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

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



PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT JUNE 30, 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	188	11,670
Dallas, TX	9,085	680	—	9,765	—	9,765
Austin, TX	6,475	298	—	6,773	156	6,929
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	406	5,200	—	5,200
Houston, TX	4,127	352	388	4,867	—	4,867
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	4,633	1,387	70,487	344	70,831

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	1,789	384	29,406	—	29,406
Total Multifamily Units	91,700	6,422	1,771	99,893	344	100,237

⁽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 June 30, 2017						Average Effective Rent for the Three Months Ended June 30, 2017		As of June 30, 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		$	1,793,603	13.9	%	96.3	%	$	1,321	11,482
Dallas, TX		1,334,776		10.4	%	95.9	%	1,257		9,765
Washington, DC		933,001		7.2	%	96.5	%	1,698		4,080
Charlotte, NC		919,535		7.1	%	96.5	%	1,156		6,149
Tampa, FL		837,211		6.5	%	96.3	%	1,351		5,220
Orlando, FL		762,037		5.9	%	97.0	%	1,330		4,960
Austin, TX		749,889		5.8	%	96.0	%	1,166		6,773
Raleigh/Durham, NC		592,730		4.6	%	96.2	%	1,032		4,794
Houston, TX		506,651		3.9	%	95.9	%	1,124		4,479
Fort Worth, TX		390,573		3.0	%	96.5	%	1,074		4,519
Nashville, TN		378,994		2.9	%	96.3	%	1,163		3,776
Phoenix, AZ		366,723		2.8	%	97.1	%	1,064		2,623
South Florida		58,468		0.5	%	96.5	%	1,613		480
Large Markets		$	9,624,191	74.5	%	96.3	%	$	1,242	69,100

Charleston, SC		$	286,177	2.2	%	97.0	%	$	1,127	2,726
Jacksonville, FL		283,332		2.2	%	97.3	%	1,031		3,496
Richmond, VA		238,266		2.0	%	97.0	%	1,056		1,922
Savannah, GA		230,578		1.8	%	97.3	%	1,015		2,219
San Antonio, TX		158,917		1.2	%	96.9	%	1,066		1,504
Kansas City, MO-KS		155,316		1.2	%	96.9	%	1,218		956
Greenville, SC		149,903		1.2	%	97.3	%	855		2,084
Birmingham, AL		149,802		1.2	%	95.6	%	962		1,462
Memphis, TN		123,582		1.0	%	97.2	%	913		1,811
All Other Secondary Markets by State (individual markets <1% gross real assets)
Alabama		$	167,508	1.3	%	97.5	%	$	856	1,856
Virginia		147,619		1.2	%	97.7	%	1,213		1,039
Florida		140,100		1.1	%	96.1	%	1,027		1,790
Arkansas		113,952		0.9	%	96.4	%	880		1,368
Kentucky		89,273		0.7	%	97.2	%	852		1,308
Mississippi		70,165		0.5	%	97.3	%	869		1,241
Nevada		67,314		0.5	%	97.4	%	907		721
Tennessee		49,101		0.4	%	97.2	%	816		943
South Carolina		35,148		0.3	%	92.0	%	814		576
Secondary Markets		$	2,656,053	20.9	%	96.9	%	$	984	29,022

Subtotal		$	12,280,244	95.4	%	96.5	%	$	1,166	98,122

Atlanta, GA	Large	$	125,738	1.0	%	—		$	—	188	770
Houston, TX	Large	80,346		0.6	%	51.3	%	1,387		388	388
Denver, CO	Large	66,093		0.5	%	—		—		—	358
Nashville, TN	Large	62,596		0.5	%	84.9	%	1,712		279	279
Raleigh/Durham, NC	Large	57,611		0.4	%	90.6	%	1,110		406	406
Austin, TX	Large	56,103		0.4	%	2.6	%	1,790		156	344
Orlando, FL	Large	39,771		0.3	%	91.4	%	1,280		314	314
Charleston, SC	Secondary	70,976		0.6	%	96.4	%	1,507		302	442
Kansas City, MO-KS	Secondary	21,252		0.2	%	—		—		—	154
Richmond, VA	Secondary	15,014		0.1	%	97.6	%	1,235		82	82
Lease-up and Development		$	595,500	4.6	%	76.1	%	$	1,403	2,115	3,537

Total Wholly Owned Multifamily Communities		$	12,875,744	100.0	%	96.1	%	$	1,170	100,237	101,659

⁽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		June 30, 2017		June 30, 2016			Percent Change
Operating Revenue
Combined Adjusted Same Store Communities	91,700	$	11,330,832	$	344,711	$	336,901		2.3	%
Combined Adjusted Non-Same Store Communities	6,422	949,412		27,032		30,246
Lease up/Development Communities	2,115	595,500		5,656		73
Total Multifamily Portfolio	100,237	$	12,875,744	$	377,399	$	367,220
Commercial Property/Land	—	$	205,430	$	5,392	$	5,169
Total Combined Adjusted Operating Revenue	100,237	$	13,081,174	$	382,791	$	372,389

Property Operating Expenses
Combined Adjusted Same Store Communities				$	129,594	$	127,537		1.6	%
Combined Adjusted Non-Same Store Communities				11,606		12,542
Lease up/Development Communities				2,957		191
Total Multifamily Portfolio				$	144,157	$	140,270
Commercial Property/Land				$	1,812	$	2,000
Total Combined Adjusted Property Operating Expenses				$	145,969	$	142,270

Net Operating Income
Combined Adjusted Same Store Communities				$	215,117	$	209,364		2.8	%
Combined Adjusted Non-Same Store Communities				15,426		17,704
Lease up/Development Communities				2,699		(118		)
Total Multifamily Portfolio				$	233,242	$	226,950
Commercial Property/Land				$	3,580	$	3,169
Total Combined Adjusted Net Operating Income				$	236,822	$	230,119		2.9	%

⁽¹⁾ The amounts presented in the schedule for the three-months ended June 30, 2016, include the results on a combined adjusted basis.



COMPONENTS OF COMBINED ADJUSTED SAME STORE PROPERTY OPERATING EXPENSES

Dollars in thousands



	Three Months Ended						Six Months Ended
	June 30, 2017		June 30, 2016		Percent Increase/(Decrease)		June 30, 2017		June 30, 2016		Percent Increase/(Decrease)
Personnel	$	30,966	$	30,605	1.2	%	$	61,082	$	60,830	0.4	%
Building Repair and Maintenance	16,525		16,895		(2.2	)%	31,205		31,220		0.0	%
Utilities	24,745		24,053		2.9	%	48,867		47,968		1.9	%
Marketing	3,900		3,820		2.1	%	7,616		7,391		3.0	%
Office Operations	4,879		5,364		(9.0	)%	9,932		10,810		(8.1	)%
Property Taxes	45,189		43,019		5.0	%	90,581		86,439		4.8	%
Insurance	3,390		3,781		(10.3	)%	6,671		7,591		(12.1	)%
Total Combined Adjusted Property Operating Expenses	$	129,594	$	127,537	1.6	%	$	255,954	$	252,249	1.5	%

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 June 30, 2017		Three months ended June 30, 2016
Atlanta, GA	10,324	13.4	%	96.0	%	95.8	%
Dallas, TX	9,085	9.5	%	95.4	%	95.8	%
Charlotte, NC	6,149	7.3	%	96.4	%	96.3	%
Tampa, FL	5,220	6.8	%	95.7	%	95.9	%
Austin, TX	6,475	6.2	%	95.6	%	95.7	%
Washington, DC	3,386	5.8	%	96.4	%	96.7	%
Orlando, FL	4,498	5.7	%	96.2	%	96.0	%
Raleigh/Durham, NC	4,397	4.5	%	96.4	%	96.2	%
Nashville, TN	3,776	4.4	%	95.9	%	96.6	%
Fort Worth, TX	4,249	4.1	%	96.0	%	95.9	%
Houston, TX	4,127	3.7	%	96.0	%	95.2	%
Phoenix, AZ	2,301	2.5	%	96.8	%	96.8	%
South Florida	480	0.7	%	96.7	%	95.5	%
Large Markets	64,467	74.6	%	96.0	%	96.0	%

Jacksonville, FL	3,496	3.5	%	96.7	%	96.6	%
Charleston, SC	2,648	2.9	%	96.5	%	96.2	%
Savannah, GA	2,219	2.2	%	97.0	%	96.7	%
Richmond, VA	1,668	1.8	%	96.9	%	97.0	%
Memphis, TN	1,811	1.5	%	96.7	%	96.5	%
San Antonio, TX	1,504	1.3	%	95.8	%	95.9	%
Greenville, SC	1,748	1.3	%	96.2	%	96.1	%
Birmingham, AL	1,462	1.3	%	96.1	%	95.9	%
Little Rock, AR	1,368	1.1	%	95.5	%	95.4	%
Jackson, MS	1,241	1.1	%	96.9	%	96.6	%
Huntsville, AL	1,228	0.9	%	96.3	%	96.5	%
Other	6,840	6.5	%	96.4	%	96.5	%
Secondary Markets	27,233	25.4	%	96.5	%	96.4	%

Total Combined Adjusted Same Store	91,700	100.0	%	96.1	%	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
		Q2 2017		Q2 2016		% Chg		Q2 2017		Q2 2016		% Chg		Q2 2017		Q2 2016		% Chg		Q2 2017		Q2 2016		% Chg
Atlanta, GA	10,324	$	44,317	$	43,185	2.6	%	$	15,536	$	16,061	(3.3	)%	$	28,781	$	27,124	6.1	%	$	1,328	$	1,295	2.5	%
Dallas, TX	9,085	36,228		35,592		1.8	%	15,719		15,415		2.0	%	20,509		20,177		1.6	%	1,263		1,239		1.9	%
Charlotte, NC	6,149	22,928		22,380		2.4	%	7,183		7,240		(0.8	)%	15,745		15,140		4.0	%	1,156		1,125		2.8	%
Tampa, FL	5,220	22,499		21,880		2.8	%	7,859		7,884		(0.3	)%	14,640		13,996		4.6	%	1,351		1,310		3.1	%
Austin, TX	6,475	24,214		23,913		1.3	%	10,880		10,474		3.9	%	13,334		13,439		(0.8	)%	1,149		1,134		1.3	%
Washington, DC	3,386	18,750		18,687		0.3	%	6,202		6,315		(1.8	)%	12,548		12,372		1.4	%	1,763		1,744		1.1	%
Orlando, FL	4,498	19,189		18,690		2.7	%	6,834		6,814		0.3	%	12,355		11,876		4.0	%	1,342		1,297		3.5	%
Raleigh/Durham, NC	4,397	14,829		14,214		4.3	%	5,107		4,900		4.2	%	9,722		9,314		4.4	%	1,024		983		4.2	%
Nashville, TN	3,776	14,373		13,982		2.8	%	5,005		4,682		6.9	%	9,368		9,300		0.7	%	1,163		1,126		3.3	%
Fort Worth, TX	4,249	15,453		14,630		5.6	%	6,719		6,000		12.0	%	8,734		8,630		1.2	%	1,088		1,029		5.7	%
Houston, TX	4,127	14,328		14,940		(4.1	)%	6,447		6,566		(1.8	)%	7,881		8,374		(5.9	)%	1,075		1,144		(6.0	)%
Phoenix, AZ	2,301	7,925		7,688		3.1	%	2,511		2,434		3.2	%	5,414		5,254		3.0	%	1,052		1,012		4.0	%
South Florida	480	2,448		2,348		4.3	%	901		870		3.6	%	1,547		1,478		4.7	%	1,613		1,555		3.7	%
Large Markets	64,467	$	257,481	$	252,129	2.1	%	$	96,903	$	95,655	1.3	%	$	160,578	$	156,474	2.6	%	$	1,240	$	1,213	2.2	%

Jacksonville, FL	3,496	$	11,625	$	11,244	3.4	%	$	4,050	$	4,017	0.8	%	$	7,575	$	7,227	4.8	%	$	1,031	$	999	3.2	%
Charleston, SC	2,648	9,720		9,360		3.8	%	3,410		3,206		6.4	%	6,310		6,154		2.5	%	1,113		1,070		4.0	%
Savannah, GA	2,219	7,482		7,302		2.5	%	2,749		2,741		0.3	%	4,733		4,561		3.8	%	1,015		987		2.8	%
Richmond, VA	1,668	5,596		5,362		4.4	%	1,816		1,776		2.3	%	3,780		3,586		5.4	%	1,014		972		4.3	%
Memphis, TN	1,811	5,373		5,193		3.5	%	2,177		2,248		(3.2	)%	3,196		2,945		8.5	%	913		877		4.1	%
San Antonio, TX	1,504	5,199		5,161		0.7	%	2,342		2,254		3.9	%	2,857		2,907		(1.7	)%	1,066		1,056		0.9	%
Greenville, SC	1,748	4,710		4,575		3.0	%	1,874		1,802		4.0	%	2,836		2,773		2.3	%	802		779		3.0	%
Birmingham, AL	1,462	4,719		4,637		1.8	%	1,970		1,983		(0.7	)%	2,749		2,654		3.6	%	962		945		1.8	%
Little Rock, AR	1,368	3,856		3,867		(0.3	)%	1,531		1,468		4.3	%	2,325		2,399		(3.1	)%	880		878		0.2	%
Jackson, MS	1,241	3,628		3,559		1.9	%	1,356		1,328		2.1	%	2,272		2,231		1.8	%	869		861		0.9	%
Huntsville, AL	1,228	3,368		3,248		3.7	%	1,361		1,279		6.4	%	2,007		1,969		1.9	%	795		772		3.0	%
Other	6,840	21,954		21,264		3.2	%	8,055		7,780		3.5	%	13,899		13,484		3.1	%	983		955		2.9	%
Secondary Markets	27,233	$	87,230	$	84,772	2.9	%	$	32,691	$	31,882	2.5	%	$	54,539	$	52,890	3.1	%	$	975	$	948	2.8	%

Total Combined Adjusted Same Store	91,700	$	344,711	$	336,901	2.3	%	$	129,594	$	127,537	1.6	%	$	215,117	$	209,364	2.8	%	$	1,161	$	1,134	2.4	%

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
		Q2 2017		Q1 2017		% Chg		Q2 2017		Q1 2017		% Chg		Q2 2017		Q1 2017		% Chg		Q2 2017		Q1 2017		% Chg
Atlanta, GA	10,324	$	44,317	$	44,089	0.5	%	$	15,536	$	15,758	(1.4	)%	$	28,781	$	28,331	1.6	%	$	1,328	$	1,320	0.6	%
Dallas, TX	9,085	36,228		36,061		0.5	%	15,719		15,145		3.8	%	20,509		20,916		(1.9	)%	1,263		1,259		0.3	%
Charlotte, NC	6,149	22,928		22,740		0.8	%	7,183		6,765		6.2	%	15,745		15,975		(1.4	)%	1,156		1,146		0.9	%
Tampa, FL	5,220	22,499		22,384		0.5	%	7,859		7,838		0.3	%	14,640		14,546		0.6	%	1,351		1,346		0.4	%
Austin, TX	6,475	24,214		24,180		0.1	%	10,880		10,809		0.7	%	13,334		13,371		(0.3	)%	1,149		1,146		0.3	%
Washington, DC	3,386	18,750		18,724		0.1	%	6,202		5,944		4.3	%	12,548		12,780		(1.8	)%	1,763		1,747		0.9	%
Orlando, FL	4,498	19,189		19,000		1.0	%	6,834		6,694		2.1	%	12,355		12,306		0.4	%	1,342		1,328		1.1	%
Raleigh/Durham, NC	4,397	14,829		14,696		0.9	%	5,107		4,785		6.7	%	9,722		9,911		(1.9	)%	1,024		1,011		1.3	%
Nashville, TN	3,776	14,373		14,147		1.6	%	5,005		4,557		9.8	%	9,368		9,590		(2.3	)%	1,163		1,155		0.7	%
Fort Worth, TX	4,249	15,453		15,168		1.9	%	6,719		6,070		10.7	%	8,734		9,098		(4.0	)%	1,088		1,070		1.7	%
Houston, TX	4,127	14,328		14,420		(0.6	)%	6,447		6,814		(5.4	)%	7,881		7,606		3.6	%	1,075		1,094		(1.7	)%
Phoenix, AZ	2,301	7,925		7,867		0.7	%	2,511		2,371		5.9	%	5,414		5,496		(1.5	)%	1,052		1,036		1.5	%
South Florida	480	2,448		2,448		0.0	%	901		904		(0.3	)%	1,547		1,544		0.2	%	1,613		1,607		0.4	%
Large Markets	64,467	$	257,481	$	255,924	0.6	%	$	96,903	$	94,454	2.6	%	$	160,578	$	161,470	(0.6	)%	$	1,240	$	1,233	0.6	%

Jacksonville, FL	3,496	$	11,625	$	11,488	1.2	%	$	4,050	$	4,016	0.8	%	$	7,575	$	7,472	1.4	%	$	1,031	$	1,019	1.2	%
Charleston, SC	2,648	9,720		9,538		1.9	%	3,410		3,178		7.3	%	6,310		6,360		(0.8	)%	1,113		1,099		1.3	%
Savannah, GA	2,219	7,482		7,361		1.6	%	2,749		2,587		6.3	%	4,733		4,774		(0.9	)%	1,015		1,003		1.2	%
Richmond, VA	1,668	5,596		5,475		2.2	%	1,816		1,865		(2.6	)%	3,780		3,610		4.7	%	1,014		998		1.6	%
Memphis, TN	1,811	5,373		5,291		1.5	%	2,177		2,366		(8.0	)%	3,196		2,925		9.3	%	913		900		1.4	%
San Antonio, TX	1,504	5,199		5,156		0.8	%	2,342		2,269		3.2	%	2,857		2,887		(1.0	)%	1,066		1,062		0.4	%
Greenville, SC	1,748	4,710		4,704		0.1	%	1,874		1,722		8.8	%	2,836		2,982		(4.9	)%	802		797		0.6	%
Birmingham, AL	1,462	4,719		4,674		1.0	%	1,970		1,966		0.2	%	2,749		2,708		1.5	%	962		949		1.4	%
Little Rock, AR	1,368	3,856		3,865		(0.2	)%	1,531		1,438		6.5	%	2,325		2,427		(4.2	)%	880		884		(0.5	)%
Jackson, MS	1,241	3,628		3,592		1.0	%	1,356		1,343		1.0	%	2,272		2,249		1.0	%	869		867		0.2	%
Huntsville, AL	1,228	3,368		3,336		1.0	%	1,361		1,276		6.7	%	2,007		2,060		(2.6	)%	795		784		1.4	%
Other	6,840	21,954		21,666		1.3	%	8,055		7,880		2.2	%	13,899		13,786		0.8	%	983		972		1.1	%
Secondary Markets	27,233	$	87,230	$	86,146	1.3	%	$	32,691	$	31,906	2.5	%	$	54,539	$	54,240	0.6	%	$	975	$	965	1.0	%

Total Combined Adjusted Same Store	91,700	$	344,711	$	342,070	0.8	%	$	129,594	$	126,360	2.6	%	$	215,117	$	215,710	(0.3	)%	$	1,161	$	1,153	0.7	%

MULTIFAMILY SAME STORE SEQUENTIAL QUARTER COMPARISONS

Supplemental Data S-6



MULTIFAMILY COMBINED ADJUSTED SAME STORE YEAR TO DATE COMPARISONS AS OF JUNE 30, 2017

Dollars in thousands, except unit and per unit data



	Units	Revenues						Expenses						NOI						Effective Rent per Unit
		YTD 2017		YTD 2016		% Chg		YTD 2017		YTD 2016		% Chg		YTD 2017		YTD 2016		% Chg		YTD 2017		YTD 2016		% Chg
Atlanta, GA	10,324	$	88,406	$	85,777	3.1	%	$	31,294	$	32,048	(2.4	)%	$	57,112	$	53,729	6.3	%	$	1,324	$	1,286	3.0	%
Dallas, TX	9,085	72,289		70,754		2.2	%	30,864		30,437		1.4	%	41,425		40,317		2.7	%	1,261		1,232		2.4	%
Charlotte, NC	6,149	45,668		44,345		3.0	%	13,948		14,155		(1.5	)%	31,720		30,190		5.1	%	1,151		1,117		3.0	%
Tampa, FL	5,220	44,883		43,525		3.1	%	15,697		15,663		0.2	%	29,186		27,862		4.8	%	1,349		1,302		3.6	%
Austin, TX	6,475	48,394		47,535		1.8	%	21,689		21,267		2.0	%	26,705		26,268		1.7	%	1,148		1,127		1.9	%
Washington, DC	3,386	37,474		37,064		1.1	%	12,146		12,592		(3.5	)%	25,328		24,472		3.5	%	1,755		1,739		0.9	%
Orlando, FL	4,498	38,189		37,203		2.7	%	13,528		13,434		0.7	%	24,661		23,769		3.8	%	1,335		1,287		3.7	%
Raleigh/Durham, NC	4,397	29,525		28,312		4.3	%	9,892		9,501		4.1	%	19,633		18,811		4.4	%	1,018		976		4.3	%
Nashville, TN	3,776	28,520		27,563		3.5	%	9,562		8,945		6.9	%	18,958		18,618		1.8	%	1,159		1,117		3.8	%
Fort Worth, TX	4,249	30,621		28,988		5.6	%	12,789		11,996		6.6	%	17,832		16,992		4.9	%	1,079		1,019		5.9	%
Houston, TX	4,127	28,748		29,881		(3.8	)%	13,261		13,325		(0.5	)%	15,487		16,556		(6.5	)%	1,085		1,146		(5.3	)%
Phoenix, AZ	2,301	15,792		15,239		3.6	%	4,882		4,759		2.6	%	10,910		10,480		4.1	%	1,044		1,006		3.8	%
South Florida	480	4,896		4,682		4.6	%	1,805		1,684		7.2	%	3,091		2,998		3.1	%	1,610		1,549		3.9	%
Large Markets	64,467	$	513,405	$	500,868	2.5	%	$	191,357	$	189,806	0.8	%	$	322,048	$	311,062	3.5	%	$	1,237	$	1,206	2.6	%

Jacksonville, FL	3,496	$	23,113	$	22,319	3.6	%	$	8,066	$	7,869	2.5	%	$	15,047	$	14,450	4.1	%	$	1,025	$	993	3.2	%
Charleston, SC	2,648	19,258		18,580		3.6	%	6,588		6,283		4.9	%	12,670		12,297		3.0	%	1,106		1,063		4.0	%
Savannah, GA	2,219	14,843		14,591		1.7	%	5,336		5,234		1.9	%	9,507		9,357		1.6	%	1,009		984		2.5	%
Richmond, VA	1,668	11,071		10,683		3.6	%	3,681		3,621		1.7	%	7,390		7,062		4.6	%	1,006		966		4.1	%
Memphis, TN	1,811	10,664		10,339		3.1	%	4,543		4,453		2.0	%	6,121		5,886		4.0	%	906		870		4.1	%
San Antonio, TX	1,504	10,355		10,269		0.8	%	4,611		4,454		3.5	%	5,744		5,815		(1.2	)%	1,064		1,054		0.9	%
Greenville, SC	1,748	9,414		9,106		3.4	%	3,596		3,476		3.5	%	5,818		5,630		3.3	%	800		775		3.2	%
Birmingham, AL	1,462	9,393		9,283		1.2	%	3,936		3,818		3.1	%	5,457		5,465		(0.1	)%	955		942		1.4	%
Little Rock, AR	1,368	7,721		7,715		0.1	%	2,969		2,820		5.3	%	4,752		4,895		(2.9	)%	882		877		0.6	%
Jackson, MS	1,241	7,220		7,117		1.4	%	2,699		2,618		3.1	%	4,521		4,499		0.5	%	868		859		1.0	%
Huntsville, AL	1,228	6,704		6,494		3.2	%	2,637		2,490		5.9	%	4,067		4,004		1.6	%	790		768		2.9	%
Other	6,840	43,620		42,367		3.0	%	15,935		15,307		4.1	%	27,685		27,060		2.3	%	977		950		2.8	%
Secondary Markets	27,233	$	173,376	$	168,863	2.7	%	$	64,597	$	62,443	3.4	%	$	108,779	$	106,420	2.2	%	$	970	$	943	2.9	%

Total Same Store	91,700	$	686,781	$	669,731	2.5	%	$	255,954	$	252,249	1.5	%	$	430,827	$	417,482	3.2	%	$	1,157	$	1,128	2.6	%

Supplemental Data S-7



MULTIFAMILY DEVELOPMENT PIPELINE
Dollars in thousands
		Units as of June 30, 2017				Projected			Development Costs
						Initial
					Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total	Delivered	Leased	Date	Date	Date	Date⁽¹⁾	Cost		Q2 2017		After

The Denton II	Kansas City, MO	154	—	—	4Q15	3Q17	4Q17	3Q18	$	25,400	$	21,252	$	4,148
Post South Lamar II	Austin, TX	344	156	16	1Q15	2Q17	4Q17	4Q18	65,600		58,145		7,455
Post Millennium Midtown	Atlanta, GA	332	188	8	2Q15	3Q17	1Q18	4Q18	91,100		84,515		6,585
Post River North	Denver, CO	358	—	—	4Q15	4Q17	1Q18	2Q19	88,200		70,706		17,494
1201 Midtown II	Charleston, SC	140	—	—	2Q17	3Q18	4Q18	3Q19	29,500		8,283		21,217
Post Centennial Park	Atlanta, GA	438	—	—	1Q16	1Q18	3Q18	4Q19	96,300		50,168		46,132
Total Active		1,766	344	24					$	396,100	$	293,069	$	103,031

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



MULTIFAMILY LEASE-UP COMMUNITIES

		As of June 30, 2017
		Total	Percent		Construction	Expected
	Location	Units	Occupied		Finished	Stabilization⁽¹⁾
Retreat at West Creek II	Richmond, VA	82	97.6	%	1Q17	3Q17
CG at Randal Lakes II	Orlando, FL	314	91.4	%	1Q17	3Q17
Post Parkside at Wade II	Raleigh, NC	406	90.6	%	2Q17	3Q17
1201 Midtown	Charleston, SC	302	96.4	%	⁽²⁾	3Q17
Charlotte at Midtown	Nashville, TN	279	84.9	%	⁽²⁾	1Q18
Post Afton Oaks	Houston, TX	388	51.3	%	2Q17	2Q18
Total		1,771	82.5	%

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

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



2017 ACQUISITION ACTIVITY (THROUGH JUNE 30, 2017)
Dollars in thousands

Multifamily Acquisitions

Market

Apartment Units

Year Built

Closing Date

YTD NOI

Charlotte at Midtown

Nashville, TN

279

2016

March 16, 2017

656



2017 DISPOSITION ACTIVITY (THROUGH JUNE 30, 2017)
Dollars in thousands



Land Dispositions	Market	Acres	Closing Date
Lakewood Ranch - Outparcel	Tampa, FL	12	April 7, 2017
Post Alexander - Outparcel	Atlanta, GA	1	June 12, 2017

Supplemental Data S-8



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 June 30, 2017
Joint Venture Property	Gross Investment in Real Estate			Mortgage Notes Payable			Company's Equity Investment
Post Massachusetts Avenue	$	76,367	⁽¹⁾	$	50,942	⁽²⁾	$	44,839




	Three months ended June 30, 2017				Six months ended June 30, 2017
Joint Venture Property	Entity NOI		Company's Equity in Income		Entity NOI		Company's Equity in Income
Post Massachusetts Avenue	$	1,870	$	329	$	3,837	$	686

⁽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-9



DEBT AND DEBT COVENANTS AS OF JUNE 30, 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	$	3,953,886	86.5	%	3.8	%	4.2		%	4.8
Capped debt	50,000		1.1	%	1.6	%	1.6		%	0.8
Floating (unhedged) debt	569,166		12.4	%	1.9	%	1.9		%	0.1
Total	$	4,573,052	100.0	%	3.6	%	3.9		%	4.2

					Effective		Contract			Average Years
			Percent of		Interest		Interest			to Contract
	Balance		Total		Rate		Rate			Maturity
Secured Versus Unsecured Debt
Unsecured debt	$	3,443,056	75.3	%	3.6	%	3.5		%	5.4
Secured debt	1,129,996		24.7	%	3.6	%	5.0		%	2.0
Total	$	4,573,052	100.0	%	3.6	%	3.9		%	4.6

	Total		Percent of				Q2 2017			Percent of
	Cost		Total				NOI			Total
Unencumbered Versus Encumbered Assets
Unencumbered gross assets	$	11,136,145	82.9	%			$	195,355		82.5	%
Encumbered gross assets	2,300,083		17.1	%			41,467			17.5	%
Total	$	13,436,228	100.0	%			$	236,822		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	$	183,066	$	—	$	183,066	4.6	%	$	25,000	$	208,066
2018	137,609		250,518		388,127		3.7	%	25,000		413,127
2019	586,602		—		586,602		5.9	%	—		586,602
2020	164,958		299,046		464,004		3.7	%	—		464,004
2021	198,155		—		198,155		5.2	%	—		198,155
Thereafter	2,133,932		—		2,133,932		3.8	%	—		2,133,932
Total	$	3,404,322	$	549,564	$	3,953,886	4.2	%	$	50,000	$	4,003,886	4.8

Supplemental Data S-10



DEBT AND DEBT COVENANTS AS OF JUNE 30, 2017 (CONTINUED)
Dollars in thousands



DEBT MATURITIES OF OUTSTANDING BALANCES

	Key Bank Unsecured		Public Bonds		Other Unsecured		Secured		Total
2017	$	—	$	151,002	$	17,991	$	94,072	$	263,065
2018	—		—		300,468		167,659		468,127
2019	—		—		19,958		566,643		586,601
2020	160,000		—		149,721		164,958		474,679
2021	—		—		221,989		125,611		347,600
Thereafter	—		1,974,136		447,791		11,053		2,432,980
Total	$	160,000	$	2,125,138	$	1,157,918	$	1,129,996	$	4,573,052



DEBT COVENANT ANALYSIS⁽¹⁾

Bond Covenants	Required	Actual	Compliance
Total debt to total assets	60% or less	34.0%	Yes
Total secured debt to total assets	40% or less	8.4%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	5.19x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	323%	Yes

Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	29.3%	Yes
Total secured debt to total capitalized asset value	40% or Less	7.2%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	4.51x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	26.6%	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-11



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	$2.69 to $2.89
Midpoint	$2.79
FFO per Share - diluted	$5.77 to $5.97
Midpoint	$5.87
AFFO per Share - diluted	$5.18 to $5.38
Midpoint	$5.28

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 $86.0 million
Income tax expense	$2.0 to $3.0 million

Transaction/Investment Volume:
Acquisition volume	$300 to $400 million
Disposition volume	$150 to $200 million
Development investment	$175 to $225 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	$	2.69		$	2.89
Real estate depreciation	3.89			3.89
Amortization other	0.26			0.26
Gains on sale of depreciable assets	(1.07		)	(1.07		)
FFO per Share	5.77			5.97
Recurring capital expenditures	(0.59		)	(0.59		)
AFFO per Share	$	5.18		$	5.38

Supplemental Data S-12



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:

Q3 2017

Q4 2017

Q1 2018

Q2 2018

Earnings release & conference call

Late October

Early February

Late April

Late July

Dividend Information - Common Shares:

Q2 2016

Q3 2016

Q4 2016

Q1 2017

Q2 2017

Declaration Date

5/17/2016

9/27/2016

12/8/2016

3/23/2017

5/23/2017

Record Date

7/15/2016

10/14/2016

1/13/2017

4/13/2017

7/14/2017

Payment Date

7/29/2016

10/31/2016

1/31/2017

4/28/2017

7/31/2017

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-13

Joint Venture Property

# of units

Ownership Interest

Post Massachusetts Avenue

Washington, D.C.