Mid-America Apartment Communities 8K Mid-america Reports First Quarter Results | MAA 7 May 09

COMMUNITY STATISTICS Dollars in thousands except Average Effective Rent

						Average Effective
		As of March 31, 2009				Rent for the
				Percent to		Three Months
			Gross	Total of	Physical	Ended
		Units	Real Assets	Gross Assets	Occupancy	31-Mar-09

Dallas, TX		3,678	$ 206,648	7.9%	95.8%	$ 712.07
Jacksonville, FL		3,347	$ 186,833	7.1%	95.0%	$ 790.60
Atlanta, GA		3,253	$ 251,357	9.6%	95.1%	$ 792.65
Houston, TX		3,191	$ 223,805	8.5%	94.8%	$ 824.35
Nashville, TN		1,855	$ 126,524	4.8%	95.6%	$ 785.46
Austin, TX		1,776	$ 110,336	4.2%	93.9%	$ 769.45
Tampa, FL		1,341	$ 91,611	3.5%	94.6%	$ 880.43
Raleigh/Durham, NC		1,028	$ 87,994	3.4%	95.2%	$ 806.40
Phoenix, AZ		792	$ 98,364	3.8%	90.2%	$ 775.90
South Florida		480	$ 53,105	2.0%	98.8%	$ 1,253.13
Orlando, FL		288	$ 14,673	0.6%	95.8%	$ 748.36
	Primary Markets	21,029	$ 1,451,250	55.4%	95.0%	$ 795.99

Memphis, TN		4,021	$ 207,703	7.9%	97.5%	$ 672.42
Columbus, GA		1,509	$ 77,140	2.9%	95.2%	$ 728.96
Jackson, MS		1,241	$ 58,446	2.2%	97.5%	$ 696.01
Greenville, SC		1,140	$ 51,118	1.9%	95.8%	$ 587.24
Lexington, KY		924	$ 60,500	2.3%	92.9%	$ 732.65
Little Rock, AR		808	$ 42,507	1.6%	98.0%	$ 663.24
Savannah, GA		526	$ 44,212	1.7%	99.2%	$ 854.52
All Other Secondary		10,417	$ 562,981	21.6%	94.5%	$ 708.06
	Secondary Markets	20,586	$ 1,104,607	42.1%	95.6%	$ 698.30

	Subtotal	41,615	$ 2,555,857	97.5%	95.3%	$ 747.67

	Development and Lease-up Properties	637	$ 66,025	2.5%	60.6%	$ 896.10

	Total Portfolio	42,252	$ 2,621,882	100.0%	94.8%	$ 749.90



NUMBER OF APARTMENT UNITS

		2009	2008
		Mar 31	Dec 31	Sept 30	Jun 30	Mar 31

100% Owned Properties		41,626	41,928	41,801	41,007	40,494
Properties in Joint Ventures		626	626	626	626	626
	Total Portfolio	42,252	42,554	42,427	41,633	41,120

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 March 31, 2009 unless otherwise noted

			Three Months Ended March 31, 2009
						Average		Quarterly	Twelve
						Effective	Physical	Economic	Month
		Units	Revenue	Expense	NOI	Rent	Occupancy	Occupancy (1)	Turn Rate
Primary Markets
Dallas, TX		3,184	$ 7,067	$ 3,034	$ 4,033	$ 697.57	96.1%	95.0%	54.8%
Jacksonville, FL		2,611	$ 6,269	$ 2,501	$ 3,768	$ 801.68	95.1%	90.9%	61.0%
Atlanta, GA		2,693	$ 6,050	$ 2,597	$ 3,453	$ 744.44	94.7%	90.1%	58.6%
Houston, TX		2,400	$ 5,982	$ 2,457	$ 3,525	$ 799.33	95.4%	94.8%	66.5%
Nashville, TN		1,569	$ 3,843	$ 1,433	$ 2,410	$ 786.66	95.3%	92.4%	58.6%
Austin, TX		1,392	$ 3,321	$ 1,504	$ 1,817	$ 766.74	94.5%	92.4%	64.2%
Tampa, FL		1,120	$ 3,017	$ 1,237	$ 1,780	$ 855.34	95.4%	93.6%	53.1%
South Florida		480	$ 1,901	$ 640	$ 1,261	$ 1,253.13	98.8%	96.3%	47.7%
Raleigh/Durham, NC		384	$ 808	$ 258	$ 550	$ 700.05	93.5%	91.3%	47.9%
	Subtotal	15,833	$ 38,258	$ 15,661	$ 22,597	$ 781.11	95.3%	92.8%	58.9%

Secondary Markets
Memphis, TN		3,210	$ 6,660	$ 3,002	$ 3,658	$ 685.49	97.7%	92.6%	55.0%
Columbus, GA		1,509	$ 3,409	$ 1,354	$ 2,055	$ 728.96	95.2%	92.0%	83.4%
Jackson, MS		1,241	$ 2,698	$ 931	$ 1,767	$ 696.01	97.5%	94.1%	63.8%
Greenville, SC		1,140	$ 2,073	$ 840	$ 1,233	$ 587.24	95.8%	92.4%	53.3%
Lexington, KY		924	$ 1,976	$ 758	$ 1,218	$ 732.65	92.9%	89.5%	65.5%
Little Rock, AR		808	$ 1,707	$ 613	$ 1,094	$ 663.24	98.0%	96.3%	53.6%
Savannah, GA		526	$ 1,432	$ 513	$ 919	$ 854.52	99.2%	95.0%	60.6%
All Other Secondary		9,745	$ 20,555	$ 8,475	$ 12,080	$ 699.45	94.5%	90.6%	61.4%
	Subtotal	19,103	$ 40,510	$ 16,486	$ 24,024	$ 696.86	95.6%	91.7%	61.6%

Operating Same Store		34,936	$ 78,768	$ 32,147	$ 46,621	$ 735.04	95.5%	92.2%	60.4%

Revenue Straight-line Adjustment (2)			$ 250		$ 250
Total Same Store			$ 79,018		$ 46,871

(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 QUARTER ENDED DECEMBER 31, 2008 (PRIOR QUARTER) AND QUARTER ENDED MARCH 31, 2008 (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		1.2%	3.8%	-1.4%	-1.3%	3.3%	7.9%	1.3%	0.7%	-0.4%	1.8%
Jacksonville, FL		-2.5%	-4.7%	-2.9%	1.4%	-2.2%	-8.3%	2.1%	0.0%	-1.8%	-2.4%
Atlanta, GA		1.2%	-4.9%	-0.9%	5.8%	2.8%	-11.7%	3.8%	-0.7%	-1.1%	-1.8%
Houston, TX		0.6%	0.5%	-17.7%	-8.2%	19.0%	7.6%	0.4%	-0.6%	-0.2%	0.8%
Nashville, TN		-1.4%	-1.8%	1.2%	0.8%	-2.9%	-3.3%	1.4%	-0.9%	-0.9%	1.5%
Austin, TX		-0.8%	-0.4%	2.7%	1.0%	-3.6%	-1.6%	1.8%	-1.0%	-1.6%	2.7%
Tampa, FL		-0.8%	-2.0%	-1.6%	4.4%	-0.2%	-6.0%	0.0%	0.4%	-0.8%	-2.3%
South Florida		2.1%	1.3%	-1.2%	2.1%	4.0%	0.9%	4.0%	1.9%	-0.3%	0.1%
Raleigh/Durham, NC		-4.6%	-2.7%	-11.6%	-10.4%	-0.9%	1.5%	-0.8%	-1.6%	-0.8%	0.5%
	Subtotal	-0.2%	-1.2%	-4.1%	-0.1%	2.7%	-2.0%	1.7%	-0.3%	-0.9%	0.0%

Secondary Markets
Memphis, TN		-0.2%	-3.0%	-3.1%	-1.5%	2.4%	-4.1%	3.9%	1.1%	-1.4%	-1.8%
Columbus, GA		1.1%	6.6%	-0.7%	-4.2%	2.3%	15.1%	3.9%	1.0%	-0.9%	0.7%
Jackson, MS		0.7%	-0.7%	-4.1%	-2.1%	3.4%	0.0%	2.1%	0.8%	-2.0%	0.3%
Greenville, SC		-1.1%	-0.5%	0.0%	-0.1%	-1.9%	-0.7%	1.1%	2.6%	-1.0%	0.2%
Lexington, KY		-5.2%	-0.5%	5.3%	2.8%	-10.8%	-2.5%	0.6%	-3.4%	-0.1%	3.0%
Little Rock, AR		1.5%	4.7%	-6.7%	-3.2%	6.7%	9.6%	2.1%	2.2%	-0.6%	2.1%
Savannah, GA		-0.6%	1.9%	0.8%	2.0%	-1.4%	1.9%	2.1%	2.2%	-1.0%	2.2%
All Other Secondary		-1.5%	-3.5%	-0.7%	0.1%	-2.0%	-5.9%	1.7%	-1.2%	-0.9%	-0.7%
	Subtotal	-0.9%	-1.6%	-1.2%	-0.6%	-0.7%	-2.3%	2.3%	-0.1%	-1.0%	-0.2%

Operating Same Store		-0.6%	-1.4%	-2.7%	-0.4%	0.9%	-2.2%	2.0%	-0.2%	-1.0%	-0.2%

Including revenue straight-line adjustment:
Total Same Store		-0.4%	-0.8%			1.1%	-1.1%

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

Dollars in thousands		Three Months Ended March 31,		Percent
		2009	2008	Change
Revenues
	Operating	$ 78,768	$ 79,923	-1.4%
	Straight-line adjustment (1)	250	(265)
	Total Same Store	$ 79,018	$ 79,658	-0.8%

Expense		$ 32,147	$ 32,271	-0.4%

NOI
	Operating	$ 46,621	$ 47,652	-2.2%
	Straight-line adjustment (1)	250	(265)
	Total Same Store	$ 46,871	$ 47,387	-1.1%

(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 March 31,		Percent
		2009	2008	Change
Revenues
	Operating	$ 84,385	$ 85,648	-1.5%
	Straight-line adjustment (2)	235	(254)
	Total Same Store	$ 84,620	$ 85,394	-0.9%

Expense		$ 34,449	$ 34,523	-0.2%

NOI
	Operating	$ 49,936	$ 51,125	-2.3%
	Straight-line adjustment (2)	235	(254)
	Total Same Store	$ 50,171	$ 50,871	-1.4%

(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
			3/31/2009	12/31/2008	3/31/2008
NOI
	Same store		$ 46,871	$ 46,345	$ 47,387
	Non-same store		8,880	8,757	7,113
	Total NOI		55,751	55,102	54,500
Held for sale NOI included above			(446)	(684)	(681)
Management fee income			64	59	28
Depreciation			(23,585)	(23,623)	(21,916)
Property management expense			(4,241)	(3,924)	(4,258)
General and administrative expense			(2,459)	(3,090)	(2,920)
Interest and other non-property income			80	170	108
Interest expense			(14,229)	(15,731)	(16,205)
Gain (loss) on debt extinguishment			3	(113)	-
Amortization of deferred financing costs			(606)	(607)	(628)
Net casualty (loss) gains and other settlement proceeds			(144)	340	128
Loss on sale of non-depreciable assets			-	-	(3)
Loss from real estate joint ventures			(196)	(288)	(83)
Discontinued operations			1,853	578	141
Net income attributable to noncontrolling interests			(706)	(456)	(532)
Net income attributable to Mid-America Apartment Communities, Inc.			$ 11,139	$ 7,733	$ 7,679

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
St. Augustine Phase II, Jacksonville, FL		124	$ 13,202	$ 106	$ 13,202
Copper Ridge Phase I, Dallas, TX		261	23,185	89	19,114
	Total development	385	$ 36,387	$ 95	$ 32,316


ESTIMATED TIMELINE		Construction		Initial
		Start	Finish	Occupancy	Stabilization
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 March 31, 2009
		Completed	Occupied
St. Augustine Phase II, Jacksonville, FL		124	58
Copper Ridge Phase I, Dallas, TX		216	128



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

			Three Months
			Ended	Trailing
			March 31, 2009	4 Quarters
Net income attributable to Mid-America Apartment Communities, Inc.			$ 11,139	$ 33,709
Depreciation			23,585	91,837
Interest expense			14,229	60,034
(Gain) loss on debt extinguishment			(3)	113
Amortization of deferred financing costs			606	2,285
Net casualty loss and other settlement proceeds			144	519
Gain on dispositions within unconsolidated entities			-	(38)
Gain on sale of discontinued operations			(1,432)	(1,371)
EBITDA			$ 48,268	$ 187,088


			Three Months Ended March 31,
			2009	2008
EBITDA/Debt Service			3.27x	2.74x
Fixed Charge Coverage (1)			2.77x	2.39x
Total Debt as % of Total Gross Assets			51%	52%

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

DEBT AS OF MARCH 31, 2009
Dollars in thousands

DEBT OUTSTANDING SUMMARIES						Average
						Years to
				Principal		Contract	Effective
				Balance		Maturity	Rate
	Conventional - Fixed Rate or Swapped (1)			$ 993,139		4.0	5.5%
	Tax-free - Fixed Rate or Swapped (1)			37,730		8.0	4.7%
	Conventional - Variable Rate (2)			236,331		4.5	1.4%
	Tax-free - Variable Rate			4,760		19.2	3.1%
	Conventional - Variable Rate - Capped (3)			17,936		3.9	1.4%
	Tax-free - Variable Rate - Capped (3)			64,350		2.9	1.4%
			Total Debt Outstanding	$ 1,354,246		4.3	4.5%

	(1) Maturities on existing swapped balances are calculated using the life of the underlying variable debt.
	(2) Includes a $15 million mortgage with an imbedded cap at a 7% rate.
	(3) When capped rates 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	$ 916,833
		Freddie Mac Credit Facilities		300,000		296,404	296,404
		Regions Credit Facility		50,000		43,863	-
		Regions Term Loan		38,345		38,345	38,345
		Other Borrowings		102,664		102,664	102,664
			Total Debt	$ 1,535,438		$ 1,525,705	$ 1,354,246


CONTRACT MATURITIES
		Line Limit
		Credit Facilities				Regions
		Fannie Mae	Freddie Mac	Regions		Term Loan	Other	Total
	2009	$ -	$ -	$ -		$ 38,345	$ -	$ 38,345
	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	-		-	18,831	540,067
	2015	120,000	-	-		-	53,367	173,367
	Thereafter	240,000	-	-		-	30,466	270,466
	Total	$ 1,044,429	$ 300,000	$ 50,000		$ 38,345	$ 102,664	$ 1,535,438


SWAPS AND FIXED RATE MATURITIES

		Swap Balances				Temporary	Total
			SIFMA	Fixed Rate		Fixed Rate		Contract
		LIBOR	(formerly BMA)	Balances		Balances (1)	Balance	Rate
	2009	$ -	$ -	$ -		$ 65,000	$ 65,000	7.7%
	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	-	18,831		-	162,831	5.7%
	2015	75,000	-	38,167		-	113,167	5.6%
	Thereafter	-	-	25,706		-	25,706	5.6%
	Total	$ 857,000	$ 26,165	$ 82,704		$ 65,000	$ 1,030,869	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 March 31,
			2009	2008
	Dividend paid per common share		$0.615	$0.615



DIVIDEND INFORMATION (latest declaration)
			Payment	Payment	Record
			per Share	Date	Date
	Common - quarterly		$0.6150	4/30/2009	4/15/2009
	Preferred Series H - quarterly		$0.51875	3/23/2009	3/13/2009



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 Reports First Quarter Results