8-K

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

Date of Report (Date of earliest event reported) June 6, 2006 (June 6, 2006)

MID-AMERICA APARTMENT COMMUNITIES, INC.

(Exact name of registrant as specified in its charter)

TENNESSEE	1-12762	62-1543819
(State of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

6584 Poplar Avenue, Suite 300
Memphis, Tennessee	38138
(Address of principal executive offices)	(Zip Code)

(901) 682-6600

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ]Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ]Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ]Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 7.01Regulation FD Disclosure

On June 6, 2006, H. Eric Bolton , Jr., Chief Executive Officer, and Simon R.C. Wadsworth, Chief Financial Officer, of the registrant presented an update to investors at the NAREIT Institutional Investor Forum. A copy of the press release is furnished as Exhibit 99.1 to this Current Report.

ITEM 9.01Financial Statements and Exhibits

(c)	Exhibits
	Exhibit Number	Description
	99.1	Investor Update

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: June 6, 2006	/s/Simon R.C. Wadsworth
	Simon R.C. Wadsworth
	Executive Vice President and Chief Financial Officer
	(Principal Financial and Accounting Officer)

EX-99

Mid-America Apartment

Communities

NAREIT Institutional Investor Forum

June 2006

Statements contained in this presentation, which are not historical facts, are forward-looking

statements, as the term is defined in the Private Securities Litigation Reform Act of 1995.  Such

forward-looking statements are subject to risks and uncertainties which can cause actual results

to differ materially from those currently anticipated, due to a number of factors, which

include, but are not limited to, unfavorable changes in the apartment market, changing

economic conditions, the impact of competition, acquisitions which may not achieve anticipated

results and other risk factors discussed in documents filed with the Securities and Exchange Commission

from time to time including the Company’s Annual Report on Form 10-K and the Company’s

Quarterly Report on Form 10-Q.  The statements in this presentation are made based

upon information currently known to management and the company assumes no obligation to update or

revise any of its forward-looking statements.

Safe Harbor Statement

Lighthouse Court, Jacksonville

Silverado, Austin

MAA Overview

Ø

Sunbelt Region Focus

•

Strong job growth, high household

formation

Ø

Efficient Size

•

135 properties; 39,179 units

•

$2.6B total capitalization

Ø

Three-tier Diversification

•

Steady growth, lower volatility

Ø

High Quality Properties

•

A+ to B assets; strong market appeal

Ø

Strong Operating Platform

•

Extensive use of technology, internet

•

Generally outperform local markets

Ø

High “Quality of Earnings”

•

FFO driven by operations, not transactions

Ø

Top-Tier Performance

•

Shareholder total return

Lanier Club, Atlanta

Verandas, Dallas

Positioned for Performance

ü

Focused on the Sunbelt …poised to

capture growing demand for
apartment housing in high job growth
region.

ü

Repositioned portfolio …higher

allocation to strong recovery markets;
solid diversification across region.

ü

High asset quality …upper end

properties in institutional quality
markets; significant upgrades over last
three years.

ü

Strong operating platform

…significant enhancements made
over the past two years.

ü

High rent growth opportunity

…kitchen and bath upgrade initiative
will impact 20% to 25% of the
portfolio.

ü

Solid external growth opportunity 

…increasing deal flow and relative
size combine for competitive outlook.

ü

Significantly improved balance

sheet and flexibility have been enhanced.

Current MAA Footprint

Regional Focus

Ø

The “Demand” side of the

equation leading recovery for the
sector…favoring the southeast
and sunbelt states

Ø

Encompasses two of the three

states (TX, FL) with the greatest
population growth over the next
ten years

Ø

Competition from new construction

may be muted for a limited period
due to construction cost pressures
and labor/material supply
limitations

Ø

MAA positioned in six of the “10

Hot Cities” for job growth through
2015

•

Orlando

•

Austin

•

Jacksonville

•

Tampa

•

Dallas

•

Atlanta

Monthaven, Nashville

Repositioned Portfolio

Ø

Allocated 29% of capital to large

markets, up from 19% in 2003

Ø

Increased exposure to more rapidly

growing markets during early part of
cycle

Ø

Average age of properties sold over

last 3 years was 29 years versus 6
years for properties acquired

Ø

20% of our gross assets ($408MM)

have been acquired in last three
years

•

Institutional markets: Fort Lauderdale,

Austin, Dallas, Houston, Atlanta,
Raleigh

•

$74,000 per unit, average 6 years old

Ø

Pro-active capital and refurbishment

program

•

Recurring CapEx $400-$450/unit

•

Revenue Enhancing CapEx

$180-$250/unit

•

Refurbishment Program at selected

properties; $4,200/unit

Improved Operating Platform

Ø

Installed web-based property

management system (MRI)

Ø

Yield management test (LRO) in

2006 offers rent improvement
potential

Ø

Inventory management

opportunities to reduce days
vacant

Ø

New marketing initiatives

–

Regional pricing directors

–

On-line leasing

–

Direct rental payments

Ø

Intense focus on property

operations: 110 property
managers are CPM-certified

Repositioning Opportunity

Ø

Interior improvement

program

–

Up to 8,000 unit potential

–

1,100 units targeted for

2006

–

Focus on kitchen and bath

–

Average $4,200 per unit

–

Work performed as unit

turns

Ø

Average rent increases

of $107 (vs. target of
$87)

Ø

Target 13% leveraged

IRR (YTD: 4-year
payback)

External Growth

Ø

Acquisition program has

continuously improved
asset quality

Ø

Year 1 average NOI yield of

approx. 6½% to 7½%

Ø

$150 million of acquisitions

annually can add as much
as 14 cents to FFO per
share by year 3

Ø

Must also pass IRR and

replacement cost tests

Preserve at Brier Creek, Raleigh

200 New “Expansion” Units Under Construction

External Growth

Ø

$50 million of

added-value
development
underway:

•

Phase 2 additions (3

locations)

•

540 apartments

•

Up to $16MM invested

in 2006

Ø

First year stabilized

NOI yields of 8%+
expected

*2006 forecast: Morgan Stanley May 26 2006

FFO as reported, before Preferred original issuance cost

write-off

•

 Dividend payout ratio is below sector

   median        

•

 $60MM share offering brings debt +

preferred ratio (as percent of market

cap) to 48.6% (approximates sector
median of 47.8%)

•

 Fixed charge coverage has grown, and

is at sector median

•

 Business strategy is more conservative

than sector (limited development, fewer
transactions)

•

 FFO quality is higher than many (no

condo income)

•

 85% of debt is fixed, swapped, or

capped, with average fixed rate maturity
of 5 ½ years.

Distributions As a Percent of FFO

Improved Balance Sheet

Market Recovery Underway

Ø

Reported Q1 FFO per share was $0.84 vs.

$0.79 for 2005, $0.04 ahead of initial
guidance mid-point

–

Included $0.02 charge for debt refinancing

–

Strong property operations

Ø

2006 Guidance raised to $3.20 to $3.38

–

Same store growth forecast 5% +/-

–

Includes impact of tax changes in TN, TX

AFFO growth estimates are

“in line” with sector…

Avg. 2006

Avg. 2007

Debt level as a percent of

entity value is “in line” with peers…

41.1% Avg.

Fixed charge coverage is “in line”

with peers…

Dividend as a percent of AFFO is

“better than average”…

Avg. 2.2x

Avg. 93%

Graph data taken from Morgan Stanley’sREAL ESTATE INVESTMENT TRUSTS: WEEKLY STATISTICAL SUPPLEMENT - May 26, 2006

Sector Comparisons

EBITDA Multiple Pricing

FFO Multiple Pricing

…however, pricing is currently at a 16% to 23% discount

to the sector average pricing.

MAA priced at sector average would support pricing of $60 to $63/share.

Avg. 19.4

Avg. 2006; 18.6

Avg. 2007; 18.0

2006

2007

Graph data taken from Morgan Stanley’sREAL ESTATE INVESTMENT TRUSTS: WEEKLY STATISTICAL SUPPLEMENT - May 26, 2006

Pricing

Watermark, Dallas

Hunters Ridge, Jacksonville

Recap

ü

Strong position in the high

growth Sunbelt Region

ü

Repositioned to deliver more

robust internal growth

ü

Strong operating capabilities

positioned to full value

ü

Poised for competitive level

of external growth

ü

Balance sheet significantly

improved

ü

Meaningful upside pricing

opportunity to sector

End of Presentation

Mid-America Apartment

Communities