Mid-America Apartment Communities 8K Reports Fourth Quarter Results | MAA 5 Feb 09

COMMUNITY STATISTICS Dollars in thousands except Average Effective Rent

						Average Effective
		As of December 31, 2008				Rent for the
				Percent to		Three Months
			Gross	Total of	Physical	Ended
		Units	Real Assets	Gross Assets	Occupancy	31-Dec-08

Dallas, TX		3,662	$ 204,781	7.8%	94.0%	$ 715.55
Jacksonville, FL		3,347	$ 186,080	7.1%	93.2%	$ 803.87
Atlanta, GA		3,253	$ 250,437	9.6%	90.8%	$ 800.90
Houston, TX		3,191	$ 222,457	8.5%	95.0%	$ 824.48
Nashville, TN		1,855	$ 125,622	4.8%	94.2%	$ 792.47
Austin, TX		1,776	$ 109,910	4.2%	91.6%	$ 778.67
Tampa, FL		1,339	$ 91,101	3.5%	95.6%	$ 882.58
Raleigh/Durham, NC		1,028	$ 87,863	3.4%	93.7%	$ 814.45
Phoenix, AZ		480	$ 62,743	2.4%	85.8%	$ 787.94
South Florida		480	$ 53,003	2.0%	94.8%	$ 1,257.11
Orlando, FL		288	$ 14,642	0.6%	92.4%	$ 777.04
	Primary Markets	20,699	$ 1,408,639	53.9%	93.2%	$ 803.15

Memphis, TN		4,021	$ 206,521	7.9%	94.4%	$ 681.39
Columbus, GA		1,509	$ 76,820	2.9%	91.3%	$ 735.26
Jackson, MS		1,241	$ 58,246	2.2%	95.4%	$ 710.21
Greenville, SC		1,140	$ 50,957	1.9%	94.7%	$ 592.98
Lexington, KY		924	$ 60,452	2.3%	92.3%	$ 733.53
Little Rock, AR		808	$ 42,320	1.6%	95.9%	$ 667.35
Savannah, GA		526	$ 44,081	1.7%	97.1%	$ 863.15
All Other Secondary		10,721	$ 572,993	21.9%	92.8%	$ 709.94
	Secondary Markets	20,890	1,112,390	42.4%	93.5%	$ 703.16

	Subtotal	41,589	$ 2,521,029	96.3%	93.4%	$ 752.93

	Development and Lease-up Properties	965	$ 99,352	3.8%	71.4%	$ 799.13

	Total Portfolio	42,554	2,620,381	100%	92.9%	$ 753.98



NUMBER OF APARTMENT UNITS

		2008				2007
		Dec 31	Sept 30	Jun 30	Mar 31	Dec 31

100% Owned Properties		41,928	41,801	41,007	40,494	40,248
Properties in Joint Ventures		626	626	626	626	-
	Total Portfolio	42,554	42,427	41,633	41,120	40,248

SAME STORE (EXCLUDES 8 FULL RENOVATION AND 3 HELD FOR SALE COMMUNITIES) Dollars in thousands except Effective Rent
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, 2008 unless otherwise noted

			Three Months Ended December 31, 2008
						Average		Quarterly		Twelve
						Effective	Physical	Economic		Month
		Units	Revenue	Expense	NOI	Rent	Occupancy	Occupancy (1)		Turn Rate
Primary Markets
Dallas, TX		3,184	$ 6,981	$ 3,076	$ 3,905	$ 700.22	94.8%	94.1%		53.8%
Jacksonville, FL		2,611	$ 6,429	$ 2,576	$ 3,853	$ 816.42	93.0%	91.3%		61.9%
Atlanta, GA		2,543	$ 5,678	$ 2,460	$ 3,218	$ 758.01	91.0%	87.7%		60.3%
Houston, TX		2,400	$ 5,948	$ 2,987	$ 2,961	$ 800.91	95.0%	93.5%		68.5%
Nashville, TN		1,569	$ 3,897	$ 1,416	$ 2,481	$ 793.50	93.9%	93.0%		58.8%
Austin, TX		1,392	$ 3,349	$ 1,465	$ 1,884	$ 779.08	92.7%	92.1%		63.7%
Tampa, FL		1,120	$ 3,040	$ 1,257	$ 1,783	$ 862.37	95.4%	93.9%		51.7%
South Florida		480	$ 1,861	$ 648	$ 1,213	$ 1,257.11	94.8%	93.4%		46.7%
Raleigh/Durham, NC		384	$ 847	$ 292	$ 555	$ 705.43	94.3%	94.7%		49.7%
	Subtotal	15,683	38,030	16,177	21,853	$ 789.43	93.7%	92.2%		59.4%

Secondary Markets
Memphis, TN		3,210	$ 6,671	$ 3,098	$ 3,573	$ 695.08	93.8%	91.9%	��	58.1%
Columbus, GA		1,509	$ 3,371	$ 1,363	$ 2,008	$ 735.26	91.3%	90.5%		82.4%
Jackson, MS		1,241	$ 2,680	$ 971	$ 1,709	$ 710.21	95.4%	93.1%		63.8%
Greenville, SC		1,140	$ 2,097	$ 840	$ 1,257	$ 592.98	94.7%	92.5%		55.2%
Lexington, KY		924	$ 2,085	$ 720	$ 1,365	$ 733.53	92.3%	94.2%		66.9%
Little Rock, AR		808	$ 1,682	$ 657	$ 1,025	$ 667.35	95.9%	95.2%		58.0%
Savannah, GA		526	$ 1,441	$ 509	$ 932	$ 863.15	97.1%	95.4%		60.1%
All Other Secondary		9,745	$ 20,862	$ 8,531	$ 12,331	$ 705.82	92.8%	91.0%		62.5%
	Subtotal	19,103	$ 40,889	$ 16,689	$ 24,200	$ 703.94	93.3%	91.8%		62.9%

Operating Same Store		34,786	78,919	32,866	46,053	$ 742.48	93.5%	92.0%		61.3%

Revenue Straight-line Adjustment (2)			$ 148		$ 148
Total Same Store			$ 79,067		$ 46,201

(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 SEPT 30, 2008 (PRIOR QUARTER) AND QUARTER ENDED DEC 31, 2007 (PRIOR YEAR)

		Revenue		Expense		NOI		Physical Occupancy			Average Effective Rent
		Prior	Prior	Prior	Prior	Prior	Prior	Prior		Prior	Prior	Prior
		Quarter	Year	Quarter	Year	Quarter	Year	Quarter		Year	Quarter	Year
Primary Markets
Dallas, TX		-1.3%	2.2%	-8.9%	0.9%	5.5%	3.3%	-2.4%		0.3%	0.6%	2.6%
Jacksonville, FL		-0.1%	-1.8%	0.3%	7.7%	-0.3%	-7.3%	-2.6%		-0.6%	-0.5%	-2.0%
Atlanta, GA		-2.8%	-6.1%	-5.6%	1.6%	-0.6%	-11.3%	-1.3%		-4.1%	-0.8%	-0.8%
Houston, TX		0.6%	1.0%	-0.3%	22.3%	1.5%	-14.2%	-0.6%		-0.6%	0.2%	1.2%
Nashville, TN		-1.5%	-0.2%	-10.0%	-1.7%	4.2%	0.6%	-2.1%		-3.3%	0.4%	3.4%
Austin, TX		-2.1%	1.2%	-11.9%	0.9%	7.1%	1.5%	-1.6%		-3.2%	0.6%	5.6%
Tampa, FL		-0.5%	-0.3%	-3.7%	8.8%	1.9%	-5.9%	-0.9%		0.3%	-0.2%	-1.7%
South Florida		-0.4%	0.0%	-1.2%	2.9%	0.0%	-1.5%	-0.4%		-2.1%	-0.3%	0.4%
Raleigh/Durham, NC		-1.6%	2.5%	2.1%	1.0%	-3.5%	3.4%	-3.9%		-0.5%	0.5%	1.9%
	Subtotal	-1.0%	-0.6%	-5.0%	5.9%	2.1%	-5.0%	-1.7%		-1.4%	0.0%	0.9%

Secondary Markets
Memphis, TN		-2.0%	-2.3%	-2.2%	2.1%	-1.8%	-5.9%	-3.0%		-2.6%	0.2%	-0.1%
Columbus, GA		-1.8%	6.8%	-5.3%	-0.5%	0.7%	12.4%	-3.3%		2.8%	0.8%	2.1%
Jackson, MS		-0.7%	0.6%	-8.7%	7.5%	4.6%	-2.9%	-1.5%		-1.8%	0.3%	3.1%
Greenville, SC		-1.0%	0.6%	-0.6%	6.2%	-1.3%	-2.9%	-1.1%		-0.8%	-0.2%	2.3%
Lexington, KY		-0.1%	4.3%	-13.8%	-2.0%	9.0%	8.0%	-5.6%		-2.7%	1.6%	3.3%
Little Rock, AR		0.1%	1.0%	-8.1%	7.7%	6.2%	-2.8%	-2.0%		-0.8%	0.4%	3.6%
Savannah, GA		-2.8%	1.1%	-3.4%	20.6%	-2.5%	-7.2%	-1.8%		1.7%	0.9%	2.0%
All Other Secondary		-1.7%	-1.1%	-7.6%	-0.5%	2.8%	-1.4%	-1.5%		-1.7%	-0.2%	0.3%
	Subtotal	-1.5%	0.0%	-6.4%	1.5%	2.1%	-1.1%	-2.1%		-1.4%	0.2%	1.0%

Operating Same Store		-1.3%	-0.3%	-5.7%	3.6%	2.1%	-3.0%	-1.9%		-1.4%	0.1%	0.9%

Including revenue straight-line adjustment:
Total Same Store		-1.0%	0.2%			2.6%	-2.1%

SAME STORE (EXCLUDES 8 FULL RENOVATION AND 3 HELD FOR SALE COMMUNITIES)

Dollars in thousands		Three Months Ended December 31,		Percent
		2008	2007	Change
Revenues
	Operating	$ 78,919	$ 79,173	-0.3%
	Straight-line adjustment (1)	148	(292)
	Total Same Store	$ 79,067	$ 78,881	0.2%

Expense		$ 32,866	$ 31,713	3.6%

NOI
	Operating	$ 46,053	$ 47,460	-3.0%
	Straight-line adjustment (1)	148	(292)
	Total Same Store	$ 46,201	$ 47,168	-2.1%

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

SAME STORE PLUS EIGHT EXCLUDED RENOVATION COMMUNITIES (Dollars in thousands)
Includes the eight full renovation communities (2,384 units).

		Three Months Ended December 31,		Percent
		2008	2007	Change
Revenues
	Operating	$ 84,551	$ 84,763	-0.3%
	Straight-line adjustment (2)	141	(285)
	Total Same Store	$ 84,692	$ 84,478	0.3%

Expense		$ 35,184	$ 33,893	3.8%

NOI
	Operating	$ 49,367	$ 50,870	-3.0%
	Straight-line adjustment (2)	141	(285)
	Total Same Store	$ 49,508	$ 50,585	-2.1%

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

NOI BRIDGE (Dollars in thousands)

			Three Months Ended
			12/31/2008	9/30/2008	12/31/2007
NOI
	Same store		$ 46,201	$ 45,031	$ 47,168
	Non-same store		8,901	8,275	7,514
	Total NOI		55,102	53,306	54,682
Held for sale NOI included above			(896)	(321)	(768)
Management fee income			59	58	-
Depreciation			(23,554)	(22,628)	(21,466)
Property management expense			(3,924)	(4,230)	(4,768)
General and administrative expense			(3,090)	(2,996)	(3,179)
Interest and other non-property income			170	115	47
Interest expense			(15,654)	(15,116)	(16,058)
Loss on debt extinguishment			(113)	(3)	-
Amortization of deferred financing costs			(607)	(586)	(658)
Incentive fees from real estate joint ventures			-	-	-
Net casualty gains (loss) and other settlement proceeds			340	(1,131)	(56)
Gains on sale of non-depreciable assets			-	-	279
Minority interest in operating partnership income			(456)	(321)	(675)
Loss from real estate joint ventures			(288)	(274)	-
Discontinued operations			644	320	224
Net income			$ 7,733	$ 6,193	$ 7,604

Net Operating Income (NOI)
	Net operating income represents total property revenues less total property operating expenses, excluding depreciation, for all
	properties held during the period, regardless of their status as held for sale. We believe NOI by market is a helpful tool in evaluating
	the operating performance within our markets because it measures the core operations of property performance by excluding corporate
	level expenses and other items not related to property operating performance.

DEVELOPMENT (Dollars in thousands)


EXPENDITURES			Current	Estimated
		Total	Estimated	Cost	Cost
		Units	Cost	per Unit	to Date
Brier Creek Phase II, Raleigh, NC		200	$ 23,278	$ 116	$ 23,278
St. Augustine Phase II, Jacksonville, FL		124	13,002	105	11,999
Copper Ridge Phase I, Dallas, TX		261	24,610	94	18,722
	Total development	585	$ 60,890	$ 104	$ 53,999


ESTIMATED TIMELINE		Construction		Initial
		Start	Finish	Occupancy	Stabilization
Brier Creek Phase II, Raleigh, NC		2Q 2006	4Q 2007	2Q 2007	4Q 2008
St. Augustine Phase II, Jacksonville, FL		3Q 2007	1Q 2009	4Q 2008	1Q 2010
Copper Ridge Phase I, Dallas, TX		3Q 2007	4Q 2009	2Q 2008	2Q 2010


UNITS		Actual Units as of December 31, 2008
		Completed	Occupied
Brier Creek Phase II, Raleigh, NC		200	185
St. Augustine Phase II, Jacksonville, FL		104	23
Copper Ridge Phase I, Dallas, TX		216	114



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

			Three Months
			Ended	Trailing
			December 31, 2008	4 Quarters
Net income			$ 7,733	$ 30,249
Depreciation			23,554	90,168
Interest expense			15,654	62,010
Loss on debt extinguishment			113	116
Amortization of deferred financing costs			607	2,307
Net casualty loss and other settlement proceeds			(340)	247
Gain on sale of non-depreciable assets			-	3
Gain on dispositions within unconsolidated entities			-	(38)
Loss (gain) on sale of discontinued operations			-	120
EBITDA			$ 47,321	$ 185,182


			Three Months Ended December 31,
			2008	2007
EBITDA/Debt Service			2.90x	2.69x
Fixed Charge Coverage (1)			2.51x	2.36x
Total Debt as % of Total Gross Assets			50%	53%

(1) Fixed charge coverage represents EBITDA divided by interest expense and preferred dividends.
The sector median data provided in the earnings release is as of September 30, 2008.

DEBT AS OF DECEMBER 31, 2008
Dollars in thousands

DEBT OUTSTANDING SUMMARIES					Average
					Years to
				Principal	Contract	Effective
				Balance	Maturity	Rate
	Conventional - Fixed Rate or Swapped (1)			$ 1,018,484	4.1	5.5%
	Tax-free - Fixed Rate or Swapped (1)			37,730	8.3	4.7%
	Conventional - Variable Rate			179,796	5.2	2.5%
	Tax-free - Variable Rate			4,760	19.4	3.9%
	Conventional - Variable Rate - Capped (2)			17,936	0.9	2.8%
	Tax-free - Variable Rate - Capped (2)			64,350	3.2	1.8%
			Total Debt Outstanding	$ 1,323,056	4.5	4.8%

	(1) Maturities on existing swapped balances are calculated using the life of the underlying variable debt.
	(2) When the capped rates of 6.0% and 6.5% are not reached, the average rate represents the rate on the underlying variable debt.

				Line	Amount	Amount
				Limit	Collateralized	Borrowed
		Fannie Mae Credit Facilities		$ 1,044,429	$ 1,044,429	$ 904,833
		Freddie Mac Credit Facilities		300,000	275,929	275,929
		Regions Credit Facility		50,000	43,863	661
		Regions Term Loan		38,625	38,625	38,625
		Other Borrowings		103,008	103,008	103,008
			Total Debt	$ 1,536,062	$ 1,505,854	$ 1,323,056


CONTRACT MATURITIES
		Line Limit
		Credit Facilities			Regions
		Fannie Mae	Freddie Mac	Regions	Term Loan	Other	Total
	2009	$ -	$ -	$ -	$ 38,625	$ -	$ 38,625
	2010	-	-	50,000	-	-	50,000
	2011	80,000	100,000	-	-	-	180,000
	2012	80,000	-	-	-	-	80,000
	2013	203,193	-	-	-	-	203,193
	2014	321,236	200,000	-	-	18,984	540,220
	2015	120,000	-	-	-	53,520	173,520
	Thereafter	240,000	-	-	-	30,504	270,504
	Total	$ 1,044,429	$ 300,000	$ 50,000	$ 38,625	$ 103,008	$ 1,536,062


SWAPS AND FIXED RATE MATURITIES

		Swap Balances			Temporary	Total
			SIFMA	Fixed Rate	Fixed Rate		Contract
		LIBOR	(formerly BMA)	Balances	Balances (1)	Balance	Rate
	2009	$ 25,000	$ -	$ -	$ 65,000	$ 90,000	6.9%
	2010	140,000	8,365	-	-	148,365	5.7%
	2011	158,000	-	-	-	158,000	5.2%
	2012	150,000	17,800	-	-	167,800	5.1%
	2013	190,000	-	-	-	190,000	5.2%
	2014	144,000	-	18,984	-	162,984	5.7%
	2015	75,000	-	38,321	-	113,321	5.6%
	Thereafter	-	-	25,744	-	25,744	5.6%
	Total	$ 882,000	$ 26,165	$ 83,049	$ 65,000	$ 1,056,214	5.5%

	(1) Represents a $65 million fixed rate FNMA borrowing that converts to a variable rate on December 1, 2009.

OTHER DATA


PER SHARE DATA			Three Months Ended December 31,		Twelve Months Ended December 31,
			2008	2007	2008	2007
	Dividend paid per common share		$0.615	$0.605	$2.460	$2.420



DIVIDEND INFORMATION (latest declaration)
			Payment	Payment	Record
			per Share	Date	Date
	Common - quarterly		$0.6150	1/30/2009	1/15/2009
	Preferred Series H - quarterly		$0.51875	12/23/2008	12/12/2008



PREFERRED STOCK			Number of	Liquidation	Total	Earliest
			Shares Issued	Preference	Liquidation	Optional
			and Outstanding	per Share	Value	Call Date
	8.30% Series H Cumulative Redeemable
		Preferred Stock	6,200,000	$ 25.00	$ 155,000,000	8/11/2008

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