The Board of Directors (the “Board”) of Preferred Apartment Communities, Inc. (the “Company”) has adopted this Stock Ownership Policy (this “Policy”) to more closely align the interests of the Chief Executive Officer of the Company (the “CEO”), other executives of the Company subject to this Policy from time to time (the CEO and such other executives, collectively, the “Executives”) and the non-employee members of the Board (the “Outside Directors”) with the interests of the stockholders of the Company, and further, to promote the long-term growth in the price of the Company’s common stock, par value $0.01 per share (“Common Stock”).The Board of Directors (the “Board”) of Preferred Apartment Communities, Inc. (the “Company”) has adopted this Stock Ownership Policy (this “Policy”) to more closely align the interests of the Chief Executive Officer of the Company (the “CEO”), other executives of the Company subject to this Policy from time to time (the CEO and such other executives, collectively, the “Executives”) and the non-employee members of the Board (the “Outside Directors”) with the interests of the stockholders of the Company, and further, to promote the long-term growth in the price of the Company’s common stock, par value $0.01 per share (“Common Stock”).