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
May 29, 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)
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
___________ ____________ ___________ ________ ___________ ____________
Germantown Savannah, GA $12,800,000 220 May 29,1998 May 29, 1998
Grove
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: August 12, 1998 /s/ Simon R.C. Wadsworth
------------------ ------------------------------------
Simon R.C. Wadsworth
Executive Vice President
(Principal Financial and Accounting Officer)
EXHIBIT 99
MID-AMERICA APARTMENT COMMUNITIES, INC.
Historical Summary of Gross Income
and Direct Operating Expenses
(Georgetown Grove 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
Georgetown Grove Apartments (Acquisition Property), 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
July 24, 1998
<PAGE>
MID-AMERICA APARTMENT COMMUNITIES, INC.
Historical Summary of Gross Income and Direct Operating Expenses
(Georgetown Grove Apartments)
Year ended December 31, 1997
Gross income - total revenue $ 1,213,455
Direct operating expenses:
Operating expenses 335,929
Real estate taxes 84,063
Repairs and maintenance 91,971
Interest expense 665,807
---------
1,177,770
Gross income in excess ---------
of direct operating expenses $ 35,685
=========
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
(Georgetown Grove Apartments)
December 31, 1997
(1) Accounting Policies
Description
The accompanying financial statement includes the operations
of Georgetown Grove Apartments (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 Savannah,
Georgia was acquired by the Operating Partnership on May 29,
1998 and contains 220 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 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. Interest Expense
has been included in the Historical Summary to the extent
that a note payable is assumed in connection with the
Operating Partnership's acquisition 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.
(Continued)
<PAGE>
2
MID-AMERICA APARTMENT COMMUNITIES, INC.
Notes to Historical Summary of Gross Income
and Direct Operating Expenses
(Georgetown Grove 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 April 30, 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)$ 247,490
Less estimated depreciation expense (481,280)
----------
Pro forma taxable operating loss (233,790)
Add depreciation not requiring outlay of funds 481,280
----------
Pro forma funds generated from operations $ 247,490
==========
Depreciation for the buildings is estimated using a straight-
line method over a 25-year life.
