Mid-America Apartment Communities (MAA) 8-K Regulation FD Disclosure

Institutional Investor Update

September 2009

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•Positive 15-Year Track Record

–Top-Tier Returns to Shareholders

–Proven Strong Operator

–S & P Small-Cap 600

–Stable Management; Long Tenure

–Strong Corporate Governance

•Disciplined Capital Deployment

–Value Investor

–Extensive Network & Deal Flow

–Proven Success with Joint Ventures

•High Quality Multifamily Portfolio

–High Growth Sunbelt Region Focus

–Young Portfolio (~ 15 years)

–Two-Tier Market Strategy

•Strong Balance Sheet

–Capacity to Pursue Opportunities

–Superior Ratios

•Dividend Payout

•Leverage

•Fixed Charge

–Debt Financing Covered through 2010

Talus Ranch, Phoenix, AZ

Providence at Brier Creek, Raleigh, NC

Strong Public Company Platform

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MAA is the #1 performing stock for total shareholder
return among all apartment REITs over the last 10 Years,
5 Years and Year-To-Date

Out-Performing Sector

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Source: Green Street (with growth rates adjusted

by GS for perceived revenue-enhancing capex

differences)

Out-Performing Sector

•MAA began re-positioning its portfolio
in 2003 resulting in a profile that is
well positioned to compete well in ‘up’
cycles and hold up better in ‘down’
cycles

•In addition, the operating platform
has been significantly strengthened
through expanded asset
management focus, commitment to
new technologies and improved
efficiencies

•MAA’s average same-store NOI
growth 2003 - 2009 (1st half)

–Out-performing the sector mean

–Strong relative performance in both
‘up cycle’ and more recent ‘down
cycle’ market environment

–MAA has delivered third strongest
operating performance since 2003

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Edge at Lyon’s Gate, Phoenix, AZ

Eagle Ridge, Birmingham, AL

* vs. Q2 2008

Record Second Quarter Results

•Second Quarter Records

–FFO of $0.98, up 3%*

–Same store physical occupancy
ended Q2 at 95.6%, up from
95.0%*

–Fixed Charge Coverage at 2.71,
up from 2.51*

•Same store NOI was down 0.2%*
on weaker pricing, but better than
planned and one of the stronger
performances in the sector

•Resident turnover declined 9%*;
move-outs to home buying
declined 22%*

•Again increased full year FFO
guidance

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Silverado, Austin, TX

Strong Long-Term Outlook for Apts

•Markets expected to be difficult 2009 -
2010 as a result of weak employment
trends

–Little pricing power; off-set to some
degree with strong occupancy and
expense control (lower resident turnover)

–MAA’s regional focus, two-tier market
strategy, asset quality and strong
operating platform provide a more
‘recession resistant’ earnings platform

•Eventual recovery in employment trends
will generate a rapid recovery in net
operating income

–Pent-up demand

–Limited supply

•Starts are predicted to hit a post-WW II low

•Lack of financing for new construction
(Agencies finance stabilized properties)

•Investment returns insufficient as
construction cost stay robust

•Relatively rapid growth of echo boomers -
prime rental age category - predicted for
years

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Lincoln on the Green, Memphis, TN

Copper Ridge, Dallas/Ft.Worth

Apartment Sector: Promising Trends

•Single family home ownership likely to
remain relatively constrained

–Higher down-payments

–Tighter credit

–Higher mortgage interest rates

•Home ownership currently 67.5% of
households

–Peaked at 69.5%

–May revert to more sustainable 30 year
level of 64.5%

–Each 1% movement is 1.1 million
households

•Message reaching Congress that
home ownership is not for everybody

–Creates lack of labor mobility

–Financial burden

–Not a guarantee of wealth
accumulation

8

Strong Long-Term Outlook for Apts

Source:Witten Advisors

Recovery begins in 2010 and outlook very strong

for 2011 and 2012

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National MSA Average	1.1%
Sunbelt Region MSA Average	1.5%

Employment Growth Projections 2009 - 2013

Annual Compounded Growth Rates

MAA in 7 of the top 10 projected “Echo Boom Household” Markets:

Dallas, Houston, Atlanta, Phoenix, Austin, South FL, Orlando.

Source:Economy.com

Focus on High Growth Sunbelt

•Positive demographic flows

•Positive migration, immigration flows

•Low business/living costs

•Pro-business regulatory environment

•Good access to global markets

•Increasing port of entry for imports

•Good transportation infrastructure

•Access to skilled labor

–Financial industries

–Health/education

–Global trade

–Leisure travel

–High tech

–Logistics

–Manufacturing

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Source: Economy.com

Well Positioned for 2009 and Beyond

•Employment in Mid-America’s
markets is forecast to out-
perform the national average

•34 of MAA’s 46 markets are
projected to grow faster than the
national average

•Minimal new supply will help
support very strong positive
absorption for several years

•MAA is well positioned to
continue to deliver above
average same store
performance in a recovering
economic cycle

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Lighthouse Court, Jacksonville, FL

Georgetown Grove, Savannah, GA

*of which 42% is capped

Well Positioned For 2009

•Unit interior initiative: 7,500 units completed
in the last three years

•Lease-up and new development projects
reduced 2008 FFO by $0.16/share, reduced
to $0.07 in 2009

•2009 development expenditures limited to
$9 million

•Other new initiatives in 2009 expected to
drive incremental $0.05+ FFO/share

–Bulk Cable Program roll-out

–Utility Billing Program changes (fees and billing
platform)

–Fully automated web-based leasing

•Company in position to take full advantage
of reduced interest rates (22% of debt is
floating rate*)

–MAA’s latest Fannie Mae variable rate debt costs
0.90%

–MAA’s Fannie/Freddie $1.35 billion credit facilities
have locked spreads

–87% capped, swapped, or fixed

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•$163 MM of unused credit
facilities

•2009 refinancing complete, only
$50 MM (bank line) for 2010

•Only $9 MM of development
funding planned for 2009

•Agency loan maturities well
laddered 2011 - 2018

Capital Structure - 12/31/2008

Common

44%

6%

Preferred

Debt

50%

Agency

Debt

89%

Other Debt

11%

		Sector
	MAA	Median
Fixed Charge Coverage	2.71	2.41
FFO Payout ratio 2009	68%	*
Debt/Gross Assets	50%	53%

Sources: Sector data from KeyBank 8-14-09

MAA as reported Q2 09

*Sector Median impacted by stock dividends and

dividend reductions

Strong Balance Sheet Position

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Grand Courtyards, Dallas, TX

Lanier Club, Atlanta, GA

External Growth Opportunities

•Improving opportunities for
attractive acquisitions

–A number of distressed markets

–Distressed lease-ups

–Failed condo/condo conversions

–Pending refinancing requirement

•MAA has balance sheet capacity

–Credit facilities in place at pre-crisis
pricing

–Lowest leverage since the IPO

•Fund Management

–Fund II: a new $250 MM (total
investment) Value-add fund

–MAA share 33%

–Focus on existing MAA foot-print

–7+ year-old assets, 6-year hold

–First acquisition completed in July

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Forecast 2009

•Resident turnover continues to show encouraging trends

–Down 9% in Q2

–22% fewer move-outs to buy a home

•Some market weakness partially offset by new initiatives

–New revenue-generating initiatives

–Same store net operating income declines 2½% to 4½%

–Up to $75 MM wholly-owned acquisitions (new properties); $30 MM asset sales

–New Fund II: up to $75 MM JV-owned acquisitions

•Strong financial position helps results

–Average interest cost remains at very low 4.4%

–Dividend maintained at $2.46

•67% FFO pay-out ratio

•81% AFFO payout ratio

•FFO at $3.55 - $3.75, down 2% at mid-point as compared to 2008

•Strong recovery begins late 2010/early 2011

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Strong Management and Governance

•Long-planned CFO transition effective January 1st

–Al Campbell promoted to CFO

–Simon Wadsworth continues as Director & Special Advisor to the CEO

–Management depth, length of tenure, and company commitment to succession
planning facilitates transition

•Active succession planning and ‘back-up’ assessment processes

•Active leadership development program

–Strong bench strength with top 26 managers employed with MAA 11+ years on
average

–Active ‘promotion from within’ culture and track record

•Very strong Board of Directors

–Six independent directors with extensive backgrounds in public company
governance, capital markets, accounting/finance, leadership development, real
estate investing

–MAA’s corporate governance rating exceeds 91% of the S&P 600 and real
estate group companies

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Village Oaks, Tampa, FL

Prescott, Atlanta, GA

MAA Offers An Attractive Value

•Sells at an implied price per unit of
approximately $65k

–Replacement value of $110k - $120k

–$110k/unit generates price/share of $105

•Sells at an implied cap rate of 7.1

–6.0 to 7.0 cap rate generates a price/share
of $42 to $54

•MAA is arguably one of the best
positioned of the sector

–Recession resistant market mix

–No development

–Balance sheet strength

–Strong dividend coverage

–Forecast of rapid market growth 2011-2013

•Relative to size and balance sheet
capacity, MAA offers one of the more
compelling external growth stories in
the sector

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üMAA Is a Proven Platform

•15+ Years as a Public Company

•Strong Operating Platform

•Top-Tier Performance for Shareholders

•More Recession-Resistant

•Record Results Q1 09

üOpportunity to Invest Ahead of Recovery

•Balance Sheet is Strong, With Capacity

•Fund II New Growth Opportunities

üYoung Portfolio with Growth Upside

•Invested in Fastest-Growing Markets

•Portfolio Provides Stable Earnings

•Superior Risk-Adjusted Performance

•Positioned for a Recovering Economy

üDisciplined Capital Allocation Drives High
Quality of Earnings

üStrong Coverage Ratios and Liquidity

üMAA’s Earnings Outlook and Implied Cap
Rate Provide an Attractive Relative
Opportunity Within the MF REIT Sector

St. Augustine, Jacksonville, FL

Sky View Ranch, Phoenix, AZ

Summary

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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.

Watermark, Dallas, TX

Safe Harbor Disclosure