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
July 3, 2002
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 5. Other Event
Mid America Apartment Communities, Inc. (MAA)
Mid-America Apartment Communities and Crow Holdings Form Joint Venture; Announce
Initial Acquisition
July 3, 2002
Mid-America Apartment Communities, Inc. (NYSE: MAA), Memphis, TN. Mid-America
Apartments announced today that it has signed a partnership agreement with Crow
Holdings to pursue the acquisition of multifamily redevelopment investment
opportunities. The joint venture is expected to acquire approximately $150
million of multifamily properties located in major and select secondary markets
throughout the southeast and south central region of the US. Mid-America
Apartments will provide acquisition, redevelopment and property management
services to the partnership and will own a one-third interest in the
partnership.
Mid-America also announced the acquisition of the Preston Hills at Mill Creek
apartment community in Buford, GA, a suburb market of metro Atlanta. Preston
Hills is a 464 unit apartment community built in 2000 and was acquired for $33.7
million. The property is located near the new Mall of Georgia in Gwinett County,
a high growth corridor for the Atlanta area. Mid-America and Crow Holdings
expect this acquisition to be the first investment in their newly formed
partnership upon finalizing and closing the partnership debt financing program.
The venture expects to put in place a $100 million credit facility with Freddie
Mac within the next 90 days.
Eric Bolton, President and CEO of Mid-America said, "We are excited to kick off
this joint venture with Crow Holdings, which brings together two organizations
with a successful track record of investment, asset management and property
management operations. The long term outlook for the Atlanta metro area is
promising and we look forward to doing well on this investment with our partners
at Crow Holdings. We are continuing to pursue a number of attractive investment
opportunities in other large metro markets in the southeastern US and look
forward to expanding this initiative."
Mid-America Apartment Communities is a NYSE traded multifamily REIT specializing
in the acquisition, redevelopment and management of apartment properties
throughout the southeast and south central US with over 33,000 units under
ownership and management. Crow Holdings is a group of international, diversified
investment holding companies that owns and directs the investments of the
Trammell Crow family and manages investments on behalf of the Trammell Crow
family and its investment partners.
MAA is a self-administered, self-managed apartment-only real estate investment
trust which owns or has ownership interest in 33,923 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, 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 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: July 3, 2002 /s/Simon R.C. Wadsworth
Simon R.C. Wadsworth
Executive Vice President
(Principal Financial and Accounting Officer)