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Preferred Apartment registers $300M shelf, $150M at-the-market offering program

Preferred ApartmentCommunities Inc. has filed a shelf registration statement for a baseprospectus covering the sale of up to $300.0 million of its securities and a salesagreement prospectus for the sale of up to $150.0 million of its common stock inat-the-market offerings from time to time.

The base prospectus covers the sale of common stock, preferredstock, debt securities, depositary shares, warrants and units. The securities maybe sold to or through one or more underwriters, dealers or agents, or directly tobuyers on a continuous or delayed basis.

Under the sales agreement prospectus, shares will be sold bythe sales agents in at-the-market offerings as defined in Rule 415 under the SecuritiesAct of 1933, as amended, directly on or through the NYSE MKT or other markets forthe company's common stock in the U.S., to or through a market maker other thanon an exchange or otherwise; in negotiated deals at market prices prevailing atthe time of sale or at prices related to such prevailing market prices; or any otherlawful methods.

The multifamily REIT said it will use the net proceeds from thebase prospectus offering for general corporate purposes, including funding for itsinvestment activity, outstanding debt repayment, working capital and other generalpurposes.

Meanwhile, the net proceeds from the at-the-market offering programwill be used to repay outstanding debt under the company's existing senior securedrevolving credit facility and for other general corporate purposes.

The sales agents for the at-the-market offering program are JonesTradingInstitutional Services LLC, FBR Capital Markets & Co. and Canaccord GenuityInc.