EXHIBIT 99.1 Press Release
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PRESS RELEASE
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FROM: Simon R. C. Wadsworth
SUBJECT: MID-AMERICA announces property acquisition
DATE: June 21, 2004
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MEMPHIS, TN, Mid-America Apartment Communities, Inc. (NYSE: MAA) announced today
the acquisition of the Watermark apartment community located in the Dallas/Ft.
Worth Metroplex sub-market of Roanoke, TX. The 240-unit property was built in
2002 and consists of one and two bedroom upscale apartment homes with nine-foot
ceilings, kitchen gourmet island countertops and built-in computer workstations.
The community features a private lake with cascading fountains, resort pool,
state-of-the art health and fitness center and detached garages and carports.
Located in the high-growth corridor of the northwest Dallas/Ft. Worth metroplex,
Watermark is located within four miles of an announced new 1.6 million square
foot open air mall scheduled for construction this fall and enjoys close
proximity to many of the region's top employers including Fidelity's new
regional headquarters, Daimler/Chrysler's operations center and the Alliance
Airport and Business Park center.
The acquisition of Watermark brings Mid-America's total number of properties in
the Dallas/Ft. Worth metroplex to eleven properties, or 3,616 apartment units.
MAA is a self-administered, self-managed apartment-only real estate investment
trust, which owns or has ownership interest in 36,952 apartment units throughout
the southeast and south-central U.S. and in Texas. 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, costs remaining to complete development
properties, planned disposition, disposition pricing, and planned acquisitions
and developments. 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.