Mid-America Apartment Communities (MAA) 8-K Statements contained in this presentation, which are not historical facts, are forward-looking statements, as the term is defined

NAREIT Investor Forum

June 2007

Statements contained in this presentation, which are not historical facts, are forward-looking statements, as the term is defined

in the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements are subject to risks and uncertainties

which can cause actual results to differ materially from those currently anticipated, due to a number of factors, which include, but

are not limited to, unfavorable changes in the apartment market, changing economic conditions, the impact of competition,

acquisitions which may not achieve anticipated results and other risk factors discussed in documents filed with the Securities

and Exchange Commission from time to time including the Company’s Annual Report on Form 10-K and the Company’s

Quarterly Report on Form 10-Q.  The statements in this presentation are made based upon information currently known to

management and the company assumes no obligation to update or revise any of its forward-looking statements.

Safe Harbor Disclosure

Strong Public Company Platform

•

IPO January 1994

–

Exclusively multifamily

–

$3.0 billion total capitalization

•

High quality portfolio

–

Sunbelt – High Growth region focus

–

137 communities; 40,036 units

–

Average age 14 years

•

Strong balance sheet

–

Debt/Market Cap of 42%

–

Growth capacity

–

Solid dividend payout ratio

•

Experienced management

–

Strong record of value creation

–

Sophisticated operations

–

Stable management team

–

Strong board of directors

•

Solid returns to shareholders

–

3-year return, 21.0% annual

–

Since IPO, 17.3% annual

MAA’s investment region is expected

to capture higher demand for

multifamily housing as compared

to other regions of the U.S.

Southeast and southwest regional

focus, with solid diversification

across the region

Focus on High Growth Region

High Growth Markets

Dallas

Atlanta

Houston

Phoenix

Tampa

Orlando

Charleston

Nashville

Austin

Raleigh

Savannah

South Florida

Others…

Stable Income Markets

Columbus

Lexington

Augusta

Columbia

Others…

Growth + Income

Markets

Jacksonville

Melbourne

Birmingham

Memphis

Greenville

Others…

Portfolio Strategy

•

Significant change in

market profile of portfolio
over the last few years

•

As a result, a much more

robust performance profile

•

Focus on high growth

region, with strong
diversification attributes

•

Captures broad benefits of

high growth region…with
lower volatility and down
side protection

•

More recession resistant

performance

	% of MAA	2007 through 2010 Mean Growth
Major Market	Portfolio	Employment	New Supply	Absorption
Memphis	9.8%	1.3%	0.9%	0.37%
Raleigh-Cary	3.7%	2.1%	1.4%	0.34%
Jacksonville, FL	8.1%	1.3%	1.4%	0.22%
San Jose-Santa Clara CA		1.1%	0.9%	0.19%
San Diego		1.8%	1.0%	0.19%
San Francisco		1.2%	0.8%	0.15%
Houston	4.8%	2.2%	1.1%	0.12%
Atlanta	7.7%	2.3%	0.8%	0.11%
Seattle		2.0%	1.1%	0.07%
Boston		1.0%	1.3%	0.05%
Washington DC		1.4%	1.7%	0.03%
Greenville, SC	2.2%	1.2%	1.2%	0.01%
Phoenix AZ	3.0%	3.0%	1.7%	-0.01%
Tampa	3.0%	1.8%	0.9%	-0.03%
Miami-Fort Lauderdale	2.3%	1.6%	1.1%	-0.03%
Dallas, TX	9.0%	2.4%	0.7%	-0.09%
New York		0.9%	1.0%	-0.17%
Austin, TX	4.6%	3.6%	1.9%	-0.28%
Los Angeles, CA		0.8%	0.6%	-0.46%
Source: REIS & RBC Capital Markets March 8th 2007 REIT Fundamental Handbook

Over 90% of

MF REIT

development

is occurring in

coastal markets.

Job growth &

population trends

continue to look

strong for

Sunbelt markets.

With development

costs up 70% over

the past 5 years;

new supply expected

to remain muted.

High-Barrier Vs. High-Growth

	Absorption as % of inventory stock
	2007	2008	2009	2010	Mean
Mid-America	0.05%	0.15%	0.18%	0.02%	0.09%
BRE	0.00%	0.08%	0.09%	-0.05%	0.03%
Post	0.01%	-0.02%	0.02%	-0.10%	0.01%
Equity Residential	-0.05%	0.03%	0.11%	-0.14%	-0.01%
Average	-0.03%	0.03%	0.06%	-0.11%	-0.01%
Essex	-0.06%	0.02%	0.06%	-0.09%	-0.02%
Aimco	-0.06%	0.02%	0.06%	-0.17%	-0.04%
Archstone-Smith	-0.03%	0.05%	0.00%	-0.14%	-0.03%
Avalon Bay	-0.05%	-0.02%	0.04%	-0.12%	-0.04%
United Dominion	-0.06%	0.02%	0.03%	-0.13%	-0.04%
Home	-0.05%	0.00%	0.02%	-0.14%	-0.04%
Camden	-0.08%	-0.02%	0.07%	-0.18%	-0.05%
Source: REIS & RBC Capital Markets March 8th 2007 REIT Fundamental Handbook

Strong demand fundamentals, muted new supply projections and well diversified

portfolio profile, set the stage for solid performance prospects over the next few years

MAA - Position to Out Perform

	Portfolio
	Age	Units owned
Post	10	20,028
Camden	10	53,827
Mid-America	14	40,036
Avalon Bay	14	39,800
Colonial	15	31,942
BRE	15	22,681
Archstone-Smith	15	71,817
Equity Residential	17	151,173
Aimco	18	132,449
United Dominion	22	69,599
Essex	26	23,529
Home	36	38,160
Average	18
Source: Green Street and MAA

Steady growth and recycling efforts continue to position MAA’s portfolio

as one of the younger portfolios in the sector; solid long-term upside potential.

20% Newer Than Sector Average

MRI

Web Portal

Lease

Revenue

Optimizer

Collections

Management

Resident

Screening

Utilities

Management

Unit Interior

Renovation

Lease

Expiration

Mgmt

On-line

Resident

Solutions

Rent and Fee

Management

Unit Turn

Management

Collection Agency

Integration; real-time

Delinquency reporting

Integrated credit scoring

and background screening;

real-time processing

Utility billing company

integration; vacant

utility real-time cut-off

Detailed tracking of

improvements by unit;

real time price monitoring

Automated guidance for

optimum monthly, weekly

and daily scheduling

On-line leasing, internet

response center, payment

processing, work orders

Yield management;

automated bill-up of fees

and charges

Automated tracking and

monitoring of move-out,

get ready, show and move-in

Training and

Procedures

24/7 training availability;

high degree of control;

on-line procedures

Sophisticated Operating Platform

•

Innovative Solutions for

Key Processes

–

Marketing and leasing

–

Payment processing

–

Utility billing integration

–

Vacant utility integration

–

Pricing protocol

–

Lease expiration mgmt

–

Unit turn management

–

Operating expense efficiency

•

Cutting Edge

Technologies

–

Web based property mgmt

–

Yield management platform

–

Web based credit check

–

Web based criminal check

–

Web based leasing

–

Web based payment

process

Continued

recovery;

Solid market

fundamentals

Tightening of

single family

mortgage

market

New technology

(LRO) and strong

operating

platform

Redevelopment

upside within

portfolio

Positioned for

continued growth

in value and steady

performance; high

earnings quality

Strong Internal Growth Prospects

Recent trends impacting home ownership favor MAA; 25% of

Mid-America’s resident turnover is attributable to SF home buying

Solid Apartment Market Prospects

•

Home ownership peaked in 2005 at

69.1%; encouraged by easy credit
and expectations of price inflation

•

Mid-America’s turnover and

occupancy should benefit from:

–

Anticipated 50% reduction in

sub-prime lending, potential
benefit to MAA’s occupancy
approximately 40 bp (5-10
cents/share)

–

More rigorous conventional

mortgage underwriting

–

Recent declines in home prices

reduces attractiveness of home
ownership

Interior Re-Position Upside

Brentwood Downs

Nashville, TN

93 Units Completed

14% rent increase

Runaway Bay

Charleston, SC

 203 Units Completed

21% rent increase

2007 Plan focused on 33 communities with another 7 communities being tested this

year. Targeting to complete 1,500 to 2,000 units this year as part of routine unit turnover.

Significant Redevelopment Upside

•

Over 10,000 units within the existing

portfolio have been initially identified with
potential for redevelopment

–

Kitchen/bath upgrades; typically at

$4,500/unit

–

Incremental rent increases of $80 to $100

per month

•

Assuming 2,000 unit upgraded annually,

program can add up to 20 cents/share of
FFO over the next few years

Improving New Growth Prospects

•

Broader market focus and

expanded product focus will
widen field of opportunity for
capturing transactions

•

Regional focus and extensive

network developed over last
thirteen years generates high
deal flow

•

FL market acquisition

opportunities increasing

•

New value-add new

development will begin to make a
growing impact in late ’07 – ’08

•

JV initiative will also expand

growth opportunities

Three new “value add” new development projects currently

underway. At stabilization new units are projected to deliver

± 7.5% NOI yields and contribute $1MM FFO ($.03 - $.04/share)

Brier Creek Phase II

Raleigh, NC

200 Units

Construction underway

Initial occupancy 2Q07

Projected stabilization

2Q08

St. Augustine at the Lake II

Jacksonville, FL

124 Units

Construction start 2Q07

Initial occupancy 4Q07

Projected stabilization

4Q08

Copper Ridge

Dallas, TX

216 Units

Construction start 2Q07

Initial occupancy 1Q08

Projected stabilization

1Q09

New “Value Add” Development

Strong Joint Venture Platform

•

Experienced with JV programs

–

Blackstone ’98 – ’01

–

Crow Holdings ’01 – ’04

–

Crow Holdings ’04 – ’06

•

Average IRR’s captured for MAA

range 30% - 38%

•

Opportunity to further “monetize”

  and leverage value of deal flow,
asset management and property
management platforms

•

Value add redevelopment program

opportunity – new fund development

$500MM Fund, One-Third Owned by Mid-America

Mid-America Multifamily Fund I

•

Value-add investment opportunities

–

7+ year old properties

–

Repositioning potential

–

Management upside

•

65% leverage

•

3-year target investment period, 6-year target hold

•

Sunbelt markets; existing MAA foot-print

•

MAA earns management and asset management fees

•

Opportunity for promote fees

•

Acquisitions less than 7 years old acquired will be

100% owned by MAA

Mid-America’s balance sheet has significantly improved over the last few years.

Coverage ratios and capacity are in line with sector averages;

especially when considering lower risk investment and growth strategy.

Solid Balance Sheet Position

•

Leverage (debt + preferred as a

% of gross assets) has been
materially reduced over the last 2
years

•

Added $130MM of debt capacity

in 2006 (total $219MM current
capacity)

•

Agency credit facilities provide

cost efficient and flexible debt
financing

•

Leverage and coverage ratios

now make investment grade
corporate debt program a viable
option

Strong Q1 Results

•

Record Results

–

Quarterly FFO/share result is a record high

–

FFO was 2 cents/share ahead of guidance mid-point

–

AFFO was up 6% over prior year

–

Same store revenues up 4.9%

•

Last JV property sold at 4.6% cap rate

•

Lease-ups provide growth potential

–

Brier Creek II

–

Talus Ranch

FFO/share

$3.40 - $3.60

(5.1% growth at mid-point)

AFFO/share

$2.77 - $2.97

(11% growth at mid-point)

Guidance for 2007

•

Same store NOI 5% - 6%

•

$25MM - $30MM new

development

•

$7MM - $10MM

redevelopment

•

$150MM core acquisitions

•

$150MM JV acquisitions

•

Long-term value/current year

“headwind”

–

Transition to net pricing ($.02 – $.04)

–

Series F Preferred refi ($.02)

–

Lease up, new development ($.09)

–

Asset sales ($.02)

•

Recurring CapEx $.63/share

PPS	25.2
AVB	22.7
ASN	22.3
ESS	20.9
BRE	20.4
CLP	19.8
EQR	19.3
CPT	17.1
HME	16.2
UDR	14.6
AIV	14.6
MAA	14.3

Price/’07 Projected

FFO

PPS	29.4
CLP	25.0
ASN	24.3
ESS	24.2
AVB	24.0
EQR	23.2
BRE	23.2
CPT	20.9
HME	19.3
AIV	19.2
MAA	17.4
UDR	17.4

Price/’07 Projected

AFFO

Average Sector 2007 FFO growth 1%, MAA projected 5.0%

Average Sector 2007 AFFO growth 3%, MAA projected 13%

Source: Morgan Stanley Research 5-25-07

Excessive Spread In Pricing

•

“High Barrier” markets offering

less favorable absorption than
some “High Growth” markets

•

Over 90% of multifamily REIT

development is concentrated in
coastal markets

•

“High Barrier” portfolio REITs are

trading up to a 65% premium
FFO multiple vs. MAA

•

Cap rates and values remain

competitive and stable in
Mid-America’s markets

•

Performance prospects and

absorption look very strong

•

MAA positioned to benefit more

than most from healthy
absorption outlook…with much
less risk

Investment Summary

•

Focus on high growth region

•

Proven investment disciplines

•

High quality of earnings

•

Redevelopment upside in portfolio

•

Value add new development

•

Innovative asset management

•

Aggressive property management

•

Proven JV platform & opportunity

•

Solid balance sheet position

•

Positioned for strong performance

•

Current attractive pricing

opportunity

End of Presentation