X0306 4 2020-12-21 0 0001481832 PREFERRED APARTMENT COMMUNITIES INC APTS 0001232172 MURPHY JOEL T 3284 NORTHSIDE PARKWAY NW SUITE 150 ATLANTA GA 30327 1 1 0 0 See Remarks Common Stock, par value $0.01 2020-12-21 4 C 0 93477 A 414290 D Class A Units 2020-12-21 4 C 0 93477 D Common Stock 93477 0 D The reporting person redeemed 93,477 Class A Units of Preferred Apartment Communities Operating Partnership, of which the issuer 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 issuer. The issuer elected to redeem the reporting person's Class A Units with common stock. Class A Units have no expiration date. President and Chief Executive Officer /s/ Jeffrey R. Sprain, attorney-in-fact 2020-12-23