TENNESSEE
|
62-1543819
|
(State
or other jurisdiction of
|
(I.R.S.
Employer Identification No.)
|
incorporation
or organization)
|
6584
POPLAR AVENUE, SUITE 300
|
|
MEMPHIS,
TENNESSEE
|
38138
|
(Address
of principal executive offices)
|
(Zip
Code)
|
N/A
|
(Former
name, former address and former fiscal year, if changed since last
report)
|
Large
accelerated filer [X]
|
Accelerated
filer [ ]
|
Non-accelerated
filer [ ]
|
Number
of Shares Outstanding
|
|
Class
|
at
July 18, 2007
|
Common
Stock, $.01 par value
|
25,513,105
|
MID-AMERICA
APARTMENT COMMUNITIES, INC.
|
||||
TABLE
OF CONTENTS
|
||||
Page
|
||||
PART
I – FINANCIAL INFORMATION
|
||||
Item
1.
|
Financial
Statements
|
|||
Condensed
Consolidated Balance Sheets as of June 30, 2007 (Unaudited) and
December
31, 2006
|
2
|
|||
Condensed
Consolidated Statements of Operations for the three and six months
ended
June 30, 2007, and 2006 (Unaudited)
|
3
|
|||
Condensed
Consolidated Statements of Cash Flows for the six months ended
June 30,
2007, and 2006 (Unaudited)
|
4
|
|||
Notes
to Condensed Consolidated Financial Statements (Unaudited)
|
5
|
|||
Item
2.
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations
|
8
|
||
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
17
|
||
Item
4.
|
Controls
and Procedures
|
17
|
||
PART
II – OTHER INFORMATION
|
||||
Item
1.
|
Legal
Proceedings
|
18
|
||
Item
1A.
|
Risk
Factors
|
18
|
||
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
18
|
||
Item
3.
|
Defaults
Upon Senior Securities
|
18
|
||
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
18
|
||
Item
5.
|
Other
Information
|
18
|
||
Item
6.
|
Exhibits
|
19
|
||
Signatures
|
20
|
Mid-America Apartment Communities, Inc.
|
|||||||||
Condensed
Consolidated Balance Sheets
|
|||||||||
June
30, 2007 (Unaudited) and December 31, 2006
|
|||||||||
(Dollars
in thousands, except per share data)
|
|||||||||
June
30, 2007
|
December
31, 2006
|
||||||||
Assets:
|
|||||||||
Real
estate assets:
|
|||||||||
Land
|
$ |
209,146
|
$ |
206,635
|
|||||
Buildings
and improvements
|
1,961,618
|
1,921,462
|
|||||||
Furniture,
fixtures and equipment
|
51,376
|
51,374
|
|||||||
Capital
improvements in progress
|
27,171
|
20,689
|
|||||||
2,249,311
|
2,200,160
|
||||||||
Less
accumulated depreciation
|
(573,473 | ) | (543,802 | ) | |||||
1,675,838
|
1,656,358
|
||||||||
Land
held for future development
|
2,360
|
2,360
|
|||||||
Commercial
properties, net
|
7,120
|
7,103
|
|||||||
Investments
in and advances to real estate joint venture
|
51
|
3,718
|
|||||||
Real
estate assets, net
|
1,685,369
|
1,669,539
|
|||||||
Cash
and cash equivalents
|
4,292
|
5,545
|
|||||||
Restricted
cash
|
4,149
|
4,145
|
|||||||
Deferred
financing costs, net
|
16,175
|
16,033
|
|||||||
Other
assets
|
38,445
|
38,865
|
|||||||
Goodwill
|
4,105
|
4,472
|
|||||||
Assets
held for sale
|
8,573
|
8,047
|
|||||||
Total
assets
|
$ |
1,761,108
|
$ |
1,746,646
|
|||||
Liabilities
and Shareholders' Equity:
|
|||||||||
Liabilities:
|
|||||||||
Notes
payable
|
$ |
1,195,570
|
$ |
1,196,349
|
|||||
Accounts
payable
|
647
|
2,773
|
|||||||
Accrued
expenses and other liabilities
|
63,882
|
57,919
|
|||||||
Security
deposits
|
8,345
|
7,670
|
|||||||
Liabilities
associated with assets held for sale
|
235
|
269
|
|||||||
Total
liabilities
|
1,268,679
|
1,264,980
|
|||||||
Minority
interest
|
32,086
|
32,600
|
|||||||
Redeemable
stock
|
2,901
|
3,418
|
|||||||
Shareholders'
equity:
|
|||||||||
Preferred
stock, $.01 par value per share, 20,000,000 shares
authorized,
|
|||||||||
$166,863
or $25 per share liquidation preference;
|
|||||||||
9
1/4% Series F Cumulative Redeemable Preferred Stock,
|
|||||||||
3,000,000
shares authorized, 474,500 shares issued and outstanding
|
5
|
5
|
|||||||
8.30%
Series H Cumulative Redeemable Preferred Stock,
|
|||||||||
6,200,000
shares authorized, 6,200,000 shares issued and outstanding
|
62
|
62
|
|||||||
Common
stock, $.01 par value per share, 50,000,000 shares
authorized;
|
|||||||||
25,511,314
and 25,093,156 shares issued and outstanding at
|
|||||||||
June
30, 2007, and December 31, 2006, respectively (1)
|
255
|
251
|
|||||||
Additional
paid-in capital
|
835,930
|
814,006
|
|||||||
Accumulated
distributions in excess of net income
|
(396,652 | ) | (379,573 | ) | |||||
Accumulated
other comprehensive income
|
17,842
|
10,897
|
|||||||
Total
shareholders' equity
|
457,442
|
445,648
|
|||||||
Total
liabilities and shareholders' equity
|
$ |
1,761,108
|
$ |
1,746,646
|
|||||
See
accompanying notes to condensed consolidated financial
statements.
|
|||||||||
(1)
|
Number
of shares issued and outstanding represent total shares of
common stock
regardless of classification on the
|
||||||||
condensed
consolidated balance sheet.
|
Mid-America Apartment Communities, Inc.
|
|||||||||||||||||
Condensed
Consolidated Statements of Operations
|
|||||||||||||||||
Three
and six months ended June 30, 2007, and 2006
|
|||||||||||||||||
(Dollars in thousands,
except per share data)
|
|||||||||||||||||
Three
months ended June 30,
|
Six
months ended June 30,
|
||||||||||||||||
2007
|
2006
|
2007
|
2006
|
||||||||||||||
Operating
revenues:
|
|||||||||||||||||
Rental
revenues
|
$ |
82,875
|
$ |
76,305
|
$ |
164,087
|
$ |
150,159
|
|||||||||
Other
property revenues
|
3,904
|
3,438
|
7,649
|
6,923
|
|||||||||||||
Total
property revenues
|
86,779
|
79,743
|
171,736
|
157,082
|
|||||||||||||
Management
fee income
|
-
|
52
|
34
|
104
|
|||||||||||||
Total
operating revenues
|
86,779
|
79,795
|
171,770
|
157,186
|
|||||||||||||
Property
operating expenses:
|
|||||||||||||||||
Personnel
|
10,099
|
9,358
|
19,822
|
18,308
|
|||||||||||||
Building
repairs and maintenance
|
3,188
|
2,910
|
6,244
|
5,325
|
|||||||||||||
Real
estate taxes and insurance
|
11,624
|
9,878
|
22,722
|
19,363
|
|||||||||||||
Utilities
|
4,761
|
4,519
|
9,548
|
9,145
|
|||||||||||||
Landscaping
|
2,296
|
2,111
|
4,568
|
4,182
|
|||||||||||||
Other
operating
|
4,128
|
3,601
|
7,847
|
6,983
|
|||||||||||||
Depreciation
|
21,108
|
19,386
|
42,396
|
38,026
|
|||||||||||||
Total
property operating expenses
|
57,204
|
51,763
|
113,147
|
101,332
|
|||||||||||||
Property
management expenses
|
4,431
|
3,464
|
8,880
|
5,975
|
|||||||||||||
General
and administrative expenses
|
2,882
|
2,682
|
5,812
|
6,043
|
|||||||||||||
Income
from continuing operations before non-operating items
|
22,262
|
21,886
|
43,931
|
43,836
|
|||||||||||||
Interest
and other non-property income
|
51
|
215
|
145
|
332
|
|||||||||||||
Interest
expense
|
(16,034 | ) | (15,736 | ) | (32,048 | ) | (31,338 | ) | |||||||||
Loss
on debt extinguishment
|
(52 | ) | (1 | ) | (52 | ) | (551 | ) | |||||||||
Amortization
of deferred financing costs
|
(574 | ) | (504 | ) | (1,135 | ) | (989 | ) | |||||||||
Minority
interest in operating partnership income
|
(763 | ) | (408 | ) | (1,801 | ) | (821 | ) | |||||||||
Loss
from investments in real estate joint ventures
|
(51 | ) | (35 | ) | (58 | ) | (119 | ) | |||||||||
Incentive
fee from real estate joint ventures
|
-
|
-
|
1,019
|
-
|
|||||||||||||
Net
gain on insurance and other settlement proceeds
|
332
|
225
|
842
|
225
|
|||||||||||||
Gain
on sale of non-depreciable assets
|
226
|
-
|
226
|
-
|
|||||||||||||
Gain
on dispositions within real estate joint ventures
|
-
|
-
|
5,387
|
-
|
|||||||||||||
Income
from continuing operations
|
5,397
|
5,642
|
16,456
|
10,575
|
|||||||||||||
Discontinued
operations:
|
|||||||||||||||||
Income
from discontinued operations before
|
|||||||||||||||||
asset
impairment, settlement proceeds and gain on sale
|
278
|
250
|
543
|
443
|
|||||||||||||
Gain
on sale of discontinued operations
|
3,443
|
-
|
3,443
|
-
|
|||||||||||||
Net
income
|
9,118
|
5,892
|
20,442
|
11,018
|
|||||||||||||
Preferred
dividend distribution
|
3,490
|
3,491
|
6,981
|
6,981
|
|||||||||||||
Net
income available for common shareholders
|
$ |
5,628
|
$ |
2,401
|
$ |
13,461
|
$ |
4,037
|
|||||||||
Weighted
average shares outstanding (in thousands):
|
|||||||||||||||||
Basic
|
25,288
|
23,152
|
25,188
|
22,645
|
|||||||||||||
Effect
of dilutive stock options
|
176
|
222
|
189
|
228
|
|||||||||||||
Diluted
|
25,464
|
23,374
|
25,377
|
22,873
|
|||||||||||||
Net
income available for common shareholders
|
$ |
5,628
|
$ |
2,401
|
$ |
13,461
|
$ |
4,037
|
|||||||||
Discontinued
property operations
|
(3,721 | ) | (250 | ) | (3,986 | ) | (443 | ) | |||||||||
Income
from continuing operations available for common
shareholders
|
$ |
1,907
|
$ |
2,151
|
$ |
9,475
|
$ |
3,594
|
|||||||||
Earnings
per share - basic:
|
|||||||||||||||||
Income
from continuing operations
|
|||||||||||||||||
available
for common shareholders
|
$ |
0.07
|
$ |
0.09
|
$ |
0.37
|
$ |
0.16
|
|||||||||
Discontinued
property operations
|
0.15
|
0.01
|
0.16
|
0.02
|
|||||||||||||
Net
income available for common shareholders
|
$ |
0.22
|
$ |
0.10
|
$ |
0.53
|
$ |
0.18
|
|||||||||
Earnings
per share - diluted:
|
|||||||||||||||||
Income
from continuing operations
|
|||||||||||||||||
available
for common shareholders
|
$ |
0.07
|
$ |
0.09
|
$ |
0.37
|
$ |
0.16
|
|||||||||
Discontinued
property operations
|
0.15
|
0.01
|
0.16
|
0.02
|
|||||||||||||
Net
income available for common shareholders
|
$ |
0.22
|
$ |
0.10
|
$ |
0.53
|
$ |
0.18
|
|||||||||
Dividends
declared per common share
(1)
|
$ |
0.605
|
$ |
0.595
|
$ |
1.210
|
$ |
1.785
|
|||||||||
(1)
|
The
Company declared and paid $1.19 per common share during the six
months
ended June 30, 2006. During that same period
|
||||||||||||||||
the
Company also declared an additional $0.595 per common share that
was not
paid until July 31, 2006.
|
|||||||||||||||||
See
accompanying notes to condensed consolidated financial
statements.
|
Mid-America
Apartment Communities, Inc.
|
||||||||
Consolidated
Statements of Cash Flows
|
||||||||
Six
Months Ended June 30, 2007 and 2006
|
||||||||
(Dollars
in thousands)
|
||||||||
2007
|
2006
|
|||||||
Cash
flows from operating activities:
|
||||||||
Net
income
|
$ |
20,442
|
$ |
11,018
|
||||
Adjustments
to
reconcile net income to net cash provided by operating
activities:
|
||||||||
Income
from discontinued operations before asset impairment,
settlement
|
||||||||
proceeds
and gain on sale
|
(543 | ) | (443 | ) | ||||
Depreciation
and amortization of deferred financing costs
|
43,531
|
39,015
|
||||||
Stock
compensation expense
|
490
|
646
|
||||||
Stock
issued to employee stock ownership plan
|
440
|
385
|
||||||
Redeemable
stock issued
|
184
|
186
|
||||||
Amortization
of debt premium
|
(1,018 | ) | (930 | ) | ||||
Income
from investments in real estate joint ventures
|
58
|
119
|
||||||
Minority
interest in operating partnership income
|
1,801
|
821
|
||||||
Loss
on debt extinguishment
|
52
|
551
|
||||||
Derivative
interest expense
|
98
|
(120 | ) | |||||
Gain
on sale of non-depreciable assets
|
(226 | ) |
-
|
|||||
Gain
on sale of discontinued operations
|
(3,443 | ) |
-
|
|||||
Gain
on disposition within real estate joint ventures
|
(5,387 | ) |
-
|
|||||
Incentive
fee from real estate joint ventures
|
(1,019 | ) |
-
|
|||||
Net
gain on insurance and other settlement proceeds
|
(842 | ) | (225 | ) | ||||
Changes
in assets and liabilities:
|
||||||||
Restricted
cash
|
(4 | ) |
689
|
|||||
Other
assets
|
5,479
|
2,741
|
||||||
Accounts
payable
|
(2,124 | ) |
2,874
|
|||||
Accrued
expenses and other
|
226
|
2,574
|
||||||
Security
deposits
|
652
|
780
|
||||||
Net
cash provided by operating activities
|
58,847
|
60,681
|
||||||
Cash
flows from investing activities:
|
||||||||
Purchases
of real estate and other assets
|
(35,225 | ) | (82,213 | ) | ||||
Improvements
to existing real estate assets
|
(13,916 | ) | (14,356 | ) | ||||
Renovations
to existing real estate assets
|
(4,709 | ) | (2,468 | ) | ||||
Development
|
(9,950 | ) | (551 | ) | ||||
Distributions
from real estate joint ventures
|
9,855
|
137
|
||||||
Contributions
to real estate joint ventures
|
(98 | ) |
-
|
|||||
Proceeds
from disposition of real estate assets
|
13,778
|
1,089
|
||||||
Net
cash used in investing activities
|
(40,265 | ) | (98,362 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Net
change in credit lines
|
11,572
|
1,659
|
||||||
Proceeds
from notes payable
|
-
|
13,235
|
||||||
Principal
payments on notes payable
|
(11,333 | ) | (28,737 | ) | ||||
Payment
of deferred financing costs
|
(1,298 | ) | (1,905 | ) | ||||
Proceeds
from issuances of common shares and units
|
21,783
|
87,321
|
||||||
Distributions
to unitholders
|
(3,012 | ) | (2,990 | ) | ||||
Dividends
paid on common shares
|
(30,566 | ) | (26,619 | ) | ||||
Dividends
paid on preferred shares
|
(6,981 | ) | (6,981 | ) | ||||
Net
cash (used by) provided by financing activities
|
(19,835 | ) |
34,983
|
|||||
Net
increase (decrease) in cash and cash equivalents
|
(1,253 | ) | (2,698 | ) | ||||
Cash
and cash equivalents, beginning of period
|
5,545
|
14,064
|
||||||
Cash
and cash equivalents, end of period
|
$ |
4,292
|
$ |
11,366
|
||||
Supplemental
disclosure of cash flow information:
|
||||||||
Interest
paid
|
$ |
33,809
|
$ |
32,989
|
||||
Supplemental
disclosure of noncash investing and financing
activities:
|
||||||||
Conversion
of units to common shares
|
$ |
84
|
$ |
136
|
||||
Interest
capitalized
|
$ |
520
|
$ |
47
|
||||
Marked-to-market
adjustment on derivative instruments
|
$ |
6,945
|
$ |
17,505
|
||||
Reclass
of redeemable stock from equity to liabilities
|
$ |
442
|
$ |
-
|
||||
See
accompanying notes to condensed consolidated financial
statements.
|
Three
months
|
Six
months
|
|||||||||||||||
ended
June 30,
|
ended
June 30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Net
income
|
$ |
9,118
|
$ |
5,892
|
$ |
20,442
|
$ |
11,018
|
||||||||
Marked-to-market
adjustment
|
||||||||||||||||
on
derivative instruments
|
9,871
|
7,088
|
6,945
|
17,505
|
||||||||||||
Total
comprehensive income
|
$ |
18,989
|
$ |
12,980
|
$ |
27,387
|
$ |
28,523
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
June
30,
|
June
30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Revenues
|
||||||||||||||||
Rental
revenues
|
$ |
786
|
$ |
1,143
|
$ |
1,962
|
$ |
2,334
|
||||||||
Other
revenues
|
46
|
58
|
113
|
122
|
||||||||||||
Total
revenues
|
832
|
1,201
|
2,075
|
2,456
|
||||||||||||
Expenses
|
||||||||||||||||
Property
operating expenses
|
432
|
624
|
1,096
|
1,195
|
||||||||||||
Depreciation
|
(1 | ) |
130
|
132
|
420
|
|||||||||||
Interest
expense
|
123
|
197
|
304
|
398
|
||||||||||||
Total
expense
|
554
|
951
|
1,532
|
2,013
|
||||||||||||
Income
from discontinued operations before
|
||||||||||||||||
gain
on sale and settlement proceeds
|
278
|
250
|
543
|
443
|
||||||||||||
Income
from discontinued operations
|
$ |
278
|
$ |
250
|
$ |
543
|
$ |
443
|
Three
months
|
Six
months
|
|||||||||||||||
ended
June 30,
|
ended
June 30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Net
income
|
$ |
9,118
|
$ |
5,892
|
$ |
20,442
|
$ |
11,018
|
||||||||
Depreciation
of real estate assets
|
20,781
|
19,042
|
41,752
|
37,344
|
||||||||||||
Net
gain on insurance and other settlement proceeds
|
(332 | ) | (225 | ) | (842 | ) | (225 | ) | ||||||||
Gain
on dispositions within real estate joint ventures
|
-
|
-
|
(5,387 | ) |
-
|
|||||||||||
Depreciation
of real estate assets of
|
||||||||||||||||
discontinued
operations
|
(1 | ) |
130
|
132
|
420
|
|||||||||||
Gain
on sale of discontinued operations
|
(3,443 | ) |
-
|
(3,443 | ) |
-
|
||||||||||
Depreciation
of real estate assets of
|
||||||||||||||||
real
estate joint ventures
|
-
|
121
|
14
|
261
|
||||||||||||
Preferred
dividend distribution
|
(3,490 | ) | (3,491 | ) | (6,981 | ) | (6,981 | ) | ||||||||
Minority
interest in operating partnership income
|
763
|
408
|
1,801
|
821
|
||||||||||||
Funds
from operations
|
$ |
23,396
|
$ |
21,877
|
$ |
47,488
|
$ |
42,658
|
||||||||
Weighted
average shares and units:
|
||||||||||||||||
Basic
|
27,775
|
25,662
|
27,676
|
25,160
|
||||||||||||
Diluted
|
27,951
|
25,884
|
27,865
|
25,387
|
Outstanding
|
|||||||||||||||
Balance/
|
Average
|
Average
|
Average
|
||||||||||||
Line
|
Line
|
Notional
|
Interest
|
Rate
|
Contract
|
||||||||||
Limit
|
Availability
|
Amount
|
Rate
|
Maturity
|
Maturity
|
||||||||||
COMBINED
DEBT
|
|||||||||||||||
Fixed
Rate or Swapped
|
|||||||||||||||
Conventional
|
$ 853,154,809
|
5.6%
|
9/28/2011
|
9/28/2011
|
|||||||||||
Tax
Exempt
|
73,355,000
|
4.3%
|
1/3/2012
|
1/3/2012
|
|||||||||||
Subtotal
Fixed Rate or Swapped
|
926,509,809
|
5.5%
|
10/5/2011
|
10/5/2011
|
|||||||||||
Variable
Rate
|
|||||||||||||||
Conventional
|
216,179,262
|
5.9%
|
8/27/2007
|
10/24/2012
|
|||||||||||
Tax
Exempt
|
10,855,004
|
4.7%
|
7/22/2007
|
5/30/2020
|
|||||||||||
Conventional
- Capped
|
17,936,000
|
5.9%
|
11/13/2009
|
11/13/2009
|
|||||||||||
Tax
Exempt - Capped
|
24,090,000
|
4.6%
|
11/27/2009
|
11/27/2009
|
|||||||||||
Subtotal
Variable Rate
|
269,060,266
|
5.8%
|
8/22/2007
|
4/11/2013
|
|||||||||||
Total
Combined Debt Outstanding
|
$
1,195,570,075
|
5.5%
|
10/31/2010
|
2/7/2012
|
|||||||||||
UNDERLYING
DEBT
|
|||||||||||||||
Individual
Property Mortgages/Bonds
|
|||||||||||||||
Conventional
Fixed Rate
|
$ 135,154,809
|
4.8%
|
8/29/2013
|
8/29/2013
|
|||||||||||
Tax
Exempt Fixed Rate
|
12,025,000
|
5.2%
|
12/1/2028
|
12/1/2028
|
|||||||||||
Tax
Exempt Variable Rate
|
4,760,004
|
4.8%
|
7/31/2007
|
6/1/2028
|
|||||||||||
FNMA
Credit Facilities
|
|||||||||||||||
Tax
Free Borrowings
|
$ 91,515,000
|
$ 91,515,000
|
91,515,000
|
4.6%
|
7/15/2007
|
3/1/2014
|
|||||||||
Conventional
Borrowings
|
|||||||||||||||
Fixed
Rate Borrowings
|
90,000,000
|
90,000,000
|
90,000,000
|
7.5%
|
7/1/2009
|
7/1/2009
|
|||||||||
Variable
Rate Borrowings
|
862,914,000
|
862,914,000
|
672,318,000
|
5.9%
|
8/30/2007
|
5/9/2013
|
|||||||||
Subtotal
FNMA Facilities
|
1,044,429,000
|
1,044,429,000
|
853,833,000
|
5.9%
|
11/3/2007
|
1/12/2013
|
|||||||||
Freddie
Mac Credit Facility I
|
100,000,000
|
96,404,000
|
96,404,000
|
5.9%
|
9/7/2007
|
7/1/2011
|
|||||||||
Freddie
Mac Credit Facility II
|
200,000,000
|
47,325,000
|
47,325,000
|
5.8%
|
8/31/2007
|
6/2/2014
|
|||||||||
AmSouth
Credit Facility
|
40,000,000
|
33,144,020
|
6,177,450
|
7.3%
|
7/31/2007
|
5/24/2008
|
|||||||||
Union
Planters Bank
|
39,890,812
|
6.4%
|
7/31/2007
|
4/1/2009
|
|||||||||||
Total
Underlying Debt Outstanding
|
$
1,195,570,075
|
5.8%
|
9/5/2008
|
2/7/2013
|
|||||||||||
HEDGING
INSTRUMENTS
|
|||||||||||||||
Interest
Rate Swaps
|
|||||||||||||||
LIBOR
indexed
|
$ 628,000,000
|
5.5%
|
8/5/2011
|
||||||||||||
BMA
indexed
|
61,330,000
|
4.1%
|
9/10/2008
|
||||||||||||
Total
Interest Rate Swaps
|
$ 689,330,000
|
5.4%
|
5/2/2011
|
||||||||||||
Interest
Rate Caps
|
|||||||||||||||
LIBOR
indexed
|
$ 17,936,000
|
6.2%
|
11/13/2009
|
||||||||||||
BMA
indexed
|
24,090,000
|
6.0%
|
11/27/2009
|
||||||||||||
Total
Interest Rate Caps
|
$ 42,026,000
|
6.1%
|
11/21/2009
|
Contractual
|
Payments
Due by Period
|
|||||||||||||||||||||||||||
Obligations
|
2007
|
2008
|
2009
|
2010
|
2011
|
Thereafter
|
Total
|
|||||||||||||||||||||
Long-Term
Debt
(1)
|
$ |
2,226
|
$ |
116,583
|
$ |
106,623
|
$ |
121,827
|
$ |
216,962
|
$ |
631,349
|
$ |
1,195,570
|
||||||||||||||
Operating
Lease
|
6
|
12
|
3
|
-
|
-
|
-
|
21
|
|||||||||||||||||||||
Total
|
$ |
2,232
|
$ |
116,595
|
$ |
106,626
|
$ |
121,827
|
$ |
216,962
|
$ |
631,349
|
$ |
1,195,591
|
||||||||||||||
(1)
Represents
principal payments.
|
For
|
Withheld
|
|||||||
Mary
E. McCormick
|
23,649,225
|
280,679
|
||||||
William
B. Sansom
|
23,616,336
|
313,568
|
For
|
Against
|
Abstain
|
||||||||||
Ernst
& Young LLP
|
23,827,527
|
85,839
|
16,538
|
(a)
|
The
following exhibits are filed as part of this
report.
|
Exhibit
Number
|
Exhibit
Description
|
10
|
Limited
Liability Company Agreement of Mid-America Multifamily Fund I,
LLC dated
as of May 9, 2007
|
31.1
|
Certification
of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
|
31.2
|
Certification
of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
|
32.1
|
Certification
of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350,
as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
32.2
|
Certification
of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350,
as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
MID-AMERICA
APARTMENT COMMUNITIES, INC.
|
|
Date: August
2, 2007
|
/s/Simon
R.C. Wadsworth
|
Simon
R.C. Wadsworth
|
|
Executive
Vice President and
|
|
Chief
Financial Officer
|
|
(Principal
Financial and Accounting Officer)
|