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

Capital Markets Update

April 2008

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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

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Strong Public Company Platform

•IPO January 1994

•Exclusively Apartment Real Estate

•13-State Sunbelt Regional Focus

•40,000 Plus Units

•$3 B Total Capitalization

•Stable and Proven Management Team

•Strong Board of Directors

•15% Annual Compounded Return

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Why MAA and Why Now?

Attractive Investment Opportunity

üSolid Outlook for Apartment Operating
Fundamentals; Both Near & Long Term

üMAA is Uniquely Positioned to
Capitalize on These Opportunities

üStrong Value Growth Prospects From
Existing Properties

üAttractive New Growth Opportunities

üStrong Balance Sheet; Current
Dividend Yield of ~5%

üAttractive Value

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Apartment Operating Fundamentals

•Near Term

–Stable job growth prospects;
regional focus advantage

–Change in mortgage financing
environment; higher demand,
improved retention

–MAA not exposed as some others to
supply concerns from (1) condo
reversions, (2) single-family rental
shadow supply, and (3) excessive
new development

•Long Term

–Growing echo boom demand;
significant growth in new
households most likely to rent

–Immigration; steady trends in those
very likely to rent

–Retiring baby boomers; will drive
more households back to the rental
housing market

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National MSA Average	1.20%
Sunbelt Region MSA Average	1.77%
MAA Markets MSA Average	1.78%

Employment Growth Projections ’07 - ’11

Annual Compounded Growth Rates

MAA Markets

Well Positioned in High Growth Region

•MAA is uniquely positioned to capture
the opportunities of this high growth
region

•Diversified in three different market
tiers across the region…creates
opportunity to capture the strong
performance profile of the region with
less volatility

•Market diversity provides less
exposure to over-building pressure

•Positioned in 7 of the top 10 projected
U.S. job growth markets through 2015

•MAA portfolio is more “recession
resistant” than most apartment REIT
portfolios

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The change in the mortgage environment will drive higher

levels of demand for apartments while also increasing

retention of existing residents

Apartment Operating Fundamentals

•Home ownership peaked in 2005 at
69.1%; encouraged by easy credit
and expectations of price inflation

•Potential benefits of new lending
environment to MAA

–Reduction in sub-prime lending

–More rigorous conventional
mortgage underwriting

–Reduced inflation of home prices
makes home-ownership less
attractive

•Q3 and Q4 2007 reinforcement

–Reduction in move-outs attributable
to home buying

–Strong traffic levels

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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

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Before average rent = $852

Park Estate, Memphis. Case Study - Just over 60% of units

redeveloped at an investment of $8K per unit; >30% IRR

After average rent = $1,123

2,000+ Units Completed in 2007; 3,000+ Units Planned in 2008

Upside From Property Redevelopment

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Strong Operating Results Continue

•Q4 Same Store NOI Growth of 7.9%

•Year End Occupancy - 11 Year High

•Q4 Leasing Concessions Declined 38%

•Same Store revenues grew by 4%

•Q4 12% Growth in FFO

•Q4 19% Growth in AFFO

•Q4 and 2007 FFO/Share Results Are
Record Performances for MAA

•Move-Out Due to Home Buying
Dropped 260 basis points

•Common Dividend Raised Q1’08 to
$2.46 annual

•2008 same store guidance is among
best in sector

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External Growth Platform

•Acquisitions

–Focused on newer assets

–Extensive network

–Competitive advantage

•Fund Management

–Turn-around opportunities

–Monetize platform value

–Higher current return

•New Development/Lease-Up

–Unique value add opportunities

–Attractive NPV returns

–Regional advantages

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Value Creation Plan	NPV/share of value created
$150 MM/year of 100%-owned acquisitions	$1.25
$150 MM/year of Fund I acquisitions	$0.90
$50 MM/year of development	$1.25
$15 MM/year of redevelopment	$0.40
Redevelopment benefit on portfolio quality (25 bp on cap rate)	$1.50
Total per share impact	$5.30

MAA’s disciplined growth
plan will add to value per

share* from five sources

*NPV of five-year plan discounted at cost of equity

Value of Growth Platform

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Leverage and Development

Funding Obligations (1)

Dividend Payout as % of ’08F AFFO (2)

Common

48%

Debt

46%

Preferred

6%

(1) Morgan Stanley Weekly Stats Summary 2/1/08(2) Stifel, Nicolaus Weekly Sector Scorecard 2/8/08

Strong Balance Sheet

•Debt + Preferred as % of entity value is
slightly lower than avg.

•Lower development funding obligations,
coupled with low leverage, puts MAA in a
strong competitive position

•Strong dividend coverage

•Strong Fixed Charge coverage ratio at 2.3
times

•Total debt is 85% Agency, maturities well
laddered through 2018

•Preferred H callable Aug. ’08, 8.3% yield at
$25/share, refi. plans to be determined

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	Portfolio
	Age	Units owned
Post	10	20,028
Camden	10	53,827
Mid-America	14	39,968
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 (Dec ’07) and MAA

MAA’s portfolio is 20% newer than the sector average.

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.

High Quality Assets

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Expectations for another solid year of performance

and results in 2008

*Assumes Preferred H, Callable August ’08, 8.3% yield at $25/share

is not called. If called, $0.18 FFO non-cash charge estimated.

Attractive Investment Opportunity

•Same store projected growth in
NOI of 4.0% to 5.0%

•FFO growth of 5.6% at mid-point
of guidance range*

•AFFO growth of 5.2% at mid-
point of guidance range*

•$150M of acquisitions for Mid-
America Fund I; $150M of
acquisitions for wholly-owned
balance sheet

•Solid growth in FFO/share
despite carrying $0.10 of drag for
future value creation activities

•2008 same store guidance is
among best in sector

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A focus on high growth

region with an expanded

allocation to more robust

markets

Disciplined investment

protocol and capital

deployment practices

High quality of

earnings; lower

volatility

Strong asset management

and property management

platforms

Combine to create more stable performance through full real estate

and capital market cycles…driving higher, risk adjusted,

long-term FFO performance and investment returns to capital

2008E is First Call Estimate and Mid-Point of Guidance

Improved Performance Platform

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A balanced approach

to market tier allocation

in the sunbelt region

markets

A re-tool of our

operating systems

Creation of a strong

asset management

platform

A strong property

management culture

and “hands-on” focus

Annual Same Unit NOI Growth

Combine to create operating results that are materially stronger than the

prior model and are competitive within the sector;

MAA outperforming over the last few years, with reason to believe it will continue.

Source: Green Street Advisors, Apartment REITs:

February ’08 Update

MAA’s same unit NOI growth

performance has been in the

top third of all apartment REITs

over the last 6 years

Improved Performance Platform

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2008 FFO Multiples

Source:Morgan Stanley Weekly Stat Summary, 3/27/08

Attractive Investment Opportunity

•Significant discount to sector average pricing

•Spread between bi-coastal and significant development
platforms is too large, especially when considering relative risks

•Achieving just sector average pricing (15.3 X) drives ~10%
upside opportunity for MAA

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MAA’s Regional Focus, Unique Market Strategy, Disciplined

Approach To Growth and Heavy Focus on Operations Will

Continue To Deliver Competitive Results

Attractive Investment Opportunity

•The notion that high-barrier markets will out-perform high-growth markets is
“over done” in terms of expectations and pricing

•High-barrier are not such “high-barrier”; majority of current supply pressure

•Differences in property quality, sub-market location and strength of
operating platform…among the local competition…has significant impact to
performance for a portfolio relative to broad market performance averages

•Some analysis is based on questionable market selection criteria and
subjective weighting of various attributes that are of questionable predictive
value for revenue/NOI growth prospects

•ARU and Household Income comparisons are distorted by geographic cost
of living differences, and when comparing portfolios across regions, is not a
valid proxy for asset quality and revenue growth prospects

•Threat of over-hang of vacant single-family and condo product will vary
significantly by market

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MAA	7.5%
HME	7.3%
ESS	7.1%
BRE	6.8%
UDR	6.7%
AEC	6.6%
AIV	6.6%
EQR	6.4%
CLP	6.1%
CPT	6.0%
AVB	5.9%
PPS	5.0%

Return on Invested Capital

Trailing 12 Month EBITDA/Total Assets,

Gross of Depreciation

Source:Morgan Stanley, Weekly Statistical Summary, 3/27/08

	3 Year	5 Year	10 Year
ESS	21.3%	20.8%	18.5%
MAA	17.6%	23.4%	14.9%
AVB	17.4%	26.1%	15.7%
EQR	14.2%	16.2%	11.1%
BRE	13.7%	14.1%	11.1%
HME	13.4%	14.4%	13.1%
PPS	13.0%	15.5%	6.3%
AEC	11.0%	23.4%	3.8%
UDR	10.8%	14.8%	13.2%
AIV	8.3%	7.7%	6.9%
CPT	7.6%	15.2%	12.5%
CLP	0.8%	5.2%	7.6%

Total Shareholder Returns

A solid record of generating value and

competitive long-term investment returns to capital…

Proven Value Creation

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Summary

üProven Public Company Platform

üPortfolio Well Positioned

üFavorable Demand Trends

üStrong Operating Platform

üDisciplined Capital Allocation

üSolid Balance Sheet

üStrong Coverage Ratios

üAttractive Value

üAttractive Yield and Inflation Protection

üProven Performer for Shareholders

End of Presentation