UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
October 11, 2002
Date of Report (Date of earliest event reported)
MID-AMERICA APARTMENT COMMUNITIES, INC.
(Exact Name of Registrant as Specified in Charter)
TENNESSEE 1-12762 62-1543819
(State of Incorporation) (Commission File Number) (I.R.S. Employer
Identification Number)
6584 POPLAR AVENUE, SUITE 300
MEMPHIS, TENNEESSEE 38138
(Address of principal executive offices)
(901) 682-6600
(Registrant's telephone number, including area code)
(Former name or address, if changed since last report)
Item 9. Regulation FD Disclosure
On October 11, 2002, Mid-America Apartment Communities, Inc. issued a press
release announcing the public offering of 470,000 9 1/4% Series F Cumulative
Redeemable Preferred Shares. A copy of the press release is filed as an exhibit
to this report and is incorporated by reference herein.
NOTE: The information in this report (including the exhibit) is furnished
pursuant to Item 9 and shall not be deemed to be "filed" for the purpose of
Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the
liabilities of that section. This report will not be deemed an admission as to
the materiality of any information contained herein that is required to be
disclosed solely by regulation FD.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
MID-AMERICA APARTMENT COMMUNITIES, INC.
Date: October 11, 2002 /s/Simon R.C. Wadsworth
Simon R.C. Wadsworth
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
EXHIBIT INDEX
No. Exhibit
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99 Press Release dated October 11, 2002, issued by Mid-America Apartment
Communities, Inc.
EXHIBIT 99
PRESS RELEASE
The following is the text of a press release issued by Mid-America Apartment
Communities, Inc. on October 11, 2002.
Mid-America Apartment Communities, Inc. Completes Series F Preferred Stock
Offering
MEMPHIS, Tenn.-(BUSINESS WIRE)-Oct. 11, 2002-Mid-America Apartment Communities,
Inc. (NYSE: MAA) announced today that it has sold 470,000 shares of its 9 1/4%
Series F Cumulative Redeemable Preferred Stock at $25 per share for an aggregate
principal amount of $11.75 million.
The net proceeds of the offering will be used to repurchase and retire a portion
of the issued and outstanding shares of the Company's 9 1/2% Series E Cumulative
Redeemable Preferred Stock, or to redeem a portion of our 9.5% Series A
Cumulative Redeemable Preferred Stock.
The Company has granted the underwriters an option for 30 days to purchase up to
an additional 50,000 shares of Series F Preferred Stock. The offering was
managed by Raymond James & Associates, Inc. The Company intends to list the
Series F Preferred Stock on the New York Stock Exchange under the symbol "MAA
PrF." The Company anticipates closing the transaction on October 16, 2002.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such state or
jurisdiction.
MAA is a self-administered, self-managed apartment-only real estate investment
trust that currently owns or has ownership interest in 33,923 apartment units
throughout the southeast and south central U.S. For further details, please
refer to our website at www.maac.net or contact Simon R. C. Wadsworth at (901)
248-4105, 6584 Poplar Ave., Suite 300, Memphis, TN 38138.
Certain matters in this press release may constitute forward-looking statements
within the meaning of Section 27-A of the Securities Act of 1933 and Section 21E
of the Securities and Exchange Act of 1934. Such statements include, but are not
limited to, statements made about anticipated growth rate of revenues, expenses,
and net operating income at Mid-America's properties, anticipated lease-up (and
rental concessions) at development properties, planned acquisitions and
dispositions, and property financing. Actual results and the timing of certain
events could differ materially from those projected in or contemplated by the
forward-looking statements due to a number of factors, including a downturn in
general economic conditions or the capital markets, competitive factors
including overbuilding or other supply/demand imbalances in some or all of our
markets, changes in interest rates and other items that are difficult to control
such as insurance rates, increases in real estate taxes in numerous markets, as
well as other general risks inherent in the apartment and real estate
businesses. Reference is hereby made to the filings of Mid-America Apartment
Communities, Inc., with the Securities and Exchange Commission, including
quarterly reports on Form 10-Q, reports on Form 8-K, and its Annual Report on
Form 10-K, particularly including the risk factors contained in the latter
filing.
___________________
Contact:
Mid-America Apartment Communities, Inc.
Simon R. C. Wadsworth, 901/248-4105
www.maac.net