Mid-America Announces Quarterly Dividend.

Business Editors

MEMPHIS, Tenn.--(BUSINESS WIRE)--April 12, 2001

Mid-America Apartment Communities, Inc. (NYSE: MAA) today announced that its board of directors had approved a quarterly dividend of $0.585 per share payable on April 30, 2001 to shareholders of record on April

As established in prior quarters, the Company is declaring its quarterly dividend in advance of its earnings' announcement, which will be made on April 30, 2001.

MAA is a self-administered, self-managed apartment-only real estate investment trust which owns or has ownership interest in 33,781 apartment units throughout the southeastern and midwest U.S. and in Texas, including 149 units in the development pipeline. For further details, please refer to our website at www.maac.net or contact Simon R. C. Wadsworth at 901/682-6668, ext. 104. 6584 Poplar Ave., suite 340, 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 growth rate of revenues and expenses at Mid-America's properties, anticipated lease-up (and rental concessions) at development properties, costs remaining to complete development properties, planned disposition, disposition pricing, and planned acquisitions and developments. 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, construction delays that could cause new and add-on apartment units to reach the market later than anticipated, changes in interest rates and other items that are difficult to control such as insurance rates, increases in real estate taxes in many of our markets, 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.