Mid-America Apartments 8K Results of Operations and Financial Condition | SEC 31 Jan 18

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



PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT DECEMBER 31, 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	340	332	10,996	—	10,996
Dallas, TX	9,085	680	—	9,765	—	9,765
Austin, TX	6,475	298	344	7,117	—	7,117
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
Nashville, TN	3,776	279	320	4,375	—	4,375
Fort Worth, TX	4,249	—	—	4,249	—	4,249
Washington, DC	3,386	694	—	4,080	—	4,080
Phoenix, AZ	2,301	322	—	2,623	—	2,623
South Florida	480	—	—	480	—	480
Denver, CO	—	—	—	—	240	240
Large Markets	64,467	4,544	1,384	70,395	240	70,635

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	154	7,443	—	7,443
Secondary Markets	27,233	1,501	154	28,888	—	28,888
Total Multifamily Units	91,700	6,045	1,538	99,283	240	99,523

⁽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 December 31, 2017						Average Effective Rent for the Three Months Ended December 31, 2017		As of December 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		$	1,748,079	13.4	%	96.8	%	$	1,356	10,664
Dallas, TX		1,346,858		10.4	%	96.2	%	1,260		9,765
Washington, DC		935,900		7.2	%	96.6	%	1,716		4,080
Charlotte, NC		928,597		7.2	%	96.9	%	1,163		6,149
Tampa, FL		843,734		6.5	%	97.1	%	1,364		5,220
Orlando, FL		806,114		6.2	%	97.1	%	1,360		5,274
Austin, TX		755,031		5.8	%	96.7	%	1,159		6,773
Raleigh/Durham, NC		653,366		5.0	%	97.5	%	1,054		5,200
Houston, TX		509,087		3.9	%	97.8	%	1,097		4,479
Nashville, TN		444,564		3.4	%	96.1	%	1,190		4,055
Fort Worth, TX		381,506		2.9	%	96.2	%	1,109		4,249
Phoenix, AZ		368,153		2.8	%	97.7	%	1,088		2,623
South Florida		58,763		0.5	%	97.7	%	1,594		480
Large Markets		$	9,779,752	75.2	%	96.8	%	$	1,255	69,011

Charleston, SC		$	359,595	2.8	%	96.8	%	$	1,162	3,028
Jacksonville, FL		285,390		2.2	%	97.7	%	1,049		3,496
Richmond, VA		255,179		2.0	%	96.9	%	1,091		2,004
Savannah, GA		233,103		1.8	%	97.3	%	1,025		2,219
San Antonio, TX		159,424		1.2	%	96.3	%	1,065		1,504
Kansas City, MO-KS		155,880		1.2	%	94.8	%	1,222		956
Greenville, SC		151,334		1.2	%	96.7	%	856		2,084
Birmingham, AL		151,162		1.2	%	95.6	%	960		1,462
Memphis, TN		124,986		1.0	%	95.1	%	926		1,811
All Other Secondary Markets by State (individual markets <1% gross real assets)
Alabama		$	153,109	1.2	%	97.1	%	$	877	1,648
Virginia		148,671		1.1	%	97.5	%	1,224		1,039
Florida		111,559		0.9	%	97.3	%	1,090		1,326
Arkansas		115,304		0.9	%	96.8	%	875		1,368
Kentucky		90,587		0.7	%	96.6	%	849		1,308
Mississippi		70,854		0.5	%	96.9	%	868		1,241
Nevada		68,031		0.5	%	97.1	%	931		721
Tennessee		49,490		0.4	%	96.1	%	829		943
South Carolina		35,522		0.3	%	96.4	%	808		576
Secondary Markets		$	2,719,180	21.1	%	96.7	%	$	1,001	28,734

Subtotal		$	12,498,932	96.3	%	96.8	%	$	1,180	97,745

Atlanta, GA	Large	$	154,870	1.2	%	30.1	%	$	2,324	332	770
Denver, CO	Large	81,195		0.6	%	12.0	%	1,780		240	359
Houston, TX	Large	80,322		0.6	%	93.6	%	1,377		388	388
Nashville, TN	Large	71,667		0.5	%	82.5	%	1,525		320	320
Austin, TX	Large	61,134		0.5	%	56.7	%	1,524		344	344
Kansas City, MO-KS	Secondary	24,692		0.2	%	25.3	%	1,288		154	154
Charleston, SC	Secondary	12,624		0.1	%	—	%	—		—	140
Lease-up and Development		$	486,504	3.7	%	55.7	%	$	1,656	1,778	2,475

Total Wholly Owned Multifamily Communities		$	12,985,436	100.0	%	96.6	%	$	1,195	99,523	100,220

⁽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 December 31, 2017			Three Months Ended
	Apartment Units	Gross Real Assets		December 31, 2017		December 31, 2016			Percent Change
Operating Revenue
Combined Adjusted Same Store Communities	91,700	$	11,412,782	$	346,522	$	340,256		1.8	%
Combined Adjusted Non-Same Store Communities	6,045	1,086,150		27,927		29,445
Lease up/Development Communities	1,778	486,504		2,814		50
Total Multifamily Portfolio	99,523	$	12,985,436	$	377,263	$	369,751
Commercial Property/Land	—	$	210,001	$	5,475	$	5,533
Total Combined Adjusted Operating Revenue	99,523	$	13,195,437	$	382,738	$	375,284

Property Operating Expenses
Combined Adjusted Same Store Communities				$	124,601	$	123,050		1.3	%
Combined Adjusted Non-Same Store Communities				11,724		12,344
Lease up/Development Communities				1,888		300
Total Multifamily Portfolio				$	138,213	$	135,694
Commercial Property/Land				$	2,097	$	2,169
Total Combined Adjusted Property Operating Expenses				$	140,310	$	137,863

Net Operating Income
Combined Adjusted Same Store Communities				$	221,921	$	217,206		2.2	%
Combined Adjusted Non-Same Store Communities				16,203		17,101
Lease up/Development Communities				926		(250		)
Total Multifamily Portfolio				$	239,050	$	234,057
Commercial Property/Land				$	3,378	$	3,364
Total Combined Adjusted Net Operating Income				$	242,428	$	237,421		2.1	%

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



COMPONENTS OF COMBINED ADJUSTED SAME STORE PROPERTY OPERATING EXPENSES

Dollars in thousands



	Three Months Ended						Year Ended
	December 31, 2017		December 31, 2016		Percent Increase/(Decrease)		December 31, 2017		December 31, 2016		Percent Increase/(Decrease)
Personnel	$	30,037	$	30,115	(0.3	)%	$	123,029	$	122,650	0.3	%
Building Repair and Maintenance	14,078		14,522		(3.1	)%	60,866		62,018		(1.9	)%
Utilities	25,407		24,499		3.7	%	101,376		99,373		2.0	%
Marketing	4,106		3,619		13.5	%	15,700		14,640		7.2	%
Office Operations	4,859		5,922		(18.0	)%	21,955		22,285		(1.5	)%
Property Taxes	43,493		41,130		5.7	%	178,193		168,513		5.7	%
Insurance	2,621		3,243		(19.2	)%	11,916		14,243		(16.3	)%
Total Combined Adjusted Property Operating Expenses	$	124,601	$	123,050	1.3	%	$	513,035	$	503,722	1.8	%

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 December 31, 2017		Three months ended December 31, 2016
Atlanta, GA	10,324	13.2	%	96.2	%	96.3	%
Dallas, TX	9,085	9.4	%	95.7	%	95.6	%
Charlotte, NC	6,149	7.2	%	96.1	%	95.9	%
Tampa, FL	5,220	6.7	%	96.2	%	96.4	%
Austin, TX	6,475	6.1	%	95.9	%	96.0	%
Washington, DC	3,386	5.9	%	96.1	%	97.1	%
Orlando, FL	4,498	5.8	%	96.6	%	95.8	%
Raleigh/Durham, NC	4,397	4.6	%	96.4	%	96.0	%
Nashville, TN	3,776	4.4	%	95.7	%	95.7	%
Fort Worth, TX	4,249	4.3	%	95.8	%	95.8	%
Houston, TX	4,127	3.8	%	97.6	%	94.5	%
Phoenix, AZ	2,301	2.6	%	97.1	%	96.6	%
South Florida	480	0.7	%	96.4	%	96.7	%
Large Markets	64,467	74.7	%	96.2	%	96.0	%

Jacksonville, FL	3,496	3.6	%	97.0	%	96.3	%
Charleston, SC	2,648	2.8	%	96.0	%	95.7	%
Savannah, GA	2,219	2.2	%	96.3	%	96.4	%
Richmond, VA	1,668	1.8	%	97.2	%	96.3	%
Memphis, TN	1,811	1.4	%	95.8	%	95.9	%
San Antonio, TX	1,504	1.4	%	95.9	%	96.6	%
Greenville, SC	1,748	1.4	%	95.8	%	96.6	%
Birmingham, AL	1,462	1.2	%	95.1	%	96.1	%
Little Rock, AR	1,368	1.1	%	95.9	%	96.1	%
Jackson, MS	1,241	1.0	%	95.7	%	96.2	%
Huntsville, AL	1,228	1.0	%	96.4	%	96.1	%
Other	6,840	6.4	%	95.9	%	96.2	%
Secondary Markets	27,233	25.3	%	96.1	%	96.2	%

Total Combined Adjusted Same Store	91,700	100.0	%	96.2	%	96.0	%

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
		Q4 2017		Q4 2016		% Chg		Q4 2017		Q4 2016		% Chg		Q4 2017		Q4 2016		% Chg		Q4 2017		Q4 2016		% Chg
Atlanta, GA	10,324	$	44,431	$	43,811	1.4	%	$	15,368	$	15,236	0.9	%	$	29,063	$	28,575	1.7	%	$	1,339	$	1,317	1.7	%
Dallas, TX	9,085	36,324		36,036		0.8	%	15,361		14,486		6.0	%	20,963		21,550		(2.7	)%	1,265		1,258		0.6	%
Charlotte, NC	6,149	22,881		22,548		1.5	%	6,886		6,936		(0.7	)%	15,995		15,612		2.5	%	1,163		1,145		1.6	%
Tampa, FL	5,220	22,667		22,336		1.5	%	7,745		7,646		1.3	%	14,922		14,690		1.6	%	1,364		1,341		1.7	%
Austin, TX	6,475	24,189		24,162		0.1	%	10,614		10,205		4.0	%	13,575		13,957		(2.7	)%	1,142		1,146		(0.3	)%
Washington, DC	3,386	18,910		18,691		1.2	%	5,838		6,048		(3.5	)%	13,072		12,643		3.4	%	1,783		1,748		2.0	%
Orlando, FL	4,498	19,616		18,992		3.3	%	6,722		6,676		0.7	%	12,894		12,316		4.7	%	1,375		1,323		3.9	%
Raleigh/Durham, NC	4,397	15,117		14,458		4.6	%	4,853		4,856		(0.1	)%	10,264		9,602		6.9	%	1,039		1,005		3.4	%
Nashville, TN	3,776	14,271		14,147		0.9	%	4,557		4,592		(0.8	)%	9,714		9,555		1.7	%	1,168		1,152		1.4	%
Fort Worth, TX	4,249	15,637		15,040		4.0	%	6,087		5,861		3.9	%	9,550		9,179		4.0	%	1,109		1,059		4.7	%
Houston, TX	4,127	14,215		14,425		(1.5	)%	5,766		5,924		(2.7	)%	8,449		8,501		(0.6	)%	1,059		1,115		(5.0	)%
Phoenix, AZ	2,301	8,141		7,738		5.2	%	2,303		2,399		(4.0	)%	5,838		5,339		9.3	%	1,075		1,027		4.7	%
South Florida	480	2,387		2,398		(0.5	)%	823		839		(1.9	)%	1,564		1,559		0.3	%	1,594		1,589		0.3	%
Large Markets	64,467	$	258,786	$	254,782	1.6	%	$	92,923	$	91,704	1.3	%	$	165,863	$	163,078	1.7	%	$	1,249	$	1,231	1.5	%

Jacksonville, FL	3,496	$	11,790	$	11,307	4.3	%	$	3,701	$	3,579	3.4	%	$	8,089	$	7,728	4.7	%	$	1,049	$	1,014	3.5	%
Charleston, SC	2,648	9,734		9,443		3.1	%	3,465		3,419		1.3	%	6,269		6,024		4.1	%	1,117		1,092		2.3	%
Savannah, GA	2,219	7,527		7,277		3.4	%	2,733		2,931		(6.8	)%	4,794		4,346		10.3	%	1,025		995		3.0	%
Richmond, VA	1,668	5,773		5,416		6.6	%	1,833		1,800		1.8	%	3,940		3,616		9.0	%	1,042		994		4.8	%
Memphis, TN	1,811	5,381		5,259		2.3	%	2,261		2,182		3.6	%	3,120		3,077		1.4	%	926		898		3.1	%
San Antonio, TX	1,504	5,168		5,160		0.2	%	2,112		2,174		(2.9	)%	3,056		2,986		2.3	%	1,065		1,057		0.8	%
Greenville, SC	1,748	4,717		4,659		1.2	%	1,719		1,691		1.7	%	2,998		2,968		1.0	%	810		793		2.1	%
Birmingham, AL	1,462	4,703		4,642		1.3	%	1,965		1,908		3.0	%	2,738		2,734		0.1	%	960		945		1.6	%
Little Rock, AR	1,368	3,842		3,875		(0.9	)%	1,428		1,373		4.0	%	2,414		2,502		(3.5	)%	875		882		(0.8	)%
Jackson, MS	1,241	3,570		3,572		(0.1	)%	1,291		1,275		1.3	%	2,279		2,297		(0.8	)%	868		865		0.3	%
Huntsville, AL	1,228	3,409		3,308		3.1	%	1,162		1,235		(5.9	)%	2,247		2,073		8.4	%	813		785		3.6	%
Other	6,840	22,122		21,556		2.6	%	8,008		7,779		2.9	%	14,114		13,777		2.4	%	993		970		2.4	%
Secondary Markets	27,233	$	87,736	$	85,474	2.6	%	$	31,678	$	31,346	1.1	%	$	56,058	$	54,128	3.6	%	$	984	$	961	2.4	%

Total Combined Adjusted Same Store	91,700	$	346,522	$	340,256	1.8	%	$	124,601	$	123,050	1.3	%	$	221,921	$	217,206	2.2	%	$	1,170	$	1,151	1.7	%

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
		Q4 2017		Q3 2017		% Chg		Q4 2017		Q3 2017		% Chg		Q4 2017		Q3 2017		% Chg		Q4 2017		Q3 2017		% Chg
Atlanta, GA	10,324	$	44,431	$	44,835	(0.9	)%	$	15,368	$	16,002	(4.0	)%	$	29,063	$	28,833	0.8	%	$	1,339	$	1,341	(0.1	)%
Dallas, TX	9,085	36,324		36,371		(0.1	)%	15,361		15,828		(3.0	)%	20,963		20,543		2.0	%	1,265		1,270		(0.4	)%
Charlotte, NC	6,149	22,881		23,045		(0.7	)%	6,886		7,018		(1.9	)%	15,995		16,027		(0.2	)%	1,163		1,167		(0.3	)%
Tampa, FL	5,220	22,667		22,564		0.5	%	7,745		8,542		(9.3	)%	14,922		14,022		6.4	%	1,364		1,361		0.2	%
Austin, TX	6,475	24,189		24,303		(0.5	)%	10,614		11,256		(5.7	)%	13,575		13,047		4.0	%	1,142		1,154		(1.0	)%
Washington, DC	3,386	18,910		18,925		(0.1	)%	5,838		6,261		(6.8	)%	13,072		12,664		3.2	%	1,783		1,778		0.3	%
Orlando, FL	4,498	19,616		19,526		0.5	%	6,722		7,479		(10.1	)%	12,894		12,047		7.0	%	1,375		1,363		0.9	%
Raleigh/Durham, NC	4,397	15,117		15,107		0.1	%	4,853		5,053		(4.0	)%	10,264		10,054		2.1	%	1,039		1,040		(0.1	)%
Nashville, TN	3,776	14,271		14,457		(1.3	)%	4,557		4,411		3.3	%	9,714		10,046		(3.3	)%	1,168		1,172		(0.3	)%
Fort Worth, TX	4,249	15,637		15,644		0.0	%	6,087		6,524		(6.7	)%	9,550		9,120		4.7	%	1,109		1,109		0.0	%
Houston, TX	4,127	14,215		14,090		0.9	%	5,766		6,324		(8.8	)%	8,449		7,766		8.8	%	1,059		1,062		(0.3	)%
Phoenix, AZ	2,301	8,141		8,052		1.1	%	2,303		2,607		(11.7	)%	5,838		5,445		7.2	%	1,075		1,069		0.6	%
South Florida	480	2,387		2,363		1.0	%	823		1,116		(26.3	)%	1,564		1,247		25.4	%	1,594		1,600		(0.4	)%
Large Markets	64,467	$	258,786	$	259,282	(0.2	)%	$	92,923	$	98,421	(5.6	)%	$	165,863	$	160,861	3.1	%	$	1,249	$	1,250	(0.1	)%

Jacksonville, FL	3,496	$	11,790	$	11,642	1.3	%	$	3,701	$	4,405	(16.0	)%	$	8,089	$	7,237	11.8	%	$	1,049	$	1,043	0.6	%
Charleston, SC	2,648	9,734		9,847		(1.1	)%	3,465		3,723		(6.9	)%	6,269		6,124		2.4	%	1,117		1,126		(0.8	)%
Savannah, GA	2,219	7,527		7,518		0.1	%	2,733		2,942		(7.1	)%	4,794		4,576		4.8	%	1,025		1,032		(0.7	)%
Richmond, VA	1,668	5,773		5,742		0.5	%	1,833		1,883		(2.7	)%	3,940		3,859		2.1	%	1,042		1,034		0.8	%
Memphis, TN	1,811	5,381		5,415		(0.6	)%	2,261		2,393		(5.5	)%	3,120		3,022		3.2	%	926		924		0.2	%
San Antonio, TX	1,504	5,168		5,250		(1.6	)%	2,112		2,398		(11.9	)%	3,056		2,852		7.2	%	1,065		1,069		(0.4	)%
Greenville, SC	1,748	4,717		4,716		0.0	%	1,719		1,816		(5.3	)%	2,998		2,900		3.4	%	810		809		0.1	%
Birmingham, AL	1,462	4,703		4,725		(0.5	)%	1,965		2,006		(2.0	)%	2,738		2,719		0.7	%	960		972		(1.2	)%
Little Rock, AR	1,368	3,842		3,868		(0.7	)%	1,428		1,508		(5.3	)%	2,414		2,360		2.3	%	875		879		(0.5	)%
Jackson, MS	1,241	3,570		3,616		(1.3	)%	1,291		1,312		(1.6	)%	2,279		2,304		(1.1	)%	868		873		(0.6	)%
Huntsville, AL	1,228	3,409		3,427		(0.5	)%	1,162		1,355		(14.2	)%	2,247		2,072		8.4	%	813		810		0.4	%
Other	6,840	22,122		22,130		0.0	%	8,008		8,318		(3.7	)%	14,114		13,812		2.2	%	993		995		(0.2	)%
Secondary Markets	27,233	$	87,736	$	87,896	(0.2	)%	$	31,678	$	34,059	(7.0	)%	$	56,058	$	53,837	4.1	%	$	984	$	986	(0.2	)%

Total Combined Adjusted Same Store	91,700	$	346,522	$	347,178	(0.2	)%	$	124,601	$	132,480	(5.9	)%	$	221,921	$	214,698	3.4	%	$	1,170	$	1,172	(0.2	)%

MULTIFAMILY SAME STORE SEQUENTIAL QUARTER COMPARISONS

Supplemental Data S-6



MULTIFAMILY COMBINED ADJUSTED SAME STORE FULL YEAR COMPARISONS AS OF DECEMBER 31, 2017 AND 2016

Dollars in thousands, except unit and per unit data



	Units	Revenues						Expenses						NOI						Effective Rent per Unit
		2017		2016		% Chg		2017		2016		% Chg		2017		2016		% Chg		2017		2016		% Chg
Atlanta, GA	10,324	$	177,672	$	173,649	2.3	%	$	62,664	$	62,014	1.0	%	$	115,008	$	111,635	3.0	%	$	1,332	$	1,300	2.5	%
Dallas, TX	9,085	144,984		143,167		1.3	%	62,053		60,786		2.1	%	82,931		82,381		0.7	%	1,264		1,244		1.6	%
Charlotte, NC	6,149	91,594		89,431		2.4	%	27,852		28,377		(1.9	)%	63,742		61,054		4.4	%	1,158		1,130		2.5	%
Tampa, FL	5,220	90,114		88,103		2.3	%	31,984		31,116		2.8	%	58,130		56,987		2.0	%	1,356		1,319		2.8	%
Austin, TX	6,475	96,886		96,018		0.9	%	43,559		42,321		2.9	%	53,327		53,697		(0.7	)%	1,148		1,136		1.1	%
Washington, DC	3,386	75,309		74,491		1.1	%	24,245		24,992		(3.0	)%	51,064		49,499		3.2	%	1,768		1,744		1.4	%
Orlando, FL	4,498	77,331		75,186		2.9	%	27,729		26,760		3.6	%	49,602		48,426		2.4	%	1,352		1,304		3.7	%
Raleigh/Durham, NC	4,397	59,749		57,257		4.4	%	19,798		19,500		1.5	%	39,951		37,757		5.8	%	1,028		990		3.8	%
Nashville, TN	3,776	57,248		55,931		2.4	%	18,530		18,361		0.9	%	38,718		37,570		3.1	%	1,164		1,134		2.6	%
Fort Worth, TX	4,249	61,902		58,934		5.0	%	25,400		24,334		4.4	%	36,502		34,600		5.5	%	1,094		1,038		5.4	%
Houston, TX	4,127	57,053		58,972		(3.3	)%	25,351		25,675		(1.3	)%	31,702		33,297		(4.8	)%	1,073		1,135		(5.5	)%
Phoenix, AZ	2,301	31,985		30,721		4.1	%	9,792		9,784		0.1	%	22,193		20,937		6.0	%	1,058		1,015		4.2	%
South Florida	480	9,646		9,448		2.1	%	3,744		3,399		10.2	%	5,902		6,049		(2.4	)%	1,604		1,567		2.4	%
Large Markets	64,467	$	1,031,473	$	1,011,308	2.0	%	$	382,701	$	377,419	1.4	%	$	648,772	$	633,889	2.3	%	$	1,243	$	1,218	2.1	%

Jacksonville, FL	3,496	$	46,545	$	44,973	3.5	%	$	16,172	$	15,571	3.9	%	$	30,373	$	29,402	3.3	%	$	1,036	$	1,003	3.3	%
Charleston, SC	2,648	38,839		37,548		3.4	%	13,776		13,050		5.6	%	25,063		24,498		2.3	%	1,114		1,076		3.5	%
Savannah, GA	2,219	29,888		29,268		2.1	%	11,011		10,939		0.7	%	18,877		18,329		3.0	%	1,019		990		2.9	%
Richmond, VA	1,668	22,586		21,520		5.0	%	7,397		7,254		2.0	%	15,189		14,266		6.5	%	1,022		979		4.4	%
Memphis, TN	1,811	21,460		20,856		2.9	%	9,197		8,950		2.8	%	12,263		11,906		3.0	%	916		882		3.9	%
San Antonio, TX	1,504	20,773		20,601		0.8	%	9,121		8,851		3.1	%	11,652		11,750		(0.8	)%	1,066		1,057		0.9	%
Greenville, SC	1,748	18,847		18,404		2.4	%	7,131		6,934		2.8	%	11,716		11,470		2.1	%	805		783		2.8	%
Birmingham, AL	1,462	18,821		18,578		1.3	%	7,907		7,610		3.9	%	10,914		10,968		(0.5	)%	961		944		1.8	%
Little Rock, AR	1,368	15,431		15,480		(0.3	)%	5,905		5,685		3.9	%	9,526		9,795		(2.7	)%	879		880		(0.1	)%
Jackson, MS	1,241	14,406		14,273		0.9	%	5,302		5,239		1.2	%	9,104		9,034		0.8	%	869		862		0.8	%
Huntsville, AL	1,228	13,540		13,117		3.2	%	5,154		5,030		2.5	%	8,386		8,087		3.7	%	801		776		3.2	%
Other	6,840	87,872		85,543		2.7	%	32,261		31,190		3.4	%	55,611		54,353		2.3	%	986		959		2.8	%
Secondary Markets	27,233	$	349,008	$	340,161	2.6	%	$	130,334	$	126,303	3.2	%	$	218,674	$	213,858	2.3	%	$	977	$	951	2.7	%

Total Combined Adjusted Same Store	91,700	$	1,380,481	$	1,351,469	2.1	%	$	513,035	$	503,722	1.8	%	$	867,446	$	847,747	2.3	%	$	1,164	$	1,138	2.3	%

Supplemental Data S-7



MULTIFAMILY DEVELOPMENT PIPELINE
Dollars in thousands
		Units as of December 31, 2017				Projected			Development Costs
						Initial
					Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total	Delivered	Leased	Date	Date	Date	Date⁽¹⁾	Cost		Q4 2017		After

Post River North	Denver, CO	359	240	73	4Q15	4Q17	1Q18	2Q19	$	88,200	$	81,195	$	7,005
1201 Midtown II	Charleston, SC	140	—	—	2Q17	3Q18	4Q18	3Q19	29,500		12,624		16,876
Post Centennial Park	Atlanta, GA	438	—	—	1Q16	1Q18	3Q18	4Q19	96,300		73,837		22,463
Total Active		937	240	73					$	214,000	$	167,656	$	46,344

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



MULTIFAMILY LEASE-UP COMMUNITIES

		As of December 31, 2017
		Total	Percent		Construction	Expected
	Location	Units	Occupied		Finished	Stabilization⁽¹⁾
Post Afton Oaks	Houston, TX	388	93.6	%	2Q17	1Q18
The Denton II	Kansas City, MO	154	25.3	%	4Q17	3Q18
Post South Lamar II	Austin, TX	344	56.7	%	4Q17	4Q18
Post Midtown⁽²⁾	Atlanta, GA	332	30.1	%	3Q17	4Q18
Acklen West End	Nashville, TN	320	82.5	%	⁽³⁾	1Q19
Total		1,538	62.5	%

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

⁽²⁾Formerly named Post Millennium Midtown

⁽³⁾ Property was acquired while still in lease-up; 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, TN	279	2016	March 16, 2017	$	2,117
Acklen West End	Nashville, TN	320	2015	December 28, 2017	$	29



2017 DISPOSITION ACTIVITY
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
Terraces at Fieldstone	Atlanta, GA	316	1998	November 30, 2017	$	2,520
Terraces at Towne Lake	Atlanta, GA	502	1999	November 30, 2017	$	4,010



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 December 31, 2017
Joint Venture Property	Gross Investment in Real Estate			Mortgage Notes Payable			Company's Equity Investment
Post Massachusetts Avenue	$	78,025	⁽¹⁾	$	50,961	⁽²⁾	$	44,956




	Three months ended December 31, 2017				Year ended December 31, 2017
Joint Venture Property	Entity NOI		Company's Equity in Income		Entity NOI		Company's Equity in Income
Post Massachusetts Avenue	$	1,845	$	349	$	7,585	$	1,370

⁽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. This note is currently prepayable without penalty.

Supplemental Data S-9



DEBT AND DEBT COVENANTS AS OF DECEMBER 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	$	3,712,763	82.5	%	3.8	%	4.0		%	4.7
Capped debt	25,000		0.5	%	1.8	%	1.8		%	0.8
Floating (unhedged) debt	764,294		17.0	%	2.4	%	2.4		%	0.1
Total	$	4,502,057	100.0	%	3.6	%	3.7		%	3.9

					Effective		Contract			Average Years
			Percent of		Interest		Interest			to Contract
	Balance		Total		Rate		Rate			Maturity
Secured Versus Unsecured Debt
Unsecured debt	$	3,525,765	78.3	%	3.5	%	3.3		%	5.0
Secured debt	976,292		21.7	%	3.8	%	5.3		%	1.7
Total	$	4,502,057	100.0	%	3.6	%	3.7		%	4.3

	Total		Percent of				Q4 2017			Percent of
	Cost		Total				NOI			Total
Unencumbered Versus Encumbered Assets
Unencumbered gross assets	$	11,395,228	84.0	%			$	205,562		84.8	%
Encumbered gross assets	2,171,762		16.0	%			36,866			15.2	%
Total	$	13,566,990	100.0	%			$	242,428		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
2018	$	88,633	$	250,286	$	338,919	3.1	%	$	25,000	$	363,919
2019	579,345		—		579,345		5.9	%	—		579,345
2020	163,054		299,148		462,202		3.7	%	—		462,202
2021	197,281		—		197,281		5.2	%	—		197,281
2022	364,794		—		364,794		3.6	%	—		364,794
Thereafter	1,770,222		—		1,770,222		3.7	%	—		1,770,222
Total	$	3,163,329	$	549,434	$	3,712,763	4.0	%	$	25,000	$	3,737,763	4.7

Supplemental Data S-10



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



DEBT MATURITIES OF OUTSTANDING BALANCES

	Key Bank Unsecured		Public Bonds		Other Unsecured		Secured		Total
2018	$	—	$	—	$	300,261	$	118,658	$	418,919
2019	—		—		19,967		559,378		579,345
2020	410,000		—		149,773		163,054		722,827
2021	—		—		222,091		124,711		346,802
2022	—		248,144		415,798		—		663,942
Thereafter	—		1,727,590		32,141		10,491		1,770,222
Total	$	410,000	$	1,975,734	$	1,140,031	$	976,292	$	4,502,057



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	7.2%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	5.34x	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	29.5%	Yes
Total secured debt to total capitalized asset value	40% or Less	6.4%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	4.73x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	27.3%	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



2018 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 2018
Earnings
Net income per diluted common share	$1.78 to $2.08
Midpoint	$1.93
FFO per Share - diluted	$5.85 to $6.15
Midpoint	$6.00
AFFO per Share - diluted	$5.24 to $5.54
Midpoint	$5.39

MAA Same Store Communities:
Number of units	93,482
Lease over lease pricing growth for new leases and renewals	2.25% to 2.75%
Average physical occupancy	95.75% to 96.25%
Property revenue growth	1.75% to 2.25%
Property operating expense growth	1.50% to 2.50%
NOI growth	2.00% to 2.50%
Real estate tax expense growth	3.50% to 4.50%

Corporate Expenses:
General and administrative expenses	$39.0 to $40.0 million
Property management expenses	$50.5 to $52.5 million
Total Overhead (Gross of capitalized development overhead)	$89.5 to $92.5 million
Capitalized development overhead	$1.75 million
Total Overhead (Net of capitalized development overhead)	$87.75 to $90.75 million

Income tax expense	$2.5 to $3.0 million

Transaction/Investment Volume:
Acquisition volume	$300.0 to $350.0 million
Disposition volume	$0.00 million
Development investment	$75.0 to $125.0 million

Debt:
Average effective interest rate	3.80% to 4.00%
Average cash interest rate	4.00% to 4.20%
Capitalized interest	$1.5 to $2.5 million
Mark to market adjustment	$9.5 to $10.5 million

Other Items:
Merger and integration expenses	$8.0 to $10.0 million



RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE GUIDANCE TO FFO AND AFFO PER SHARE GUIDANCE
	2018 Full Year Guidance Range
	Low			High
Earnings per common share - diluted	$	1.78		$	2.08
Real estate depreciation	4.03			4.03
Amortization other	0.04			0.04
FFO per Share	5.85			6.15
Recurring capital expenditures	(0.61		)	(0.61		)
AFFO per Share	$	5.24		$	5.54

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:

Q1 2018

Q2 2018

Q3 2018

Q4 2018

Earnings release & conference call

Late April

Late July

Late October

Early February

Dividend Information - Common Shares:

Q4 2016

Q1 2017

Q2 2017

Q3 2017

Q4 2017

Declaration Date

12/8/2016

3/23/2017

5/23/2017

9/26/2017

12/5/2017

Record Date

1/13/2017

4/13/2017

7/14/2017

10/13/2017

1/12/2018

Payment Date

1/31/2017

4/28/2017

7/31/2017

10/31/2017

1/31/2018

Distributions Per Share

0.87

0.92



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, SEC filings 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.