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

                                 March 3, 2003
                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 9.  Regulation FD Disclosure


FROM:    Simon R. C. Wadsworth

SUBJECT: Mid-America lowers borrowing cost, completes rfefinancing

DATE:    March 3, 2003
- --------------------------------------------------------------------------------
Mid-America lowers borrowing cost, completes refinancing

Memphis, TN, Mid-America Apartment Communities,  Inc. (NYSE: MAA) reported today
that it has completed the refinancing of $147 million of debt maturities.  Using
swaps,  it has locked the interest  rate for an average life of five years,  and
will save 8 cents/share on an annualized  basis over the prior financing  (which
the company has incorporated into its forecasts).

A total of $180 million of new  financing was provided by Fannie Mae through its
DUS lender, Prudential Mortgage Capital, with the additional loan proceeds being
applied to pay down the company's bank lines of credit.

MAA is a self-administered,  self-managed  apartment-only real estate investment
trust which currently owns or has ownership  interest in 34,507  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,  shortage  of  acceptable  property
acquisition  candidates,  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  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:  March 3, 2003         /s/Simon R.C. Wadsworth
                             Simon R.C. Wadsworth
                             Executive Vice Presidentand Chief Financial Officer
                             (Principal Financial and Accounting Officer)