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) November 18, 2008 (November 18, 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)

(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

Beginning November 18, 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	Investor Presentation November 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: November 18, 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

Investor Update November 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

National MSA Average	1.1%
MAA Markets MSA Average	1.5%
Austin, TX	2.9%
Raleigh, NC	2.4%
Dallas-Ft. Worth, TX	2.4%
Houston, TX	2.4%
Atlanta, GA	1.9%
Orlando, FL	1.5%
Phoenix, AZ	1.4%

Employment Growth Projections 2009 - 2013

Annual Compounded Growth Rates

MAA Markets

Well Positioned in High Growth Region

Ш40% of gross assets invested in
the seven high growth markets
listed

ШMAA is well diversified across
this high growth region

ШUnique portfolio profile provides
greater stability

§High Growth (52%)

§Income & Growth (33%)

§Stable Income (15%)

4

Out-Performing Sector

MAA compounded

annual FFO growth

has been 3.5% versus

the sector average

of 0.9%

A result of

up-grading asset quality,

repositioning market profile,

strong operating platform,

and strong balance sheet,

MAA is better positioned

to compete in robust

market cycles, while

also positioned to

weather down market cycles

5

2010 - - 2012 are projected to show strong performance

in occupancy, rental rates and NOI

Green Street Advisors, Apartment REITs - ’08 & ’09 Market Outlook, 11/30/07

Positive Market Trends

•Rental share of housing market is likely to continue to recover.

–MAA had 22% reduction in move-outs attributable to home buying in Q3.

•New construction is less than half of 1999 peak. Projected to decline further
2009 - 2011.

•Demographic change underway supports expectations for increase in
demand.

6

Well Positioned for Moderating 2009

•Resident turnover continues to decline
and shows positive year-over-year
trends

•Unit interior initiative has made solid
progress with expected 3,800 units
completed in 2008; more “renovate
light” executions in 2009

•Lease-up and new development
projects generated drag on 2008 FFO
of $0.16/share; increasingly productive
in 2009

•Other new initiatives in 2009 expected
to drive incremental $0.05+
FFO/share

–Bulk Cable Program roll-out

–Utility Billing Program changes (fees
and billing platform)

–Fully automated web-based leasing

7

External Growth Opportunities

•Improving opportunities for
attractive acquisitions

–A number of distressed markets

–Distressed lease-ups

–Failed condo/condo conversions

–Pending refinancing requirement

•MAA has balance sheet
capacity

–Credit facilities in place at pre-
crisis pricing

–Raised $104 MM in new equity
in 2008

•Fund management

–New value-add fund for 2009

8

Conservative & Disciplined Strategy

•Conservative underwriting practices;
accountability for assumptions made

•Disciplined investment model

•Steady execution on portfolio
upgrade and repositioning

•A focus on growing high quality and
recurring FFO and NPV/share

•Limited new development

•A strong focus on operations

•A well positioned balance sheet

9

	MAA	Median
Fixed charge coverage	2.50	2.13
AFFO payout ratio	82.6%	94.4%
Debt/gross assets	51.2%	55.0%
Source: KeyBanc 10-24-08, and MAA

Capital Structure at 9-30-08

45%

Debt

5% Preferred

50%

Common

Source: KeyBanc

Strong Balance Sheet

•Superior Ratios

–Fixed Charge

–Payout Ratio

–Leverage

•Low development funding
obligation and low
leverage

10

Debt maturities are negligible until 2011;

fixed rate/swap maturities are well-laddered.

Strong Balance Sheet

•$174 MM of capacity in cash,
Agency credit facilities and
bank lines

•Debt maturities

–20080

–2009$39 MM

–2010$50 MM (LOC)

–2011$180 MM

•Fixed rate maturities

–2009$90 MM

–2010$148 MM

–2011$158 MM

11

	NAV Growth	FFO Multiple Growth
AVB	201%	75%
AEC	138%	74%
ESS	118%	77%
MAA	114%	54%
BRE	113%	56%
EQR	90%	56%
CPT	87%	33%
UDR	82%	85%
HME	51%	50%
AIV	29%	34%
PPS	16%	85%
CLP	-3%	33%

Source: 2002 Data SSB (Jon Litt), 2008; First Call June 2008

Value Opportunity

•MAA is in the top 1/3 of apartment REIT performance in growth of NAV per
share between 2002 - 2008… with expectations of continued competitive
comparative performance

•MAA’s current share price multiple currently offers a discount to the sector’s
(median) multiple pricing

12

	FFO CAGR (1999 - 2008F)	Current Multiple (11/07/08 Closing Price)
ESS	7.2%	13.8
AVB	6.1%	12.7
MAA	3.5%	8.8
HME	3.4%	11.1
BRE	2.0%	11.9
UDR	1.6%	11.2
CPT	1.3%	9.2
EQR	1.3%	13.1
AIV	-1.4%	4.4
AEC	-1.6%	7.3
CLP	-4.2%	3.6
PPS	-7.9%	9.0
Average	0.9%	9.7

Source: SNL, Green Street Advisors

Value Opportunity

•MAA has the 3rd
highest FFO
compounded
annual growth
since 1999

•MAA’s current
multiple is below
the peer average
and 9th overall out
of 12