Mid-America Apartment Communities (MAA) 8-K Financial Statements and Exhibits

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT MARCH 31, 2018 (In apartment units)

	Same Store	Non-Same Store(1)	Lease-up	Total Completed Communities	Development Units Delivered	Total
Atlanta, GA	10,664	—	332	10,996	94	11,090
Dallas, TX	9,404	362	—	9,766	—	9,766
Austin, TX	6,475	298	344	7,117	—	7,117
Charlotte, NC	6,149	—	—	6,149	—	6,149
Orlando, FL	4,498	776	—	5,274	—	5,274
Tampa, FL	5,220	—	—	5,220	—	5,220
Raleigh/Durham, NC	4,397	803	—	5,200	—	5,200
Houston, TX	4,479	388	—	4,867	—	4,867
Nashville, TN	3,776	279	320	4,375	—	4,375
Fort Worth, TX	4,249	—	—	4,249	—	4,249
Washington, DC	4,080	—	—	4,080	—	4,080
Jacksonville, FL	3,496	—	—	3,496	—	3,496
Charleston, SC	2,726	302	—	3,028	—	3,028
Phoenix, AZ	2,301	322	—	2,623	—	2,623
Savannah, GA	2,219	—	—	2,219	—	2,219
Greenville, SC	1,748	336	—	2,084	—	2,084
Richmond, VA	1,668	336	—	2,004	—	2,004
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
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
Other	7,320	449	513	8,282	—	8,282
Total Multifamily Units	93,483	4,651	1,509	99,643	94	99,737

⁽¹⁾Non-Same Store total excludes 269 units in joint venture property in Washington, D.C.

Supplemental Data S-1

PORTFOLIO STATISTICS (CONTINUED)

TOTAL MULTIFAMILY COMMUNITY STATISTICS⁽¹⁾ 

Dollars in thousands, except Average Effective Rent

	As of March 31, 2018						Average Effective Rent for the Three Months Ended March 31, 2018		As of March 31, 2018
	Gross Real Assets		Percent to Total of Gross Real Assets		Physical Occupancy				Completed Units	Total Units, Including Development
Atlanta, GA	$	1,752,714	13.4	%	96.4	%	$	1,355	10,664
Dallas, TX	1,349,925		10.4	%	95.6	%	1,258		9,766
Washington, DC	936,823		7.2	%	97.0	%	1,712		4,080
Charlotte, NC	928,483		7.1	%	96.8	%	1,160		6,149
Tampa, FL	846,686		6.5	%	97.4	%	1,366		5,220
Orlando, FL	807,378		6.2	%	97.2	%	1,369		5,274
Austin, TX	756,849		5.8	%	96.0	%	1,159		6,773
Raleigh/Durham, NC	654,421		5.0	%	96.5	%	1,055		5,200
Houston, TX	591,063		4.5	%	97.4	%	1,126		4,867
Nashville, TN	445,393		3.4	%	97.2	%	1,186		4,055
Fort Worth, TX	382,288		2.9	%	96.7	%	1,110		4,249
Phoenix, AZ	368,659		2.8	%	95.7	%	1,098		2,623
Charleston, SC	360,476		2.8	%	97.2	%	1,150		3,028
Jacksonville, FL	286,239		2.2	%	97.7	%	1,059		3,496
Richmond, VA	255,917		2.0	%	97.7	%	1,096		2,004
Savannah, GA	233,897		1.8	%	97.3	%	1,024		2,219
San Antonio, TX	159,598		1.2	%	95.9	%	1,059		1,504
Kansas City, MO-KS	156,008		1.2	%	96.8	%	1,200		956
Birmingham, AL	151,831		1.2	%	96.5	%	956		1,462
Greenville, SC	151,592		1.2	%	96.6	%	851		2,084
Memphis, TN	125,536		1.0	%	97.1	%	924		1,811
All Other Markets by State (individual markets <1% gross real assets)
Florida	$	170,973	1.3	%	97.6	%	$	1,227	1,806
Alabama	153,352		1.2	%	98.1	%	883		1,648
Virginia	149,041		1.1	%	98.1	%	1,217		1,039
Arkansas	115,628		0.9	%	96.1	%	873		1,368
Kentucky	90,899		0.7	%	96.9	%	848		1,308
Mississippi	71,183		0.5	%	97.3	%	861		1,241
Nevada	68,119		0.5	%	97.1	%	934		721
Tennessee	49,638		0.4	%	96.5	%	827		943
South Carolina	35,611		0.3	%	98.6	%	804		576
Subtotal	$	12,606,220	96.7	%	96.8	%	$	1,181	98,134
Atlanta, GA	$	165,777	1.3	%	42.2	%	$	2,360	426	770
Denver, CO	82,443		0.6	%	34.5	%	1,780		359	359
Nashville, TN	71,781		0.6	%	84.4	%	1,754		320	320
Austin, TX	61,643		0.5	%	74.1	%	1,467		344	344
Kansas City, MO-KS	24,982		0.2	%	37.0	%	1,222		154	154
Charleston, SC	16,824		0.1	%	—		—		—	140
Lease-up and Development	$	423,450	3.3	%	56.1	%	$	1,774	1,603	2,087
Total Wholly Owned Multifamily Communities	$	13,029,670	100.0	%	96.1	%	$	1,190	99,737	100,221

⁽¹⁾ Schedule excludes one joint venture property in Washington, D.C.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

	As of March 31, 2018			Three Months Ended
	Apartment Units	Gross Real Assets		March 31, 2018		March 31, 2017		Percent Change
Operating Revenue
Same Store Communities	93,483	$	11,817,414	$	356,847	$	350,597	1.8	%
Non-Same Store Communities	4,651	788,806		19,562		22,582
Lease up/Development Communities	1,603	423,450		4,042		54
Total Multifamily Portfolio	99,737	$	13,029,670	$	380,451	$	373,233
Commercial Property/Land	—	$	211,930	$	5,566	$	5,675
Total Operating Revenue	99,737	$	13,241,600	$	386,017	$	378,908
Property Operating Expenses
Same Store Communities				$	131,497	$	129,414	1.6	%
Non-Same Store Communities				8,442		9,700
Lease up/Development Communities				2,368		44
Total Multifamily Portfolio				$	142,307	$	139,158
Commercial Property/Land				$	2,097	$	2,115
Total Property Operating Expenses				$	144,404	$	141,273
Net Operating Income
Same Store Communities				$	225,350	$	221,183	1.9	%
Non-Same Store Communities				11,120		12,882
Lease up/Development Communities				1,674		10
Total Multifamily Portfolio				$	238,144	$	234,075
Commercial Property/Land				$	3,469	$	3,560
Total Net Operating Income				$	241,613	$	237,635	1.7	%

COMPONENTS OF SAME STORE PROPERTY OPERATING EXPENSES

Dollars in thousands

	Three Months Ended
	March 31, 2018		March 31, 2017		Percent Increase/(Decrease)
Personnel	$	31,535	$	30,787	2.4	%
Building Repair and Maintenance	13,957		14,994		(6.9	)%
Utilities	25,964		24,537		5.8	%
Marketing	3,505		3,888		(9.9	)%
Office Operations(1)	6,059		5,292		14.5	%
Property Taxes	47,810		46,590		2.6	%
Insurance	2,667		3,326		(19.8	)%
Total Property Operating Expenses	$	131,497	$	129,414	1.6	%

⁽¹⁾ The three months ended March 31, 2018, include $0.9 million in operating expenses primarily for remediating some minor and isolated water intrusion as a result of storm damage from the 2018 arctic blast.

Supplemental Data S-3

NOI CONTRIBUTION PERCENTAGE BY MARKET

Same Store Portfolio

				Average Physical Occupancy
	Apartment Units	Percent of Same Store NOI		Three months ended March 31, 2018		Three months ended March 31, 2017
Atlanta, GA	10,664	13.6	%	96.1	%	96.2	%
Dallas, TX	9,404	9.6	%	95.6	%	95.2	%
Charlotte, NC	6,149	7.4	%	96.4	%	96.3	%
Washington, DC	4,080	6.7	%	96.6	%	97.2	%
Tampa, FL	5,220	6.6	%	96.5	%	95.9	%
Austin, TX	6,475	5.9	%	96.0	%	95.6	%
Orlando, FL	4,498	5.7	%	96.4	%	95.7	%
Raleigh/Durham, NC	4,397	4.5	%	96.7	%	96.6	%
Nashville, TN	3,776	4.3	%	95.9	%	95.1	%
Fort Worth, TX	4,249	4.0	%	95.8	%	95.6	%
Houston, TX	4,479	3.8	%	96.9	%	94.7	%
Jacksonville, FL	3,496	3.5	%	96.6	%	96.9	%
Charleston, SC	2,726	2.9	%	96.1	%	95.7	%
Phoenix, AZ	2,301	2.6	%	96.8	%	97.4	%
Savannah, GA	2,219	2.1	%	97.0	%	96.6	%
Richmond, VA	1,668	1.7	%	96.9	%	95.8	%
Memphis, TN	1,811	1.4	%	95.7	%	95.7	%
Greenville, SC	1,748	1.3	%	96.7	%	96.4	%
Birmingham, AL	1,462	1.2	%	95.7	%	96.4	%
San Antonio, TX	1,504	1.2	%	95.5	%	96.1	%
Little Rock, AR	1,368	1.0	%	95.9	%	95.6	%
Huntsville, AL	1,228	1.0	%	97.2	%	96.3	%
Jackson, MS	1,241	1.0	%	95.6	%	96.0	%
Other	7,320	7.0	%	96.5	%	96.0	%
Total Same Store	93,483	100.0	%	96.3	%	96.0	%

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
		Q1 2018		Q1 2017		% Chg		Q1 2018		Q1 2017		% Chg		Q1 2018		Q1 2017		% Chg		Q1 2018		Q1 2017		% Chg
Atlanta, GA	10,664	$	46,504	$	46,072	0.9	%	$	16,004	$	16,375	(2.3	)%	$	30,500	$	29,697	2.7	%	$	1,355	$	1,339	1.2	%
Dallas, TX	9,404	37,735		37,380		0.9	%	16,292		15,769		3.3	%	21,443		21,611		(0.8	)%	1,265		1,261		0.3	%
Charlotte, NC	6,149	23,097		22,740		1.6	%	6,601		6,778		(2.6	)%	16,496		15,962		3.3	%	1,160		1,146		1.2	%
Washington, DC	4,080	22,080		21,716		1.7	%	7,024		6,813		3.1	%	15,056		14,903		1.0	%	1,712		1,679		2.0	%
Tampa, FL	5,220	22,868		22,384		2.2	%	7,904		7,852		0.7	%	14,964		14,532		3.0	%	1,366		1,346		1.5	%
Austin, TX	6,475	24,166		24,180		(0.1	)%	10,849		10,816		0.3	%	13,317		13,364		(0.4	)%	1,141		1,146		(0.4	)%
Orlando, FL	4,498	19,885		19,000		4.7	%	6,996		6,701		4.4	%	12,889		12,299		4.8	%	1,381		1,328		4.0	%
Raleigh/Durham, NC	4,397	15,138		14,696		3.0	%	4,969		4,785		3.8	%	10,169		9,911		2.6	%	1,039		1,011		2.8	%
Nashville, TN	3,776	14,362		14,147		1.5	%	4,621		4,557		1.4	%	9,741		9,590		1.6	%	1,167		1,155		1.0	%
Fort Worth, TX	4,249	15,737		15,168		3.8	%	6,664		6,070		9.8	%	9,073		9,098		(0.3	)%	1,110		1,070		3.7	%
Houston, TX	4,479	15,970		16,257		(1.8	)%	7,355		7,620		(3.5	)%	8,615		8,637		(0.3	)%	1,107		1,150		(3.7	)%
Jacksonville, FL	3,496	11,928		11,488		3.8	%	4,008		4,016		(0.2	)%	7,920		7,472		6.0	%	1,059		1,019		3.9	%
Charleston, SC	2,726	10,123		9,935		1.9	%	3,513		3,271		7.4	%	6,610		6,664		(0.8	)%	1,121		1,113		0.7	%
Phoenix, AZ	2,301	8,163		7,867		3.8	%	2,394		2,371		1.0	%	5,769		5,496		5.0	%	1,084		1,036		4.6	%
Savannah, GA	2,219	7,533		7,361		2.3	%	2,774		2,587		7.2	%	4,759		4,774		(0.3	)%	1,024		1,003		2.1	%
Richmond, VA	1,668	5,789		5,475		5.7	%	1,935		1,865		3.8	%	3,854		3,610		6.8	%	1,045		998		4.7	%
Memphis, TN	1,811	5,438		5,291		2.8	%	2,320		2,366		(1.9	)%	3,118		2,925		6.6	%	924		900		2.7	%
Greenville, SC	1,748	4,765		4,704		1.3	%	1,741		1,722		1.1	%	3,024		2,982		1.4	%	808		797		1.4	%
Birmingham, AL	1,462	4,722		4,674		1.0	%	1,943		1,966		(1.2	)%	2,779		2,708		2.6	%	956		949		0.7	%
San Antonio, TX	1,504	5,158		5,156		0.0	%	2,389		2,269		5.3	%	2,769		2,887		(4.1	)%	1,059		1,062		(0.3	)%
Little Rock, AR	1,368	3,879		3,865		0.4	%	1,521		1,438		5.8	%	2,358		2,427		(2.8	)%	873		884		(1.2	)%
Huntsville, AL	1,228	3,490		3,336		4.6	%	1,290		1,276		1.1	%	2,200		2,060		6.8	%	818		784		4.3	%
Jackson, MS	1,241	3,580		3,592		(0.3	)%	1,385		1,343		3.1	%	2,195		2,249		(2.4	)%	861		867		(0.7	)%
Other	7,320	24,737		24,113		2.6	%	9,005		8,788		2.5	%	15,732		15,325		2.7	%	1,030		1,014		1.6	%
Total Same Store	93,483	$	356,847	$	350,597	1.8	%	$	131,497	$	129,414	1.6	%	$	225,350	$	221,183	1.9	%	$	1,177	$	1,161	1.4	%

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
		Q1 2018		Q4 2017		% Chg		Q1 2018		Q4 2017		% Chg		Q1 2018		Q4 2017		% Chg		Q1 2018		Q4 2017		% Chg
Atlanta, GA	10,664	$	46,504	$	46,438	0.1	%	$	16,004	$	16,058	(0.3	)%	$	30,500	$	30,380	0.4	%	$	1,355	$	1,356	(0.1	)%
Dallas, TX	9,404	37,735		37,683		0.1	%	16,292		15,856		2.7	%	21,443		21,827		(1.8	)%	1,265		1,268		(0.2	)%
Charlotte, NC	6,149	23,097		22,881		0.9	%	6,601		6,894		(4.3	)%	16,496		15,987		3.2	%	1,160		1,163		(0.3	)%
Washington, DC	4,080	22,080		22,002		0.4	%	7,024		6,807		3.2	%	15,056		15,195		(0.9	)%	1,712		1,716		(0.2	)%
Tampa, FL	5,220	22,868		22,666		0.9	%	7,904		7,753		1.9	%	14,964		14,913		0.3	%	1,366		1,364		0.1	%
Austin, TX	6,475	24,166		24,188		(0.1	)%	10,849		10,619		2.2	%	13,317		13,569		(1.9	)%	1,141		1,142		(0.1	)%
Orlando, FL	4,498	19,885		19,617		1.4	%	6,996		6,727		4.0	%	12,889		12,890		0.0	%	1,381		1,375		0.4	%
Raleigh/Durham, NC	4,397	15,138		15,117		0.1	%	4,969		4,853		2.4	%	10,169		10,264		(0.9	)%	1,039		1,039		0.0	%
Nashville, TN	3,776	14,362		14,271		0.6	%	4,621		4,557		1.4	%	9,741		9,714		0.3	%	1,167		1,168		(0.1	)%
Fort Worth, TX	4,249	15,737		15,636		0.6	%	6,664		6,087		9.5	%	9,073		9,549		(5.0	)%	1,110		1,109		0.1	%
Houston, TX	4,479	15,970		15,913		0.4	%	7,355		6,590		11.6	%	8,615		9,323		(7.6	)%	1,107		1,097		0.9	%
Jacksonville, FL	3,496	11,928		11,791		1.2	%	4,008		3,701		8.3	%	7,920		8,090		(2.1	)%	1,059		1,049		1.0	%
Charleston, SC	2,726	10,123		10,134		(0.1	)%	3,513		3,567		(1.5	)%	6,610		6,567		0.7	%	1,121		1,131		(0.9	)%
Phoenix, AZ	2,301	8,163		8,140		0.3	%	2,394		2,302		4.0	%	5,769		5,838		(1.2	)%	1,084		1,075		0.8	%
Savannah, GA	2,219	7,533		7,526		0.1	%	2,774		2,733		1.5	%	4,759		4,793		(0.7	)%	1,024		1,025		(0.1	)%
Richmond, VA	1,668	5,789		5,773		0.3	%	1,935		1,833		5.6	%	3,854		3,940		(2.2	)%	1,045		1,042		0.3	%
Memphis, TN	1,811	5,438		5,380		1.1	%	2,320		2,261		2.6	%	3,118		3,119		0.0	%	924		926		(0.2	)%
Greenville, SC	1,748	4,765		4,716		1.0	%	1,741		1,719		1.3	%	3,024		2,997		0.9	%	808		810		(0.2	)%
Birmingham, AL	1,462	4,722		4,703		0.4	%	1,943		1,965		(1.1	)%	2,779		2,738		1.5	%	956		960		(0.4	)%
San Antonio, TX	1,504	5,158		5,169		(0.2	)%	2,389		2,112		13.1	%	2,769		3,057		(9.4	)%	1,059		1,065		(0.6	)%
Little Rock, AR	1,368	3,879		3,842		1.0	%	1,521		1,428		6.5	%	2,358		2,414		(2.3	)%	873		875		(0.2	)%
Huntsville, AL	1,228	3,490		3,409		2.4	%	1,290		1,162		11.0	%	2,200		2,247		(2.1	)%	818		813		0.6	%
Jackson, MS	1,241	3,580		3,570		0.3	%	1,385		1,291		7.3	%	2,195		2,279		(3.7	)%	861		868		(0.8	)%
Other	7,320	24,737		24,511		0.9	%	9,005		8,832		2.0	%	15,732		15,679		0.3	%	1,030		1,032		(0.2	)%
Total Same Store	93,483	$	356,847	$	355,076	0.5	%	$	131,497	$	127,707	3.0	%	$	225,350	$	227,369	(0.9	)%	$	1,177	$	1,177	0.0	%

Supplemental Data S-6

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands

Units as of March 31, 2018

Projected

Development Costs

Initial

Start

Occupancy

Completion

Stabilization

Total

Thru

Location

Total

Delivered

Leased

Date

Date

Date

Date(1)

Cost

Q1 2018

After

1201 Midtown II

Charleston, SC

140

—

—

2Q17

3Q18

4Q18

3Q19

29,500

16,824

12,676

Post Centennial Park

Atlanta, GA

438

94

—

1Q16

2Q18

3Q18

4Q19

96,300

84,594

11,706

Total Active

578

94

—

$

125,800

$

101,418

$

24,382

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

MULTIFAMILY LEASE-UP COMMUNITIES
		As of March 31, 2018
		Total	Percent		Construction	Expected
	Location	Units	Occupied		Finished	Stabilization(1)
Acklen West End	Nashville, TN	320	84.4	%	(2)	3Q18
The Denton II	Kansas City, MO	154	37.0	%	4Q17	4Q18
Post South Lamar II	Austin, TX	344	74.1	%	4Q17	4Q18
Post Midtown	Atlanta, GA	332	42.2	%	3Q17	4Q18
Post River North	Denver, CO	359	34.5	%	1Q18	2Q19
Total		1,509	56.1	%

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

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

2018 ACQUISITION & DISPOSITION ACTIVITY (THROUGH MARCH 31, 2018)

There have been no acquisitions through the first quarter of 2018.

Land Dispositions	Market	Acres	Closing Date
Craft Farms - Phase III	Gulf Shores, AL	3	January 24, 2018
Randal Park - Outparcel	Orlando, FL	34	February 27, 2018

Supplemental Data S-7

INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES

Dollars in thousands

MAA holds an investment in a joint venture with institutional investors and accounts for its investment using the equity method of accounting. A summary of non-financial and financial information for this joint venture is provided below.

Joint Venture Property	Market	# of units	Ownership Interest
Post Massachusetts Avenue	Washington, D.C.	269	35%

	As of March 31, 2018
Joint Venture Property	Gross Investment in Real Estate			Mortgage Notes Payable			Company's Equity Investment
Post Massachusetts Avenue	$	78,358	(1)	$	50,971	(2)	$	45,000

	Three months ended March 31, 2018
Joint Venture Property	Entity NOI		Company's Equity in Income
Post Massachusetts Avenue	$	1,839	$	498

⁽¹⁾ Represents GAAP basis net book value plus accumulated depreciation.

⁽²⁾ This mortgage note has an outstanding principal value of $51 million, bears interest at a stated fixed rate of 3.5% and matures in February 2019. This note is currently prepayable without penalty.

Supplemental Data S-8

DEBT AND DEBT COVENANTS AS OF MARCH 31, 2018

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	$	3,669,491	81.6	%	3.8	%	4.2		%	4.5
Capped debt	25,000		0.5	%	2.1	%	2.1		%	0.1
Floating (unhedged) debt	804,360		17.9	%	2.7	%	2.7		%	0.1
Total	$	4,498,851	100.0	%	3.6	%	3.9		%	3.6
					Effective		Contract			Average Years
			Percent of		Interest		Interest			to Contract
	Balance		Total		Rate		Rate			Maturity
Secured Versus Unsecured Debt
Unsecured debt	$	3,566,664	79.3	%	3.5	%	3.5		%	5.0
Secured debt	932,187		20.7	%	3.8	%	5.3		%	1.5
Total	$	4,498,851	100.0	%	3.6	%	3.9		%	4.3
	Total		Percent of				Q1 2018			Percent of
	Cost		Total				NOI			Total
Unencumbered Versus Encumbered Assets
Unencumbered gross assets	$	11,549,446	84.8	%			$	205,877		85.2	%
Encumbered gross assets	2,062,845		15.2	%			35,736			14.8	%
Total	$	13,612,291	100.0	%			$	241,613		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
2018	$	49,987	$	250,171	$	300,158	3.7	%	$	25,000	$	325,158
2019	575,647		—		575,647		5.9	%	—		575,647
2020	162,054		299,199		461,253		3.2	%	—		461,253
2021	196,835		—		196,835		5.2	%	—		196,835
2022	364,907		—		364,907		3.6	%	—		364,907
Thereafter	1,770,691		—		1,770,691		3.9	%	—		1,770,691
Total	$	3,120,121	$	549,370	$	3,669,491	4.2	%	$	25,000	$	3,694,491	4.4

Supplemental Data S-9

DEBT AND DEBT COVENANTS AS OF MARCH 31, 2018 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES
	Key Bank Unsecured		Public Bonds		Other Unsecured		Secured		Total
2018	$	—	$	—	$	300,158	$	80,000	$	380,158
2019	—		—		19,971		555,676		575,647
2020	450,000		—		149,802		162,054		761,856
2021	—		—		222,142		124,252		346,394
2022	—		248,238		415,868		—		664,106
Thereafter	—		1,728,342		32,143		10,205		1,770,690
Total	$	450,000	$	1,976,580	$	1,140,084	$	932,187	$	4,498,851

DEBT COVENANT ANALYSIS(1)
Bond Covenants	Required	Actual	Compliance
Total debt to total assets	60% or less	33.1%	Yes
Total secured debt to total assets	40% or less	6.8%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	5.24x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	324%	Yes
Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	29.1%	Yes
Total secured debt to total capitalized asset value	40% or Less	6.0%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	4.65x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	27.1%	Yes

⁽¹⁾ The calculations of the Bond Covenants and Bank Covenants above are specifically defined in Mid-America Apartments, L.P.'s debt agreements.

Supplemental Data S-10

2018 GUIDANCE
MAA provides guidance on FFO per Share and AFFO per Share, which are non-GAAP measures, along with guidance for expected Net income per diluted common share. A reconciliation of expected Net income per diluted common share to expected FFO per Share and AFFO per Share are provided below.
	Full Year 2018
Earnings
Earnings per common share - diluted	$1.78 to $2.08
Midpoint	$1.93
FFO per Share - diluted	$5.85 to $6.15
Midpoint	$6.00
AFFO per Share - diluted	$5.24 to $5.54
Midpoint	$5.39
MAA Same Store Communities:
Number of units	93,483
Lease over lease pricing growth for new leases and renewals	2.25% to 2.75%
Average physical occupancy	95.75% to 96.25%
Property revenue growth	1.75% to 2.25%
Property operating expense growth	1.50% to 2.50%
NOI growth	2.00% to 2.50%
Real estate tax expense growth	3.50% to 4.50%
Corporate Expenses:
General and administrative expenses	$39.0 to $40.0 million
Property management expenses	$50.5 to $52.5 million
Total overhead (Gross of capitalized development overhead)	$89.5 to $92.5 million
Capitalized development overhead	$1.75 million
Total overhead (Net of capitalized development overhead)	$87.75 to $90.75 million
Income tax expense	$2.5 to $3.0 million
Transaction/Investment Volume:
Acquisition volume	$300.0 to $350.0 million
Disposition volume	$0.00 million
Development investment	$75.0 to $125.0 million
Debt:
Average effective interest rate	3.80% to 4.00%
Average cash interest rate	4.00% to 4.20%
Capitalized interest	$1.5 to $2.5 million
Mark to market adjustment	$9.5 to $10.5 million
Other Items:
Merger and integration expenses	$8.0 to $10.0 million

RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE GUIDANCE TO FFO AND AFFO PER SHARE GUIDANCE
	2018 Full Year Guidance Range
	Low			High
Earnings per common share - diluted	$	1.78		$	2.08
Real estate depreciation	4.03			4.03
Amortization other	0.04			0.04
FFO per Share - diluted	5.85			6.15
Recurring capital expenditures	(0.61		)	(0.61		)
AFFO per Share - diluted	$	5.24		$	5.54

Supplemental Data S-11

CREDIT RATINGS
	Rating	Outlook
Fitch Ratings (1)	BBB+	Stable
Moody's Investors Service (2)	Baa1	Stable
Standard & Poor's Ratings Services (1)	BBB+	Stable

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

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

COMMON STOCK
Stock Symbol:	MAA
Exchange Traded:	NYSE
Estimated Future Dates:	Q2 2018		Q3 2018		Q4 2018		Q1 2019
Earnings release & conference call	Early August		Late October		Late January		Early May
Dividend Information - Common Shares:	Q1 2017		Q2 2017		Q3 2017		Q4 2017		Q1 2018
Declaration date	3/23/2017		5/23/2017		9/26/2017		12/5/2017		3/13/2018
Record date	4/13/2017		7/14/2017		10/13/2017		1/12/2018		4/13/2018
Payment date	4/28/2017		7/31/2017		10/31/2017		1/31/2018		4/30/2018
Distributions per share	$	0.8700	$	0.8700	$	0.8700	$	0.9225	$	0.9225

INVESTOR RELATIONS DATA
MAA does not send quarterly reports, earnings releases and supplemental data to shareholders, but provides them upon request.
For recent press releases, SEC filings 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 MAA's website at www.maac.com.
For Questions Contact:
	Name	Title
	Tim Argo	Senior Vice President, Finance
	Jennifer Patrick	Investor Relations
	Phone: 866-576-9689 (toll free)
	Email: investor.relations@maac.com

Supplemental Data S-12