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Feb. 7, 2013 /PRNewswire/ -- Preferred Apartment Communities, Inc. (NYSE MKT: APTS) (the "Company") today announced that its Board of Directors has declared a quarterly dividend on its common stock of
$0.145 per share of common stock payable
April 22, 2013, to common stockholders of record on
March 28, 2013. The Company also announced that its Board of Directors concurrently declared a quarterly dividend on its Series B Mandatorily Convertible Cumulative Perpetual Preferred Stock, or the Series B Preferred, of
$0.145 per share of common stock that is issuable upon the conversion of the shares of Series B Preferred, pro-rata from the date of issuance of the Series B Preferred on
January 16, 2013, payable
April 22, 2013 to Series B Preferred stockholders of record on
March 28, 2013.
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 business 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 multifamily communities and other properties. As a secondary strategy, we also may acquire or originate 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. has elected to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended, commencing with its tax year ended
December 31, 2011.