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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>W</B></FONT><B>ashington<FONT STYLE="text-transform: uppercase">,
D.C. 20549</FONT></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
September 4, 2012 (August 31, 2012)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>MID-AMERICA APARTMENT COMMUNITIES,
INC.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 33%; text-align: center; text-decoration: underline">Tennessee</TD>
    <TD STYLE="width: 34%; text-align: center; text-decoration: underline">1-12762</TD>
    <TD STYLE="width: 33%; text-align: center; text-decoration: underline">62-1543819</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or Other Jurisdiction of Incorporation)</TD>
    <TD STYLE="text-align: center">(Commission File Number)</TD>
    <TD STYLE="text-align: center">(I.R.S. Employer Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 45%; text-align: center; text-decoration: underline">6584 Poplar Avenue, Suite 300 Memphis, Tennessee</TD>
    <TD STYLE="width: 10%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 45%; text-align: center; text-decoration: underline">38138</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">(Zip Code)</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>(901) 682-6600</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant's telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Check the appropriate box 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):</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.5in">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.5in">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="text-underline-style: double">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 1.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entry
into a Material Definitive Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 31, 2012, Mid-America Apartments,
L.P. (the &ldquo;<U>Operating Partnership</U>&rdquo;) entered into a Note Purchase Agreement (the &ldquo;Agreement&rdquo;) to sell
(i) $18,000,000 3.15% Senior Guaranteed Notes, Series A, due November 30, 2017 (the &ldquo;<U>Series A Notes</U>&rdquo;), (ii)
$20,000,000 3.61% Senior Guaranteed Notes, Series B, due November 30, 2019 (the &ldquo;<U>Series B Notes</U>&rdquo;), (iii) $117,000,000
4.17% Senior Guaranteed Notes, Series C, due November 30, 2022 (the &ldquo;<U>Series C Notes</U>&rdquo;), and (iv) $20,000,000
4.33% Senior Guaranteed Notes, Series D, due November 30, 2024 (the &ldquo;<U>Series D Notes,</U>&rdquo; and collectively with
the Series A Notes, the Series B Notes, and the Series C Notes, the &ldquo;<U>Notes</U>&rdquo;) in a private placement. Mid-America
Apartment Communities, Inc. (&ldquo;<U>MAA</U>&rdquo;) is the sole general partner of the Operating Partnership. The issuance and
sale of the Notes will occur in three separate closings: $62,000,000 of Notes closed on August 31, 2012, $59,000,000 of Notes will
close on September 28, 2012, and the remaining $54,000,000 of Notes will close on November 30, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Series A Notes have a five-year term
and an interest rate of 3.15%. The Series B Notes have a seven-year term and an interest rate of 3.61%. The Series C Notes have
a ten-year term and an interest rate of 4.17%. The Series D Notes have a twelve-year term and an interest rate of 4.33%. All of
the Notes are unsecured obligations of the Operating Partnership and are fully and unconditionally guaranteed by MAA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Notes were issued pursuant to the Agreement,
by and among the Operating Partnership, MAA and the purchasers of the Notes party thereto. Subject to the terms of the Agreement
and the Notes, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal, Make-Whole
Amount, as discussed below, or interest under the Notes, and (ii) a default in the payment of certain other indebtedness of the
Operating Partnership or MAA or of their subsidiaries, the principal and accrued but unpaid interest and the Make-Whole Amount
on the outstanding Notes will become due and payable at the option of the holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Operating Partnership may prepay at
any time all, or from time to time any part of, the Notes, in the amount not less than ten percent (10%) of the Notes then outstanding
at (ii) one hundred percent (100%) of the principal amount so prepaid, together with accrued interest, and (ii) the &ldquo;Make-Whole
Amount&rdquo; as defined in the Agreement. The Make-Whole Amount is equal to the excess, if any, of the discounted value of the
remaining scheduled payments with respect to the Notes being prepaid over the amount of such Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Agreement contains customary covenants,
including, but not limited to, restrictions on:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in">&middot;</TD><TD STYLE="text-align: justify">mergers, consolidations and sale of assets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in">&middot;</TD><TD STYLE="text-align: justify">declaration of dividends; and</TD></TR></TABLE>

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<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in">&middot;</TD><TD STYLE="text-align: justify">transactions with affiliates.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Agreement requires MAA
and the Operating Partnership to comply with certain financial covenants, including, but not limited to, restrictions on:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in">&middot;</TD><TD STYLE="text-align: justify">the maximum aggregate debt of MAA, the Operating Partnership and their subsidiaries;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in">&middot;</TD><TD STYLE="text-align: justify">the maximum aggregate secured debt of MAA, the Operating Partnership and their subsidiaries;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in">&middot;</TD><TD STYLE="text-align: justify">the minimum interest coverage based upon a ratio of the Consolidated Income Available for Debt
Service to the Annual Debt Service Charge, both as defined in the Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in">&middot;</TD><TD STYLE="text-align: justify">the minimum unsecured debt based on a ratio of Total Unencumbered Assets to Unsecured Indebtedness,
both as defined in the Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in">&middot;</TD><TD STYLE="text-align: justify">the minimum unsecured debt yield based on Net Operating Income generated by Total Unencumbered
Assets, both as defined in the Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in">&middot;</TD><TD STYLE="text-align: justify">the minimum Consolidated Net Worth, as defined in the Agreement; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in">&middot;</TD><TD STYLE="text-align: justify">the minimum portion of Total Assets and Total Encumbered Assets, both as defined in the Agreement,
owned by MAA and the Operating Partnership, without giving effect to any such assets owned by their subsidiaries.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These covenants, which are described more
fully in the Agreement, to which reference is made for a complete statement of the covenants, are subject to certain exceptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The descriptions in this Form 8-K of the
Notes and the Agreement are not intended to be complete descriptions of those documents, and the descriptions are qualified in
their entirety by the full text of the documents, which are attached as exhibits to, and incorporated as reference in, this Form
8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 2.03.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creation
of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 31, 2012, the Company entered
into the Note Purchase Agreement, the terms and conditions of which are described in Item 1.01 of this Form 8-K, which by this
reference is incorporated herein. The issuance and sale of the Notes will occur in three separate closings: $62,000,000 of Notes
closed on August 31, 2012, $59,000,000 of Notes will close on September 28, 2012, and the remaining $54,000,000 of Notes will close
on November 30, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 8.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
Events.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 4, 2012, the Company issued
a press release announcing the sale of the Notes, a copy of which is furnished as Exhibit 99.1 hereto. The information in this
Item 8.01 and Exhibit 99.1 shall not be deemed &ldquo;filed&rdquo; for purposes of Section 18 of the Securities Exchange Act of
1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly
set forth by specific reference in such filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>(d)&nbsp;&nbsp;Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exhibit 10.1 is being filed, and Exhibit
99.1 is being furnished, with this Form 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 11%; border-bottom: windowtext 1pt solid; padding-right: 0.7pt; text-align: left; font-weight: bold">Exhibit&nbsp;No.</TD>
    <TD STYLE="width: 2%; padding-right: 0.7pt; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 87%; border-bottom: windowtext 1pt solid; padding-right: 0.7pt; text-align: left; font-weight: bold">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; text-align: left">10.1</TD>
    <TD STYLE="padding-right: 0.7pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; text-align: justify">Note Purchase Agreement, dated as of August 31, 2012, among Mid-America Apartments, L.P., Mid-America Apartment Communities, Inc. and the purchasers of the notes party thereto (including the forms of the 3.15% Senior Guaranteed Notes, Series A, due November 30, 2017, the 3.61% Senior Guaranteed Notes, Series B, due November 30, 2019, the 4.17% Senior Guaranteed Notes, Series C, due November 30, 2022, and the 4.33% Senior Guaranteed Notes, Series D, due November 30, 2024).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; text-align: left">99.1</TD>
    <TD STYLE="padding-right: 0.7pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; text-align: left">Press Release</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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
hereunto duly authorized.</P>

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    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; font-weight: bold">MID-AMERICA APARTMENT COMMUNITIES, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 21%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Date:&nbsp; September 4, 2012</TD>
    <TD STYLE="text-align: left">By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: left; padding-left: 0.12in">/s/Albert M. Campbell, III</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">Albert M. Campbell, III</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">Executive Vice President, Chief Financial Officer,</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">Treasurer and Director of Financial Reporting</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">(Principal Financial and Accounting Officer)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
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[{"type": "8-K", "sequence": "1", "filename": "v322907_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 27624}]
{"company-data": {"conformed-name": "MID AMERICA APARTMENT COMMUNITIES INC", "cik": "0000912595", "assigned-sic": "6798", "irs-number": "621543819", "state-of-incorporation": "TN", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-12762", "film-number": "121069742"}, "business-address": {"street1": "6584 POPLAR AVE", "street2": "STE 340", "city": "MEMPHIS", "state": "TN", "zip": "38138", "phone": "9016826600"}, "mail-address": {"street1": "6584 POPLAR AVE", "street2": "SUITE 340", "city": "MEMPHIS", "state": "TN", "zip": "38138"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
W
ashington
,
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):
September 4, 2012 (August 31, 2012)
MID-AMERICA APARTMENT COMMUNITIES,
INC.
(Exact name of registrant as specified in
its charter)
Tennessee
1-12762
62-1543819
(State or Other Jurisdiction 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 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 1.01.         Entry
into a Material Definitive Agreement
On August 31, 2012, Mid-America Apartments,
L.P. (the "
Operating Partnership
") entered into a Note Purchase Agreement (the "Agreement") to sell
(i) $18,000,000 3.15% Senior Guaranteed Notes, Series A, due November 30, 2017 (the "
Series A Notes
"), (ii)
$20,000,000 3.61% Senior Guaranteed Notes, Series B, due November 30, 2019 (the "
Series B Notes
"), (iii) $117,000,000
4.17% Senior Guaranteed Notes, Series C, due November 30, 2022 (the "
Series C Notes
"), and (iv) $20,000,000
4.33% Senior Guaranteed Notes, Series D, due November 30, 2024 (the "
Series D Notes,
" and collectively with
the Series A Notes, the Series B Notes, and the Series C Notes, the "
Notes
") in a private placement. Mid-America
Apartment Communities, Inc. ("
MAA
") is the sole general partner of the Operating Partnership. The issuance and
sale of the Notes will occur in three separate closings: $62,000,000 of Notes closed on August 31, 2012, $59,000,000 of Notes will
close on September 28, 2012, and the remaining $54,000,000 of Notes will close on November 30, 2012.
The Series A Notes have a five-year term
and an interest rate of 3.15%. The Series B Notes have a seven-year term and an interest rate of 3.61%. The Series C Notes have
a ten-year term and an interest rate of 4.17%. The Series D Notes have a twelve-year term and an interest rate of 4.33%. All of
the Notes are unsecured obligations of the Operating Partnership and are fully and unconditionally guaranteed by MAA.
The Notes were issued pursuant to the Agreement,
by and among the Operating Partnership, MAA and the purchasers of the Notes party thereto. Subject to the terms of the Agreement
and the Notes, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal, Make-Whole
Amount, as discussed below, or interest under the Notes, and (ii) a default in the payment of certain other indebtedness of the
Operating Partnership or MAA or of their subsidiaries, the principal and accrued but unpaid interest and the Make-Whole Amount
on the outstanding Notes will become due and payable at the option of the holders.
The Operating Partnership may prepay at
any time all, or from time to time any part of, the Notes, in the amount not less than ten percent (10%) of the Notes then outstanding
at (ii) one hundred percent (100%) of the principal amount so prepaid, together with accrued interest, and (ii) the "Make-Whole
Amount" as defined in the Agreement. The Make-Whole Amount is equal to the excess, if any, of the discounted value of the
remaining scheduled payments with respect to the Notes being prepaid over the amount of such Notes.
The Agreement contains customary covenants,
including, but not limited to, restrictions on:
·
mergers, consolidations and sale of assets;
·
declaration of dividends; and
·
transactions with affiliates.
In addition, the Agreement requires MAA
and the Operating Partnership to comply with certain financial covenants, including, but not limited to, restrictions on:
·
the maximum aggregate debt of MAA, the Operating Partnership and their subsidiaries;
·
the maximum aggregate secured debt of MAA, the Operating Partnership and their subsidiaries;
·
the minimum interest coverage based upon a ratio of the Consolidated Income Available for Debt
Service to the Annual Debt Service Charge, both as defined in the Agreement;
·
the minimum unsecured debt based on a ratio of Total Unencumbered Assets to Unsecured Indebtedness,
both as defined in the Agreement;
·
the minimum unsecured debt yield based on Net Operating Income generated by Total Unencumbered
Assets, both as defined in the Agreement;
·
the minimum Consolidated Net Worth, as defined in the Agreement; and
·
the minimum portion of Total Assets and Total Encumbered Assets, both as defined in the Agreement,
owned by MAA and the Operating Partnership, without giving effect to any such assets owned by their subsidiaries.
These covenants, which are described more
fully in the Agreement, to which reference is made for a complete statement of the covenants, are subject to certain exceptions.
The descriptions in this Form 8-K of the
Notes and the Agreement are not intended to be complete descriptions of those documents, and the descriptions are qualified in
their entirety by the full text of the documents, which are attached as exhibits to, and incorporated as reference in, this Form
8-K.
Item 2.03.         Creation
of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On August 31, 2012, the Company entered
into the Note Purchase Agreement, the terms and conditions of which are described in Item 1.01 of this Form 8-K, which by this
reference is incorporated herein. The issuance and sale of the Notes will occur in three separate closings: $62,000,000 of Notes
closed on August 31, 2012, $59,000,000 of Notes will close on September 28, 2012, and the remaining $54,000,000 of Notes will close
on November 30, 2012.
Item 8.01.         Other
Events.
On September 4, 2012, the Company issued
a press release announcing the sale of the Notes, a copy of which is furnished as Exhibit 99.1 hereto. The information in this
Item 8.01 and Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of
1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly
set forth by specific reference in such filing.
Item 9.01.         Financial
Statements and Exhibits.
(d)  Exhibits
Exhibit 10.1 is being filed, and Exhibit
99.1 is being furnished, with this Form 8-K.
Exhibit No.
Description
10.1
Note Purchase Agreement, dated as of August 31, 2012, among Mid-America Apartments, L.P., Mid-America Apartment Communities, Inc. and the purchasers of the notes party thereto (including the forms of the 3.15% Senior Guaranteed Notes, Series A, due November 30, 2017, the 3.61% Senior Guaranteed Notes, Series B, due November 30, 2019, the 4.17% Senior Guaranteed Notes, Series C, due November 30, 2022, and the 4.33% Senior Guaranteed Notes, Series D, due November 30, 2024).
99.1
Press Release
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
hereunto duly authorized.
MID-AMERICA APARTMENT COMMUNITIES, INC.
Date:  September 4, 2012
By:
/s/Albert M. Campbell, III
Albert M. Campbell, III
Executive Vice President, Chief Financial Officer,
Treasurer and Director of Financial Reporting
(Principal Financial and Accounting Officer)