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

Capital Markets Update

February 2010

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•Sixteen Year Record of Success

–Top-Tier Returns to Shareholders

–Strong Operator; Sophisticated Platform

–S&P Small-Cap 600

–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

–Two-Tier Market Strategy

•Strong Balance Sheet

–Capacity to Pursue Opportunities

–Superior Ratios

•Dividend Payout

•Leverage

•Fixed Charge

Talus Ranch, Phoenix, AZ

Providence at Brier Creek, Raleigh, NC

Strong Public Company Platform

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Source: Green Street, December ’09 Update (with

growth rates adjusted by GS for estimated benefit

of revenue enhancing capex differences)

Seven+ Year Time Frame Inclusive of

Recovery/Strong Market Cycle and

Weakening Market Cycle

Same Store NOI Growth

Full Cycle Strategy

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

•Over the last six years MAA’s operating
platform has been strengthened through
expanded asset management focus,
commitment to new technologies and
improved efficiencies

•MAA’s average same-store NOI growth
2002 - 2009 (thru Q3)

–Out-performing the sector mean

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

•Portfolio Strategy, Investment Disciplines
and Operating Capabilities Drive Strong
“Relative” Performance as compared to the
apartment REIT sector

•Based on total shareholder return, MAA is
best performing apartment REIT over the
past 10 years

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National MSA Average	2.6%
MAA Market Average	3.1%

Employment Growth Projections 2011 - 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.

MAA is heavily allocated (60%) to the “Top 25 Apt. REIT Markets,” as

well as select high-growth secondary markets (40%) = Out Performance

Source:Economy.com

Focus on High Growth Region

•Strong pro-business environment

•Increasing port activity; jobs

•Access to less expensive labor

•Good transportation infrastructure

•Low business/living costs

•Positive demographic flows

•Positive migration, immigration flows

•Diversified employment base

–Logistics

–Manufacturing

–Technology

–Financial Industries

–Health/Education

–Global Trade

–Leisure Travel

–Military/Defense

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Key Assumptions	2010 Forecast
FFO/Share	$3.45 - $3.65
AFFO/Share	$2.73 - $2.93
SS Revenue	(2%) - (3%)*
SS Expense	2% - 3%*
SS NOI	(5%) - (7%)
Avg. Interest	4.2%
MAA Acquisitions	$150MM
Fund II Acquisitions	$150MM
Annual Dividend	$2.46

*New cable program will require change in reporting of associated

revenues and expenses (gross reporting instead of net);

adjusted for new reporting impact 2010 forecast is revenues

(1%) - 0%, expenses 7% - 8%.

Near-Term Outlook

•Leasing will remain challenged
over the next few quarters.

•Focus remains on holding
occupancy and aggressively
managing expenses.

•Pricing trends in 2009 will carry
into 2010; stable re-pricing in
2010 expected to set the stage
for improvement in 2011.

•New initiatives and fee programs
combine to off-set some of the
pricing pressure.

•Expect to see positive
momentum in revenues emerge
late 2010.

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Recovery begins in late 2010 and outlook very strong thereafter

Source:Witten Advisors

Strong Long-Term Outlook

•Eventual recovery in employment trends will generate a rapid recovery in NOI

–Pent-up demand; Significant growth of prime rental demographic

•New apartment starts are predicted to hit a post-WW II low

–Lack of financing; Investment returns insufficient

•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% or lower

–Each 1% movement is 1.1 million households

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•85% of the properties owned by the Apartment REIT Sector are concentrated in 25markets

•MAA’s markets are concentrated in the high growth Sunbelt region, including a large presence
in many of these REIT “top 25” markets (60% of portfolio), as well as diversification in other
high growth secondary markets throughout the region

•MAA’s portfolio strategy puts the company in position to deliver superior performance during
the coming recovery cycle

Source: Economy.com

Annual Employment Growth

MAA Positioned to Out-Perform

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Source:Economy.com

MAA Positioned to Out-Perform

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•The Panama canal is currently undergoing a $5
billion expansion that will allow ships triple the size
of current capacity to pass.

•Currently, these ships port on the West Coast or
reach the East Coast via the Suez Canal.

•These ships will now have a more direct, cost
efficient route to the Gulf Coast and the East Coast.

•The combination of a well developed rail and truck
delivery network, coupled with the closer access to
the majority of U.S. population (east of the MS
River), makes port access to the U.S. via the Gulf
Coast and East Coast attractive.

•In addition, lower labor costs, lower taxes and
greater expansion capabilities, makes the Gulf and
Southeast markets very attractive for business
expansion.

•This route is expected to gain an increasing market
share, creating jobs and spurring economic
development for the Southeast and affected ports.

•Ports impacted include Houston, Tampa, Miami,
Jacksonville, Savannah, Charleston, and Norfolk

•Many of these ports are already beginning upgrades
and dredging projects to accommodate increased
traffic.

Port cities likely

to benefit

Expansion of Panama Canal Expected

To Create Additional Long-Term

Employment Growth For The Southeast

Region Out-Performance Prospects

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New Multifamily Supply Projections (REIS Data)

Market	Average Annual Supply (# of Units) 1999-2009	Projected Average Annual Supply (# of Units) 2010-2013	% Drop in Average Annual Supply
MAA Markets (*)	65,709	28,686	56%
Primary REIT Markets	89,591	48,261	46%
United States	131,614	76,129	42%
West Region	33,613	22,920	32%
Northeast Region	12,085	8,054	33%
Midwest Region	12,986	8,799	32%

* Represents over 75% of MAA’s portfolio

While delivery of new supply over the next few years is expected to drop

significantly in almost every market across the country, MAA’s portfolio is

particularly well positioned to see lower levels of new supply pressure.

MAA Positioned to Out-Perform

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	Employment Growth *				Completions **
	2010	2011	2012	2013	2010	2011	2012	2013	Historical
Dallas/Ft. Worth	0.5%	2.7%	3.8%	4.0%	7,031	5,202	4,420	3,517	10,717
Houston	0.3%	2.5%	4.1%	4.0%	6,887	2,579	2,686	2,574	10,156
Austin	1.5%	2.5%	3.9%	4.4%	2,501	2,071	1,804	1,836	5,179
Atlanta	-2.1%	0.9%	3.8%	5.5%	2,214	1,512	2,202	2,829	7,391
Jacksonville	-2.1%	1.7%	3.4%	2.6%	792	711	484	974	1,322
Nashville	-0.3%	2.1%	3.2%	3.1%	1,245	406	856	1,019	1,073
Tampa	-2.4%	3.0%	4.3%	3.5%	1,387	828	1,028	1,135	3,358
Raleigh	0.6%	2.6%	3.9%	3.5%	2,225	1,114	1,283	1,153	3,198
Memphis	-0.9%	1.6%	3.2%	3.0%	132	487	208	171	977
Other MAA Markets	-0.5%	2.0%	3.7%	3.4%	11,327	7,507	10,802	11,288	22,338
National	-0.7%	1.6%	3.2%	2.9%	82,194	62,800	72,757	72,139	131,614

Sources: Economy.com* and REIS **

Employment growth out-performance, coupled with new supply delivery well

below historical averages, positions the portfolio for strong revenue growth potential

MAA Positioned to Out-Perform

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Technology platform supports efforts to both optimize revenue growth

and better control expenses

Prospects/Resident Contact

Pricing & Fees Optimization

Resident Screening

Inventory Management

Billing & Collections

Sophisticated Operating Platform

•Pricing system

–Supported strong occupancy while achieving optimal pricing in a weak
leasing environment…will also support faster recovery in improving market

–Enabled more comprehensive analysis of ‘market environment’ and leads
to higher quality and faster decision making

–Enabled more differentiation in ‘price points’ and thereby created more
revenue opportunity without adding complexity for on-site staff

•Fee programs

–Bulk-cable roll-out has been well received

–New billing platform has supported opportunity to capture higher fees
without compromising occupancy or turnover

–“In house” utility reimbursement billing driven more cost efficiency

•Resident screening and collections

–Creating more efficiencies with on-site staff time

–More controlled lease application review without compromising timing

–Quicker and more effective collection efforts

•Efficient prospect and resident contact

–Web based traffic > 50% of total

–On-line leasing driving more traffic and driving down cost per new lease

–Electronic payment processing improving collections efforts on and on-site
time

•Lower turn costs

–Inventory management more efficient

–“Make ready” process

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Fixed Charge Coverage	2.68	2.5
FFO Payout 2010	69%	77%*
Debt/Gross Assets	50%	56%

Sources: Sector data from Barclays Capital 1/29/10

*Sector Median impacted by stock dividends and

dividend reductions

Common

49%

Debt

46%

Preferred

5%

Strong Balance Sheet Position

•Leverage and ratios at historically
strong levels

•Plenty of capacity - $100 MM unused

•Only near-term maturity is $50 MM
(bank line) for 2010 (Q1 planned
close)

•Agency loan maturities well laddered
over 2011 - 2018

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Grand Courtyards, Dallas, TX

Lanier Club, Atlanta, GA

External Growth Opportunities

•Improving opportunities for
attractive acquisitions

–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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Lighthouse Court, Jacksonville, FL

Georgetown Grove, Savannah, GA

External Growth Opportunities

•Competitive advantage over other
potential buyers; particularly in
secondary markets

•MAA’s acquisition team sources an
average of 200-300 potential
acquisition opportunities each year

•Best opportunities at the moment
with ‘less than stabilized’ properties

•Evidence growing that newer, high
quality and stabilized properties are
trading in the low 6 cap range

•Values likely to hold and increase

–Cash flows set to improve in late
2010 and grow meaningfully in
2011+

–Long-term demographics are
compelling

–Investor and capital interest in
apartment real estate likely to
increase

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Village Oaks, Tampa, FL

Prescott, Atlanta, GA

	MAA	Sector
2010E P/FFO	13.1x	14.8x
2010E P/FAD	15.4x	17.2x
2010E FAD Payout Ratio	82%	90%
Fixed Charge Coverage	2.6x	2.4x
Dividend Yield	5.3%	5.3%

MAA is well positioned for coming

recovery cycle:

1.Region and Markets employment
growth forecasted to out-perform sector

2.Limited new supply risks

3.Balance sheet strong; capacity and
ability to capture meaningful level of
new growth

4.Strong dividend and coverage ratios

Source:RBC Capital Markets

MAA Offers An Attractive Value

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üMAA Is a Proven Platform

•16 Years as a Public Company

•Top-Tier Performance for Shareholders

•Full Cycle Performer

•Top Apartment REIT Performer 2000 - 2009

üOpportunity to Invest Ahead of Recovery

•Balance Sheet is Strong, With Capacity

•Fund II New Growth Opportunities

•Strong Deal Flow

üYoung Portfolio with Growth Upside

•Focused on Top Growth Markets 2010-2013

•New Supply Threat is Limited

•Strong Operating Platform

•Well Positioned for a Recovering Economy

üDisciplined Capital Allocation Drives High
Quality of Earnings

üStrong Coverage Ratios and Liquidity

üMAA’s Long-Term Earnings Outlook and
Current Pricing Provides an Attractive
Opportunity Within the Sector

Sky View Ranch, Phoenix, AZ

Stone Ranch, San Antonio, TX

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