X0306 4 2020-01-02 0 0001481832 PREFERRED APARTMENT COMMUNITIES INC APTS 0001746631 Isakson John A 3284 NORTHSIDE PARKWAY NW SUITE 150 ATLANTA GA 30327 0 1 0 0 Chief Financial Officer Common Stock, par value $0.01 per share 0 D Class A Units 0 2019-01-02 4 A 0 2270 A Common Stock 2270 20551 D 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. On January 3, 2017, the reporting person was awarded a maximum of 6,811 Class B Units of the Operating Partnership ("2017 Class B Units") issued in lieu of any reimbursement for annual cash compensation for 2017, 2018 and 2019, subject to certain performance and time based conditions. As of January 2 2018, all performance conditions were met for the 2017 Class B Units. When earned and vested, each Class B Unit is converted into a Class A Unit. On January 2, 2020, the remaining 2,270 2017 Class B Units vested and converted to Class A Units. /s/ Jeffrey R. Sprain 2020-01-06