X0306 4 2021-06-17 0 0001481832 PREFERRED APARTMENT COMMUNITIES INC APTS 0001811549 Sherman Jeffrey David 3284 NORTHSIDE PARKWAY NW SUITE 150 ATLANTA GA 30327 0 1 0 0 President - Multifamily Common Stock, par value $0.01 per share 2021-06-17 4 F 0 1652 10.52 D 30178 D Class A Units Common Stock 3405 3405 D On June 17, 2020, the reporting person was issued 17,218 shares of time-based restricted common stock. The time-based restricted common stock vests approximately equally on June 17, 2021, June 17, 2022, June 17, 2023 and June 17, 2024. On June 17, 2021, 4,305 shares vested. The reporting person elected, pursuant to their restricted stock agreement, to satisfy their tax obligation by withholding 1,652 shares having a value approximately equal to the withholding obligation. 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. /s/ Jeffrey R. Sprain, attorney-in-fact 2021-06-21