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 November 25, 1998 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 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. Following notification of the New York Stock Exchange, the following press release was announced on December 1, 1998. MEMPHIS, TN: December 1, 1998. Mid-America Apartment Communities, Inc. (NYSE:MAA) announced today the purchase on November 25th of the 112-unit Island Retreat Apartments in St. Simons Island, Georgia. Built in 1978, this property was purchased for $5,075,000 from Island Retreat, Ltd., a Georgia limited partnership. The transaction included a loan assumption of approximately $3.5 million, bearing 7.22% interest, with the balance paid in UPREIT units at $28 per share. The occupancy at closing was 92% with average monthly rents of $680. Eric Bolton, President, comments on the purchase, "Island Retreat is in a great location with a limited amount of future new development risks for the local market. The market has long been known as a great year-round vacation and exclusive residential area. Additionally, the property is located very close to our existing Brunswick, GA property and is a good fit with our strong Jacksonville, FL management team. This deal is highly accretive due to the UPREIT units issued". Mid-America Apartment Communities is a self-managed apartment REIT with construction, development, management and acquisition capabilities which owns 34,977 apartments in 13 states, including 1,652 units under construction; there are an additional 927 apartments in pre-development. For further information, contact Simon R. C. Wadsworth at (901)682 6668, ext 104. 6584 Poplar Ave., Suite 340, Memphis, TN 38138, (901)682-6600 FAX: (901)682-6667. Web-site: www.maac.net 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: December 9, 1998 /s/Simon R.C. Wadsworth ------------------------- ---------------------------------------- Simon R.C. Wadsworth Executive Vice President (Principal Financial and Accounting Officer)