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

PORTFOLIO STATISTICS

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

	Same Store	Non-Same Store(1)	Lease-up	Total Completed Communities	Development Units Delivered	Total
Atlanta, GA	10,664	—	770	11,434	—	11,434
Dallas, TX	9,404	362	—	9,766	—	9,766
Austin, TX	6,475	642	—	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	599	—	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	38	3,066
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	5,315	1,657	100,455	38	100,493

⁽¹⁾Non-Same Store total excludes 269 units in a 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 per Unit

	As of September 30, 2018						Average Effective Rent per Unit for the Three Months Ended September 30, 2018		As of September 30, 2018
	Gross Real Assets		Percent to Total of Gross Real Assets		Physical Occupancy				Completed Units	Total Units, Including Development
Atlanta, GA	$	1,768,065	13.3	%	96.5	%	$	1,377	10,664
Dallas, TX	1,361,285		10.2	%	95.8	%	1,263		9,766
Washington, DC	941,767		7.1	%	97.3	%	1,743		4,080
Charlotte, NC	936,477		7.1	%	96.6	%	1,190		6,149
Tampa, FL	854,255		6.4	%	97.6	%	1,407		5,220
Austin, TX	824,323		6.2	%	96.4	%	1,193		7,117
Orlando, FL	812,260		6.1	%	96.7	%	1,416		5,274
Raleigh/Durham, NC	658,469		5.0	%	96.4	%	1,086		5,200
Houston, TX	594,921		4.5	%	97.2	%	1,166		4,867
Nashville, TN	522,065		3.9	%	95.8	%	1,230		4,375
Fort Worth, TX	385,779		2.9	%	96.8	%	1,127		4,249
Phoenix, AZ	370,878		2.8	%	97.6	%	1,138		2,623
Charleston, SC	362,853		2.7	%	96.5	%	1,169		3,028
Jacksonville, FL	289,424		2.2	%	97.5	%	1,096		3,496
Richmond, VA	257,891		1.9	%	97.6	%	1,143		2,004
Savannah, GA	236,194		1.8	%	97.6	%	1,063		2,219
San Antonio, TX	160,195		1.2	%	97.0	%	1,070		1,504
Kansas City, MO-KS	157,138		1.2	%	95.5	%	1,212		956
Birmingham, AL	153,432		1.2	%	97.7	%	986		1,462
Greenville, SC	153,172		1.1	%	97.1	%	877		2,084
Memphis, TN	127,978		1.0	%	95.8	%	969		1,811
All Other Markets by State (individual markets <1% gross real assets)
Florida	$	172,977	1.3	%	97.6	%	$	1,267	1,806
Alabama	154,809		1.2	%	97.3	%	922		1,648
Virginia	150,019		1.1	%	98.1	%	1,250		1,039
Arkansas	117,065		0.9	%	95.5	%	881		1,368
Kentucky	92,200		0.7	%	95.8	%	862		1,308
Mississippi	72,324		0.5	%	96.9	%	870		1,241
Nevada	68,572		0.5	%	97.9	%	976		721
Tennessee	50,531		0.4	%	97.2	%	855		943
South Carolina	36,131		0.3	%	97.4	%	824		576
Subtotal	$	12,843,449	96.7	%	96.7	%	$	1,210	98,798
Denver, CO	$	194,956	1.5	%	76.1	%	$	1,670	733	812
Atlanta, GA	175,850		1.3	%	53.4	%	1,994		770	770
Charleston, SC	25,680		0.2	%	15.7	%	1,624		38	140
Kansas City, MO-KS	25,015		0.2	%	90.9	%	1,147		154	154
Dallas, TX	7,973		0.1	%	0.0	%	—		—	348
Raleigh/Durham, NC	4,591		0.0	%	0.0	%	—		—	150
Lease-up and Development	$	434,065	3.3	%	66.3	%	$	1,768	1,695	2,374
Total Wholly Owned Multifamily Communities	$	13,277,514	100.0	%	96.2	%	$	1,219	100,493	101,172

⁽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 September 30, 2018			Three Months Ended
	Apartment Units	Gross Real Assets		September 30, 2018		September 30, 2017			Percent Change
Operating Revenue
Same Store Communities	93,483	$	11,917,845	$	363,051	$	355,835		2.0	%
Non-Same Store Communities	5,315	925,604		22,936		22,959
Lease up/Development Communities	1,695	434,065		5,517		256
Total Multifamily Portfolio	100,493	$	13,277,514	$	391,504	$	379,050
Commercial Property/Land	—	$	219,628	$	5,604	$	5,500
Total Operating Revenue	100,493	$	13,497,142	$	397,108	$	384,550
Property Operating Expenses
Same Store Communities				$	138,761	$	135,683		2.3	%
Non-Same Store Communities				10,813		10,838
Lease up/Development Communities				2,865		467
Total Multifamily Portfolio				$	152,439	$	146,988
Commercial Property/Land				$	2,301	$	2,191
Total Property Operating Expenses				$	154,740	$	149,179
Net Operating Income
Same Store Communities				$	224,290	$	220,152		1.9	%
Non-Same Store Communities				12,123		12,121
Lease up/Development Communities				2,652		(211		)
Total Multifamily Portfolio				$	239,065	$	232,062
Commercial Property/Land				$	3,303	$	3,309
Total Net Operating Income				$	242,368	$	235,371		3.0	%

COMPONENTS OF SAME STORE PROPERTY OPERATING EXPENSES

Dollars in thousands

	Three Months Ended						Nine Months Ended
	September 30, 2018		September 30, 2017		Percent Increase/(Decrease)		September 30, 2018		September 30, 2017		Percent Increase/(Decrease)
Personnel	$	34,281	$	32,591	5.2	%	$	98,384	$	95,034	3.5	%
Building Repair and Maintenance	15,702		15,876		(1.1	)%	45,699		47,751		(4.3	)%
Utilities	27,888		27,600		1.0	%	79,906		77,268		3.4	%
Marketing	4,862		4,176		16.4	%	12,652		12,155		4.1	%
Office Operations(1)	5,110		7,414		(31.1	)%	16,138		17,837		(9.5	)%
Property Taxes	48,054		45,362		5.9	%	143,623		138,476		3.7	%
Insurance	2,864		2,664		7.5	%	8,159		9,432		(13.5	)%
Total Property Operating Expenses	$	138,761	$	135,683	2.3	%	$	404,561	$	397,953	1.7	%

⁽¹⁾ Includes $0.3 million of operating expenses related to Hurricane Florence for the three months ended September 30, 2018, as compared to $2.2 million of operating expenses related to Hurricanes Harvey and Irma for the three months ended September 30, 2017.

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				Nine Months Ended
				September 30, 2018		September 30, 2017		September 30, 2018		September 30, 2017
Atlanta, GA	10,664	13.5	%	96.0	%	96.3	%	95.9	%	96.1	%
Dallas, TX	9,404	9.4	%	95.2	%	95.4	%	95.3	%	95.3	%
Charlotte, NC	6,149	7.1	%	95.8	%	96.4	%	96.1	%	96.4	%
Washington, DC	4,080	6.8	%	96.5	%	96.1	%	96.6	%	96.6	%
Tampa, FL	5,220	6.6	%	96.3	%	96.0	%	96.3	%	95.9	%
Austin, TX	6,475	5.8	%	95.9	%	95.6	%	95.8	%	95.6	%
Orlando, FL	4,498	5.7	%	96.1	%	96.4	%	96.3	%	96.1	%
Raleigh/Durham, NC	4,397	4.5	%	96.0	%	96.5	%	96.2	%	96.5	%
Nashville, TN	3,776	4.2	%	95.1	%	96.1	%	95.7	%	95.8	%
Houston, TX	4,479	4.1	%	95.7	%	95.9	%	96.2	%	95.5	%
Fort Worth, TX	4,249	4.0	%	96.1	%	95.8	%	95.8	%	95.8	%
Jacksonville, FL	3,496	3.6	%	96.6	%	96.3	%	96.7	%	96.7	%
Charleston, SC	2,726	2.9	%	95.7	%	96.1	%	95.9	%	96.1	%
Phoenix, AZ	2,301	2.6	%	96.6	%	96.5	%	96.5	%	96.9	%
Savannah, GA	2,219	2.2	%	96.7	%	96.4	%	96.7	%	96.6	%
Richmond, VA	1,668	1.8	%	96.5	%	96.8	%	96.8	%	96.5	%
Memphis, TN	1,811	1.4	%	95.2	%	95.9	%	95.9	%	96.1	%
Greenville, SC	1,748	1.3	%	96.2	%	95.8	%	96.4	%	96.2	%
Birmingham, AL	1,462	1.3	%	96.8	%	95.5	%	96.1	%	96.0	%
San Antonio, TX	1,504	1.2	%	96.0	%	96.3	%	95.9	%	96.1	%
Little Rock, AR	1,368	1.0	%	95.4	%	95.5	%	95.6	%	95.5	%
Huntsville, AL	1,228	1.0	%	97.3	%	97.0	%	97.3	%	96.5	%
Jackson, MS	1,241	1.0	%	96.2	%	96.7	%	96.0	%	96.6	%
Other	7,320	7.0	%	96.4	%	96.0	%	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						Average Effective Rent per Unit
		Q3 2018		Q3 2017		% Chg		Q3 2018		Q3 2017		% Chg		Q3 2018		Q3 2017		% Chg		Q3 2018		Q3 2017		% Chg
Atlanta, GA	10,664	$	47,163	$	46,907	0.5	%	$	17,182	$	16,718	2.8	%	$	29,981	$	30,189	(0.7	)%	$	1,377	$	1,358	1.4	%
Dallas, TX	9,404	37,985		37,721		0.7	%	17,097		16,401		4.2	%	20,888		21,320		(2.0	)%	1,272		1,272		0.0	%
Charlotte, NC	6,149	23,344		23,045		1.3	%	7,359		7,030		4.7	%	15,985		16,015		(0.2	)%	1,190		1,167		2.0	%
Washington, DC	4,080	22,452		22,003		2.0	%	7,171		7,206		(0.5	)%	15,281		14,797		3.3	%	1,743		1,711		1.9	%
Tampa, FL	5,220	23,431		22,565		3.8	%	8,614		8,553		0.7	%	14,817		14,012		5.7	%	1,407		1,361		3.4	%
Austin, TX	6,475	24,527		24,303		0.9	%	11,436		11,261		1.6	%	13,091		13,042		0.4	%	1,160		1,154		0.5	%
Orlando, FL	4,498	20,445		19,525		4.7	%	7,594		7,487		1.4	%	12,851		12,038		6.8	%	1,426		1,363		4.6	%
Raleigh/Durham, NC	4,397	15,414		15,107		2.0	%	5,356		5,054		6.0	%	10,058		10,053		0.0	%	1,065		1,040		2.4	%
Nashville, TN	3,776	14,444		14,457		(0.1	)%	4,947		4,411		12.2	%	9,497		10,046		(5.5	)%	1,187		1,172		1.3	%
Houston, TX	4,479	16,425		15,844		3.7	%	7,296		7,156		2.0	%	9,129		8,688		5.1	%	1,146		1,107		3.5	%
Fort Worth, TX	4,249	15,891		15,645		1.6	%	6,911		6,524		5.9	%	8,980		9,121		(1.5	)%	1,127		1,109		1.6	%
Jacksonville, FL	3,496	12,215		11,641		4.9	%	4,180		4,405		(5.1	)%	8,035		7,236		11.0	%	1,096		1,043		5.1	%
Charleston, SC	2,726	10,188		10,251		(0.6	)%	3,679		3,823		(3.8	)%	6,509		6,428		1.3	%	1,140		1,140		0.0	%
Phoenix, AZ	2,301	8,478		8,052		5.3	%	2,620		2,607		0.5	%	5,858		5,445		7.6	%	1,126		1,069		5.3	%
Savannah, GA	2,219	7,777		7,518		3.4	%	2,872		2,942		(2.4	)%	4,905		4,576		7.2	%	1,063		1,032		3.0	%
Richmond, VA	1,668	6,104		5,742		6.3	%	1,980		1,883		5.2	%	4,124		3,859		6.9	%	1,087		1,034		5.1	%
Memphis, TN	1,811	5,567		5,416		2.8	%	2,402		2,392		0.4	%	3,165		3,024		4.7	%	969		924		4.9	%
Greenville, SC	1,748	4,847		4,716		2.8	%	1,847		1,816		1.7	%	3,000		2,900		3.4	%	836		809		3.3	%
Birmingham, AL	1,462	4,824		4,725		2.1	%	1,952		2,006		(2.7	)%	2,872		2,719		5.6	%	986		972		1.4	%
San Antonio, TX	1,504	5,218		5,249		(0.6	)%	2,465		2,399		2.8	%	2,753		2,850		(3.4	)%	1,070		1,069		0.1	%
Little Rock, AR	1,368	3,871		3,869		0.1	%	1,557		1,508		3.2	%	2,314		2,361		(2.0	)%	881		879		0.2	%
Huntsville, AL	1,228	3,639		3,427		6.2	%	1,336		1,354		(1.3	)%	2,303		2,073		11.1	%	864		810		6.7	%
Jackson, MS	1,241	3,572		3,616		(1.2	)%	1,363		1,312		3.9	%	2,209		2,304		(4.1	)%	870		873		(0.3	)%
Other	7,320	25,230		24,491		3.0	%	9,545		9,435		1.2	%	15,685		15,056		4.2	%	1,060		1,035		2.4	%
Total Same Store	93,483	$	363,051	$	355,835	2.0	%	$	138,761	$	135,683	2.3	%	$	224,290	$	220,152	1.9	%	$	1,204	$	1,179	2.1	%

Supplemental Data S-5

MULTIFAMILY SAME STORE SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data

	Units	Revenues						Expenses						NOI						Average Effective Rent per Unit
		Q3 2018		Q2 2018		% Chg		Q3 2018		Q2 2018		% Chg		Q3 2018		Q2 2018		% Chg		Q3 2018		Q2 2018		% Chg
Atlanta, GA	10,664	$	47,163	$	46,511	1.4	%	$	17,182	$	16,328	5.2	%	$	29,981	$	30,183	(0.7	)%	$	1,377	$	1,365	0.9	%
Dallas, TX	9,404	37,985		37,628		0.9	%	17,097		16,440		4.0	%	20,888		21,188		(1.4	)%	1,272		1,270		0.2	%
Charlotte, NC	6,149	23,344		23,188		0.7	%	7,359		7,136		3.1	%	15,985		16,052		(0.4	)%	1,190		1,172		1.5	%
Washington, DC	4,080	22,452		22,273		0.8	%	7,171		6,741		6.4	%	15,281		15,532		(1.6	)%	1,743		1,726		1.0	%
Tampa, FL	5,220	23,431		22,905		2.3	%	8,614		8,160		5.6	%	14,817		14,745		0.5	%	1,407		1,383		1.7	%
Austin, TX	6,475	24,527		24,216		1.3	%	11,436		10,915		4.8	%	13,091		13,301		(1.6	)%	1,160		1,148		1.0	%
Orlando, FL	4,498	20,445		20,112		1.7	%	7,594		7,118		6.7	%	12,851		12,994		(1.1	)%	1,426		1,403		1.6	%
Raleigh/Durham, NC	4,397	15,414		15,149		1.7	%	5,356		5,101		5.0	%	10,058		10,048		0.1	%	1,065		1,047		1.7	%
Nashville, TN	3,776	14,444		14,418		0.2	%	4,947		4,810		2.8	%	9,497		9,608		(1.2	)%	1,187		1,177		0.8	%
Houston, TX	4,479	16,425		16,145		1.7	%	7,296		7,362		(0.9	)%	9,129		8,783		3.9	%	1,146		1,128		1.6	%
Fort Worth, TX	4,249	15,891		15,750		0.9	%	6,911		6,509		6.2	%	8,980		9,241		(2.8	)%	1,127		1,118		0.8	%
Jacksonville, FL	3,496	12,215		12,046		1.4	%	4,180		4,265		(2.0	)%	8,035		7,781		3.3	%	1,096		1,073		2.1	%
Charleston, SC	2,726	10,188		10,149		0.4	%	3,679		3,690		(0.3	)%	6,509		6,459		0.8	%	1,140		1,131		0.8	%
Phoenix, AZ	2,301	8,478		8,261		2.6	%	2,620		2,495		5.0	%	5,858		5,766		1.6	%	1,126		1,107		1.7	%
Savannah, GA	2,219	7,777		7,597		2.4	%	2,872		2,781		3.3	%	4,905		4,816		1.8	%	1,063		1,041		2.1	%
Richmond, VA	1,668	6,104		5,897		3.5	%	1,980		1,947		1.7	%	4,124		3,950		4.4	%	1,087		1,067		1.9	%
Memphis, TN	1,811	5,567		5,539		0.5	%	2,402		2,338		2.7	%	3,165		3,201		(1.1	)%	969		944		2.6	%
Greenville, SC	1,748	4,847		4,785		1.3	%	1,847		1,933		(4.4	)%	3,000		2,852		5.2	%	836		821		1.8	%
Birmingham, AL	1,462	4,824		4,773		1.1	%	1,952		2,044		(4.5	)%	2,872		2,729		5.2	%	986		965		2.2	%
San Antonio, TX	1,504	5,218		5,172		0.9	%	2,465		2,362		4.4	%	2,753		2,810		(2.0	)%	1,070		1,061		0.8	%
Little Rock, AR	1,368	3,871		3,870		0.0	%	1,557		1,574		(1.1	)%	2,314		2,296		0.8	%	881		875		0.7	%
Huntsville, AL	1,228	3,639		3,576		1.8	%	1,336		1,336		0.0	%	2,303		2,240		2.8	%	864		834		3.6	%
Jackson, MS	1,241	3,572		3,580		(0.2	)%	1,363		1,386		(1.7	)%	2,209		2,194		0.7	%	870		861		1.0	%
Other	7,320	25,230		24,963		1.1	%	9,545		9,532		0.1	%	15,685		15,431		1.6	%	1,060		1,044		1.5	%
Total Same Store	93,483	$	363,051	$	358,503	1.3	%	$	138,761	$	134,303	3.3	%	$	224,290	$	224,200	0.0	%	$	1,204	$	1,189	1.3	%

Supplemental Data S-6

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

Dollars in thousands, except unit and per unit data

	Units	Revenues						Expenses						NOI						Average 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	$	140,178	$	139,295	0.6	%	$	49,514	$	49,453	0.1	%	$	90,664	$	89,842	0.9	%	$	1,366	$	1,348	1.3	%
Dallas, TX	9,404	113,348		112,661		0.6	%	49,829		48,446		2.9	%	63,519		64,215		(1.1	)%	1,269		1,266		0.2	%
Charlotte, NC	6,149	69,629		68,713		1.3	%	21,096		21,004		0.4	%	48,533		47,709		1.7	%	1,174		1,157		1.5	%
Washington, DC	4,080	66,805		65,555		1.9	%	20,933		21,135		(1.0	)%	45,872		44,420		3.3	%	1,727		1,696		1.8	%
Tampa, FL	5,220	69,204		67,447		2.6	%	24,678		24,279		1.6	%	44,526		43,168		3.1	%	1,386		1,353		2.4	%
Austin, TX	6,475	72,909		72,697		0.3	%	33,200		32,963		0.7	%	39,709		39,734		(0.1	)%	1,149		1,150		(0.1	)%
Orlando, FL	4,498	60,442		57,714		4.7	%	21,708		21,029		3.2	%	38,734		36,685		5.6	%	1,403		1,344		4.4	%
Raleigh/Durham, NC	4,397	45,701		44,632		2.4	%	15,426		14,945		3.2	%	30,275		29,687		2.0	%	1,051		1,025		2.5	%
Nashville, TN	3,776	43,224		42,977		0.6	%	14,378		13,973		2.9	%	28,846		29,004		(0.5	)%	1,177		1,163		1.2	%
Houston, TX	4,479	48,540		48,234		0.6	%	22,013		22,059		(0.2	)%	26,527		26,175		1.3	%	1,127		1,127		0.0	%
Fort Worth, TX	4,249	47,378		46,265		2.4	%	20,084		19,313		4.0	%	27,294		26,952		1.3	%	1,118		1,089		2.7	%
Jacksonville, FL	3,496	36,189		34,755		4.1	%	12,453		12,471		(0.1	)%	23,736		22,284		6.5	%	1,076		1,031		4.4	%
Charleston, SC	2,726	30,460		30,301		0.5	%	10,882		10,600		2.7	%	19,578		19,701		(0.6	)%	1,131		1,126		0.4	%
Phoenix, AZ	2,301	24,902		23,844		4.4	%	7,509		7,489		0.3	%	17,393		16,355		6.3	%	1,106		1,052		5.1	%
Savannah, GA	2,219	22,907		22,361		2.4	%	8,427		8,278		1.8	%	14,480		14,083		2.8	%	1,043		1,017		2.6	%
Richmond, VA	1,668	17,790		16,813		5.8	%	5,862		5,564		5.4	%	11,928		11,249		6.0	%	1,066		1,015		5.0	%
Memphis, TN	1,811	16,544		16,079		2.9	%	7,060		6,936		1.8	%	9,484		9,143		3.7	%	946		912		3.7	%
Greenville, SC	1,748	14,397		14,130		1.9	%	5,521		5,412		2.0	%	8,876		8,718		1.8	%	821		803		2.2	%
Birmingham, AL	1,462	14,319		14,118		1.4	%	5,939		5,942		(0.1	)%	8,380		8,176		2.5	%	969		961		0.8	%
San Antonio, TX	1,504	15,548		15,605		(0.4	)%	7,216		7,009		3.0	%	8,332		8,596		(3.1	)%	1,064		1,066		(0.2	)%
Little Rock, AR	1,368	11,620		11,589		0.3	%	4,652		4,477		3.9	%	6,968		7,112		(2.0	)%	876		881		(0.6	)%
Huntsville, AL	1,228	10,705		10,131		5.7	%	3,962		3,992		(0.8	)%	6,743		6,139		9.8	%	839		796		5.4	%
Jackson, MS	1,241	10,732		10,836		(1.0	)%	4,134		4,011		3.1	%	6,598		6,825		(3.3	)%	864		870		(0.7	)%
Other	7,320	74,930		73,010		2.6	%	28,085		27,173		3.4	%	46,845		45,837		2.2	%	1,045		1,024		2.1	%
Total Same Store	93,483	$	1,078,401	$	1,059,762	1.8	%	$	404,561	$	397,953	1.7	%	$	673,840	$	661,809	1.8	%	$	1,190	$	1,169	1.8	%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE
Dollars in thousands
		Units as of September 30, 2018					Projected			Development Costs
							Initial
						Start	Occupancy	Completion	Stabilization	Total		Thru
	Location		Total	Delivered	Leased	Date	Date	Date	Date(1)	Cost		Q3 2018		After
1201 Midtown II	Charleston, SC		140	38	15	2Q17	3Q18	4Q18	3Q19	$	29,500	$	25,680	$	3,820
Post Parkside at Wade III	Raleigh, NC		150	—	—	2Q18	3Q19	4Q19	1Q20	25,000		4,591		20,409
Post Sierra at Frisco Bridges II	Dallas, TX		348	—	—	2Q18	2Q20	3Q20	3Q21	69,000		7,973		61,027
Sync 36 II	Denver, CO		79	—	—	3Q18	4Q19	4Q19	1Q20	24,500		7,487		17,013
Total Active			717	38	15					$	148,000	$	45,731	$	102,269

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

MULTIFAMILY REDEVELOPMENT PIPELINE
Dollars in thousands, except per unit data
Year to date as of September 30, 2018
Units Redeveloped	Redevelopment Spend	Spend per Unit	Average Effective Rent Increase per Unit	Average Effective Rent Increase per Unit	Estimated Units Remaining in Pipeline
6,549	$37,530	$5,731	$119	10.6%	19,000 - 22,000

MULTIFAMILY LEASE-UP COMMUNITIES
		As of September 30, 2018
		Total	Percent	Construction	Expected
	Location	Units	Occupied	Finished	Stabilization(1)
The Denton II	Kansas City, MO	154	90.9%	4Q17	4Q18
Post Midtown	Atlanta, GA	332	91.0%	3Q17	4Q18
Sync 36 I	Denver, CO	374	79.7%	(2)	1Q19
Post River North	Denver, CO	359	72.4%	1Q18	2Q19
Post Centennial Park	Atlanta, GA	438	24.9%	3Q18	4Q19
Total		1,657	66.9%

⁽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.

2018 ACQUISITION ACTIVITY (THROUGH SEPTEMBER 30, 2018)

Dollars in thousands

Multifamily Acquisition	Market	Apartment Units	Year Built	Closing Date	YTD NOI
Sync 36	Denver, CO	374	2018	April 26, 2018	$	1,791

Commercial Acquisition	Market	Square Feet	Year Built	Closing Date	YTD NOI
Hue Retail	Raleigh, NC	7,500	2009	August 1, 2018	$	33

2018 DISPOSITION ACTIVITY (THROUGH SEPTEMBER 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
Spring Hill - Outparcel	Atlanta, GA	7	July 2, 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 September 30, 2018
Joint Venture Property	Gross Investment in Real Estate			Mortgage Notes Payable			Company's Equity Investment
Post Massachusetts Avenue	$	78,620	(1)	$	50,990	(2)	$	44,619

	Three months ended September 30, 2018				Nine months ended September 30, 2018
Joint Venture Property	Entity NOI		Company's Equity in Income		Entity NOI		Company's Equity in Income
Post Massachusetts Avenue	$	1,775	$	402	$	5,328	$	1,256

⁽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 SEPTEMBER 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	$	3,754,533	83.4	%	3.9	%	4.2		%	5.1
Capped debt	25,000		0.5	%	2.7	%	2.7		%	0.1
Floating (unhedged) debt	724,490		16.1	%	3.0	%	3.0		%	0.1
Total	$	4,504,023	100.0	%	3.7	%	4.0		%	4.2
					Effective		Contract			Average Years
			Percent of		Interest		Interest			to Contract
	Balance		Total		Rate		Rate			Maturity
Secured Versus Unsecured Debt
Unsecured debt	$	3,582,624	79.5	%	3.7	%	3.6		%	5.6
Secured debt	921,399		20.5	%	3.9	%	5.4		%	1.0
Total	$	4,504,023	100.0	%	3.7	%	4.0		%	4.6
	Total		Percent of				Q3 2018			Percent of
	Cost		Total				NOI			Total
Unencumbered Versus Encumbered Assets
Unencumbered gross assets	$	11,762,533	84.9	%			$	206,778		85.3	%
Encumbered gross assets	2,095,872		15.1	%			35,590			14.7	%
Total	$	13,858,405	100.0	%			$	242,368		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	$	—	$	—	$	—	—	%	$	25,000	$	25,000
2019	568,336		—		568,336		5.9	%	—		568,336
2020	160,108		299,302		459,410		3.2	%	—		459,410
2021	195,924		—		195,924		5.2	%	—		195,924
2022	365,131		—		365,131		3.6	%	—		365,131
Thereafter	2,165,732		—		2,165,732		3.9	%	—		2,165,732
Total	$	3,455,231	$	299,302	$	3,754,533	4.2	%	$	25,000	$	3,779,533	5.0

Supplemental Data S-10

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

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES
	Key Bank Unsecured		Public Bonds		Other Unsecured		Secured		Total
2018	$	—	$	—	$	—	$	80,000	$	80,000
2019	—		—		19,980		548,356		568,336
2020	370,000		—		149,856		160,107		679,963
2021	—		—		222,243		123,316		345,559
2022	—		248,427		416,006		—		664,433
Thereafter	—		2,123,959		32,153		9,620		2,165,732
Total	$	370,000	$	2,372,386	$	840,238	$	921,399	$	4,504,023

DEBT COVENANT ANALYSIS(1)
Bond Covenants	Required	Actual	Compliance
Total debt to total assets	60% or less	32.5%	Yes
Total secured debt to total assets	40% or less	6.6%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	5.13x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	328%	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	6.0%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	4.57x	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 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	$1.87 to $1.99
Midpoint	$1.93
FFO per Share - diluted	$5.99 to $6.11
Midpoint	$6.05
AFFO per Share - diluted	$5.38 to $5.50
Midpoint	$5.44
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	2.00% to 2.50%
NOI growth	1.75% to 2.25%
Real estate tax expense growth	4.00% to 5.00%
Corporate Expenses:
General and administrative expenses	$35.0 to $36.0 million
Property management expenses	$48.0 to $49.0 million
Total overhead (Gross of capitalized development overhead)	$83.0 to $85.0 million
Capitalized development overhead	($2.0 million)
Total overhead (Net of capitalized development overhead)	$81.0 to $83.0 million
Income tax expense	$2.25 to $2.75 million
Transaction/Investment Volume:
Multifamily acquisition volume	$104.5 million
Multifamily 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	$8.5 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	$	1.87		$	1.99
Real estate depreciation	4.07			4.07
Amortization other	0.05			0.05
FFO per Share - diluted	5.99			6.11
Recurring capital expenditures	(0.61		)	(0.61		)
AFFO per Share - diluted	$	5.38		$	5.50

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:	Q4 2018		Q1 2019		Q2 2019		Q3 2019
Earnings release & conference call	Late January		Early May		Late July		Late October
Dividend Information - Common Shares:	Q3 2017		Q4 2017		Q1 2018		Q2 2018		Q3 2018
Declaration date	9/26/2017		12/5/2017		3/13/2018		5/22/2018		9/25/2018
Record date	10/13/2017		1/12/2018		4/13/2018		7/13/2018		10/15/2018
Payment date	10/31/2017		1/31/2018		4/30/2018		7/31/2018		10/31/2018
Distributions per share	$	0.8700	$	0.9225	$	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