Preferred Apartment Communities, Inc. is a real estate investment trust primarily engaged in the ownership and operation of Class A multifamily properties, with select investments in grocery-anchored shopping centers and Class A office buildings. The company's real estate portfolio is primarily composed of properties located in the southeastern United States. Preferred Apartment Communities derives nearly all of its income in the form of rental revenue from its real estate holdings. The company's largest tenants are generally large corporations or government entities. Preferred Apartment Communities' revenue is fairly evenly split between its multifamily and retail properties.