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) February 10, 2009 (February 10, 2009)

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 February 10, 2009, 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 February 2009

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: February 10, 2009	/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 February 2009

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•15-Year Track Record

–Exclusively Multifamily

–Top-Tier Returns to Shareholders

–Value Investor, Strong Operator

–Stable Leadership

•High Quality Portfolio

–145 Communities; 42,554 Units

–Younger Portfolio than Sector Average

•Diversified in High Growth Region

–Focus on High Growth Sunbelt Region

–Primary/Secondary Market Strategy

–Proven More Recession-Resistance

•Strong Balance Sheet

–Debt/Gross Assets 50%

–Refinancing Covered Out to 2011

–Strong Dividend Pay-Out Ratio

–Strong Interest Coverage Ratio

–Capacity to Pursue Opportunities

Talus Ranch, Phoenix

Brier Creek, Raleigh

Strong Public Company Platform

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Lincoln on the Green,

Memphis

Chalet at Fall Creek, Houston

Strong Year of Performance in ‘08

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Lyon’s Gate, Phoenix

Eagle Ridge, Birmingham

Strong Year of Performance in ‘08

•Unit Interior Upgrades

–3,782 units, $5,146 per unit

–$18 MM total invested

–Average $82/month rent increase,

or 11%

•Operating Platform Upgrades

–Roll-out of web-based marketing and

customer interface/service programs

–Implementation of new web-based

payment processes in Q2 2009

•Simplified customer access

•Automated process

–Improved processes reduce Q4 net

collection loss from 0.5% to 0.4%

–Revised billing and utility processes

implemented in ‘08, with further

enhancements for 2009

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Out-Performing Sector

MAA compounded

annual FFO growth

has been 3.5% versus

the sector average

of 0.9%

Steady FFO growth

has generated healthy

growth in AFFO

(FFO minus recurring

capital expenditures);

resulting in one of the

top-tier dividend pay-out

ratios and balance sheets.

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Outlook for Apartment Leasing

Source:Witten Advisors

Weak employment trends will result in meaningful moderation

in revenue growth in 2009 and first half of 2010.Late 2010

and into 2011 recovery looks to be very strong.

For informational purposes only.  Do not use or disclose this information for any purpose other than within the context of this presentation.

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Source:Witten Advisors

For informational purposes only.  Do not use or disclose this information for any purpose other than within the context of this presentation.

Delivery of new supply collapses setting up for very strong positive

absorption...high occupancies and strong pricing performance.

Outlook for Apartment Leasing

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Positive demographic trends expected to further fuel a

very strong recovery for apartment leasing fundamentals.

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

Outlook for Apartment Leasing

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

•Demographic change underway supports expectations for increase in
demand.

•Move back towards normalized and sustainable single-family
homeownership levels will further boost demand for multi-family housing.

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MAA’s Ability to Continue Strong Performance…through the

weaker part of the cycle as well as in the strong recovery

period to follow…is driven by a few key variables.

Silverado, Austin

MAA Is Well Positioned

•Focus on High Growth Sunbelt
Region with Strong Diversification

•Proven Strong Operating Platform

•Well Positioned and Strong Balance
Sheet

•Disciplined Capital Deployment
Practices

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National MSA Average	1.1%
Sunbelt Region MSA Average	1.5%

Employment Growth Projections ’09 - ’13

Annual Compounded Growth Rates

MAA in 7 of the top 10 projected “Echo Boom Household” Markets:

Dallas, Houston, Atlanta, Phoenix, Austin, South FL, Orlando.

Source:Economy.com

Focus on High Growth Sunbelt

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Source: BLS

By diversifying across both primary and select secondary markets

MAA is better able to withstand the down part of the cycle,

deliver strong results in the up part of the cycle, and capture

lower risks and volatility over the full cycle.

Diversified For Full Cycle

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Georgetown Grove, Savannah

Lighthouse Court, Jacksonville

Sophisticated Operating Platform

•Ability to out-perform markets;
particularly in secondary market
segment

•Seasoned full web-based
management system

•Fully automated on-line leasing

•Fully operational yield
management

•2009 Initiatives

–Bulk Cable Program

–Statement Billing

–Utility Fees

–New Credit Screening

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Watermark, Dallas

Grand Reserve, Lexington

Strong Balance Sheet Position

•$104 MM new equity raised
in 2008 at $53 net/share

•$183 MM of capacity in
Agency/Bank credit facilities

•2009 debt maturities only
$39MM, to be refinanced
from capacity above

•2010 maturities only $50MM
(bank line) to be renewed in
ordinary course of business

•Fixed rate/swap maturities
are well laddered

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•Superior Ratios

–Fixed Charge

–Payout Ratio

–Leverage

•Only $6MM of development
funding planned for 2009

•Agency Loan Maturities well
laddered 2014 - 2018

	MAA	Median
Fixed charge coverage	2.51	2.30
FFO Payout ratio ‘08	66%	79%
FFO payout ratio ‘09	70%
Debt/Gross Assets	50%	55%
Source: KeyBanc 10-24-08, and MAA

Capital Structure - 12/31/2008

Common

44%

6%

Preferred

Debt

50%

Agency

Debt

89%

Other Debt

11%

Strong Balance Sheet Position

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Grand Courtyards, Dallas

Lanier Club, Atlanta

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

–Lowest leverage since the IPO

•Fund Management

–New Value-Add fund for 2009

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Monthaven, Nashville

Park Place, Houston

Well Positioned For 2009

•Unit interior initiative: 7,000 units
completed in the last three years

•Lease-up and new development
projects reduced ‘08 FFO by
$0.16/share, reduced to $0.07 in ‘09

•No 2009 development exposure

•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

•Company in position to take full
advantage of reduced interest rates
(20% of debt is floating rate)

–MAA’s latest Fannie Mae variable rate
debt costs 1.26%

–MAA’s Fannie/Freddie $1.35 billion
credit facilities have locked spreads

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Forecast 2009

•Very weak employment market continues

•Resident turnover continues to decline

•Delinquency increases modestly

•New operating initiatives offset some market weakness

•Forecast same store; 0% to (2%) revenue; (3%) to (5%) NOI

•Interior upgrade initiative scaled back; 2,000 units at $10MM

•$75MM wholly-owned acquisitions (new properties); $30MM asset sales

•G&A before F&E taxes reduced 8.5% over ’08

•Average interest cost remains at very low 4.8%

•Dividend maintained at $2.46

–70% FFO pay-out ratio (‘08 sector median 78%)

–88% AFFO payout ratio (‘08 sector median 91%)

•FFO at $3.40 - $3.60, down 6% at mid-point

•Strong recovery begins late 2010/early 2011

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*Source: KeyBanc 2-2-09

FFO Multiple

Price Discount from NAV

MAA Offers Attractive Value

•Compared to peers

–Sells at 3rd biggest discount to
consensus NAV

–Sells at 3rd lowest FFO multiple

•MAA is arguably the most
recession resistant

–Market mix

–No development

–Balance sheet strength

–Superior dividend coverage

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Kirkwood, Houston

Los Rios Park, Dallas

Summary

üProven Platform

üStrong operations

ü15 years of success as Public Company

üTop-Tier Shareholder Returns

üYoung Portfolio with Growth Upside

üPortfolio Strategy Provides Stable and High
Risk-Adjusted Earnings Platform

üDisciplined Capital Allocation Drives High
Quality of Earnings

üStrong Coverage Ratios

üMinimal Refinancing Exposure

üSolid Balance Sheet Has Company Well
Positioned for Current Capital Markets Turmoil

üIn Strong Position to Pursue Attractive
Investment Opportunities

üAttractive Value

üAttractive Yield

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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