-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OW1jkEvAGWGstOd5M8Q+WX4Gq3y5oNndRhmhjcHR/9fJ9OBNFn6xueG4pWVeVGE3 cQoR82Iq2hrvUuJmgWnh6w== 0000912595-02-000022.txt : 20020703 0000912595-02-000022.hdr.sgml : 20020703 20020703111346 ACCESSION NUMBER: 0000912595-02-000022 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020703 ITEM INFORMATION: Other events FILED AS OF DATE: 20020703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MID AMERICA APARTMENT COMMUNITIES INC CENTRAL INDEX KEY: 0000912595 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 621543819 STATE OF INCORPORATION: TN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12762 FILM NUMBER: 02695743 BUSINESS ADDRESS: STREET 1: 6584 POPLAR AVE STREET 2: STE 340 CITY: MEMPHIS STATE: TN ZIP: 38138 BUSINESS PHONE: 9016826600 MAIL ADDRESS: STREET 1: 6584 POPLAR AVE STREET 2: SUITE 340 CITY: MEMPHIS STATE: TN ZIP: 38138 8-K 1 jv2q02.txt 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) -----END PRIVACY-ENHANCED MESSAGE-----