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Preferred Apartment closes underwriters' additional-share option in offering

Preferred Apartment Communities Inc. sold 412,500 additional common shares in its public offering, bringing the total gross proceeds to roughly $48.2 million.

The company issued the additional shares pursuant to the underwriters' full exercise of their option to buy more shares. Overall, it sold 3,162,500 shares following the exercise of the underwriters' option.

Deutsche Bank Securities Inc. was the sole book-running manager, with JonesTrading Institutional Services LLC serving as joint lead manager.