Corporate Governance Guidlelines

The Board of Directors (the “Board”) of Preferred Apartment Communities, Inc. (the “Company”) has developed and adopted these Corporate Governance Guidelines (the “Guidelines”) to promote the functioning of the Board and its committees and to set forth a common set of expectations with respect thereto.

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Code of Business Conduct & Ethics

Preferred Apartment Communities, Inc. (the “Company”) is dedicated to maintaining the highest integrity and standards of ethics. We will treat our tenants, property managers, suppliers, employees, shareholders and the community with honesty, dignity, fairness and respect.

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Fraud and Ethics Risk Management Policy

Preferred Apartment Communities, Inc. (the "Company") is dedicated to maintaining the highest integrity and standards of ethics. The Company has established a Code of Business Conduct and Ethics (the "Code") to help our associates comply with the law and regulations applicable to our business. To provide guidance to our associates related to fraud awareness, the Company’s annual fraud risk assessment process, the Company’s stance on anti-retaliation, and the procedures for reporting potential and actual violations relating to any law, rule, regulation or Company policy, the Company has established this Fraud and Ethics Risk Management Policy (this "Policy").

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Audit Committee Charter

The purpose of the Committee shall be to assist the Board in its oversight of (i) the integrity of the Company’s financial statements, (ii) the Company’s compliance with legal and regulatory requirements, (iii) the qualifications and independence of any independent registered public accounting firm engaged by the Company (the “independent auditors”) and (iv) the performance of the Company’s internal audit functions and independent auditors.

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Compensation Committee

The purpose of the Committee shall be (i) the evaluation of services provided by the individuals who serve as the President and Chief Executive Officer and other executive officers of the Company; (ii) the evaluation of compensation paid by the Company directly, if any, to any individual who serves as President and Chief Executive Officer or other executive officers of the Company; (iii) the approval, evaluation and administration of all equity compensation plans of the Company; and (iv) to take a leadership role in shaping the Company’s compensation policies.

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Nominating and Corporate Governance Committee

The Committee’s purpose shall be to (i) assist the Board by identifying individuals qualified to become Board members, consistent with criteria approved by the Board and Committee; (ii) recommend for selection by the Board the director nominees for each election of directors; (iii) annually review and reassess corporate governance principles, codes of conduct and compliance mechanisms applicable to the Company, including the Code of Business Conduct and Ethics; (iv) provide general oversight in the evaluation of the Board and each committee; and (v) take a leadership role in shaping the Company’s corporate governance policies.

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Environmental Policy

PAC is committed to implementing environmentally sustainable best practices at our properties and corporate office and to assist our residents, tenants, and communities in their efforts to address environmental concerns. By operating and investing in multifamily housing, grocery-anchored retail, and office buildings, we aim to be thoughtful and responsible partners to enable our tenants and residents to reduce their environmental footprint. Our goal is to ensure our properties and corporate office are operated in an environmentally prudent fashion through an approach that focuses on maximizing utility efficiencies, mitigating climate change risks, and reducing waste streams, while ensuring an effective use of energy, water and non-renewable resources. We also recognize that we have a role to play in communicating good environmental practices to all our associates, vendors, tenants, associates, and stockholders.

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Vendor Supply Chain Policy

Sustainability and corporate responsibility is important to Preferred Apartment Communities, Inc. (“PAC”) and through our Vendor Supply Chain Policy, we aim to ensure that our vendors make a good faith effort to meet the following social and environmental principles and improve their impact. The following principles apply to PAC's direct suppliers and its subsidiaries, affiliates and related entities involved in the procurement of services or products provided to PAC.

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Human Rights Policy

PAC is committed to the protection and advancement of human rights and to ensuring that our associates function with integrity. The principles outlined in this Human Rights Policy relate to and confirm key commitments and principles in both our Code of Business Conduct & Ethics and our Employee Handbook.

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Environmental Management System

Preferred Apartment Communities, Inc., is aligned with ISO 14:0001 EMS framework to plan, do, check, and act using our Data Management System (DMS) powered by Measurabl.This document summarizes the relevant aspects of the EMS and their relationship to Measurabl’s software and service methodology.Preferred Apartment Communities, Inc., is aligned with ISO 14:0001 EMS framework to plan, do, check, and act using our Data Management System (DMS) powered by Measurabl.This document summarizes the relevant aspects of the EMS and their relationship to Measurabl’s software and service methodology.

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Stock Ownership Policy

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”).

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