Mid-America Apartment Communities 8K Mid-america Reports Third Quarter Results | MAA 1 Nov 07

COMMUNITY STATISTICS Dollars in thousands except Average Rental Rate


		As of September 30, 2007
				Percent to		Average
			Gross	Total of	Physical	Rental
		Units	Real Assets	Gross Assets	Occupancy	Rate

Dallas, TX		3,662	$ 200,579	8.7%	96.4%	$ 719.32
Atlanta, GA		2,693	$ 171,438	7.4%	95.4%	$ 762.95
Houston, TX		2,629	$ 166,665	7.2%	95.8%	$ 811.78
Nashville, TN		1,855	$ 122,444	5.3%	99.6%	$ 769.54
Greenville, SC		1,140	$ 48,995	2.1%	97.4%	$ 581.04
Tampa, FL		1,120	$ 67,691	2.9%	96.0%	$ 870.85
All Other		4,468	$ 324,968	14.2%	92.5%	$ 836.03
	High Growth Markets	17,567	$ 1,102,780	47.8%	95.5%	$ 775.52

Memphis, TN		4,021	$ 198,868	8.6%	97.2%	$ 690.12
Jacksonville, FL		3,347	$ 182,228	7.9%	95.2%	$ 821.94
Austin, TX		1,776	$ 103,873	4.5%	97.7%	$ 749.19
Jackson, MS		1,241	$ 56,699	2.5%	96.7%	$ 690.82
Chattanooga, TN		943	$ 37,760	1.6%	98.5%	$ 616.46
Augusta, GA/Aiken, SC		912	$ 39,645	1.7%	92.2%	$ 674.64
All Other		3,862	$ 213,073	9.2%	95.4%	$ 705.90
	Growth plus Income Markets	16,102	$ 832,146	36.0%	96.2%	$ 722.68

Columbus, GA		1,509	$ 75,034	3.3%	94.0%	$ 704.06
Lexington, KY		924	$ 59,682	2.6%	97.2%	$ 711.99
All Other		4,146	$ 237,338	10.3%	96.9%	$ 738.61
	Stable Income Markets	6,579	$ 372,054	16.2%	96.3%	$ 726.95

Total Portfolio		40,248	$ 2,306,980	100.0%	95.9%	$ 746.44

NUMBER OF APARTMENT UNITS

2007

2006

Sept 30

Jun 30

Mar 31

Dec 31

Sep 30

100% Owned Properties

40,248

40,036

39,971

39,771

39,465

Properties in Joint Ventures

522

Total Portfolio

40,248

40,036

39,971

40,293

39,987

SAME STORE (EXCLUDES SEVEN 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 September 30, 2007 unless otherwise noted

			Three Months Ended											Quarterly			Average		Twelve
			September 30, 2007								Physical			Economic			Rental		Month
	Units		Revenue			Expense		NOI			Occupancy			Occupancy ⁽¹⁾			Rate		Turn Rate
High Growth Markets
Dallas, TX		3,662	$	7,904		$	3,584	$	4,320			96.4	%		90.3	%	$	719.32		56.5	%
Atlanta, GA		2,693	$	6,353		$	2,662	$	3,691			95.4	%		91.5	%	$	762.95		60.7	%
Houston, TX		1,584	$	3,712		$	1,711	$	2,001			95.3	%		89.2	%	$	788.94		69.8	%
Nashville, TN		1,569	$	3,866		$	1,532	$	2,334			99.5	%		94.7	%	$	771.06		59.2	%
Greenville, SC		1,140	$	2,096		$	808	$	1,288			97.4	%		94.8	%	$	581.04		60.6	%
Tampa, FL		890	$	2,402		$	916	$	1,486			96.0	%		90.6	%	$	872.89		57.0	%
All Other		3,204	$	7,823		$	3,096	$	4,727			95.4	%		90.2	%	$	811.91		55.9	%
Subtotal		14,742	$	34,156		$	14,309	$	19,847			96.3	%		91.2	%	$	758.98		59.2	%

Growth plus Income Markets
Memphis, TN		3,650	$	7,582		$	3,452	$	4,130			97.1	%		92.3	%	$	690.95		60.4	%
Jacksonville, FL		3,011	$	7,631		$	2,670	$	4,961			95.2	%		92.6	%	$	822.06		65.2	%
Austin, TX		1,776	$	4,124		$	1,938	$	2,186			97.7	%		92.5	%	$	749.19		61.4	%
Jackson, MS		1,241	$	2,672		$	956	$	1,716			96.7	%		94.6	%	$	690.82		61.1	%
Chattanooga, TN		943	$	1,820		$	786	$	1,034			98.5	%		95.0	%	$	616.46		56.4	%
Augusta, GA/Aiken, SC		912	$	1,853		$	752	$	1,101			92.2	%		91.0	%	$	674.64		79.2	%
All Other		3,374	$	6,990		$	2,862	$	4,128			96.9	%		91.2	%	$	674.77		63.3	%
Subtotal		14,907	$	32,672		$	13,416	$	19,256			96.5	%		92.4	%	$	714.99		63.1	%

Stable Income Markets
Columbus, GA		1,509	$	3,250		$	1,461	$	1,789			94.0	%		90.1	%	$	704.06		94.5	%
Lexington, KY		924	$	2,005		$	706	$	1,299			97.2	%		94.0	%	$	711.99		61.9	%
All Other		3,840	$	8,680		$	3,409	$	5,271			96.9	%		93.6	%	$	728.51		63.7	%
Subtotal		6,273	$	13,935		$	5,576	$	8,359			96.3	%		92.8	%	$	720.19		70.8	%

Operating Same Store		35,922	$	80,763		$	33,301	$	47,462			96.4	%		92.0	%	$	733.95		62.9	%

Revenue Straight-line Adjustment ⁽²⁾			$	(469	)			$	(469	)
Total Same Store			$	80,294				$	46,993

⁽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 QUARTER ENDED JUNE 30, 2007 (PRIOR QUARTER) AND QUARTER ENDED SEPT 30, 2006 (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
High Growth Markets
Dallas, TX		2.3	%		8.0	%		1.6	%		-5.7	%		2.9	%		22.8	%		2.3	%		1.9	%		0.5	%		2.0	%
Atlanta, GA		1.1	%		4.2	%		5.8	%		7.1	%		-2.0	%		2.2	%		0.0	%		-0.4	%		0.4	%		2.2	%
Houston, TX		1.9	%		7.4	%		-0.7	%		3.3	%		4.3	%		11.2	%		-0.4	%		-1.1	%		0.2	%		1.3	%
Nashville, TN		4.0	%		6.0	%		5.5	%		0.7	%		3.1	%		9.8	%		2.6	%		2.5	%		1.3	%		3.0	%
Greenville, SC		2.3	%		4.7	%		-9.9	%		-3.5	%		11.9	%		10.7	%		1.3	%		-1.1	%		0.9	%		3.7	%
Tampa, FL		0.3	%		-0.9	%		-12.5	%		-7.0	%		10.2	%		3.3	%		3.0	%		2.0	%		-0.7	%		0.4	%
All Other		1.9	%		2.6	%		2.8	%		0.4	%		1.4	%		4.1	%		1.6	%		-0.7	%		0.7	%		3.1	%
Subtotal		2.0	%		4.9	%		0.9	%		-0.4	%		2.8	%		9.1	%		1.5	%		0.4	%		0.5	%		2.3	%

Growth plus Income Markets
Memphis, TN		1.4	%		10.9	%		4.3	%		2.3	%		-0.8	%		19.3	%		0.5	%		2.3	%		0.8	%		1.2	%
Jacksonville, FL		0.6	%		-0.3	%		-3.7	%		-4.8	%		3.0	%		2.4	%		0.9	%		-1.1	%		0.0	%		1.9	%
Austin, TX		4.1	%		9.3	%		-0.9	%		-1.2	%		9.0	%		20.7	%		2.1	%		1.2	%		1.8	%		4.0	%
Jackson, MS		0.9	%		7.7	%		2.2	%		0.6	%		0.2	%		12.0	%		-0.1	%		2.7	%		0.4	%		3.3	%
Chattanooga, TN		1.4	%		3.8	%		5.2	%		0.9	%		-1.2	%		6.2	%		0.3	%		0.4	%		0.9	%		3.6	%
Augusta, GA/Aiken, SC		0.2	%		5.2	%		-0.8	%		1.5	%		0.8	%		7.8	%		-1.6	%		-3.6	%		1.3	%		3.3	%
All Other		1.3	%		2.7	%		-0.6	%		5.0	%		2.7	%		1.1	%		2.4	%		1.0	%		0.0	%		0.9	%
Subtotal		1.4	%		5.2	%		0.4	%		0.6	%		2.1	%		8.6	%		1.0	%		0.8	%		0.6	%		2.1	%

Stable Income Markets
Columbus, GA		4.0	%		-0.2	%		4.3	%		6.6	%		3.8	%		-5.1	%		1.2	%		-0.8	%		0.3	%		0.9	%
Lexington, KY		2.5	%		7.6	%		-7.6	%		-6.9	%		9.0	%		17.6	%		-0.5	%		2.6	%		-0.1	%		0.5	%
All Other		0.8	%		4.1	%		1.2	%		1.6	%		0.6	%		5.8	%		1.0	%		0.3	%		0.6	%		2.1	%
Subtotal		1.8	%		3.6	%		0.7	%		1.7	%		2.5	%		4.8	%		0.9	%		0.4	%		0.4	%		1.6	%

Operating Same Store		1.7	%		4.8	%		0.7	%		0.3	%		2.5	%		8.1	%		1.2	%		0.6	%		0.5	%		2.1	%

Including revenue straight-line adjustment:
Total Same Store		1.8	%		4.2	%								2.6	%		7.1	%

SAME STORE (EXCLUDES SEVEN FULL RENOVATION COMMUNITIES)

Dollars in thousands		Three Months Ended September 30,		Percent
		2007	2006	Change
Revenues
	Operating	$ 80,763	$ 77,092	4.8%
	Straight-line adjustment ⁽¹⁾	(469)	(27)
	Total Same Store	$ 80,294	$ 77,065	4.2%

Expense		$ 33,301	$ 33,193	0.3%

NOI
	Operating	$ 47,462	$ 43,899	8.1%
	Straight-line adjustment ⁽¹⁾	(469)	(27)
	Total Same Store	$ 46,993	$ 43,872	7.1%

⁽¹⁾ Represents the aggregate adjustment necessary to record cash concessions and certain fee revenues on a straight-line basis.

SAME STORE PLUS SEVEN EXCLUDED RENOVATION COMMUNITIES (Dollars in thousands)
Includes the seven full renovation communities (2,015 units).

		Three Months Ended September 30,		Percent
		2007	2006	Change
Revenues
	Operating	$ 85,883	$ 81,859	4.9%
	Straight-line adjustment ⁽²⁾	(526)	(1)
	Total Same Store	$ 85,357	$ 81,858	4.3%

Expense		$ 35,236	$ 34,993	0.7%

NOI
	Operating	$ 50,647	$ 46,866	8.1%
	Straight-line adjustment ⁽²⁾	(526)	(1)
	Total Same Store	$ 50,121	$ 46,865	6.9%

⁽²⁾ Represents the aggregate adjustment necessary to record cash concessions and certain fee revenues on a straight-line basis.

DEVELOPMENT (Dollars in thousands)

Current

Estimated

Total

Estimated

Cost

EXPENDITURES

Units

Cost

per Unit

to Date

Brier Creek Phase II, Raleigh, NC

200

$ 24,119

$ 121

$ 22,743

St. Augustine Phase II, Jacksonville, FL

124

13,284

107

1,044

Copper Ridge Phase I, Dallas, TX

216

19,478

2,595

Total development

540

$ 56,881

$ 105

$ 26,382

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

178

119

St. Augustine Phase II, Jacksonville, FL

3Q 2007

3Q 2008

2Q 2008

4Q 2008

Copper Ridge Phase I, Dallas, TX

3Q 2007

4Q 2008

2Q 2008

2Q 2009

OPERATING RESULTS (Dollars and shares in thousands except per share data)

	Three Months
	Ended	Trailing
	Sept 30, 2007	4 Quarters
Net income	$ 11,900	$ 36,639
Depreciation	21,959	85,710
Interest expense	16,147	64,578
Loss on debt extinguishment	71	123
Amortization of deferred financing costs	614	2,277
Net gain on insurance and other settlement proceeds	197	(558)
Gain on sale of non-depreciable assets	(29)	(273)
Gain on dispositions within unconsolidated entities	(1)	(5,388)
Gain on sale of discontinued operations	(5,714)	(9,157)
EBITDA	$ 45,144	$ 173,951

	Three Months Ended September 30,
	2007	2006
EBITDA/Debt Service	2.68x	2.59x
Fixed Charge Coverage ⁽³⁾	2.30x	2.17x
Total Debt as % of Gross Real Estate Assets	53%	55%

⁽³⁾Fixed charge coverage represents EBITDA divided by interest expense and preferred dividends.

DEBT AS OF SEPTEMBER 30, 2007
Dollars in thousands
			Average Years
		Principal	to Contract	Effective
		Balance	Maturity	Rate

Conventional - Fixed Rate or Swapped ^{(1) (2)}		$ 913,981	4.1	5.6%
Tax-free - Fixed Rate or Swapped ⁽¹⁾		73,355	4.3	4.3%
Conventional - Variable Rate		207,328	4.6	5.9%
Tax-free - Variable Rate		10,855	12.7	4.7%
Conventional - Variable Rate - Capped⁽³⁾		17,936	2.1	5.8%
Tax-free - Variable Rate - Capped ⁽³⁾		24,090	2.2	4.6%
	Total Debt Outstanding	$ 1,247,545	4.3	5.6%

⁽¹⁾ Maturities on existing swapped balances are calculated using the life of the underlying variable debt.
⁽²⁾ Includes $11.9 million related to the call of the 9 1/4% Series F Preferred Stock which was redeemed on October 16, 2007.
⁽³⁾ 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
			Contract
		Balance	Rate

	Remainder of 2007	$ 29,662	6.1%
	2008	184,410	6.1%
	2009	100,230	6.5%
	2010	148,365	5.7%
	2011	133,000	5.3%
	2012	125,000	5.2%
	2013	125,000	5.3%
	2014	99,721	6.2%
	Thereafter	41,948	6.4%
	Total	$ 987,336	5.8%

OTHER DATA

PER SHARE DATA

Three Months Ended September 30,

Nine Months Ended September 30,

2007

2006

2007

2006

Dividend paid per common share

$0.605

$0.595

$1.815

$1.785

DIVIDEND INFORMATION (latest declaration)

Payment

Record

per Share

Date

Common Dividend - quarterly

$0.6050

10/31/2007

10/15/2007

Preferred Series H - quarterly

$0.51875

9/22/2007

9/13/2007

PREFERRED STOCK

Number of

Liquidation

Earliest

Shares Issued

Preference

Optional

and Outstanding

per Share

Call Date

8.30% Series H Cumulative Redeemable Preferred Stock

6,200,000

$ 25.00

8/11/2008

Mid-America Apartment Communities (MAA) 8-KMid-america Reports Third Quarter Results