Mid-America Apartment Communities 8K MAA Reports Fourth Quarter Results | MAA 2 Feb 12

MAA

February 2, 2012

Supplemental Data S-1

COMMUNITY STATISTICS Dollars in thousands except Average Effective Rent

Excludes retail units

											Average Effective
	As of December 31, 2011										Rent for the
					Percent to						Three Months
			Gross		Total of			Physical			Ended
	Units		Real Assets		Gross Assets			Occupancy			Dec 31, 2011

Dallas, TX		5,220	$	376,478		10.8	%		95.1	%	$	822.92
Jacksonville, FL		3,950	$	275,867		7.9	%		96.0	%	$	815.79
Atlanta, GA		3,253	$	255,427		7.3	%		95.2	%	$	782.60
Houston, TX		3,229	$	240,291		6.9	%		94.6	%	$	836.63
Nashville, TN		2,779	$	224,182		6.4	%		95.3	%	$	827.86
Austin, TX		2,255	$	163,716		4.7	%		96.1	%	$	857.92
Tampa, FL		1,786	$	127,183		3.7	%		96.3	%	$	895.67
Raleigh/Durham, NC		1,549	$	157,511		4.5	%		95.0	%	$	878.14
Phoenix, AZ		1,024	$	114,703		3.3	%		92.8	%	$	754.22
South Florida		480	$	54,298		1.6	%		94.4	%	$	1,323.20
Orlando, FL		288	$	15,348		0.4	%		97.6	%	$	736.62
Charlotte, NC		196	$	27,358		0.8	%		96.4	%	$	1,085.71
Large Markets		26,009	$	2,032,362		58.3	%		95.3	%	$	837.90

Memphis, TN		3,581	$	199,460		5.7	%		94.9	%	$	731.52
Columbus, GA		1,509	$	83,828		2.4	%		93.9	%	$	748.45
Greenville, SC		1,396	$	73,468		2.1	%		95.3	%	$	644.95
Jackson, MS		1,241	$	64,150		1.8	%		95.2	%	$	757.66
Little Rock, AR		1,056	$	74,703		2.2	%		96.3	%	$	797.00
Lexington, KY		924	$	62,965		1.8	%		96.1	%	$	733.45
Savannah, GA		782	$	71,146		2.1	%		94.5	%	$	884.14
San Antonio, TX		740	$	59,775		1.7	%		94.7	%	$	879.97
All Other Secondary		11,895	$	763,838		21.9	%		94.9	%	$	759.97
Secondary Markets		23,124	$	1,453,333		41.7	%		94.9	%	$	756.42

Total Portfolio		49,133	$	3,485,695		100.0	%		95.1	%	$	799.55

NUMBER OF APARTMENT UNITS

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

100% Owned Properties		46,872		46,365		45,928		44,689		44,349
Properties in Joint Ventures		2,261		2,261		2,261		2,261		1,961
Total Portfolio		49,133		48,626		48,189		46,950		46,310

MAA

February 2, 2012

Supplemental Data S-2

DEVELOPMENT COMMUNITIES Dollars in thousands

UNITS
	Total		As of December 31, 2011
	Development		Units		Units		Units
	Units		Completed		Occupied		Preleased
1225 South Church Phase II		210		—		—		—
Cool Springs		428		—		—		31
Ridge at Chenal Valley		312		—		—		1
Total		950		—		—		32

TIMELINE

Construction

Initial

Expected

Start

Finish

Occupancy

Stabilization

1225 South Church Phase II

2Q11

4Q12

3Q12

4Q13

Cool Springs

4Q10

2Q12

1Q12

3Q13

Ridge at Chenal Valley

2Q11

4Q12

1Q12

2Q13

EXPENDITURES
	Current		Estimated		Current
	Estimated		Cost		Cost
	Cost		per Unit		to Date
1225 South Church Phase II	$	26,700	$	127	$	9,307
Cool Springs		55,200		129		33,653
Ridge at Chenal Valley		28,500		91		11,595
Total	$	110,400	$	116	$	54,555

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

MAA

February 2, 2012

Supplemental Data S-3

SAME STORE WITH BULK CABLE NETTED IN REVENUES

Dollars in thousands	Three Months Ended December 31,							Twelve Months Ended December 31,
					Percent									Percent
	2011		2010		Change			2011			2010			Change
Revenues
Operating	$	95,508	$	92,340		3.4	%	$	380,839		$	367,419			3.7	%
Straight-line adjustment⁽¹⁾		291		117					(102	)		(1,240	)
Total Same Store	$	95,799	$	92,457		3.6	%	$	380,737		$	366,179			4.0	%

Expense	$	38,851	$	38,076		2.0	%	$	156,882		$	152,861			2.6	%

NOI
Operating	$	56,657	$	54,264		4.4	%	$	223,957		$	214,558			4.4	%
Straight-line adjustment⁽¹⁾		291		117					(102	)		(1,240	)
Total Same Store	$	56,948	$	54,381		4.7	%	$	223,855		$	213,318			4.9	%

	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	%		5.0	%		3.4	%		3.7	%		1.5	%		1.4	%		1.6	%		-1.1	%
Total Same Store		3.0	%		3.8	%		5.5	%		3.6	%		4.0	%		1.2	%		1.3	%		1.8	%		-0.7	%
Expense		0.4	%		2.9	%		5.1	%		2.0	%		2.6	%		-0.8	%		3.9	%		4.5	%		-5.3	%
NOI
Operating		5.1	%		3.1	%		4.9	%		4.4	%		4.4	%		3.1	%		-0.3	%		-0.5	%		2.0	%
Total Same Store		4.9	%		4.5	%		5.7	%		4.7	%		4.9	%		2.7	%		-0.4	%		-0.2	%		2.6	%

⁽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 December 31,							Twelve Months Ended December 31,
					Percent									Percent
	2011		2010		Change			2011			2010			Change
Revenues
Operating	$	98,143	$	94,842		3.5	%	$	391,134		$	375,844			4.1	%
Straight-line adjustment⁽²⁾		291		117					(102	)		(1,240	)
Total Same Store	$	98,434	$	94,959		3.7	%	$	391,032		$	374,604			4.4	%

Expense	$	41,486	$	40,577		2.2	%	$	167,177		$	161,285			3.7	%

NOI
Operating	$	56,657	$	54,265		4.4	%	$	223,957		$	214,559			4.4	%
Straight-line adjustment⁽²⁾		291		117					(102	)		(1,240	)
Total Same Store	$	56,948	$	54,382		4.7	%	$	223,855		$	213,319			4.9	%

	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	%		5.1	%		3.5	%		4.1	%		1.5	%		1.4	%		1.6	%		-1.0	%
Total Same Store		4.0	%		4.3	%		5.6	%		3.7	%		4.4	%		1.2	%		1.3	%		1.8	%		-0.7	%
Expense		2.9	%		4.0	%		5.4	%		2.2	%		3.7	%		-0.7	%		3.6	%		4.4	%		-4.9	%
NOI
Operating		5.1	%		3.1	%		4.9	%		4.4	%		4.4	%		3.1	%		-0.3	%		-0.5	%		2.0	%
Total Same Store		4.9	%		4.5	%		5.7	%		4.7	%		4.9	%		2.7	%		-0.4	%		-0.2	%		2.6	%

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

MAA

February 2, 2012

Supplemental Data S-4

SAME STORE WITH BULK CABLE NETTED IN REVENUESDollars 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 December 31, 2011 unless otherwise noted

			Three Months Ended December 31, 2011
									Average					Quarterly			Twelve
									Effective		Physical			Economic			Month
	Units		Revenue		Expense		NOI		Rent		Occupancy			Occupancy⁽¹⁾			Turn Rate
Large Markets
Jacksonville, FL		3,471	$	8,302	$	3,232	$	5,070	$	767.82		96.0	%		93.1	%		53.2	%
Dallas, TX		3,418	$	8,017	$	3,435	$	4,582	$	737.44		95.1	%		92.6	%		52.3	%
Atlanta, GA		2,943	$	7,118	$	3,051	$	4,067	$	772.37		94.9	%		91.7	%		53.2	%
Houston, TX		2,052	$	5,204	$	2,282	$	2,922	$	819.14		94.1	%		90.7	%		58.2	%
Nashville, TN		1,855	$	4,707	$	1,913	$	2,794	$	798.67		95.5	%		93.2	%		50.5	%
Austin, TX		1,776	$	4,492	$	1,999	$	2,493	$	813.29		96.3	%		90.4	%		52.7	%
Tampa, FL		1,552	$	4,282	$	1,708	$	2,574	$	873.89		96.2	%		93.7	%		48.3	%
Raleigh/Durham, NC		1,147	$	2,977	$	999	$	1,978	$	835.66		95.4	%		93.5	%		50.6	%
Phoenix, AZ		1,024	$	2,407	$	1,087	$	1,320	$	754.22		92.8	%		90.8	%		60.4	%
South Florida		480	$	1,861	$	758	$	1,103	$	1,323.20		94.4	%		88.6	%		49.2	%
Orlando, FL		288	$	650	$	261	$	389	$	736.62		97.6	%		94.7	%		45.5	%
Subtotal		20,006	$	50,017	$	20,725	$	29,292	$	799.76		95.3	%		92.2	%		52.9	%

Secondary Markets
Memphis, TN		3,305	$	7,388	$	3,088	$	4,300	$	744.97		94.9	%		91.7	%		55.0	%
Columbus, GA		1,509	$	3,442	$	1,324	$	2,118	$	748.45		93.9	%		87.4	%		71.2	%
Jackson, MS		1,241	$	2,899	$	969	$	1,930	$	757.66		95.2	%		92.5	%		61.4	%
Greenville, SC		1,140	$	2,164	$	865	$	1,299	$	610.22		95.6	%		91.8	%		55.8	%
Lexington, KY		924	$	2,137	$	836	$	1,301	$	733.45		96.1	%		93.6	%		56.2	%
Little Rock, AR		808	$	1,835	$	667	$	1,168	$	718.79		96.4	%		94.1	%		49.1	%
Savannah, GA		526	$	1,430	$	491	$	939	$	870.33		96.4	%		92.6	%		55.7	%
San Antonio, TX		400	$	1,100	$	446	$	654	$	887.94		94.5	%		93.4	%		72.0	%
All Other Secondary		10,322	$	23,096	$	9,440	$	13,656	$	720.11		95.0	%		91.4	%		58.9	%
Subtotal		20,175	$	45,491	$	18,126	$	27,365	$	730.21		95.1	%		91.5	%		58.8	%
Operating Same Store		40,181	$	95,508	$	38,851	$	56,657	$	764.84		95.2	%		91.8	%		55.9	%

Revenue Straight-line Adjustment (2)			$	291			$	291
Total Same Store			$	95,799			$	56,948

⁽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 SEPTEMBER 30, 2011 (PRIOR QUARTER) AND THREE MONTHS ENDED DECEMBER 31, 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		-0.5	%		1.8	%		-7.4	%		2.9	%		4.5	%		1.2	%		-1.6	%		-0.8	%		0.6	%		2.9	%
Dallas, TX		0.3	%		6.2	%		-2.7	%		5.5	%		2.7	%		6.8	%		-0.9	%		-0.6	%		2.7	%		7.2	%
Atlanta, GA		-1.4	%		2.2	%		-6.2	%		0.7	%		2.6	%		3.3	%		-1.5	%		-0.7	%		0.7	%		3.9	%
Houston, TX		-1.2	%		5.1	%		2.0	%		5.5	%		-3.6	%		4.8	%		-1.4	%		1.1	%		0.7	%		4.7	%
Nashville, TN		-0.4	%		4.9	%		1.5	%		12.3	%		-1.6	%		0.4	%		-0.7	%		1.5	%		1.4	%		5.6	%
Austin, TX		0.1	%		5.1	%		-2.3	%		-1.5	%		2.1	%		11.0	%		0.8	%		-0.4	%		3.0	%		10.4	%
Tampa, FL		0.2	%		3.7	%		-5.4	%		4.5	%		4.3	%		3.2	%		-0.6	%		-0.1	%		0.8	%		3.7	%
Raleigh/Durham, NC		-0.6	%		5.2	%		-3.9	%		1.4	%		1.2	%		7.2	%		-1.9	%		-0.8	%		1.4	%		5.7	%
Phoenix, AZ		0.0	%		4.9	%		-11.6	%		-6.0	%		12.2	%		16.0	%		-0.3	%		-0.7	%		1.0	%		5.2	%
South Florida		-2.8	%		-1.4	%		0.9	%		12.8	%		-5.2	%		-9.2	%		0.0	%		-0.8	%		0.6	%		3.3	%
Orlando, FL		-0.9	%		5.2	%		1.2	%		2.8	%		-2.3	%		6.9	%		-0.7	%		1.1	%		1.1	%		1.5	%
Subtotal		-0.5	%		3.9	%		-3.7	%		3.5	%		1.9	%		4.2	%		-1.0	%		-0.2	%		1.4	%		5.1	%

Secondary Markets
Memphis, TN		-1.7	%		2.9	%		-6.1	%		-1.4	%		1.6	%		6.2	%		-1.3	%		-0.7	%		0.4	%		5.2	%
Columbus, GA		-4.7	%		1.6	%		-10.4	%		-0.4	%		-0.8	%		2.9	%		-2.9	%		-1.0	%		0.6	%		6.8	%
Jackson, MS		-0.9	%		4.9	%		-10.6	%		-3.1	%		4.8	%		9.5	%		-1.1	%		0.0	%		0.2	%		5.0	%
Greenville, SC		-0.4	%		6.3	%		-8.2	%		-1.9	%		5.5	%		12.6	%		-0.8	%		0.4	%		1.4	%		7.7	%
Lexington, KY		0.1	%		0.8	%		-8.7	%		3.1	%		6.7	%		-0.7	%		-0.7	%		-1.8	%		0.7	%		4.2	%
Little Rock, AR		-0.6	%		5.5	%		-7.1	%		4.2	%		3.5	%		6.3	%		-0.6	%		-0.6	%		0.7	%		4.0	%
Savannah, GA		-1.2	%		3.2	%		-6.7	%		-6.1	%		1.8	%		8.8	%		-1.3	%		-2.5	%		0.3	%		6.2	%
San Antonio, TX		1.5	%		6.8	%		-3.7	%		-0.2	%		5.3	%		12.2	%		-0.8	%		0.7	%		3.8	%		6.1	%
All Other Secondary		-1.9	%		2.4	%		-6.3	%		1.7	%		1.4	%		2.9	%		-0.9	%		-1.5	%		0.4	%		3.7	%
Subtotal		-1.7	%		2.9	%		-7.0	%		0.4	%		2.1	%		4.7	%		-1.1	%		-1.1	%		0.5	%		4.6	%

Operating Same Store		-1.1	%		3.4	%		-5.3	%		2.0	%		2.0	%		4.4	%		-1.0	%		-0.6	%		1.0	%		4.9	%

Including revenue straight-line adjustment:
Total Same Store		-0.7	%		3.6	%								2.6	%		4.7	%

MAA

February 2, 2012

Supplemental Data S-5

SAME STOREDollars 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 December 31, 2011, unless otherwise noted

			Three Months Ended December 31, 2011
									Average					Quarterly			Twelve
									Effective		Physical			Economic			Month
	Units		Revenue		Expense		NOI		Rent		Occupancy			Occupancy⁽¹⁾			Turn Rate
Large Markets
Jacksonville, FL		3,471	$	8,302	$	3,232	$	5,070	$	767.82		96.0	%		93.1	%		53.2	%
Dallas, TX		3,418	$	8,236	$	3,654	$	4,582	$	737.44		95.1	%		92.6	%		52.3	%
Atlanta, GA		2,943	$	7,362	$	3,295	$	4,067	$	772.37		94.9	%		91.7	%		53.2	%
Houston, TX		2,052	$	5,401	$	2,479	$	2,922	$	819.14		94.1	%		90.7	%		58.2	%
Nashville, TN		1,855	$	4,852	$	2,058	$	2,794	$	798.67		95.5	%		93.2	%		50.5	%
Austin, TX		1,776	$	4,617	$	2,124	$	2,493	$	813.29		96.3	%		90.4	%		52.7	%
Tampa, FL		1,552	$	4,411	$	1,837	$	2,574	$	873.89		96.2	%		93.7	%		48.3	%
Raleigh/Durham, NC		1,147	$	3,067	$	1,089	$	1,978	$	835.66		95.4	%		93.5	%		50.6	%
Phoenix, AZ		1,024	$	2,468	$	1,148	$	1,320	$	754.22		92.8	%		90.8	%		60.4	%
South Florida		480	$	1,861	$	758	$	1,103	$	1,323.20		94.4	%		88.6	%		49.2	%
Orlando, FL		288	$	650	$	261	$	389	$	736.62		97.6	%		94.7	%		45.5	%
Subtotal		20,006	$	51,227	$	21,935	$	29,292	$	799.76		95.3	%		92.2	%		52.9	%

Secondary Markets
Memphis, TN		3,305	$	7,737	$	3,437	$	4,300	$	744.97		94.9	%		91.7	%		55.0	%
Columbus, GA		1,509	$	3,567	$	1,449	$	2,118	$	748.45		93.9	%		87.4	%		71.2	%
Jackson, MS		1,241	$	3,026	$	1,096	$	1,930	$	757.66		95.2	%		92.5	%		61.4	%
Greenville, SC		1,140	$	2,263	$	964	$	1,299	$	610.22		95.6	%		91.8	%		55.8	%
Lexington, KY		924	$	2,138	$	837	$	1,301	$	733.45		96.1	%		93.6	%		56.2	%
Little Rock, AR		808	$	1,836	$	668	$	1,168	$	718.79		96.4	%		94.1	%		49.1	%
Savannah, GA		526	$	1,450	$	511	$	939	$	870.33		96.4	%		92.6	%		55.7	%
San Antonio, TX		400	$	1,100	$	446	$	654	$	887.94		94.5	%		93.4	%		72.0	%
All Other Secondary		10,322	$	23,799	$	10,143	$	13,656	$	720.11		95.0	%		91.4	%		58.9	%
Subtotal		20,175	$	46,916	$	19,551	$	27,365	$	730.21		95.1	%		91.5	%		58.8	%
Operating Same Store		40,181	$	98,143	$	41,486	$	56,657	$	764.84		95.2	%		91.8	%		55.9	%

Revenue Straight-line Adjustment⁽²⁾			$	291			$	291
Total Same Store			$	98,434			$	56,948

⁽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 SEPTEMBER 30, 2011 (PRIOR QUARTER) AND THREE MONTHS ENDED DECEMBER 31, 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		-0.5	%		1.8	%		-7.4	%		2.9	%		4.5	%		1.2	%		-1.6	%		-0.8	%		0.6	%		2.9	%
Dallas, TX		0.4	%		6.3	%		-2.4	%		5.7	%		2.7	%		6.8	%		-0.9	%		-0.6	%		2.7	%		7.2	%
Atlanta, GA		-1.3	%		2.3	%		-5.7	%		1.2	%		2.6	%		3.3	%		-1.5	%		-0.7	%		0.7	%		3.9	%
Houston, TX		-1.1	%		5.2	%		1.9	%		5.6	%		-3.6	%		4.8	%		-1.4	%		1.1	%		0.7	%		4.7	%
Nashville, TN		-0.3	%		4.8	%		1.6	%		11.5	%		-1.6	%		0.4	%		-0.7	%		1.5	%		1.4	%		5.6	%
Austin, TX		0.1	%		5.1	%		-2.3	%		-1.1	%		2.1	%		11.0	%		0.8	%		-0.4	%		3.0	%		10.4	%
Tampa, FL		0.3	%		4.0	%		-4.9	%		5.1	%		4.3	%		3.2	%		-0.6	%		-0.1	%		0.8	%		3.7	%
Raleigh/Durham, NC		-0.6	%		5.2	%		-3.5	%		1.8	%		1.2	%		7.2	%		-1.9	%		-0.8	%		1.4	%		5.7	%
Phoenix, AZ		0.0	%		4.7	%		-11.1	%		-5.9	%		12.2	%		16.0	%		-0.3	%		-0.7	%		1.0	%		5.2	%
South Florida		-2.8	%		-1.4	%		0.9	%		12.8	%		-5.2	%		-9.2	%		0.0	%		-0.8	%		0.6	%		3.3	%
Orlando, FL		-0.9	%		5.2	%		1.2	%		2.8	%		-2.3	%		6.9	%		-0.7	%		1.1	%		1.1	%		1.5	%
Subtotal		-0.5	%		4.0	%		-3.5	%		3.7	%		1.9	%		4.2	%		-1.0	%		-0.2	%		1.4	%		5.1	%

Secondary Markets
Memphis, TN		-1.6	%		3.0	%		-5.2	%		-0.8	%		1.6	%		6.2	%		-1.3	%		-0.7	%		0.4	%		5.2	%
Columbus, GA		-4.5	%		1.5	%		-9.4	%		-0.3	%		-0.8	%		2.9	%		-2.9	%		-1.0	%		0.6	%		6.8	%
Jackson, MS		-0.8	%		4.9	%		-9.4	%		-2.2	%		4.8	%		9.5	%		-1.1	%		0.0	%		0.2	%		5.0	%
Greenville, SC		-0.3	%		6.3	%		-7.2	%		-1.1	%		5.5	%		12.6	%		-0.8	%		0.4	%		1.4	%		7.7	%
Lexington, KY		0.1	%		0.8	%		-8.7	%		3.2	%		6.7	%		-0.7	%		-0.7	%		-1.8	%		0.7	%		4.2	%
Little Rock, AR		-0.6	%		5.5	%		-7.1	%		4.0	%		3.5	%		6.3	%		-0.6	%		-0.6	%		0.7	%		4.0	%
Savannah, GA		-1.2	%		3.1	%		-6.4	%		-5.9	%		1.8	%		8.8	%		-1.3	%		-2.5	%		0.3	%		6.2	%
San Antonio, TX		1.5	%		6.8	%		-3.7	%		-0.2	%		5.3	%		12.2	%		-0.8	%		0.7	%		3.8	%		6.1	%
All Other Secondary		-1.8	%		2.5	%		-5.8	%		1.9	%		1.4	%		2.9	%		-0.9	%		-1.5	%		0.4	%		3.7	%
Subtotal		-1.6	%		3.0	%		-6.4	%		0.7	%		2.1	%		4.7	%		-1.1	%		-1.1	%		0.5	%		4.6	%
Operating Same Store		-1.0	%		3.5	%		-4.9	%		2.2	%		2.0	%		4.4	%		-1.0	%		-0.6	%		1.0	%		4.9	%

Including revenue straight-line adjustment:
Total Same Store		-0.7	%		3.7	%								2.6	%		4.7	%

MAA

February 2, 2012

Supplemental Data S-6

NOI BRIDGE(Dollars in thousands)

	Three Months Ended									Twelve Months Ended
	Dec 31, 2011			Sep 30, 2011			Dec 31, 2010			Dec 31, 2011			Dec 31, 2010
NOI
Large market same store	$	29,372		$	28,707		$	28,156		$	115,425		$	110,548
Secondary market same store		27,576			26,790			26,226			108,430			102,771
Total same store		56,948			55,497			54,382			223,855			213,319
Non-same store		11,865			9,247			4,618			34,182			13,610
Total NOI		68,813			64,744			59,000			258,037			226,929
Held for sale NOI included above		(262	)		(405	)		(489	)		(1,578	)		(1,982	)
Management fee income		266			265			203			1,017			680
Depreciation		(30,979	)		(29,229	)		(27,322	)		(115,605	)		(103,088	)
Acquisition expense		(988	)		(592	)		(1,061	)		(3,319	)		(2,512	)
Property management expense		(5,458	)		(4,904	)		(4,732	)		(20,700	)		(18,035	)
General and administrative expense		(4,078	)		(3,996	)		(3,476	)		(18,123	)		(12,354	)
Interest and other non-property income		117			108			219			574			837
Interest expense		(15,022	)		(15,487	)		(14,488	)		(58,612	)		(55,895	)
Loss on debt extinguishment		(644	)		(63	)		—			(755	)		—
Amortization of deferred financing costs		(756	)		(724	)		(709	)		(2,902	)		(2,627	)
Asset impairment		—			—			—			—			(1,914	)
Net casualty gain (loss) and other settlement proceeds		73			(286	)		—			(619	)		330
Gain on sale of non-depreciable and non-real assets		916			—			—			910			—
Gains on properties contributed to joint ventures		—			—			103			—			752
Loss from real estate joint ventures		(63	)		(107	)		(293	)		(593	)		(1,149	)
Discontinued operations		8,010			5,127			210			13,499			903
Net income attributable to noncontrolling interests		(1,187	)		(660	)		(225	)		(2,410	)		(1,114	)
Net income attributable to MAA	$	18,758		$	13,791		$	6,940		$	48,821		$	29,761

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

	Three Months
	Ended
	December 31			Trailing
	2011			4 Quarters
Net income attributable to MAA	$	18,758		$	48,821
Depreciation		30,979			115,605
Interest expense		15,022			58,612
Loss on debt extinguishment		644			755
Amortization of deferred financing costs		756			2,902
Net casualty (gain) loss and other settlement proceeds		(73	)		619
Gain on sale of non-depreciable and non-real assets		(916	)		(910	)
Net loss on insurance and other settlement proceeds of discontinued operations		5			12
Depreciation of discontinued operations		119			822
Gain on sale of discontinued operations		(7,872	)		(12,799	)
EBITDA	$	57,422		$	214,439

	Three Months Ended
	December 31
	2011			2010
EBITDA/Debt Service		3.63	x		3.27	x
Fixed Charge Coverage⁽¹⁾		3.82	x		3.42	x
Total Debt as % of Total Gross Assets		47	%		49	%

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

MAA

February 2, 2012

Supplemental Data S-7

DEBT AS OF DECEMBER 31, 2011

Dollars in thousands

SUMMARY OF OUTSTANDING INTEREST RATE MATURITIES

			Average Years
	Principal		to Rate		Effective
	Balance		Maturity		Rate
SECURED DEBT
Conventional - Fixed Rate or Swapped	$	962,008		4.3		5.1	%
Tax-free - Fixed Rate or Swapped		17,800		0.8		4.4	%
Conventional - Variable Rate - Capped⁽¹⁾		197,936		4.4		0.7	%
Tax-free - Variable Rate - Capped⁽¹⁾		72,715		2.2		0.9	%
Total Secured Fixed or Hedged Rate Maturity		1,250,459		4.2		4.2	%
Conventional - Variable Rate⁽²⁾		264,296		0.2		0.9	%
Total Secured Interest Rate Maturity		1,514,755		3.5		3.6	%

UNSECURED DEBT
Fixed Senior Unsecured Notes		135,000		8.7		5.1	%

TOTAL DEBT INTEREST RATE MATURITY	$	1,649,755		5.0		3.7	%

⁽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	$	964,429	$	964,429	$	948,300		4.9
Freddie Mac Credit Facilities		200,000		198,247		198,247		2.5
Other Secured Borrowings		368,208		368,208		368,208		8.3
Unsecured Senior Notes		135,000		135,000		135,000		8.7
Unsecured Credit Facility		250,000		248,827		—		3.8
Total Debt	$	1,917,637	$	1,914,711	$	1,649,755		5.7

TOTAL BORROWING CAPACITY CONTRACT MATURITIES

	Credit Facility Line Limits
	Secured				Unsecured		Other		Other
Maturity	Fannie Mae		Freddie Mac		KeyBank		Secured		Unsecured		Total
2012	$	80,000	$	—	$	—	$	—	$	—	$	80,000
2013		203,193		—		—		—		—		203,193
2014		229,721		200,000		—		17,029		—		446,750
2015		120,000		—		250,000		51,523		—		421,523
2016		80,000		—		—		—		—		80,000
2017		80,000		—		—		28,910		—		108,910
Thereafter		171,515		—		—		270,746		135,000		577,261
Total	$	964,429	$	200,000	$	250,000	$	368,208	$	135,000	$	1,917,637

SWAPS AND FIXED RATE MATURITIES

	Swap Balances								Total
			SIFMA		Fannie Mae		Fixed Rate				Contract
	LIBOR		(formerly BMA)		Facility		Balances		Balance		Rate
2012	$	150,000	$	17,800	$	—	$	—	$	167,800		5.1	%
2013		190,000		—		—		—		190,000		5.2	%
2014		144,000		—		—		17,029		161,029		5.7	%
2015		75,000		—		—		36,323		111,323		5.6	%
2016		—		—		—		—		—		0.0	%
2017		—		—		50,000		28,910		78,910		4.5	%
Thereafter		—		—		—		405,746		405,746		5.0	%
Total	$	559,000	$	17,800	$	50,000	$	488,008	$	1,114,808		5.2	%

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