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
February 26, 1998
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)
<PAGE>
Item 5. Other Events.
Mid-America Apartment Communities, Inc. has consummated the
acquisition of the apartment community below. The acquisition
was previously reported under item 5 of Form 8-K.
Apartment Purchase Number Date of Date
Community Location Price of Units Form 8-K Acquired
- ----------- -------------- ---------- -------- -------- --------
Van Mark Huntsville, AL $5,140,000 152 3/13/98 2/26/98
(subsequently property renamed Abbington Place at Southpointe)
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: May 22, 1998 /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
(Van Mark Apartments)
December 31, 1997
<PAGE>
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 (Van Mark Apartments), as described in Note
1, for the year ended December 31, 1997. 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 to the Historical Summary
for the year ended December 31, 1997, in conformity with
generally accepted accounting principles.
/s/ KPMG Peat Marwick LLP
Memphis, Tennessee
April 16, 1998
<PAGE>
MID-AMERICA APARTMENT COMMUNITIES, INC.
Historical Summary of Gross Income and Direct Operating Expenses
(Van Mark Apartments)
Year ended December 31, 1997
Gross income - total revenue $802,758
Direct operating expenses:
Operating expenses 193,011
Real estate taxes 44,424
Repairs and maintenance 96,900
--------
334,335
--------
Gross income in excess of direct operating expenses $468,423
========
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
(Van Mark Apartments)
December 31, 1997
(1) Accounting Policies
Description
The accompanying financial statement includes the operations
of Van Mark Apartments (the Acquisition Property) owned by
parties unaffiliated with Mid-America Apartment Communities,
Inc. (the Company) and Mid-America Apartments, L.P. (the
Operating Partnership). The Acquisition Property, a multi-
family residential property located in Huntsville, Alabama
was acquired by the Operating Partnership on February 26,
1998 and contains 152 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 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.
<PAGE>
MID-AMERICA APARTMENT COMMUNITIES, INC.
Notes to Historical Summary of Gross Income
and Direct Operating Expenses
(Van Mark Apartments)
(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 January 31, 1998 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) $474,543
Less estimated depreciation expense 193,264
--------
Pro forma taxable operating loss 281,279
Add depreciation not requiring outlay of funds 193,264
--------
Pro forma funds generated from operations $474,543
========
Depreciation for the buildings is estimated using a straight-line
method over a 25-year life.
