Mid-America Apartments 8-K Results of Operations and Financial Condition

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT MARCH 31, 2016 (In apartment units)

	Same Store	Non Same Store	In Lease-Up	Total for Completed Communities	Current Development Units Delivered	Total
Atlanta, GA	6,074	3	—	6,077	—	6,077
Austin, TX	5,838	—	—	5,838	—	5,838
Dallas, TX	4,743	554	318	5,615	—	5,615
Charlotte, NC	4,401	600	—	5,001	—	5,001
Raleigh/Durham, NC	4,397	266	—	4,663	—	4,663
Fort Worth, TX	4,093	426	—	4,519	—	4,519
Nashville, TN	3,207	569	—	3,776	—	3,776
Orlando, FL	3,190	462	—	3,652	—	3,652
Houston, TX	3,232	—	—	3,232	—	3,232
Tampa, FL	2,878	—	—	2,878	—	2,878
Phoenix, AZ	1,976	325	—	2,301	—	2,301
Las Vegas, NV	721	—	—	721	—	721
South Florida	480	—	—	480	—	480
Large Markets	45,230	3,205	318	48,753	—	48,753
Jacksonville, FL	3,202	294	—	3,496	—	3,496
Charleston, SC	2,648	—	—	2,648	—	2,648
Savannah, GA	2,219	—	—	2,219	—	2,219
Richmond, VA	1,668	254	—	1,922	—	1,922
Memphis, TN	1,811	—	—	1,811	—	1,811
Greenville, SC	1,748	—	—	1,748	—	1,748
San Antonio, TX	1,504	—	—	1,504	—	1,504
Birmingham, AL	1,462	—	—	1,462	—	1,462
Fredericksburg, VA	741	574	120	1,435	—	1,435
Huntsville, AL	1,228	152	—	1,380	—	1,380
Little Rock, AR	1,368	—	—	1,368	—	1,368
Jackson, MS	1,241	—	—	1,241	—	1,241
Lexington, KY	924	—	—	924	—	924
Other	5,335	2,650	—	7,985	—	7,985
Secondary Markets	27,099	3,924	120	31,143	—	31,143
Total Multifamily Units	72,329	7,129	438	79,896	—	79,896

Supplemental Data S-1

PORTFOLIO STATISTICS (CONTINUED)

TOTAL MULTIFAMILY COMMUNITY STATISTICS

Dollars in thousands, except Average Effective Rent

		As of March 31, 2016						Average Effective Rent for the Three Months Ended March 31, 2016		As of March 31, 2016
		Gross Real Assets		Percent to Total of Gross Real Assets		Physical Occupancy				Completed Units	Total Units, Including Development
Atlanta, GA		$	667,716	8.2	%	96.8	%	$	1,103	6,077
Charlotte, NC		$	610,361	7.5	%	96.9	%	$	1,001	5,001
Austin, TX		$	582,250	7.1	%	96.2	%	$	1,068	5,838
Raleigh/Durham, NC		$	549,161	6.7	%	96.5	%	$	958	4,663
Dallas, TX		$	547,629	6.7	%	96.2	%	$	1,098	5,297
Orlando, FL		$	480,646	5.9	%	97.3	%	$	1,175	3,652
Fort Worth, TX		$	385,211	4.7	%	96.6	%	$	995	4,519
Nashville, TN		$	379,385	4.6	%	96.5	%	$	1,108	3,776
Tampa, FL		$	306,180	3.8	%	96.3	%	$	1,105	2,878
Phoenix, AZ		$	293,586	3.6	%	97.1	%	$	1,001	2,301
Houston, TX		$	282,132	3.5	%	96.9	%	$	1,052	3,232
Las Vegas, NV		$	66,354	0.8	%	97.1	%	$	844	721
South Florida		$	58,877	0.7	%	96.3	%	$	1,543	480
Large Markets		$	5,209,488	63.8	%	96.6	%	$	1,062	48,435
Jacksonville, FL		$	291,254	3.6	%	97.5	%	$	987	3,496
Charleston, SC		$	264,397	3.2	%	95.9	%	$	1,055	2,648
Richmond, VA		$	232,129	2.8	%	97.5	%	$	996	1,922
Savannah, GA		$	225,743	2.8	%	96.8	%	$	981	2,219
Fredericksburg, VA		$	217,790	2.7	%	97.3	%	$	1,266	1,315
San Antonio, TX		$	157,128	1.9	%	96.4	%	$	1,053	1,504
Kansas City, MO		$	153,351	1.9	%	95.5	%	$	1,167	956
Birmingham, AL		$	146,937	1.8	%	96.3	%	$	938	1,462
Norfolk, Hampton, VA Beach, VA		$	141,263	1.7	%	98.1	%	$	1,030	1,285
Memphis, TN		$	125,428	1.5	%	96.8	%	$	864	1,811
Huntsville, AL		$	115,136	1.4	%	96.6	%	$	751	1,380
Little Rock, AR		$	114,518	1.4	%	95.2	%	$	875	1,368
Greenville, SC		$	96,571	1.2	%	96.5	%	$	771	1,748
All Other Secondary Markets by State (individual markets <1% gross real assets)
Florida		$	141,818	1.7	%	96.6	%	$	983	1,790
Kentucky		$	91,332	1.1	%	96.9	%	$	826	1,308
Mississippi		$	72,327	0.9	%	96.6	%	$	856	1,241
North Carolina		$	71,664	0.9	%	97.4	%	$	688	1,172
Alabama		$	59,949	0.7	%	98.2	%	$	925	628
Virginia		$	48,045	0.6	%	98.4	%	$	1,358	251
Tennessee		$	47,598	0.6	%	97.5	%	$	790	943
South Carolina		$	36,011	0.4	%	96.2	%	$	773	576
Secondary Markets		$	2,850,389	34.8	%	96.8	%	$	946	31,023
Subtotal		$	8,059,877	98.6	%	96.7	%	$	1,017	79,458
Dallas, TX	Large	$	58,633	0.7	%	83.0	%	$	1,389	318	318
Orlando, FL	Large	$	16,181	0.2	%	0.0	%	$	—	—	314
Fredericksburg, VA	Secondary	$	19,589	0.2	%	78.3	%	$	1,177	120	120
Charleston, SC	Secondary	$	11,037	0.1	%	0.0	%	$	—	—	78
Richmond, VA	Secondary	$	4,080	0.1	%	0.0	%	$	—	—	82
Kansas City, MO	Secondary	$	2,655	0.1	%	0.0	%	$	—	—	154
Lease-up and Development		$	112,175	1.4	%	81.7	%	$	1,331	438	1,066
Total Wholly Owned Multifamily Communities		$	8,172,052	100.0	%	96.6	%	$	1,019	79,896	80,524

Supplemental Data S-2

COMPONENTS OF PROPERTY NET OPERATING INCOME

Dollars in thousands

	Apartment	Gross Real		Three Months Ended
	Units	Assets		March 31, 2016		March 31, 2015		Percent Change
Property Revenue
Same Store Communities	72,329	$	7,235,618	$	242,314	$	229,745	5.5	%
Non-Same Store Communities	7,129	824,259		23,761		27,136
Lease up/Development Communities	438	112,175		1,408		—
Total Multifamily Portfolio	79,896	$	8,172,052	$	267,483	$	256,881
Commercial Property/Land	—	$	31,114	$	1,533	$	1,671
Total Property Revenue	79,896	$	8,203,166	$	269,016	$	258,552
Property Expenses
Same Store Communities				$	91,062	$	88,466	2.9	%
Non-Same Store Communities				8,559		11,500
Lease up/Development Communities				622		—
Total Multifamily Portfolio				$	100,243	$	99,966
Commercial Property/Land				$	638	$	683
Total Property Expenses				$	100,881	$	100,649
Property Net Operating Income
Same Store Communities				$	151,252	$	141,279	7.1	%
Non-Same Store Communities				15,202		15,636
Lease up/Development Communities				786		—
Total Multifamily Portfolio				$	167,240	$	156,915
Commercial Property/Land				$	895	$	988
Total Property Net Operating Income				$	168,135	$	157,903	6.5	%

COMPONENTS OF SAME STORE PROPERTY EXPENSES

Dollars in thousands

	Three Months Ended
	March 31, 2016		March 31, 2015		Percent Increase/(Decrease)
Personnel	$	22,813	$	22,281	2.4	%
Building Repair and Maintenance	10,325		10,377		(0.5	)%
Utilities	19,887		19,296		3.1	%
Marketing	2,544		2,943		(13.6	)%
Office Operations	3,511		3,414		2.8	%
Property Taxes	28,965		27,249		6.3	%
Insurance	3,017		2,906		3.8	%
Total Property Expenses	$	91,062	$	88,466	2.9	%

Supplemental Data S-3

NOI CONTRIBUTION PERCENTAGE BY REGION

				Average Physical Occupancy
	Apartment Units	Percent of Same Store NOI		Three months ended March 31, 2016		Three months ended March 31, 2015
Atlanta, GA	6,074	9.2	%	96.3	%	95.2	%
Austin, TX	5,838	7.4	%	96.0	%	95.5	%
Charlotte, NC	4,401	6.8	%	96.6	%	96.0	%
Dallas, TX	4,743	6.5	%	95.7	%	95.8	%
Raleigh/Durham, NC	4,397	6.3	%	96.2	%	95.4	%
Fort Worth, TX	4,093	5.3	%	96.1	%	95.4	%
Orlando, FL	3,190	5.3	%	96.7	%	96.8	%
Nashville, TN	3,207	5.2	%	95.5	%	94.4	%
Tampa, FL	2,878	4.2	%	96.0	%	96.4	%
Houston, TX	3,232	4.0	%	96.2	%	96.2	%
Phoenix, AZ	1,976	2.8	%	97.2	%	96.1	%
South Florida	480	1.0	%	96.5	%	97.5	%
Las Vegas, NV	721	0.9	%	97.3	%	94.9	%
Large Markets	45,230	64.9	%	96.2	%	95.7	%
Jacksonville, FL	3,202	4.2	%	96.6	%	96.5	%
Charleston, SC	2,648	4.1	%	95.6	%	95.4	%
Savannah, GA	2,219	3.2	%	96.4	%	95.3	%
Richmond, VA	1,668	2.3	%	97.0	%	95.2	%
Memphis, TN	1,811	1.9	%	96.6	%	93.8	%
Birmingham, AL	1,462	1.9	%	96.1	%	95.0	%
Greenville, SC	1,748	1.9	%	95.7	%	95.1	%
San Antonio, TX	1,504	1.9	%	96.1	%	96.1	%
Little Rock, AR	1,368	1.6	%	95.4	%	94.4	%
Jackson, MS	1,241	1.5	%	96.4	%	95.9	%
Huntsville, AL	1,228	1.3	%	96.1	%	94.5	%
Fredericksburg, VA	741	1.3	%	96.8	%	95.0	%
Lexington, KY	924	1.1	%	97.0	%	96.1	%
Other	5,335	6.9	%	96.4	%	95.4	%
Secondary Markets	27,099	35.1	%	96.3	%	95.3	%
Total Same Store	72,329	100.0	%	96.2	%	95.6	%

Supplemental Data S-4

MULTIFAMILY SAME STORE QUARTER OVER QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data

	Units	Revenues						Expenses						NOI						Effective Rent per Unit
		Q1 2016		Q1 2015		% Chg		Q1 2016		Q1 2015		% Chg		Q1 2016		Q1 2015		% Chg		Q1 2016		Q1 2015		% Chg
Atlanta, GA	6,074	$	22,313	$	20,895	6.8	%	$	8,367	$	8,307	0.7	%	$	13,946	$	12,588	10.8	%	$	1,103	$	1,035	6.6	%
Austin, TX	5,838	20,539		19,287		6.5	%	9,377		8,551		9.7	%	11,162		10,736		4.0	%	1,068		1,012		5.5	%
Charlotte, NC	4,401	14,985		14,068		6.5	%	4,684		4,660		0.5	%	10,301		9,408		9.5	%	1,028		969		6.1	%
Dallas, TX	4,743	17,148		16,395		4.6	%	7,266		6,971		4.2	%	9,882		9,424		4.9	%	1,116		1,070		4.3	%
Raleigh/Durham, NC	4,397	14,098		13,451		4.8	%	4,611		4,404		4.7	%	9,487		9,047		4.9	%	968		933		3.8	%
Fort Worth, TX	4,093	13,734		12,761		7.6	%	5,767		5,467		5.5	%	7,967		7,294		9.2	%	1,003		941		6.6	%
Orlando, FL	3,190	12,296		11,298		8.8	%	4,347		4,205		3.4	%	7,949		7,093		12.1	%	1,175		1,081		8.7	%
Nashville, TN	3,207	11,355		10,725		5.9	%	3,564		3,550		0.4	%	7,791		7,175		8.6	%	1,096		1,056		3.8	%
Tampa, FL	2,878	10,463		9,968		5.0	%	4,038		3,889		3.8	%	6,425		6,079		5.7	%	1,105		1,042		6.0	%
Houston, TX	3,232	11,068		10,915		1.4	%	5,039		4,815		4.7	%	6,029		6,100		(1.2	)%	1,052		1,041		1.1	%
Phoenix, AZ	1,976	6,303		5,922		6.4	%	2,056		2,134		(3.7	)%	4,247		3,788		12.1	%	958		905		5.9	%
South Florida	480	2,334		2,227		4.8	%	818		803		1.9	%	1,516		1,424		6.5	%	1,543		1,459		5.8	%
Las Vegas, NV	721	2,085		1,914		8.9	%	708		700		1.1	%	1,377		1,214		13.4	%	844		792		6.6	%
Large Markets	45,230	$	158,721	$	149,826	5.9	%	$	60,642	$	58,456	3.7	%	$	98,079	$	91,370	7.3	%	$	1,066	$	1,011	5.4	%
Jacksonville, FL	3,202	$	9,792	$	9,354	4.7	%	$	3,387	$	3,411	(0.7	)%	$	6,405	$	5,943	7.8	%	$	957	$	919	4.1	%
Charleston, SC	2,648	9,220		8,695		6.0	%	3,090		3,072		0.6	%	6,130		5,623		9.0	%	1,055		999		5.6	%
Savannah, GA	2,219	7,289		6,921		5.3	%	2,506		2,455		2.1	%	4,783		4,466		7.1	%	981		958		2.4	%
Richmond, VA	1,668	5,321		5,116		4.0	%	1,853		1,800		2.9	%	3,468		3,316		4.6	%	960		933		2.9	%
Memphis, TN	1,811	5,146		4,843		6.3	%	2,224		2,184		1.8	%	2,922		2,659		9.9	%	864		844		2.4	%
Birmingham, AL	1,462	4,646		4,494		3.4	%	1,844		1,771		4.1	%	2,802		2,723		2.9	%	938		932		0.6	%
Greenville, SC	1,748	4,531		4,286		5.7	%	1,681		1,650		1.9	%	2,850		2,636		8.1	%	771		742		3.9	%
San Antonio, TX	1,504	5,108		5,040		1.3	%	2,200		2,186		0.6	%	2,908		2,854		1.9	%	1,053		1,035		1.7	%
Little Rock, AR	1,368	3,848		3,788		1.6	%	1,354		1,376		(1.6	)%	2,494		2,412		3.4	%	875		876		(0.1	)%
Jackson, MS	1,241	3,558		3,450		3.1	%	1,303		1,281		1.7	%	2,255		2,169		4.0	%	856		840		1.9	%
Huntsville, AL	1,228	3,246		3,142		3.3	%	1,227		1,193		2.8	%	2,019		1,949		3.6	%	765		755		1.3	%
Fredericksburg, VA	741	2,951		2,833		4.2	%	923		943		(2.1	)%	2,028		1,890		7.3	%	1,206		1,163		3.7	%
Lexington, KY	924	2,509		2,419		3.7	%	865		885		(2.3	)%	1,644		1,534		7.2	%	835		815		2.5	%
Other	5,335	16,428		15,538		5.7	%	5,963		5,803		2.8	%	10,465		9,735		7.5	%	941		903		4.2	%
Secondary Markets	27,099	$	83,593	$	79,919	4.6	%	$	30,420	$	30,010	1.4	%	$	53,173	$	49,909	6.5	%	$	937	$	908	3.2	%
Total Same Store	72,329	$	242,314	$	229,745	5.5	%	$	91,062	$	88,466	2.9	%	$	151,252	$	141,279	7.1	%	$	1,017	$	973	4.5	%

Supplemental Data S-5

MULTIFAMILY SAME STORE SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data

	Units	Revenues						Expenses						NOI						Effective Rent per Unit
		Q1 2016		Q4 2015		% Chg		Q1 2016		Q4 2015		% Chg		Q1 2016		Q4 2015		% Chg		Q1 2016		Q4 2015			% Chg
Atlanta, GA	6,074	$	22,313	$	21,965	1.6	%	$	8,367	$	7,713	8.5	%	$	13,946	$	14,252	(2.1	)%	$	1,103	$	1,093		0.9	%
Austin, TX	5,838	20,539		20,351		0.9	%	9,377		8,531		9.9	%	11,162		11,820		(5.6	)%	1,068		1,058		��	0.9	%
Charlotte, NC	4,401	14,985		14,692		2.0	%	4,684		4,822		(2.9	)%	10,301		9,870		4.4	%	1,028		1,018			1.0	%
Dallas, TX	4,743	17,148		17,007		0.8	%	7,266		7,068		2.8	%	9,882		9,939		(0.6	)%	1,116		1,109			0.6	%
Raleigh/Durham, NC	4,397	14,098		13,928		1.2	%	4,611		4,478		3.0	%	9,487		9,450		0.4	%	968		961			0.7	%
Fort Worth, TX	4,093	13,734		13,597		1.0	%	5,767		5,488		5.1	%	7,967		8,109		(1.8	)%	1,003		992			1.1	%
Orlando, FL	3,190	12,296		12,124		1.4	%	4,347		4,395		(1.1	)%	7,949		7,729		2.8	%	1,175		1,159			1.4	%
Nashville, TN	3,207	11,355		11,307		0.4	%	3,564		3,739		(4.7	)%	7,791		7,568		2.9	%	1,096		1,093			0.3	%
Tampa, FL	2,878	10,463		10,370		0.9	%	4,038		3,858		4.7	%	6,425		6,512		(1.3	)%	1,105		1,093			1.1	%
Houston, TX	3,232	11,068		11,030		0.3	%	5,039		4,467		12.8	%	6,029		6,563		(8.1	)%	1,052		1,057			(0.5	)%
Phoenix, AZ	1,976	6,303		6,204		1.6	%	2,056		2,098		(2.0	)%	4,247		4,106		3.4	%	958		948			1.1	%
South Florida	480	2,334		2,259		3.3	%	818		830		(1.4	)%	1,516		1,429		6.1	%	1,543		1,522			1.4	%
Las Vegas, NV	721	2,085		2,092		(0.3	)%	708		741		(4.5	)%	1,377		1,351		1.9	%	844		831			1.6	%
Large Markets	45,230	$	158,721	$	156,926	1.1	%	$	60,642	$	58,228	4.1	%	$	98,079	$	98,698	(0.6	)%	$	1,066	$	1,057		0.9	%
Jacksonville, FL	3,202	$	9,792	$	9,709	0.9	%	$	3,387	$	3,417	(0.9	)%	$	6,405	$	6,292	1.8	%	$	957	$	951		0.6	%
Charleston, SC	2,648	9,220		9,158		0.7	%	3,090		3,546		(12.9	)%	6,130		5,612		9.2	%	1,055		1,050			0.5	%
Savannah, GA	2,219	7,289		7,237		0.7	%	2,506		2,589		(3.2	)%	4,783		4,648		2.9	%	981		985			(0.4	)%
Richmond, VA	1,668	5,321		5,253		1.3	%	1,853		1,708		8.5	%	3,468		3,545		(2.2	)%	960		954			0.6	%
Memphis, TN	1,811	5,146		5,019		2.5	%	2,224		2,179		2.1	%	2,922		2,840		2.9	%	864		857			0.8	%
Birmingham, AL	1,462	4,646		4,591		1.2	%	1,844		1,713		7.6	%	2,802		2,878		(2.6	)%	938		937			0.1	%
Greenville, SC	1,748	4,531		4,492		0.9	%	1,681		1,755		(4.2	)%	2,850		2,737		4.1	%	771		768			0.4	%
San Antonio, TX	1,504	5,108		5,068		0.8	%	2,200		2,018		9.0	%	2,908		3,050		(4.7	)%	1,053		1,050			0.3	%
Little Rock, AR	1,368	3,848		3,804		1.2	%	1,354		1,380		(1.9	)%	2,494		2,424		2.9	%	875		871			0.5	%
Jackson, MS	1,241	3,558		3,512		1.3	%	1,303		1,318		(1.1	)%	2,255		2,194		2.8	%	856		854			0.2	%
Huntsville, AL	1,228	3,246		3,197		1.5	%	1,227		1,273		(3.6	)%	2,019		1,924		4.9	%	765		765			0.0	%
Fredericksburg, VA	741	2,951		2,929		0.8	%	923		877		5.2	%	2,028		2,052		(1.2	)%	1,206		1,200			0.5	%
Lexington, KY	924	2,509		2,494		0.6	%	865		895		(3.4	)%	1,644		1,599		2.8	%	835		833			0.2	%
Other	5,335	16,428		16,201		1.4	%	5,963		5,922		0.7	%	10,465		10,279		1.8	%	941		935			0.6	%
Secondary Markets	27,099	$	83,593	$	82,664	1.1	%	$	30,420	$	30,590	(0.6	)%	$	53,173	$	52,074	2.1	%	$	937	$	933		0.4	%
Total Same Store	72,329	$	242,314	$	239,590	1.1	%	$	91,062	$	88,818	2.5	%	$	151,252	$	150,772	0.3	%	$	1,017	$	1,011		0.6	%

Supplemental Data S-6

MULTIFAMILY DEVELOPMENT PIPELINE
Dollars in thousands
		Units as of March 31, 2016				Projected			Development Costs
						Initial
					Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total	Delivered	Leased	Date	Date	Date	Date	Cost		Q1 2016		After
River's Walk Phase II	Charleston, South Carolina	78	—	6	2Q15	2Q16	3Q16	4Q16	$	14,900	$	11,037	$	3,863
Retreat at West Creek II	Richmond, Virginia	82	—	—	4Q15	4Q16	2Q17	2Q17	15,100		4,080		11,020
CG at Randal Lakes Phase II	Orlando, Florida	314	—	—	2Q15	3Q16	2Q17	4Q17	41,300		16,181		25,119
The Denton II	Kansas City, Missouri-Kansas MSA	154	—	—	4Q15	2Q17	4Q17	3Q18	25,400		2,655		22,745
Total Active		628	—	6					$	96,700	$	33,953	$	62,747

MULTIFAMILY LEASE-UP COMMUNITIES
		As of March 31, 2016
		Total	Percent		Construction	Expected
	MSA	Units	Occupied		Finished	Stabilized
Cityscape at Market Center II	Dallas, Texas	318	83.0	%	(1)	3Q16
Station Square at Cosner's Corner II	Fredericksburg, Virginia	120	78.3	%	1Q16	3Q16
Total		438	81.7	%

⁽¹⁾ Property was acquired while still in lease-up and construction was complete prior to acquisition by MAA.

2016 ACQUISITION ACTIVITY

Dollars in thousands

Multifamily Acquisitions	Location	Apartment Units	Year Built	Closing Date	YTD NOI
The Apartments at Cobblestone Square	Fredericksburg, Virginia	314	2012	March 1, 2016	$301

2016 DISPOSITION ACTIVITY

Dollars in thousands

Commercial Dispositions	Location	Square Feet	Year Built	Closing Date	YTD NOI
Colonial Promenade Nord du Lac	Covington, Louisiana	295,447	2011	March 28, 2016	$470

Land Dispositions	Location	Acres	Closing Date
McKinney(1)	McKinney, TX	30	February 4, 2016
Colonial Promenade Nord du Lac - Outparcels	Covington, Louisiana	25	March 28, 2016

⁽¹⁾ This property consisting of undeveloped land was sold by McDowell CRLP McKinney JV, LLC, a joint venture, in which MAA owned a 25% interest.

Supplemental Data S-7

DEBT AND DEBT COVENANTS AS OF MARCH 31, 2016

Dollars in thousands

DEBT SUMMARIES
					Effective			Contract		Average Years
			Percent of		Interest			Interest		to Rate
	Balance		Total		Rate			Rate		Maturity
Floating Versus Fixed Rate or Hedged Debt
Fixed rate or swapped debt	$	3,123,963	90.7	%	3.9		%	4.4	%	5.0
Capped debt	75,000		2.2	%	1.1		%	1.1	%	1.6
Floating (unhedged) debt	245,000		7.1	%	1.3		%	1.3	%	0.1
Total	$	3,443,963	100.0	%	3.7		%	4.1	%	4.6
					Effective			Contract		Average Years
			Percent of		Interest			Interest		to Contract
	Balance		Total		Rate			Rate		Maturity
Secured Versus Unsecured Debt
Unsecured Debt	$	2,196,214	63.8	%	3.7		%	3.8	%	5.8
Secured Debt	1,247,749		36.2	%	3.6		%	4.7	%	3.0
Total	$	3,443,963	100.0	%	3.7		%	4.1	%	4.8
	Total		Percent of		Q1 2016					Percent of
	Cost		Total		NOI					Total
Unencumbered Versus Encumbered Assets
Unencumbered gross assets	$	6,111,334	72.8	%	$	122,577				72.9	%
Encumbered gross assets	2,288,070		27.2	%	45,558					27.1	%
Total	$	8,399,404	100.0	%	$	168,135				100.0	%

FIXED OR HEDGED INTEREST RATE MATURITIES
														Average
	Fixed		Interest		Total				Interest			Total		Years to
	Rate		Rate		Fixed Rate		Contract		Rate			Fixed or		Rate
Maturity	Debt		Swaps		Balances		Rate		Caps			Hedged		Maturity
2016	$	76,418	$	—	$	76,418	6.1	%	$	25,000		$	101,418
2017	128,467		298,979		427,446		3.0	%	25,000			452,446
2018	140,895		250,876		391,771		4.1	%	25,000			416,771
2019	566,925		—		566,925		5.7	%	—			566,925
2020	169,554		—		169,554		4.8	%	—			169,554
Thereafter	1,491,849		—		1,491,849		4.3	%	—			1,491,849
Total	$	2,574,108	$	549,855	$	3,123,963	4.4	%	$	75,000	��	$	3,198,963	4.9

Supplemental Data S-8

DEBT AND DEBT COVENANTS AS OF MARCH 31, 2016 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES
	Credit Facilities
	Fannie Mae Secured		Key Bank Unsecured		Other Secured		Other Unsecured		Total
2016	$	80,000	$	—	$	—	$	76,418	$	156,418
2017	80,000		—		60,503		17,964		158,467
2018	80,000		—		91,008		300,762		471,770
2019	—		—		546,988		19,937		566,925
2020	—		130,000		169,554		149,723		449,277
Thereafter	—		—		139,696		1,501,410		1,641,106
Total	$	240,000	$	130,000	$	1,007,749	$	2,066,214	$	3,443,963

DEBT COVENANT ANALYSIS(1)
Public Bond Covenants	Required	Actual	Compliance
Limit on Incurrence of Total Debt	60% or less	41.1%	Yes
Limit on Incurrence of Secured Debt	40% or less	14.9%	Yes
Ratio of Income Available for Debt Service/Annual Debt Service Charge	1.5:1 or greater for trailing 4 quarters	4.81x	Yes
Maintenance of Unencumbered Total Asset Value	Greater than 150%	277.9%	Yes
Bank Covenants	Required	Actual	Compliance
Total Leverage Ratio	60% or less	34.0%	Yes
Total Secured Leverage Ratio	40% or Less	12.0%	Yes
Adjusted EBITDA to Fixed Charges	1.5:1 or greater for trailing 4 quarters	3.95x	Yes
Unencumbered Leverage Ratio	60% or less	29.9%	Yes

⁽¹⁾ The calculations of the Public Bond Covenants and Bank Covenants above are specifically defined in our debt agreements. These calculations may not be consistent with those found earlier in this document.

Supplemental Data S-9

BALANCE SHEET RATIOS
	Three Months Ended
	March 31,
	2016	2015
Recurring EBITDA/Debt Service	4.02x	3.70x
Fixed Charge Coverage (1)	4.23x	3.94x
Total Debt/Total Market Capitalization (2)	29.7%	36.1%
Total Debt/Gross Assets	41.0%	42.3%
Net Debt/Gross Assets	40.7%	42.1%
Unencumbered Assets/Gross Real Estate Assets	73.5%	70.5%

⁽¹⁾  Fixed charge coverage represents Recurring EBITDA divided by interest expense adjusted for mark-to-market debt adjustment and any preferred dividends. As of March 31, 2016 and 2015, interest expense includes debt issuance costs of $897,000 and $872,000, respectively.

⁽²⁾  Total Market Capitalization equals the number of shares of common stock and units at period end times the closing stock price at period end plus total debt outstanding.

	Twelve Months Ended
	March 31,
	2016	2015
Fixed Charge Coverage (1)	4.19x	3.81x
Net Debt/Recurring EBITDA	5.74x	6.22x

⁽¹⁾  Fixed charge coverage represents Recurring EBITDA divided by interest expense adjusted for mark-to-market debt adjustment and any preferred dividends. As of March 31, 2016 and 2015, interest expense includes debt issuance costs of $3.6 million and $4.1 million, respectively.

Supplemental Data S-10

2016 GUIDANCE
	Full Year 2016
Earnings
Core FFO per Share - diluted	$5.71 to $5.91
Midpoint	$5.81
Core AFFO per Share - diluted	$5.01 to $5.21
Midpoint	$5.11
Same Store Communities:
Number of units	72,329
Property revenue growth	3.75% to 4.25%
Property operating expense growth	2.75% to 3.75%
Property NOI growth	4.0% to 5.0%
Real estate tax expense growth	4.5% to 5.5%
Corporate Expenses:
General and administrative and property management expenses	$60.0 to $62.0 million
Income tax expense	$1.5 to $2.5 million
Transaction/Investment Volume:
Acquisition volume (multifamily)	$250 to $350 million
Disposition volume (multifamily)	$200 to $300 million
Commercial / land disposition volume	$30 to $60 million
Development investment	$50 to $60 million
Debt:
Average Interest Rate (excluding mark-to-market debt adjustment)	4.1% to 4.3%
Average Effective Interest Rate	3.6% to 3.9%
Capitalized Interest	$1.0 to $2.0 million
Leverage (Total Net Debt/Total Gross Assets)	39% to 41%
Unencumbered Asset Pool (Percent of Total Gross Assets)	72% to 75%
Non Core Items:
Acquisition expense	$1.8 to $2.4 million
Projected amortization of debt mark-to-market	$15 to $16 million

MAA provides guidance on Core FFO per Share and Core AFFO per Share but does not forecast net income available for common shareholders per diluted share. It is not reasonable to accurately predict the timing and certainty of acquisitions and dispositions that would materially affect depreciation, capital gains or losses, merger and acquisition expenses and net income attributable to noncontrolling interests or to forecast extraordinary items, which, combined, generally represent the difference between net income available for common shareholders and Core FFO.

Supplemental Data S-11

CREDIT RATINGS
	Rating	Outlook
Fitch Ratings (1)	BBB	Positive
Moody's Investors Service (2)	Baa2	Positive
Standard & Poor's Ratings Services (1)	BBB	Stable

⁽¹⁾  Corporate credit rating assigned to Mid-America Apartment Communities, Inc. and its primary operating partnership, Mid-America Apartments, LP.

⁽²⁾  Corporate credit rating assigned to Mid-America Apartments, LP, the primary operating partnership of Mid-America Apartment Communities, Inc.

COMMON STOCK
Stock Symbol:	MAA
Exchange Traded:	NYSE
Estimated Future Dates:	Q2 2016		Q3 2016		Q4 2016		Q1 2017
Earnings release & conference call	Late July		Late October		Early February		Late April
Dividend Information - Common Shares:	Q1 2015		Q2 2015		Q3 2015		Q4 2015		Q1 2016
Declaration Date	3/12/2015		5/19/2015		9/24/2015		12/8/2015		3/22/2016
Record Date	4/15/2015		7/15/2015		10/15/2015		1/15/2016		4/15/2016
Payment Date	4/30/2015		7/31/2015		10/30/2015		1/29/2016		4/29/2016
Distributions Per Share	$	0.77	$	0.77	$	0.77	$	0.82	$	0.82

INVESTOR RELATIONS DATA
MAA does not send quarterly reports to shareholders, but provides quarterly reports, earnings releases and supplemental data upon request.
For recent press releases, 10-Q's, 10-K's and other information call 866-576-9689 (toll free) or email investor.relations@maac.com. This information, as well as access to MAA's quarterly conference call, is also available on the "For Investors" page of our website at www.maac.com.
For Questions Contact:
	Name	Title
	Tim Argo	Senior Vice President, Finance
	Jennifer Patrick	Investor Relations

Supplemental Data S-12