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

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT JUNE 30, 2018 (In apartment units)

	Same Store	Non-Same Store(1)	Lease-up	Total Completed Communities	Development Units Delivered	Total
Atlanta, GA	10,664	—	332	10,996	272	11,268
Dallas, TX	9,404	362	—	9,766	—	9,766
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	4,479	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	4,080	—	—	4,080	—	4,080
Jacksonville, FL	3,496	—	—	3,496	—	3,496
Charleston, SC	2,726	302	—	3,028	—	3,028
Phoenix, AZ	2,301	322	—	2,623	—	2,623
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	7,320	449	887	8,656	—	8,656
Total Multifamily Units	93,483	4,651	1,883	100,017	272	100,289

⁽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 June 30, 2018						Average Effective Rent for the Three Months Ended June 30, 2018		As of June 30, 2018
	Gross Real Assets		Percent to Total of Gross Real Assets		Physical Occupancy				Completed Units	Total Units, Including Development
Atlanta, GA	$	1,759,821	13.3	%	96.2	%	$	1,365	10,664
Dallas, TX	1,354,687		10.2	%	96.0	%	1,262		9,766
Washington, DC	939,596		7.1	%	96.8	%	1,726		4,080
Charlotte, NC	932,905		7.1	%	96.0	%	1,172		6,149
Tampa, FL	850,628		6.4	%	96.5	%	1,383		5,220
Orlando, FL	809,525		6.1	%	95.7	%	1,392		5,274
Austin, TX	759,782		5.8	%	96.2	%	1,166		6,773
Raleigh/Durham, NC	656,692		5.0	%	95.7	%	1,066		5,200
Houston, TX	593,378		4.5	%	96.7	%	1,146		4,867
Nashville, TN	447,521		3.4	%	96.4	%	1,196		4,055
Fort Worth, TX	383,675		2.9	%	96.3	%	1,118		4,249
Phoenix, AZ	370,002		2.8	%	96.2	%	1,119		2,623
Charleston, SC	361,763		2.7	%	96.3	%	1,159		3,028
Jacksonville, FL	287,963		2.2	%	97.5	%	1,073		3,496
Richmond, VA	256,924		1.9	%	97.7	%	1,121		2,004
Savannah, GA	235,290		1.8	%	96.5	%	1,041		2,219
San Antonio, TX	159,966		1.2	%	96.7	%	1,061		1,504
Kansas City, MO-KS	156,824		1.2	%	96.9	%	1,208		956
Birmingham, AL	152,829		1.2	%	96.7	%	965		1,462
Greenville, SC	152,465		1.1	%	96.9	%	865		2,084
Memphis, TN	126,970		1.0	%	97.2	%	944		1,811
All Other Markets by State (individual markets <1% gross real assets)
Florida	$	171,945	1.3	%	97.8	%	$	1,245	1,806
Alabama	154,278		1.2	%	98.2	%	896		1,648
Virginia	149,498		1.1	%	97.6	%	1,227		1,039
Arkansas	116,542		0.9	%	96.1	%	875		1,368
Kentucky	91,406		0.7	%	96.8	%	855		1,308
Mississippi	71,835		0.5	%	97.0	%	861		1,241
Nevada	68,381		0.5	%	94.9	%	962		721
Tennessee	50,115		0.4	%	96.4	%	837		943
South Carolina	35,798		0.3	%	95.8	%	814		576
Subtotal	$	12,659,004	95.8	%	96.4	%	$	1,193	98,134
Denver, CO	$	187,514	1.4	%	64.8	%	$	1,692	733	733
Atlanta, GA	172,246		1.3	%	33.0	%	2,122		604	770
Nashville, TN	72,161		0.5	%	91.6	%	1,654		320	320
Austin, TX	61,781		0.5	%	91.6	%	1,427		344	344
Kansas City, MO-KS	24,985		0.2	%	74.7	%	1,205		154	154
Charleston, SC	21,835		0.2	%	—	%	—		—	140
Dallas, TX	7,248		0.1	%	—	%	—		—	348
Raleigh/Durham, NC	2,700		0.0	%	—	%	—		—	150
Lease-up and Development	$	550,470	4.2	%	62.6	%	$	1,729	2,155	2,959
Total Wholly Owned Multifamily Communities	$	13,209,474	100.0	%	95.6	%	$	1,205	100,289	101,093

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

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

	As of June 30, 2018			Three Months Ended
	Apartment Units	Gross Real Assets		June 30, 2018		June 30, 2017			Percent Change
Operating Revenue
Same Store Communities	93,483	$	11,868,442	$	358,503	$	353,330		1.5	%
Non-Same Store Communities	4,651	790,562		19,859		24,003
Lease up/Development Communities	2,155	550,470		6,171		66
Total Multifamily Portfolio	100,289	$	13,209,474	$	384,533	$	377,399
Commercial Property/Land	—	$	220,247	$	5,540	$	5,392
Total Operating Revenue	100,289	$	13,429,721	$	390,073	$	382,791
Property Operating Expenses
Same Store Communities				$	134,303	$	132,856		1.1	%
Non-Same Store Communities				9,068		11,063
Lease up/Development Communities				3,105		229
Total Multifamily Portfolio				$	146,476	$	144,148
Commercial Property/Land				$	2,254	$	1,821
Total Property Operating Expenses				$	148,730	$	145,969
Net Operating Income
Same Store Communities				$	224,200	$	220,474		1.7	%
Non-Same Store Communities				10,791		12,940
Lease up/Development Communities				3,066		(163		)
Total Multifamily Portfolio				$	238,057	$	233,251
Commercial Property/Land				$	3,286	$	3,571
Total Net Operating Income				$	241,343	$	236,822		1.9	%

COMPONENTS OF SAME STORE PROPERTY OPERATING EXPENSES

Dollars in thousands

	Three Months Ended						Six Months Ended
	June 30, 2018		June 30, 2017		Percent Increase/(Decrease)		June 30, 2018		June 30, 2017		Percent Increase/(Decrease)
Personnel	$	32,568	$	31,656	2.9	%	$	64,103	$	62,443	2.7	%
Building Repair and Maintenance	16,040		16,881		(5.0	)%	29,997		31,875		(5.9	)%
Utilities	26,054		25,131		3.7	%	52,018		49,668		4.7	%
Marketing	4,285		4,091		4.7	%	7,790		7,979		(2.4	)%
Office Operations	4,969		5,131		(3.2	)%	11,028		10,423		5.8	%
Property Taxes	47,759		46,524		2.7	%	95,569		93,114		2.6	%
Insurance	2,628		3,442		(23.6	)%	5,295		6,768		(21.8	)%
Total Property Operating Expenses	$	134,303	$	132,856	1.1	%	$	265,800	$	262,270	1.3	%

Supplemental Data S-3

NOI CONTRIBUTION PERCENTAGE BY MARKET

Same Store Portfolio

				Average Physical Occupancy
	Apartment Units	Percent of Same Store NOI		Three Months Ended				Six Months Ended
				June 30, 2018		June 30, 2017		June 30, 2018		June 30, 2017
Atlanta, GA	10,664	13.4	%	95.6	%	96.0	%	95.8	%	96.0	%
Dallas, TX	9,404	9.4	%	95.1	%	95.4	%	95.3	%	95.2	%
Charlotte, NC	6,149	7.2	%	96.1	%	96.4	%	96.3	%	96.4	%
Washington, DC	4,080	6.9	%	96.6	%	96.6	%	96.6	%	96.9	%
Tampa, FL	5,220	6.6	%	96.0	%	95.7	%	96.2	%	95.8	%
Austin, TX	6,475	5.9	%	95.5	%	95.6	%	95.7	%	95.6	%
Orlando, FL	4,498	5.8	%	96.3	%	96.2	%	96.3	%	96.0	%
Raleigh/Durham, NC	4,397	4.5	%	95.9	%	96.4	%	96.3	%	96.5	%
Nashville, TN	3,776	4.3	%	96.0	%	95.9	%	95.9	%	95.6	%
Fort Worth, TX	4,249	4.1	%	95.6	%	96.0	%	95.7	%	95.8	%
Houston, TX	4,479	3.9	%	96.0	%	95.9	%	96.4	%	95.3	%
Jacksonville, FL	3,496	3.5	%	96.8	%	96.7	%	96.7	%	96.9	%
Charleston, SC	2,726	2.9	%	95.9	%	96.4	%	96.0	%	96.1	%
Phoenix, AZ	2,301	2.6	%	96.2	%	96.8	%	96.5	%	97.1	%
Savannah, GA	2,219	2.1	%	96.3	%	97.0	%	96.7	%	96.7	%
Richmond, VA	1,668	1.8	%	96.9	%	96.9	%	96.9	%	96.3	%
Memphis, TN	1,811	1.4	%	96.7	%	96.7	%	96.2	%	96.2	%
Greenville, SC	1,748	1.3	%	96.1	%	96.2	%	96.4	%	96.4	%
San Antonio, TX	1,504	1.3	%	96.1	%	95.8	%	95.8	%	95.9	%
Birmingham, AL	1,462	1.2	%	95.9	%	96.1	%	95.8	%	96.3	%
Little Rock, AR	1,368	1.0	%	95.4	%	95.5	%	95.7	%	95.5	%
Huntsville, AL	1,228	1.0	%	97.6	%	96.3	%	97.4	%	96.3	%
Jackson, MS	1,241	1.0	%	96.2	%	96.9	%	95.9	%	96.5	%
Other	7,320	6.9	%	96.5	%	96.4	%	96.5	%	96.2	%
Total Same Store	93,483	100.0	%	96.0	%	96.1	%	96.1	%	96.0	%

Supplemental Data S-4

MULTIFAMILY SAME STORE QUARTER OVER QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data

	Units	Revenues						Expenses							NOI						Effective Rent per Unit
		Q2 2018		Q2 2017		% Chg		Q2 2018			Q2 2017		% Chg		Q2 2018		Q2 2017		% Chg		Q2 2018		Q2 2017		% Chg
Atlanta, GA	10,664	$	46,511	$	46,317	0.4	%	$	16,328		$	16,360	(0.2	)%	$	30,183	$	29,957	0.8	%	$	1,365	$	1,347	1.3	%
Dallas, TX	9,404	37,628		37,560		0.2	%	16,440			16,275		1.0	%	21,188		21,285		(0.5	)%	1,270		1,266		0.3	%
Charlotte, NC	6,149	23,188		22,928		1.1	%	7,136			7,197		(0.8	)%	16,052		15,731		2.0	%	1,172		1,156		1.4	%
Washington, DC	4,080	22,273		21,836		2.0	%	6,741			7,112		(5.2	)%	15,532		14,724		5.5	%	1,726		1,698		1.6	%
Tampa, FL	5,220	22,905		22,499		1.8	%	8,160			7,873		3.6	%	14,745		14,626		0.8	%	1,383		1,351		2.4	%
Austin, TX	6,475	24,216		24,214		0.0	%	10,915			10,887		0.3	%	13,301		13,327		(0.2	)%	1,148		1,149		(0.1	)%
Orlando, FL	4,498	20,112		19,189		4.8	%	7,118		��	6,841		4.0	%	12,994		12,348		5.2	%	1,403		1,342		4.5	%
Raleigh/Durham, NC	4,397	15,149		14,830		2.2	%	5,101			5,106		(0.1	)%	10,048		9,724		3.3	%	1,047		1,024		2.2	%
Nashville, TN	3,776	14,418		14,373		0.3	%	4,810			5,006		(3.9	)%	9,608		9,367		2.6	%	1,177		1,163		1.2	%
Fort Worth, TX	4,249	15,750		15,453		1.9	%	6,509			6,718		(3.1	)%	9,241		8,735		5.8	%	1,118		1,088		2.8	%
Houston, TX	4,479	16,145		16,133		0.1	%	7,362			7,284		1.1	%	8,783		8,849		(0.7	)%	1,128		1,124		0.4	%
Jacksonville, FL	3,496	12,046		11,625		3.6	%	4,265			4,050		5.3	%	7,781		7,575		2.7	%	1,073		1,031		4.1	%
Charleston, SC	2,726	10,149		10,115		0.3	%	3,690			3,506		5.2	%	6,459		6,609		(2.3	)%	1,131		1,127		0.4	%
Phoenix, AZ	2,301	8,261		7,925		4.2	%	2,495			2,511		(0.6	)%	5,766		5,414		6.5	%	1,107		1,052		5.2	%
Savannah, GA	2,219	7,597		7,482		1.5	%	2,781			2,748		1.2	%	4,816		4,734		1.7	%	1,041		1,015		2.6	%
Richmond, VA	1,668	5,897		5,596		5.4	%	1,947			1,816		7.2	%	3,950		3,780		4.5	%	1,067		1,014		5.2	%
Memphis, TN	1,811	5,539		5,373		3.1	%	2,338			2,177		7.4	%	3,201		3,196		0.2	%	944		913		3.4	%
Greenville, SC	1,748	4,785		4,710		1.6	%	1,933			1,873		3.2	%	2,852		2,837		0.5	%	821		802		2.4	%
San Antonio, TX	1,504	5,172		5,199		(0.5	)%	2,362			2,341		0.9	%	2,810		2,858		(1.7	)%	1,061		1,067		(0.6	)%
Birmingham, AL	1,462	4,773		4,719		1.1	%	2,044			1,970		3.8	%	2,729		2,749		(0.7	)%	965		962		0.3	%
Little Rock, AR	1,368	3,870		3,856		0.4	%	1,574			1,531		2.8	%	2,296		2,325		(1.2	)%	875		880		(0.6	)%
Huntsville, AL	1,228	3,576		3,368		6.2	%	1,336			1,361		(1.8	)%	2,240		2,007		11.6	%	834		795		4.9	%
Jackson, MS	1,241	3,580		3,628		(1.3	)%	1,386			1,355		2.3	%	2,194		2,273		(3.5	)%	861		869		(0.9	)%
Other	7,320	24,963		24,402		2.3	%	9,532			8,958		6.4	%	15,431		15,444		(0.1	)%	1,044		1,024		2.0	%
Total Same Store	93,483	$	358,503	$	353,330	1.5	%	$	134,303		$	132,856	1.1	%	$	224,200	$	220,474	1.7	%	$	1,189	$	1,169	1.7	%

Supplemental Data S-5

MULTIFAMILY SAME STORE SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data

	Units	Revenues						Expenses						NOI						Effective Rent per Unit
		Q2 2018		Q1 2018		% Chg		Q2 2018		Q1 2018		% Chg		Q2 2018		Q1 2018		% Chg		Q2 2018		Q1 2018		% Chg
Atlanta, GA	10,664	$	46,511	$	46,504	0.0	%	$	16,328	$	16,004	2.0	%	$	30,183	$	30,500	(1.0	)%	$	1,365	$	1,355	0.7	%
Dallas, TX	9,404	37,628		37,735		(0.3	)%	16,440		16,292		0.9	%	21,188		21,443		(1.2	)%	1,270		1,265		0.4	%
Charlotte, NC	6,149	23,188		23,097		0.4	%	7,136		6,601		8.1	%	16,052		16,496		(2.7	)%	1,173		1,160		1.1	%
Washington, DC	4,080	22,273		22,080		0.9	%	6,741		7,024		(4.0	)%	15,532		15,056		3.2	%	1,726		1,712		0.8	%
Tampa, FL	5,220	22,905		22,868		0.2	%	8,160		7,904		3.2	%	14,745		14,964		(1.5	)%	1,383		1,366		1.2	%
Austin, TX	6,475	24,216		24,166		0.2	%	10,915		10,849		0.6	%	13,301		13,317		(0.1	)%	1,148		1,141		0.6	%
Orlando, FL	4,498	20,112		19,885		1.1	%	7,118		6,996		1.7	%	12,994		12,889		0.8	%	1,403		1,381		1.6	%
Raleigh/Durham, NC	4,397	15,149		15,138		0.1	%	5,101		4,969		2.7	%	10,048		10,169		(1.2	)%	1,047		1,039		0.8	%
Nashville, TN	3,776	14,418		14,362		0.4	%	4,810		4,621		4.1	%	9,608		9,741		(1.4	)%	1,177		1,167		0.9	%
Fort Worth, TX	4,249	15,750		15,737		0.1	%	6,509		6,664		(2.3	)%	9,241		9,073		1.9	%	1,118		1,110		0.7	%
Houston, TX	4,479	16,145		15,970		1.1	%	7,362		7,355		0.1	%	8,783		8,615		2.0	%	1,128		1,107		1.9	%
Jacksonville, FL	3,496	12,046		11,928		1.0	%	4,265		4,008		6.4	%	7,781		7,920		(1.8	)%	1,073		1,059		1.3	%
Charleston, SC	2,726	10,149		10,123		0.3	%	3,690		3,513		5.0	%	6,459		6,610		(2.3	)%	1,131		1,121		0.9	%
Phoenix, AZ	2,301	8,261		8,163		1.2	%	2,495		2,394		4.2	%	5,766		5,769		(0.1	)%	1,107		1,084		2.1	%
Savannah, GA	2,219	7,597		7,533		0.8	%	2,781		2,774		0.3	%	4,816		4,759		1.2	%	1,041		1,024		1.7	%
Richmond, VA	1,668	5,897		5,789		1.9	%	1,947		1,935		0.6	%	3,950		3,854		2.5	%	1,067		1,045		2.1	%
Memphis, TN	1,811	5,539		5,438		1.9	%	2,338		2,320		0.8	%	3,201		3,118		2.7	%	944		924		2.2	%
Greenville, SC	1,748	4,785		4,765		0.4	%	1,933		1,741		11.0	%	2,852		3,024		(5.7	)%	821		808		1.6	%
San Antonio, TX	1,504	5,172		5,158		0.3	%	2,362		2,389		(1.1	)%	2,810		2,769		1.5	%	1,061		1,059		0.2	%
Birmingham, AL	1,462	4,773		4,722		1.1	%	2,044		1,943		5.2	%	2,729		2,779		(1.8	)%	965		956		0.9	%
Little Rock, AR	1,368	3,870		3,879		(0.2	)%	1,574		1,521		3.5	%	2,296		2,358		(2.6	)%	875		873		0.2	%
Huntsville, AL	1,228	3,576		3,490		2.5	%	1,336		1,290		3.6	%	2,240		2,200		1.8	%	834		818		2.0	%
Jackson, MS	1,241	3,580		3,580		0.0	%	1,386		1,385		0.1	%	2,194		2,195		0.0	%	861		861		0.0	%
Other	7,320	24,963		24,737		0.9	%	9,532		9,005		5.9	%	15,431		15,732		(1.9	)%	1,044		1,030		1.4	%
Total Same Store	93,483	$	358,503	$	356,847	0.5	%	$	134,303	$	131,497	2.1	%	$	224,200	$	225,350	(0.5	)%	$	1,189	$	1,177	1.0	%

Supplemental Data S-6

MULTIFAMILY SAME STORE YEAR TO DATE COMPARISONS AS OF JUNE 30, 2018

Dollars in thousands, except unit and per unit data

	Units	Revenues						Expenses						NOI						Effective Rent per Unit
		YTD 2018		YTD 2017		% Chg		YTD 2018		YTD 2017		% Chg		YTD 2018		YTD 2017		% Chg		YTD 2018		YTD 2017		% Chg
Atlanta, GA	10,664	$	93,015	$	92,389	0.7	%	$	32,332	$	32,735	(1.2	)%	$	60,683	$	59,654	1.7	%	$	1,360	$	1,343	1.3	%
Dallas, TX	9,404	75,363		74,940		0.6	%	32,732		32,044		2.1	%	42,631		42,896		(0.6	)%	1,268		1,263		0.4	%
Charlotte, NC	6,149	46,285		45,668		1.4	%	13,737		13,974		(1.7	)%	32,548		31,694		2.7	%	1,166		1,151		1.3	%
Washington, DC	4,080	44,353		43,552		1.8	%	13,765		13,926		(1.2	)%	30,588		29,626		3.2	%	1,719		1,689		1.8	%
Tampa, FL	5,220	45,773		44,883		2.0	%	16,064		15,725		2.2	%	29,709		29,158		1.9	%	1,375		1,349		1.9	%
Austin, TX	6,475	48,382		48,394		0.0	%	21,764		21,703		0.3	%	26,618		26,691		(0.3	)%	1,144		1,148		(0.3	)%
Orlando, FL	4,498	39,997		38,189		4.7	%	14,114		13,543		4.2	%	25,883		24,646		5.0	%	1,392		1,335		4.3	%
Raleigh/Durham, NC	4,397	30,287		29,525		2.6	%	10,070		9,892		1.8	%	20,217		19,633		3.0	%	1,043		1,018		2.5	%
Nashville, TN	3,776	28,780		28,520		0.9	%	9,431		9,562		(1.4	)%	19,349		18,958		2.1	%	1,172		1,159		1.1	%
Fort Worth, TX	4,249	31,487		30,621		2.8	%	13,173		12,789		3.0	%	18,314		17,832		2.7	%	1,114		1,079		3.2	%
Houston, TX	4,479	32,115		32,390		(0.8	)%	14,717		14,904		(1.3	)%	17,398		17,486		(0.5	)%	1,118		1,137		(1.7	)%
Jacksonville, FL	3,496	23,974		23,113		3.7	%	8,273		8,066		2.6	%	15,701		15,047		4.3	%	1,066		1,025		4.0	%
Charleston, SC	2,726	20,272		20,050		1.1	%	7,203		6,777		6.3	%	13,069		13,273		(1.5	)%	1,126		1,120		0.5	%
Phoenix, AZ	2,301	16,424		15,792		4.0	%	4,889		4,882		0.1	%	11,535		10,910		5.7	%	1,096		1,044		5.0	%
Savannah, GA	2,219	15,130		14,843		1.9	%	5,555		5,336		4.1	%	9,575		9,507		0.7	%	1,033		1,009		2.4	%
Richmond, VA	1,668	11,686		11,071		5.6	%	3,882		3,681		5.5	%	7,804		7,390		5.6	%	1,056		1,006		5.0	%
Memphis, TN	1,811	10,977		10,664		2.9	%	4,658		4,543		2.5	%	6,319		6,121		3.2	%	934		906		3.1	%
Greenville, SC	1,748	9,550		9,414		1.4	%	3,674		3,596		2.2	%	5,876		5,818		1.0	%	814		800		1.8	%
San Antonio, TX	1,504	10,330		10,355		(0.2	)%	4,751		4,611		3.0	%	5,579		5,744		(2.9	)%	1,060		1,064		(0.4	)%
Birmingham, AL	1,462	9,495		9,393		1.1	%	3,987		3,936		1.3	%	5,508		5,457		0.9	%	960		955		0.5	%
Little Rock, AR	1,368	7,749		7,721		0.4	%	3,095		2,969		4.2	%	4,654		4,752		(2.1	)%	874		882		(0.9	)%
Huntsville, AL	1,228	7,066		6,704		5.4	%	2,626		2,637		(0.4	)%	4,440		4,067		9.2	%	826		790		4.6	%
Jackson, MS	1,241	7,160		7,220		(0.8	)%	2,771		2,699		2.7	%	4,389		4,521		(2.9	)%	861		868		(0.8	)%
Other	7,320	49,700		48,516		2.4	%	18,537		17,740		4.5	%	31,163		30,776		1.3	%	1,037		1,019		1.8	%
Total Same Store	93,483	$	715,350	$	703,927	1.6	%	$	265,800	$	262,270	1.3	%	$	449,550	$	441,657	1.8	%	$	1,183	$	1,165	1.5	%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE
Dollars in thousands
		Units as of June 30, 2018				Projected			Development Costs
						Initial
					Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total	Delivered	Leased	Date	Date	Date	Date(1)	Cost		Q2 2018		After
1201 Midtown II	Charleston, SC	140	—	2	2Q17	3Q18	4Q18	3Q19	$	29,500	$	21,835	$	7,665
Post Centennial Park	Atlanta, GA	438	272	51	1Q16	2Q18	3Q18	4Q19	96,300		90,953		5,347
Post Parkside at Wade III	Raleigh, NC	150	—	—	2Q18	3Q19	4Q19	1Q20	25,000		2,700		22,300
Post Sierra at Frisco Bridges II	Dallas, TX	348	—	—	2Q18	2Q20	3Q20	3Q21	69,000		7,248		61,752
Total Active		1,076	272	53					$	219,800	$	122,736	$	97,064

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

MULTIFAMILY REDEVELOPMENT PIPELINE
Dollars in thousands, except Per Redeveloped Unit data
Year to date as of June 30, 2018
Units Redeveloped	Redevelopment Spend		Spend Per Redeveloped Unit		Average Effective Rent Increase Per Redeveloped Unit		Average Effective Rent Increase Per Redeveloped Unit		Estimated Units Remaining in Pipeline
4,020	$	22,358	$	5,562	$	121	10.9	%	22,000 - 25,000

MULTIFAMILY LEASE-UP COMMUNITIES
		As of June 30, 2018
		Total	Percent		Construction	Expected
	Location	Units	Occupied		Finished	Stabilization(1)
Acklen West End	Nashville, TN	320	91.6	%	(2)	3Q18
Post South Lamar II	Austin, TX	344	91.6	%	4Q17	3Q18
The Denton II	Kansas City, MO	154	74.7	%	4Q17	4Q18
Post Midtown	Atlanta, GA	332	68.4	%	3Q17	4Q18
Sync 36	Denver, CO	374	73.5	%	(2)	1Q19
Post River North	Denver, CO	359	55.7	%	1Q18	2Q19
Total		1,883	75.7	%

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

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

2018 ACQUISITION ACTIVITY (THROUGH JUNE 30, 2018)

Dollars in thousands

Multifamily Acquisitions	Market	Apartment Units	Year Built	Closing Date	YTD NOI
Sync 36	Denver, CO	374	2018	April 26, 2018	$	729

2018 DISPOSITION ACTIVITY (THROUGH JUNE 30, 2018)

Land Dispositions	Market	Acres	Closing Date
Craft Farms Residential - Outparcel	Gulf Shores, AL	3	January 24, 2018
Randal Park - Outparcel	Orlando, FL	34	February 27, 2018
Colonial Grand at Azure - Outparcel	Las Vegas, NV	29	April 19, 2018

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.

Joint Venture Property	Market	# of units	Ownership Interest
Post Massachusetts Avenue	Washington, D.C.	269	35%

	As of June 30, 2018
Joint Venture Property	Gross Investment in Real Estate			Mortgage Notes Payable			Company's Equity Investment
Post Massachusetts Avenue	$	78,495	(1)	$	50,981	(2)	$	44,770

	Three months ended June 30, 2018				Six months ended June 30, 2018
Joint Venture Property	Entity NOI		Company's Equity in Income		Entity NOI		Company's Equity in Income
Post Massachusetts Avenue	$	1,714	$	356	$	3,553	$	854

⁽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 JUNE 30, 2018

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	$	4,059,210	89.2	%	3.9	%	4.2		%	4.9
Capped debt	25,000		0.6	%	2.5	%	2.5		%	0.1
Floating (unhedged) debt	464,425		10.2	%	2.9	%	2.9		%	0.1
Total	$	4,548,635	100.0	%	3.7	%	4.0		%	4.4
					Effective		Contract			Average Years
			Percent of		Interest		Interest			to Contract
	Balance		Total		Rate		Rate			Maturity
Secured Versus Unsecured Debt
Unsecured debt	$	3,621,824	79.6	%	3.7	%	3.7		%	5.6
Secured debt	926,811		20.4	%	3.9	%	5.4		%	1.3
Total	$	4,548,635	100.0	%	3.7	%	4.0		%	4.7
	Total		Percent of				Q2 2018			Percent of
	Cost		Total				NOI			Total
Unencumbered Versus Encumbered Assets
Unencumbered gross assets	$	11,688,617	84.9	%			$	205,890		85.3	%
Encumbered gross assets	2,074,707		15.1	%			35,453			14.7	%
Total	$	13,763,324	100.0	%			$	241,343		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	$	50,000	$	250,043	$	300,043	3.7	%	$	25,000	$	325,043
2019	572,000		—		572,000		5.9	%	—		572,000
2020	161,086		299,250		460,336		3.2	%	—		460,336
2021	196,383		—		196,383		5.2	%	—		196,383
2022	365,019		—		365,019		3.6	%	—		365,019
Thereafter	2,165,429		—		2,165,429		3.9	%	—		2,165,429
Total	$	3,509,917	$	549,293	$	4,059,210	4.2	%	$	25,000	$	4,084,210	4.9

Supplemental Data S-10

DEBT AND DEBT COVENANTS AS OF JUNE 30, 2018 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES
	Key Bank Unsecured		Public Bonds		Other Unsecured		Secured		Total
2018	$	—	$	—	$	300,043	$	80,000	$	380,043
2019	—		—		19,976		552,024		572,000
2020	110,000		—		149,829		161,086		420,915
2021	—		—		222,193		123,787		345,980
2022	—		248,333		415,936		—		664,269
Thereafter	—		2,123,365		32,149		9,914		2,165,428
Total	$	110,000	$	2,371,698	$	1,140,126	$	926,811	$	4,548,635

DEBT COVENANT ANALYSIS(1)
Bond Covenants	Required	Actual	Compliance
Total debt to total assets	60% or less	33.1%	Yes
Total secured debt to total assets	40% or less	6.7%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	5.20x	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	6.0%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	4.64x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	27.5%	Yes

⁽¹⁾ The calculations of the Bond Covenants and Bank Covenants above are specifically defined in MAALP'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
Earnings per common share - diluted	$1.85 to $2.05
Midpoint	$1.95
FFO per Share - diluted	$5.96 to $6.16
Midpoint	$6.06
AFFO per Share - diluted	$5.35 to $5.55
Midpoint	$5.45
MAA Same Store Communities:
Number of units	93,483
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	$38.0 to $39.0 million
Property management expenses	$49.0 to $50.0 million
Total overhead (Gross of capitalized development overhead)	$87.0 to $89.0 million
Capitalized development overhead	($2.0 million)
Total overhead (Net of capitalized development overhead)	$85.0 to $87.0 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 $100.0 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	$	1.85		$	2.05
Real estate depreciation	4.05			4.05
Amortization other	0.06			0.06
FFO per Share - diluted	5.96			6.16
Recurring capital expenditures	(0.61		)	(0.61		)
AFFO per Share - diluted	$	5.35		$	5.55

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 MAA and MAALP

⁽²⁾  Corporate credit rating assigned to MAALP, the primary operating partnership of MAA

COMMON STOCK
Stock Symbol:	MAA
Exchange Traded:	NYSE
Estimated Future Dates:	Q3 2018		Q4 2018		Q1 2019		Q2 2019
Earnings release & conference call	Late October		Late January		Early May		Late July
Dividend Information - Common Shares:	Q2 2017		Q3 2017		Q4 2017		Q1 2018		Q2 2018
Declaration date	5/23/2017		9/26/2017		12/5/2017		3/13/2018		5/22/2018
Record date	7/14/2017		10/13/2017		1/12/2018		4/13/2018		7/13/2018
Payment date	7/31/2017		10/31/2017		1/31/2018		4/30/2018		7/31/2018
Distributions per share	$	0.8700	$	0.8700	$	0.9225	$	0.9225	$	0.9225

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