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
April 30, 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.
Following notification of the New York Stock Exchange, the
following press release was released to the press on April 16,
1998.
Memphis, TN: April 16, 1998. Mid-America Apartment Communities,
Inc. (NYSE:MAA) today announced that Ralph Horn, Chairman and CEO
of First Tennessee National Corporation (FTEN:NASDAQ) and First
Tennessee Bank National Association has been appointed to its
Board of Directors.
Under the leadership of Horn (as CEO since 1994), First Tennessee
has established itself as a leader in the banking industry,
achieving the highest return on capital of any bank during the
past five years. The $16 billion diversified bank holding company
has also received national recognition as one of America's best
places to work, and was recently recognized as one of three
publicly traded companies for best investor relations meetings.
During the 1990's, FTEN investors have realized one of the
highest price appreciation of any publicly traded company, with
an increase of 822% during that period, compared to 223% for the
S&P 500 for the same term. The overall return to investors has
been 33.6% compounded for the past five years.
Mason Hawkins, Chairman of the Independent Nominating Committee
of the Mid-America board of directors, said "we are most pleased
that Ralph Horn has accepted our invitation to join the Mid-
America board. He has a wonderful track record at a great company
and has dealt very ably with many of the same opportunities and
challenges as does Mid-America. His experience and insightful
leadership, and his focus on the productive use of capital, will
help to assure the continuing strong growth of the underlying
intrinsic value of MAA shares, not yet reflected in its share
price."
Mid-America Apartment Communities owns 33,572 apartment units
(including 2,660 being developed) throughout the southeastern
U.S. and Texas and has the highest return on assets (at 9.8%, 13%
above the peer group average) of any of the ten largest apartment
REITs.
For further information, contact Simon R. C. Wadsworth at
(901)682 6668, ext 104, 6584 Poplar Ave., Suite 340, Memphis, TN
38138, (901)682-6600 FAX: (901)682-6667.
<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: April 30, 1998 /s/ Simon R.C. Wadsworth
------------------- ---------------------------------
Simon R.C. Wadsworth
Executive Vice President
(Principal Financial and Accounting Officer)
