Mid-America Apartment Communities 8K MAA Reports Second Quarter Results | MAA 5 Aug 11

MAA

August 4, 2011

Supplemental Data S-1

COMMUNITY STATISTICS Dollars in thousands except Average Effective Rent

											Average Effective
	As of June 30, 2011										Rent for the
					Percent to						Three Months
			Gross		Total of			Physical			Ended
	Units		Real Assets		Gross Assets			Occupancy			Jun 30, 2011

Dallas, TX		4,711	$	314,925		9.4	%		95.5	%	$	747.92
Jacksonville, FL		3,950	$	275,003		8.2	%		96.5	%	$	705.19
Houston, TX		3,503	$	254,585		7.6	%		96.0	%	$	796.95
Atlanta, GA		3,253	$	257,162		7.7	%		97.0	%	$	763.34
Nashville, TN		2,479	$	191,105		5.7	%		96.3	%	$	787.27
Austin, TX		2,255	$	164,329		4.9	%		95.7	%	$	816.17
Tampa, FL		1,784	$	127,069		3.8	%		97.1	%	$	879.81
Raleigh/Durham, NC		1,341	$	124,578		3.7	%		97.5	%	$	784.85
Phoenix, AZ		1,024	$	117,095		3.5	%		92.6	%	$	734.98
South Florida		480	$	55,016		1.7	%		96.3	%	$	1,305.79
Orlando, FL		288	$	15,310		0.5	%		96.9	%	$	719.21
Large Markets		25,068	$	1,896,177		56.7	%		96.2	%	$	781.26

Memphis, TN		3,581	$	197,290		5.9	%		97.6	%	$	713.19
Columbus, GA		1,509	$	82,198		2.5	%		96.0	%	$	725.52
Greenville, SC		1,396	$	73,253		2.2	%		96.2	%	$	621.33
Jackson, MS		1,241	$	63,551		1.9	%		97.2	%	$	744.94
Lexington, KY		924	$	62,158		1.9	%		97.7	%	$	716.21
Little Rock, AR		808	$	45,901		1.4	%		97.3	%	$	706.30
Savannah, GA		782	$	71,955		2.2	%		96.0	%	$	625.03
San Antonio, TX		740	$	60,293		1.8	%		96.8	%	$	838.78
All Other Secondary		11,423	$	688,569		20.7	%		96.1	%	$	706.32
Secondary Markets		22,404	$	1,345,168		40.5	%		96.5	%	$	707.50

Subtotal		47,472	$	3,241,345		97.2	%		96.3	%	$	746.45

Development and Lease-up Properties		717	$	92,548		2.8	%		91.2	%	$	1,095.56

Total Portfolio		48,189	$	3,333,893		100.0	%		96.3	%	$	751.64

NUMBER OF APARTMENT UNITS

	2011				2010
	Jun 30		Mar 31		Dec 31		Sept 30		Jun 30

100% Owned Properties		45,928		44,689		44,349		44,130		43,063
Properties in Joint Ventures		2,261		2,261		1,961		1,711		1,399
Total Portfolio		48,189		46,950		46,310		45,841		44,462

MAA

August 4, 2011

Supplemental Data S-2

DEVELOPMENT COMMUNITIES Dollars in thousands

UNITS

Total

As of June 30, 2011

Development

Units

Completed

Occupied

1225 South Church Phase II

210

Cool Springs

428

Ridge at Chenal Valley

312

950

TIMELINE

Construction

Initial

Expected

Start

Finish

Occupancy

Stabilization

1225 South Church Phase II

2Q11

4Q12

2Q12

3Q13

Cool Springs

4Q10

2Q12

4Q11

1Q13

Ridge at Chenal Valley

2Q11

4Q12

1Q12

2Q13

EXPENDITURES

Current

Estimated

Current

Estimated

Cost

per Unit

to Date

1225 South Church Phase II

26,400

126

5,642

Cool Springs

54,100

126

18,262

Ridge at Chenal Valley

28,600

3,766

109,100

115

27,670

Total development units are not included in total portfolio units until the first units of the development are completed.

COMMUNITIES IN LEASE-UP

			Physical
	Total		Occupancy at			Expected
	Units		Jun 30, 2011			Stabilization
1225 South Church Phase I		196		96.9	%		3Q11
Hue		208		81.7	%		4Q11
Times Square at Craig Ranch		313		93.9	%		3Q11
		717		91.2	%

MAA

August 4, 2011

Supplemental Data S-3

SAME STORE WITH BULK CABLE NETTED IN REVENUES

Dollars in thousands				Three Months Ended June 30,									Six Months Ended June 30,
										Percent									Percent
				2011			2010			Change			2011			2010			Change
Revenues
Operating				$	95,041		$	92,269			3.0	%	$	188,778		$	183,137			3.1	%
Straight-line adjustment (1)					(220	)		(922	)					(349	)		(917	)
Total Same Store				$	94,821		$	91,347			3.8	%	$	188,429		$	182,220			3.4	%

Expense				$	39,240		$	38,143			2.9	%	$	77,019		$	75,779			1.6	%

NOI
Operating				$	55,801		$	54,126			3.1	%	$	111,759		$	107,358			4.1	%
Straight-line adjustment (1)					(220	)		(922	)					(349	)		(917	)
Total Same Store				$	55,581		$	53,204			4.5	%	$	111,410		$	106,441			4.7	%


	Percent Change from Prior Year															Percent Change from Prior Quarter
		1Q11			2Q11			3Q11			4Q11		YTD				1Q11			2Q11		3Q11	4Q11
Revenues
Operating		3.2	%		3.0	%								3.1	%		1.5	%		1.4	%
Total Same Store		3.0	%		3.8	%								3.4	%		1.2	%		1.3	%
Expense		0.4	%		2.9	%								1.6	%		-0.8	%		3.9	%
NOI
Operating		5.1	%		3.1	%								4.1	%		3.1	%		-0.3	%
Total Same Store		4.9	%		4.5	%								4.7	%		2.7	%		-0.4	%

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

SAME STORE

Dollars in thousands				Three Months Ended June 30,									Six Months Ended June 30,
										Percent									Percent
				2011			2010			Change			2011			2010			Change
Revenues
Operating				$	97,575		$	94,282			3.5	%	$	193,845		$	186,698			3.8	%
Straight-line adjustment (2)					(220	)		(922	)					(349	)		(917	)
Total Same Store				$	97,355		$	93,360			4.3	%	$	193,496		$	185,781			4.2	%

Expense				$	41,774		$	40,157			4.0	%	$	82,086		$	79,340			3.5	%

NOI
Operating				$	55,801		$	54,125			3.1	%	$	111,759		$	107,358			4.1	%
Straight-line adjustment (2)					(220	)		(922	)					(349	)		(917	)
Total Same Store				$	55,581		$	53,203			4.5	%	$	111,410		$	106,441			4.7	%


	Percent Change from Prior Year															Percent Change from Prior Quarter
		1Q11			2Q11			3Q11			4Q11		YTD				1Q11			2Q11		3Q11	4Q11
Revenues
Operating		4.2	%		3.5	%								3.8	%		1.5	%		1.4	%
Total Same Store		4.0	%		4.3	%								4.2	%		1.2	%		1.3	%
Expense		2.9	%		4.0	%								3.5	%		-0.7	%		3.6	%
NOI
Operating		5.1	%		3.1	%								4.1	%		3.1	%		-0.3	%
Total Same Store		4.9	%		4.5	%								4.7	%		2.7	%		-0.4	%

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

MAA

August 4, 2011

Supplemental Data S-4

SAME STORE WITH BULK CABLE NETTED IN REVENUES 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 June 30, 2011 unless otherwise noted

			Three Months Ended June 30, 2011
											Average					Quarterly			Twelve
											Effective		Physical			Economic			Month
	Units		Revenue			Expense		NOI			Rent		Occupancy			Occupancy (1)			Turn Rate
Large Markets
Jacksonville, FL		3,471	$	8,255		$	3,275	$	4,980		$	752.88		96.9	%		94.2	%		50.5	%
Dallas, TX		3,418	$	7,923		$	3,466	$	4,457		$	708.41		94.9	%		93.0	%		49.7	%
Atlanta, GA		2,943	$	7,045		$	2,998	$	4,047		$	753.28		96.8	%		93.4	%		52.7	%
Houston, TX		2,052	$	5,103		$	2,371	$	2,732		$	796.85		95.5	%		92.9	%		56.6	%
Nashville, TN		1,855	$	4,602		$	1,826	$	2,776		$	768.78		96.3	%		94.4	%		50.4	%
Austin, TX		1,776	$	4,351		$	2,069	$	2,282		$	765.37		95.7	%		92.1	%		53.3	%
Tampa, FL		1,552	$	4,308		$	1,738	$	2,570		$	856.99		97.4	%		95.2	%		46.5	%
Raleigh/Durham, NC		1,147	$	2,882		$	1,047	$	1,835		$	798.98		97.6	%		96.1	%		50.8	%
Phoenix, AZ		1,024	$	2,393		$	906	$	1,487		$	734.98		92.6	%		89.6	%		60.1	%
South Florida		480	$	1,917		$	680	$	1,237		$	1,305.79		96.3	%		93.4	%		47.1	%
Orlando, FL		288	$	647		$	262	$	385		$	719.21		96.9	%		93.4	%		46.2	%
Subtotal		20,006	$	49,426		$	20,638	$	28,788		$	775.02		96.1	%		93.5	%		51.6	%

Secondary Markets
Memphis, TN		3,305	$	7,395		$	3,163	$	4,232		$	724.35		97.8	%		93.9	%		51.3	%
Columbus, GA		1,509	$	3,520		$	1,295	$	2,225		$	725.52		96.0	%		95.3	%		68.5	%
Jackson, MS		1,241	$	2,865		$	1,075	$	1,790		$	744.94		97.2	%		94.2	%		61.3	%
Greenville, SC		1,140	$	2,097		$	907	$	1,190		$	585.04		96.2	%		92.7	%		55.6	%
Lexington, KY		924	$	2,132		$	813	$	1,319		$	716.21		97.7	%		95.4	%		53.8	%
Little Rock, AR		808	$	1,814		$	709	$	1,105		$	706.30		97.3	%		95.5	%		47.3	%
Savannah, GA		526	$	1,420		$	523	$	897		$	847.59		95.6	%		93.6	%		52.5	%
San Antonio, TX		400	$	1,057		$	489	$	568		$	847.41		97.3	%		93.0	%		74.5	%
All Other Secondary		10,322	$	23,315		$	9,628	$	13,687		$	707.81		96.1	%		93.7	%		57.8	%
Subtotal		20,175	$	45,615		$	18,602	$	27,013		$	713.93		96.6	%		94.0	%		57.2	%

Operating Same Store		40,181	$	95,041		$	39,240	$	55,801		$	744.34		96.3	%		93.7	%		54.4	%

Revenue Straight-line Adjustment (2)			$	(220	)			$	(220	)
Total Same Store			$	94,821				$	55,581

(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 MARCH 31, 2011 (PRIOR QUARTER) AND THREE MONTHS ENDED JUNE 30, 2010 (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
Jacksonville, FL		0.0	%		2.1	%		2.5	%		1.0	%		-1.6	%		2.8	%		0.4	%		0.5	%		0.5	%		2.0	%
Dallas, TX		2.7	%		3.4	%		2.5	%		7.2	%		2.9	%		0.6	%		-1.4	%		-0.6	%		2.0	%		3.7	%
Atlanta, GA		0.2	%		1.5	%		3.7	%		1.0	%		-2.3	%		1.9	%		0.3	%		0.9	%		0.8	%		1.9	%
Houston, TX		2.4	%		1.5	%		5.8	%		11.8	%		-0.4	%		-6.1	%		1.2	%		-0.1	%		1.4	%		2.2	%
Nashville, TN		3.8	%		3.2	%		4.0	%		2.0	%		3.7	%		4.0	%		1.6	%		-0.8	%		1.2	%		3.4	%
Austin, TX		0.2	%		3.3	%		4.6	%		9.5	%		-3.4	%		-1.8	%		0.0	%		-0.1	%		2.2	%		5.8	%
Tampa, FL		1.4	%		2.0	%		0.1	%		3.7	%		2.2	%		0.8	%		0.3	%		-0.3	%		0.9	%		3.9	%
Raleigh/Durham, NC		1.0	%		6.0	%		11.3	%		7.2	%		-4.0	%		5.4	%		2.4	%		2.7	%		0.6	%		2.2	%
Phoenix, AZ		0.2	%		6.2	%		-12.6	%		-19.8	%		10.0	%		32.2	%		-1.2	%		-1.5	%		0.8	%		4.5	%
South Florida		-0.2	%		-0.2	%		3.2	%		2.4	%		-1.9	%		-1.5	%		-0.6	%		-1.6	%		0.9	%		4.3	%
Orlando, FL		-0.3	%		4.2	%		0.4	%		5.2	%		-0.8	%		3.5	%		0.4	%		-0.7	%		0.5	%		3.9	%
Subtotal		1.2	%		2.7	%		2.8	%		3.5	%		0.1	%		2.1	%		0.3	%		0.1	%		1.2	%		3.1	%

Secondary Markets
Memphis, TN		1.3	%		4.9	%		4.1	%		0.0	%		-0.7	%		8.9	%		0.9	%		1.2	%		1.3	%		4.8	%
Columbus, GA		1.7	%		5.9	%		1.5	%		-1.5	%		1.8	%		10.8	%		-0.4	%		-1.2	%		1.8	%		5.6	%
Jackson, MS		4.0	%		6.5	%		23.0	%		4.0	%		-4.8	%		8.0	%		2.1	%		2.2	%		2.9	%		5.2	%
Greenville, SC		-0.5	%		2.0	%		7.2	%		5.1	%		-5.7	%		-0.2	%		1.7	%		1.1	%		1.0	%		3.6	%
Lexington, KY		2.2	%		2.2	%		5.3	%		0.4	%		0.4	%		3.3	%		0.2	%		1.5	%		1.3	%		2.3	%
Little Rock, AR		1.2	%		6.1	%		9.9	%		4.9	%		-3.7	%		7.0	%		0.9	%		1.9	%		1.4	%		5.7	%
Savannah, GA		1.3	%		0.6	%		-4.0	%		-0.4	%		4.7	%		1.2	%		-0.2	%		-2.1	%		1.7	%		4.1	%
San Antonio, TX		3.7	%		3.8	%		11.4	%		-1.0	%		-2.1	%		8.4	%		2.3	%		3.3	%		0.8	%		0.3	%
All Other Secondary		1.4	%		2.3	%		3.9	%		3.3	%		-0.2	%		1.6	%		0.1	%		-0.6	%		1.1	%		3.4	%
Subtotal		1.6	%		3.3	%		5.1	%		2.2	%		-0.7	%		4.2	%		0.5	%		0.2	%		1.3	%		3.9	%

Operating Same Store		1.4	%		3.0	%		3.9	%		2.9	%		-0.3	%		3.1	%		0.3	%		0.1	%		1.3	%		3.5	%

Including revenue straight-line adjustment:
Total Same Store		1.3	%		3.8	%								-0.4	%		4.5	%

MAA

August 4, 2011

Supplemental Data S-5

SAME STORE 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 June 30, 2011, unless otherwise noted

			Three Months Ended June 30, 2011
											Average					Quarterly			Twelve
											Effective		Physical			Economic			Month
	Units		Revenue			Expense		NOI			Rent		Occupancy			Occupancy (1)			Turn Rate
Large Markets
Jacksonville, FL		3,471	$	8,255		$	3,275	$	4,980		$	752.88		96.9	%		94.2	%		50.5	%
Dallas, TX		3,418	$	8,132		$	3,675	$	4,457		$	708.41		94.9	%		93.0	%		49.7	%
Atlanta, GA		2,943	$	7,283		$	3,236	$	4,047		$	753.28		96.8	%		93.4	%		52.7	%
Houston, TX		2,052	$	5,295		$	2,563	$	2,732		$	796.85		95.5	%		92.9	%		56.6	%
Nashville, TN		1,855	$	4,743		$	1,967	$	2,776		$	768.78		96.3	%		94.4	%		50.4	%
Austin, TX		1,776	$	4,471		$	2,189	$	2,282		$	765.37		95.7	%		92.1	%		53.3	%
Tampa, FL		1,552	$	4,433		$	1,863	$	2,570		$	856.99		97.4	%		95.2	%		46.5	%
Raleigh/Durham, NC		1,147	$	2,972		$	1,137	$	1,835		$	798.98		97.6	%		96.1	%		50.8	%
Phoenix, AZ		1,024	$	2,448		$	961	$	1,487		$	734.98		92.6	%		89.6	%		60.1	%
South Florida		480	$	1,917		$	680	$	1,237		$	1,305.79		96.3	%		93.4	%		47.1	%
Orlando, FL		288	$	647		$	262	$	385		$	719.21		96.9	%		93.4	%		46.2	%
Subtotal		20,006	$	50,596		$	21,808	$	28,788		$	775.02		96.1	%		93.5	%		51.6	%

Secondary Markets
Memphis, TN		3,305	$	7,726		$	3,494	$	4,232		$	724.35		97.8	%		93.9	%		51.3	%
Columbus, GA		1,509	$	3,642		$	1,417	$	2,225		$	725.52		96.0	%		95.3	%		68.5	%
Jackson, MS		1,241	$	2,991		$	1,201	$	1,790		$	744.94		97.2	%		94.2	%		61.3	%
Greenville, SC		1,140	$	2,193		$	1,003	$	1,190		$	585.04		96.2	%		92.7	%		55.6	%
Lexington, KY		924	$	2,132		$	813	$	1,319		$	716.21		97.7	%		95.4	%		53.8	%
Little Rock, AR		808	$	1,814		$	709	$	1,105		$	706.30		97.3	%		95.5	%		47.3	%
Savannah, GA		526	$	1,440		$	543	$	897		$	847.59		95.6	%		93.6	%		52.5	%
San Antonio, TX		400	$	1,057		$	489	$	568		$	847.41		97.3	%		93.0	%		74.5	%
All Other Secondary		10,322	$	23,984		$	10,297	$	13,687		$	707.81		96.1	%		93.7	%		57.8	%
Subtotal		20,175	$	46,979		$	19,966	$	27,013		$	713.93		96.6	%		94.0	%		57.2	%

Operating Same Store		40,181	$	97,575		$	41,774	$	55,801		$	744.34		96.3	%		93.7	%		54.4	%

Revenue Straight-line Adjustment (2)			$	(220	)			$	(220	)
Total Same Store			$	97,355				$	55,581

(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 MARCH 31, 2011 (PRIOR QUARTER) AND THREE MONTHS ENDED JUNE 30, 2011 (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
Jacksonville, FL		0.0	%		2.1	%		2.5	%		1.0	%		-1.6	%		2.8	%		0.4	%		0.5	%		0.5	%		2.0	%
Dallas, TX		2.7	%		3.6	%		2.4	%		7.6	%		2.9	%		0.6	%		-1.4	%		-0.6	%		2.0	%		3.7	%
Atlanta, GA		0.3	%		2.0	%		3.7	%		2.0	%		-2.3	%		1.9	%		0.3	%		0.9	%		0.8	%		1.9	%
Houston, TX		2.3	%		2.6	%		5.4	%		13.9	%		-0.4	%		-6.1	%		1.2	%		-0.1	%		1.4	%		2.2	%
Nashville, TN		3.7	%		3.2	%		3.7	%		2.1	%		3.7	%		4.0	%		1.6	%		-0.8	%		1.2	%		3.4	%
Austin, TX		0.2	%		3.3	%		4.4	%		9.1	%		-3.4	%		-1.8	%		0.0	%		-0.1	%		2.2	%		5.8	%
Tampa, FL		1.3	%		3.6	%		0.1	%		7.8	%		2.2	%		0.8	%		0.3	%		-0.3	%		0.9	%		3.9	%
Raleigh/Durham, NC		1.0	%		6.4	%		10.4	%		8.1	%		-4.0	%		5.4	%		2.4	%		2.7	%		0.6	%		2.2	%
Phoenix, AZ		-0.1	%		6.7	%		-12.6	%		-17.8	%		10.0	%		32.2	%		-1.2	%		-1.5	%		0.8	%		4.5	%
South Florida		-0.2	%		-0.2	%		3.2	%		2.4	%		-1.9	%		-1.5	%		-0.6	%		-1.6	%		0.9	%		4.3	%
Orlando, FL		-0.3	%		4.2	%		0.4	%		5.2	%		-0.8	%		3.5	%		0.4	%		-0.7	%		0.5	%		3.9	%
Subtotal		1.2	%		3.1	%		2.7	%		4.4	%		0.1	%		2.1	%		0.3	%		0.1	%		1.2	%		3.1	%

Secondary Markets
Memphis, TN		1.3	%		6.1	%		3.8	%		3.0	%		-0.7	%		8.9	%		0.9	%		1.2	%		1.3	%		4.8	%
Columbus, GA		1.6	%		6.0	%		1.3	%		-0.7	%		1.8	%		10.8	%		-0.4	%		-1.2	%		1.8	%		5.6	%
Jackson, MS		4.0	%		6.3	%		20.6	%		3.7	%		-4.8	%		8.0	%		2.1	%		2.2	%		2.9	%		5.2	%
Greenville, SC		-0.3	%		2.1	%		6.9	%		4.9	%		-5.7	%		-0.2	%		1.7	%		1.1	%		1.0	%		3.6	%
Lexington, KY		2.2	%	��	2.2	%		5.3	%		0.4	%		0.4	%		3.3	%		0.2	%		1.5	%		1.3	%		2.3	%
Little Rock, AR		1.1	%		6.1	%		9.8	%		4.9	%		-3.7	%		7.0	%		0.9	%		1.9	%		1.4	%		5.7	%
Savannah, GA		1.2	%		0.6	%		-4.1	%		-0.5	%		4.7	%		1.2	%		-0.2	%		-2.1	%		1.7	%		4.1	%
San Antonio, TX		3.7	%		3.8	%		11.4	%		-1.0	%		-2.1	%		8.4	%		2.3	%		3.3	%		0.8	%		0.3	%
All Other Secondary		1.3	%		3.0	%		3.5	%		4.9	%		-0.2	%		1.6	%		0.1	%		-0.6	%		1.1	%		3.4	%
Subtotal		1.5	%		3.9	%		4.7	%		3.6	%		-0.7	%		4.2	%		0.5	%		0.2	%		1.3	%		3.9	%

Operating Same Store		1.4	%		3.5	%		3.6	%		4.0	%		-0.3	%		3.1	%		0.3	%		0.1	%		1.3	%		3.5	%

Including revenue straight-line adjustment:
Total Same Store		1.3	%		4.3	%								-0.4	%		4.5	%

MAA

August 4, 2011

Supplemental Data S-6

NOI BRIDGE (Dollars in thousands)

	Three Months Ended									Six Months Ended
	Jun 30, 2011			Mar 31, 2011			Jun 30, 2010			Jun 30, 2011			Jun 30, 2010
NOI
Large market same store	$	28,684		$	28,662		$	27,672		$	57,346		$	55,080
Secondary market same store		26,897			27,167			25,531			54,064			51,361
Total same store		55,581			55,829			53,203			111,410			106,441
Non-same store		7,385			5,686			2,891			13,071			5,430
Total NOI		62,966			61,515			56,094			124,481			111,871
Held for sale NOI included above		(153	)		(202	)		(228	)		(355	)		(436	)
Management fee income		263			223			155			486			291
Depreciation		(28,021	)		(27,608	)		(24,811	)		(55,629	)		(49,761	)
Acquisition expense		(1,520	)		(219	)		(486	)		(1,739	)		(462	)
Property management expense		(5,194	)		(5,144	)		(4,479	)		(10,338	)		(8,756	)
General and administrative expense		(5,439	)		(4,610	)		(3,110	)		(10,049	)		(5,921	)
Interest and other non-property income		114			235			86			349			401
Interest expense		(14,149	)		(13,979	)		(13,982	)		(28,128	)		(27,863	)
Loss on debt extinguishment		(48	)		-			-			(48	)		-
Amortization of deferred financing costs		(707	)		(715	)		(648	)		(1,422	)		(1,243	)
Asset impairment		-			-			(1,590	)		-			(1,590	)
Net casualty (loss) gain and other settlement proceeds		(265	)		(141	)		102			(406	)		258
Loss on sale of non-depreciable assets		-			(6	)		-			(6	)		-
Gains on properties contributed to joint ventures		-			-			-			-			371
Loss from real estate joint ventures		(178	)		(245	)		(298	)		(423	)		(574	)
Discontinued operations		11			51			83			62			151
Net income attributable to noncontrolling interests		(252	)		(311	)		(228	)		(563	)		(665	)
Net income attributable to MAA	$	7,428		$	8,844		$	6,660		$	16,272		$	16,072

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

	Three Months
	Ended
	June 30			Trailing
	2011			4 Quarters
Net income attributable to MAA	$	7,428		$	29,961
Depreciation		28,021			109,402
Interest expense		14,149			56,218
Loss on debt extinguishment		48			48
Amortization of deferred financing costs		707			2,806
Net casualty loss (gain) and other settlement proceeds		265			334
Gain on sale of non-depreciable assets		-			6
Loss (gain) on properties contributed to joint ventures		-			(381	)
Net loss on insurance and other settlement
proceeds of discontinued operations		-			7
Depreciation of discontinued operations		134			535
EBITDA	$	50,752		$	198,936


	Three Months Ended
	June 30
		2011			2010
EBITDA/Debt Service		3.36	x		3.19	x
Fixed Charge Coverage (1)		3.59	x		2.76	x
Total Debt as % of Total Gross Assets		47	%		48	%

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

MAA

August 4, 2011

Supplemental Data S-7

DEBT AS OF JUNE 30, 2011

Dollars in thousands

SUMMARY OF OUTSTANDING INTEREST RATE MATURITIES

			Average Years
	Principal		to Rate		Effective
	Balance		Maturity		Rate
Conventional - Fixed Rate or Swapped	$	1,038,756		4.5		5.1	%
Tax-free - Fixed Rate or Swapped		28,515		7.4		4.7	%
Conventional - Variable Rate - Capped (1)		197,936		4.9		0.8	%
Tax-free - Variable Rate - Capped (1)		72,715		1.7		0.9	%
Total Fixed or Hedged Rate Maturity		1,337,922		4.5		4.2	%
Conventional - Variable Rate (2)		198,012		0.2		1.0	%
Total Interest Rate Maturity	$	1,535,934		3.9		3.8	%

(1) The effective rate represents the average rate on the underlying variable debt unless the cap rates are reached, which average 4.6% of LIBOR for conventional caps and 5.4% of SIFMA for tax-free caps.

(2) Includes a $15 million mortgage with an imbedded cap at a 7% all-in interest rate.

SUMMARY OF OUTSTANDING BALANCES

						Amount Outstanding
								Average Years
		Line		Amount				to Contract
		Limit		Collateralized		Borrowed		Maturity
Fannie Mae Credit Facilities		$	1,044,429	$	1,044,429	$	954,833		4.9
Freddie Mac Credit Facilities			200,000		198,247		198,247		3.0
Regions Credit Facility			50,000		48,827		2,183		0.8
Other Borrowings			380,671		380,671		380,671		9.1
	Total Debt	$	1,675,100	$	1,672,174	$	1,535,934		5.7

TOTAL BORROWING CAPACITY CONTRACT MATURITIES

	Credit Facility Line Limits
Maturity	Fannie Mae		Freddie Mac		Regions		Other		Total
2011	$	80,000	$	-	$	-	$	-	$	80,000
2012		80,000		-		50,000		-		130,000
2013		203,193		-		-		-		203,193
2014		229,721		200,000		-		17,375		447,096
2015		120,000		-		-		51,879		171,879
2016		80,000						-		80,000
Thereafter		251,515		-		-		311,417		562,932
Total	$	1,044,429	$	200,000	$	50,000	$	380,671	$	1,675,100

SWAPS AND FIXED RATE MATURITIES

	Swap Balances								Total
			SIFMA		Fannie Mae		Fixed Rate				Contract
	LIBOR		(formerly BMA)		Facility		Balances		Balance		Rate
2011	$	75,000	$	-	$	-	$	-	$	75,000		4.9	%
2012		150,000		17,800		-		-		167,800		5.1	%
2013		190,000		-		-		-		190,000		5.2	%
2014		144,000		-		-		17,375		161,375		5.7	%
2015		75,000		-		-		36,679		111,679		5.6	%
2016		-		-		-		-		-		-
Thereafter		-		-		50,000		311,417		361,417		4.8	%
Total	$	634,000	$	17,800	$	50,000	$	365,471	$	1,067,271		5.2	%

Mid-America Apartment Communities (MAA) 8-KMAA Reports Second Quarter Results