Mid-America Apartment Communities (MAA) 8-K Sixteen Year Record of Success

MAACapital Markets UpdateAugust 2010

Mid-America Apartment Communities, Inc.

2

MAA

Successful Company Platform

Sixteen Year Record of Success

•Sector Leading Long-Term Shareholder Return

•Full Cycle Performer

•S&P Small-Cap 600

•Strong Corporate Governance

Disciplined Capital Deployment

•Value Investor - Acquisitions Focused

•Extensive Network & Deal Flow

•Proven Success with Joint Ventures

High Quality Multifamily Portfolio

•High Growth Sunbelt Region Focus

•Young Portfolio

•Unique Two-Tier Market Strategy

•Sophisticated Operating Platform

Strong Balance Sheet

•Capacity to Pursue Opportunities

•Superior Ratios

−Dividend Payout

−Leverage

−Fixed Charge

3

MAA

Repositioned portfolio

and strengthened

platform = stronger “up”

cycle performance profile

2004-2010E
	NOI	Std Dev
MAA	2.1%	3.7%
Sector	1.6%	4.7%

2000-2010E
	NOI	Std Dev
MAA	1.0%	3.7%
Sector	0.9%	5.2%

Source: Green Street Residential REIT Update and company filings.

Outperforming Sector Over Full Cycle

Better full cycle performance, with lower volatility, drives stronger and more
consistent long-term performance for shareholders.

4

MAA

Unique full cycle strategy, strong
operating platform & disciplined
capital deployment have produced
high quality earnings and cash flow

Stable and growing dividend for
shareholders over last 15 years

One of only three apartment REITs with
no dividend cut in 15 years

FFO Payout (67%) below sector
average, despite never cutting dividend

Dividend two-thirds of 14.2% total
annual return to shareholders over last
10 years

Source: SNL financial research and Key Bank Capital Markets Update 8-6-10.

Full Cycle Performer - Dividend Stability

5

MAA

Source: Witten Advisors.

Recovery Cycle Underway

MAA is particularly well positioned for strong positive absorption trends
that will exceed national norms

6

MAA

Apartment New Completions
	Average 1999-2009	Projected Average 2010-2014	% Drop in Average Annual Supply
All MAA Markets	65,522	29,261	55.3%
Large MAA Markets	52,459	22,512	57.1%
Secondary MAA Markets	13,063	6,748	48.3%
U.S	133,254	79,943	40.0%
West	34,066	23,768	30.2%
Northeast	12,293	8,983	26.9%
Midwest	13,127	8,801	33.0%
South Atlantic	43,095	25,132	41.7%
Southwest	30,675	13,260	56.8%

U.S. Home Ownership Rate

Source: Economy.com and U.S. Census Bureau.

Recovery Cycle Underway

Completions next four years projected to drop > 55% from historical levels in MAA’s
markets.This compares to a 40% drop nationally.

The U.S. home ownership rate has dropped from a high of 69.2% to a current rate of
66.9%; expected to reach 63% to 64% range (1.1 million new renters for every 1%)

7

MAA

Source: Economy.com

Household formation trends in MAA
markets exceed national outlook

High Growth Region = Higher Demand

Pro-Business Environment

Greater Access to Labor and Land

Strong Distribution And Logistics
Structure

Positive Demographic Flow

Lower Cost of Living

Expanding Import/Export Activities

Lower Taxes

Higher Job Growth and Household
Formation Trends

8

MAA

Portfolio
Stability

MAA’s large markets are at a lower
relative supply level than all other
market segments

2005 peak of 120k permits in
MAA markets, dropped to
estimated 25k in 2010 (80%
drop from peak to trough)

% Change in Permits Issued 5+ Units

Source: U.S. Census Bureau.

Recovery Cycle Underway

Dramatic fall-off in permits support outlook for minimal new supply pressure
next three + years.

9

MAA

Source: Economy.com.

Job Growth Projections by Market

5 Yr Projected Growth

Recovery Cycle Underway

Job growth in MAA markets is projected to exceed national average and the
top 25 REIT markets (80% of apartment sector properties).

10

MAA

6/30/10 YTD	MAA Rents Over (Under) Market	MAA Occupancy Over (Under) Market	Revenue Over (Under) Market
Phoenix	2.2%	4.4%	6.7%
Raleigh	0.0%	3.0%	3.0%
Savannah	6.7%	9.2%	16.0%
Ft. Lauderdale	6.0%	4.5%	10.6%
San Antonio	0.0%	4.4%	4.4%
Tallahassee	5.9%	5.9%	11.8%
Tampa	3.9%	6.3%	10.2%
Winston Salem	8.8%	7.1%	15.9%
Little Rock	3.5%	5.0%	8.4%
All MAA Markets	3.9%	5.9%	9.5%
Large Markets	4.3%	6.1%	10.4%
Secondary Markets	3.3%	5.6%	8.9%

Average
spread

170 bps

MAA

REIS

MAA outperforms region/market norms

Strong Operating Platform

Based on data through the first half of 2010, MAA rents were 3.9% above its
market comps and occupancy was 5.9% above the REIS market average

The 2010 occupancy trend is a continuation of historical out-performance

11

MAA

New Lease &

Renewal

Rent Growth

Blended
Rent Growth
%

Sharp recovery in pricing is underway.Pricing for new residents is

expected to exceed renewal pricing later this year and will drive

meaningful recovery in overall pricing and revenues.

Lease Over Lease Rent Growth

Recovery Cycle Underway

12

MAA

New Value Growth Opportunities

Sixteen year track record focused
exclusively on sourcing, underwriting,
financing and closing on apartment
properties in the Sunbelt Region

Deal flow has significantly increased in
past 60 days

Well established record of performance
for sellers; MAA active with all transaction
market participants in the region

MAA is in a very strong position to
execute for sellers

Meaningful ‘relative’ opportunity for MAA
external growth over the next few years

13

MAA

New Value Growth Opportunities

Active current deal flow with lenders,
developers and distressed
financing/liquidity needs

$102MM acquisitions (1,192 units)
year-to-date

Additional $138MM in final contract
stages

Of the combined deals closed and in
final contract phases:

•$196MM in distressed lease-up or
new construction

•$44MM in distressed stabilized
properties, JV deals

Joint-Venture program expands field
of opportunity

14

MAA

Fixed Charge Coverage

Debt to EBITDA

Balance Sheet in Strong Position

Balance Sheet significantly
strengthened over last ten years

Total leverage (Debt + Preferred)
reduced 17% over last ten years

Debt to EBITDA and fixed charge
coverage better than sector median

15

MAA

FFO Multiple

Source: SNL financial research.

Attractive Pricing Opportunity

MAA trades at a discount to sector average despite an established record of
long-term out performance, solid prospects for strong performance from
same store portfolio and growing opportunities for accelerating new growth.

At sector FFO multiple average of 19.0, MAA share price would be $70.00;
approximately a 25% premium to current trading range.

16

MAA

Why Buy MAA

High-growth region, strong operating
platform well positioned for recovery

Solid prospects for robust internal
growth over the next few years;
demonstrated competitive ‘recovery
cycle’ performance

Strong balance sheet and extensive
deal flow; well positioned to capture
meaningful new growth

Dividend pay-out ratio that is better than
sector average

Implied cap rate pricing compared to
sector that discounts long-term historical
performance and near-term outlook

FFO/AFFO multiple that discounts outlook
for internal growth and new growth as
compared to sector

Meaningful upside opportunity associated
with capturing ‘sector average’ pricing

17

MAA

End of Presentation

Certain matters in this presentation may constitute forward-looking statements within the meaning of Section 27-A of the Securities Act of 1933
and Section 21E of the Securities and Exchange Act of 1934. Such statements include, but are not limited to, statements made about
anticipated economic and market conditions, expectations for future demographics, the impact of competition, general changes in the
apartment industry, expectations for acquisition and joint venture performance, and the ability to obtain financing at reasonable rates. Actual
results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due
to a number of factors, including a downturn in general economic conditions or the capital markets, competitive factors including overbuilding
or other supply/demand imbalances in some or all of our markets, changes in interest rates and other items that are difficult to control such as
the impact of legislation, as well as the other general risks inherent in the apartment and real estate businesses. Reference is hereby made to
the filings of Mid-America Apartment Communities, Inc., with the Securities and Exchange Commission, including quarterly reports on Form 10
- -Q, reports on Form 8-K, and its annual report on Form 10-K, particularly including the risk factors contained in the latter filing.