April 24, 2013
/PRNewswire/ -- Preferred Apartment Communities, Inc. (NYSE MKT: APTS) ("PAC") announced that on
April 15, 2013
it filed a registration statement on Form S-3 with the Securities and Exchange Commission registering for resale up to 5,714,274 shares of PAC's common stock that, subject to stockholder approval, will be issued upon the mandatory conversion of PAC's Series B Mandatorily Convertible Cumulative Perpetual Preferred Stock that were sold to institutional and other accredited investors in its previously announced
private placement that closed on
, 2013. PAC is registering the applicable shares of its common stock to provide the selling stockholders with freely tradable securities. PAC is registering such shares of its common stock in connection with registration rights that were granted to each of the selling stockholders pursuant to a separate registration rights agreement entered into with each selling stockholder. The registration of the shares of PAC's common stock covered by the registration statement does not necessarily mean that any shares of PAC's common stock will be sold by the selling stockholders. PAC will not receive any proceeds from the sale of the shares of common stock covered by the registration statement.
A registration statement relating to the securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective or pursuant to an exemption from registration. The offering of these securities will be made only by means of a prospectus, copies of which may be obtained by contacting:
Leonard A. Silverstein
at (770) 818-4100, 3625 Cumberland Boulevard, Suite 400,
About Preferred Apartment Communities, Inc.
Preferred Apartment Communities, Inc. is a
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
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. As a general matter, forward-looking statements reflect our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. These statements may be identified by the use of forward-looking terminology such as "may", "will", "expects", "plans", "estimates", "anticipates", "projects", "intends", "believes", "outlook" and similar expressions.