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
July 20, 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 releases were released to the press on July 20,
1998 and July 24, 1998.
Memphis, TN: July 20, 1998. Mid-America Apartment Communities,
Inc. (NYSE:MAA) today announced that Michael S. Starnes, Chairman
and CEO of M.S. Carriers has been appointed to its Board of
Directors.
M.S. Carriers (NASDAQ:MSCA) is a $500 million publicly-traded
truckload transportation and logistics company transporting a
wide variety of goods across the United States, Canada, and
Mexico. Under the leadership of Starnes, the Company has grown
from one truck in 1978 to over 3,500 tractor units and 3,500
employees.
Mike Starnes is past Chairman of the United States Chamber of
Commerce and currently serves as Chairman of its Executive
Committee. He also serves on various boards, including RFS Hotel
Investors, Inc. and NationsBank of Memphis, Tennessee, and is
active in numerous charitable and civic endeavors. In accepting
his position as an independent director, he said "I am looking
forward to serving on the board of one of the premier apartment
REITs in the United States. I feel they have the best management
team in the industry, and I am honored to serve with the other
uniquely qualified board members".
George Cates, Chairman and CEO of Mid-America, added "Mike
Starnes is a strong addition to the MAA board. We gain a proven,
distinguished business leader with years of success as a CEO of a
publicly traded company and one with a wealth of proven judgment
and leadership skills. Our majority independent directors have an
outstanding track record of adding intrinsic value to the shares
under their stewardship. Mike's addition to our board assures the
continuation of that commitment."
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.
Memphis, TN: July 24, 1998. Mid-America Apartment Communities,
Inc. (NYSE:MAA) announced today the purchase on July 21st of the
1001-unit L&B Apartment Portfolio which included Courtyards at
Campbell in Dallas, Deer Run in Dallas, Highwood in Plano, and
Northwood Place in Arlington, Texas. Built from 1980 to 1986,
these properties were purchased for $38,275,000 from SWA
Acquisitions, Ltd., a TX limited partnership.
This was an all cash transaction, funded through the company's
line of credit facility at AmSouth Bank. The average occupancy
at closing for the four properties was 93.5%, with average
monthly rents of $613 per month.
These acquisitions bring the total number of units in Dallas to
2,303, comprised of 8 communities, and a total of 4,239 units now
in Texas. H. Eric Bolton, President, comments on the purchase,
"with our regional office located in Dallas, this portfolio
acquisition is a natural fit to fully utilize our strong
management team and further maximize operating efficiencies. The
Dallas apartment market experienced rental growth of 6.1% during
the last twelve months ended first quarter 1998, with a strong
economy and job base predicted over the next decade. We look to
capitalize on that forecast with the excellent locations of these
properties, positioning them through our intensive capital
improvement and landscape design programs where we've
consistently achieved improved results."
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.
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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: July 28, 1998 /s/ Simon R.C. Wadsworth
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Simon R.C. Wadsworth
Executive Vice President
(Principal Financial and Accounting Officer)
