Preferred Apartment Communities, Inc. is formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States. The Company has three operational segments: multifamily communities, retail, and real estate related financing. Multifamily Communities segment consists of approximately 10 owned residential multifamily communities. Retail segment consists of approximately 10 owned grocery-anchored necessity retail shopping centers. Financing segment consists of its portfolio of mezzanine loans, bridge loans and other financial instruments which partially finance the development, construction and prestabilization carrying costs of new multifamily communities and other real estate and real estate related assets.