Mid-America Apartments 8K Results of Operations and Financial Condition | SEC 26 Apr 17

Mid-America Apartments 8-KResults of Operations and Financial Condition



PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT MARCH 31, 2017 (In apartment units)



	Combined Adjusted Same Store	Non-Same Store^{(1) (2)}	Lease-up⁽²⁾	Total Completed Communities	Development Units Delivered⁽²⁾	Total

Atlanta, GA	10,324	1,158	—	11,482	—	11,482
Dallas, TX	9,085	680	—	9,765	—	9,765
Austin, TX	6,475	298	—	6,773	—	6,773
Charlotte, NC	6,149	—	—	6,149	—	6,149
Orlando, FL	4,498	462	314	5,274	—	5,274
Tampa, FL	5,220	—	—	5,220	—	5,220
Raleigh/Durham, NC	4,397	397	—	4,794	379	5,173
Houston, TX	4,127	352	—	4,479	316	4,795
Fort Worth, TX	4,249	270	—	4,519	—	4,519
Washington, DC	3,386	694	—	4,080	—	4,080
Nashville, TN	3,776	—	279	4,055	—	4,055
Phoenix, AZ	2,301	—	322	2,623	—	2,623
South Florida	480	—	—	480	—	480
Large Markets	64,467	4,311	915	69,693	695	70,388

Jacksonville, FL	3,496	—	—	3,496	—	3,496
Charleston, SC	2,648	78	302	3,028	—	3,028
Savannah, GA	2,219	—	—	2,219	—	2,219
Greenville, SC	1,748	—	336	2,084	—	2,084
Richmond, VA	1,668	254	82	2,004	—	2,004
Memphis, TN	1,811	—	—	1,811	—	1,811
San Antonio, TX	1,504	—	—	1,504	—	1,504
Birmingham, AL	1,462	—	—	1,462	—	1,462
Little Rock, AR	1,368	—	—	1,368	—	1,368
Jackson, MS	1,241	—	—	1,241	—	1,241
Huntsville, AL	1,228	—	—	1,228	—	1,228
Other	6,840	1,121	—	7,961	—	7,961
Secondary Markets	27,233	1,453	720	29,406	—	29,406
Total Multifamily Units	91,700	5,764	1,635	99,099	695	99,794

⁽¹⁾Non-Same Store total excludes 269 units in joint venture property in Washington, D.C.

⁽²⁾Other Non-Same Store Portfolio includes Non-Same Store, Lease-up and Development Units.

Supplemental Data S-1



PORTFOLIO STATISTICS (CONTINUED)

TOTAL MULTIFAMILY COMMUNITY STATISTICS⁽¹⁾

Dollars in thousands, except Average Effective Rent



		As of March 31, 2017						Average Effective Rent for the Three Months Ended March 31, 2017		As of March 31, 2017
		Gross Real Assets		Percent to Total of Gross Real Assets		Physical Occupancy				Completed Units	Total Units, Including Development
		Gross Real Assets		Percent to Total of Gross Real Assets		Physical Occupancy				Completed Units	Total Units, Including Development

Atlanta, GA		$	1,790,662	14.0	%	96.2	%	$	1,312	11,482
Dallas, TX		1,330,800		10.4	%	95.5	%	1,253		9,765
Washington, DC		932,679		7.3	%	97.2	%	1,679		4,080
Charlotte, NC		915,076		7.2	%	96.9	%	1,146		6,149
Tampa, FL		834,807		6.5	%	97.0	%	1,346		5,220
Orlando, FL		760,971		6.0	%	96.9	%	1,316		4,960
Austin, TX		746,890		5.8	%	96.0	%	1,164		6,773
Raleigh/Durham, NC		591,361		4.6	%	97.1	%	1,017		4,794
Houston, TX		505,294		4.0	%	96.2	%	1,150		4,479
Fort Worth, TX		388,662		3.0	%	96.5	%	1,055		4,519
Nashville, TN		377,426		3.0	%	96.2	%	1,155		3,776
Phoenix, AZ		295,613		2.3	%	97.2	%	1,036		2,301
South Florida		58,345		0.5	%	96.9	%	1,607		480
Large Markets		$	9,528,586	74.6	%	96.4	%	$	1,235	68,778

Charleston, SC		$	284,875	2.2	%	96.5	%	$	1,113	2,726
Jacksonville, FL		282,298		2.2	%	97.4	%	1,019		3,496
Richmond, VA		236,176		1.9	%	96.2	%	1,040		1,922
Savannah, GA		229,482		1.8	%	97.2	%	1,003		2,219
San Antonio, TX		158,439		1.2	%	96.6	%	1,062		1,504
Kansas City, MO-KS		154,975		1.2	%	96.2	%	1,199		956
Birmingham, AL		148,531		1.2	%	96.4	%	949		1,462
Memphis, TN		122,702		1.0	%	96.1	%	900		1,811
All Other Secondary Markets by State (individual markets <1% gross real assets)
Alabama		$	166,541	1.3	%	97.1	%	$	843	1,856
Virginia		146,930		1.2	%	97.6	%	1,199		1,039
Florida		139,209		1.1	%	96.9	%	1,017		1,790
South Carolina		127,176		1.0	%	96.5	%	799		2,324
Arkansas		113,241		0.9	%	94.5	%	884		1,368
Kentucky		88,691		0.7	%	96.7	%	848		1,308
Mississippi		69,433		0.5	%	96.5	%	867		1,241
Nevada		67,051		0.5	%	96.8	%	898		721
Tennessee		48,112		0.4	%	97.0	%	809		943
Secondary Markets		$	2,583,862	20.3	%	96.7	%	$	972	28,686

Subtotal		$	12,112,448	94.9	%	96.5	%	$	1,158	97,464

Atlanta, GA	Large	$	101,601	0.8	%						770
Houston, TX	Large	79,835		0.6	%	25.9	%	$	1,476	316	388
Phoenix, AZ	Large	69,474		0.5	%	95.7	%	1,165		322	322
Nashville, TN	Large	62,393		0.5	%	76.7	%	1,852		279	279
Raleigh/Durham, NC	Large	56,887		0.4	%	68.6	%	1,131		379	406
Denver, CO	Large	56,272		0.4	%						358
Austin, TX	Large	50,279		0.4	%						344
Orlando, FL	Large	37,520		0.3	%	75.8	%	1,265		314	314
Charleston, SC	Secondary	69,843		0.6	%	86.8	%	1,539		302	302
Greenville, SC	Secondary	56,738		0.4	%	90.8	%	1,180		336	336
Kansas City, MO-KS	Secondary	16,837		0.1	%						154
Richmond, VA	Secondary	14,214		0.1	%	89.0	%	1,070		82	82
Lease-up and Development		$	671,893	5.1	%	74.8	%	$	1,346	2,330	4,055

Total Wholly Owned Multifamily Communities		$	12,784,341	100.0	%	96.0	%	$	1,162	99,794	101,519

⁽¹⁾Schedule excludes one joint venture property in Washington, D.C.

Supplemental Data S-2



COMPONENTS OF NET OPERATING INCOME ⁽¹⁾

Dollars in thousands



				Three Months Ended
	Apartment Units	Gross Real Assets		March 31, 2017		March 31, 2016		Percent Change
Operating Revenue
Combined Adjusted Same Store Communities	91,700	$	11,291,335	$	342,070	$	332,830	2.8	%
Combined Adjusted Non-Same Store Communities	5,764	821,112		25,318		28,597
Lease up/Development Communities	2,330	671,894		5,885		54
Total Multifamily Portfolio	99,794	$	12,784,341	$	373,273	$	361,481
Commercial Property/Land	—	$	204,725	$	5,635	$	6,444
Total Combined Adjusted Operating Revenue	99,794	$	12,989,066	$	378,908	$	367,925

Property Operating Expenses
Combined Adjusted Same Store Communities				$	126,360	$	124,712	1.3	%
Combined Adjusted Non-Same Store Communities				9,926		12,474
Lease up/Development Communities				3,039		30
Total Multifamily Portfolio				$	139,325	$	137,216
Commercial Property/Land				$	1,948	$	2,409
Total Combined Adjusted Property Operating Expenses				$	141,273	$	139,625

Net Operating Income
Combined Adjusted Same Store Communities				$	215,710	$	208,118	3.6	%
Combined Adjusted Non-Same Store Communities				15,392		16,123
Lease up/Development Communities				2,846		24
Total Multifamily Portfolio				$	233,948	$	224,265
Commercial Property/Land				$	3,687	$	4,035
Total Combined Adjusted Net Operating Income				$	237,635	$	228,300	4.1	%

⁽¹⁾ The amounts presented in the schedule for the three-months ended March 31, 2016, included the results on a combined adjusted basis.



COMPONENTS OF COMBINED ADJUSTED SAME STORE PROPERTY OPERATING EXPENSES

Dollars in thousands



	Three Months Ended
	March 31, 2017		March 31, 2016		Percent Increase/(Decrease)
Personnel	$	30,116	$	30,225	(0.4	)%
Building Repair and Maintenance	14,680		14,325		2.5	%
Utilities	24,122		23,915		0.9	%
Marketing	3,716		3,571		4.1	%
Office Operations	5,053		5,446		(7.2	)%
Property Taxes	45,392		43,420		4.5	%
Insurance	3,281		3,810		(13.9	)%
Total Combined Adjusted Property Operating Expenses	$	126,360	$	124,712	1.3	%

Supplemental Data S-3



NOI CONTRIBUTION PERCENTAGE BY REGION

Combined Adjusted Same Store Portfolio



				Average Physical Occupancy
	Apartment Units	Percent of Combined Adjusted Same Store NOI		Three months ended March 31, 2017		Three months ended March 31, 2016
Atlanta, GA	10,324	13.2	%	96.1	%	96.2	%
Dallas, TX	9,085	9.8	%	95.1	%	95.8	%
Charlotte, NC	6,149	7.4	%	96.3	%	96.2	%
Tampa, FL	5,220	6.7	%	95.9	%	96.0	%
Austin, TX	6,475	6.2	%	95.6	%	95.9	%
Washington, DC	3,386	5.9	%	97.0	%	95.9	%
Orlando, FL	4,498	5.7	%	95.8	%	96.6	%
Raleigh/Durham, NC	4,397	4.6	%	96.7	%	96.2	%
Nashville, TN	3,776	4.4	%	95.3	%	95.5	%
Fort Worth, TX	4,249	4.2	%	95.7	%	96.0	%
Houston, TX	4,127	3.5	%	95.1	%	95.3	%
Phoenix, AZ	2,301	2.5	%	97.4	%	96.9	%
South Florida	480	0.7	%	96.6	%	96.5	%
Large Markets	64,467	74.8	%	95.9	%	96.0	%

Jacksonville, FL	3,496	3.5	%	97.0	%	96.6	%
Charleston, SC	2,648	2.9	%	95.8	%	95.6	%
Savannah, GA	2,219	2.2	%	96.5	%	96.4	%
Richmond, VA	1,668	1.7	%	95.7	%	97.0	%
Greenville, SC	1,748	1.4	%	96.6	%	95.7	%
Memphis, TN	1,811	1.4	%	95.7	%	96.6	%
San Antonio, TX	1,504	1.3	%	96.1	%	96.1	%
Birmingham, AL	1,462	1.3	%	96.5	%	96.1	%
Little Rock, AR	1,368	1.1	%	95.5	%	95.4	%
Jackson, MS	1,241	1.0	%	96.1	%	96.4	%
Huntsville, AL	1,228	1.0	%	96.3	%	96.1	%
Other	6,840	6.4	%	96.0	%	96.5	%
Secondary Markets	27,233	25.2	%	96.2	%	96.3	%

Total Combined Adjusted Same Store	91,700	100.0	%	96.0	%	96.1	%

Supplemental Data S-4



MULTIFAMILY COMBINED ADJUSTED SAME STORE QUARTER OVER QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data



	Units	Revenues						Expenses						NOI						Effective Rent per Unit
		Q1 2017		Q1 2016		% Chg		Q1 2017		Q1 2016		% Chg		Q1 2017		Q1 2016		% Chg		Q1 2017		Q1 2016		% Chg
Atlanta, GA	10,324	$	44,089	$	42,592	3.5	%	$	15,758	$	15,987	(1.4	)%	$	28,331	$	26,605	6.5	%	$	1,320	$	1,277	3.4	%
Dallas, TX	9,085	36,061		35,162		2.6	%	15,145		15,022		0.8	%	20,916		20,140		3.9	%	1,259		1,225		2.8	%
Charlotte, NC	6,149	22,740		21,965		3.5	%	6,765		6,915		(2.2	)%	15,975		15,050		6.1	%	1,146		1,109		3.3	%
Tampa, FL	5,220	22,384		21,645		3.4	%	7,838		7,779		0.8	%	14,546		13,866		4.9	%	1,346		1,293		4.1	%
Austin, TX	6,475	24,180		23,622		2.4	%	10,809		10,793		0.1	%	13,371		12,829		4.2	%	1,146		1,119		2.4	%
Washington, DC	3,386	18,724		18,377		1.9	%	5,944		6,277		(5.3	)%	12,780		12,100		5.6	%	1,747		1,735		0.7	%
Orlando, FL	4,498	19,000		18,513		2.6	%	6,694		6,620		1.1	%	12,306		11,893		3.5	%	1,328		1,277		4.0	%
Raleigh/Durham, NC	4,397	14,696		14,098		4.2	%	4,785		4,601		4.0	%	9,911		9,497		4.4	%	1,011		968		4.4	%
Nashville, TN	3,776	14,147		13,581		4.2	%	4,557		4,263		6.9	%	9,590		9,318		2.9	%	1,155		1,108		4.2	%
Fort Worth, TX	4,249	15,168		14,358		5.6	%	6,070		5,996		1.2	%	9,098		8,362		8.8	%	1,070		1,010		5.9	%
Houston, TX	4,127	14,420		14,941		(3.5	)%	6,814		6,759		0.8	%	7,606		8,182		(7.0	)%	1,094		1,149		(4.8	)%
Phoenix, AZ	2,301	7,867		7,551		4.2	%	2,371		2,325		2.0	%	5,496		5,226		5.2	%	1,036		1,001		3.5	%
South Florida	480	2,448		2,334		4.9	%	904		814		11.1	%	1,544		1,520		1.6	%	1,607		1,543		4.1	%
Large Markets	64,467	$	255,924	$	248,739	2.9	%	$	94,454	$	94,151	0.3	%	$	161,470	$	154,588	4.5	%	$	1,233	$	1,198	2.9	%

Jacksonville, FL	3,496	$	11,488	$	11,075	3.7	%	$	4,016	$	3,852	4.3	%	$	7,472	$	7,223	3.4	%	$	1,019	$	987	3.2	%
Charleston, SC	2,648	9,538		9,220		3.4	%	3,178		3,077		3.3	%	6,360		6,143		3.5	%	1,099		1,055		4.2	%
Savannah, GA	2,219	7,361		7,289		1.0	%	2,587		2,493		3.8	%	4,774		4,796		(0.5	)%	1,003		981		2.2	%
Richmond, VA	1,668	5,475		5,321		2.9	%	1,865		1,845		1.1	%	3,610		3,476		3.9	%	998		960		4.0	%
Greenville, SC	1,748	4,704		4,531		3.8	%	1,722		1,674		2.9	%	2,982		2,857		4.4	%	797		771		3.4	%
Memphis, TN	1,811	5,291		5,146		2.8	%	2,366		2,205		7.3	%	2,925		2,941		(0.5	)%	900		864		4.2	%
San Antonio, TX	1,504	5,156		5,108		0.9	%	2,269		2,200		3.1	%	2,887		2,908		(0.7	)%	1,062		1,053		0.9	%
Birmingham, AL	1,462	4,674		4,646		0.6	%	1,966		1,835		7.1	%	2,708		2,811		(3.7	)%	949		938		1.2	%
Little Rock, AR	1,368	3,865		3,848		0.4	%	1,438		1,352		6.4	%	2,427		2,496		(2.8	)%	884		875		1.0	%
Jackson, MS	1,241	3,592		3,558		1.0	%	1,343		1,290		4.1	%	2,249		2,268		(0.8	)%	867		856		1.3	%
Huntsville, AL	1,228	3,336		3,246		2.8	%	1,276		1,211		5.4	%	2,060		2,035		1.2	%	784		765		2.5	%
Other	6,840	21,666		21,103		2.7	%	7,880		7,527		4.7	%	13,786		13,576		1.5	%	972		945		2.9	%
Secondary Markets	27,233	$	86,146	$	84,091	2.4	%	$	31,906	$	30,561	4.4	%	$	54,240	$	53,530	1.3	%	$	965	$	938	2.9	%

Total Combined Adjusted Same Store	91,700	$	342,070	$	332,830	2.8	%	$	126,360	$	124,712	1.3	%	$	215,710	$	208,118	3.6	%	$	1,153	$	1,121	2.9	%

Supplemental Data S-5



MULTIFAMILY COMBINED ADJUSTED SAME STORE SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data



	Units	Revenues						Expenses						NOI						Effective Rent per Unit
		Q1 2017		Q4 2016		% Chg		Q1 2017		Q4 2016		% Chg		Q1 2017		Q4 2016		% Chg		Q1 2017		Q4 2016		% Chg
Atlanta, GA	10,324	$	44,089	$	43,811	0.6	%	$	15,758	$	15,236	3.4	%	$	28,331	$	28,575	(0.9	)%	$	1,320	$	1,317	0.2	%
Dallas, TX	9,085	36,061		36,036		0.1	%	15,145		14,486		4.5	%	20,916		21,550		(2.9	)%	1,259		1,258		0.1	%
Charlotte, NC	6,149	22,740		22,548		0.9	%	6,765		6,937		(2.5	)%	15,975		15,611		2.3	%	1,146		1,145		0.1	%
Tampa, FL	5,220	22,384		22,336		0.2	%	7,838		7,646		2.5	%	14,546		14,690		(1.0	)%	1,346		1,341		0.4	%
Austin, TX	6,475	24,180		24,162		0.1	%	10,809		10,204		5.9	%	13,371		13,958		(4.2	)%	1,146		1,146		0.0	%
Washington, DC	3,386	18,724		18,692		0.2	%	5,944		6,048		(1.7	)%	12,780		12,644		1.1	%	1,747		1,748		(0.1	)%
Orlando, FL	4,498	19,000		18,991		0.0	%	6,694		6,676		0.3	%	12,306		12,315		(0.1	)%	1,328		1,323		0.4	%
Raleigh/Durham, NC	4,397	14,696		14,458		1.6	%	4,785		4,856		(1.5	)%	9,911		9,602		3.2	%	1,011		1,005		0.6	%
Nashville, TN	3,776	14,147		14,147		0.0	%	4,557		4,592		(0.8	)%	9,590		9,555		0.4	%	1,155		1,152		0.3	%
Fort Worth, TX	4,249	15,168		15,039		0.9	%	6,070		5,861		3.6	%	9,098		9,178		(0.9	)%	1,070		1,059		1.0	%
Houston, TX	4,127	14,420		14,425		0.0	%	6,814		5,923		15.0	%	7,606		8,502		(10.5	)%	1,094		1,115		(1.9	)%
Phoenix, AZ	2,301	7,867		7,739		1.7	%	2,371		2,400		(1.2	)%	5,496		5,339		2.9	%	1,036		1,027		0.9	%
South Florida	480	2,448		2,397		2.1	%	904		839		7.7	%	1,544		1,558		(0.9	)%	1,607		1,589		1.1	%
Large Markets	64,467	$	255,924	$	254,781	0.4	%	$	94,454	$	91,704	3.0	%	$	161,470	$	163,077	(1.0	)%	$	1,233	$	1,231	0.2	%

Jacksonville, FL	3,496	$	11,488	$	11,307	1.6	%	$	4,016	$	3,579	12.2	%	$	7,472	$	7,728	(3.3	)%	$	1,019	$	1,014	0.5	%
Charleston, SC	2,648	9,538		9,443		1.0	%	3,178		3,419		(7.0	)%	6,360		6,024		5.6	%	1,099		1,092		0.6	%
Savannah, GA	2,219	7,361		7,278		1.1	%	2,587		2,930		(11.7	)%	4,774		4,348		9.8	%	1,003		995		0.8	%
Richmond, VA	1,668	5,475		5,416		1.1	%	1,865		1,799		3.7	%	3,610		3,617		(0.2	)%	998		994		0.4	%
Greenville, SC	1,748	4,704		4,659		1.0	%	1,722		1,690		1.9	%	2,982		2,969		0.4	%	797		793		0.5	%
Memphis, TN	1,811	5,291		5,259		0.6	%	2,366		2,183		8.4	%	2,925		3,076		(4.9	)%	900		898		0.2	%
San Antonio, TX	1,504	5,156		5,159		(0.1	)%	2,269		2,174		4.4	%	2,887		2,985		(3.3	)%	1,062		1,057		0.5	%
Birmingham, AL	1,462	4,674		4,642		0.7	%	1,966		1,908		3.0	%	2,708		2,734		(1.0	)%	949		945		0.4	%
Little Rock, AR	1,368	3,865		3,875		(0.3	)%	1,438		1,373		4.7	%	2,427		2,502		(3.0	)%	884		882		0.2	%
Jackson, MS	1,241	3,592		3,572		0.6	%	1,343		1,275		5.3	%	2,249		2,297		(2.1	)%	867		865		0.2	%
Huntsville, AL	1,228	3,336		3,307		0.9	%	1,276		1,236		3.2	%	2,060		2,071		(0.5	)%	784		785		(0.1	)%
Other	6,840	21,666		21,558		0.5	%	7,880		7,779		1.3	%	13,786		13,779		0.1	%	972		970		0.2	%
Secondary Markets	27,233	$	86,146	$	85,475	0.8	%	$	31,906	$	31,345	1.8	%	$	54,240	$	54,130	0.2	%	$	965	$	961	0.4	%

Total Combined Adjusted Same Store	91,700	$	342,070	$	340,256	0.5	%	$	126,360	$	123,049	2.7	%	$	215,710	$	217,207	(0.7	)%	$	1,153	$	1,151	0.2	%

MULTIFAMILY SAME STORE SEQUENTIAL QUARTER COMPARISONS

Supplemental Data S-6



MULTIFAMILY DEVELOPMENT PIPELINE
Dollars in thousands
		Units as of March 31, 2017				Projected			Development Costs
						Initial
					Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total	Delivered	Leased	Date	Date	Date	Date⁽¹⁾	Cost		Q1 2017		After

Post Parkside at Wade II	Raleigh, NC	406	379	299	4Q14	2Q16	2Q17	4Q17	$	58,900	$	57,172	$	1,728
Post Afton Oaks	Houston, TX	388	316	130	3Q14	4Q16	2Q17	2Q18	79,900		78,894		$	1,006
The Denton II	Kansas City, MO	154	—	—	4Q15	3Q17	4Q17	3Q18	25,400		16,837		$	8,563
Post South Lamar II	Austin, TX	344	—	—	1Q15	2Q17	4Q17	4Q18	65,600		52,321		$	13,279
Post Millennium Midtown	Atlanta, GA	332	—	—	2Q15	3Q17	1Q18	4Q18	91,100		69,165		$	21,935
Post River North	Denver, CO	358	—	—	4Q15	4Q17	1Q18	2Q19	88,200		60,907		$	27,293
Post Centennial Park	Atlanta, GA	438	—	—	1Q16	1Q18	3Q18	4Q19	96,300		41,381		$	54,919
Total Active		2,420	695	429					$	505,400	$	376,677	$	128,723

⁽¹⁾Communities are considered stabilized after achieving 90% occupancy for 90 days.



MULTIFAMILY LEASE-UP COMMUNITIES

		As of March 31, 2017
		Total	Percent		Construction	Expected
	Location	Units	Occupied		Finished	Stabilization⁽¹⁾
Residences at Fountainhead	Phoenix, AZ	322	95.7	%	⁽²⁾	2Q17
Innovation Apartment Homes	Greenville, SC	336	90.8	%	⁽²⁾	2Q17
1201 Midtown	Charleston, SC	302	86.8	%	⁽²⁾	3Q17
Retreat at West Creek II	Richmond, VA	82	89.0	%	1Q17	3Q17
CG at Randal Lakes II	Orlando, FL	314	75.8	%	1Q17	3Q17
Charlotte at Midtown	Nashville, TN	279	76.7	%	⁽²⁾	2Q18
Total		1,635	85.6	%

⁽¹⁾Communities are considered stabilized after achieving 90% occupancy for 90 days.

⁽²⁾ Property was acquired while still in lease-up and construction was complete prior to acquisition by MAA.



2017 ACQUISITION ACTIVITY
Dollars in thousands

Multifamily Acquisitions

Market

Apartment Units

Year Built

Closing Date

YTD NOI

Charlotte at Midtown

Nashville, Tennessee

279

2016

March 16, 2017

158

Supplemental Data S-7



INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES
Dollars in thousands

MAA holds an investment in a joint venture with institutional investors and accounts for its investment using the equity method of accounting. A summary of non-financial and financial information for this joint venture is provided below.




	As of March 31, 2017
Joint Venture Property	Gross Investment in Real Estate			Mortgage Notes Payable			Company's Equity Investment
Post Massachusetts Avenue	$	76,367	⁽¹⁾	$	50,926	⁽²⁾	$	44,629




	Three months ended March 31, 2017
Joint Venture Property	Entity NOI		Company's Equity in Income
Post Massachusetts Avenue	$	1,967	$	357

⁽¹⁾ Represents GAAP basis net book value plus accumulated depreciation.

⁽²⁾ This mortgage note has an outstanding principal value of $51 million, bears interest at a stated fixed rate of 3.5% and matures in February 2019. As of February 2017, this note is prepayable without penalty.

Supplemental Data S-8



DEBT AND DEBT COVENANTS AS OF MARCH 31, 2017
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	$	3,677,776	80.7	%	3.8	%	4.3		%	4.1
Capped debt	50,000		1.1	%	1.2	%	1.2		%	1.0
Floating (unhedged) debt	829,408		18.2	%	1.8	%	1.8		%	0.1
Total	$	4,557,184	100.0	%	3.4	%	3.8		%	3.4

					Effective		Contract			Average Years
			Percent of		Interest		Interest			to Contract
	Balance		Total		Rate		Rate			Maturity
Secured Versus Unsecured Debt
Unsecured debt	$	3,260,686	71.6	%	3.4	%	3.3		%	3.8
Secured debt	1,296,498		28.4	%	3.5	%	5.0		%	2.1
Total	$	4,557,184	100.0	%	3.4	%	3.8		%	3.4

	Total		Percent of				Q1 2017			Percent of
	Cost		Total				NOI			Total
Unencumbered Versus Encumbered Assets
Unencumbered gross assets	$	10,770,397	80.7	%			$	190,153		80.0	%
Encumbered gross assets	2,577,193		19.3	%			47,482			20.0	%
Total	$	13,347,590	100.0	%			$	237,635		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
2017	$	183,846	$	149,718	$	333,564	3.1	%	$	25,000	$	358,564
2018	138,270		250,634		388,904		4.0	%	25,000		413,904
2019	750,666		—		750,666		5.8	%	—		750,666
2020	165,884		298,995		464,879		3.3	%	—		464,879
2021	198,582		—		198,582		5.2	%	—		198,582
Thereafter	1,541,181		—		1,541,181		4.0	%	—		1,541,181
Total	$	2,978,429	$	699,347	$	3,677,776	4.3	%	$	50,000	$	3,727,776	4.1

Supplemental Data S-9



DEBT AND DEBT COVENANTS AS OF MARCH 31, 2017 (CONTINUED)
Dollars in thousands



DEBT MATURITIES OF OUTSTANDING BALANCES

	Key Bank Unsecured		Public Bonds		Other Unsecured		Secured		Total
2017	$	—	$	151,670	$	17,986	$	94,190	$	263,846
2018	—		—		300,571		168,333		468,904
2019	—		—		19,953		730,712		750,665
2020	570,000		—		149,718		165,884		885,602
2021	—		—		221,939		126,051		347,990
Thereafter	—		1,381,131		447,718		11,328		1,840,177
Total	$	570,000	$	1,532,801	$	1,157,885	$	1,296,498	$	4,557,184



DEBT COVENANT ANALYSIS⁽¹⁾

Bond Covenants	Required	Actual	Compliance
Total debt to total assets	60% or less	34.1%	Yes
Total secured debt to total assets	40% or less	9.7%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	5.06x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	330%	Yes

Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	29.1%	Yes
Total secured debt to total capitalized asset value	40% or Less	8.2%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	4.36x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	25.8%	Yes

⁽¹⁾ The calculations of the Bond Covenants and Bank Covenants above are specifically defined in Mid-America Apartments, L.P.'s debt agreements.

Supplemental Data S-10



2017 GUIDANCE

MAA provides guidance on FFO per Share and AFFO per Share, which are non-GAAP measures, along with guidance for expected Net income per diluted common share. A reconciliation of expected Net income per diluted common share to expected FFO per Share and AFFO per Share are provided below.
	Full Year 2017
Earnings
Net income per diluted common share	$2.54 to $2.74
Midpoint	$2.64
FFO per Share - diluted	$5.74 to $5.94
Midpoint	$5.84
AFFO per Share - diluted	$5.15 to $5.35
Midpoint	$5.25

Combined Adjusted Same Store Communities:
Number of units	91,700
Property revenue growth	2.8% to 3.2%
Property operating expense growth	2.5% to 3.5%
NOI growth	3.0% to 3.5%
Real estate tax expense growth	5.5% to 6.5%

Corporate Expenses:
General and administrative and Property management expenses	$85.0 to $87.0 million
Income tax expense	$2.0 to $3.0 million

Transaction/Investment Volume:
Acquisition volume	$300 to $400 million
Disposition volume	$125 to $175 million
Development investment	$150 to $250 million

Debt:
Average effective interest rate	3.4% to 3.6%
Capitalized interest	$7.0 to $8.0 million
Mark to market adjustment	$16.0 to $18.0 million

Other Items:
Merger and integration expenses	$16.0 to $20.0 million



RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE GUIDANCE TO FFO AND AFFO PER SHARE GUIDANCE
	2017 Full Year Guidance Range
	Low			High
Earnings per common share - diluted	$	2.54		$	2.74
Real estate depreciation	3.92			3.92
Amortization other	0.26			0.26
Gains on sale of depreciable assets	(0.98		)	(0.98		)
FFO per Share	5.74			5.94
Recurring capital expenditures	(0.59		)	(0.59		)
AFFO per Share	$	5.15		$	5.35

Supplemental Data S-11



CREDIT RATINGS

	Rating	Outlook
Fitch Ratings ⁽¹⁾	BBB+	Stable
Moody's Investors Service ⁽²⁾	Baa1	Stable
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, L.P.


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

COMMON STOCK

Stock Symbol:

MAA

Exchange Traded:

NYSE

Estimated Future Dates:

Q2 2017

Q3 2017

Q4 2017

Q1 2018

Earnings release & conference call

Late July

Late October

Early February

Late April

Dividend Information - Common Shares:

Q2 2016

Q3 2016

Q4 2016

Q1 2017

Q2 2017

Declaration Date

3/22/2016

5/17/2016

9/27/2016

12/8/2016

3/23/2017

Record Date

4/15/2016

7/15/2016

10/14/2016

1/13/2017

4/13/2017

Payment Date

4/29/2016

7/29/2016

10/31/2016

1/31/2017

4/28/2017

Distributions Per Share

0.82

0.87



INVESTOR RELATIONS DATA

MAA does not send quarterly reports, earnings releases and supplemental data to shareholders, but provides them upon request.

For recent press releases, 10-Qs, 10-Ks 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 MAA's website at www.maac.com.

For Questions Contact:
	Name	Title
	Tim Argo	Senior Vice President, Finance
	Jennifer Patrick	Investor Relations

Supplemental Data S-12

Joint Venture Property

# of units

Ownership Interest

Post Massachusetts Avenue

Washington, D.C.