-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, C/Y3Xo4/umYoH+yLTDfdzjZ6CgTnbIKETQ9kb1ae577eOpAto/0pC4Xf5pLczSO8 zN3vtQg0NzI551DlKltB6g== 0000912595-96-000024.txt : 19961227 0000912595-96-000024.hdr.sgml : 19961227 ACCESSION NUMBER: 0000912595-96-000024 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961226 ITEM INFORMATION: Other events FILED AS OF DATE: 19961226 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MID AMERICA APARTMENT COMMUNITIES INC CENTRAL INDEX KEY: 0000912595 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 621543819 STATE OF INCORPORATION: TN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12762 FILM NUMBER: 96686139 BUSINESS ADDRESS: STREET 1: 6584 POPLAR AVE STREET 2: STE 340 CITY: MEMPHIS STATE: TN ZIP: 38138 BUSINESS PHONE: 9016826600 MAIL ADDRESS: STREET 1: 6584 POPLAR AVE STREET 2: SUITE 340 CITY: MEMPHIS STATE: TN ZIP: 38138 8-K 1 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 December 26, 1996 ------------------------------------------------ Date of Report (Date of earliest event reported) MID-AMERICA APARTMENT COMMUNITIES, INC. -------------------------------------------------- (Exact Name of Registrant as Specified in Charter) TENNESSEE 1-12762 62-1543819 - ----------------------- ------------------------ ---------------------- (State of Incorporation) (Commission File Number) (I.R.S. Employer Identification Number) 6584 POPLAR AVENUE, SUITE 340 MEMPHIS, TENNESSEE 38138 ---------------------------------------- (Address of principal executive offices) (901) 682-6600 -------------------------------------------------- Registrant's telephone number, including area code ------------------------------------------------------ (Former name or address, if changed since last report) Item 5. Other Events. Mid-America Apartments, L.P., in which the registrant had a 77.9% ownership interest at time of acquisition, has consummated the acquisition of the apartment community below. Mid-America Apartments L.P. will own and manage the property. Apartment Purchase Number Date Community Location Price of Units Acquired - ----------- --------------- ---------- -------- -------- Napa Valley Little Rock, AR $9,500,000 240 10/20/96 The audited Historical Summary of Gross Income and Direct Operating Expenses of the property for the previous fiscal year are included herein as an exhibit. 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: December 26, 1996 /s/ Simon R.C. Wadsworth ------------------ -------------------------------------- Simon R.C. Wadsworth Executive Vice President (Principal Financial and Accounting Officer) EX-99.1 2 EXHIBIT 99.1 MID-AMERICA APARTMENT COMMUNITIES, INC. Historical Summary of Gross Income and Direct Operating Expenses (Napa Valley Apartments) December 31, 1995 Independent Auditors' Report The Board of Directors Mid-America Apartment Communities, Inc.: We have audited the accompanying Historical Summary of Gross Income and Direct Operating Expenses (Historical Summary) of the Acquisition Property (Napa Valley Apartments), as described in Note 1, for the year ended December 31, 1995. This Historical Summary is the responsibility of the Acquisition Property's management. Our responsibility is to express an opinion on this Historical Summary for the Acquisition Property based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the statement is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Historical Summary for the Acquisition Property. An audit also includes assessing the accounting principles used and the significant estimates made by management, as well as evaluating the overall presentation of the Historical Summary for the Acquisition Property. We believe that our audit provides a reasonable basis for our opinion. The accompanying Historical Summary for the Acquisition Property was prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission as described in Note 1 and is not intended to be a complete presentation of the Acquisition Property's revenues and expenses. In our opinion, the Historical Summary referred to above presents fairly, in all material respects, the gross income and direct operating expenses described in Note 1 to the Historical Summary for the year ended December 31, 1995, in conformity with generally accepted accounting principles. Memphis, Tennessee November 4, 1996 MID-AMERICA APARTMENT COMMUNITIES, INC. Historical Summary of Gross Income and Direct Operating Expenses (Napa Valley Apartments) Year ended December 31, 1995 Gross income - total revenue $ 1,448,704 Direct operating expenses: Operating expenses 335,883 Real estate taxes 90,975 Repairs and maintenance 22,847 449,705 ----------- Gross income in excess of direct operating expenses $ 998,999 =========== [FN] See accompanying notes to Historical Summary of Gross Income and Direct Operating Expenses for the Acquisition Property. MID-AMERICA APARTMENT COMMUNITIES, INC. Notes to Historical Summary of Gross Income and Direct Operating Expenses (Napa Valley Apartments) December 31, 1995 (1) Accounting Policies Description The accompanying financial statement includes the operations of Napa Valley Apartments (the "Acquisition Property") owned by parties unaffiliated with Mid-America Apartment Communities, Inc. (the "Company"). The Acquisition Property, a multi-family residential property located in Little Rock, Arkansas, was acquired by the Company in October 1996 and contains 240 apartment units. Basis of Presentation The accompanying financial statement is not representative of the actual operations for the period presented. Certain expenses have been excluded because Mid-America Apartments, L.P. (the "Operating Partnership") does not anticipate that they will be incurred in future operations of the property. Expenses excluded consist of depreciation and amortization, management fees and other costs not directly related to the future operations of the Acquisition Property. Operating expenses include payroll, utilities, advertising, and other general and administrative costs. Management is not aware of any material factors relating to this Acquisition Property that would cause this financial statement not to be indicative of future operating results as related to gross income and direct operating expenses. Income Recognition Revenues from rental property are recognized when due from tenants. Leases are generally for one year or less. MID-AMERICA APARTMENT COMMUNITIES, INC. Notes to Historical Summary of Gross Income and Direct Operating Expenses (Napa Valley Apartments) (2) Pro Forma Taxable Operating Results and Funds Generated From Operations (Unaudited) The pro forma table reflects the taxable operating results and funds generated from operations of the Acquisition Property for the twelve months ended September 30, 1996 as adjusted for certain items which can be factually supported. This statement does not purport to forecast actual operating results for any period in the future. Pro forma net operating income (exclusive of depreciation and amortization) $ 959,347 Less estimated depreciation expense 364,720 --------- Pro forma taxable operating income 594,627 Add depreciation not requiring outlay of funds 364,720 --------- Pro forma funds generated from operations $ 959,347 ========= Depreciation for the buildings is estimated using a straight- line method over a 25-year life. -----END PRIVACY-ENHANCED MESSAGE-----