X0306 4 2017-11-10 0 0001481832 PREFERRED APARTMENT COMMUNITIES INC APTS 0000940225 WILLIAMS JOHN A PREFERRED APARTMENT COMMUNITIES, INC. 3284 NORTHSIDE PARKWAY NW, SUITE 150 ATLANTA GA 30327 1 1 0 0 Chief Executive Officer Common Stock, par value $0.01 2017-11-10 4 P 0 500 21.01 A 44765 I By NELL Partners, Inc. Common Stock, par value $0.01 2017-11-10 4 P 0 100 20.90 A 7622 I By Spouse Common Stock, par value $0.01 981 I By 2003 Children's Trust Common Stock, par value $0.01 50 I By son John A. Williams, Leonard A. Silverstein and Daniel M. DuPree share joint voting and investment power over the shares held by NELL Partners, Inc. Mr. Williams disclaims any economic interest in such shares, 55% of which are owned indirectly by the Nancy Ann Richardson Williams Children's Trust, formed on January 30, 1995, a trust created by Mr. Williams' spouse for the benefit of their children; 30% of which are owned indirectly by Northside Partners Trust, formed on November 2, 2009, a trust created by Mr. Silverstein's spouse for the benefit of their children; and 15% of which are owned indirectly by Daniel M. DuPree. These shares are held in a trust for the benefit of the reporting person's children. The reporting person's spouse is trustee of the trust. The reporting person disclaims beneficial ownership of these securities and the filing of this report is not an admission that the reporting person is the beneficial owner of these securities for the purposes of Section 16 or for any other purpose. /s/ Jeffrey R. Sprain, attorney-in-fact 2017-11-13