X0306 4 2017-11-10 0 0001481832 PREFERRED APARTMENT COMMUNITIES INC APTS 0001231790 DUPREE DANIEL M PREFERRED APARTMENT COMMUNITIES, INC. 3284 NORTHSIDE PARKWAY NW, SUITE 150 ATLANTA GA 30327 1 1 0 0 Chief Investment Officer Common Stock, par value $0.01 116564 D Common Stock, par value $0.01 2017-11-10 4 P 0 500 21.01 A 44765 I By NELL Partners, Inc. 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. DuPree disclaims any economic interest in 38,050 of such shares, 64.7% 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, and 35.3% 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. /s/ Jeffrey R. Sprain, as attorney-in-fact 2017-11-13