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
September 5, 2000
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
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(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)
Item 5. Other events.
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The following press release was announced on September 5, 2000:
September 5, 2000; Memphis, TN. Mid-America Apartment Communities, Inc
(MAA:NYSE) announced today that it has executed a $25 million six-year swap,
effectively reducing the amount of conventional floating rate debt outstanding
to 9% of its total debt.
MAA swapped $25 million of its Fannie Mae floating rate debt that is currently
priced at 67 bp over 3-month Libor. This effectively locks the rate on this debt
at 7.45% for the next six years through a hedged transaction. AmSouth Bank
executed the swap with Mid-America, bringing MAA's total short-term debt swapped
with AmSouth to $75 million. Chatham Financial continued to serve as consultant
to Mid-America on its derivative transactions.
MAA is a self-administered, self-managed apartment-only real estate investment
trust which owns or has ownership interest in 33,591 apartment units throughout
the southeastern and midwest U.S. and in Texas, including 1,315 units in the
development pipeline. For further details, please refer to our website at
www.maac.net or contact Simon R. C. Wadsworth at (901) 682-6668, ext 104. 6584
Poplar Ave., suite 340, Memphis, TN 38138.
Certain matters discussed in this press release may constitute forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such statements include, but
are not limited to, statements made about anticipated acquisition and
development of apartment units, divesting and joint venture transactions, and
anticipated opportunities to improve occupancy and rental rates for apartment
units. 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, increases in interest rates and 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: September 5, 2000 /s/ Simon R.C. Wadsworth
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Simon R.C. Wadsworth
Executive Vice President
(Principal Financial and
Accounting Officer)