Executive Bonus Plan Payment
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
___________________
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date
of
Report (Date of earliest event reported):
March 22, 2007 (March 20, 2007)
MID-AMERICA
APARTMENT COMMUNITIES, INC.
|
(Exact
name of registrant as specified in its
charter)
|
TENNESSEE
|
1-12762
|
62-1543819
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(I.R.S.
Employer Identification No.)
|
6584
Poplar Avenue, Suite 300
|
|
Memphis,
Tennessee
|
38138
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
Registrant's
telephone number, including area code: (901) 682-6600
N/A
|
(Former
name or former address, if changed since last
report)
|
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
[
] Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[
] Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[
] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[
] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
ITEM
5.02 Departure
of Directors of Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers
On
March
20, 2007, the Compensation Committee of the registrant’s Board of Directors held
a regularly scheduled meeting at which they evaluated the results of the
2006
annual bonus plan for executive officers. Details of the plan were filed on
Form
8-K by the registrant on March 20, 2006. The
plan
included both FFO growth and individual goal
performance objectives. As permitted by the plan, the Compensation Committee
exercised its discretion to disregard a one-time non-recurring event that
negatively impacted FFO, but improved the balance sheet of the registrant for
purposes of determining the level of bonuses to award. The Compensation
Committee believed that its actions better aligned FFO results with that of
actual shareholder performance realized for the year. Following its discussions,
the Compensation Committee, in compliance with the 2006 annual bonus plan,
awarded cash bonuses of $456,780 for Mr. Bolton and $297,900 for Mr. Wadsworth.
The Compensation Committee also established 2007 salaries of $392,070 and
$255,680 for Mr. Bolton and Mr. Wadsworth, respectively, representing a 3%
increase in base salary compared to 2006.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
|
MID-AMERICA
APARTMENT COMMUNITIES, INC.
|
Date:
March 22, 2007
|
/s/Simon
R.C. Wadsworth
|
|
Simon
R.C. Wadsworth
|
|
Executive
Vice President and Chief Financial Officer
|
|
(Principal
Financial and Accounting Officer)
|