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 2, 2009 (June 2, 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 June 2, 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 June 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: June 2, 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

NAREIT Institutional Investor Forum

June 2009

2

•15-Year Track Record

–Exclusively Multifamily

–Top-Tier Returns to Shareholders

–Value Investor, Strong Operator

–Stable Leadership

•High Quality Portfolio

–144 Communities; 42,252 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, AZ

Providence at Brier Creek, Raleigh, NC

Strong Public Company Platform

3

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.

4

Edge at Lyon’s Gate, Phoenix, AZ

Eagle Ridge, Birmingham, AL

Record First Quarter

•FFO of $1.01, up 5% from
Q1 2008, and a record

•Physical occupancy ended
Q1 at 95.5%, up from 93.5%
at year end

•Same store NOI was down
1.1% on weaker pricing, but
better than planned

•Resident turnover declined
7%, move-outs to home
buying declined 31%

•Record Fixed Charge
Coverage at 2.77

5

Source:Witten Advisors, Presentation at NMHC Research Forum,

March 31, 2009, “Update on the Apartment Markets:The Macro View,”

Source - - U.S. Bureau of Labor Statistics, forecast by Witten Advisors.

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

Outlook for Apartment Leasing

6

Source:Witten Advisors, Presentation at NMHC Research Forum,

March 31, 2009, “Update on the Apartment Markets:The Macro View,”

Source - - U.S. Bureau of Labor Statistics, forecast by Witten Advisors.

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

Outlook for Apartment Leasing

7

• Current Homeownership Rate = 67.5%

• Every 1% Decline = 1.1 million renter households

Source:Raymond James & Associates, Inc., U.S. Housing
and Homebuilding Outlook, April 2009

A return to the historical average U.S. home ownership rate

has significantly positive implications for

the apartment/rental housing market.

Outlook for Apartment Leasing

8

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.

9

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, TX

Well Positioned for 2009

•Focus on High Growth Sunbelt Region
with Strong Diversification

•Secondary markets provide support
during cyclical employment downturns

•Proven Strong Operating Platform

•Well Positioned and Strong Balance
Sheet

•Disciplined Capital Deployment Practices

10

Lighthouse Court, Jacksonville, FL

Georgetown Grove, Savannah, GA

Well Positioned For 2009

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

•Lease-up and new development projects
reduced 2008 FFO by $0.16/share, reduced
to $0.07 in 2009

•2009 development expenditures limited to
$9 million

•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 (24% 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

–1/3 capped

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National MSA Average	1.1%
Sunbelt Region MSA Average	1.5%

Employment Growth Projections 2009 - 2013

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

12

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

13

Watermark, Dallas, TX

Grand Reserve, Lexington, KY

Strong Balance Sheet Position

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

•$175 MM of capacity in
Agency/Bank credit facilities

•2009 debt maturities refinanced
April 1

• 2010 maturities only $50MM
(bank line) to be renewed

•Fixed rate/swap maturities are
well laddered

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•Superior Ratios

–Fixed Charge

–Payout Ratio

–Leverage

•Only $9MM of development
funding planned for 2009

•Agency loan maturities well
laddered 2011 - 2018

	MAA	Median
Fixed charge coverage	2.77	2.14
FFO Payout ratio 2008	66%	79%
FFO Payout ratio 2009F	69%	84%
Debt/Gross Assets	51%	54%
Sources: Sector Median reported by KeyBanc 4-17-09 MAA: Fixed charge coverage and debt//gross assets as reported for Q1 09.

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, TX

Lanier Club, Atlanta, GA

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 $250MM (total investment) Value-
Add fund targeted for 2009

–Proceeding with contract negotiation

–MAA share 33%

–Focus on existing MAA foot-print

–7+ year-old assets, 6-year hold

–Hope to be fully invested in 24 months

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Forecast 2009

•Weak employment market continues (national unemployment 9% - 10%)

•Resident turnover continues show encouraging trend

–Down to 49.5% in Q1 from 53.1% a year ago

–Reduced move-outs to buy a home

•Some market weakness partially offset by initiatives

–New revenue-generating initiatives

–Same store net operating income declines 4% to 6%

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

–$75 MM JV-owned acquisitions

–G&A before F&E taxes reduced 8.5% over 2008

•Strong financial position helps results

–Average interest cost remains at very low 4.4%

–Dividend maintained at $2.46

•69% FFO pay-out ratio (2009 sector median 84%)

•85% AFFO payout ratio (2009 sector median 104%)

•FFO at $3.47 - $3.67, down 4.3% at mid-point as compared to 2008

•Strong recovery begins late 2010/early 2011

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Village Oaks, Tampa, FL

Prescott, Atlanta, GA

MAA Offers An Attractive Value

•Sells at an implied price per unit of
$59k - $61k

–Replacement value of $110k - $120k

–$110k/unit generates price/share of
$105

•Sells at an implied cap rate of 7.6

–6.0 to 7.0 cap rate generates a
price/share of $42 to $54

•MAA is arguably the most
recession resistant

–Market mix

–No development

–Balance sheet strength

–Superior dividend coverage

•Relative to size and balance sheet
capacity, MAA offers one of the
more compelling external growth
stories in the sector

18

Kirkwood, Houston

üMAA Is a Proven Platform

•15 Years of Success as Public Company

•Strong Operating Platform

•Top-Tier Performance for Shareholders

•More Recession-Resistant

•Record Results Q109

üOpportunity to Invest After Significant Sector
Sell-Off and Ahead of Recovery

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, Yield

St. Augustine, Jacksonville, FL

Summary

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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.

Watermark, Dallas, TX

Safe Harbor Disclosure