MEMPHIS, Tenn., April 27 /PRNewswire-FirstCall/ -- Mid-America Apartment
Communities, Inc. (NYSE: MAA) announced today the acquisition of Grand
Courtyards, an upscale apartment community located in the Grand Prairie sub-
market of the Dallas/Fort Worth metro area. Mid-America's Dallas portfolio is
its largest and is showing the strongest growth in same store net operating
income among the company's large-tier market holdings.
Grand Courtyards, developed in 2000, is a 390-unit upscale apartment
community with close proximity to major employment centers in the Dallas/Fort
Worth metro and airport corridor. The high-end apartment community amenities
include a business center, fitness center, multiple courtyards, swimming
pool/spa area, garages and intrusion alarms in all units.
Drew Taylor, Mid-America's Director of Asset Management said, "The
purchase of Grand Courtyards continues our disciplined acquisition plan to
invest in high-quality communities and is in line with our strategy to
increase investment holdings in high growth large tier markets."
Mid-America is a self-administered, self-managed apartment-only real
estate investment trust which currently owns or has ownership interest in
39,179 apartment units throughout the Sunbelt region of the U.S. For further
details, please refer to our website at www.maac.net or contact Investor
Relations at investor.relations@maac.net or (901) 435-5371. 6584 Poplar Ave.,
Suite 300, Memphis, TN 38138.
Certain matters in this press release may constitute forward-looking
statements within the meaning of Section 27-A of the Securities Act of 1933
and Section 21E of the Securities and Exchange Act of 1934. Such statements
include, but are not limited to, statements made about anticipated market
conditions, anticipated acquisitions, renovation and development
opportunities, and property financing. Actual results and the timing of
certain events could differ materially from those projected in or contemplated
by the forward-looking statements due to a number of factors, including a
downturn in general economic conditions or the capital markets, competitive
factors including overbuilding or other supply/demand imbalances in some or
all of our markets, shortage of acceptable property acquisition candidates,
changes in interest rates and other items that are difficult to control, as
well as the other general risks inherent in the apartment and real estate
businesses. Reference is hereby made to the filings of Mid-America Apartment
Communities, Inc., with the Securities and Exchange Commission, including
quarterly reports on Form 10-Q, reports on Form 8-K, and its annual report on
Form 10-K, particularly including the risk factors contained in the latter
filing.
SOURCE Mid-America Apartment Communities, Inc.
-0- 04/27/2006
/CONTACT: Investor Relations of Mid-America Apartment Communities,
+1-901-435-5371, or investor.relations@maac.net /
/Web site: http://www.maac.net /
(MAA)
CO: Mid-America Apartment Communities, Inc.
ST: Tennessee, Texas
IN: RLT FIN
SU: TNM
FB-AK
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7931 04/27/200614:44 EDThttp://www.prnewswire.com