8-K/A

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) November 13, 2007 (November 13, 2007)

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 7.01                                Regulation FD Disclosure

The week of November 12, 2007, H. Eric Bolton, Jr., Chief Executive Officer, and Simon R.C. Wadsworth, Chief Financial Officer, of the registrant will be presenting updates to investors at the Nareit Institutional Investor Forum.  A copy of the presentation is furnished as Exhibit 99.1 to this Current Report.

ITEM 9.01                                Financial 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: November 13, 2007	/s/Simon R.C. Wadsworth
	Simon R.C. Wadsworth
	Executive Vice President and Chief Financial Officer
	(Principal Financial and Accounting Officer)

EX-99.1

Investor Update

NAREIT Annual Meeting

November 2007

2

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 Disclosure

3

•Experienced Public Company

–IPO January 1994

–Exclusively multifamily 

–$3.0 billion total capitalization

•High Quality Portfolio

–Sunbelt - High Growth region focus

–137 communities; 40,248 units

–High quality portfolio (avg age 14 yrs)

•Strong Balance Sheet

–Debt/market cap of 44%

–Growth capacity

–Solid dividend payout ratio

•Experienced Management

–Strong record of value creation

–Sophisticated operations

–Stable, proven management team

–Strong board of directors

•Solid Returns to Shareholders

–3-year return: 15.8% annual

–5-year return: 24.1% annual

–Since IPO: 16.1% annual 

Strong Public Company Platform

4

National MSA Average	1.20%
Sunbelt Region MSA Average	1.77%

Employment Growth Projections ’07 - ’11

Annual Compounded Growth Rates

“Echo Boom” Households:  Top Ten Gainers

  Based on Annual Percent Gain

Souce:  Economy.com andRREEF Research

Las Vegas

Riverside

Phoenix

Dallas

Austin

 Houston

Atlanta

Orlando

West Palm Beach

Ft. Lauderdale

Focus on High Growth Region

•Positive demographic flows

•Positive migration, immigration flows

•Low business/living costs

•Pro-business regulatory environment

•Access to global markets

•Increasing port of entry for imports

•Good transportation infrastructure

•Access to skilled labor

•Diversified industrial base with exposure
to

–Financial industries

–Health/education

–Global trade

–Leisure travel

–High tech

5

National MSA Average	1.20%
Sunbelt Region MSA Average	1.77%
MAA Markets MSA Average	1.78%

Employment Growth Projections ’07 - ’11

Annual Compounded Growth Rates

MAA Markets

Well Positioned in High Growth Region

•MAA is uniquely positioned to capture the
strong fundamentals opportunity of the high
growth region

•Diversified in different market tiers within the
region drives opportunity to capture regional
benefits, with less volatility

•Market diversity provides less exposure to
over-building pressure

•Positioned in 7 of the top 10 projected U.S.
job growth markets through 2015

•MAA portfolio more “recession resistant”
than most apartment REIT portfolios 

6

Robust External Growth Platform

•Acquisitions

–Extensive network

–High deal flow

–Competitive advantage

•Fund Management

–Value add investments

–Monetize platform value

–Higher return capital deployment

•New Development/Lease-Up

–Unique value add opportunities

–Attractive returns

–Improved deal flow opportunities

7

	Portfolio
	Age	Units owned
Post	10	19,222
Camden	10	53,502
Mid-America	14	40,036
Avalon Bay	14	40,051
Colonial	15	31,172
BRE	15	22,681
Associated Estates	16	14,500
Equity Residential	17	147,320
Aimco	30	132,390
United Dominion	22	70,992
Essex	25	24,410
Home	36	38,209
Average	18
Source: Green Street

MAA’s portfolio is newer than the sector average.

Steady growth and recycling efforts continue to position MAA’s portfolio 

as one of the younger portfolios in the sector; solid long-term upside potential.

High Quality Portfolio

8

MRI

Web Portal

Lease

Revenue

Optimizer

Collections

Management

Resident

Screening

Utilities

Management

Unit Interior

Renovation

Lease

Expiration

Mgmt

On-line

Resident

Solutions

Rent and Fee

Management

Unit Turn

Management

Collection Agency

Integration; real-time 

Delinquency reporting

Integrated credit scoring

and background screening;

real-time processing

Utility billing company

integration; vacant

utility real-time cut-off

Detailed tracking of 

improvements by unit;

real time price monitoring

Automated guidance for

optimum monthly, weekly

and daily scheduling

On-line leasing, internet

response center, payment

processing, work orders

Yield management;

automated bill-up of fees

and charges

Automated tracking and

monitoring of move-out,

get ready, show and move-in

Training and

Procedures

24/7 training availability;

high degree of control;

on-line procedures

Sophisticated Operating Platform

•Significant re-tooling of the
operating platform over the
last four years

•Innovative solutions for key
processes

–Payment processing

–Utility billing integration

–Collections integration

–Yield management

–Lease expiration mgmt

–Unit turn management

–Auto utility transfer

•Other new initiatives to be
implemented

–Auto fee assessment

–Robust inventory mgmt

–Full web-based leasing

9

Internal Rates of Return to equity from investments…

through the full value creation cycle…

have averaged 19.5%

Proven Value Creation

•Value creation opportunities in Sunbelt
markets are competitive with other
regions…for a regionally focused
investor and operator

•Almost $250MM of transactions thus far

•Disciplined capital deployment program

•Aggressive and sophisticated operating
platform with regional competitive
advantage

•Established record of ability to exit
investments in a disciplined fashion and
on an attractive basis

10

Strong Q3 Results; Fundamentals Appear Stable

Over the last five years changes made to portfolio allocation, operating

platform capabilities and improvement in balance sheet strength

have resulted in a more robust performance platform

FFO Per Share

Dividend Per Share

Competitive Performance

•11% increase in FFO

•Same Store NOI up 7.1%

•Same Store revenues up 4.2%

•Physical occupancy up 0.6%; 96.4%

•Leasing traffic up 10%

•New move-ins up 6%

•Same store concessions down 26%

•Effective pricing up 3.4%

•Fixed charge coverage record; 2.3

•Move outs to home buying down

•High-quality, recurring earnings

11

The change in the mortgage environment is likely to generate

a positive influence on the demand for apartment rentals

Mid-America’s geographic footprint and

market profile establish a potentially unique

position to benefit from the collapse

of the single-family housing market.

Upside Performance Opportunity

•Home ownership peaked in ’05 at 69%

•Long-term historical average is 64%

•Encouraged by easy credit and expectations of 
price inflation

•Mortgage volume expected to shrink 35% as
sub-prime and Alt-A markets decline, and
conventional mortgages are more strictly
underwritten

•Reduced inflation of home prices makes
home-ownership less attractive

•A reversion of US home ownership to long-term
normal levels will drive 5 million households back to
rental housing…ultimately benefiting the apartment
industry

12

Move outs to buy a home declined by

300 basis points in Q3;

 lowest level since 2001

•“Back Door” Benefit

–Lower turnover

–Lower vacancy loss

–Lower turn expenses

Upside Performance Opportunity

•“Front Door” Benefit

–Increased traffic

–Higher occupancy

–Pricing opportunity

13

Before average rent = $852

Park Estate, Memphis. Case Study - Just over 60% of units

redeveloped at an investment of $8K per unit; >30% IRR

After average rent = $1,123

Property Redevelopment

14

Property Redevelopment

•Up to 20,000 units to be redeveloped
at roughly $5,000 per unit

•Based on current performance,
expect to capture an average 13%
un-leveraged IRR

•3,000 units to be completed by year
end; 3,000 units planned in 2008

•Significant opportunity to drive higher
internal growth

•Annual FFO potential of $0.20 + per
share by 2009

•Enhancing quality/condition of
upgraded apartments should also
improve their cap rate value by
roughly 25 bps leading to $2.50 in
incremental value per share

15

Value Creation Plan	NPV/share of value created
$150 MM/year of 100%-owned acquisitions	$1.25
$150 MM/year of Fund I acquisitions	$0.90
$50 MM/year of development	$1.25
$15 MM/year of redevelopment	$0.40
Redevelopment benefit on portfolio quality (25 bp on cap rate)	$1.50
Total per share impact	$5.30

MAA’s disciplined growth plan is expected to add

to value per share* from five sources

*NPV of five-year plan discounted at cost of equity

Value of Growth Platform

16

Debt + Preferred/Entity Value

Dividend ’07E AFFO Payout Ratio

Construction In Process/Entity Value

Source:  Morgan Stanley Weekly Statistical Supplement, Nov 2

Attractive Investment Opportunity

•Strong Balance Sheet

•Lower Risk Growth Strategy

•Competitive Capacity to Support Growth

•Competitive Position to Support
Dividend Growth

•83% of Debt is Fixed, Swapped or
Hedged

17

Attractive Investment Opportunity

•Competitive Operating Results

–More robust market profile

–Improved operating platform

•Superior FFO Results

–Steady growth

–Disciplined investment protocols

18

Attractive Investment Opportunity

•MAA’s history of discounted
pricing to sector average pricing 
(~15%) is now unwarranted

–Portfolio, platform and balance
sheet changes have altered
performance profile

–IRR’s realized on capital “round
trips” supports competitive
performance for capital

–Good prospects for continued
competitive internal and external
growth

•Current bias for “high-barrier”
portfolios has resulted in
excessive spread in pricing

–Higher risks inherent in growth
strategies are not reflected in
pricing spread

19

FFO

Multiple

Attractive Investment Opportunity

•Significant discount to sector average pricing

•Spread between high-barrier and significant development platforms is
too large, especially when considering relative risks

•Achieving sector average pricing drives 23% upside opportunity

20

Attractive Investment Opportunity

üProven Public Company Platform

üPortfolio Well Positioned

üStrong Operating Platform

üDisciplined Capital Allocation

üSolid Balance Sheet

üStrong Coverage Ratios

üAttractive Investment

üProven Performer for Shareholders

End of Presentation