Mid-America Apartment Communities 8K Results of Operations and Financial Condition | MAA 27 Oct 16



PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT SEPTEMBER 30, 2016 (In apartment units)



	Same Store	Non Same Store	In Lease-Up	Total for Completed Communities	Current Development Units Delivered	Total

Atlanta, GA	6,074	3	—	6,077	—	6,077
Austin, TX	5,838	—	—	5,838	—	5,838
Dallas, TX	4,743	872	—	5,615	—	5,615
Raleigh/Durham, NC	4,397	266	—	4,663	—	4,663
Fort Worth, TX	4,093	426	—	4,519	—	4,519
Charlotte, NC	4,401	—	—	4,401	—	4,401
Nashville, TN	3,207	569	—	3,776	—	3,776
Orlando, FL	3,190	462	—	3,652	110	3,762
Houston, TX	3,232	352	—	3,584	—	3,584
Tampa, FL	2,878	—	—	2,878	—	2,878
Phoenix, AZ	1,976	325	322	2,623	—	2,623
Las Vegas, NV	721	—	—	721	—	721
South Florida	480	—	—	480	—	480
Large Markets	45,230	3,275	322	48,827	110	48,937

Jacksonville, FL	3,202	294	—	3,496	—	3,496
Charleston, SC	2,648	—	78	2,726	—	2,726
Savannah, GA	2,219	—	—	2,219	—	2,219
Greenville, SC	1,748	—	336	2,084	—	2,084
Richmond, VA	1,668	254	—	1,922	—	1,922
Memphis, TN	1,811	—	—	1,811	—	1,811
San Antonio, TX	1,504	—	—	1,504	—	1,504
Birmingham, AL	1,462	—	—	1,462	—	1,462
Fredericksburg, VA	741	694	—	1,435	—	1,435
Little Rock, AR	1,368	—	—	1,368	—	1,368
Jackson, MS	1,241	—	—	1,241	—	1,241
Huntsville, AL	1,228	—	—	1,228	—	1,228
Lexington, KY	924	—	—	924	—	924
Other	5,335	1,478	—	6,813	—	6,813
Secondary Markets	27,099	2,720	414	30,233	—	30,233
Total Multifamily Units	72,329	5,995	736	79,060	110	79,170

Supplemental Data S-1



PORTFOLIO STATISTICS (CONTINUED)

TOTAL MULTIFAMILY COMMUNITY STATISTICS

Dollars in thousands, except Average Effective Rent



		As of September 30, 2016						Average Effective Rent for the Three Months Ended September 30, 2016		As of September 30, 2016
		Gross Real Assets		Percent to Total of Gross Real Assets		Physical Occupancy				Completed Units	Total Units, Including Development
		Gross Real Assets		Percent to Total of Gross Real Assets		Physical Occupancy				Completed Units	Total Units, Including Development

Atlanta, GA		$	674,650	8.1	%	96.7	%	$	1,145	6,077
Dallas, TX		$	611,764	7.3	%	95.8	%	$	1,149	5,615
Austin, TX		$	587,825	7.0	%	96.1	%	$	1,095	5,838
Charlotte, NC		$	569,477	6.8	%	96.3	%	$	1,064	4,401
Raleigh/Durham, NC		$	552,904	6.6	%	96.3	%	$	993	4,663
Orlando, FL		$	482,997	5.8	%	96.7	%	$	1,218	3,652
Fort Worth, TX		$	389,392	4.7	%	96.5	%	$	1,037	4,519
Nashville, TN		$	382,572	4.6	%	96.4	%	$	1,150	3,776
Houston, TX		$	359,954	4.3	%	96.1	%	$	1,124	3,584
Tampa, FL		$	308,713	3.7	%	97.8	%	$	1,146	2,878
Phoenix, AZ		$	295,147	3.5	%	96.8	%	$	1,021	2,301
Las Vegas, NV		$	66,729	0.8	%	98.2	%	$	875	721
South Florida		$	59,211	0.7	%	96.9	%	$	1,581	480
Large Markets		$	5,341,335	63.9	%	96.5	%	$	1,106	48,505

Jacksonville, FL		$	293,591	3.5	%	97.3	%	$	1,011	3,496
Charleston, SC		$	269,329	3.2	%	96.6	%	$	1,085	2,648
Fredericksburg, VA		$	237,981	2.9	%	96.3	%	$	1,287	1,435
Richmond, VA		$	234,237	2.8	%	97.1	%	$	1,029	1,922
Savannah, GA		$	228,745	2.7	%	96.8	%	$	995	2,219
San Antonio, TX		$	157,912	1.9	%	96.9	%	$	1,060	1,504
Kansas City, MO		$	154,190	1.9	%	96.2	%	$	1,191	956
Birmingham, AL		$	148,613	1.8	%	95.9	%	$	947	1,462
Norfolk, Hampton, Virginia Beach, VA		$	142,530	1.7	%	97.7	%	$	1,020	1,285
Memphis, TN		$	126,790	1.5	%	96.3	%	$	889	1,811
Little Rock, AR		$	115,992	1.4	%	95.8	%	$	884	1,368
Huntsville, AL		$	107,931	1.3	%	96.8	%	$	785	1,228
Greenville, SC		$	97,752	1.2	%	96.7	%	$	790	1,748
All Other Secondary Markets by State (individual markets <1% gross real assets)
Florida		$	143,657	1.7	%	96.4	%	$	1,012	1,790
Kentucky		$	92,764	1.1	%	96.3	%	$	850	1,308
Mississippi		$	73,663	0.9	%	97.4	%	$	865	1,241
Alabama		$	60,309	0.7	%	97.5	%	$	952	628
Tennessee		$	49,959	0.6	%	96.5	%	$	810	943
Virginia		$	48,122	0.6	%	99.2	%	$	1,437	251
South Carolina		$	36,692	0.4	%	97.0	%	$	793	576
Secondary Markets		$	2,820,759	33.8	%	96.8	%	$	980	29,819

Subtotal		$	8,162,094	97.7	%	96.6	%	$	1,058	78,324

Orlando, FL	Large	$	29,717	0.4	%	73.6	%	$	1,307	110	314
Phoenix, AZ	Large	$	69,008	0.8	%	68.6	%	$	1,340	322	322
Charleston, SC	Secondary	$	14,332	0.2	%	94.9	%	$	1,621	78	78
Greenville, SC	Secondary	$	56,464	0.7	%	79.8	%	$	1,273	336	336
Richmond, VA	Secondary	$	9,965	0.1	%	0.0	%	$	—	—	82
Kansas City, MO	Secondary	$	8,943	0.1	%	0.0	%	$	—	—	154
Lease-up and Development		$	188,429	2.3	%	76.1	%	$	1,335	846	1,286

Total Wholly Owned Multifamily Communities		$	8,350,523	100.0	%	96.4	%	$	1,061	79,170	79,610

Supplemental Data S-2



COMPONENTS OF NET OPERATING INCOME

Dollars in thousands



	Apartment	Gross Real		Three Months Ended
	Units	Assets		September 30, 2016		September 30, 2015		Percent Change
Property Revenue
Same Store Communities	72,329	$	7,304,194	$	248,876	$	240,242	3.6	%
Non-Same Store Communities	5,995	857,900		25,640		20,238
Lease up/Development Communities	846	188,429		1,679		27
Total Multifamily Portfolio	79,170	$	8,350,523	$	276,195	$	260,507
Commercial Property/Land	—	$	30,715	$	703	$	1,491
Total Property Revenue	79,170	$	8,381,238	$	276,898	$	261,998

Property Expenses
Same Store Communities				$	95,714	$	92,536	3.4	%
Non-Same Store Communities				9,964		8,465
Lease up/Development Communities				644		2
Total Multifamily Portfolio				$	106,322	$	101,003
Commercial Property/Land				$	324	$	596
Total Property Expenses				$	106,646	$	101,599

Net Operating Income
Same Store Communities				$	153,162	$	147,706	3.7	%
Non-Same Store Communities				15,676		11,773
Lease up/Development Communities				1,035		25
Total Multifamily Portfolio				$	169,873	$	159,504
Commercial Property/Land				$	379	$	895
Total Net Operating Income				$	170,252	$	160,399	6.1	%



COMPONENTS OF SAME STORE PROPERTY EXPENSES

Dollars in thousands



	Three Months Ended						Nine Months Ended
	September 30, 2016		September 30, 2015		Percent Increase/(Decrease)		September 30, 2016		September 30, 2015		Percent Increase/(Decrease)
Personnel	$	24,515	$	24,052	1.9	%	$	70,651	$	69,341	1.9	%
Building Repair and Maintenance	11,963		11,492		4.1	%	34,274		33,661		1.8	%
Utilities	22,040		21,558		2.2	%	61,903		60,270		2.7	%
Marketing	2,617		2,856		(8.4	)%	7,829		8,874		(11.8	)%
Office Operations	3,547		3,360		5.6	%	10,414		10,143		2.7	%
Property Taxes	28,419		26,215		8.4	%	86,164		80,822		6.6	%
Insurance	2,613		3,003		(13.0	)%	8,614		8,875		(2.9	)%
Total Property Expenses	$	95,714	$	92,536	3.4	%	$	279,849	$	271,986	2.9	%

Supplemental Data S-3



NOI CONTRIBUTION PERCENTAGE BY REGION



				Average Physical Occupancy
	Apartment Units	Percent of Same Store NOI		Three months ended September 30, 2016		Three months ended September 30, 2015
Atlanta, GA	6,074	9.5	%	96.4	%	96.2	%
Austin, TX	5,838	7.7	%	96.2	%	96.5	%
Charlotte, NC	4,401	6.7	%	96.5	%	96.6	%
Dallas, TX	4,743	6.6	%	96.1	%	96.2	%
Raleigh/Durham, NC	4,397	6.1	%	96.3	%	96.7	%
Orlando, FL	3,190	5.3	%	96.6	%	96.9	%
Fort Worth, TX	4,093	5.2	%	96.2	%	96.6	%
Nashville, TN	3,207	5.1	%	96.2	%	96.6	%
Tampa, FL	2,878	4.4	%	96.6	%	97.3	%
Houston, TX	3,232	4.1	%	95.4	%	95.7	%
Phoenix, AZ	1,976	2.8	%	96.8	%	96.6	%
South Florida	480	1.0	%	95.8	%	96.2	%
Las Vegas, NV	721	0.9	%	97.5	%	96.0	%
Large Markets	45,230	65.4	%	96.3	%	96.5	%

Jacksonville, FL	3,202	4.2	%	96.9	%	97.0	%
Charleston, SC	2,648	4.0	%	96.2	%	96.7	%
Savannah, GA	2,219	3.0	%	96.8	%	96.9	%
Richmond, VA	1,668	2.3	%	96.7	%	96.7	%
San Antonio, TX	1,504	1.9	%	96.3	%	96.8	%
Memphis, TN	1,811	1.9	%	96.5	%	96.4	%
Greenville, SC	1,748	1.9	%	96.4	%	96.5	%
Birmingham, AL	1,462	1.8	%	96.2	%	96.3	%
Little Rock, AR	1,368	1.6	%	96.1	%	96.2	%
Jackson, MS	1,241	1.5	%	96.5	%	97.1	%
Fredericksburg, VA	741	1.3	%	96.2	%	96.8	%
Huntsville, AL	1,228	1.3	%	96.8	%	94.8	%
Lexington, KY	924	1.1	%	96.8	%	97.3	%
Other	5,335	6.8	%	96.4	%	96.7	%
Secondary Markets	27,099	34.6	%	96.5	%	96.6	%

Total Same Store	72,329	100.0	%	96.4	%	96.5	%

Supplemental Data S-4



MULTIFAMILY SAME STORE QUARTER OVER QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data



	Units	Revenues						Expenses						NOI						Effective Rent per Unit
		Q3 2016		Q3 2015		% Chg		Q3 2016		Q3 2015		% Chg		Q3 2016		Q3 2015		% Chg		Q3 2016		Q3 2015		% Chg
Atlanta, GA	6,074	$	23,148	$	22,022	5.1	%	$	8,547	$	8,561	(0.2	)%	$	14,601	$	13,461	8.5	%	$	1,144	$	1,083	5.6	%
Austin, TX	5,838	21,186		20,324		4.2	%	9,377		8,964		4.6	%	11,809		11,360		4.0	%	1,095		1,049		4.4	%
Charlotte, NC	4,401	15,363		14,733		4.3	%	5,047		4,934		2.3	%	10,316		9,799		5.3	%	1,064		1,009		5.5	%
Dallas, TX	4,743	17,879		17,020		5.0	%	7,718		7,284		6.0	%	10,161		9,736		4.4	%	1,154		1,101		4.8	%
Raleigh/Durham, NC	4,397	14,487		14,056		3.1	%	5,158		4,927		4.7	%	9,329		9,129		2.2	%	1,003		958		4.7	%
Orlando, FL	3,190	12,659		11,941		6.0	%	4,488		4,361		2.9	%	8,171		7,580		7.8	%	1,221		1,141		7.0	%
Fort Worth, TX	4,093	14,270		13,394		6.5	%	6,283		5,725		9.7	%	7,987		7,669		4.1	%	1,044		979		6.6	%
Nashville, TN	3,207	11,840		11,490		3.0	%	4,040		3,964		1.9	%	7,800		7,526		3.6	%	1,132		1,090		3.9	%
Tampa, FL	2,878	10,875		10,359		5.0	%	4,140		4,030		2.7	%	6,735		6,329		6.4	%	1,146		1,078		6.3	%
Houston, TX	3,232	10,903		11,118		(1.9	)%	4,687		4,577		2.4	%	6,216		6,541		(5.0	)%	1,043		1,061		(1.7	)%
Phoenix, AZ	1,976	6,506		6,177		5.3	%	2,291		2,142		7.0	%	4,215		4,035		4.5	%	987		935		5.6	%
South Florida	480	2,368		2,272		4.2	%	878		809		8.5	%	1,490		1,463		1.8	%	1,581		1,504		5.1	%
Las Vegas, NV	721	2,204		2,041		8.0	%	789		782		0.9	%	1,415		1,259		12.4	%	875		818		7.0	%
Large Markets	45,230	$	163,688	$	156,947	4.3	%	$	63,443	$	61,060	3.9	%	$	100,245	$	95,887	4.5	%	$	1,099	$	1,048	4.9	%

Jacksonville, FL	3,202	$	10,019	$	9,668	3.6	%	$	3,596	$	3,500	2.7	%	$	6,423	$	6,168	4.1	%	$	979	$	944	3.7	%
Charleston, SC	2,648	9,525		9,232		3.2	%	3,362		3,214		4.6	%	6,163		6,018		2.4	%	1,085		1,041		4.2	%
Savannah, GA	2,219	7,400		7,302		1.3	%	2,802		2,704		3.6	%	4,598		4,598		0.0	%	995		982		1.3	%
Richmond, VA	1,668	5,421		5,312		2.1	%	1,851		1,899		(2.5	)%	3,570		3,413		4.6	%	989		951		4.0	%
San Antonio, TX	1,504	5,172		5,162		0.2	%	2,223		2,216		0.3	%	2,949		2,946		0.1	%	1,060		1,053		0.7	%
Memphis, TN	1,811	5,258		5,079		3.5	%	2,341		2,256		3.8	%	2,917		2,823		3.3	%	889		857		3.7	%
Greenville, SC	1,748	4,639		4,525		2.5	%	1,785		1,791		(0.3	)%	2,854		2,734		4.4	%	790		766		3.1	%
Birmingham, AL	1,462	4,653		4,664		(0.2	)%	1,891		1,857		1.8	%	2,762		2,807		(1.6	)%	947		939		0.9	%
Little Rock, AR	1,368	3,890		3,855		0.9	%	1,493		1,409		6.0	%	2,397		2,446		(2.0	)%	884		874		1.1	%
Jackson, MS	1,241	3,584		3,573		0.3	%	1,360		1,377		(1.2	)%	2,224		2,196		1.3	%	865		853		1.4	%
Fredericksburg, VA	741	2,975		2,911		2.2	%	913		866		5.4	%	2,062		2,045		0.8	%	1,235		1,192		3.6	%
Huntsville, AL	1,228	3,315		3,200		3.6	%	1,319		1,372		(3.9	)%	1,996		1,828		9.2	%	785		767		2.3	%
Lexington, KY	924	2,579		2,521		2.3	%	922		907		1.7	%	1,657		1,614		2.7	%	864		837		3.2	%
Other	5,335	16,758		16,291		2.9	%	6,413		6,108		5.0	%	10,345		10,183		1.6	%	965		930		3.8	%
Secondary Markets	27,099	$	85,188	$	83,295	2.3	%	$	32,271	$	31,476	2.5	%	$	52,917	$	51,819	2.1	%	$	957	$	930	2.9	%

Total Same Store	72,329	$	248,876	$	240,242	3.6	%	$	95,714	$	92,536	3.4	%	$	153,162	$	147,706	3.7	%	$	1,046	$	1,004	4.2	%

Supplemental Data S-5



MULTIFAMILY SAME STORE SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data



	Units	Revenues						Expenses						NOI						Effective Rent per Unit
		Q3 2016		Q2 2016		% Chg		Q3 2016		Q2 2016		% Chg		Q3 2016		Q2 2016		% Chg		Q3 2016		Q2 2016		% Chg
Atlanta, GA	6,074	$	23,148	$	22,621	2.3	%	$	8,547	$	8,375	2.1	%	$	14,601	$	14,246	2.5	%	$	1,144	$	1,123	1.9	%
Austin, TX	5,838	21,186		20,810		1.8	%	9,377		9,001		4.2	%	11,809		11,809		0.0	%	1,095		1,085		0.9	%
Charlotte, NC	4,401	15,363		15,248		0.8	%	5,047		5,011		0.7	%	10,316		10,237		0.8	%	1,064		1,047		1.6	%
Dallas, TX	4,743	17,879		17,458		2.4	%	7,718		7,156		7.9	%	10,161		10,302		(1.4	)%	1,154		1,134		1.8	%
Raleigh/Durham, NC	4,397	14,487		14,214		1.9	%	5,158		4,912		5.0	%	9,329		9,302		0.3	%	1,003		983		2.0	%
Orlando, FL	3,190	12,659		12,411		2.0	%	4,488		4,497		(0.2	)%	8,171		7,914		3.2	%	1,221		1,194		2.3	%
Fort Worth, TX	4,093	14,270		13,997		2.0	%	6,283		5,839		7.6	%	7,987		8,158		(2.1	)%	1,044		1,022		2.2	%
Nashville, TN	3,207	11,840		11,677		1.4	%	4,040		3,877		4.2	%	7,800		7,800		0.0	%	1,132		1,111		1.9	%
Tampa, FL	2,878	10,875		10,624		2.4	%	4,140		4,033		2.7	%	6,735		6,591		2.2	%	1,146		1,124		2.0	%
Houston, TX	3,232	10,903		11,041		(1.2	)%	4,687		4,919		(4.7	)%	6,216		6,122		1.5	%	1,043		1,050		(0.7	)%
Phoenix, AZ	1,976	6,506		6,421		1.3	%	2,291		2,137		7.2	%	4,215		4,284		(1.6	)%	987		972		1.5	%
South Florida	480	2,368		2,348		0.9	%	878		869		1.0	%	1,490		1,479		0.7	%	1,581		1,555		1.7	%
Las Vegas, NV	721	2,204		2,113		4.3	%	789		738		6.9	%	1,415		1,375		2.9	%	875		855		2.3	%
Large Markets	45,230	$	163,688	$	160,983	1.7	%	$	63,443	$	61,364	3.4	%	$	100,245	$	99,619	0.6	%	$	1,099	$	1,082	1.6	%

Jacksonville, FL	3,202	$	10,019	$	9,925	0.9	%	$	3,596	$	3,545	1.4	%	$	6,423	$	6,380	0.7	%	$	979	$	968	1.1	%
Charleston, SC	2,648	9,525		9,360		1.8	%	3,362		3,215		4.6	%	6,163		6,145		0.3	%	1,085		1,070		1.4	%
Savannah, GA	2,219	7,400		7,302		1.3	%	2,802		2,759		1.6	%	4,598		4,543		1.2	%	995		987		0.8	%
Richmond, VA	1,668	5,421		5,362		1.1	%	1,851		1,786		3.6	%	3,570		3,576		(0.2	)%	989		972		1.7	%
San Antonio, TX	1,504	5,172		5,161		0.2	%	2,223		2,255		(1.4	)%	2,949		2,906		1.5	%	1,060		1,056		0.4	%
Memphis, TN	1,811	5,258		5,193		1.3	%	2,341		2,260		3.6	%	2,917		2,933		(0.5	)%	889		877		1.4	%
Greenville, SC	1,748	4,639		4,575		1.4	%	1,785		1,827		(2.3	)%	2,854		2,748		3.9	%	790		779		1.4	%
Birmingham, AL	1,462	4,653		4,637		0.3	%	1,891		1,985		(4.7	)%	2,762		2,652		4.1	%	947		945		0.2	%
Little Rock, AR	1,368	3,890		3,867		0.6	%	1,493		1,472		1.4	%	2,397		2,395		0.1	%	884		878		0.7	%
Jackson, MS	1,241	3,584		3,559		0.7	%	1,360		1,345		1.1	%	2,224		2,214		0.5	%	865		861		0.5	%
Fredericksburg, VA	741	2,975		2,961		0.5	%	913		851		7.3	%	2,062		2,110		(2.3	)%	1,235		1,226		0.7	%
Huntsville, AL	1,228	3,315		3,248		2.1	%	1,319		1,290		2.2	%	1,996		1,958		1.9	%	785		772		1.7	%
Lexington, KY	924	2,579		2,522		2.3	%	922		927		(0.5	)%	1,657		1,595		3.9	%	864		845		2.2	%
Other	5,335	16,758		16,560		1.2	%	6,413		6,192		3.6	%	10,345		10,368		(0.2	)%	965		954		1.2	%
Secondary Markets	27,099	$	85,188	$	84,232	1.1	%	$	32,271	$	31,709	1.8	%	$	52,917	$	52,523	0.8	%	$	957	$	947	1.1	%

Total Same Store	72,329	$	248,876	$	245,215	1.5	%	$	95,714	$	93,073	2.8	%	$	153,162	$	152,142	0.7	%	$	1,046	$	1,031	1.5	%

MULTIFAMILY SAME STORE SEQUENTIAL QUARTER COMPARISONS

Supplemental Data S-6



MULTIFAMILY SAME STORE YEAR TO DATE COMPARISONS AS OF SEPTEMBER 30, 2016

Dollars in thousands, except unit and per unit data



	Units	Revenues						Expenses						NOI						Effective Rent per Unit
		YTD 2016		YTD 2015		% Chg		YTD 2016		YTD 2015		% Chg		YTD 2016		YTD 2015		% Chg		YTD 2016		YTD 2015		% Chg
Atlanta, GA	6,074	$	68,082	$	64,225	6.0	%	$	25,289	$	25,149	0.6	%	$	42,793	$	39,076	9.5	%	$	1,123	$	1,058	6.1	%
Austin, TX	5,838	62,535		59,316		5.4	%	27,755		26,463		4.9	%	34,780		32,853		5.9	%	1,083		1,030		5.1	%
Charlotte, NC	4,401	45,596		43,276		5.4	%	14,742		14,533		1.4	%	30,854		28,743		7.3	%	1,046		988		5.9	%
Dallas, TX	4,743	52,485		50,016		4.9	%	22,140		20,935		5.8	%	30,345		29,081		4.3	%	1,134		1,085		4.5	%
Raleigh/Durham, NC	4,397	42,799		41,344		3.5	%	14,681		14,069		4.3	%	28,118		27,275		3.1	%	985		946		4.1	%
Orlando, FL	3,190	37,366		34,808		7.3	%	13,332		12,977		2.7	%	24,034		21,831		10.1	%	1,197		1,111		7.7	%
Fort Worth, TX	4,093	42,001		39,220		7.1	%	17,889		16,748		6.8	%	24,112		22,472		7.3	%	1,023		959		6.7	%
Nashville, TN	3,207	34,872		33,383		4.5	%	11,481		11,270		1.9	%	23,391		22,113		5.8	%	1,113		1,073		3.7	%
Tampa, FL	2,878	31,962		30,406		5.1	%	12,211		11,802		3.5	%	19,751		18,604		6.2	%	1,125		1,060		6.1	%
Houston, TX	3,232	33,012		33,056		(0.1	)%	14,645		14,212		3.0	%	18,367		18,844		(2.5	)%	1,048		1,051		(0.3	)%
Phoenix, AZ	1,976	19,230		18,102		6.2	%	6,484		6,452		0.5	%	12,746		11,650		9.4	%	972		920		5.7	%
South Florida	480	7,050		6,761		4.3	%	2,565		2,459		4.3	%	4,485		4,302		4.3	%	1,560		1,484		5.1	%
Las Vegas, NV	721	6,402		5,928		8.0	%	2,235		2,190		2.1	%	4,167		3,738		11.5	%	858		806		6.5	%
Large Markets	45,230	$	483,392	$	459,841	5.1	%	$	185,449	$	179,259	3.5	%	$	297,943	$	280,582	6.2	%	$	1,082	$	1,030	5.0	%

Jacksonville, FL	3,202	$	29,736	$	28,485	4.4	%	$	10,528	$	10,430	0.9	%	$	19,208	$	18,055	6.4	%	$	968	$	932	3.9	%
Charleston, SC	2,648	28,105		26,952		4.3	%	9,667		9,411		2.7	%	18,438		17,541		5.1	%	1,070		1,019		5.0	%
Savannah, GA	2,219	21,991		21,380		2.9	%	8,067		7,863		2.6	%	13,924		13,517		3.0	%	988		970		1.9	%
Richmond, VA	1,668	16,104		15,648		2.9	%	5,490		5,489		0.0	%	10,614		10,159		4.5	%	974		942		3.4	%
San Antonio, TX	1,504	15,441		15,266		1.1	%	6,678		6,607		1.1	%	8,763		8,659		1.2	%	1,056		1,044		1.1	%
Memphis, TN	1,811	15,597		14,930		4.5	%	6,825		6,718		1.6	%	8,772		8,212		6.8	%	876		851		2.9	%
Greenville, SC	1,748	13,745		13,216		4.0	%	5,293		5,249		0.8	%	8,452		7,967		6.1	%	780		754		3.4	%
Birmingham, AL	1,462	13,936		13,766		1.2	%	5,720		5,609		2.0	%	8,216		8,157		0.7	%	943		936		0.7	%
Little Rock, AR	1,368	11,605		11,419		1.6	%	4,319		4,203		2.8	%	7,286		7,216		1.0	%	879		875		0.5	%
Jackson, MS	1,241	10,701		10,576		1.2	%	4,008		3,990		0.5	%	6,693		6,586		1.6	%	861		845		1.9	%
Fredericksburg, VA	741	8,887		8,582		3.6	%	2,687		2,652		1.3	%	6,200		5,930		4.6	%	1,222		1,170		4.4	%
Huntsville, AL	1,228	9,809		9,519		3.0	%	3,836		3,792		1.2	%	5,973		5,727		4.3	%	774		762		1.6	%
Lexington, KY	924	7,610		7,428		2.5	%	2,714		2,731		(0.6	)%	4,896		4,697		4.2	%	848		827		2.5	%
Other	5,335	49,746		47,867		3.9	%	18,568		17,983		3.3	%	31,178		29,884		4.3	%	953		916		4.0	%
Secondary Markets	27,099	$	253,013	$	245,034	3.3	%	$	94,400	$	92,727	1.8	%	$	158,613	$	152,307	4.1	%	$	947	$	919	3.0	%

Total Same Store	72,329	$	736,405	$	704,875	4.5	%	$	279,849	$	271,986	2.9	%	$	456,556	$	432,889	5.5	%	$	1,032	$	988	4.5	%

Supplemental Data S-7



MULTIFAMILY DEVELOPMENT PIPELINE
Dollars in thousands
		Units as of September 30, 2016				Projected			Development Costs
						Initial
					Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total	Delivered	Leased	Date	Date	Date	Date⁽¹⁾	Cost		Q3 2016		After

Retreat at West Creek II	Richmond, Virginia	82	—	11	4Q15	1Q17	2Q17	4Q17	$	15,100	$	9,965	$	5,135
CG at Randal Lakes Phase II	Orlando, Florida	314	110	94	2Q15	2Q16	2Q17	4Q17	41,300		29,717		11,583
The Denton II	Kansas City, Missouri-Kansas MSA	154	—	—	4Q15	3Q17	4Q17	3Q18	25,400		8,943		16,457
Total Active		550	110	105					$	81,800	$	48,625	$	33,175

⁽¹⁾Communities are considered stabilized after achieving 90% occupancy for 90 days.



MULTIFAMILY LEASE-UP COMMUNITIES

		As of September 30, 2016
		Total	Percent		Construction	Expected
	Location	Units	Occupied		Finished	Stabilization⁽¹⁾
Residences at Fountainhead	Tempe, Arizona	322	68.6	%	⁽²⁾	1Q17
River's Walk Phase II	Charleston, South Carolina	78	94.9	%	3Q16	4Q16
Innovation Apartment Homes	Greenville, South Carolina	336	79.8	%	⁽²⁾	3Q17
Total		736	76.5	%

⁽¹⁾Communities are considered stabilized after achieving 90% occupancy for 90 days.

⁽²⁾ Property was acquired while still in lease-up and construction was complete prior to acquisition by MAA.



2016 ACQUISITION ACTIVITY
Dollars in thousands



Multifamily Acquisitions	Location	Apartment Units	Year Built	Closing Date	YTD NOI
The Apartments at Cobblestone Square	Fredericksburg, Virginia	314	2012	March 1, 2016	$	2,287
Residences at Fountainhead	Tempe, Arizona	322	2015	June 30, 2016	621
Yale at 6th	Houston, Texas	352	2015	September 8, 2016	281
Innovation Apartment Homes	Greenville, South Carolina	336	2015	September 22, 2016	84

Supplemental Data S-8



2016 DISPOSITION ACTIVITY
Dollars in thousands

Multifamily Dispositions

Location

Apartment Units

Year Built

Closing Date

YTD NOI

Colonial Village at Mill Creek

Winston-Salem, North Carolina

220

1984

August 18, 2016

624

Corners at Crystal Lake

Winston-Salem, North Carolina

240

1982

August 18, 2016

747

Colonial Village at Glen Eagles

Winston-Salem, North Carolina

310

1990/2000

August 18, 2016

1,063

Colonial Grand at Autumn Park

Greensboro, North Carolina

402

2001/04

August 18, 2016

1,826

Abbington Place

Huntsville, Alabama

152

1987

September 13, 2016

518

Colonial Village at Greystone

Charlotte, North Carolina

408

1998/2000

September 13, 2016

1,985

Colonial Village at Stone Point

Charlotte, North Carolina

192

1986

September 13, 2016

991

Commercial Dispositions

Location

Square Feet

Year Built

Closing Date

YTD NOI

Colonial Promenade Nord du Lac

Covington, Louisiana

295,447

2011

March 28, 2016

460

Land Title Building⁽¹⁾

Birmingham, Alabama

29,971

May 23, 2016

—



Land Dispositions	Location	Acres	Closing Date
McKinney⁽²⁾	McKinney, Texas	30	February 4, 2016
Colonial Promenade Nord du Lac - Outparcels	Covington, Louisiana	25	March 28, 2016
Colonial Grand at Heathrow - Adjacent Land Parcels	Heathrow, Florida	11	April 7, 2016 and April 13, 2016
CP Huntsville - Outparcel	Huntsville, Alabama	1	June 29, 2016

⁽¹⁾This property was sold by Six Hundred Building Partners, a joint venture, in which MAA owned a 33.3% interest.

⁽²⁾ This property consisting of undeveloped land was sold by McDowell CRLP McKinney JV, LLC, a joint venture, in which MAA owned a 25% interest.

Supplemental Data S-9



DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2016
Dollars in thousands



DEBT SUMMARIES
					Effective		Contract			Average Years
			Percent of		Interest		Interest			to Rate
	Balance		Total		Rate		Rate			Maturity
Floating Versus Fixed Rate or Hedged Debt
Fixed rate or swapped debt	$	3,039,157	88.5	%	3.9	%	4.4		%	4.6
Capped debt	75,000		2.2	%	1.2	%	1.2		%	1.1
Floating (unhedged) debt	320,000		9.3	%	1.4	%	1.4		%	0.1
Total	$	3,434,157	100.0	%	3.6	%	4.0		%	4.1

					Effective		Contract			Average Years
			Percent of		Interest		Interest			to Contract
	Balance		Total		Rate		Rate			Maturity
Secured Versus Unsecured Debt
Unsecured debt	$	2,195,989	63.9	%	3.6	%	3.6		%	5.4
Secured debt	1,238,168		36.1	%	3.5	%	4.7		%	2.5
Total	$	3,434,157	100.0	%	3.6	%	4.0		%	4.4

	Total		Percent of				Q3 2016			Percent of
	Cost		Total				NOI			Total
Unencumbered Versus Encumbered Assets
Unencumbered gross assets	$	6,334,326	73.8	%			$	124,916		73.4	%
Encumbered gross assets	2,245,616		26.2	%			45,336			26.6	%
Total	$	8,579,942	100.0	%			$	170,252		100.0	%



FIXED OR HEDGED INTEREST RATE MATURITIES

													Average
	Fixed		Interest		Total				Interest		Total		Years to
	Rate		Rate		Fixed Rate		Contract		Rate		Fixed or		Rate
Maturity	Debt		Swaps		Balances		Rate		Caps		Hedged		Maturity
2016	$	—	$	—	$	—	—	%	$	25,000	$	25,000
2017	127,473		299,065		426,538		3.0	%	25,000		451,538
2018	139,607		250,753		390,360		4.1	%	25,000		415,360
2019	562,365		—		562,365		5.7	%	—		562,365
2020	167,773		—		167,773		4.8	%	—		167,773
Thereafter	1,492,121		—		1,492,121		4.3	%	—		1,492,121
Total	$	2,489,339	$	549,818	$	3,039,157	4.4	%	$	75,000	$	3,114,157	4.5

Supplemental Data S-10



DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2016 (CONTINUED)
Dollars in thousands



DEBT MATURITIES OF OUTSTANDING BALANCES

	Credit Facilities
	Fannie Mae Secured		Key Bank Unsecured		Other Secured		Other Unsecured		Total
2016	$	80,000	$	—	$	—	$	—	$	80,000
2017	80,000		—		59,498		17,975		157,473
2018	80,000		—		89,696		300,665		470,361
2019	—		—		542,420		19,945		562,365
2020	—		205,000		167,773		149,733		522,506
Thereafter	—		—		138,781		1,502,671		1,641,452
Total	$	240,000	$	205,000	$	998,168	$	1,990,989	$	3,434,157



DEBT COVENANT ANALYSIS⁽¹⁾

Public Bond Covenants	Required	Actual	Compliance
Limit on Incurrence of Total Debt	60% or less	40.0%	Yes
Limit on Incurrence of Secured Debt	40% or less	14.4%	Yes
Ratio of Income Available for Debt Service/Annual Debt Service Charge	1.5:1 or greater for trailing 4 quarters	4.82x	Yes
Maintenance of Unencumbered Total Asset Value	Greater than 150%	288%	Yes

Bank Covenants	Required	Actual	Compliance
Total Leverage Ratio	60% or less	33.5%	Yes
Total Secured Leverage Ratio	40% or Less	11.9%	Yes
Adjusted EBITDA to Fixed Charges	1.5:1 or greater for trailing 4 quarters	4.08x	Yes
Unencumbered Leverage Ratio	60% or less	29.2%	Yes

⁽¹⁾ The calculations of the Public Bond Covenants and Bank Covenants above are specifically defined in Mid-America Apartments, L.P.'s debt agreements, and as such, these calculations may not be consistent with those found earlier in this document.

Supplemental Data S-11



BALANCE SHEET RATIOS
	Three Months Ended
	September 30,
	2016	2015
Recurring EBITDA/Debt Service⁽¹⁾	4.09x	3.92x
Fixed Charge Coverage ^{(1) (2)}	4.35x	4.13x
Total Debt/Total Market Capitalization	31.4%	34.5%
Total Debt/Gross Assets	40.0%	41.2%
Net Debt/Gross Assets	39.7%	40.7%
Unencumbered Assets/Gross Real Estate Assets	74.6%	70.0%


⁽¹⁾	As of September 30, 2016 and 2015, interest expense includes debt issuance costs of $894,000 and $887,000, respectively.


⁽²⁾	Fixed charge coverage represents Recurring EBITDA divided by interest expense adjusted for mark-to-market debt adjustment and any preferred dividends.



	Twelve Months Ended
	September 30,
	2016	2015
Fixed Charge Coverage ^{(1) (2)}	4.31x	3.99x
Net Debt/Recurring EBITDA ⁽²⁾	5.55x	5.86x


⁽¹⁾	Fixed charge coverage represents Recurring EBITDA divided by interest expense adjusted for mark-to-market debt adjustment and any preferred dividends.


⁽²⁾	For the twelve months ended September 30, 2016 and 2015, interest expense includes debt issuance costs of $3.6 million and $3.7 million, respectively.

Supplemental Data S-12



2016 GUIDANCE

MAA provides guidance on Core FFO per Share and Core AFFO per Share, which are non-GAAP measures, but does not forecast net income available for common shareholders per diluted common share. It is not reasonable to accurately predict the timing and certainty of acquisitions and dispositions that would materially affect depreciation, capital gains or losses, merger and acquisition expenses and net income attributable to noncontrolling interests or to forecast extraordinary items, which, combined, generally represent the difference between net income available for common shareholders and Core FFO. Based on historical experience, the dollar amount of that unavailable information could be significant. The guidance provided below does not include the impact of closing the pending merger with Post Properties.

	Full Year 2016
Earnings
Core FFO per Share - diluted	$5.86 to $5.96
Midpoint	$5.91
Core AFFO per Share - diluted	$5.16 to $5.26
Midpoint	$5.21

Same Store Communities:
Number of units	72,329
Property revenue growth	4.0% to 4.5%
Property operating expense growth	2.5% to 3.5%
NOI growth	4.75% to 5.25%
Real estate tax expense growth	5.5% to 6.5%

Corporate Expenses:
General and administrative and property management expenses	$60.0 to $61.0 million
Income tax expense	$1.5 to $2.0 million

Transaction/Investment Volume:
Acquisition volume (multifamily)	$265 to $350 million
Disposition volume (multifamily)	$200 to $300 million
Commercial / land disposition volume	$40 to $50 million
Development investment	$50 to $60 million

Debt:
Average Interest Rate (excluding mark-to-market debt adjustment)	4.0% to 4.2%
Average Effective Interest Rate	3.6% to 3.8%
Capitalized Interest	$1.0 to $2.0 million
Leverage (Total Net Debt/Total Gross Assets)	39% to 41%
Unencumbered Asset Pool (Percent of Total Gross Assets)	72% to 75%

Non Core Items:
Acquisition expense	$2.5 to $3.0 million
Projected amortization of debt mark-to-market	$15 to $16 million

Supplemental Data S-13



CREDIT RATINGS

	Rating	Outlook
Fitch Ratings ⁽¹⁾	BBB+	Stable
Moody's Investors Service ⁽²⁾	Baa2	Positive
Standard & Poor's Ratings Services ^{(1) (3)}	BBB	Stable


⁽¹⁾	Corporate credit rating assigned to Mid-America Apartment Communities, Inc. and its primary operating partnership, Mid-America Apartments, LP.


⁽²⁾	Corporate credit rating assigned to Mid-America Apartments, LP, the primary operating partnership of Mid-America Apartment Communities, Inc.


⁽³⁾	Placed on CreditWatch with positive implications to reflect the anticipated additional scale and improvement in financial leverage from the pending merger transaction with Post Properties.

COMMON STOCK

Stock Symbol:

MAA

Exchange Traded:

NYSE

Estimated Future Dates:

Q4 2016

Q1 2017

Q2 2017

Q3 2017

Earnings release & conference call

Early February

Late April

Late July

Late October

Dividend Information - Common Shares:

Q3 2015

Q4 2015

Q1 2016

Q2 2016

Q3 2016

Declaration Date

9/24/2015

12/8/2015

3/22/2016

5/17/2016

9/27/2016

Record Date

10/15/2015

1/15/2016

4/15/2016

7/15/2016

10/14/2016

Payment Date

10/30/2015

1/29/2016

4/29/2016

7/29/2016

10/31/2016

Distributions Per Share

0.77

0.82



INVESTOR RELATIONS DATA

MAA does not send quarterly reports to shareholders, but provides quarterly reports, earnings releases and supplemental data upon request.

For recent press releases, 10-Qs, 10-Ks and other information call 866-576-9689 (toll free) or email investor.relations@maac.com. This information, as well as access to MAA's quarterly conference call, is also available on the "For Investors" page of our website at www.maac.com.

For Questions Contact:
	Name	Title
	Tim Argo	Senior Vice President, Finance
	Jennifer Patrick	Investor Relations

Supplemental Data S-14

Mid-America Apartment Communities (MAA) 8-KResults of Operations and Financial Condition