	599	4,839	59,390	64,229	(7,074)	2018	8/8/2019	5 - 50
	Naples
	Aster at Lely Resort	50,400	7,675	43,794	1,904	7,675	45,698	53,373	(12,588)	2015	6/24/2015	5 - 40
	Orlando
	525 Avalon Park	61,933	7,410	82,349	4,543	7,410	86,892	94,302	(19,061)	2008	5/31/2016	5 - 45
	Citi Lakes	49,926	5,558	56,828	1,665	5,558	58,493	64,051	(15,257)	2014	9/3/2015	5 - 40
	The Blake	44,435	7,459	53,223	278	7,459	53,501	60,960	(3,149)	2019	11/2/2020	5 - 50
	Village at Baldwin Park	68,535	17,403	90,464	9,156	17,403	99,620	117,023	(21,501)	2008	1/5/2016	5 - 37
	Panama City
	Parkside at the Beach	45,037	6,103	53,689	627	6,103	54,316	60,419	(5,035)	2019	04/30/20	5 - 50
	Sarasota
	Luxe at Lakewood Ranch	36,147	4,852	51,033	1,037	4,852	52,070	56,922	(10,628)	2016	07/26/17	5 - 48
	Venue at Lakewood Ranch	36,555	3,791	42,950	1,344	3,791	44,294	48,085	(11,766)	2015	05/21/15	5 - 40
	Tampa
	Citrus Village	40,900	4,809	40,481	2,071	4,809	42,552	47,361	(8,968)	2011	03/03/17	5 - 44
	Crosstown Walk	46,500	5,178	39,332	1,838	5,178	41,170	46,348	(9,626)	2014	01/15/16	5 - 49
	Five Oaks at Westchase	30,167	4,425	48,113	463	4,425	48,576	53,001	(5,222)	2019	9/18/19	5 - 50
	Horizon Wiregrass Ranch	50,237	6,842	72,708	419	6,842	73,127	79,969	(6,620)	2018	3/31/20	5 - 47
	Lodge at Hidden River	39,469	5,600	52,930	641	5,600	53,571	59,171	(8,777)	2017	9/27/2018	5 - 48
	Overlook at Crosstown Walk	20,607	3,309	28,014	456	3,309	28,470	31,779	(6,445)	2016	11/21/2017	5 - 48

(Dollars in thousands)		Initial Costs			Gross Amount Carried at Close of Period
Properties	Related Encumbrances	Land	Building and Improvements	Costs Capitalized Subsequent to Acquisition	Land	Building and Improvements	Total (1)	Accumulated Depreciation	Year Constructed/Renovated	Date Acquired	Depreciable Lives (Years)
Georgia
Atlanta
Aldridge at Town Village	38,846	7,122	45,418	681	7,122	46,099	53,221	(12,510)	2016	9/29/2017	5 - 49
Green Park	37,014	7,478	49,211	614	7,478	49,825	57,303	(12,102)	2017	2/28/2018	5 - 48
Overton Rise	36,749	8,511	50,996	1,588	8,511	52,584	61,095	(11,092)	2015	2/1/2016	5 - 49
Reserve at Summit Crossing	18,487	4,375	25,939	504	4,375	26,443	30,818	(6,278)	2016	9/29/2017	5 - 48
Summit Crossing	36,174	3,450	27,705	3,194	3,450	30,899	34,349	(11,820)	2007	4/21/2011	5 - 40
Summit Crossing II	20,700	3,220	15,852	553	3,220	16,405	19,625	(4,996)	2013	12/31/2013	5 - 40
The Ellison	48,000	6,943	59,354	24	6,943	59,378	66,321	(1,373)	2021	6/30/2021	5 - 50
Kansas
Kansas City
Adara Overland Park	29,397	2,854	42,030	819	2,854	42,849	45,703	(12,566)	2016	9/27/2017	5 - 49
Kentucky
Lousiville
Claiborne Crossing	25,045	2,147	37,579	1,639	2,147	39,218	41,365	(10,538)	2014	4/26/2017	5 - 47
North Carolina
Charlotte
Chestnut Farm	51,800	4,335	67,504	219	4,335	67,723	72,058	(882)	2021	9/17/2021	5 - 50
CityPark View	29,000	3,559	28,360	1,394	3,559	29,754	33,313	(8,303)	2014	6/30/2015	5 - 40
CityPark View South	22,970	5,816	27,528	747	5,816	28,275	34,091	(5,322)	2017	11/15/2018	5 - 49
Pennsylvania
Pittsburgh
City Vista	32,170	4,082	41,486	827	4,082	42,313	46,395	(10,156)	2014	7/1/2016	5 - 49
Tennessee
Nashville
Lenox Village Town Center	37,492	4,612	39,911	2,133	4,355	42,301	46,656	(9,710)	2009	12/21/2015	5 - 40
Regent at Lenox	—	301	3,493	81	301	3,574	3,875	(817)	2009	12/21/2015	5 - 40
Retreat at Lenox	16,370	2,965	24,211	562	2,860	24,878	27,738	(6,396)	2015	12/21/2015	5 - 40
The Anson	56,440	4,521	69,580	265	4,521	69,845	74,366	(892)	2020	9/14/2021	5 - 50
Texas
Fort Worth
Alleia at Presidio	35,700	4,333	44,645	86	4,333	44,731	49,064	(1,099)	2020	7/8/2021	5 - 50
Houston
Avenues at Cypress	28,366	3,242	30,093	1,380	3,242	31,473	34,715	(9,740)	2014	2/13/2015	5 - 40
Avenues at Northpointe	33,546	3,921	37,203	1,370	3,921	38,573	42,494	(11,736)	2013	2/13/2015	5 - 40
Stone Creek	19,090	2,211	22,916	521	2,211	23,437	25,648	(5,733)	2009	11/12/2015	5 - 40

(Dollars in thousands)		Initial Costs			Gross Amount Carried at Close of Period
Properties	Related Encumbrances	Land	Building and Improvements	Costs Capitalized Subsequent to Acquisition	Land	Building and Improvements	Total (1)	Accumulated Depreciation	Year Constructed/Renovated	Date Acquired	Depreciable Lives (Years)
Virginia
Fredericksburg
The Kingson	53,697	7,507	61,381	57	7,507	61,438	68,945	(890)	2020	9/16/2021	5 - 50
Richmond
Colony at Centerpointe	30,744	7,259	38,199	1,388	7,259	39,587	46,846	(9,372)	2016	12/20/2017	5 - 48
Williamsburg
Founder's Village	29,038	5,315	38,761	1,281	5,315	40,042	45,357	(8,534)	2014	3/31/2017	5 - 47
Total Multifamily	$1,625,745	$230,963	$1,992,453	$54,555	$230,601	$2,047,370	$2,277,971	$(369,306)
Grocery-anchored retail
Alabama
Birmingham
Southgate Village	$6,830	$2,262	$10,290	$541	$2,262	$10,831	$13,093	$(2,279)	1988	4/29/2016	5 - 35
Florida
Miami
Shoppes of Parkland	15,111	10,779	16,543	631	10,779	17,174	27,953	(4,432)	2000	8/8/2016	5 - 35
Naples
Crossroads Market	17,111	7,044	22,627	540	7,044	23,167	30,211	(2,914)	1993	12/5/2017	5 - 40
Orlando
Berry Town Center	11,554	3,062	13,628	275	3,062	13,903	16,965	(1,452)	2003	11/14/2019	5 - 30
Conway Plaza	9,193	4,202	9,782	1,642	4,202	11,424	15,626	(2,124)	1966	6/29/2018	5 - 30
Deltona Landings	5,986	2,256	8,344	559	2,256	8,903	11,159	(2,474)	1999	9/30/2014	5 - 30
University Palms	11,626	4,854	16,706	920	4,854	17,626	22,480	(3,360)	1993	8/8/2016	5 - 37
Tampa-St Petersburg
Barclay Crossing	5,933	2,856	7,572	331	2,856	7,903	10,759	(2,170)	1998	9/30/2014	5 - 30
Disston Plaza	17,238	5,579	22,048	82	5,579	22,130	27,709	(2,322)	1954	6/12/2019	5 - 35
West Palm Beach
Polo Grounds Mall	12,735	9,057	10,907	393	9,057	11,300	20,357	(1,669)	1966	6/12/2019	5 - 30
Georgia
Atlanta
Castleberry Southard	10,500	3,024	14,142	232	3,024	14,374	17,398	(2,449)	2006	4/21/2017	5 - 39
Cherokee Plaza	23,660	8,392	32,249	570	8,392	32,819	41,211	(5,380)	1958	8/8/2016	5 - 35
Governors Towne Square	10,404	2,766	13,027	171	2,766	13,198	15,964	(1,778)	2004	4/27/2018	5 - 40
Lakeland Plaza	25,771	7,079	33,087	823	7,079	33,910	40,989	(7,534)	1990	7/15/2016	5 - 35
Powder Springs	7,540	1,832	8,246	678	1,832	8,924	10,756	(2,570)	1999	9/30/2014	5 - 30
Rockbridge Village	13,011	3,141	15,944	615	3,141	16,559	19,700	(2,306)	2005	6/6/2017	5 - 40
Roswell Wieuca	—	12,006	18,485	258	12,006	18,743	30,749	(2,375)	2007	11/30/2017	5 - 40

(Dollars in thousands)	Related Encumbrances	Initial Costs			Gross Amount Carried at Close of Period			Accumulated Depreciation	Year Constructed/Renovated	Date Acquired	Depreciable Lives (Years)
Properties		Land	Building and Improvements	Costs Capitalized Subsequent to Acquisition	Land	Building and Improvements	Total (1)
Royal Lakes Marketplace	9,108	4,874	10,439	289	4,665	10,937	15,602	(2,846)	2008	9/4/2015	5 - 30
Sandy Plains Exchange	8,121	4,788	9,309	500	4,788	9,809	14,597	(2,209)	1997	8/8/2016	5 - 32
Summit Point	10,728	7,064	11,430	538	7,064	11,968	19,032	(3,203)	2004	10/30/2015	5 - 30
Thompson Bridge Commons	10,857	1,478	16,047	48	1,478	16,095	17,573	(2,734)	2001	8/8/2016	5 - 40
Wade Green Village	7,315	1,840	8,410	745	1,840	9,155	10,995	(2,366)	1993	2/29/2016	5 - 35
Woodmont Village	7,862	2,713	10,030	375	2,713	10,405	13,118	(2,050)	2002	9/8/2017	5 - 30
Woodstock Crossing	5,300	1,751	3,800	659	1,751	4,459	6,210	(1,573)	1994	2/12/2014	5 - 30
Augusta
East Gate Shopping Center	4,952	1,653	7,391	132	1,653	7,523	9,176	(1,758)	1995	4/29/2016	5 - 30
Fury's Ferry	5,720	2,084	8,107	355	2,084	8,462	10,546	(1,825)	1996	4/29/2016	5 - 35
Columbus
Parkway Centre	4,312	2,071	4,516	568	2,071	5,084	7,155	(1,447)	1999	9/30/2014	5 - 30
Maryland
Washington, DC
Free State Shopping Center	44,673	21,443	44,831	186	21,443	45,017	66,460	(5,217)	1970	5/28/2019	5 - 35
North Carolina
Charlotte
Brawley Commons	17,056	8,786	18,716	338	8,786	19,054	27,840	(3,224)	1997	7/6/2018	5 - 40
West Town Market	8,008	1,937	12,298	48	1,937	12,346	14,283	(1,886)	2004	9/22/2017	5 - 37
Raleigh
Heritage Station	8,036	1,684	9,883	1,633	1,684	11,516	13,200	(2,531)	2004	8/8/2016	5 - 40
Maynard Crossing	16,439	6,304	22,566	906	6,304	23,472	29,776	(4,717)	1996	8/25/2017	5 - 30
Wakefield Crossing	7,525	1,997	9,252	10	1,997	9,262	11,259	(910)	2001	1/29/2020	5 - 30
Wilmington
Hanover Center	30,402	16,634	40,393	953	16,634	41,346	57,980	(4,403)	1954	12/19/2019	5 - 30
South Carolina
Charleston
Sweetgrass Corner	—	3,076	12,670	303	3,076	12,973	16,049	(3,571)	1999	9/30/2014	5 - 30
Columbia
Irmo Station	9,467	3,602	11,859	1,377	3,602	13,236	16,838	(2,401)	1980	7/26/2017	5 - 33
Rosewood Shopping Center	3,842	1,671	5,347	163	1,671	5,510	7,181	(1,058)	2002	4/29/2016	5 - 40
Greenville Spartanburg
Anderson Central	10,940	5,059	13,278	591	5,059	13,869	18,928	(4,066)	1999	4/29/2016	5 - 30
Fairview Market	7,100	1,353	5,179	1,553	1,353	6,732	8,085	(1,507)	1998	4/29/2016	5 - 30
Tennessee
Chattanooga
The Overlook at Hamilton Place	18,648	6,787	25,244	1,766	6,787	27,010	33,797	(6,322)	1992	12/22/2015	5 - 30

(Dollars in thousands)		Initial Costs			Gross Amount Carried at Close of Period
Properties	Related Encumbrances	Land	Building and Improvements	Costs Capitalized Subsequent to Acquisition	Land	Building and Improvements	Total (1)	Accumulated Depreciation	Year Constructed/Renovated	Date Acquired	Depreciable Lives (Years)
Nashville
Greensboro Village	7,820	3,134	10,771	426	3,134	11,197	14,331	(1,973)	2005	4/27/2018	5 - 40
Parkway Town Centre	7,657	3,054	6,694	620	3,054	7,314	10,368	(2,028)	2005	9/5/2014	5 - 40
Salem Cove	8,696	2,427	10,272	252	2,427	10,524	12,951	(2,439)	2010	10/6/2014	5 - 40
Spring Hill Plaza	7,751	4,376	8,104	745	4,376	8,849	13,225	(2,773)	2005	9/5/2014	5 - 40
The Market at Victory Village	8,582	2,271	12,275	236	2,271	12,511	14,782	(2,574)	2007	5/16/2016	5 - 40
Texas
Dallas
Independence Square	10,902	4,115	13,690	2,065	4,115	15,755	19,870	(4,383)	1977	7/1/2015	5 - 30
Midway Market	9,991	7,331	5,110	103	7,331	5,213	12,544	(650)	2002	3/19/2020	5 - 30
Houston
Champions Village	—	12,813	33,399	4,424	12,813	37,823	50,636	(8,763)	1973	10/18/2016	5 - 40
Kingwood Glen	—	5,021	12,930	1,379	4,762	14,568	19,330	(3,879)	1998	9/30/2014	5 - 30
San Antonio
Oak Park Village	8,292	5,745	10,779	143	5,745	10,922	16,667	(2,125)	1970	8/8/2016	5 - 40
Virginia
Charlottesville
Hollymead Town Center	25,491	7,503	33,009	517	7,503	33,526	41,029	(3,419)	2005	12/21/2018	5 - 40
Richmond
Gayton Crossing	16,855	9,109	17,791	2,888	9,109	20,679	29,788	(2,513)	1983	1/17/2019	5 - 30
Virginia Beach
Fairfield Shopping Center	19,750	12,728	14,526	1,288	12,728	15,814	28,542	(2,890)	1985	8/16/2019	5 - 30
Total Retail	$592,401	$280,467	$783,972	$38,383	$279,999	$822,823	$1,102,822	$(153,821)
Office buildings
Georgia
Atlanta
Three Ravinia	$115,500	$9,785	$154,023	$66,498	$11,083	$219,223	$230,306	$(43,225)	1991	12/30/2016	7 - 39
North Carolina
Charlotte
4th & Brevard	—	13,917	101	—	13,917	101	$14,018	(78)	n/a	3/16/2020	7
Texas
San Antonio
Westridge	49,006	15,778	58,496	5,637	15,778	64,133	$79,911	(11,261)	2016	11/13/2017	13 - 50
Total Office	$164,506	$39,480	$212,620	$72,135	$40,778	$283,457	$324,235	$(54,564)

	Corporate Entities	—	—	—		—		—		2,110	2,110	(805)
	Total	$2,382,652	$550,910	$2,989,045		$165,073		$551,378		$3,155,760	$3,707,138	$(578,496)
(1) The aggregate cost for federal income tax purposes to the Company was approximately $4.2 billion at December 31, 2021.
(2) The costs capitalized subsequent to acquisition amount includes approximately $6.9 million of assets in 2017 which were written off due to damages from Hurricane Harvey.
(In thousands)				For the years ended December 31,
Real estate investments				2021		2020		2019
Balance at the beginning of the year				$	4,143,291	$	4,394,529	$	3,672,715
Acquisitions				330,104		310,329		679,423
Improvements				29,742		50,616		42,887
Write-off of assets no longer in service				(3,491)		(1,208)		(261)
Disposal of assets				(792,658)		(612,622)		(549)
Gross corporate entity assets				150		1,647		314
Balance at the end of the year				$	3,707,138	$	4,143,291	$	4,394,529
Accumulated depreciation
Balance at the beginning of the year				$	(509,547)	$	(421,551)	$	(272,042)
Depreciation (a)				(139,546)		(163,463)		(149,884)
Write-off of assets no longer in service				3,491		1,208		261
Disposal of assets				67,524		74,656		114
Accumulated depreciation corporate entity assets				(418)		(397)		—
Balance at the end of the year				$	(578,496)	$	(509,547)	$	(421,551)
(a) Represents depreciation expense of real estate assets. Amounts include corporate entity assets following the Internalization transaction and exclude amortization of lease intangible assets for all periods.