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 AND EXCHANGE ACT OF 1934
March 3, 2003
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 300
MEMPHIS, TENNEESSEE 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 9. Regulation FD Disclosure
FROM: Simon R. C. Wadsworth
SUBJECT: Mid-America lowers borrowing cost, completes rfefinancing
DATE: March 3, 2003
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Mid-America lowers borrowing cost, completes refinancing
Memphis, TN, Mid-America Apartment Communities, Inc. (NYSE: MAA) reported today
that it has completed the refinancing of $147 million of debt maturities. Using
swaps, it has locked the interest rate for an average life of five years, and
will save 8 cents/share on an annualized basis over the prior financing (which
the company has incorporated into its forecasts).
A total of $180 million of new financing was provided by Fannie Mae through its
DUS lender, Prudential Mortgage Capital, with the additional loan proceeds being
applied to pay down the company's bank lines of credit.
MAA is a self-administered, self-managed apartment-only real estate investment
trust which currently owns or has ownership interest in 34,507 apartment units
throughout the southeast and southcentral U.S. For further details, please refer
to our website at www.maac.net or contact Simon R. C. Wadsworth at (901)
682-6668, ext. 105. 6584 Poplar Ave., Suite 300, Memphis, TN 38138.
Certain matters in this press release may constitute forward-looking statements
within the meaning of Section 27-A of the Securities Act of 1933 and Section 21E
of the Securities and Exchange Act of 1934. Such statements include, but are not
limited to, statements made about anticipated market conditions, anticipated
acquisitions, redevelopment opportunities, and property financing. Actual
results and the timing of certain events could differ materially from those
projected in or contemplated by the forward-looking statements due to a number
of factors, including a downturn in general economic conditions or the capital
markets, competitive factors including overbuilding or other supply/demand
imbalances in some or all of our markets, shortage of acceptable property
acquisition candidates, changes in interest rates and other items that are
difficult to control, as well as the other general risks inherent in the
apartment and real estate businesses. Reference is hereby made to the filings of
Mid-America Apartment Communities, Inc., with the Securities and Exchange
Commission, including quarterly reports on Form 10-Q, reports on Form 8-K, and
its annual report on Form 10-K, particularly including the risk factors
contained in the latter filing.
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: March 3, 2003 /s/Simon R.C. Wadsworth
Simon R.C. Wadsworth
Executive Vice Presidentand Chief Financial Officer
(Principal Financial and Accounting Officer)