ATLANTA, April 16, 2018 /PRNewswire/ -- Preferred
Apartment Communities, Inc. (NYSE: APTS) ("PAC" or the "Company")
is profoundly saddened to announce that the Company's Co-Founder,
Chairman and Chief Executive Officer, John
A. Williams unexpectedly passed away earlier today. The
Company's Board of Directors has appointed Vice-Chairman and Chief
Investment Officer Daniel M. DuPree
to succeed Mr. Williams as Chairman of the Board and Chief
Executive Officer. Leonard A.
Silverstein, a co-founder of the Company along with Mr.
Williams, has been appointed Vice-Chairman of the Board and will
continue as President and Chief Operating Officer.
The Board and the Company are indebted to Mr. Williams for his
strong leadership, real estate vision, outgoing personality and
boundless energy. The Board's thoughts are with John's family
at this very difficult time. Mr. Williams is survived by his
wife Nancy; three children, Jay, Sarah
Brook and Parker, and two grandchildren, Jack and
Harrison.
Messrs. Silverstein and DuPree stated, "John was a dear friend,
partner, mentor and influence in our lives and careers. He
was a visionary and understood the importance of creating a company
that is built on culture, associates, reputation and brand.
We are committed to continuing John's vision to create the
preeminent real estate investment trust in the United States."
About John A. Williams
Over the course of his career, Mr. Williams directed and
coordinated the development, construction, and management of more
than $15 billion in real estate
developments. Approximately $5.5
billion of this activity has focused on multifamily housing,
with the balance in other property types including hotels,
condominiums and offices. Mr. Williams founded Post Properties,
Inc. ("Post Properties") in 1970. He took Post Properties public as
a REIT in 1993. When he resigned as Chairman of Post Properties in
2003, the company had approximately 30,000 apartment units and had
averaged funds from operations growth of 7% per year commencing
with the Post Properties initial public offering.
Mr. Williams was listed on National Real Estate Investor's list
of "The 20th Century's Most Influential Developers," along with
Atlanta Business Chronicle's award for "Atlanta Residential
Developer of The Decade," for the 1990's; followed by, Harvard Business School extending its "Community
Leadership Award" to Mr. Williams in 2000. He has received numerous
honors and awards from Cobb County,
Georgia including, "The Mack Henderson Public Service
Award," in 2005. Mr. Williams was recently inducted into the
Multi-Housing News Hall of Fame: First Class in 2004, and given,
The Four Pillar Award in 2007 by The Council for Quality Growth.
John A. Williams is and has always
been very active in varied philanthropic activities, outreaches,
and organizations in Georgia and
around the World. In the spring of 2008, Mr. Williams was inducted
into the Georgia State University J.
Mack Robinson College of Business
Hall of Fame as well as the Georgia Institute of Technology College
of Management Hall of Fame. He is widely credited with
coining the phrases "Smart Growth" and "Live, Work,
Play."
Mr. Williams served on the Board of Directors of the Atlanta
Falcons of which he is also a minority owner. He has previously
served on the boards of Riverside Bancshares, Inc., where he was
the largest stockholder, the Georgia Regional Transportation
Authority, the Atlanta Regional Commission, Atlanta Convention
& Visitors Bureau, Post Secondary/Vocational Education, the
Executive Committee of the National Apartment Association.
Mr. Williams has also served on the Board of Directors of
NationsBank and Barnett Banks, Inc.,
Crawford & Company, Post Properties, Inc.
and Rentech, Inc. He is the Founder and past
Chairman of the Cumberland Community Improvement District. He
served as president of the Homebuilders Association of Metropolitan
Atlanta, Chairman of the Metro Atlanta Chamber of Commerce,
Chairman of the Metro Business Forum, Chairman of the Regional
Business Coalition, Chairman of the Cobb-Marietta Coliseum and
Exhibit Hall Authority, and Chairman of the Cobb County Chamber of Commerce, serving two
terms. While serving as the initial Chairman of the
Cobb-Marietta Coliseum and Exhibit Hall Authority, Mr. Williams was
responsible for leading the effort to build the $200,000,000 Exhibition Meeting Venue and
Ballroom complex. The large ballroom, one of the largest in the
south, was named "The John A. Williams Ballroom." These facilities
were completed in 1995. He also led the effort to build the
state-of-the-art Cobb Energy Performing Arts Centre which cost
$150,000,000. The 2800 seat main
theatre is named "The John A. Williams Theatre."
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
real estate related loans, provide deposit arrangements, or provide
performance assurances, as may be necessary or appropriate, in
connection with the development of multifamily communities and
other properties. As a secondary strategy, we may acquire or
originate senior mortgage loans, subordinate loans or real estate
loans secured by interests in multifamily properties, membership or
partnership interests in multifamily properties and other
multifamily related assets and invest a lesser portion of our
assets in other real estate related investments, including other
income-producing property types, senior mortgage loans, subordinate
loans or real estate loans secured by interests in other
income-producing property types, membership or partnership
interests in other income-producing property types as determined by
our manager as appropriate for us. At December 31, 2017, the Company was the
approximate 97.8% owner of Preferred Apartment Communities
Operating Partnership, L.P., the Company's operating
partnership. 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.
Learn more at www.pacapts.com.
Forward-Looking Statements
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. These
statements may be identified by the use of forward-looking
terminology such as "may", "trend", "will", "expects", "plans",
"estimates", "anticipates", "projects", "intends", "believes",
"goals", "objectives", "outlook" and similar expressions.
Because such statements include risks, uncertainties and
contingencies, actual results may differ materially from the
expectations, intentions, beliefs, plans or predictions of the
future expressed or implied by such forward-looking statements.
These risks, uncertainties and contingencies include, but are not
limited to, those disclosed in PAC's filings with the Securities
and Exchange Commission. PAC undertakes no obligation to update
these forward-looking statements to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated
events, except as may be required by law.
Additional Information
The SEC has declared effective the registration statement
(including prospectus) filed by the Company for each of the
offerings to which this communication may relate. Before you
invest, you should read the final prospectus, and any prospectus
supplements, forming a part of the registration statement and other
documents the Company has filed with the SEC for more complete
information about the Company and the offering to which this
communication may relate. In particular, you should carefully
read the risk factors described in the final prospectus and in any
related prospectus supplement and in the documents incorporated by
reference in the final prospectus and any related prospectus
supplement to which this communication may relate. You may obtain
these documents for free by visiting EDGAR on the SEC website at
www.sec.gov. Alternatively, the Company or its dealer
manager, Preferred Capital Securities, LLC, with respect to PAC's
mShares Redeemable Preferred Stock Offering and Series A Redeemable
Preferred Stock and Warrant Unit Offering, and JonesTrading
Institutional Services LLC, with respect to PAC's ATM Common Stock
Offering, will arrange to send you a prospectus if you request it
by calling Leonard A. Silverstein at
(770) 818-4100, 3284 Northside Parkway NW, Suite 150, Atlanta, Georgia 30327.
The ATM Common Stock Offering prospectus, dated July 18, 2016, including a base prospectus, dated
May 17, 2016, can be accessed through
the following link:
https://www.sec.gov/Archives/edgar/data/1481832/000148183216000152/atmprospectus.htm
The mShares Redeemable Preferred Stock Offering prospectus,
dated January 19, 2017, can be
accessed through the following link:
https://www.sec.gov/Archives/edgar/data/1481832/000148183217000008/a424prospectus-mshares1.htm
The Series A Redeemable Preferred Stock and Warrant Unit
Offering prospectus, dated March 16,
2017, can be accessed through the following link:
https://www.sec.gov/Archives/edgar/data/1481832/000148183217000061/a424prospectus-15bseriesar.htm
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SOURCE Preferred Apartment Communities, Inc.