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
December 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)
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Item 5. Other events. Following notification of the New York Stock Exchange, the
following press release was announced on January 5, 1999:
Memphis, TN: January 5, 1999. Mid-America Apartment Communities, Inc. (MAA:NYSE)
today announced that on December 29, 1998 it sold 1 million shares of its 9.5%
Series E Cumulative Preferred Stock in a direct placement with a private
investor. The Series E Preferred Stock was priced at $25 per share with a
dividend payable monthly. The securities have no stated maturity date and will
not be subject to any sinking fund. After 5 years, the securities may be
required by the purchaser to be redeemed by the Company in (at the Company's
selection) cash or common stock at the market price at the time.
MAA received net proceeds of $24,750,000 after offering expenses, which were
used to pay down its line of credit.
MAA is a self-advised, self-managed apartment only REIT which owns 34,977
apartments in 13 states, including 1,652 units under construction; there are an
additional 927 units 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
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: January 11, 1999 /s/ Simon R.C. Wadsworth
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Simon R.C. Wadsworth
Executive Vice President
(Principal Financial and Accounting
Officer)
