Preferred Apartment Communities, Inc. Announces Proxy Advisory Firms ISS, Glass Lewis and Egan-Jones All Recommend Stockholders Vote “FOR” Proposed Acquisition by Blackstone Real Estate Income Trust, Inc.

Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC”) today announced that independent proxy advisory firm Egan-Jones Proxy Services has recommended that PAC stockholders vote “FOR” the previously announced all-cash acquisition of PAC by Blackstone Real Estate Income Trust, Inc. (“BREIT”) at PAC’s Special Meeting of Stockholders (the “Special Meeting”) scheduled to reconvene on June 17, 2022 at 11:00 a.m., Eastern Time. Independent proxy advisory firms Institutional Shareholder Services Inc. (“ISS”) and Glass Lewis & Co. recently issued the same voting recommendation.

As previously announced, PAC and affiliates of BREIT have entered into a definitive merger agreement pursuant to which BREIT has agreed to acquire PAC for $25.00 per share of common stock. The proposed acquisition is expected to be completed on or about June 23, 2022, subject to approval by PAC’s common stockholders and the satisfaction or waiver of other customary closing conditions.

PAC’s Board of Directors recommends that you vote “FOR” the proposed acquisition of PAC by BREIT. All PAC stockholders of record as of the close of business on April 11, 2022 are entitled to vote.

PAC stockholders are reminded that their vote is extremely important, no matter how many shares they own. To follow the recommendations of ISS, Glass Lewis, Egan-Jones and PAC’s Board of Directors, stockholders should vote “FOR” the proposed acquisition of PAC by BREIT today.

If you have any questions about the Special Meeting or need assistance voting your shares, please contact PAC’s proxy solicitor, MacKenzie Partners, Inc., by email at [e-mail] or by phone at [phone].

About Preferred Apartment Communities, Inc.

Preferred Apartment Communities, Inc. (NYSE: APTS) is a real estate investment trust engaged primarily in the ownership and operation of Class A multifamily properties, with select investments in grocery-anchored shopping centers. Preferred Apartment Communities’ investment objective is to generate attractive, stable returns for stockholders by investing in income-producing properties and acquiring or originating real estate loans. As of March 31, 2022, the Company owned or was invested in 113 properties in 13 states, predominantly in the Southeast region of the United States. Learn more at www.pacapts.com.