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
June 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)
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Item 5. Other events.
Following notification of the New York Stock Exchange, the
following press release was announced on June 26, 1998.
Memphis, TN: June 26, 1998. Mid-America Apartment Communities,
Inc. (NYSE:MAA) announced today that it has sold 2.0 million
shares of its 9.375% Series C Cumulative Preferred Stock ("Series
C Preferred Stock") in a public offering. Managing underwriters
for the transaction are Morgan Stanley Dean Witter, Morgan Keegan
& Company, Inc., Raymond James & Associates, Inc. and The
Robinson-Humphrey Company LLC. The offering was priced at $25
per share with a dividend payable quarterly at the annual rate of
9.375%. The Series C Preferred Stock will have a liquidation
preference of $25 per share and are redeemable after June 30,
2003. The securities have no stated maturity date and will not be
subject to any sinking fund or other mandatory redemption by the
Company. The Series C Preferred Stock is not convertible into the
Company's common stock or any other security of the Company, and
it will be listed in the New York Stock Exchange under the symbol
"MAA PrC".
MAA will receive net proceeds after offering expenses
approximating $48.2 million which will be used to pay down its
line of credit.
The Company also announced today that it has an agreement to
acquire four apartment communities in Texas totaling 1,001 units
for $38.3 million. The transaction is expected to close on July
1st with financing provided by the Company's line of credit.
Deer Run, 304 units, in Dallas
Courtyards at Campbell, 231 units in Dallas
Highwood, 196 units in Plano
Northwood, 270 units in Arlington
MAA also announced the resignation of John J. Byrne III,
President and Managing Member, Cirque Property L.C., from its
Board of Directors, due to business and family commitments. Board
member O. Mason Hawkins will chair a search committee composed of
Mid-America's independent directors to fill the unexpired term of
Mr Byrne with another independent director.
MAA is a self-advised, self-managed apartment only REIT which,
upon completion of the purchase mentioned above, will own 35,588
apartment units (including 2,998 units under development) and
manage an additional 5,387 apartment units throughout the
southern crescent of the U.S.
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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: June 29, 1998 /s/ Simon R.C. Wadsworth
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Simon R.C. Wadsworth
Executive Vice President
(Principal Financial and Accounting Officer)
