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
November 25, 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 December 1, 1998.
MEMPHIS, TN: December 1, 1998. Mid-America Apartment Communities, Inc.
(NYSE:MAA) announced today the purchase on November 25th of the 112-unit Island
Retreat Apartments in St. Simons Island, Georgia. Built in 1978, this property
was purchased for $5,075,000 from Island Retreat, Ltd., a Georgia limited
partnership.
The transaction included a loan assumption of approximately $3.5 million,
bearing 7.22% interest, with the balance paid in UPREIT units at $28 per share.
The occupancy at closing was 92% with average monthly rents of $680.
Eric Bolton, President, comments on the purchase, "Island Retreat is in a great
location with a limited amount of future new development risks for the local
market. The market has long been known as a great year-round vacation and
exclusive residential area. Additionally, the property is located very close to
our existing Brunswick, GA property and is a good fit with our strong
Jacksonville, FL management team. This deal is highly accretive due to the
UPREIT units issued".
Mid-America Apartment Communities is a self-managed apartment REIT with
construction, development, management and acquisition capabilities which owns
34,977 apartments in 13 states, including 1,652 units under construction; there
are an additional 927 apartments in pre-development.
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.
Web-site: www.maac.net
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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: December 9, 1998 /s/Simon R.C. Wadsworth
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Simon R.C. Wadsworth
Executive Vice President
(Principal Financial and
Accounting Officer)
