Mid-America Apartments 8K Results of Operations and Financial Condition | SEC 25 Oct 17

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



PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT SEPTEMBER 30, 2017 (In apartment units)



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

Atlanta, GA	10,324	1,158	332	11,814	—	11,814
Dallas, TX	9,085	680	—	9,765	—	9,765
Austin, TX	6,475	298	—	6,773	275	7,048
Charlotte, NC	6,149	—	—	6,149	—	6,149
Orlando, FL	4,498	776	—	5,274	—	5,274
Tampa, FL	5,220	—	—	5,220	—	5,220
Raleigh/Durham, NC	4,397	803	—	5,200	—	5,200
Houston, TX	4,127	352	388	4,867	—	4,867
Fort Worth, TX	4,249	—	—	4,249	—	4,249
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
Denver, CO	—	—	—	—	10	10
Large Markets	64,467	5,083	999	70,549	285	70,834

Jacksonville, FL	3,496	—	—	3,496	—	3,496
Charleston, SC	2,648	380	—	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	336	—	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	449	—	7,289	44	7,333
Secondary Markets	27,233	1,501	—	28,734	44	28,778
Total Multifamily Units	91,700	6,584	999	99,283	329	99,612

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

Supplemental Data S-1



PORTFOLIO STATISTICS (CONTINUED)

TOTAL MULTIFAMILY COMMUNITY STATISTICS⁽¹⁾

Dollars in thousands, except Average Effective Rent



		As of September 30, 2017						Average Effective Rent for the Three Months Ended September 30, 2017		As of September 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		$	1,799,588	13.9	%	96.7	%	$	1,334	11,482
Dallas, TX		1,341,336		10.4	%	95.8	%	1,264		9,765
Washington, DC		934,975		7.2	%	96.5	%	1,711		4,080
Charlotte, NC		924,470		7.2	%	96.5	%	1,167		6,149
Tampa, FL		840,556		6.5	%	96.5	%	1,361		5,220
Orlando, FL		803,845		6.2	%	96.6	%	1,348		5,274
Austin, TX		752,803		5.8	%	95.5	%	1,171		6,773
Raleigh/Durham, NC		652,050		5.1	%	97.0	%	1,054		5,200
Houston, TX		507,848		3.9	%	97.1	%	1,107		4,479
Fort Worth, TX		380,351		2.9	%	96.0	%	1,109		4,249
Nashville, TN		380,636		2.9	%	96.0	%	1,172		3,776
Phoenix, AZ		367,587		2.8	%	96.6	%	1,081		2,623
South Florida		58,714		0.5	%	95.2	%	1,600		480
Large Markets		$	9,744,759	75.3	%	96.4	%	$	1,253	69,550

Charleston, SC		$	357,629	2.8	%	96.6	%	$	1,172	3,028
Jacksonville, FL		284,189		2.2	%	97.4	%	1,043		3,496
Richmond, VA		254,345		2.0	%	96.5	%	1,084		2,004
Savannah, GA		232,106		1.8	%	95.9	%	1,032		2,219
San Antonio, TX		159,250		1.2	%	96.8	%	1,069		1,504
Kansas City, MO-KS		155,647		1.2	%	96.1	%	1,232		956
Greenville, SC		150,595		1.2	%	95.5	%	858		2,084
Birmingham, AL		150,627		1.2	%	95.9	%	972		1,462
Memphis, TN		124,371		1.0	%	95.8	%	924		1,811
All Other Secondary Markets by State (individual markets <1% gross real assets)
Alabama		$	152,378	1.2	%	96.8	%	$	877	1,648
Virginia		148,227		1.1	%	97.7	%	1,224		1,039
Florida		111,142		0.9	%	97.0	%	1,091		1,326
Arkansas		114,658		0.9	%	96.9	%	879		1,368
Kentucky		90,078		0.7	%	95.9	%	858		1,308
Mississippi		70,522		0.5	%	96.7	%	873		1,241
Nevada		67,578		0.5	%	96.5	%	928		721
Tennessee		49,324		0.4	%	96.3	%	825		943
South Carolina		35,327		0.3	%	91.7	%	812		576
Secondary Markets		$	2,707,993	21.1	%	96.4	%	$	1,003	28,734

Subtotal		$	12,452,752	96.4	%	96.4	%	$	1,180	98,284

Atlanta, GA	Large	$	141,402	1.1	%	16.3	%	$	1,829	332	770
Houston, TX	Large	80,304		0.6	%	76.5	%	1,435		388	388
Denver, CO	Large	74,748		0.6	%	—		—		10	358
Nashville, TN	Large	62,725		0.5	%	94.3	%	1,559		279	279
Austin, TX	Large	59,032		0.5	%	27.9	%	1,533		275	344
Kansas City, MO-KS	Secondary	23,491		0.2	%	12.3	%	1,104		44	154
Charleston, SC	Secondary	9,135		0.1	%	—		—		—	140
Lease-up and Development		$	450,837	3.6	%	52.8	%	$	1,570	1,328	2,433

Total Wholly Owned Multifamily Communities		$	12,903,589	100.0	%	95.8	%	$	1,184	99,612	100,717

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

Supplemental Data S-2



COMPONENTS OF NET OPERATING INCOME ⁽¹⁾

Dollars in thousands



	As of September 30, 2017			Three Months Ended
	Apartment Units	Gross Real Assets		September 30, 2017		September 30, 2016		Percent Change
Operating Revenue
Combined Adjusted Same Store Communities	91,700	$	11,375,817	$	347,178	$	341,482	1.7	%
Combined Adjusted Non-Same Store Communities	6,584	1,076,935		29,040		32,021
Lease up/Development Communities	1,328	450,837		2,819		67
Total Multifamily Portfolio	99,612	$	12,903,589	$	379,037	$	373,570
Commercial Property/Land	—	$	207,710	$	5,513	$	5,326
Total Combined Adjusted Operating Revenue	99,612	$	13,111,299	$	384,550	$	378,896

Property Operating Expenses
Combined Adjusted Same Store Communities				$	132,480	$	128,423	3.2	%
Combined Adjusted Non-Same Store Communities				12,445		13,938
Lease up/Development Communities				2,052		64
Total Multifamily Portfolio				$	146,977	$	142,425
Commercial Property/Land				$	2,202	$	2,196
Total Combined Adjusted Property Operating Expenses				$	149,179	$	144,621

Net Operating Income
Combined Adjusted Same Store Communities				$	214,698	$	213,059	0.8	%
Combined Adjusted Non-Same Store Communities				16,595		18,083
Lease up/Development Communities				767		3
Total Multifamily Portfolio				$	232,060	$	231,145
Commercial Property/Land				$	3,311	$	3,130
Total Combined Adjusted Net Operating Income				$	235,371	$	234,275	0.5	%

⁽¹⁾ The amounts presented in the schedule for the three-months ended September 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						Nine Months Ended
	September 30, 2017		September 30, 2016		Percent Increase/(Decrease)		September 30, 2017		September 30, 2016		Percent Increase/(Decrease)
Personnel	$	31,908	$	31,705	0.6	%	$	92,992	$	92,535	0.5	%
Building Repair and Maintenance	15,582		16,277		(4.3	)%	46,788		47,496		(1.5	)%
Utilities	27,103		26,906		0.7	%	75,969		74,874		1.5	%
Marketing	3,979		3,629		9.6	%	11,594		11,021		5.2	%
Office Operations⁽¹⁾	7,164		5,553		29.0	%	17,096		16,363		4.5	%
Property Taxes	44,120		40,944		7.8	%	134,700		127,383		5.7	%
Insurance	2,624		3,409		(23.0	)%	9,295		11,000		(15.5	)%
Total Combined Adjusted Property Operating Expenses	$	132,480	$	128,423	3.2	%	$	388,434	$	380,672	2.0	%

⁽¹⁾Includes $2.2 million in operating expenses as a result of Hurricanes Harvey and Irma, primarily for tree clean-up and other landscaping work as well as remediating some minor and isolated water intrusion.

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 September 30, 2017		Three months ended September 30, 2016
Atlanta, GA	10,324	13.3	%	96.4	%	96.6	%
Dallas, TX	9,085	9.6	%	95.4	%	96.4	%
Charlotte, NC	6,149	7.5	%	96.4	%	96.3	%
Tampa, FL	5,220	6.5	%	96.0	%	96.5	%
Austin, TX	6,475	6.1	%	95.6	%	96.2	%
Washington, DC	3,386	5.9	%	95.9	%	96.7	%
Orlando, FL	4,498	5.6	%	96.4	%	96.3	%
Raleigh/Durham, NC	4,397	4.7	%	96.5	%	96.3	%
Nashville, TN	3,776	4.7	%	96.1	%	96.2	%
Fort Worth, TX	4,249	4.2	%	95.8	%	96.1	%
Houston, TX	4,127	3.6	%	96.0	%	94.5	%
Phoenix, AZ	2,301	2.5	%	96.5	%	96.6	%
South Florida	480	0.6	%	95.1	%	95.8	%
Large Markets	64,467	74.8	%	96.0	%	96.3	%

Jacksonville, FL	3,496	3.4	%	96.3	%	96.9	%
Charleston, SC	2,648	2.9	%	96.2	%	96.2	%
Savannah, GA	2,219	2.1	%	96.4	%	96.8	%
Richmond, VA	1,668	1.8	%	96.8	%	96.7	%
Memphis, TN	1,811	1.4	%	95.9	%	96.5	%
Greenville, SC	1,748	1.4	%	95.8	%	96.4	%
San Antonio, TX	1,504	1.3	%	96.3	%	96.3	%
Birmingham, AL	1,462	1.3	%	95.5	%	96.2	%
Little Rock, AR	1,368	1.1	%	95.5	%	96.1	%
Jackson, MS	1,241	1.1	%	96.7	%	96.5	%
Huntsville, AL	1,228	1.0	%	97.0	%	96.8	%
Other	6,840	6.4	%	96.1	%	96.6	%
Secondary Markets	27,233	25.2	%	96.2	%	96.5	%

Total Combined Adjusted Same Store	91,700	100.0	%	96.1	%	96.3	%

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
		Q3 2017		Q3 2016		% Chg		Q3 2017		Q3 2016		% Chg		Q3 2017		Q3 2016		% Chg		Q3 2017		Q3 2016		% Chg
Atlanta, GA	10,324	$	44,835	$	44,061	1.8	%	$	16,002	$	14,730	8.6	%	$	28,833	$	29,331	(1.7	)%	$	1,341	$	1,311	2.3	%
Dallas, TX	9,085	36,371		36,377		0.0	%	15,828		15,863		(0.2	)%	20,543		20,514		0.1	%	1,270		1,254		1.3	%
Charlotte, NC	6,149	23,045		22,538		2.2	%	7,018		7,286		(3.7	)%	16,027		15,252		5.1	%	1,167		1,141		2.3	%
Tampa, FL	5,220	22,564		22,242		1.4	%	8,542		7,807		9.4	%	14,022		14,435		(2.9	)%	1,361		1,332		2.2	%
Austin, TX	6,475	24,303		24,321		(0.1	)%	11,256		10,849		3.8	%	13,047		13,472		(3.2	)%	1,154		1,145		0.8	%
Washington, DC	3,386	18,925		18,736		1.0	%	6,261		6,352		(1.4	)%	12,664		12,384		2.3	%	1,778		1,750		1.6	%
Orlando, FL	4,498	19,526		18,991		2.8	%	7,479		6,650		12.5	%	12,047		12,341		(2.4	)%	1,363		1,319		3.3	%
Raleigh/Durham, NC	4,397	15,107		14,487		4.3	%	5,053		5,143		(1.7	)%	10,054		9,344		7.6	%	1,040		1,003		3.7	%
Nashville, TN	3,776	14,457		14,221		1.7	%	4,411		4,824		(8.6	)%	10,046		9,397		6.9	%	1,172		1,150		1.9	%
Fort Worth, TX	4,249	15,644		14,906		5.0	%	6,524		6,477		0.7	%	9,120		8,429		8.2	%	1,109		1,052		5.4	%
Houston, TX	4,127	14,090		14,666		(3.9	)%	6,324		6,426		(1.6	)%	7,766		8,240		(5.8	)%	1,062		1,131		(6.1	)%
Phoenix, AZ	2,301	8,052		7,744		4.0	%	2,607		2,626		(0.7	)%	5,445		5,118		6.4	%	1,069		1,021		4.7	%
South Florida	480	2,363		2,368		(0.2	)%	1,116		876		27.4	%	1,247		1,492		(16.4	)%	1,600		1,581		1.2	%
Large Markets	64,467	$	259,282	$	255,658	1.4	%	$	98,421	$	95,909	2.6	%	$	160,861	$	159,749	0.7	%	$	1,250	$	1,228	1.8	%

Jacksonville, FL	3,496	$	11,642	$	11,347	2.6	%	$	4,405	$	4,123	6.8	%	$	7,237	$	7,224	0.2	%	$	1,043	$	1,011	3.2	%
Charleston, SC	2,648	9,847		9,525		3.4	%	3,723		3,348		11.2	%	6,124		6,177		(0.9	)%	1,126		1,085		3.8	%
Savannah, GA	2,219	7,518		7,400		1.6	%	2,942		2,774		6.1	%	4,576		4,626		(1.1	)%	1,032		995		3.7	%
Richmond, VA	1,668	5,742		5,421		5.9	%	1,883		1,833		2.7	%	3,859		3,588		7.6	%	1,034		989		4.6	%
Memphis, TN	1,811	5,415		5,258		3.0	%	2,393		2,315		3.4	%	3,022		2,943		2.7	%	924		889		3.9	%
Greenville, SC	1,748	4,716		4,639		1.7	%	1,816		1,767		2.8	%	2,900		2,872		1.0	%	809		790		2.4	%
San Antonio, TX	1,504	5,250		5,172		1.5	%	2,398		2,223		7.9	%	2,852		2,949		(3.3	)%	1,069		1,060		0.8	%
Birmingham, AL	1,462	4,725		4,653		1.5	%	2,006		1,884		6.5	%	2,719		2,769		(1.8	)%	972		947		2.6	%
Little Rock, AR	1,368	3,868		3,890		(0.6	)%	1,508		1,492		1.1	%	2,360		2,398		(1.6	)%	879		884		(0.6	)%
Jackson, MS	1,241	3,616		3,584		0.9	%	1,312		1,346		(2.5	)%	2,304		2,238		2.9	%	873		865		0.9	%
Huntsville, AL	1,228	3,427		3,315		3.4	%	1,355		1,305		3.8	%	2,072		2,010		3.1	%	810		785		3.2	%
Other	6,840	22,130		21,620		2.4	%	8,318		8,104		2.6	%	13,812		13,516		2.2	%	995		968		2.8	%
Secondary Markets	27,233	$	87,896	$	85,824	2.4	%	$	34,059	$	32,514	4.8	%	$	53,837	$	53,310	1.0	%	$	986	$	959	2.8	%

Total Combined Adjusted Same Store	91,700	$	347,178	$	341,482	1.7	%	$	132,480	$	128,423	3.2	%	$	214,698	$	213,059	0.8	%	$	1,172	$	1,148	2.1	%

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
		Q3 2017		Q2 2017		% Chg		Q3 2017		Q2 2017		% Chg		Q3 2017		Q2 2017		% Chg		Q3 2017		Q2 2017		% Chg
Atlanta, GA	10,324	$	44,835	$	44,317	1.2	%	$	16,002	$	15,536	3.0	%	$	28,833	$	28,781	0.2	%	$	1,341	$	1,328	1.0	%
Dallas, TX	9,085	36,371		36,228		0.4	%	15,828		15,719		0.7	%	20,543		20,509		0.2	%	1,270		1,263		0.6	%
Charlotte, NC	6,149	23,045		22,928		0.5	%	7,018		7,183		(2.3	)%	16,027		15,745		1.8	%	1,167		1,156		1.0	%
Tampa, FL	5,220	22,564		22,499		0.3	%	8,542		7,859		8.7	%	14,022		14,640		(4.2	)%	1,361		1,351		0.7	%
Austin, TX	6,475	24,303		24,214		0.4	%	11,256		10,880		3.5	%	13,047		13,334		(2.2	)%	1,154		1,149		0.4	%
Washington, DC	3,386	18,925		18,750		0.9	%	6,261		6,202		1.0	%	12,664		12,548		0.9	%	1,778		1,763		0.9	%
Orlando, FL	4,498	19,526		19,189		1.8	%	7,479		6,834		9.4	%	12,047		12,355		(2.5	)%	1,363		1,342		1.6	%
Raleigh/Durham, NC	4,397	15,107		14,829		1.9	%	5,053		5,107		(1.1	)%	10,054		9,722		3.4	%	1,040		1,024		1.6	%
Nashville, TN	3,776	14,457		14,373		0.6	%	4,411		5,005		(11.9	)%	10,046		9,368		7.2	%	1,172		1,163		0.8	%
Fort Worth, TX	4,249	15,644		15,453		1.2	%	6,524		6,719		(2.9	)%	9,120		8,734		4.4	%	1,109		1,088		1.9	%
Houston, TX	4,127	14,090		14,328		(1.7	)%	6,324		6,447		(1.9	)%	7,766		7,881		(1.5	)%	1,062		1,075		(1.2	)%
Phoenix, AZ	2,301	8,052		7,925		1.6	%	2,607		2,511		3.8	%	5,445		5,414		0.6	%	1,069		1,052		1.6	%
South Florida	480	2,363		2,448		(3.5	)%	1,116		901		23.9	%	1,247		1,547		(19.4	)%	1,600		1,613		(0.8	)%
Large Markets	64,467	$	259,282	$	257,481	0.7	%	$	98,421	$	96,903	1.6	%	$	160,861	$	160,578	0.2	%	$	1,250	$	1,240	0.8	%

Jacksonville, FL	3,496	$	11,642	$	11,625	0.1	%	$	4,405	$	4,050	8.8	%	$	7,237	$	7,575	(4.5	)%	$	1,043	$	1,031	1.2	%
Charleston, SC	2,648	9,847		9,720		1.3	%	3,723		3,410		9.2	%	6,124		6,310		(2.9	)%	1,126		1,113		1.2	%
Savannah, GA	2,219	7,518		7,482		0.5	%	2,942		2,749		7.0	%	4,576		4,733		(3.3	)%	1,032		1,015		1.7	%
Richmond, VA	1,668	5,742		5,596		2.6	%	1,883		1,816		3.7	%	3,859		3,780		2.1	%	1,034		1,014		2.0	%
Memphis, TN	1,811	5,415		5,373		0.8	%	2,393		2,177		9.9	%	3,022		3,196		(5.4	)%	924		913		1.2	%
Greenville, SC	1,748	4,716		4,710		0.1	%	1,816		1,874		(3.1	)%	2,900		2,836		2.3	%	809		802		0.9	%
San Antonio, TX	1,504	5,250		5,199		1.0	%	2,398		2,342		2.4	%	2,852		2,857		(0.2	)%	1,069		1,066		0.3	%
Birmingham, AL	1,462	4,725		4,719		0.1	%	2,006		1,970		1.8	%	2,719		2,749		(1.1	)%	972		962		1.0	%
Little Rock, AR	1,368	3,868		3,856		0.3	%	1,508		1,531		(1.5	)%	2,360		2,325		1.5	%	879		880		(0.1	)%
Jackson, MS	1,241	3,616		3,628		(0.3	)%	1,312		1,356		(3.2	)%	2,304		2,272		1.4	%	873		869		0.5	%
Huntsville, AL	1,228	3,427		3,368		1.8	%	1,355		1,361		(0.4	)%	2,072		2,007		3.2	%	810		795		1.9	%
Other	6,840	22,130		21,954		0.8	%	8,318		8,055		3.3	%	13,812		13,899		(0.6	)%	995		983		1.2	%
Secondary Markets	27,233	$	87,896	$	87,230	0.8	%	$	34,059	$	32,691	4.2	%	$	53,837	$	54,539	(1.3	)%	$	986	$	975	1.1	%

Total Combined Adjusted Same Store	91,700	$	347,178	$	344,711	0.7	%	$	132,480	$	129,594	2.2	%	$	214,698	$	215,117	(0.2	)%	$	1,172	$	1,161	0.9	%

MULTIFAMILY SAME STORE SEQUENTIAL QUARTER COMPARISONS

Supplemental Data S-6



MULTIFAMILY COMBINED ADJUSTED SAME STORE YEAR TO DATE COMPARISONS AS OF SEPTEMBER 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	$	133,241	$	129,838	2.6	%	$	47,296	$	46,778	1.1	%	$	85,945	$	83,060	3.5	%	$	1,330	$	1,294	2.8	%
Dallas, TX	9,085	108,660		107,131		1.4	%	46,692		46,300		0.8	%	61,968		60,831		1.9	%	1,264		1,239		2.0	%
Charlotte, NC	6,149	68,713		66,883		2.7	%	20,966		21,441		(2.2	)%	47,747		45,442		5.1	%	1,157		1,125		2.8	%
Tampa, FL	5,220	67,447		65,767		2.6	%	24,239		23,470		3.3	%	43,208		42,297		2.2	%	1,353		1,312		3.1	%
Austin, TX	6,475	72,697		71,856		1.2	%	32,945		32,116		2.6	%	39,752		39,740		0.0	%	1,150		1,133		1.5	%
Washington, DC	3,386	56,399		55,800		1.1	%	18,407		18,944		(2.8	)%	37,992		36,856		3.1	%	1,762		1,743		1.1	%
Orlando, FL	4,498	57,715		56,194		2.7	%	21,007		20,084		4.6	%	36,708		36,110		1.7	%	1,344		1,298		3.5	%
Raleigh/Durham, NC	4,397	44,632		42,799		4.3	%	14,945		14,644		2.1	%	29,687		28,155		5.4	%	1,025		985		4.1	%
Nashville, TN	3,776	42,977		41,784		2.9	%	13,973		13,769		1.5	%	29,004		28,015		3.5	%	1,163		1,128		3.1	%
Fort Worth, TX	4,249	46,265		43,894		5.4	%	19,313		18,473		4.5	%	26,952		25,421		6.0	%	1,089		1,030		5.7	%
Houston, TX	4,127	42,838		44,547		(3.8	)%	19,585		19,751		(0.8	)%	23,253		24,796		(6.2	)%	1,077		1,141		(5.6	)%
Phoenix, AZ	2,301	23,844		22,983		3.7	%	7,489		7,385		1.4	%	16,355		15,598		4.9	%	1,052		1,011		4.1	%
South Florida	480	7,259		7,050		3.0	%	2,921		2,560		14.1	%	4,338		4,490		(3.4	)%	1,607		1,560		3.0	%
Large Markets	64,467	$	772,687	$	756,526	2.1	%	$	289,778	$	285,715	1.4	%	$	482,909	$	470,811	2.6	%	$	1,241	$	1,213	2.3	%

Jacksonville, FL	3,496	$	34,755	$	33,666	3.2	%	$	12,471	$	11,992	4.0	%	$	22,284	$	21,674	2.8	%	$	1,031	$	999	3.2	%
Charleston, SC	2,648	29,105		28,105		3.6	%	10,311		9,631		7.1	%	18,794		18,474		1.7	%	1,113		1,070		4.0	%
Savannah, GA	2,219	22,361		21,991		1.7	%	8,278		8,008		3.4	%	14,083		13,983		0.7	%	1,016		988		2.8	%
Richmond, VA	1,668	16,813		16,104		4.4	%	5,564		5,454		2.0	%	11,249		10,650		5.6	%	1,015		974		4.2	%
Memphis, TN	1,811	16,079		15,597		3.1	%	6,936		6,768		2.5	%	9,143		8,829		3.6	%	912		876		4.1	%
Greenville, SC	1,748	14,130		13,745		2.8	%	5,412		5,243		3.2	%	8,718		8,502		2.5	%	803		780		2.9	%
San Antonio, TX	1,504	15,605		15,441		1.1	%	7,009		6,677		5.0	%	8,596		8,764		(1.9	)%	1,066		1,056		0.9	%
Birmingham, AL	1,462	14,118		13,936		1.3	%	5,942		5,702		4.2	%	8,176		8,234		(0.7	)%	961		943		1.9	%
Little Rock, AR	1,368	11,589		11,605		(0.1	)%	4,477		4,312		3.8	%	7,112		7,293		(2.5	)%	881		879		0.2	%
Jackson, MS	1,241	10,836		10,701		1.3	%	4,011		3,964		1.2	%	6,825		6,737		1.3	%	870		861		1.0	%
Huntsville, AL	1,228	10,131		9,809		3.3	%	3,992		3,795		5.2	%	6,139		6,014		2.1	%	796		774		2.8	%
Other	6,840	65,750		63,987		2.8	%	24,253		23,411		3.6	%	41,497		40,576		2.3	%	983		956		2.8	%
Secondary Markets	27,233	$	261,272	$	254,687	2.6	%	$	98,656	$	94,957	3.9	%	$	162,616	$	159,730	1.8	%	$	975	$	948	2.8	%

Total Same Store	91,700	$	1,033,959	$	1,011,213	2.2	%	$	388,434	$	380,672	2.0	%	$	645,525	$	630,541	2.4	%	$	1,162	$	1,134	2.5	%

Supplemental Data S-7



MULTIFAMILY DEVELOPMENT PIPELINE
Dollars in thousands
		Units as of September 30, 2017				Projected			Development Costs
						Initial
					Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total	Delivered	Leased	Date	Date	Date	Date⁽¹⁾	Cost		Q3 2017		After

The Denton II	Kansas City, MO	154	44	23	4Q15	3Q17	4Q17	3Q18	$	25,400	$	23,491	$	1,909
Post South Lamar II	Austin, TX	344	275	96	1Q15	2Q17	4Q17	4Q18	65,600		61,058		4,542
Post River North	Denver, CO	358	10	2	4Q15	4Q17	1Q18	2Q19	88,200		79,361		8,839
1201 Midtown II	Charleston, SC	140	—	—	2Q17	3Q18	4Q18	3Q19	29,500		9,135		20,365
Post Centennial Park	Atlanta, GA	438	—	—	1Q16	1Q18	3Q18	4Q19	96,300		62,211		34,089
Total Active		1,434	329	121					$	305,000	$	235,256	$	69,744

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



MULTIFAMILY LEASE-UP COMMUNITIES

		As of September 30, 2017
		Total	Percent		Construction	Expected
	Location	Units	Occupied		Finished	Stabilization⁽¹⁾
Charlotte at Midtown	Nashville, TN	279	94.3	%	⁽²⁾	4Q17
Post Afton Oaks	Houston, TX	388	76.5	%	2Q17	2Q18
Post Midtown⁽³⁾	Atlanta, GA	332	16.3	%	3Q17	4Q18
Total		999	61.5	%

⁽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.

⁽³⁾Formerly named Post Millennium Midtown



2017 ACQUISITION ACTIVITY (THROUGH SEPTEMBER 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

1,334



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



Multifamily Dispositions	Market	Apartment Units	Year Built	Closing Date	YTD NOI
Paddock Club Lakeland	Lakeland, FL	464	1988/1990	July 13, 2017	$	1,722
Paddock Club Montgomery	Montgomery, AL	208	1999	July 20, 2017	$	727
Northwood Place	Fort Worth, TX	270	1980	July 20, 2017	$	903



Land Dispositions	Market	Acres	Closing Date
Lakewood Ranch - Outparcel	Tampa, FL	12	April 7, 2017
Post Alexander - Outparcel	Atlanta, GA	1	June 12, 2017
Paddock Club Lakeland - Outparcel	Lakeland, FL	9	July 13, 2017
Town Park Lot 12	Orlando, FL	1	August 7, 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 September 30, 2017
Joint Venture Property	Gross Investment in Real Estate			Mortgage Notes Payable			Company's Equity Investment
Post Massachusetts Avenue	$	77,374	⁽¹⁾	$	50,951	⁽²⁾	$	45,096




	Three months ended September 30, 2017				Nine months ended September 30, 2017
Joint Venture Property	Entity NOI		Company's Equity in Income		Entity NOI		Company's Equity in Income
Post Massachusetts Avenue	$	1,903	$	335	$	5,740	$	1,021

⁽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 SEPTEMBER 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	$	3,783,603	84.2	%	3.8	%	4.0		%	4.8
Capped debt	50,000		1.1	%	1.7	%	1.7		%	0.5
Floating (unhedged) debt	659,231		14.7	%	2.1	%	2.1		%	0.1
Total	$	4,492,834	100.0	%	3.5	%	3.7		%	4.1

					Effective		Contract			Average Years
			Percent of		Interest		Interest			to Contract
	Balance		Total		Rate		Rate			Maturity
Secured Versus Unsecured Debt
Unsecured debt	$	3,382,861	75.3	%	3.5	%	3.3		%	5.3
Secured debt	1,109,973		24.7	%	3.6	%	5.0		%	1.8
Total	$	4,492,834	100.0	%	3.5	%	3.7		%	4.4

	Total		Percent of				Q3 2017			Percent of
	Cost		Total				NOI			Total
Unencumbered Versus Encumbered Assets
Unencumbered gross assets	$	11,234,480	83.1	%			$	195,107		82.9	%
Encumbered gross assets	2,286,440		16.9	%			40,264			17.1	%
Total	$	13,520,920	100.0	%			$	235,371		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	$	17,996	$	—	$	17,996	3.2	%	$	25,000	$	42,996
2018	136,942		250,402		387,344		3.7	%	25,000		412,344
2019	582,996		—		582,996		5.9	%	—		582,996
2020	164,022		299,097		463,119		3.7	%	—		463,119
2021	197,721		—		197,721		5.2	%	—		197,721
Thereafter	2,134,427		—		2,134,427		3.9	%	—		2,134,427
Total	$	3,234,104	$	549,499	$	3,783,603	4.2	%	$	50,000	$	3,833,603	4.8

Supplemental Data S-10



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



DEBT MATURITIES OF OUTSTANDING BALANCES

	Key Bank Unsecured		Public Bonds		Other Unsecured		Secured		Total
2017	$	—	$	—	$	17,996	$	80,000	$	97,996
2018	—		—		300,364		166,980		467,344
2019	—		—		19,963		563,034		582,997
2020	250,000		—		149,747		164,022		563,769
2021	—		—		222,040		125,164		347,204
Thereafter	—		1,974,886		447,866		10,772		2,433,524
Total	$	250,000	$	1,974,886	$	1,157,976	$	1,109,972	$	4,492,834



DEBT COVENANT ANALYSIS⁽¹⁾

Bond Covenants	Required	Actual	Compliance
Total debt to total assets	60% or less	33.2%	Yes
Total secured debt to total assets	40% or less	8.2%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	5.28x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	331%	Yes

Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	28.9%	Yes
Total secured debt to total capitalized asset value	40% or Less	7.1%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	4.93x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	26.2%	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	$2.76 to $2.86
Midpoint	$2.81
FFO per Share - diluted	$5.84 to $5.94
Midpoint	$5.89
AFFO per Share - diluted	$5.25 to $5.35
Midpoint	$5.30

Combined Adjusted Same Store Communities:
Number of units	91,700
Property revenue growth	2.00% to 2.50%
Property operating expense growth	1.75% to 2.25%
NOI growth	2.00% to 2.50%
Real estate tax expense growth	5.50% to 6.00%

Corporate Expenses:
General and administrative and Property management expenses	$83.0 to $84.0 million
Income tax expense	$2.0 to $3.0 million

Transaction/Investment Volume:
Acquisition volume	$62.5 to $150 million
Disposition volume	$150 to $200 million
Development investment	$175 to $200 million

Debt:
Average effective interest rate	3.4% to 3.5%
Capitalized interest	$6.5 to $7.5 million
Mark to market adjustment	$16.0 to $17.0 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	$	2.76		$	2.86
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	5.84			5.94
Recurring capital expenditures	(0.59		)	(0.59		)
AFFO per Share	$	5.25		$	5.35

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:

Q4 2017

Q1 2018

Q2 2018

Q3 2018

Earnings release & conference call

Early February

Late April

Late July

Late October

Dividend Information - Common Shares:

Q3 2016

Q4 2016

Q1 2017

Q2 2017

Q3 2017

Declaration Date

9/27/2016

12/8/2016

3/23/2017

5/23/2017

9/26/2017

Record Date

10/14/2016

1/13/2017

4/13/2017

7/14/2017

10/13/2017

Payment Date

10/31/2016

1/31/2017

4/28/2017

7/31/2017

10/31/2017

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
	Phone: 866-576-9689 (toll free)
	Email: investor.relations@maac.com

Supplemental Data S-13

Joint Venture Property

# of units

Ownership Interest

Post Massachusetts Avenue

Washington, D.C.