Mid-America Apartment Communities 8K Reports Fourth Quarter Results | MAA 4 Feb 10

COMMUNITY STATISTICS Dollars in thousands except Average Effective Rent

						Average Effective
		As of December 31, 2009				Rent for the
				Percent to		Three Months
			Gross	Total of	Physical	Ended
		Units	Real Assets	Gross Assets	Occupancy	Dec 31, 2009

Dallas, TX		3,678	$ 209,175	7.5%	95.4%	$ 687.19
Jacksonville, FL		3,471	$ 202,744	7.3%	95.7%	$ 755.87
Atlanta, GA		3,253	$ 253,358	9.1%	95.9%	$ 759.03
Houston, TX		3,191	$ 226,588	8.1%	94.3%	$ 787.43
Austin, TX		2,255	$ 158,469	5.7%	95.1%	$ 729.98
Nashville, TN		1,855	$ 129,632	4.7%	93.0%	$ 754.75
Tampa, FL		1,778	$ 123,935	4.5%	96.3%	$ 840.57
Raleigh/Durham, NC		1,341	$ 123,344	4.4%	95.7%	$ 777.23
Phoenix, AZ		792	$ 98,651	3.5%	91.7%	$ 714.11
South Florida		480	$ 53,355	1.9%	95.6%	$ 1,245.00
Orlando, FL		288	$ 14,793	0.5%	97.6%	$ 714.64
	Large Markets	22,382	$ 1,594,044	57.2%	95.1%	$ 763.33

Memphis, TN		3,581	$ 192,394	6.9%	95.4%	$ 682.74
Columbus, GA		1,509	$ 78,747	2.8%	91.6%	$ 706.95
Jackson, MS		1,241	$ 60,191	2.2%	97.1%	$ 706.63
Greenville, SC		1,140	$ 51,589	1.9%	94.7%	$ 557.37
Lexington, KY		924	$ 61,100	2.2%	96.3%	$ 707.25
Little Rock, AR		808	$ 43,527	1.6%	96.2%	$ 662.85
Savannah, GA		526	$ 44,586	1.6%	97.7%	$ 828.96
All Other Secondary		10,616	$ 585,721	21.1%	95.2%	$ 689.33
	Secondary Markets	20,345	$ 1,117,855	40.3%	95.2%	$ 686.51

	Subtotal	42,727	$ 2,711,899	97.5%	95.2%	$ 726.75

	Development and Lease-up Properties	877	$ 68,829	2.5%	91.0%	$ 848.04

	Total Portfolio	43,604	$ 2,780,728	100.0%	95.1%	$ 729.19



NUMBER OF APARTMENT UNITS

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

100% Owned Properties		42,684	41,767	41,764	41,626	41,928
Properties in Joint Ventures		920	920	626	626	626
	Total Portfolio	43,604	42,687	42,390	42,252	42,554

SAME STORE (EXCLUDES 6 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, 2009 unless otherwise noted

				Three Months Ended December 31, 2009
													Average						Quarterly			Twelve
													Effective			Physical			Economic			Month
	Units			Revenue			Expense			NOI			Rent			Occupancy			Occupancy (1)			Turn Rate
Large Markets
Dallas, TX		3,184		$	6,986		$	3,133		$	3,853		$	674.23			95.5	%		93.3	%		54.2	%
Jacksonville, FL		2,947		$	6,886		$	2,786		$	4,100		$	762.52			95.7	%		91.8	%		58.0	%
Atlanta, GA		2,943		$	6,862		$	3,174		$	3,688		$	749.58			96.1	%		91.7	%		53.7	%
Houston, TX		2,646		$	6,319		$	2,937		$	3,382		$	779.08			94.1	%		90.1	%		66.0	%
Nashville, TN		1,569		$	3,659		$	1,418		$	2,241		$	754.68			93.1	%		90.2	%		55.7	%
Austin, TX		1,392		$	3,230		$	1,519		$	1,711		$	729.06			94.1	%		89.6	%		60.4	%
Tampa, FL		1,120		$	2,972		$	1,239		$	1,733		$	824.49			96.4	%		94.8	%		48.2	%
South Florida		480		$	1,853		$	657		$	1,196		$	1,245.00			95.6	%		93.8	%		48.8	%
Phoenix, AZ		480		$	955		$	532		$	423		$	682.77			90.6	%		85.3	%		66.5	%
Raleigh/Durham, NC		384		$	832		$	298		$	534		$	661.90			97.9	%		95.2	%		44.0	%
Subtotal		17,145		$	40,554		$	17,693		$	22,861		$	756.10			95.1	%		91.6	%		56.8	%

Secondary Markets
Memphis, TN		3,210		$	6,662		$	3,002		$	3,660		$	683.90			95.0	%		91.9	%		51.2	%
Columbus, GA		1,509		$	3,248		$	1,362		$	1,886		$	706.95			91.6	%		89.7	%		78.6	%
Jackson, MS		1,241		$	2,785		$	1,034		$	1,751		$	706.63			97.1	%		94.9	%		56.6	%
Greenville, SC		1,140		$	2,028		$	938		$	1,090		$	557.37			94.7	%		90.0	%		54.0	%
Lexington, KY		924		$	2,026		$	750		$	1,276		$	707.25			96.3	%		93.5	%		58.8	%
Little Rock, AR		808		$	1,698		$	650		$	1,048		$	662.85			96.2	%		96.1	%		54.2	%
Savannah, GA		526		$	1,387		$	529		$	858		$	828.96			97.7	%		94.7	%		63.5	%
All Other Secondary		10,322		$	22,340		$	9,296		$	13,044		$	688.18			95.3	%		92.4	%		59.6	%
Subtotal		19,680		$	42,174		$	17,561		$	24,613		$	686.12			95.2	%		92.4	%		59.0	%

Operating Same Store		36,825		$	82,728		$	35,254		$	47,474		$	718.70			95.1	%		92.0	%		58.0	%

Revenue Straight-line Adjustment (2)				$	359					$	359
Total Same Store				$	83,087					$	47,833

(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 THREE MONTHS ENDED SEPTEMBER 30, 2009 (PRIOR QUARTER) AND THREE MONTHS ENDED DECEMBER 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
Large Markets
Dallas, TX		-1.5	%		-0.7	%		-7.4	%		0.2	%		4.0	%		-1.3	%		-0.5	%		0.7	%		-1.3	%		-3.7	%
Jacksonville, FL		-2.1	%		-5.1	%		-4.1	%		-3.9	%		-0.6	%		-5.9	%		-1.0	%		2.6	%		-1.6	%		-6.7	%
Atlanta, GA		-0.7	%		-0.1	%		-0.8	%		8.1	%		-0.7	%		-6.3	%		-0.4	%		4.7	%		-1.9	%		-5.4	%
Houston, TX		-2.0	%		-5.2	%		-3.1	%		-13.3	%		-1.0	%		3.2	%		-0.3	%		-1.0	%		-2.1	%		-4.7	%
Nashville, TN		-5.2	%		-6.1	%		-9.2	%		0.1	%		-2.5	%		-9.6	%		-1.7	%		-0.8	%		-1.8	%		-4.9	%
Austin, TX		-4.0	%		-3.6	%		-6.8	%		3.7	%		-1.3	%		-9.2	%		-1.5	%		1.4	%		-1.6	%		-6.4	%
Tampa, FL		-0.3	%		-2.2	%		-0.6	%		-1.4	%		0.0	%		-2.7	%		-0.6	%		1.0	%		-0.9	%		-4.4	%
South Florida		-0.8	%		-0.4	%		-10.1	%		1.4	%		5.2	%		-1.4	%		-0.9	%		0.8	%		-0.6	%		-1.0	%
Phoenix, AZ		-2.5	%		-7.1	%		-3.6	%		1.3	%		-0.9	%		-15.9	%		-3.4	%		4.8	%		-2.3	%		-13.3	%
Raleigh/Durham, NC		-0.6	%		-1.8	%		-3.6	%		2.1	%		1.1	%		-3.8	%		3.9	%		3.6	%		-2.6	%		-6.2	%
Subtotal		-2.0	%		-3.1	%		-4.6	%		-1.4	%		0.2	%		-4.3	%		-0.7	%		1.6	%		-1.6	%		-5.2	%

Secondary Markets
Memphis, TN		-0.9	%		-0.1	%		-5.7	%		-3.1	%		3.3	%		2.5	%		-1.7	%		1.2	%		-0.2	%		-1.6	%
Columbus, GA		-4.0	%		-3.6	%		-2.9	%		-0.1	%		-4.7	%		-6.1	%		-4.0	%		0.3	%		-0.3	%		-3.9	%
Jackson, MS		1.9	%		3.9	%		2.0	%		6.5	%		1.9	%		2.5	%		-0.7	%		1.7	%		0.0	%		-0.5	%
Greenville, SC		-2.8	%		-3.3	%		-4.0	%		11.7	%		-1.8	%		-13.3	%		0.3	%		0.0	%		-2.2	%		-6.0	%
Lexington, KY		-0.7	%		-2.8	%		-12.5	%		4.2	%		7.8	%		-6.5	%		0.7	%		4.0	%		0.1	%		-3.6	%
Little Rock, AR		-1.2	%		1.0	%		-5.0	%		-1.1	%		1.4	%		2.2	%		-1.4	%		0.3	%		-1.0	%		-0.7	%
Savannah, GA		-3.2	%		-3.7	%		-2.8	%		3.9	%		-3.5	%		-7.9	%		-1.9	%		0.6	%		-1.3	%		-4.0	%
All Other Secondary		-1.9	%		-0.8	%		-6.5	%		0.0	%		1.7	%		-1.4	%		-0.7	%		2.5	%		-1.3	%		-4.0	%
Subtotal		-1.6	%		-0.9	%		-5.6	%		0.6	%		1.4	%		-1.9	%		-1.0	%		1.9	%		-0.9	%		-3.4	%

Operating Same Store		-1.8	%		-2.0	%		-5.1	%		-0.4	%		0.8	%		-3.1	%		-0.9	%		1.7	%		-1.3	%		-4.3	%

Including revenue straight-line adjustment:
Total Same Store		-1.4	%		-1.7	%								1.6	%		-2.6	%

SAME STORE (EXCLUDES 6 FULL RENOVATION AND 3 HELD FOR SALE COMMUNITIES)

Dollars in thousands		Three Months Ended December 31,		Percent
		2009	2008	Change
Revenues
	Operating	$ 82,728	$ 84,392	-2.0%
	Straight-line adjustment (1)	359	133
	Total Same Store	$ 83,087	$ 84,525	-1.7%

Expense		$ 35,254	$ 35,406	-0.4%

NOI
	Operating	$ 47,474	$ 48,986	-3.1%
	Straight-line adjustment (1)	359	133
	Total Same Store	$ 47,833	$ 49,119	-2.6%

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

SAME STORE PLUS SIX EXCLUDED RENOVATION COMMUNITIES (Dollars in thousands)
Includes the six full renovation communities (1,752 units).
					��
		Three Months Ended December 31,		Percent
		2009	2008	Change
Revenues
	Operating	$ 86,722	$ 88,305	-1.8%
	Straight-line adjustment (2)	367	128
	Total Same Store	$ 87,089	$ 88,433	-1.5%

Expense		$ 36,958	$ 37,111	-0.4%

NOI
	Operating	$ 49,764	$ 51,194	-2.8%
	Straight-line adjustment (2)	367	128
	Total Same Store	$ 50,131	$ 51,322	-2.3%

(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
			Dec 31, 2009	Sept 30, 2009		Dec 30, 2008
NOI
	Same store		$ 47,833	$ 47,085		$ 49,119
	Non-same store		7,238	6,026		5,983
	Total NOI		55,071	53,111		55,102
Held for sale NOI included above			(191)	(327)		(684)
Management fee income			88	78		59
Depreciation			(24,703)	(23,913)		(23,623)
Acquisition expense			(811)	(30)		-
Property management expense			(4,469)	(4,007)		(3,924)
General and administrative expense			(3,014)	(3,163)		(3,090)
Interest and other non-property income			76	161		170
Interest expense			(14,022)	(14,371)		(15,731)
Gain (loss) on debt extinguishment			-	(2)		(113)
Amortization of deferred financing costs			(593)	(587)		(607)
Net casualty gains (loss) and other settlement proceeds			285	(109)		340
Gains on sale of non-depreciable assets			14	1		-
Loss from real estate joint ventures			(176)	(288)		(288)
Discontinued operations			2,225	324		578
Net income attributable to noncontrolling interests			(474)	(260)		(456)
Net income attributable to Mid-America Apartment Communities, Inc.			$ 9,306	$ 6,618		$ 7,733

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
Copper Ridge Phase I, Dallas, TX	261	22,792	87	22,792



ESTIMATED TIMELINE	Construction		Initial
	Start	Finish	Occupancy	Stabilization
Copper Ridge Phase I, Dallas, TX	3Q 2007	4Q 2009	2Q 2008	2Q 2010



UNITS	Actual Units as of December 31, 2009
	Completed	Occupied
Copper Ridge Phase I, Dallas, TX	261	248






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

		Three Months
		Ended	Trailing
		December 31, 2009	4 Quarters
Net income attributable to Mid-America Apartment Communities, Inc.		$ 9,306	$ 37,211
Depreciation		24,703	96,019
Interest expense		14,022	57,094
Loss on debt extinguishment		-	140
Amortization of deferred financing costs		593	2,374
Net casualty loss and other settlement proceeds		(285)	(32)
Gain on sale of non-depreciable assets		(14)	(15)
Gain on sale of discontinued operations		(2,049)	(4,649)
EBITDA		$ 46,276	$ 188,142


		Three Months Ended December 31,
		2009	2008
EBITDA/Debt Service		3.20x	2.90x
Fixed Charge Coverage (1)		2.68x	2.51x
Total Debt as % of Total Gross Assets		50%	50%

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

DEBT AS OF DECEMBER 31, 2009
Dollars in thousands

DEBT OUTSTANDING SUMMARIES					Average
					Years to
				Principal	Contract	Effective
				Balance	Maturity	Rate
	Conventional - Fixed Rate or Swapped			$ 927,076	3.3	5.4%
	Tax-free - Fixed Rate or Swapped			37,405	7.2	4.7%
	Conventional - Variable Rate (1)			262,829	4.9	0.9%
	Conventional - Variable Rate - Capped (2)			107,936	5.5	0.8%
	Tax-free - Variable Rate - Capped (2)			64,350	2.2	1.1%
			Total Debt Outstanding	$ 1,399,596	3.9	4.0%

	(1) Includes a $15 million mortgage with an imbedded cap at a 7% rate.
	(2) 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	$ 1,004,833
		Freddie Mac Credit Facilities		300,000	298,247	298,247
		Regions Credit Facility		50,000	45,774	-
		Other Borrowings		96,516	96,516	96,516
			Total Debt	$ 1,490,945	$ 1,484,966	$ 1,399,596



CONTRACT MATURITIES
		Line Limit
		Credit Facilities
		Fannie Mae	Freddie Mac	Regions	Other	Total
	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	-	18,363	539,599
	2015	120,000	-	-	52,891	172,891
	Thereafter	240,000	-	-	25,262	265,262
	Total	$ 1,044,429	$ 300,000	$ 50,000	$ 96,516	$ 1,490,945



SWAPS AND FIXED RATE MATURITIES

		Swap Balances			Total
			SIFMA	Fixed Rate		Contract
		LIBOR	(formerly BMA)	Balances	Balance	Rate
	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	-	18,363	162,363	5.7%
	2015	75,000	-	37,691	112,691	5.6%
	Thereafter	-	-	25,262	25,262	5.6%
	Total	$ 857,000	$ 26,165	$ 81,316	$ 964,481	5.4%

OTHER DATA


PER SHARE DATA			Three Months Ended December 31,		Twelve Months Ended December 31,
			2009	2008	2009	2008
	Dividend paid per common share		$0.615	$0.615	$2.460	$2.460



DIVIDEND INFORMATION (latest declaration)
			Payment	Payment	Record
			per Share	Date	Date
	Common - quarterly		$0.6150	1/29/2010	1/15/2010
	Preferred Series H - quarterly		$0.51875	12/23/2009	12/14/2009



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 Apartment Communities Reports Fourth Quarter Results