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
October 16, 2001
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
On October 16, 2001, Mid-America Apartment Communities, Inc. issued the
following press release.
Memphis, TN October 16, 2001. Mid-America Apartment Communities, Inc. (NYSE:
MAA) today announced it is revising its earnings estimates for the third and
fourth quarters of 2001 and for 2002. Due to the general weakening of the
economy and a significant drop-off in leasing traffic over the latter half of
September, the company expects to report 3rd Quarter Funds from Operations
("FFO") of $0.70 per share, one cent below First Call's forecast.
For the 4th quarter Mid-America expects to report FFO of 70 cents per share, 2
cents below previous estimates. FFO is a widely-accepted measure of a REIT's
performance.
Eric Bolton, President and CEO stated, "We currently have a number of
cross-currents impacting performance, some positive and some negative. Leasing
traffic dropped sharply after September 11th although it is now returning to
more normal levels. Overall, we believe it is prudent to reduce our forecast of
same-store growth for next year to about 1.6%, reflecting the general weakness
in the economy, but realize that considerable uncertainties continue to exist.
Our current revised estimate of FFO/share for next year is $2.87, 3% above this
year's forecast. We remain confident that our current level of dividend is
appropriate for this environment, and recognize its importance to investors."
He added "With the completion of our development program we have added
considerable balance sheet strength, and added further external growth capacity.
We are planning to maintain this capacity to take advantage of what we believe
will become an improving acquisition environment."
MAA is a self-administered, self-managed apartment-only real estate investment
trust which owns or has ownership interest in 33,459 apartment units throughout
the southeast and southcentral U.S. and in Texas, including 189 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. 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 growth rate of revenues and
expenses at Mid-America's properties, anticipated lease-up (and rental
concessions) at development properties, planned disposition, disposition pricing
and planned acquisitions.. 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, construction
delays that could cause new and add-on apartment units to reach the market later
than anticipated, changes in interest rates and other items that are difficult
to control such as insurance rates, increases in real estate taxes in many of
our markets, 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 Exchnage 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: October 16, 2001 /s/Simon R.C. Wadsworth
Simon R.C. Wadsworth
Executive Vice President
(Principal Financial and Accounting Officer)