Preferred Apartment Communities, Inc. Completes Sale of Brookwood Center Office Building for $ 55.0 Million

ATLANTA, November 15, 2021– (COMMERCIAL THREAD) – Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC” or the “Company”) today announced its divestiture, November 12e, from Brookwood Center, an office building in Birmingham, Alabama, to Pope & Land, a highly regarded real estate company based in Atlanta, as well as Fairway Investments, a respected local Birmingham real estate company. The purchase price was $ 55.0 million including the assumption of debt, which will result in net proceeds at closing of approximately $ 25.1 million after adjustments and costs Closing. This sale generated a GAAP gain on the sale of approximately $ 12.4 million. With this sale, the Company only has two remaining office buildings, one in Atlanta and one in San Antonio.

Joel Murphy, Chairman of the Board and CEO of PAC, said, “With the sale of Brookwood Center, we have now sold eight office assets for total gross proceeds of approximately $ 780 million and we have demonstrated once again our continued intention and ability to effectively terminate our office business and prudently monetize our few remaining office assets in a strategic and thoughtful manner over time. “

About Preferred Apartment Communities, Inc.

Preferred Apartment Communities, Inc. (NYSE: APTS) is a real estate investment trust primarily engaged in the ownership and operation of Class A multi-family properties, with selected investments in shopping malls anchored in grocery stores. The investment objective of Preferred Apartment Communities is to generate attractive and stable returns for shareholders by investing in income-generating properties and by acquiring or issuing multi-family real estate loans. As of September 30, 2021, the Company owned or had invested in 107 properties in 13 states, primarily in the Southeastern United States. Learn more about www.pacapts.com.

Forward-looking statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements may be identified by the use of forward-looking terminology such as “May”, “trend”, “will”, “expects”, “plans”, “estimates”, “anticipates”, “projects”, “intends”, “believes”, “goals “,” The objectives “,” the prospects “and similar expressions. These forward-looking statements include, without limitation, statements regarding the intended use of the products. Since these statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by these forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, (a) the impact of the COVID-19 pandemic and related actions by federal, state and local governments on PAC’s business operations and market economic conditions. on which PAC operates; (b) PAC’s ability to mitigate the impacts resulting from COVID-19; and (c) those disclosed in documents filed by PAC with the Securities and Exchange Commission. PAC assumes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required by law.

Additional information

The SEC has declared effective the registration statement filed by the Company for each of our public offerings. Before investing, you should read the final prospectus and any prospectus supplement that is part of the registration statement and other documents that the Company has filed with the SEC for more complete information about the Company and the offer. In particular, you should carefully read the risk factors described in the Final Prospectus and any related Prospectus Supplement and in the documents incorporated by reference into the Final Prospectus and any related Prospectus Supplement. You can obtain these documents free of charge by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, the Company or its managing broker, Preferred Capital Securities, LLC, will arrange for the dispatch of a prospectus relating to the Series A1 / M1 offering upon request by contacting John A. Isakson at (770) 818-4109, 3284 Northside Parkway NW, Suite 150, Atlanta, GA 30327.

The final prospectus for the A1 / M1 series offer, dated October 22, 2019, can be accessed via the following link:

https://www.sec.gov/Archives/edgar/data/1481832/000148183219000097/a424b5-2019seriesamshares.htm

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211115006262/en/

Contacts

Preferred Apartment Communities, Inc.
John A. Isakson 770-818-4109
Financial director
Email: [email protected]

Preferred Apartment Communities, Inc.
Paul Cullen 770-818-4144
Executive Vice President – Investor Relations
Email: [email protected]


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