Preferred Apartment Communities

Investors

Board of Directors

Timothy A. Peterson

Timothy A. Peterson is one of our independent directors. Since September 2003, Mr. Peterson has served as the Chief Financial Officer and member of the Investment Committee of Altman Development Corporation where his primary responsibilities have been overseeing capital markets activities, financial reporting, strategic planning and budgeting. Mr. Peterson was Chief Financial Officer for Keystone Property Trust (NYSE: KTR) from 1998 to 2002, becoming Executive Vice President in 2002 to 2003. From 1989 to 1998, Mr. Peterson served in a variety of roles for Post Properties, Inc. (NYSE: PPS), including Executive Vice President. Working very closely with the president of Post Properties, Mr. Peterson was responsible for the day-to-day coordination with the accountants, attorneys and investment bankers involved in completing Post Properties' Initial Public Offering in July 1993.

Mr. Peterson has been a frequent speaker on REITS and real estate development.  He is a past member of the National Association of Real Estate Investment Trusts (NAREIT) where he served as a Co-Chairman of its Accounting Committee, and a member of the Best Financial Practices Task Force. He is a member of the Advisory Board for the University of Florida Center for Real Estate Studies and has served as Treasurer and member of the Executive Committee, and a Director and past Treasurer of The Please Touch Museum (the Philadelphia children's museum).  Mr. Peterson received his undergraduate degree in Accounting from the University of Florida in 1985 and his MBA in Finance from the University of Florida in 1987. He formerly was licensed as a Certified Public Accountant and is currently a member of the American Institute of Certified Public Accountants.