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 AND EXCHANGE ACT OF 1934
October 10, 2002
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 300
MEMPHIS, TENNEESSEE 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
In connection with the offering of up to 1,050,000 (1,100,000 if the
underwriters' over-allotment option is fully exercised) shares of the Series F
Cumulative Redeemable Preferred Stock, par value $0.01 per share (liquidation
preference $25 per share) (the "Series F Preferred Stock"), of Mid-America
Apartment Communities, Inc. (the "Company"), attached to this report are the
exhibits listed below.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
The following exhibits are filed pursuant to Item 601 of Regulation S-K:
Number Description
12.1 Statement regarding computation of ratios
SIGNATURES
Pursuant to the requirements of the Securities Exchnage 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: October 10, 2002 /s/Simon R.C. Wadsworth
Simon R.C. Wadsworth
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
EXHIBIT 12.1
Dollars in thousands
Six Months Ended
June 30, Year Ended December 31,
----------------------- -------------------------------------------------------
2002 2001 2001 2000 1999 1998 1997
---------- ----------- ---------- ---------- --------- --------- ---------
Income before gains on dispositions,
minority interest in operating partnership
income and extraordinary items $ 9,071 $ 9,993 $ 20,371 $ 21,030 $ 25,899 $ 29,593 $ 22,542
Equity in loss of real estate joint venture 213 111 296 157 31 - -
Fixed charges:
Interest expense 24,724 27,302 52,598 50,736 48,302 45,704 28,943
Estimate of interest within rental expense - 88 158 407 77 41 56
Deferred financing costs 1,321 1,165 2,352 2,758 2,854 2,348 888
Interest capitalized 239 811 1,382 3,730 3,967 4,265 388
Distributed income of equity investees 121 253 289 267 - - -
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35,689 39,723 77,446 79,085 81,130 81,951 52,817
Interest capitalized (239) (811) (1,382) (3,730) (3,967) (4,265) (388)
Minority interest in pre-tax income of
subsidiaries that have not incurred
fixed charges - - - - - - -
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Earnings $ 35,450 $ 38,912 $ 76,064 $ 75,355 $ 77,163 $ 77,686 $ 52,429
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Fixed charges:
Interest expense $ 24,724 $ 27,302 $ 52,598 $ 50,736 $ 48,302 $ 45,704 $ 28,943
Estimate of interest within rental expense - 88 158 407 77 41 56
Deferred financing costs 1,321 1,165 2,352 2,758 2,854 2,348 888
Interest capitalized 239 811 1,382 3,730 3,967 4,265 388
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Fixed charges $ 26,284 $ 29,366 $ 56,490 $ 57,631 $ 55,200 $ 52,358 $ 30,275
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Ratio of earnings to fixed charges 1.3x 1.3x 1.3x 1.3x 1.4x 1.5x 1.7x
Fixed charges:
Interest expense $ 24,724 $ 27,302 $ 52,598 $ 50,736 $ 48,302 $ 45,704 $ 28,943
Estimate of interest within rental expense - 88 158 407 77 41 56
Deferred financing costs 1,321 1,165 2,352 2,758 2,854 2,348 888
Interest capitalized 239 811 1,382 3,730 3,967 4,265 388
Preferred stock dividends 8,057 8,057 16,113 16,114 16,114 11,430 5,252
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Combined fixed charges and preferred stock
dividends $ 34,341 $ 37,423 $ 72,603 $ 73,745 $ 71,314 $ 63,788 $ 35,527
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Ratio of earnings to combined fixed charges
and preferred stock dividends 1.0x 1.0x 1.1x 1.0x 1.1x 1.2x 1.5x