Mid-America Apartment Communities (MAA) 8-K Mid-america Announces Fourth Quarter and Calendar Year 2005 Results

COMMUNITY STATISTICS Dollars in thousands except Average Rental Rate
	As of  December 31, 2005
					Percent to						Average
			Gross		Total of			Physical			Rental
	Units		Real Assets		Gross Assets			Occupancy			Rate
Atlanta		2,693	$	169,395		8.4	%		94.3	%	$	728.23
Dallas		3,794	$	215,747		10.7	%		93.5	%	$	734.83
Houston		1,584	$	82,053		4.1	%		94.9	%	$	764.75
Tampa		1,120	$	65,807		3.3	%		97.1	%	$	811.32
South Florida		480	$	51,627		2.5	%		99.6	%	$	1,077.05
Large Tier Markets		9,671	$	584,629		29.0	%		94.7	%	$	763.74
Austin		1,464	$	72,309		3.6	%		95.6	%	$	697.51
Greenville		1,492	$	61,845		3.1	%	��	96.6	%	$	552.87
Jacksonville		3,347	$	173,990		8.6	%		96.0	%	$	775.03
Memphis		4,405	$	210,666		10.5	%		91.5	%	$	654.63
Nashville		1,855	$	120,128		6.0	%		95.1	%	$	721.77
All other middle		2,704	$	129,496		6.4	%		94.0	%	$	645.32
Middle Tier Markets		15,267	$	768,434		38.2	%		94.3	%	$	681.70
Augusta/Aiken		912	$	38,288		1.9	%		93.6	%	$	632.01
Chattanooga		943	$	36,641		1.8	%		96.1	%	$	580.16
Columbia		576	$	29,992		1.5	%		94.1	%	$	677.13
Columbus		1,293	$	62,261		3.1	%		91.8	%	$	697.12
Huntsville		544	$	27,349		1.4	%		93.2	%	$	622.18
Jackson, MS		1,577	$	68,333		3.4	%		96.4	%	$	637.52
Jackson, TN		664	$	32,511		1.6	%		97.7	%	$	608.14
Lexington		924	$	58,395		2.9	%		91.5	%	$	704.56
Little Rock		808	$	38,553		1.9	%		94.8	%	$	639.64
Macon/Warner Robins		904	$	49,923		2.5	%		94.6	%	$	672.99
Southeast Georgia		566	$	26,291		1.3	%		95.4	%	$	623.83
All other small		3,578	$	192,481		9.5	%		96.5	%	$	738.46
Small Tier Markets		13,289	$	661,018		32.8	%		95.0	%	$	672.29
Total Portfolio
(including JV properties)		38,227	$	2,014,081		100.0	%		94.6	%	$	699.18
NUMBER OF APARTMENT UNITS
		2005										2004
		December 31		September 30		June 30			March 31			December 31
100% Owned Properties		37,705		37,705		36,843			37,275			36,618
Properties in Joint Ventures		522		522		522			1,286			1,286
Total Portfolio		38,227		38,227		37,365			38,561			37,904

SAME STORE Dollars in thousands except Average Rental Rate
Revenues by market are presented before the impact of the adjustment to straight-line concessions. A reconciliation to total revenue is provided below.
CURRENT PERIOD ACTUALS
As of December 31, 2005 unless otherwise noted
			Three Months Ended											Quarterly			Average		Twelve
			December 31, 2005								Physical			Economic			Rental		Month
	Units		Revenue			Expense		NOI			Occupancy			Occupancy (1)			Rate		Turn Rate
Atlanta		2,036	$	4,256		$	1,861	$	2,395			94.5	%		87.9	%	$	717.10		61.3	%
Dallas		2,794	$	5,048		$	2,582	$	2,466			94.1	%		80.6	%	$	675.20		54.1	%
Houston		1,310	$	2,593		$	1,354	$	1,239			95.1	%		81.0	%	$	740.43		66.9	%
Tampa		1,120	$	2,863		$	1,042	$	1,821			97.1	%		95.0	%	$	811.32		52.9	%
Large Tier Markets		7,260	$	14,760		$	6,839	$	7,921			94.9	%		85.3	%	$	719.72		58.3	%
Austin		1,254	$	2,348		$	1,230	$	1,118			95.7	%		87.1	%	$	648.25		56.8	%
Greenville		1,492	$	2,455		$	1,077	$	1,378			96.6	%		90.2	%	$	552.87		63.5	%
Jacksonville		3,347	$	7,993		$	2,735	$	5,258			96.0	%		94.8	%	$	775.03		65.3	%
Memphis		4,405	$	8,009		$	3,684	$	4,325			91.5	%		85.7	%	$	654.63		58.0	%
Nashville		1,855	$	4,113		$	1,591	$	2,522			95.1	%		92.2	%	$	721.77		59.8	%
All other middle		2,320	$	4,361		$	1,777	$	2,584			94.0	%		87.1	%	$	651.30		60.0	%
Middle Tier Markets		14,673	$	29,279		$	12,094	$	17,185			94.3	%		89.7	%	$	679.16		60.7	%
Augusta/Aiken		912	$	1,698		$	671	$	1,027			93.6	%		88.4	%	$	632.01		68.6	%
Chattanooga		943	$	1,668		$	684	$	984			96.1	%		93.6	%	$	580.16		52.0	%
Columbia		576	$	1,114		$	516	$	598			94.1	%		85.4	%	$	677.13		64.1	%
Columbus		1,293	$	2,595		$	1,176	$	1,419			91.8	%		88.6	%	$	697.12		99.6	%
Huntsville		544	$	946		$	382	$	564			93.2	%		84.1	%	$	622.18		55.9	%
Jackson, TN		664	$	1,158		$	544	$	614			97.7	%		90.6	%	$	608.14		63.1	%
Jackson, MS		1,577	$	3,203		$	1,062	$	2,141			96.4	%		96.4	%	$	637.52		58.6	%
Lexington		924	$	1,756		$	702	$	1,054			91.5	%		83.5	%	$	704.56		58.1	%
Little Rock		808	$	1,580		$	536	$	1,044			94.8	%		93.7	%	$	639.64		56.6	%
Macon/Warner Robins		904	$	1,839		$	735	$	1,104			94.6	%		91.6	%	$	672.99		59.0	%
All other small		4,144	$	9,235		$	3,238	$	5,997			96.3	%		94.0	%	$	722.81		62.5	%
Small Tier Markets		13,289	$	26,792		$	10,246	$	16,546			95.0	%		91.5	%	$	672.29		64.4	%
Operating Same Store		35,222	$	70,831		$	29,179	$	41,652			94.7	%		89.4	%	$	684.93		61.6	%
Concession Straight-line Adjustment (2)			$	1,232	(3)			$	1,232	(3)
Total Same Store			$	72,063				$	42,884
(1) Economic Occupancy represents Net Potential Rent less Delinquencies, Vacancies and Cash Concessions divided by Net Potential Rent.
(2) Represents the aggregate adjustment necessary to record cash concessions on a straight-line basis.
(3) Consists of $1.33 million of revenue associated with prior year leasing concessions, less $97,000 to straight-line current period activity.

PERCENT CHANGE FROM THREE MONTHS ENDED SEPTEMBER 30, 2005 (PRIOR QUARTER ) AND DECEMBER 31, 2004 (PRIOR YEAR)
	Revenue				Expense				NOI				Physical Occupancy				Average Rental Rate
	Prior		Prior		Prior		Prior		Prior		Prior		Prior		Prior		Prior		Prior
	Quarter		Year		Quarter		Year		Quarter		Year		Quarter		Year		Quarter		Year
Atlanta	5.5	%	2.2	%	-3.7	%	10.9	%	13.9	%	-3.7	%	-1.7	%	-0.3	%	-0.1	%	-2.2	%
Dallas	7.5	%	6.2	%	-4.1	%	-3.4	%	23.1	%	18.6	%	-0.6	%	4.5	%	0.1	%	1.3	%
Houston	6.6	%	11.0	%	0.1	%	3.8	%	14.6	%	20.3	%	-0.9	%	3.3	%	-0.1	%	1.7	%
Tampa	1.7	%	11.7	%	-5.4	%	-6.7	%	6.3	%	26.0	%	0.2	%	1.4	%	0.6	%	2.2	%
Large Tier Markets	5.6	%	6.8	%	-3.4	%	1.0	%	14.8	%	12.5	%	-0.9	%	2.5	%	0.1	%	0.5	%
Austin	8.0	%	11.3	%	-2.0	%	6.3	%	21.7	%	17.4	%	2.7	%	1.9	%	0.5	%	2.6	%
Greenville	3.0	%	4.6	%	-1.7	%	6.2	%	7.0	%	3.3	%	-0.7	%	1.9	%	1.1	%	2.4	%
Jacksonville	1.7	%	8.5	%	-2.5	%	6.3	%	3.9	%	9.7	%	-1.7	%	2.7	%	0.7	%	2.0	%
Memphis	2.4	%	2.7	%	1.4	%	4.2	%	3.3	%	1.5	%	-2.3	%	-2.2	%	0.7	%	2.9	%
Nashville	1.2	%	5.4	%	-5.6	%	1.8	%	6.0	%	7.8	%	-3.2	%	-0.9	%	0.7	%	1.9	%
All other middle	3.3	%	7.0	%	-3.4	%	13.9	%	8.4	%	2.7	%	-1.7	%	-1.0	%	0.6	%	1.8	%
Middle Tier Markets	2.6	%	6.1	%	-1.8	%	6.1	%	6.0	%	6.1	%	-1.6	%	0.0	%	0.7	%	2.3	%
Augusta/Aiken	2.6	%	5.8	%	-0.4	%	6.3	%	4.7	%	5.4	%	-4.1	%	-0.4	%	1.0	%	4.3	%
Chattanooga	5.8	%	8.5	%	-6.2	%	0.3	%	16.0	%	15.0	%	-2.1	%	2.3	%	1.0	%	1.7	%
Columbia	-2.3	%	10.4	%	-1.1	%	0.8	%	-3.2	%	20.3	%	-1.9	%	1.4	%	0.5	%	3.3	%
Columbus	-1.6	%	1.2	%	12.2	%	8.2	%	-10.6	%	-4.0	%	-4.2	%	-1.9	%	0.5	%	1.7	%
Huntsville	-0.3	%	7.3	%	-3.0	%	-3.0	%	1.6	%	15.6	%	-1.1	%	8.1	%	0.0	%	-0.8	%
Jackson, TN	0.8	%	6.6	%	-5.1	%	2.8	%	6.6	%	10.2	%	1.1	%	3.9	%	1.0	%	2.4	%
Jackson, MS	8.0	%	9.5	%	-7.6	%	-1.6	%	17.9	%	16.0	%	-2.0	%	0.7	%	0.6	%	2.6	%
Lexington	-0.6	%	1.4	%	5.6	%	10.9	%	-4.3	%	-4.1	%	-1.6	%	-0.3	%	0.8	%	1.8	%
Little Rock	0.3	%	3.9	%	-3.8	%	2.5	%	2.6	%	4.6	%	-2.5	%	1.7	%	0.5	%	0.9	%
Macon/Warner Robbins	-1.3	%	2.1	%	2.4	%	3.8	%	-3.7	%	1.0	%	-2.1	%	-2.4	%	-1.2	%	0.3	%
All other small	2.2	%	7.7	%	-2.8	%	1.6	%	5.1	%	11.2	%	-0.9	%	2.2	%	0.8	%	1.7	%
Small Tier Markets	1.8	%	6.1	%	-1.1	%	2.8	%	3.7	%	8.3	%	-1.8	%	1.2	%	0.6	%	1.8	%
Operating Same Store	2.9	%	6.3	%	-1.9	%	3.7	%	6.6	%	8.1	%	-1.5	%	1.0	%	0.5	%	1.7	%
Including concession straight-line adjustment:
Total Same Store	4.0	%	8.3	%					8.5	%	11.7	%

SAME STORE(Dollars in thousands)
	Three Months Ended December 31,							Percent
	2005				2004			Change
Revenues
Operating	$	70,831			$	66,655			6.3	%
Straight-line adjustment (1)		1,232		(2)		(121	)
Total Same Store	$	72,063			$	66,534			8.3	%
Expense	$	29,179			$	28,139			3.7	%
NOI
Operating	$	41,652			$	38,516			8.1	%
Straight-line adjustment (1)		1,232		(2)		(121	)
Total Same Store	$	42,884			$	38,395			11.7	%
(1) Represents the aggregate adjustment necessary to record cash concessions on a straight-line basis.
(2) Consists of $1.33 million of revenue associated with prior year leasing concessions, less $97,000 to straight-line current period activity.
OPERATING RESULTS(Dollars and shares in thousands except per share data)
		Three Months Ended
		December 31, 2005				Trailing 4 Quarters
Net income	$	3,610			$	19,744
Depreciation		19,421				75,050
Interest expense		15,214				58,751
Loss on debt extinguishment		327				409
Amortization of deferred financing costs		600				2,011
Net (gain) loss on insurance and other
settlement proceeds		116				(749	)
Gain on sale of non-depreciable assets		-				(334	)
Gain on dispositions within unconsolidated entities		-				(3,034	)
Net loss on insurance and other settlement
proceeds of discontinued operations		-				25
EBITDA	$	39,288			$	151,873
		Three Months Ended December 31,
		2005				2004
EBITDA/Debt Service		2.49x				2.39x
Fixed Charge Coverage (1)		2.10x				1.95x
Total Debt as % of Gross Real Estate Assets		57	%			58	%
(1) Fixed charge coverage represents EBITDA divided by interest expense and preferred dividends.
OTHER DATA
		Three Months Ended December 31,							Twelve Months Ended December 31,
		2005				2004			2005			2004
PER SHARE DATA
Dividend declared per common share	$	0.595			$	0.585		$	2.350		$	2.340
DIVIDEND INFORMATION (latest declaration)
		Payment				Payment			Record
		per share				Date			Date
Common Dividend - quarterly	$	0.5950				1/31/2006			1/20/2006
Preferred Series F - monthly	$	0.1927				2/15/2006			2/1/2006
Preferred Series H - quarterly	$	0.51875				12/23/2005			12/13/2005

DEBT AS OF DECEMBER 31, 2005
Dollars in thousands
				Average Years
		Principal		to Contract			Average
		Balance		Maturity			Rate
Conventional - Fixed Rate or Swapped (1)		$	847,355		5.3			5.7	%
Tax-free - Fixed Rate or Swapped (1)			87,015		7.5			4.5	%
Preferred Series G - Called May 26, 2006			10,000		0.4			8.6	%
Conventional - Variable Rate			162,246		6.5			4.8	%
Tax-free - Variable Rate			10,855		14.4			4.0	%
Conventional - Variable Rate - Capped (2)			11,720		3.2			4.9	%
Tax-free - Variable Rate - Capped (2)			10,855		2.3			3.9	%
Total Debt Outstanding		$	1,140,046		5.7			5.4	%
Forward Swaps (3)		$	25,000		7.1			5.3	%
(1) Maturities on existing swapped balances are calculated using the life of the underlying variable debt.
(2) As the capped rate of 6.0% has not been reached, the average rate represents the rate on the underlying variable debt.
(3) Represents swaps on existing debt outstanding which have not gone into effect yet.
FIXED RATE MATURITIES
Includes forward swaps
			Balance		Rate
	2006	$	59,518		7.2	%
	2007		92,800		5.9	%
	2008		189,386		6.1	%
	2009		100,230		6.5	%
	2010		98,365		5.0	%
	2011		133,000		5.3	%
	2012		125,000		5.2	%
	2013		100,000		5.2	%
	Thereafter		71,071		6.2	%
	Total	$	969,370		5.8	%