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 EXCHANGE ACT OF 1934
October 11, 1996
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 340
MEMPHIS, TENNESSEE 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)
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Item 5. Other Events.
Following notification of the New York Stock Exchange, the
following press release was released to the press on
October 11, 1996.
Memphis, TN, October 11, 1996. Mid-America Apartment
Communities, Inc. (NYSE:MAA) announced today that the Board
of Directors have declared a dividend of 51 cents per common
share. The dividend is payable on October 31 to shareholders
of record on October 24.
As in prior quarters, the Company is declaring its quarterly
dividend in advance of its earnings announcement, which will
be made on October 31.
The Board also approved the adoption of a Dividend
Reinvestment and Direct Stock Purchase Plan with respect to
the Company's common stock. Simon Wadsworth, CFO, said "We
are working on the details of the Plan and anticipate that
the Plan will be finalized shortly. We intend for the Plan
to take effect with the 4th Quarter Dividend payable January
31, 1996". The Plan will be subject to the filing and
declaration of effectiveness of a Registration Statement
with respect to the common stock to be made available under
such Plan.
The offering of common stock pursuant to such plan will be
made only by means of a prospectus included in an effective
Registration Statement under the Securities Act of 1933.
The Company reported that it had achieved 98.1% occupancy at
October 1, 1996, an all-time high record for the Company, up
from 96.9% a year ago; the average rental rate per unit
increased 4.2% above the same period a year ago. Eric
Bolton, COO, said "we believe that the achievement of our
occupancy goal as planned for the end of the Third Quarter
will help us to achieve our financial objectives for the
balance of the year and for the first quarter of 1997. We
expect Third Quarter operating expenses will be higher than
in the second quarter in part due to seasonal effects and in
part due to this increased leasing activity (as they were
for the equivalent periods in 1995), and that the full
revenue benefit will not be realized until this and ensuing
quarters. We are pleased with the success of our previously-
announced business plan".
Mid-America Apartment Communities, Inc. is a self-
administered, self-managed apartment only real estate
investment trust which operates 19,226 apartment units
(including 234 units under construction) throughout the
southern crescent of the U.S.
This Press Release contains certain forward-looking
statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities and
Exchange Act of 1934 which are intended to be covered by the
safe harbors created thereby. Risks and uncertainties
affecting these statements are referenced in the Company's
Prospectus and Prospectus Supplement and for 10-Q filed with
the Securities and Exchange Commission.
For further information contact Simon Wadsworth, CFO: 901-682-6600.
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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, 1996 By: /s/ Simon R.C. Wadsworth
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Simon R.C. Wadsworth
Executive Vice President
(Principal Financial and Accounting Officer)
