Mid-America Apartment Communities, Inc., a real estate investment trust (REIT), engages in acquiring, owning, and operating apartment communities primarily in the Sunbelt region of the United States. As of December 31, 2007, Mid-America owned 100% of 137 properties representing 40,248 apartment units. Mid-America Apartment Communities, Inc. qualifies as a REIT under the Internal Revenue Code. As a REIT, it would not be subject to federal income tax to the extent it distributes 90% of taxable income to its shareholders. Mid-America Apartment Communities, Inc. was founded in 1977 and is based in Memphis, Tennessee.