UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 8-K (A)
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
June 7, 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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MID-AMERICA APARTMENT COMMUNITIES, INC.
Item 5. Other Events.
Mid-America Apartments, L.P., in which the registrant had a 82.3%
ownership interest at time of acquisition, has consummated the
acquisition of the apartment community below. The acquisition
was previously reported under item 5 of Form 8-K. Mid-America
Apartments L.P. will own and manage all of the properties.
<TABLE>
<CAPTION>
Apartment Purchase Number Date of Date
Community Location Price of Units Form 8-K Acquired
- --------- ---------------- ----------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Lakeside Jacksonville, FL $14,100,000 416 3/15/96 3/13/96
</TABLE>
The audited Historical Summary of Gross Income and Direct Operating Expenses
of the property for the previous fiscal year are included herein as an
exhibit.
<PAGE>
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: June 7, 1996 BY: /s/ SIMON R.C.WADSWORTH
Simon R.C. Wadsworth
Executive Vice President
(Principal Financial and
Accounting Officer)
MID-AMERICA APARTMENT COMMUNITIES, INC.
Historical Summary of Gross Income
and Direct Operating Expenses
(Lakeside Apartments)
December 31, 1995
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KPMG PEAT MARWICK LLP
Morgan Keegan Tower, Suite 900
50 North Front Street
Memphis, TN 38103
Independent Auditors' Report
The Board of Directors
Mid-America Apartment Communities, Inc.:
We have audited the accompanying Historical Summary of Gross
Income and Direct Operating Expenses (Historical Summary) of the
Acquisition Property (Lakeside Apartments), as described in Note
1, for the year ended December 31, 1995. This historical summary
is the responsibility of the Acquisition Property's management.
Our responsibility is to express an opinion on this Historical
Summary for the Acquisition Property based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the statement is free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the historical summary for the
Acquisition Property. An audit also includes assessing the
accounting principles used and the significant estimates made by
management, as well as evaluating the overall presentation of the
Historical Summary for the Acquisition Property. We believe that
our audit provides a reasonable basis for our opinion.
The accompanying Historical Summary for the Acquisition Property
was prepared for the purpose of complying with the rules and
regulations of the Securities and Exchange Commission as
described in Note 1 and is not intended to be a complete
presentation of the Acquisition Property's revenues and expenses.
In our opinion, the Historical Summary referred to above presents
fairly, in all material respects, the gross income and direct
operating expenses described in Note 1 of the Acquisition
Property for the year ended December 31, 1995, in conformity
with generally accepted accounting principles.
KPMG PEAT MARWICK LLP
Memphis, Tennessee
May 10, 1996
<PAGE>
MID-AMERICA APARTMENT COMMUNITIES, INC.
Historical Summary of Gross Income and Direct Operating Expenses
(Lakeside Apartments)
Year ended December 31, 1995
Gross income - total revenue $2,388,152
Direct operating expenses:
Operating expenses 771,398
Real estate taxes 231,374
Repairs and maintenance 40,162
----------
1,042,934
----------
Gross income in excess of direct operating expenses $1,345,218
==========
[FN]
See accompanying notes to Historical Summary of Gross Income and
Direct Operating Expenses for the Acquisition Property.
<PAGE>
MID-AMERICA APARTMENT COMMUNITIES, INC.
Notes to Historical Summary of Gross Income
and Direct Operating Expenses
(Lakeside Apartments)
December 31, 1995
(1) Accounting Policies
DESCRIPTION
The accompanying financial statement includes the operations
of Lakeside Apartments (the "Acquisition Property") owned by
parties unaffiliated with Mid-America Apartment Communities,
Inc. (the "Company"). The Acquisition Property, a multi-
family residential property located in Jacksonville,
Florida, was acquired by the Company in March 1996 and
contains 416 apartment units.
BASIS OF PRESENTATION
The accompanying financial statement is not representative
of the actual operations for the period presented. Certain
expenses have been excluded because Mid-America Apartments,
L.P. (the "Operating Partnership") does not anticipate that
they will be incurred in future operations of the
Acquisition Property. Expenses excluded consist of
depreciation and amortization, management fees, and other
costs not directly related to the future operations of the
Acquisition Property. Operating expenses include payroll,
utilities, advertising, and other general and administrative
costs. Management is not aware of any material factors
relating to this Acquisition Property that would cause this
financial statement not to be indicative of future operating
results as related to gross income and direct operating
expenses.
INCOME RECOGNITION
Revenues from rental property are recognized when due from
tenants. Leases are generally for one year or less.
(2) Pro Forma Taxable Operating Results and
Funds Generated From Operations (Unaudited)
The pro forma table reflects the taxable operating results
and funds generated from operations of the Acquisition
Property for the twelve months ended February 29, 1996, as
adjusted for certain items which can be factually supported.
This statement does not purport to forecast actual operating
results for any period in the future.
Pro forma net operating income (exclusive of
depreciation and amortization) $1,241,488
Less estimated depreciation expense 530,160
----------
Pro forma taxable operating income 711,328
Add depreciation not requiring the outlay of funds 530,160
----------
Pro forma funds generated from operations $1,241,488
==========
Depreciation for the buildings is estimated using a straight-
line method over a 25-year life.
