Mid-America Apartment Communities (MAA) 8-K Other events

EXHIBIT 99.1

ITEM  6. SELECTED FINANCIAL DATA (Revised)

The following table sets forth selected financial data on an historical basis for the Company. This data should be read in conjunction with the consolidated financial statements and notes thereto and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included elsewhere in this Annual Report on Form 10-K.

MID-AMERICA APARTMENT COMMUNITIES, INC.

SELECTED FINANCIAL DATA⁽¹⁾

(Dollars in thousands except per share data)

	Year Ended December 31,
	2002			2001			2000			1999			1998
	(Revised)			(Revised)			(Revised)			(Revised)			(Revised)
Operating Data:
Total revenues	$	233,044		$	232,642		$	227,022		$	225,745		$	214,951
Expenses:
Property operating expenses		92,530			89,224			86,038			84,641			79,698
Depreciation and amortization		55,110			51,925			51,719			49,788			45,916
Property management and general and administrative expenses		15,298			16,083			14,826			14,479			11,960
Interest		49,448			52,598			50,736			48,302			45,704
Loss on debt extinguishment		1,444			1,189			243			79			1,172
Amortization of deferred financing costs		2,712			2,352			2,758			2,854			2,348
Income from continuing operations before minority interest in operating partnership income, loss from investments in unconsolidated entities and net gain on insurance settlement proceeds and disposition of assets		16,502			19,271			20,702			25,602			28,153
Minority interest in operating partnership income		(388	)		(2,417	)		(2,587	)		(2,485	)		(2,072	)
Loss from investments in unconsolidated entities		(532	)		(296	)		(157	)		(31	)		—
Net gain on insurance settlement proceeds and disposition of assets		397			11,933			11,587			10,237			408
Income from continuing operations		15,979			28,491			29,545			33,323			26,489
Discontinued operations:
Property operations		162			207			242			249			268
Gain on sale		—			—			—			—			—
Net income		16,141			28,698			29,787			33,572			26,757
Preferred dividend distribution		16,029			16,113			16,114			16,114			11,430
Premiums and original issuance costs associated with the redemption of preferred stock		2,041			—			—			—			—
Net income available for common shareholders	$	(1,929	)	$	12,585		$	13,673		$	17,458		$	15,327
Per Share Data:
Basic and diluted:
Net income available per common share	$	(0.11	)	$	0.72		$	0.78		$	0.93		$	0.82
Dividends declared	$	2.340		$	2.340		$	2.325		$	2.305		$	2.225
Balance Sheet Data:
Real estate owned, at cost	$	1,478,793		$	1,449,720		$	1,430,378		$	1,396,743		$	1,434,733
Real estate owned, net	$	1,192,223		$	1,216,933		$	1,244,475		$	1,248,051		$	1,315,368
Total assets	$	1,239,467		$	1,263,488		$	1,303,771		$	1,298,823		$	1,366,427
Total debt	$	803,703		$	779,664		$	781,089		$	744,238		$	753,427
Minority interest	$	33,405		$	43,902		$	50,020		$	55,550		$	61,441
Shareholders’ equity	$	338,171		$	398,358		$	435,356		$	464,394		$	517,299
Weighted average common shares (000’s):
Basic		17,561			17,427			17,544			18,784			18,725
Diluted		17,561			17,532			17,597			18,808			18,770
Other Data (at end of period):
Market capitalization (shares and units)	$	673,431		$	709,224		$	634,903		$	639,095		$	670,123
Ratio of total debt to total capitalization(2)		54.4	%		52.4	%		55.2	%		53.8	%		52.9	%
Number of properties, including joint venture ownership interest and one community classified as a discontinued operation		123			122			124			129			129
Number of apartment units, including joint venture ownership interest and units classified in a discontinued operation		33,923			33,411			33,612			33,901			33,831

⁽¹⁾ In accordance with Financial Accounting Standard Statement No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets” issued by the Financial Accounting Standards Board, the selected financial data have been revised from those originally reported for the years ended December 31, 2002, 2001, 2000, 1999 and 1998 to reflect separately the results of discontinued operations for properties sold during the year ended December 31, 2003. The consolidated financial statements also reflect the Company’s adoption of Financial Accounting Standard Statement No. 145, Rescission of FASB statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical Corrections. These revisions had no impact on the consolidated balance sheets, statements of shareholders’ equity or statements of cash flows, and had no impact on net income or net income per share for the years ended December 31, 2002, 2001, 2000, 1999 and 1998.

⁽²⁾ Total capitalization is total debt and market capitalization of preferred shares (value based on $25 per share liquidation preference), common shares and partnership units (value based on common stock equivalency).