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 4, 2008 (June 4, 2008)

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)

Registrant's telephone number, including area code:  (901) 682-6600

N/A

(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

Beginning June 4, 2008, H. Eric Bolton, Jr. and Simon R.C. Wadsworth, the Chief Executive Officer and Chief Financial Officer, respectively, of the registrant will be presenting an update to various investors.  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	NAREIT Institutional Investor Forum June 2008

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 4, 2008	/s/Simon R.C. Wadsworth
	Simon R.C. Wadsworth
	Executive Vice President and Chief Financial Officer
	(Principal Financial and Accounting Officer)

EX-99.1

NAREIT Institutional Investor Forum June 2008

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

Successful Public Company Record

•IPO January 1994

–$3 Billion total capitalization

–S&P Small Cap 600 Index

–90% institutional ownership

–14+ Years; 16% annualized TSR

•High Quality Portfolio

–140 properties; 41,120 units

–Exclusively multifamily; Sunbelt focus

–Solid diversification

–Younger than average

•Strong Balance Sheet

–Debt/Market Cap of 43%

–Superior payout coverage ratio

–Low exposure to rate increase

•Experienced Management

–Strong record of value creation

–Very strong, experienced governance

–Sophisticated and proven platform

4

Attributes and qualities that define MAA’s position

in the public apartment REIT sector…

Strong Record of Creating Value

•Sunbelt Regional Focus

–Highest job growth and household formation trends in US

–Supply concerns low for some time

•Portfolio Strategy Focused on Delivering High Risk-Adjusted Performance

–High growth, income & growth, steady income allocations

–Lower level of volatility and higher returns over full economic/market cycles

•Active Deal Pipeline

–In-depth knowledge of markets and opportunities

–Extensive relationships and transaction access

•Strong Operating Capabilities

–Significant competitive advantage in most markets

–Will out-perform average or expected market level/regional results; active management

•Balance Sheet Well Positioned

–Coverage ratios strong for lower risk operating and investment strategy

–Capacity to take advantage of improving investment environment

•Disciplined Capital Deployment

–High quality revenue stream

–Long-established hurdles and value-oriented practices

•Strong and Stable Performer

–Short term or long term, MAA’s record of performance for capital is top-tier

5

Why MAA and Why Now?

Attractive Investment Opportunity

üSolid Outlook for Apartment Operating
Fundamentals

üMAA is Uniquely Positioned to Capitalize on
These Opportunities

üNot “at risk” from single-family/condo shadow
supply issues

üNot “at risk” from significant new development
funding obligations or strained balance sheet

üStrong Value Growth Prospects from Existing
Portfolio

üAttractive New Growth Opportunities

üStrong Balance Sheet

üAttractive Value; on both an absolute and
relative basis to the sector

6

National MSA Average	1.08%
Sunbelt Region MSA Average	1.62%
MAA Markets MSA Average	1.66%

Employment Growth Projections ’08 - ’12

Annual Compounded Growth Rates

MAA Markets

Well Positioned in High Growth Region

•MAA is uniquely positioned to capture
the benefits of this high growth region

•Market diversity spreads risk and
provides less exposure to over-building

•Diversified in three different market tiers
across the region

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

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

7

% Same

Store

Portfolio

NOI 1Q08

Portfolio Strategy

•High Growth, Growth & Income and Stable Income market allocation
strategy drives ability to capture benefits of region with lower risks

•Market performance characteristics defined based on forecast net
absorption, housing affordability index and market liquidity risk

8

The change in the mortgage environment will drive higher

levels of demand for rental apartments while also increasing

retention of existing residents

Single Family Housing Impact

•Home ownership peaked in 2005 at
69.1%; encouraged by easy credit
and expectations of price inflation

•Potential benefits of new lending
environment to MAA

–Reduction in sub-prime lending

–More rigorous conventional
mortgage underwriting

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

•Recent results:

–16% reduction in move-outs
attributable to home buying

–Increase in traffic levels

9

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

4,100 Units Completed; 3,000+ Units Planned in 2008 at

$4,700 per unit. Significant potential within existing portfolio.

Upside From Property Redevelopment

10

Changing environment

…increasing opportunities

Robust External Growth Platform

•Acquisitions

–Focus on newer assets

–Extensive network

–Competitive advantage

•New Development/Lease-Up

–High Quality New Assets

–Unique value add opportunities

–Attractive NPV returns

–Regional advantages

•Fund Management

–Opportunities to recapitalize,
redevelop, add management in
joint venture structure

–Monetize platform value

–Higher current return

11

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 will add to value per

share* from five sources

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

Value of Growth Platform

12

Leverage and Development

Funding Obligations (1)

Common

48%

Debt

46%

Preferred

6%

(1) Morgan Stanley Weekly Stats Summary 2/1/08

Avg. maturity > 4 years

Strong Balance Sheet

•Debt + Preferred as % of entity value is
slightly lower than average

•Lower development funding obligations,
coupled with low leverage, puts MAA in a
strong competitive position

•Strong dividend coverage

•Strong fixed charge coverage ratio at 2.4
times

•Total debt is 85% Agency, maturities well
laddered through 2018

•Preferred H callable Aug. ’08, 8.3% yield at
$25/share, refi plans to be determined

13

* Compared to Q1 2007

Strong First Quarter Results

•10% growth in FFO/share*

•Same Store NOI growth of 5.0%*

•Occupancy at 14-year high for Q1

•Leasing concessions decline 46%*

•Same Store revenues grow 3.8%*

•Q1 FFO/share is a record

•Move-outs due to home buying drop
16% to 25.6% of total turnover

•First two acquisitions completed for
Fund I (JV)

•One wholly-owned acquisition
completed

•Increased original 2008
guidance by $0.03 FFO/share

14

Expectations for another solid year of

performance and results in 2008

*Assumes Preferred H, Callable August ’08, 8.3% yield at $25/share

is not called. If called, $0.18 FFO non-cash charge estimated.

Outlook is Positive

•Same store projected growth in
     NOI of 4.0% to 5.0%

•FFO growth of 6.5% at mid-point
     of guidance range*

•AFFO growth of 6.2% at mid-
     point of guidance range*

•$150MM of acquisitions for Mid-

     America Fund I; $150MM of

     acquisitions for wholly-owned

     balance sheet

•Solid growth in FFO/share

 despite carrying $0.10 of drag for

     future value creation activities

•2008 same store guidance is

     among best in sector

15

	Portfolio
	Age	Units owned
Camden	9	52,039
Post	11	19,065
Mid-America	14	41,120
Colonial	14	31,975
Avalon Bay	15	39,875
BRE	16	21,196
Equity Residential	16	135,288
Associated Estates	16	12,341
UDR	20	41,605
Essex	26	24,091
Aimco	30	131,141
Home	37	36,898
Average	19
Source: Green Street Advisors, Apartment REITs, May 16, 2008 andMAA Company records.

MAA’s younger than average portfolio will help to maintain a

competitive advantage in capex spending requirements, long-term rent

growth performance and steady internal AFFO growth prospects

High Quality Assets

16

AVB	4.94%
BRE	5.80%
ESS	5.99%
UDR	6.11%
EQR	6.12%
PPS	6.49%
CPT	6.64%
HME	6.83%
CLP	7.03%
MAA	7.21%
AIV	7.47%
AEC	8.64%

Implied Cap Rates

Source: KeyBanc Capital Markets,

The Leaderboard 5/23/08

Price to Value Opportunity

•Younger portfolio supports lower
implied relative cap rate in sector

•High quality portfolio supports lower
implied relative cap rate in sector

•Comparative operating results support
lower implied relative cap rate in sector

•Comparative internal and external
growth rate prospects supports lower
implied relative cap rate in sector

•Platform value and regional expertise
supports lower cap rate pricing in
relationship to “market” cap rates
typically attributed to the region and
markets

17

A focus on high growth

region with an expanded

allocation to more robust

markets

Disciplined investment

protocol and capital

deployment practices

High quality of

earnings; lower

volatility

Strong asset management

and property management

platforms

Combine to create more stable performance through full real estate

and capital market cycles…driving higher, risk adjusted,

long-term FFO performance and investment returns to capital

2008E is First Call Estimate and Mid-Point of Guidance

Improved Performance Platform

18

A balanced approach

to market tier allocation

in the sunbelt region

markets

A re-tool of our

operating systems

Creation of a strong

asset management

platform

A strong property

management culture

and “hands-on” focus

Annual Same Unit NOI Growth

Combine to create operating results that are materially stronger than the

prior model and are competitive within the sector;

MAA outperforming over the last few years, with reason to believe it will continue.

Source: Green Street Advisors, Apartment REITs:

February ’08 Update

MAA’s same unit NOI growth

performance has been in the

top third of all apartment REITs

over the last 6 years

Improved Performance Platform

19

Source:Green Street Advisors, Apartment REITs: May 2008 Update

Long-Term AFFO Growth Rate

(1) AFFO growth is competitive and

prospects are good for continued

solid results…

(2) Upgraded portfolio, systems and

strong operating platform deliver

top-tier operating results…

CAGR Same Store NOI ’03-’08YTD

(3) A strong balance sheet and solid

earnings platform in position

to support more growth…

Dividend/2008F AFFO

(4) Current relative pricing offers

upside to earnings growth

prospects…

Price/2008F AFFO

Value Opportunity

20

MAA	7.8%
ESS	7.6%
BRE	6.9%
AEC	6.7%
AIV	6.6%
EQR	6.5%
CPT	6.1%
AVB	6.1%
UDR	5.9%
PPS	5.1%
CLP	5.0%

Return on Invested Capital

(EBITDA/Gross Avg. Assets)

Source:KeyBanc Capital Markets, The Leaderboard, 5/23/08

	3 Year	5 Year	10 Year
ESS	58.4%	143.6%	485.3%
AVB	40.8%	178.0%	342.0%
MAA	53.4%	166.2%	332.2%
HME	39.0%	81.1%	266.1%
UDR	19.0%	82.5%	256.7%
BRE	38.7%	84.7%	218.4%
CPT	7.7%	75.4%	202.0%
EQR	27.5%	89.2%	199.4%
CLP	-6.7%	21.1%	114.5%
AIV	22.8%	53.0%	104.4%
PPS	26.8%	75.5%	74.6%
AEC	50.5%	174.5%	67.3%

Total Cumulative Shareholder Returns

A solid record of generating value and

competitive long-term investment returns to capital…

Proven Value Creation

21

Summary

üProven Platform

üStrong operations

ü14 years of success as Public Company

üTop-Tier Shareholder Returns - 1 year,
3 year, 5 year, 7 year, 10 year…

üYoung Portfolio with Growth Upside

üPortfolio Well Positioned to Take Advantage
of the Current Operating Environment

üPortfolio Strategy Provides Stable and High
Risk-Adjusted Performance Platform

üDisciplined Capital Allocation Drives High
Quality of Earnings

üSolid Balance Sheet Has Company Well
Positioned for Growth

üStrong Coverage Ratios

üAttractive Value

üAttractive Yield and Inflation Protection

End of Presentation