Mid-America Apartment Communities (MAA) 8-K Mid-america Reports Record Fourth Quarter Ffo Results

COMMUNITY STATISTICS Dollars in thousands except Average Rental Rate
	As of December 31, 2006
					Percent to						Average
			Gross		Total of			Physical			Rental
	Units		Real Assets		Gross Assets			Occupancy			Rate
Atlanta		2,693	$	169,961		7.6	%		95.6	%	$	751.31
Dallas		4,184	$	243,855		10.9	%		93.4	%	$	759.83
Houston		1,912	$	106,234		4.7	%		95.3	%	$	781.07
Orlando		288	$	13,353		0.6	%		94.8	%	$	786.18
Tampa		1,120	$	66,703		3.0	%		93.3	%	$	868.33
South Florida		480	$	52,117		2.3	%		97.9	%	$	1,212.76
Large Tier Markets		10,677	$	652,223		29.1	%		94.5	%	$	793.94
Austin		1,776	$	102,027		4.7	%		95.9	%	$	724.28
Greenville		1,492	$	63,027		2.8	%		94.7	%	$	576.02
Jacksonville		3,347	$	179,174		8.0	%		94.2	%	$	813.74
Memphis		4,405	$	215,364		9.6	%		94.0	%	$	673.23
Nashville		1,855	$	120,282		5.4	%		94.4	%	$	752.65
Raleigh/Durham		828	$	75,006		3.3	%		95.3	%	$	721.60
All other middle		1,838	$	82,577		3.7	%		92.8	%	$	671.82
Middle Tier Markets		15,541	$	837,457		37.5	%		94.3	%	$	711.88
Augusta/Aiken		912	$	39,038		1.7	%		92.5	%	$	655.81
Chattanooga		943	$	37,260		1.7	%		95.8	%	$	599.43
Columbus		1,293	$	63,595		2.8	%		91.5	%	$	721.78
Jackson, MS		1,577	$	69,477		3.1	%		94.9	%	$	659.33
Lexington		924	$	59,311		2.6	%		91.5	%	$	709.48
Little Rock		808	$	26,452		1.2	%		94.7	%	$	654.56
Macon/Warner Robins		904	$	50,309		2.2	%		93.0	%	$	697.44
All other small		6,234	$	343,946		15.3	%		94.1	%	$	741.08
Small Tier Markets		13,595	$	689,388		30.6	%		93.7	%	$	704.03
Properties Not in Lease-up		39,813	$	2,179,068		97.2	%		94.2	%	$	731.21
Properties in Lease-up		480	$	62,420		2.8	%		44.4	%	$	962.35
Total Portfolio
(including JV properties)		40,293	$	2,241,488		100.0	%		93.6	%	$	733.96
NUMBER OF APARTMENT UNITS
		2006										2005
		Dec 31		Sep 30		Jun 30			Mar 31			Dec 31
100% Owned Properties		39,771		39,465		38,657			38,267			37,705
Properties in Joint Ventures		522		522		522			522			522
Total Portfolio		40,293		39,987		39,179			38,789			38,227

SAME STORE (EXCLUDES SIX FULL RENOVATION COMMUNITIES)Dollars in thousands except Average Rental Rate
Revenues by market are presented before the impact of straight-line adjustments. A reconciliation to total revenue is provided below.
CURRENT PERIOD ACTUALS
As of December 31, 2006 unless otherwise noted
				Three Months Ended												Quarterly			Average			Twelve
				December 31, 2006									Physical			Economic			Rental			Month
	Units			Revenue			Expense			NOI			Occupancy			Occupancy (1)			Rate			Turn Rate
Atlanta		2,693		$	6,152		$	2,447		$	3,705			95.6	%		90.8	%	$	751.31			57.0	%
Dallas		3,272		$	6,461		$	3,106		$	3,355			92.8	%		84.4	%	$	700.36			56.6	%
Houston		1,584		$	3,500		$	1,626		$	1,874			95.6	%		86.1	%	$	781.73			66.8	%
Orlando		288		$	702		$	251		$	451			94.8	%		96.2	%	$	786.18			47.2	%
Tampa		890		$	2,329		$	951		$	1,378			92.4	%		90.2	%	$	877.98			56.2	%
South Florida		480		$	1,836		$	595		$	1,241			97.9	%		96.8	%	$	1,212.76			42.7	%
Large Tier Markets		9,207		$	20,980		$	8,976		$	12,004			94.4	%		88.5	%	$	775.83			57.4	%
Austin		1,464		$	3,115		$	1,538		$	1,577			95.6	%		89.7	%	$	712.68			56.9	%
Greenville		1,492		$	2,666		$	1,162		$	1,504			94.7	%		92.7	%	$	576.02			60.5	%
Jacksonville		3,011		$	7,526		$	2,653		$	4,873			94.7	%		93.9	%	$	814.33			66.7	%
Memphis		4,034		$	7,643		$	3,675		$	3,968			93.8	%		85.7	%	$	674.70			59.7	%
Nashville		1,569		$	3,642		$	1,341		$	2,301			93.6	%		91.3	%	$	755.26			61.1	%
Raleigh/Durham		578		$	1,163		$	469		$	694			94.8	%		93.7	%	$	649.06			49.1	%
All other middle		1,542		$	2,751		$	1,290		$	1,461			92.5	%		85.6	%	$	632.25			61.3	%
Middle Tier Markets		13,690		$	28,506		$	12,128		$	16,378			94.2	%		89.8	%	$	702.09			60.9	%
Augusta/Aiken		912		$	1,700		$	750		$	950			92.5	%		86.3	%	$	655.81			79.2	%
Chattanooga		943		$	1,742		$	744		$	998			95.8	%		94.2	%	$	599.43			54.3	%
Columbus		1,293		$	2,813		$	1,288		$	1,525			91.5	%		91.2	%	$	721.78			85.4	%
Jackson, MS		1,577		$	3,067		$	1,161		$	1,906			94.9	%		90.7	%	$	659.33			64.2	%
Lexington		924		$	1,835		$	726		$	1,109			91.5	%		84.8	%	$	709.48			64.9	%
Little Rock		808		$	1,579		$	612		$	967			94.7	%		91.3	%	$	654.56			63.9	%
Macon/Warner Robins		904		$	1,893		$	743		$	1,150			93.0	%		91.0	%	$	697.44			63.9	%
All other small		5,720		$	12,543		$	4,787		$	7,756			94.1	%		91.6	%	$	727.65			62.5	%
Small Tier Markets		13,081		$	27,172		$	10,811		$	16,361			93.7	%		90.8	%	$	696.69			66.0	%
Operating Same Store		35,978		$	76,658		$	31,915		$	44,743			94.1	%		89.8	%	$	719.00			61.9	%
Revenue Straight-line Adjustment (2)				$	128					$	128
Total Same Store				$	76,786					$	44,871
(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 and certain fee revenues on a straight-line basis.
PERCENT CHANGE FROM THREE MONTHS ENDED SEPTEMBER 30, 2006 (PRIOR QUARTER ) AND DECEMBER 31, 2005 (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		0.9	%		6.1	%		-0.1	%		3.3	%		1.6	%		8.1	%		-0.2	%		1.3	%	0.6	%	3.2	%
Dallas		0.5	%		7.6	%		-5.0	%		-0.3	%		6.3	%		16.2	%		-1.4	%		-0.9	%	0.3	%	1.9	%
Houston		1.3	%		7.8	%		-1.0	%		-2.5	%		3.3	%		18.6	%		-0.8	%		0.7	%	0.4	%	2.2	%
Orlando		0.4	%		9.5	%		4.1	%		20.1	%		-1.5	%		4.4	%		-3.8	%		-4.5	%	2.4	%	14.1	%
Tampa		-3.9	%		1.7	%		-3.3	%		12.4	%		-4.4	%		-4.5	%		-1.6	%		-4.0	%	1.0	%	6.8	%
South Florida		1.5	%		11.3	%		-10.0	%		-18.3	%		8.2	%		34.7	%		-1.3	%		-1.7	%	1.6	%	12.6	%
Large Tier Markets		0.3	%		6.9	%		-2.9	%		0.5	%		2.9	%		12.3	%		-1.0	%		-0.4	%	0.6	%	4.0	%
Austin		3.7	%		8.5	%		-1.8	%		3.6	%		9.6	%		13.7	%		-1.1	%		0.0	%	0.6	%	2.2	%
Greenville		0.5	%		7.7	%		2.2	%		6.0	%		-0.9	%		9.1	%		-3.2	%		-1.9	%	0.6	%	4.2	%
Jacksonville		-1.7	%		3.9	%		-4.9	%		7.1	%		0.2	%		2.3	%		-1.6	%		-1.1	%	0.9	%	4.5	%
Memphis		2.5	%		3.8	%		-1.2	%		7.1	%		6.2	%		0.9	%		-1.1	%		2.6	%	0.1	%	2.7	%
Nashville		-0.1	%		3.0	%		-11.3	%		-1.0	%		7.8	%		5.5	%		-3.4	%		-1.2	%	0.9	%	3.8	%
Raleigh/Durham		-0.3	%		8.2	%		-3.1	%		7.6	%		1.8	%		8.6	%		-2.3	%		0.0	%	0.8	%	6.3	%
All other middle		-2.2	%		5.4	%		2.7	%		10.2	%		-6.2	%		1.6	%		-3.2	%		0.2	%	0.3	%	2.5	%
Middle Tier Markets		0.4	%		4.9	%		-2.7	%		5.9	%		2.8	%		4.2	%		-2.0	%		0.2	%	0.6	%	3.5	%
Augusta/Aiken		-3.5	%		-0.4	%		1.6	%		10.3	%		-7.1	%		-7.4	%		-3.3	%		-1.1	%	0.4	%	3.8	%
Chattanooga		-0.6	%		4.2	%		-2.7	%		8.3	%		1.0	%		1.4	%		-2.3	%		-0.3	%	0.7	%	3.3	%
Columbus		-1.7	%		7.8	%		8.8	%		8.2	%		-9.1	%		7.5	%		-3.6	%		-0.3	%	0.6	%	3.5	%
Jackson, MS		0.6	%		-4.3	%		-5.8	%		9.3	%		5.0	%		-11.0	%		0.5	%		-1.5	%	0.9	%	3.4	%
Lexington		-1.5	%		4.1	%		-4.5	%		2.4	%		0.5	%		5.2	%		-3.1	%		0.0	%	0.2	%	0.7	%
Little Rock		-3.0	%		-0.1	%		-3.5	%		14.0	%		-2.6	%		-7.4	%		0.4	%		-0.1	%	-0.3	%	2.3	%
Macon/Warner Robins		-1.2	%		2.4	%		-1.7	%		-0.1	%		-0.9	%		4.2	%		-2.8	%		-1.6	%	0.0	%	3.6	%
All other small		0.2	%		4.8	%		-2.6	%		4.1	%		2.1	%		5.3	%		-2.2	%		-1.8	%	0.8	%	5.1	%
Small Tier Markets		-0.6	%		3.1	%		-1.6	%		5.9	%		0.0	%		1.4	%		-2.1	%		-1.2	%	0.6	%	3.9	%
Operating Same Store		0.0	%		4.8	%		-2.4	%		4.3	%		1.8	%		5.1	%		-1.7	%		-0.4	%	0.6	%	3.8	%
Including revenue straight-line adjustment: (3)
Total Same Store		0.2	%		3.2	%								2.1	%		2.5	%
(3) The adjustment for the fourth quarter of 2005 includes a one-time adjustment of $1.2 million related to prior periods.

SAME STORE (EXCLUDES SIX FULL RENOVATION COMMUNITIES)
Dollars in thousands	Three Months Ended December 31,					Percent
	2006		2005			Change
Revenues
Operating	$	76,658	$	73,146			4.8	%
Straight-line adjustment (1)		128		1,243
Total Same Store	$	76,786	$	74,389			3.2	%
Expense	$	31,915	$	30,594			4.3	%
NOI	��
Operating	$	44,743	$	42,552			5.1	%
Straight-line adjustment (1)		128		1,243
Total Same Store	$	44,871	$	43,795			2.5	%
(1) Represents the aggregate adjustment necessary to record cash concessions and certain fee revenues on a straight-line basis.
The adjustment for the fourth quarter of 2005 includes a one-time adjustment of $1.2 million related to prior periods.
SAME STORE PLUS SIX EXCLUDED RENOVATION COMMUNITIES (Dollars in thousands)
Includes the six full renovation communities (1,727 units).
	Three Months Ended December 31,						Percent
		2006		2005			Change
Revenues
Operating	$	80,720	$	77,094			4.7	%
Straight-line adjustment (2)		159		1,243
Total Same Store	$	80,879	$	78,337			3.2	%
Expense	$	33,428	$	32,052			4.3	%
NOI
Operating	$	47,292	$	45,042			5.0	%
Straight-line adjustment (2)		159		1,243
Total Same Store	$	47,451	$	46,285			2.5	%
(2) Represents the aggregate adjustment necessary to record cash concessions and certain fee revenues on a straight-line basis.
The adjustment for the fourth quarter of 2005 includes a one-time adjustment of $1.2 million related to prior periods.
DEVELOPMENT(Dollars in thousands)
				Current			Estimated
		Total		Estimated			Cost			Cost
EXPENDITURES		Units		Cost			per Unit			to Date
Brier Creek Phase II, Raleigh, NC		200	$	24,078		$	120		$	12,697
St. Augustine Phase II, Jacksonville, FL		124		13,057			105			589
Copper Ridge Phase I, Dallas, TX		216		19,296			89			1,323
Total development		540	$	56,431		$	105		$	14,609
		Construction					Initial				Actual Units
FORECASTED TIMELINE		Start		Finish			Occupancy			Stabilization	Completed	Leased
Brier Creek Phase II, Raleigh, NC		2Q 2006		4Q 2007			2Q 2007			2Q 2008	-	-
St. Augustine Phase II, Jacksonville, FL		1Q 2007		1Q 2008			4Q 2007			3Q 2008	-	-
Copper Ridge Phase I, Dallas, TX		2Q 2007		3Q 2008			1Q 2008			1Q 2009	-	-
OPERATING RESULTS(Dollars and shares in thousands except per share data)
				Three Months
				Ended
				December 31, 2006			Trailing 4 Quarters
Net income			$	4,297		$	20,945
Depreciation				21,489			79,388
Interest expense				16,473			63,512
Loss on debt extinguishment				-			551
Amortization of deferred financing costs				528			2,036
Net loss (gain) on insurance and other settlement proceeds				87			(84	)
Gain on sale of non-depreciable assets				(18	)		(50	)
EBITDA			$	42,856		$	166,298
				Three Months Ended December 31,
				2006			2005
EBITDA/Debt Service				2.50x			2.49x
Fixed Charge Coverage (3)				2.15x			2.10x
Total Debt as % of Gross Real Estate Assets				54	%		57	%
(3) Fixed charge coverage represents EBITDA divided by interest expense and preferred dividends.

DEBT AS OF DECEMBER 31, 2006
Dollars in thousands
				Average Years
		Principal		to Contract			Average
		Balance		Maturity			Rate
Conventional - Fixed Rate or Swapped (1)		$	855,252		4.6			5.6	%
Tax-free - Fixed Rate or Swapped (1)			73,500		5.0			4.3	%
Conventional - Variable Rate			214,716		5.8			5.9	%
Tax-free - Variable Rate			10,855		13.4			4.6	%
Conventional - Variable Rate - Capped (2)			17,936		2.9			5.9	%
Tax-free - Variable Rate - Capped (2)			24,090		2.9			4.6	%
Total Debt Outstanding		$	1,196,349		5.0			5.6	%
(1) Maturities on existing swapped balances are calculated using the life of the underlying variable debt.
(2) As the capped rates of 6.0% and 6.5% have not been reached, the average rate represents the rate on the underlying variable debt.
FIXED RATE MATURITIES
			Balance		Rate
	2007	$	92,800		5.9	%
	2008		186,572		6.1	%
	2009		100,230		6.5	%
	2010		98,365		5.5	%
	2011		133,000		5.3	%
	2012		125,000		5.2	%
	2013		100,000		5.2	%
	2014		40,143		6.7	%
	Thereafter		52,642		7.7	%
	Total	$	928,752		5.8	%
OTHER DATA
PER SHARE DATA			Three Months Ended December 31,					Twelve Months Ended December 31,
			2006		2005			2006			2005
Dividend paid per common share		$	0.595	$	0.595		$	2.380		$	2.350
DIVIDEND INFORMATION (latest declaration)
			Payment		Payment			Record
			per Share		Date			Date
Common Dividend - quarterly		$	0.6050		1/31/2007			1/15/2007
Preferred Series F - monthly		$	0.1927		2/15/2007			2/1/2007
Preferred Series H - quarterly		$	0.51875		12/23/2006			12/13/2006
PREFERRED STOCK					Number of
					Shares Issued			Liquidation			Earliest
					and Outstanding			Preference per Share			Optional Call Date
9 1/4% Series F Cumulative Redeemable Preferred Stock					474,500		$	25.00			10/16/2007
8.30% Series H Cumulative Redeemable Preferred Stock					6,200,000		$	25.00			8/11/2008