EXHIBIT 99.1 Press Release dated January 21, 2005
================================================================================
PRESS RELEASE
================================================================================
from: Simon R. C. Wadsworth
subject: Mid-America announces taxable composition of its 2004 distributions
date: January 21, 2005
- --------------------------------------------------------------------------------
Mid-America Announces Taxable Composition of Its 2004 Distributions
Memphis, TN: January 21, 2005. Mid-America Apartment Communities, Inc. (MAA:
NYSE) today announced the taxable composition of its 2004 distributions paid to
shareholders. The amount of distribution referred to as return of capital is
considered by the Internal Revenue Service to be a return of invested capital
and should be applied to reduce the shareholders' tax cost basis of the related
shares. The composition presented is applicable to all dividend distributions
during 2004.
COMMON SHARES (CUSIP No. 59522J103)
- ------------------ ----------------- -------------- --------------------- ------------------ ---------------
Cash Ordinary Long Term
Record Date Payment Dividend Taxable Capital Return of
Date per Share Dividend Gain (1) Capital
- ------------------ ----------------- -------------- --------------------- ------------------ ---------------
1/24/2004 1/31/2004 $ 0.5850 44.79% 11.04% 44.17%
4/24/2004 4/30/2004 $ 0.5850 44.79% 11.04% 44.17%
7/23/2004 7/31/2004 $ 0.5850 44.79% 11.04% 44.17%
10/22/2004 10/30/2004 $ 0.5850 44.79% 11.04% 44.17%
- ------------------ ----------------- -------------- --------------------- ------------------ ---------------
(1) 2.15% of total common distributions are Unrecaptured Sec. 1250 Gain.
PREFERRED SHARES
- ------------------------------------------ ----------------- ---------------- ----------------- --------------
Cash Ordinary Long Term
Dividend Taxable Capital Return of
Series per Share Dividend Gain (2) Capital
- ------------------------------------------ ----------------- ---------------- ----------------- --------------
Series F (CUSIP# 59522J608) $ 2.3124 80.23% 19.77% 0.00%
Series H (CUSIP# 59522J806) $ 2.075 80.23% 19.77% 0.00%
- ------------------------------------------ ----------------- ---------------- ----------------- --------------
(2) 3.85% of total preferred distributions are Unrecaptured Sec. 1250 Gain.
The Long Term Capital Gain Distributions qualify for the 15% Reduced Tax Rate on
Capital Gains. Please note REIT Ordinary Taxable Dividends, by law, do not
qualify for the Reduced Tax Rate of 15%.
This release is based on the preliminary work the company has performed on its
filings and is subject to correction or adjustment based on the completion of
those filings. The company is releasing information at this time to aid those
required to distribute 1099s on the company's dividends. No material change in
the taxable composition is expected.
MAA is a self-administered, self-managed apartment-only real estate investment
trust, which owns or has ownership interest in 37,904 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)
248-4105. 6584 Poplar Ave., suite 300, Memphis, TN 38138.