Mid-America Apartment Communities

Annual Report 2000

Mid-America Apartment Communities, Inc.

IN THE PAST FEW YEARS, THE DOT-COMS DISTRACTED
many investors from a proven truth on which this

country’s  economic  prosperity  has  long  been  built:

hard work, discipline and sound principles lead to

solid,  steady  growth  in  intrinsic  value  and  real  cash

flow. Here at Mid-America Apartment Communities,

we never lost sight of our original goal – to provide a

solid  true  return by  increasing  intrinsic  share  value

coupled with a safe, growing cash dividend. By steadily

building an award-winning portfolio, maintaining that

portfolio to the highest standards, and creating a sense

of  community  for  resident  customers  and  employee

associates alike, Mid-America has succeeded in bringing

sound investment home – year after year. Trends come

and go, but sound investments built on the founda-

tion of a solid true return will be standing long after

the latest fads have run their course. With a true return

of 18.9 percent compounded annually since our initial

public  offering  in  1994,  Mid-America  brings sound

investment home for investors who benefit from our

24 years of unbroken success in the apartment business.

Letter to Our Shareholders 2   Bringing Sound Investment Home 6   Questions and Answers 12 Financial Statements 16

Independent Auditors’ Report 19 Investor Information 20 Officers and Directors 20

Independent Awards and Recognition 21

Contents

Bringing

Sound Investment

Home

Award-winning

Communities in

HighGrowth
Markets

P R O P E R T Y   L O C A T I O N S

D E V E L O P M E N T   S I T E S

T R A I N I N G   C E N T E R S

3 4 , 0 2 5   A P A R T M E N T S I N 13   S T A T E S
(including 413 units still under development)

The largest portion of Mid-America’s portfolio (70 percent of our units) is held in Tennessee,
Texas, Georgia and Florida, giving us more properties in accelerating markets than any apart-
ment REIT in the nation, according to one independent analyst. Geographical dispersement
and equal positioning in large, medium and small markets protect your investment from
threats in any given geographical market, and our apartments are more predictable and secure
than other real estate classes.
T E N N E S S E E Mid-America’s holdings are diversified throughout the state, benefiting from
strong demographic trends in each of its home state markets: Memphis, Nashville, Chattanooga
and Jackson.
T E X A S We have concentrated our ownership in and near Texas’ three prospering growth
areas — Dallas, Austin and Houston, currently some of our stronger markets.
G E O RG I A An excellent diversity of communities throughout the state, from the high growth
suburban areas of the Atlanta metro, to the solid mid-sized cities (Savannah, Macon, Columbus,
Augusta), to several steady smaller cities (Valdosta, Brunswick, Thomasville, LaGrange).
F L O R I D A We are growing and thriving in most of the strong market areas of Florida,
including Jacksonville, Tampa, Tallahassee, Orlando, Daytona Beach, Melbourne and others.

T E X A S
Austin 4
Dallas Metro 7
Houston Metro 4

V I RG I N I A
Hampton

A D D I T I O N A L
D E V E L O P M E N T
C O M M U N I T I E S
Memphis, TN
Nashville, TN

T R A I N I N G
C E N T E R S
Atlanta, GA
Dallas, TX
Greenville, SC
Jacksonville, FL
Memphis, TN
Nashville, TN

E X I S T I N G
L O C A T I O N S

A L A B A M A
Birmingham
Huntsville 2
Montgomery

A R K A N S A S
Little Rock 3

F L O R I D A
Daytona Beach
Gainesville
Jacksonville 9
Lakeland
Melbourne
Ocala
Orlando
Panama City Beach
Tallahassee
Tampa Metro 4

G E O RG I A
Athens
Atlanta Metro 6
Augusta 3
Brunswick
Columbus 2 
LaGrange
Macon/Warner Robins 4
Savannah
St. Simons Island
Thomasville
Valdosta

K E N T U C K Y
Bowling Green
Florence
Lexington 4
Louisville

M I S S O U R I
St. Louis

M I S S I S S I P P I
Grenada
Jackson 7
Southaven 2

N O RT H C A RO L I N A
Greensboro
Raleigh
Winston-Salem

O H I O
Cincinnati

S O U T H C A RO L I N A
Aiken 2 
Anderson
Charleston
Columbia 2
Greenville 5
Spartanburg

T E N N E S S E E
Chattanooga 4
Jackson 5
Memphis 10
Nashville Metro 3

The Paddock Club in

Panama City Beach, Florida

F I N A N C I A L   H I G H L I G H T S

Dollars in thousands, except property and per share data

Total revenues
Property operating expenses

(excluding depreciation and amortization)

Net income
Funds from operations
Funds from operations per share (Basic)
Dividends per share
Weighted average common shares, diluted
Weighted average shares and units, diluted
Real estate owned, at cost
Investment in real estate joint venture
Total debt
Shareholders’ equity and minority interest
Market capitalization (shares and units)
Number of properties with ownership interest
Number of apartment units with ownership interest

Years Ended December 31

1998
$ 215,543 

1999
$ 226,322 

2000
224,640

$

79,917 
26,757 
63,939 
2.95 
2.20 
18,770 
21,764 
1,434,733 

—   

753,427 
578,710 
$ 670,123 
129 
33,831 

84,885 
33,572 
59,714 
2.76 
2.30 
18,808 
21,817 
1,396,743 
8,054 
744,238 
519,944 
$ 639,095 
129 
33,901 

83,446
29,787
57,456
2.80
2.32
17,597
20,551
1,430,378
7,630
781,089
485,376
634,903
124
33,612

$

FUNDS FROM OPERATIONS
PER SHARE – BASIC
(SINCE IPO)

DIVIDEND
PER COMMON SHARE

INTRINSIC VALUE
GROWTH

$3.0

$2.5

$2.0

$1.5

$1.0

$0.5

$2.50

$2.00

$1.50

$1.00

$0.50

$30

$25

$20

$15

$10

$5

94

00

96

00

Mid-America shareholders currently
enjoy an annual dividend rate
of $2.34 per share.

VALUE
AT IPO

VALUE AT 
DEC. 31, 2000

True return of 18.9% since IPO
(value growth plus cash dividend paid)

Pictured on the cover: 

Grande View in Nashville, Tennessee

T O   O U R   S H A R E H O L D E R S

The first year of the new century was a year of great progress for Mid-America

who was unable to deliver on their promises with a proven one. Water submetering continues

Apartment Communities (MAA-NYSE). We near completion of the $300 million new devel-

to repay our major investment handsomely; we received almost $3 million in water cost

opment pipeline which began in 1998. As each new unit is “stabilized”1 we add to both

reimbursements in 2000, to grow yet again in 2001. 

share value and earnings. Independent estimates of our value, which we believe to be conser-

Since late 1999, we have repurchased more than 1.8 million of our common shares at 

vative, are typically 10 to 20 percent above where our shares are now trading.

an average price well below the underlying intrinsic value of each share (as measured by both

• 1,147 new units brought on line for leasing; nearing full production

• Necessary funding in place for all remaining new development 

• Sold 1,902 units; part of proceeds used to repurchase shares, 

adding value

• Portfolio quality outstanding, judged independently

• Further strengthened high dividend safety

FAD2 and FFO3 each resumed their

ourselves and independent analysts). Repurchases will

growth (per share for 2000: FAD $2.19;

continue for as long as we are able to (a) sell assets

FFO $2.80). As each new unit is completed,

at attractive prices and (b) use the proceeds to buy

its interest cost is expensed, thus pressuring

stock at a significant discount to its intrinsic value.  

short-term earnings until the unit is leased.

Our dividend is safe, well protected, and has

• Exposure to floating rate debt variability reduced to modest level

That was the primary reason for the slight

grown  each  year.  Our  balance  sheet  is  strong  and

• Continued rapid growth of ancillary revenue

single-year (1999) earnings reduction induced

becoming ever more so. Great strides were made in

by the most concentrated output of new

2000, as detailed in this report. We fixed the interest

development. In large part we have avoided the dangers of overbuilding, sharply curtailing

rate on almost 90 percent of our debt (overall average

new development two years ago, now with only $17 million remaining to be finished in 2001. 

rate  now  only  7.1  percent),  effectively  eliminating

Our primary southeastern and south central markets continue to be among the largest

most  of  our  exposure  to  interest  rate  variability

From left, George E. Cates, Chairman and CEO;

H. Eric Bolton Jr., President and COO; and Simon R.

job generators in the country, and job formations are the main driver of apartment demand.

while  simultaneously  increasing  portfolio  man-

C. Wadsworth, Executive Vice President and CFO.

Occupancy averaged a solid 94.8 percent for the entire year. This was accomplished despite

agement flexibility.  

growing market pressures from a mild excess of new supply over underlying demand. 

Recurrent capital spending for normal ongoing needs is stable and predictable,

The general, long range demand for apartments is unusually good. “Echo Boomers”

continuing at about $400 per unit per year. Our portfolio is in top condition – attested to

– the children of Baby Boomers – are arriving at that age where they find their first places

independently, as we continue to win more third party awards and recognition for portfolio

to live; apartments will be the No. 1 probability for most. The prospects are excellent for

excellence than do other apartment REITs. As we added $300 million of newly developed

good and strengthening demand for our apartment homes during the coming decade. We

units since 1998 while selling $195 million of existing units, the average age of our assets is

are well positioned to take full advantage of this fine prospect.

now about 11.1 years, among the newest in the apartment REIT business4. Another testament

Ancillary income growth and the innovative use of technology (with no Mid-America

to our prudent use of capital: return on assets (ROA) at 8.8 percent was once again above

capital at risk) continue as a large, growing part of our strategy. Ancillary income grew by

our peer average.

50 percent in 2000 and the prospect for continuing long-term strength in this area is very

Our strategic target is to provide a true return5 compounding in the mid-teens, a

good – although 2001 is expected to be relatively quiet as we replace a broadband provider

doubling of investment each five years, by increasing the underlying intrinsic value of each

2

3

share6 coupled with a solid and growing cash dividend. We continue to do so. Since our initial

success in meeting those objectives. Insider purchases continued again in 2000, with insiders

public offering (IPO) in 1994, our true return has compounded at 18.9 percent annually.

as a group now owning 16 percent of company equity. 

For the past five years, true return slipped below target to 11 percent, for a good and temporary

A key component of our succession plan, previously announced, is that Eric Bolton

reason: as we added the $300 million of new development, there was an inescapable period

becomes CEO in September 2001. George Cates will remain as Chairman of the Board.

of about three years (construction, pre-leasing and marketing, and steady move to unit

This succession has been long planned and is in keeping with our commitment to bringing

occupancy) in which that major investment did not yet add to share value or cash flow.

sound investment home. 

DIVERSIFIED PORTFOLIO

2%

15%

19%

28%

36%

Southeast (excluding Florida)

East 

Florida

Texas and Arkansas

Ohio and Missouri

We are now arriving at the stage in which we capture both the value

Your company is in fine shape. Our dividend is secure, and has grown each year. The

and the cash flow from the development pipeline. As a consequence,

underlying intrinsic, real value, of each share is well above our market price, and rising. Our

and by plan, we expect our true return to accelerate to target levels.

strategy is sound and producing its intended results. Perhaps the public market is beginning

With the same proviso about new development’s interim

to acknowledge these strengths and accomplishments; MAA’s overall market return for 2001

impact for the past three years as noted above, other measures of

year to date, at this writing, is near the top of our 11-company peer group. In the meantime

our strategy’s success have also been acceptable. FAD growth plus

and as we await greater recognition of the created value and cash flow, we can continue to

dividend yield per share has compounded 14 percent since IPO and

enjoy a solid true return, of which the majority is hard cash.

12 percent for the latest five years. FFO growth plus dividend yield

per share has compounded 13 percent annually since IPO and 11

percent for the past five years. Our market return (change in

MAA market price plus dividends, commonly referred to as “over-

George E. Cates

H. Eric Bolton Jr.

C H A I R M A N A N D

P R E S I D E N T A N D

C H I E F E X E C U T I V E O F F I C E R

C H I E F O P E R AT I N G O F F I C E R

all return”) was 9.9 percent for 2000 and 7 percent compounded annually for the latest five

years. Our true return continues to go largely unrewarded in the public market place. 

Open Arms served 131 families (for 8,372 nights) by providing fully furnished apart-

ment homes for family members amidst extended medical crisis. Coupled with an extensive

array of other community service activities, Mid-America was recognized by Multifamily

Executive magazine in 2000 with its National Community Service Award, as America’s No. 1

real estate company in providing community service.

Your distinguished independent directors (listed on page 20) provide sustained

excellence, commitment, and constructive leadership on your behalf. There can be no finer

board in our industry. Their unrelenting focus on increasing intrinsic share value and assur-

ing the growth and safety of our dividend is fundamental to our continuing progress and

1 Construction completed, and leased to 90+ percent occupancy
2 FAD is Funds Available for Distribution, a reasonable proxy for cash flow. FAD is computed by deducting recurring capital costs from FFO.
3 FFO is Funds From Operations: Net Income before gain or losses on real estate sales, minority interest in operating partnership income and extraordinary 

items, plus depreciation and amortization related to real estate assets.  

4 Throughout this report, “business” or “peers” refers to our peer group – those 11 apartment REITs which, like ourselves, own and manage 25,000 or  

more units. Five of these companies have the majority of their units in the southeastern U.S. and Texas, as do we – we refer to them as our “regional peers”.

5 “True return” is the compounded growth in intrinsic value per share plus cash dividend paid.
6 Two predominant ways of doing so are “NAV” (net asset value) and “NPV” (net present value, which we believe gives a truer picture).

4

5

B R I N G I N G   S O U N D   I N V E S T M E N T   H O M E

The Paddock Club in Panama City Beach, Florida

Mid-America Apartment

Communities brings sound invest-
ment home with a portfolio that
includes the largest proportion of
properties in accelerating markets of
any apartment REIT in the nation,
according to one independent
analyst. Over the last few years, we
have continuously and significantly
increased the quality of our port-
folio as we sold hundreds of older
units and replaced them with newly
developed apartment homes. At
11.1 years, Mid- America’s average
portfolio age is among the newest
in the business. We continue to add
new units ($300 million in the past
three years) while each year selling

or exchanging properties where
the assurance of continued success
is waning, just as we have done
each year for many years.

GREAT  PL ACES TO  LIVE

Mid-America owns or has
substantial ownership interest in
34,025 quality apartment units
throughout the southeast, south
central and Texas, including 413
units remaining in the development
pipeline. These are not just apart-
ment units – they are communities.
Our mission is “Creating Great
Places to Live”. We strive to offer
locations, basics and amenities that
will attract prospective customers
interested in making our apartments

their home. Quality architectural
features add to the overall atmos-
phere and appeal of Mid-America
communities. Award-winning
landscaping creates a garden-like
ambience. As an investor, you are
assured that your investment is
not only sound, but also one you
can feel good about. Mid-America
owns and manages apartments that
you would gladly recommend to
friends and family – and that’s
something we’re proud of.

DAY-TO-DAY  INVOLVEMENT

We understand that good

location and beautiful curb appeal
are the initial attraction for our
prospective customers, but we take

Our high quality portfolio con-

tinues to earn more independent

awards and recognition than other

apartment  REITs.  Reinvestment

in our communities, including

our  commitment  to  superior

landscaping,  contributes  to

portfolio excellence. We antic-

ipate  recurring  capital  spend-

ing  to  stabilize  at  $400  per

unit,  with  no  pressure  to

increase.  Favorable  asset  sales

are also facilitated by the choice

condition of our properties.

our commitment to solid assets
and great places to live one step
further. As a skilled and experienced
practitioner now in our third
decade, Mid-America realizes the
importance of quality management
and personal involvement in our
apartment communities to increase
value and retention. While it may
be the location and curb appeal
that initially attract our customers,
it is our ongoing maintenance and
the extra amenities we offer that
encourage their extended stay with
us, thus reducing our unit turnover
costs. Mid-America’s apartment
communities are beautifully de-
signed and maintained. Our pro-
fessionals are among the best in
the business, and we stand behind
our maintenance policies so strongly
that we offer our residents a Move-
In Satisfaction Guarantee and a
24-Hour Maintenance Guarantee.
If a new resident is not completely
satisfied with management, main-
tenance or landscape care, they
may notify management within 30
days of their move-in and their
application fee and deposit will be
refunded. Likewise, if at any time
we fail to satisfy a routine mainte-
nance request within 24 hours, we
will credit the resident’s rent for
each day the problem remains un-
resolved. Guarantees like that are
extremely rare in our industry and
serve to attract discerning customers.
The hard, intelligent work
of our professional staff consistently
wins independent, third party

awards for Mid-America commu-
nities. As one of many examples,
in 2000 we were named Property
Management Company of the Year
in Lexington, Ky. Other awards
and recognition are summarized
on page 21. These, the latest in a
long list of such recognition for
Mid-America, represent the con-
tinuation of unequalled independ-
ent recognition for portfolio and
management excellence among
apartment REITs. 

THE  VALUE  OF  PEOPLE

Our residents can become
part of a true community at Mid-
America. We strive to care for them
in ways not matched by others.
When ready to purchase a home
(the No. 1 reason that our customers
leave us), residents who have been
with us for at least three years may
earn $1,000+ of down payment
assistance through our First Down
program. The resident loyalty and
reduced turnover gained far offsets
the program’s cost...a win-win for
our customers and our owners.

Excellence of our profes-

sional staff is the core reason for our
successes of the past 24 years. We
value highly their contributions in
causing this success, and do all that
we can to attract and keep the
best in the business. By offering
attractive benefits and great work-
ing conditions, we empower our
employees to take a personal inter-
est in their jobs and the apartment
communities they manage. Our
internal training staff directs state-

6

7

of-the-art seminars and creates
videos and online, interactive
courses in our regional training
centers, as well as at the commu-
nities themselves. This assures a
more personalized approach to each
employee’s increasing skill levels,
and is one of the reasons for our
steady productivity uptrend.

“Creating Great Places to
Live” extends beyond the borders of
the apartment communities where
our residents live and our associates
work. Involvement with the sur-
rounding, larger community makes
us better neighbors and increases
the sense of home and family with-
in each apartment community.
That is one reason we created Open
Arms, a program in which we pro-
vide housing and care to families
in medical crisis and distress, who
require long-term medical treatment
at great distances from their homes.
Fully furnished apartments, tele-
phone and television are provided
without charge to qualifying fami-
lies. Each caring Mid-America
property staff gives comfort to
those in need at such time of crisis
in their lives. Local hospitals coop-
erate with Open Arms by supplying
referrals of families. Neighboring
businesses, churches and individuals
often provide groceries and other
help. What began as our sole cor-
porate charity has emerged as an
industry leading service. In 2000,
31 Open Arms homes located in
25 cities and 12 states helped 131

families. This program is one of
the many reasons we were awarded
the National Community Service
Award for 2000 from Multifamily
Executive magazine. An investment
in Mid-America is more than finan-
cially sound – it is an investment
that touches peoples’ lives in a
positive way, bringing home the
principles that are the foundation
of great communities and great
businesses.

SOLID  FINANCIAL  STRATEGY

Our financial strategy focus-

es on increasing the underlying
intrinsic value of each share while
also providing a safe, growing cash
dividend. Capital spending is
managed in a disciplined manner,
contributing to the underlying
strength of our award-winning
portfolio. The superior condition
of each property also helps to facil-
itate property sales at attractive
prices when that becomes appro-
priate. Overall, Mid-America can
be characterized as strong, safe and
solid. Our high dividend yield
and sound prospects for intrinsic
value growth, coupled with the
moderate risk demonstrated by our
long years of unbroken success,
provide investors with a reasonably
predictable, true return (growth
in intrinsic value per share, plus
cash dividend paid) in the mid-
teens. Mid-America stock repre-
sents solid value.

With a geographically

diverse portfolio in traditionally

stable, high job formation markets
(presently including the country’s
top two), we are poised to take
advantage of the Echo Boom
demographics – the probable and
highly favorable impact of the
children of the Baby Boom gen-
eration as they now come of age
and seek quality service and
amenities in rental homes. Mid-
America’s award-winning apartment
communities are ready to meet
their needs and high expectations
and should benefit from this
demographic probability in the
coming decade.

Our $300 million new
development pipeline, mostly

put in place in 1998-2000, nears
completion and is beginning to
contribute significantly to our
underlying intrinsic value per share.
As these new developments steadily
move toward “stabilization” (90+
percent occupancy), our balance
sheet gains further flexibility and
earnings grow from the contri-
bution of each new unit leased.
Construction should be complete
on all but one of our new develop-
ment communities by late summer,
2001. We foresee modest but accel-
erating up ticks in FFO per share
throughout 2001 and beyond as
the pipeline becomes steadily
more productive.

No areas have shown sus-
tained job growth over long decades
as much as our primary southeast,
south central and Texas markets.
A buy-side analyst reported recent-
ly that Mid-America has a larger
proportion of its portfolio in
accelerating (improving) markets
than does any other apartment
REIT. Geographical dispersion and
balanced positioning in markets
with large (2+ million), medium
(1-2 million) and small (typically
500,000-750,000) populations
spread risk and cushion our invest-
ments from threats in any given
geographical market. Apartments
are also more predictable and

Our $300 million new develop-

ment pipeline nears completion.

Units now leasing include Grand

Reserve, Lexington, Ky.; The

Reserve  at  Dexter  Lake  Phase

II, Memphis, Tenn.; Kenwood

Club,  Katy,  Texas;  and  Grande

View,  Nashville,  Tenn.  With

steadily  increasing  stabilization,

we continue to gain consider-

ably more balance sheet flexi-

bility while adding to share value.

Terraces at Towne Lake in Atlanta, Georgia

8

9

growth. Our forward-thinking yet
conservative approach to technol-
ogy saved us the loss of any capital
for these services, while adding
materially to FFO per share in 2000.

CONTINUING THE TRADITION

In late 2001, Mid-America
will see a change of command. H.
Eric Bolton Jr., long-time president
and chief operating officer will
succeed George E. Cates as chief
executive officer. This succession
has been long planned and is in
keeping with our commitment to
bringing sound investment home.
Eric understands and has contri-
buted materially to the fundamental
principles and culture which guide
us. He will lead the company to
continued, growing success. He
has played a key role in making
Mid-America what it is today
and will continue and expand the
tradition of leadership that Mid-
America’s customers, associates
and owners expect.

ANCILL ARY  INCOME

We also focus intensely on
ancillary income growth, which
has doubled annually for the last
three years and was up 50 percent
in 2000. Our ability to provide
more services and features relative
to the competition provides us
important advantages. Not only
are resident offerings expanded,
but internal processes and systems
also benefit, increasing productivity
and profit. An example is the huge
gain from our investment in water
submeters. At year-end 2000, we
had 21,880 submetered units and
earned $2.8+ million in water cost
reimbursements, 34 percent above
1999. An additional 6,207 units
will be added to this vitally impor-
tant program in 2001. We also offer
attractive packages for phone and
cable access, adding to our already
solid operating margins with little
or no capital investment.

Arrangements were complet-
ed in early 2000 with an established
supplier of broadband services to
provide a full scope of Internet
services throughout our portfolio.
We earned 3.8¢ per share of fees
and revenue participation in 2000
with no capital outlay. By year end,
however, we determined that our
technology provider was unable
to fulfill their commitment and
the agreement was terminated.
A replacement arrangement has
already been announced. Though
slowed for now, ancillary income
should continue its rapid long-term

Grand Reserve in Lexington, Kentucky

stable than other real estate
classes, adding to the safety of
our shares and dividends.

FLEXIBLE  OPERATING TACTICS

Our strategy focuses on the

best tactics at any given time in
the real estate cycle. We remain
flexible in order to take full advan-
tage of optimum opportunities at
any point. Mid-America was the
first REIT to acquire another pub-
licly traded REIT. We acquired
properties aggressively when such
acquisitions added to share value
and earnings; subsequently, we
were among the first to de-empha-
size acquisitions when that tactic
had run its productive course.

When new development opportu-
nities were abundant, we added
$300 million of new apartments
which should now add significantly
to intrinsic share value. Solid devel-
opment opportunities later waned
and we consequently reduced
development, trimming develop-
ment and construction overhead
by over $5 million in the process.
We were among the earliest to
implement a significant share repur-
chase program, adding materially
to share value, with over 1.8 million
shares repurchased since late 1999.
At $1.4 billion of total market
capitalization, the company is big
enough and sufficiently concen-

trated to take full advantage of
quantity purchasing opportunities,
yet small enough to retain flexibility
and ample upside potential. Size
for its own sake is not and has never
been a company objective. With
our conservatively managed balance
sheet, structured to assure ample
coverage of all obligations, we have
the capacity to execute attractive
opportunities which fulfill our strat-
egy. We are not obliged to sell assets
to fund new development and are
capable of implementing those
opportunities that best fulfill our
overall objectives...steady growth
in both intrinsic share value and
cash flow.

Providing  extra  touches  helps

assure  that  Mid-America  will

continue as a premier operator

and  a  fundamentally  sound

investment. Our apartment com-

munities  are  beautifully  de-

signed  and  landscaped  to  our

award-winning  standards.

Architectural amenities add to

the  quality  and  value  of  our

communities  as  “Great  Places

to  Live.”  And  unique  mainte-

nance and move-in satisfaction

guarantees  contribute  to  resi-

dent customer retention.

10

11

Q U E S T I O N S   &   A N S W E R S

M I D - A M E R I C A’ S S E N I O R E X E C U T I V E T E A M A N S W E R S K E Y Q U E S T I O N S

Q: Is the current dividend level safe? 
A: Yes – and growing more so with each day. The cash flow coverage of our dividend
is ample and steadily increasing. Each newly developed unit, when leased and occupied, adds
cash flow and earnings growth. Each common share repurchased at a significant discount to
underlying intrinsic value (a) removes its dividend payout obligation and (b) increases both
value and earnings per share of the remaining shares. Strategic, profitable property sales in
the normal course of business provide further cash for our general funding needs. Dividend
coverage is sound and growing ever stronger.   

Q: What earnings growth do you expect in the near future? Its primary sources? 
A: FFO per share growth should return to its historic and sustainable norm (around 4
to 5 percent annually) over the next two or three years as new development “stabilizes” (see
footnote, page 5). When coupled with our large and rising dividend, our overall true return
should continue to average solidly in the mid-teens. 

We correctly saw the new development peak and profitably downsized development
and exited construction, capturing value and reducing overhead significantly in the process.
Most developers now face large and growing risks. By contrast, most of our growth over the
next two or three years will come internally from the steady, relatively predictable, and
assured growth of cash flow and value from our existing 33,612 units, and from the new
value and cash flow being added steadily from the nearly completed development pipeline
now coming into full production.

Q: Comment on recent same store performance and prospects for the future. What

overall conditions do you expect in your markets? 

Q: Is your financial leverage too high? What impact will the current economic envi-

ronment and volatile interest rate markets have on the risk of your business? 

A: We believe that our leverage (the proportion of our total capital which is debt) is

at the appropriate level. Debt is only 53 percent of the total value of our company, far below
the traditional real estate norm of 80 to 90 percent debt. Preferred stock adds an additional
12 percent fixed obligation. Total fixed obligations are only 65 percent of our total capital-
ization and require only 56 percent of our available cash flow, both very safe levels. The
median leverage of our peer REITs is 55 percent, even including the development oriented
REITs which are generally required by lenders to maintain lower leverage to compensate for
the increased risks of development. We have steadily reduced the portion of debt bearing
variable interest rates, now down to only 12 percent of our total debt, significantly reducing
our interest rate risk exposure.

Q: How has the year 2000 reduction in capital outlays for the core portfolio affected

asset quality? Is there any pressure for increased capital spending? 

A: By having systematically maintained our portfolio to the highest standards – foremost
in our industry with independent recognition of excellence each year – we have no pressures
out of the ordinary to spend capital. Further, our average asset age has remained almost con-
stant for the past year at 11.1 years as we have added new units while selling older properties
(the capital needs of newer properties are very modest). Our portfolio is in its best condition
ever, with no pressures to increase capital spending for the foreseeable future. Yet another
indication of high asset quality is that our average rentals represent typically about 30 percent
of disposable household income in our markets, in line with the comparable figure for other
top end portfolios throughout America.

Q: Growing intrinsic value and true return continue to go unrewarded by the public

A: Over the long haul, we expect that our southeast, south central and Texas regions

markets.  What tactics can you employ to unlock this value? 

will continue to contain, as for many years, the country’s strongest apartment markets.
Apartment demand is tied to jobs – existing and created – and those areas remain the coun-
try’s strongest (and not as prone to booms and busts as are some urban coastal markets).
It’s easier to build new product in our region; long term, that’s another regional advantage
since the cost of living is kept at far more attractive levels than in dense urban areas and
anti-development parts of the country. We’re amidst a period now in which new supply is
growing slightly faster than demand, resulting in tougher apartment market conditions,
which no one can avoid entirely. Even so, our performance remains above the norms in our
chosen markets. We foresee revenue growth between 2.5 to 3.0 percent for 2001 with
expense growth slightly higher (due primarily to pressures from real estate taxes, casualty and
health/hospitalization insurance, and marketing expenses) at around 3.5 percent, for overall
NOI (net operating income) growth between 2.0 to 2.5 percent.

A: Of course, the only thing that we can directly control is the creation of that true

return. We have added steadily to intrinsic value per share, accelerating now that the develop-
ment pipeline is reaching completion. Tactically, the best way to capture our value presently
is to sell assets whenever we can do so at attractive prices, and when, as now, we can also re-
purchase our own shares materially below their intrinsic value. We continue such transactions
whenever we are reasonably assured that the dynamics of both sides of this transaction will
add to the underlying value of each share. At this writing, we have resumed share repurchase
during the first quarter of 2001.

12

13

Q: What do you see as the company’s major focus going forward?  
A: First, continuing a strong focus on steadily growing earnings from our productive
property portfolio. Our highly productive new development pipeline will be fully contributing
on a stabilized basis by early 2002. Our portfolio of properties is in excellent physical
condition and is poised to continue to generate steady core earnings growth. Job growth
and apartment demand in our southeast, south central and Texas markets are expected to
remain strong and grow and we are comfortable over the long haul with our commitment
to this part of the country. Over the next couple of years we expect a good environment for
recycling and harvesting some of the capital appreciation from our existing investments.
Both independently and with potential joint venture partners, we expect to opportunistically
deploy capital via our core competency – redeveloping apartment properties to create new
value. And we will of course capture value for our owners through share repurchases so long
as the market continues to under-price our stock.  

Q: What impact will the completion of your development pipeline, expected early

next year, have on your business? How has the development performed? 

A: Upon its completion, and using traditional real estate valuation methodology, we

will have added significantly to the value of the company – nowhere yet reflected either in
our financials or by the public markets. As the pipeline is completed and “stabilized” (see
footnote, page 5), cash flow, FFO and FAD (see footnote, page 5) all increase, and we gain
considerable flexibility in both the asset management of our portfolio and the financial
management of our balance sheet. These benefits increase throughout 2000 and beyond. 

We expect the development pipeline to deliver a 9.5 to 10 percent yield once “stabi-
lized”, slightly below original plan but still quite satisfactory. We would have met our targets
except for a relatively modest increase above budgeted construction cost, and marketing and
concession costs which materially exceeded plan as several target markets became overbuilt. All
in all: with very few exceptions, we would have invested the $300 million just as we did, since
problems were inherently short term in nature (and now virtually entirely behind us) and the
long term value capture was our primary long term strategic objective – and is being achieved.

Q: How do you expect the early 2001 termination of your agreement with a high-

speed Internet provider to affect your business and your residents? What now are your
plans for providing this service? 

A: Unlike many apartment REITs, we placed none of our capital at risk on unproven

technologies. In fact, we earned over $700,000 of cash fees from our would-be provider
before they became unable to deliver the promised services. Part of our strategy is to offer a
broad range of high speed Internet-related services to our resident customers – without plac-
ing our capital at risk – and we expect to fulfill that strategy. We recently announced a
highly qualified replacement provider for about two-thirds of our portfolio, and will not rest
until we’re able to offer these services to all of our customers. We earned about 3.8¢ per share
from the terminated provider in 2000. We do not expect to replace that revenue during
2001, but it should begin to rebuild in 2001. Despite this temporary setback, ancillary
income revenue – a key strategic objective – should continue its rapid progress, though at
a slower pace than the 50 percent growth of 2000.

Q: In a recession economy, what strengths will sustain the company and could

position it to take advantage of economic and real estate cycles? 

A: We are prone to neither booms nor busts, tending to be stable in both good and

bad times. In fact, some of our best years have come amidst recessions, as operating cost
pressures and resident turnover loss (to home buying) materially lessened. We’ve weathered
all sorts of cyclical and recessionary challenges in our 24 years in the business, with no
financial default of any sort and with unbroken progress. We’re able to find ample opportunity
for increasing share value and growth amidst all kinds of conditions; we expect to continue
to be able to do so for a long time to come.

14

15

C O N S O L I D AT E D   B A L A N C E   S H E E T S

C O N S O L I D AT E D   S TAT E M E N T S   O F   O P E R AT I O N S

Dollars in thousands

A S S E T S

Real estate assets:

Land
Buildings and improvements
Furniture, fixtures and equipment
Construction in progress

Less accumulated depreciation

Land held for future development
Commercial properties, net
Investment in and advances to real estate joint venture

Real estate assets, net

Cash and cash equivalents
Restricted cash
Deferred financing costs, net
Other assets

Total assets

L I A B I L I T I E S A N D S H A R E H O L D E R S ’  E Q U I T Y
Liabilities:

Notes payable
Accounts payable
Accrued expenses and other liabilities
Security deposits
Deferred gain on disposition of properties

Total liabilities and deferred gain

Minority interest

Shareholders’ equity:

Preferred stock, $.01 par value, 20,000,000 shares authorized,
$173,470,750 or $25 per share liquidation preference:

2,000,000 shares at 9.5% Series A Cumulative 
1,938,830 shares at 8.875% Series B Cumulative
2,000,000 shares at 9.375% Series C Cumulative 
1,000,000 shares at 9.5% Series E Cumulative 

Common stock, $.01 par value authorized 50,000,000 shares;

issued 17,506,968 and 17,971,960 shares at
December 31, 2000 and 1999, respectively

Additional paid-in capital
Other
Accumulated distributions in excess of net income
Treasury stock at cost, 355,900 shares at December 31, 1999

Total shareholders’ equity
Total liabilities and shareholders’ equity

December 31

2000

1999

$ 124,867
1,231,603
29,094
28,523
1,414,087
(183,652)
1,230,435
1,366
5,044
7,630
1,244,475

16,095
17,472
9,700
16,029
$1,303,771 

$ 781,089
1,740
26,589
4,611
4,366
818,395

$ 119,823 
1,172,780 
28,238 
58,840 
1,379,681 
(146,611)
1,233,070 
1,710 
5,217 
8,054 
1,248,051 

14,092 
12,537 
10,272 
13,871 
$1,298,823 

$ 744,238 
2,122 
23,199 
4,739 
4,581 
778,879 

51,383

56,060 

20
19
20
10

20 
19 
20 
10 

175
551,809
(1,171)
(116,889)
—
433,993
$1,303,771 

180 
562,547 
(1,053)
(89,869)
(7,990)
463,884 
$1,298,823 

Dollars in thousands, except per share data

Revenues:

Rental revenues
Other property revenues
Total property revenues

Interest and other income
Management and development income, net
Equity in loss of real estate joint venture
Total revenues

Expenses:

Property operating expenses:

Personnel
Building repairs and maintenance
Real estate taxes and insurance
Utilities
Landscaping
Other operating
Depreciation and amortization

General and administrative
Interest expense
Amortization of deferred financing costs
Total expenses

Income before gain on dispositions, 

minority interest in operating partnership
income and extraordinary items

Gain on dispositions, net
Income before minority interest in operating

partnership income and extraordinary items
Minority interest in operating partnership income
Income before extraordinary items
Extraordinary items – loss on early extinguishment of debt 
Net income
Dividends on preferred shares
Net income available for common shareholders

Basic (in thousands):

Years Ended December 31

2000

1999

1998

$ 219,039 
3,493
222,532

1,526
739
(157)
224,640

24,268
9,701
25,021
7,635
6,027
10,794
51,844
135,290
14,826
50,736
2,758
203,610

21,030
11,587

32,617
2,626
29,991
(204)
29,787
16,114
$ 13,673 

$221,342 
2,872 
224,214 

1,388 
751 
(31)
226,322 

25,239 
10,107 
24,561 
9,119 
5,634 
10,225 
49,903 
134,788 
14,479 
48,302 
2,854 
200,423 

25,899 
10,237 

36,136 
2,497 
33,639 
(67)
33,572 
16,114 
$ 17,458 

$210,256 
2,583 
212,839 

863 
1,841 

—   

215,543 

24,053 
10,030 
22,459 
9,376 
5,009 
8,990 
46,021 
125,938 
11,960 
45,704 
2,348 
185,950 

29,593 
408 

30,001 
2,254 
27,747 
(990)
26,757 
11,430 
$ 15,327 

Average common shares outstanding

17,544

18,784 

18,725 

Basic earnings per share:

Net income available per common share 

before extraordinary items

Extraordinary items
Net income available per common share

Diluted (in thousands):

Average common shares outstanding
Effect of dilutive stock options
Average dilutive common shares outstanding

Diluted earnings per share:

Net income available per common share 

before extraordinary items

Extraordinary items

Net income available per common share

$

$

0.79
(0.01)
0.78

17,544
53
17,597

$

$

0.79 
(0.01)
0.78 

$

$

$

$

0.93 

—   

0.93 

18,784 
24 
18,808 

0.93 

—   

0.93 

$

$

0.87 
(0.05)
0.82 

18,725 
45 
18,770 

$

$

0.87 
(0.05)
0.82 

16

17

S E L E C T E D   F I N A N C I A L   D ATA

I N D E P E N D E N T   AU D I T O R S ’   R E P O R T

Dollars in thousands, except per share data

2000

Years Ended December 31
1999

1998

1997

1996

T H E B O A R D O F D I R E C T O R S A N D S H A R E H O L D E R S
M I D - A M E R I C A A P A R T M E N T C O M M U N I T I E S ,   I N C .

We have audited, in accordance with auditing standards generally accepted in the United
States of America, the consolidated balance sheets of Mid-America Apartment Communities,
Inc. and subsidiaries (the “Company”) as of December 31, 2000, and 1999, and the related
consolidated statements of operations, shareholders’ equity and cash flows for each of the
years in the three-year period ended December 31, 2000 (not presented herein); and in our
report dated February 23, 2001, we expressed an unqualified opinion on those consolidated
financial statements.

In our opinion, the information set forth in the accompanying consolidated financial
statements is fairly stated, in all material respects, in relation to the consolidated financial
statements from which it has been derived.

Memphis, Tennessee
February 23, 2001

K P M G L L P

Operating Data:
Total revenues
Expenses:

Property expenses
Depreciation and amortization
General and administrative
Interest
Amortization of deferred financing costs

Gain on disposition of properties
Income before minority interest in

operating partnership income and
extraordinary items

Minority interest in operating

partnership income
Extraordinary items – 

loss on early extinguishment of debt

Net income
Preferred dividends
Net income available for
common shareholders

Per Share Data:

Basic and diluted:

$

224,640

$ 226,322  $ 215,543 $ 139,116 

$ 111,882 

83,446
51,844
14,826
50,736
2,758
11,587

84,885
49,903
14,479
48,302
2,854
10,237

79,917
46,021
11,960
45,704
2,348
408

52,404
27,737
6,602
28,943
888
—

42,570 
21,443 
6,154 
25,766 
661 
2,185 

32,617

36,136

30,001

22,542

17,473 

(2,626)

(2,497)

(2,254)

(2,693)

(3,213)

(204)
29,787
16,114

(67)
33,572 
16,114 

(990)
26,757 
11,430 

(8,622)
11,227 
5,252 

— 
14,260 
990 

$

13,673

$

17,458 $

15,327  $

5,975 

$ 13,270 

Before extraordinary items
Extraordinary items
Net income available per

common share

Dividends declared

$

$
$

0.79
(0.01)

0.78
2.325

$

$
$

0.93  $
—   

0.87  $
(0.05)

1.05 
(0.62)

0.93  $
2.305  $

0.82  $
2.225  $

0.43 
2.155 

$

$
$

1.21 

—   

1.21 
2.065 

Balance Sheet Data:

Real estate owned, at cost
Real estate owned, net
Total assets
Total debt
Minority interest
Shareholders’ equity
Weighted average common shares (000’s):

$ 1,430,378
$ 1,244,475
$ 1,303,771
781,089
$
51,383
$
433,993
$

$1,396,743 $1,434,733 $1,211,693 
$1,248,051 $1,315,368 $1,134,704 
$1,298,823 $1,366,427 $1,193,870 
$ 632,213 
$ 753,427
$ 744,238
62,865 
$
56,060
$
$ 517,299  $ 461,300 
$ 463,884

61,441  $

$ 641,893 
$ 592,335 
$ 611,199 
$ 315,239 
$ 39,238 
$ 241,384 

Basic
Diluted

17,544 
17,597

18,784 
18,808 

18,725 
18,770 

13,892 
13,955 

10,938 
10,983 

Other Data (at end of period):

Market capitalization (shares and units) $  634,903  $ 639,095  $ 670,123  $ 710,175 
Number of properties, including

$ 436,739 

ownership interest

124

129 

129 

116 

73 

Number of apartment units, including

ownership interest

33,612

33,901 

33,831 

30,579 

19,280 

18

19

I N V E S T O R   I N F O R M AT I O N

I N D E P E N D E N T   AWA R D S   A N D   R E C O G N I T I O N

C O R P O R AT E H E A D Q U A RT E R S
Mid-America Apartment Communities, Inc.
6584 Poplar Avenue, Suite 300
Memphis, TN 38138
(901) 682-6600

I N T E R N E T W E B A D D R E S S
www.maac.net

A N N U A L S H A R E H O L D E R S M E E T I N G
Mid-America Apartment Communities, Inc. will
hold its 2001 annual meeting of shareholders on
Monday,  June 4th, at 4:00 p.m. at the clubhouse
at The Reserve at Dexter Lake, Memphis, TN.

A N N U A L R E P O RT A N D F O R M 10- K
A copy of Mid-America’s Annual Report and
Form 10-K for the year ended December 31,
2000, as filed with the Securities and Exchange
Commission will be sent without charge upon
written request to the corporate headquarters
address, attention Investor Relations, and is
available on the Internet at www.maac.net.

T R A N S F E R A G E N T A N D R E G I S T R A R
First Union National Bank, Nashville, TN

I N D E P E N D E N T A U D I T O R S
K P M G L L P , Memphis, TN

G E N E R A L C O U N S E L
Bass, Berry & Sims, Memphis, TN

S T O C K L I S T I N G A N D C O M M O N S T O C K P R I C E
Mid-America’s common stock is traded on the
New York Stock Exchange under the stock symbol
MAA. Its Cumulative Preferred Stock is under the
symbols MAA Pr A, MAA Pr B, and MAA Pr C. On
March 15, 2001, there were approximately 13,500
shareholders of Mid-America Common Stock.

Sales Prices

Fiscal 2000
First Quarter
Second Quarter
Third Quarter
Fourth Quarter

Fiscal 1999
First Quarter
Second Quarter
Third Quarter
Fourth Quarter

High
$23.375 
$24.500 
$24.875 
$23.875 

High
$24.125 
$25.000 
$23.125 
$23.063 

Low
$22.000 
$22.375 
$23.000 
$21.250 

Low
$20.875 
$21.188 
$21.000 
$21.438 

Dividends
Declared
$0.580 
$0.580 
$0.580 
$0.580 

Declared 
$0.575 
$0.575 
$0.575 
$0.575 

C O R P O R AT E C H A R I T Y
Open Arms Foundation

E X E C U T I V E   O F F I C E R S
(also serve on Board of Directors)

George E. Cates
C H A I R M A N A N D C H I E F E X E C U T I V E O F F I C E R

H. Eric Bolton Jr.
P R E S I D E N T A N D C H I E F O P E R AT I N G O F F I C E R

Simon R.C. Wadsworth
E X E C U T I V E V I C E P R E S I D E N T A N D
C H I E F F I N A N C I A L O F F I C E R

I N D E P E N D E N T   B O A R D
O F   D I R E C T O R S

O. Mason Hawkins
(since October 1993)
C H A I R M A N A N D C H I E F E X E C U T I V E O F F I C E R
S O U T H E A S T E R N A S S E T M A N A G E M E N T,  I N C.

Robert F. Fogelman
(since July 1994)
P R E S I D E N T
F O G E L M A N I N V E S T M E N T C O M PA N Y

John F. Flournoy
(since November 1997)
C H A I R M A N A N D C H I E F E X E C U T I V E O F F I C E R
F L O U R N O Y D E V E L O P M E N T C O M PA N Y

John S. Grinalds
(since November 1997)
P R E S I D E N T
T H E C I TA D E L

Ralph Horn
(since April 1998)
C H A I R M A N A N D C H I E F E X E C U T I V E O F F I C E R
F I R S T T E N N E S S E E N AT I O N A L C O R P.

Michael S. Starnes
(since July 1998)
C H A I R M A N A N D C H I E F E X E C U T I V E O F F I C E R
M. S.  C A R R I E R S ,  I N C .

S
I

H
P
M
E
M

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E
V

I
T
A
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R
C

E
U
D
R
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P

Y
B

D
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C
U
D
O
R
P

D
N
A

D
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I
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E
D

M I D - A M E R I C A C O R P O R AT E
Property Management Company of the
Year, Lexington, KY; Community Service
Award, 1st Place (national), Multifamily
Executive magazine; Best Management
Company, Jacksonville, FL

M I D - A M E R I C A L A N D S C A P E
WREG-TV; “Mid-South Gardens” excel-
lence; Tennessee Urban Forestry Award

O P E N A R M S F O U N D AT I O N
Nominee: Best of Memphis
Volunteer Awards

A B B I N G T O N P L A C E
H U N T S V I L L E ,   A L
Beautification Award, City of Huntsville

T H E A D VA N TA G E S
J A C K S O N ,   M S
Beautification Excellence, 3rd Place,
Mississippi Multifamily Council (MMFC)

AU S T I N C H A S E
M A C O N ,   G A
Beautification Award, Macon-Bibb
Beautiful Commission

B A L C O N E S W O O D S
AU S T I N ,   T X
Property of the Year, Finalist

B R E N T W O O D D OW N S
N A S H V I L L E ,   T N
1st Place Beautification Award, Nashville
Apartment Association (NAA)

C E D A R M I L L
M E M P H I S ,   T N
Beautification Award, Older
Conventional; Memphis Apartment
Association (MAA), 2nd Place

T H E C R O S S I N G S
M E M P H I S ,   T N
Best Small Property, City Beautiful
Commission

C R O S S W I N D S
J A C K S O N ,   M S
Beautification runnerup, MMFC
(7-14 years)

FA I RWAY S AT H A RT L A N D
B OW L I N G G R E E N ,   K Y
City Beautification Award

G L E N E A G L E S
M E M P H I S ,   T N
1st Place Beautification Award, Southeast
Memphis Betterment Association

G R A N D R E S E RV E L E X I N G T O N
L E X I N G T O N ,   K Y
Kentucky Derby Beautification Award

G R E E N B R O O K
M E M P H I S ,   T N
Renovations Award, Memphis 
City Beautiful

H I D D E N L A K E
U N I O N C I T Y,   G A
Top 1,000 High Performing Multifamily
Properties, Union City (Atlanta metro),
GA, Secretary of Housing & Urban
Development; Clean & Beautiful Award,
City of Union City, GA

H I G H L A N D R I D G E
G R E E N V I L L E ,   S C
Clean & Beautiful Award, Clark County;
1st Place Beautification Award, Upper
State (SC) Apartment Association (USAA)

K I R B Y S TAT I O N
M E M P H I S ,   T N
Best Large Property, City Beautiful
Commission

L A K E P O I N T E
L E X I N G T O N ,   K Y
Triple Crown Award; Keeneland Award
for Excellence, Lexington (KY) Apartment
Association (LAA); Crown Excellence
Award; Best Lead Service Technician,
LAA; Beautification Award

L A N E AT TOW N E C R O S S I N G
M E S QU I T E ,   T X
City Beautiful Award; 1st Place Beautifi-
cation Award, City of Mesquite

L I N C O L N O N T H E G R E E N
M E M P H I S ,   T N
1st Place, Beautification Award, MAA

T H E M A N S I O N
L E X I N G T O N ,   K Y
Triple Crown Award; Beautification
Award, Best Overall Team Award; LAA

N A PA VA L L E Y
L I T T L E RO C K ,   A R
City Beautiful Award

T H E PA D D O C K C L U B
B R A N D O N ,   F L
Community of the Year, Brandon, FL, Bay
Area Apartment Association

T H E PA D D O C K C L U B
C O L U M B I A ,   S C
2nd Place; Best New Property, USAA;
Crown Excellence Award; Top Property
Supervisor, Support Manager

T H E PA D D O C K C L U B
H U N T S V I L L E ,   A L
Beautification Award, City of Huntsville
Honor Roll (5 consecutive years)

T H E PA D D O C K C L U B
L A K E L A N D ,   F L
1st Place Beautification Award, City
of Lakeland

T H E PA D D O C K C L U B
PA N A M A C I T Y,   F L
Best New Property, Chamber of Commerce

PA D D O C K PA R K
O C A L A ,   F L
Best Apartment Community, Star Banner

PA R K AT H AY W O O D
G R E E N V I L L E ,   S C
1st Place Floral Design, USAA

PA R K AT H E R M I TA G E
N A S H V I L L E ,   T N
2nd Place Beautification Award, NAA

PA R K E S TAT E
M E M P H I S ,   T N
City Beautiful Award (apartments),
Memphis City Beautiful Commission

PA R K P L A C E
S PA RTA N B U R G ,   S C
1st Place, Beautification Award, USAA

P E A R O R C H A R D
J A C K S O N ,   M S
Beautification Excellence, 1st Place, and
Runnerup Beautification Award (15-24
years), MMFC

R E F L E C T I O N P O I N T E
J A C K S O N ,   M S
Beautification Excellence, 2nd Place; 1st
Place Beautification Award (7-14 years)
and Special Award, Best Community
Entrance Overall; MS Multifamily Council
Honorable Mention: Jackson; MMFC

R E S E RV E AT D E X T E R L A K E
M E M P H I S ,   T N
Beautification Award, New Large
Conventional; Memphis Apartment
Association, 2nd Place

R U N AWAY B AY
M T.   P L E A S A N T,   S C
Alhambra Applauds, Mt. Pleasant
Garden Club

S O M E R S E T
J A C K S O N ,   M S
MS Multifamily Council Honorable
Mention, Jackson

S P R I N G C R E E K
G R E E N V I L L E ,   S C
2nd Place, Beautification Award, USAA

S T O N E M I L L V I L L A G E
L O U I S V I L L E ,   K Y
Beautification Award, Beautification
League, Louisville and Jefferson County;
Outstanding Landscaping Maintenance 
(3 years)

S U T TO N P L A C E
S O U T H AV E N ,   M S
Community Pride Award, Top of
Mississippi, MS Chamber of Commerce

TA N G L E W O O D
A N D E R S O N ,   S C
2nd Place Beautification Award, USAA

T E R R A C E S AT TOW N E L A K E
W O O D S TO C K ,   G A
Beautification Award, (Best of the Best),
TowneLaker Magazine, Reader’s Choice;
Apartment Community Development,
(Best of the Best), TowneLaker Magazine,
Reader’s Choice

TOW N S H I P
H A M P TO N ,   VA
Best On Site Landscaping, Peninsula
Apartment Council

T H E V I L L A G E
L E X I N G T O N ,   K Y
Keeneland Beautification Award;
Keeneland Award for Excellence, LAA

T H E V I S TA S
M A C O N ,   G A
Beautification Award, Bibb Beautiful
Commission

W H I S P E R I N G O A K S
L I T T L E RO C K ,   A R
Landscaping Award, City of Little Rock

W H I S P E RW O O D
C O L U M B U S ,   G A
Best Apartment Community, Reader’s
Choice Award (6th consecutive year),
Columbus Ledger Enquirer

W I L D W O O D
T H O M A S V I L L E ,   G A
Best of Thomas & Grady Counties,
Reader’s Choice Awards: Thomasville
Times-Enterprise

W I L L I A M S B U R G V I L L A G E
J A C K S O N ,   T N
Mayor’s Civic Pride Award, Jackson City
Beautiful Commission; Best Property, City
Beautiful Award

W O O D R I D G E
J A C K S O N ,   M S
Beautification Excellence, Honorable
Mention and 1st Place Beautification
Award, MMFC (15-24 years)

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