912595--2/25/2009--MID_AMERICA_APARTMENT_COMMUNITIES_INC

related topics
{loss, insurance, financial}
{debt, indebtedness, cash}
{investment, property, distribution}
{tax, income, asset}
{cost, regulation, environmental}
{stock, price, share}
{loan, real, estate}
{acquisition, growth, future}
{provision, law, control}
{personnel, key, retain}
{condition, economic, financial}
Failure to generate sufficient cash flows could limit our ability to pay distributions to shareholders. Our financing could be impacted by negative capital market conditions. A change in U.S. government policy with regard to FNMA and Freddie Mac could seriously impact our financial condition. A change in the value of our assets could cause us to experience a cash shortfall and be in default of our loan covenants. Debt level, refinancing and loan covenant risk may adversely affect our financial condition and operating results and our ability to maintain our status as a REIT. Interest rate hedging may be ineffective. One or more interest rate swap or cap counterparties could default, causing us significant financial exposure. Variable interest rates may adversely affect funds from operations. Losses from catastrophes may exceed our insurance coverage. Increasing real estate taxes and insurance costs may negatively impact financial condition. Property insurance limits may be inadequate and deductibles may be excessive in the event of a catastrophic loss or a series of major losses, and may cause a breach of a loan covenants. Issuances of additional debt or equity may adversely impact our financial condition. We are dependent on key personnel. New acquisitions may fail to perform as expected and failure to integrate acquired communities and new personnel could create inefficiencies. We may not be able to sell communities when appropriate. Environmental problems are possible and can be costly. Our ownership limit restricts the transferability of our capital stock. Provisions of our charter and Tennessee law may limit the ability of a third party to acquire control of us. Our investments in joint ventures may involve risks. Failure to qualify as a REIT would cause us to be taxed as a corporation. Compliance or failure to comply with laws requiring access to our properties by disabled persons could result in substantial cost. Failure to make required distributions would subject us to income taxation. Complying with REIT requirements may cause us to forgo otherwise attractive opportunities or engage in marginal investment opportunities.

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