Mid-America Apartment Communities, Inc. makes announcement

Business Wire, Oct 1, 1996

MEMPHIS, Tenn.--(BUSINESS WIRE)--Oct. 1, 1996--Mid-America Apartment Communities, Inc. (NYSE:MAA) announced today that it intends to offer and sell 1,200,000 shares of its Series A Cumulative Preferred Stock ("Series A Preferred Stock") in a public offering. Managing underwriters for the transaction are Morgan Keegan & Company, Inc. and J.C. Bradford & Co. The Series A Preferred Stock will have a liquidation preference of $25 per share. The Company may redeem the Series A Preferred Stock in whole or in part, without premium, after November 1, 2001, but the securities will otherwise have no stated maturity date and will not be subject to any sinking fund or other mandatory redemption by the Company. The Series A Preferred Stock will not be convertible into the Company's common stock or any other security of the Company, and is anticipated that it will be listed on the New York Stock Exchange under the symbol "MAA PrA."

Proceeds from the sale of the Series A Preferred Stock will be used to fund acquisitions and to reduce the outstanding indebtedness under the Company's $65 million credit line.

This press release does not constitute an offer to sell or a solicitation of an offer to purchase the subject securities, and such offers or solicitations shall be made only by means of a Prospectus Supplement and accompanying Prospectus, copies of which may be obtained from the Company or the underwriters.

Mid-America Apartment Communities, Inc. is a self-administered, self-managed apartment-only real estate investment trust which operates 19,226 units (including 234 under construction) throughout the southern crescent of the U.S.

CONTACT: Mid-America Apartment Communities, Inc., Memphis

Simon R.C. Wadsworth, 901/682-6600