SEC Form 4 · accession 0001144204-15-000447

PREFERRED APARTMENT COMMUNITIES INC · APTS

Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗

Reporting owner

Officer — Chief Investment Officer · Director

Period of report

Jan 2, 2015

Accepted (ET)

Jan 5, 2015 · 4:23 pm EST

Rule 10b5-1 plan

unknown — predates the checkbox

Issuer CIK

0001481832

Table I — non-derivative securities

Security	Date	Code	Shares	Price	A/D	Owned after	D/I	Nature of ownership
Common Stock, par value $0.01	holding	—	—		—	40,197	D

Security	Conv. / exercise price	Date	Code	Shares	A/D	Exercisable	Expires	Underlying	Underlying shares	Owned after	D/I
Class A Units^F1,F2	—	Jan 2, 2015	A	30,571	A	—	—	Common Stock	30,571	30,571	D

F1Represents Class A Units ("Class A Unit") of Preferred Apartment Communities Operating Partnership, L.P. (the "Operating Partnership"), of which Preferred Apartment Communities, Inc. (the "Company") is the general partner. On January 2, 2014, the reporting person was awarded a maximum of 30,571 Class B Units of the Operating Partnership ("Class B Units") issued in lieu of any reimbursement for annual cash compensation for 2014, subject to certain performance conditions. When earned and vested, each Class B Unit is converted into a Class A Unit. Each Class A Unit may be exchanged for one share of the Company's common stock, or cash, as selected by the Company. Class A Units do not expire.
F2As of January 2, 2015, the Compensation Committee of the Board of Directors of the Company determined that the extent to which the performance measures had been achieved during the performance period resulted in 100%, or 30,571, of the Class B Units becoming earned Class B Units. The earned Class B Units fully vested on January 2, 2015 and were converted into Class A Units on that date.