ATLANTA, May 21, 2012 /PRNewswire/ -- Preferred Apartment Communities, Inc. (NYSE MKT: APTS) today announced that on May 17, 2012, John A. Williams, the company's President, Chief Executive Officer and Chairman of the Board transferred an aggregate of 57,997 shares of the company's common stock that he beneficially owns to an irrevocable trust for the benefit of his children for which neither he nor his spouse is the trustee. Mr. Williams has informed the company that this transfer was made for tax and estate planning purposes and that the trust has informed him that it currently has no intention to sell or transfer the shares.
About Preferred Apartment Communities, Inc. Preferred Apartment Communities, Inc. is a Maryland corporation formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States. As part of our property acquisition strategy, we may enter into forward purchase contracts or purchase options for to-be-built multifamily communities and we may make mezzanine loans, provide deposit arrangements, or provide performance assurances, as may be necessary or appropriate, in connection with the construction of these properties. As a secondary strategy, we also may acquire senior mortgage loans, subordinate loans or mezzanine debt secured by interests in multifamily properties, membership or partnership interests in multifamily properties and other multifamily related assets and invest not more than 10% of our total assets in other real estate related investments, as determined by our manager as appropriate for us. Preferred Apartment Communities, Inc. intends to elect and qualify as a real estate investment trust for U.S. federal income tax purposes, commencing with our tax year ended December 31, 2011.
SOURCE Preferred Apartment Communities, Inc.