<SEC-DOCUMENT>0001193125-17-211745.txt : 20170807
<SEC-HEADER>0001193125-17-211745.hdr.sgml : 20170807
<ACCEPTANCE-DATETIME>20170623160605
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ACCESSION NUMBER:		0001193125-17-211745
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20170623

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Mid-America Apartments, L.P.
		CENTRAL INDEX KEY:			0001581776
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				621543816
		STATE OF INCORPORATION:			TN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		6584 POPLAR AVENUE
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38138
		BUSINESS PHONE:		(901) 248-4126

	MAIL ADDRESS:	
		STREET 1:		6584 POPLAR AVENUE
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38138

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MID AMERICA APARTMENT COMMUNITIES INC
		CENTRAL INDEX KEY:			0000912595
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				621543819
		STATE OF INCORPORATION:			TN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		6584 POPLAR AVE
		STREET 2:		STE 340
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38138
		BUSINESS PHONE:		9016826600

	MAIL ADDRESS:	
		STREET 1:		6584 POPLAR AVE
		STREET 2:		SUITE 340
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38138
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<TYPE>CORRESP
<SEQUENCE>1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">June&nbsp;23, 2017 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation
Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Real Estate and Commodities </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street,
NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Attn: Eric McPhee <B><U></U></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B><U>Via EDGAR</U></B></TD></TR>
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<TD VALIGN="top" ALIGN="right"><B>Re:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>Mid-America Apartments L.P.</B></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>Mid-America Apartment Communities, Inc.</B></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>Form 10-K for Fiscal Year Ended</B></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>December&nbsp;31, 2016</B></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>Filed February&nbsp;24, 2017</B></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>Forms 10-Q for Fiscal Quarters Ended</B></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>March&nbsp;31, 2017</B></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>Filed April&nbsp;27, 2017</B></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>File Nos. 333-190028-01 and 001-12762</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;McPhee: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are
submitting this letter in response to the comments contained in the letter from the staff of the Division of Corporation Finance (the &#147;<U>Staff</U>&#148;) of the Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;), dated
June&nbsp;13, 2017 (the &#147;<U>Comment Letter</U>&#148;), with respect to the filings noted above filed by Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P. (collectively, the &#147;<U>Company</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For your convenience, the exact text of the comments provided in the Comment Letter has been included in italic, bold face type in the order presented in the
Comment Letter. The Company&#146;s response to each comment is set forth immediately below the text of the applicable comment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Form 10-Q for the
quarter ended March&nbsp;31, 2017 </U></I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Overview of the Three Months Ended March&nbsp;31, 2017, page 33 </U></I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B><B><I>1.</I></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>We note your disclosure on page 34 that results for the three months ended March&nbsp;31, 2017 included $29.3 million of additional depreciation and amortization expense related to the step-up in asset values from
the Post Properties Merger. Please clarify what is meant by the step-up in asset values, and how it generated additional depreciation compared to your prior year.</I></B> </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment and advises the Staff that the wording &#147;step-up in asset values from the Post Properties Merger&#148;
was intended to be synonymous with &#147;increase in assets as a result of the Post Properties Merger.&#148; The Company further advises the Staff that in addition to acquiring a substantial new portfolio of assets in the Post Properties Merger, the
values of those assets were adjusted to their estimated fair values as of December&nbsp;1, 2016 (the acquisition date), in accordance with FASB Accounting Standards Codification 805, Business Combinations. As a result of the increase in the
Company&#146;s assets due to the Post Properties Merger, the amount of depreciation and amortization expenses recognized by the Company also increased as compared to the prior year period. To the extent applicable, in future filings, the Company
will clarify that the additional depreciation and amortization expense was a result of the Post Properties Merger. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Form 8-K filed February&nbsp;1, 2017 </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Exhibit 99.1 </U></I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B><B><I>2.</I></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>We note that your calculation of EBITDA on page 12 contains adjustments for items other than interest, taxes, depreciation and amortization. Please revise future earnings releases to ensure that measures
calculated differently from EBITDA are not characterized as EBITDA. See Question 103.01 of the updated Compliance and Disclosure Interpretations issued on May&nbsp;17, 2016.</I></B> </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment and advises the Staff that in future earnings releases, measures calculated differently from EBITDA will not
be characterized as EBITDA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hope that this response satisfactorily addresses the Staff&#146;s comments. If you have any further comments or questions
or require any additional information concerning the matters discussed herein, please contact me at 901-248-4169. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Sincerely,</TD></TR>
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<TD VALIGN="top">/s/ Albert M. Campbell, III</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Albert M. Campbell, III</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Executive Vice
President and Chief Financial</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Officer of Mid-America Apartment</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Communities, Inc., the general partner of</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Mid-America Apartments,
L.P.</P></TD></TR>
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