Mid-America Apartment Communities 8K MAA Reports Third Quarter Results | MAA 1 Nov 12

MAA

November 1, 2012

Supplemental Data S-1

MULTIFAMILY COMMUNITIES AND UNITS

Dollars in thousands

MULTIFAMILY COMMUNITIES

	Number of Units										Number of Communities
	2012						2011				2012						2011
	Sept 30⁽¹⁾		Jun 30		Mar 31		Dec 31		Sept 30		Sept 30⁽²⁾		Jun 30		Mar 31		Dec 31		Sept 30
Same store communities		40,609		40,609		40,609		40,181		40,181		136		136		136		135		135
Stabilized non-same store communities		6,700		6,206		5,667		6,691		5,976		23		24		22		25		22
Development communities		1,220		1,220		1,220		950		950		3		3		3		2		2
Lease-up communities		-		-		-		-		208		-		-		-		-		1
Wholly-owned communities		48,529		48,035		47,496		47,822		47,315		162		163		161		162		160
Joint venture communities		1,782		1,782		2,261		2,261		2,261		6		6		7		7		7
Total Multifamily communities		50,311		49,817		49,757		50,083		49,576		168		169		168		169		167

⁽¹⁾ The Number of Units for Development Communities includes 588 units which have not yet been delivered and are unavailable for occupancy.

⁽²⁾ The Number of Communities for Development Communities excludes one development which is a phase II to an existing community.

DEVELOPMENT PIPELINE⁽³⁾

2.9% of Multifamily Gross Assets

		Units
				Percent			Percent of										Current
				Available			Available to Occupy						Estimated Cost				Cost		Construction		Initial	Expected
	MSA	Total		to Occupy			Occupied			Leased			Total		per Unit		to Date		Start	Finish	Occupancy	Stabilized
Cool Springs	Nashville		428		75	%		84	%		60	%	$	55,700	$	130	$	51,835	4Q10	4Q12	1Q12	4Q13
River's Walk	Charleston		270		0	%		N/A			N/A			33,000	$	122		10,361	1Q12	4Q13	2Q13	4Q14
Ridge at Chenal Valley	Little Rock		312		100	%		66	%		69	%		28,500	$	91		27,132	2Q11	3Q12	1Q12	3Q13
1225 South Church Phase II	Charlotte		210		0	%		N/A			N/A			26,700	$	127		19,461	2Q11	1Q13	1Q13	1Q14
Total			1,220		52	%		75	%		64	%	$	143,900	$	118	$	108,789

⁽³⁾Subsequent to September 30, 2012, MAA acquired 2 acres of land in Jacksonville, FL on which it intends to develop a 294-unit community.

DEVELOPMENT AND LEASE-UP OPERATING DATA

	2012							2011
	Sept 30		Jun 30		Mar 31			Dec 31			Sept 30
Revenue from development communities	$	1,649	$	771	$	197		$	2		$	2
Revenue from lease-up communities		-		-		-			-			720
Total development and lease-up revenues		1,649		771		197			2			722

Operating expenses from development communities		593		379		232			55			55
Operating expenses from lease-up communities		-		-		-			-			307
Total development and lease-up operating expenses		593		379		232			55			362

Total development and lease-up NOI	$	1,056	$	392	$	(35	)	$	(53	)	$	360
Number of communities represented⁽⁴⁾		3		3		3			2			3

⁽⁴⁾ The Number of Communities Represented excludes one development community which is a phase II to an existing community; however, values for the phase are included in the table.

MAA

November 1, 2012

Supplemental Data S-2

MULTIFAMILY COMMUNITY STATISTICS

Dollars in thousands except Average Effective Rent

											Average
											Effective
	As of September 30, 2012										Rent for the
					Percent to						Three Months
	Completed		Gross		Total of Gross			Physical			Ended
	Units		Real Assets		Real Assets			Occupancy			Sept 30, 2012

Dallas, TX		4,810	$	358,643		9.4	%		96.4	%	$	883.25
Atlanta, GA		3,238	$	318,442		8.3	%		95.2	%	$	949.98
Jacksonville, FL		3,950	$	280,116		7.3	%		97.1	%	$	837.78
Nashville, TN		2,779	$	227,103		5.9	%		96.4	%	$	879.05
Houston, TX		2,909	$	222,368		5.8	%		95.3	%	$	888.90
Austin, TX		2,255	$	177,832		4.6	%		97.5	%	$	913.40
Raleigh/Durham, NC		1,549	$	159,152		4.2	%		95.8	%	$	928.52
Tampa, FL		1,786	$	128,836		3.4	%		95.4	%	$	929.68
Phoenix, AZ		1,024	$	115,430		3.0	%		94.6	%	$	772.29
Orlando, FL		682	$	64,546		1.7	%		98.4	%	$	889.65
South Florida		480	$	55,281		1.4	%		95.8	%	$	1,371.24
Richmond, VA		300	$	41,703		1.1	%		94.7	%	$	1,222.87
Charlotte, NC		196	$	27,278		0.7	%		99.0	%	$	1,179.02
Large Markets		25,958	$	2,176,730		56.8	%		96.2	%	$	904.33

Memphis, TN		3,305	$	191,592		5.0	%		95.7	%	$	763.52
San Antonio, TX		1,176	$	111,627		2.9	%		96.6	%	$	996.03
Greenville, SC		1,748	$	91,567		2.4	%		96.1	%	$	672.67
Columbus, GA		1,509	$	85,574		2.2	%		96.0	%	$	761.26
Little Rock, AR		1,056	$	76,778		2.0	%		96.6	%	$	817.15
Savannah, GA		782	$	72,017		1.9	%		94.8	%	$	918.80
Jackson, MS		1,241	$	66,083		1.7	%		95.2	%	$	781.06
Lexington, KY		924	$	64,343		1.7	%		95.9	%	$	776.47
Norfolk, Hampton, VA Beach, VA		536	$	54,948		1.4	%		97.9	%	$	1,065.84
Kansas City, MO		323	$	52,068		1.4	%		92.9	%	$	1,211.63
Tallahassee, FL		604	$	45,151		1.2	%		95.0	%	$	899.90
Augusta, GA/Aiken, SC		912	$	44,849		1.2	%		94.0	%	$	695.90
Birmingham, AL		440	$	43,830		1.1	%		93.2	%	$	1,025.85
Charleston, SC		488	$	43,765		1.1	%		97.1	%	$	992.09
Chattanooga, TN		943	$	42,939		1.1	%		96.7	%	$	725.33
Macon, GA		694	$	41,419		1.1	%		93.9	%	$	751.01
All Other Secondary Markets by State (individual markets <$40MM gross real assets)
Florida		2,130	$	137,874		3.6	%		95.9	%	$	785.26
Georgia		1,233	$	73,749		1.9	%		96.8	%	$	714.00
Alabama		752	$	47,877		1.3	%		93.6	%	$	731.17
Virginia		232	$	39,194		1.0	%		95.7	%	$	1,338.13
Tennessee		665	$	37,181		1.0	%		96.8	%	$	675.42
South Carolina		576	$	33,897		0.9	%		97.6	%	$	737.89
Kentucky		624	$	33,215		0.9	%		97.1	%	$	752.84
North Carolina		240	$	9,576		0.3	%		97.1	%	$	595.59
Secondary Markets		23,133	$	1,541,113		40.3	%		95.8	%	$	798.39

Subtotal		49,091	$	3,717,843		97.1	%		96.0	%	$	854.41

		Total
		Units
Nashville, TN	Large		428	320	$	51,846	1.4	%	50.6	%	$	1,395.00
Charleston, SC	Secondary		270	-	$	10,361	0.3	%	N/A			N/A
Little Rock, AR	Secondary		312	312	$	27,133	0.7	%	65.7	%	$	1,011.32
Charlotte, NC	Large		210	-	$	19,461	0.5	%	N/A			N/A
Lease-up and Development			1,220	632	$	108,801	2.9	%	58.1	%	$	1,205.59

Total Multifamily Communities			50,311	49,723	$	3,826,644	100.0	%	95.6	%	$	858.87

MAA

November 1, 2012

Supplemental Data S-3

SAME STORE SUMMARY

Dollars in thousands

	Three Months Ended September 30,							Nine Months Ended September 30,
					Percent							Percent
	2012		2011		Change			2012		2011		Change
Revenues	$	105,638	$	101,361		4.2	%	$	312,233	$	299,013		4.4	%
Expense		44,628		44,187		1.0	%		130,370		127,281		2.4	%
NOI	$	61,010	$	57,174		6.7	%	$	181,863	$	171,732		5.9	%

	Percent Change from Prior Year
	1Q12			2Q12			3Q12			YTD
Revenues		4.5	%		4.6	%		4.2	%		4.4	%
Expense		4.5	%		1.9	%		1.0	%		2.4	%
NOI		4.5	%		6.5	%		6.7	%		5.9	%

	Percent Change from Prior Quarter
	1Q12			2Q12			3Q12
Revenues		1.7	%		1.5	%		1.5	%
Expense		1.4	%		1.1	%		3.5	%
NOI		1.9	%		1.8	%		0.1	%

NOI BRIDGE

Dollars in thousands

	Three Months Ended									Nine Months Ended
	9/30/12			6/30/12			9/30/11			9/30/12			9/30/11
NOI
Large market same store	$	33,058		$	32,748		$	30,530		$	97,904		$	91,208
Secondary market same store		27,952			28,224			26,644			83,959			80,524
Total same store		61,010			60,972			57,174			181,863			171,732
Non-same store		13,521			12,422			7,569			35,578			17,489
Total NOI		74,531			73,394			64,743			217,441			189,221
Held for sale NOI included above		(462	)		(1,657	)		(2,669	)		(3,956	)		(8,264	)
Management fee income		209			209			265			687			751
Depreciation and amortization		(31,984	)		(30,985	)		(28,052	)		(92,687	)		(81,103	)
Acquisition expense		(1,343	)		(865	)		(592	)		(1,574	)		(2,331	)
Property management expenses		(5,460	)		(5,570	)		(4,904	)		(16,484	)		(15,242	)
General and administrative expenses		(3,527	)		(3,462	)		(3,996	)		(10,436	)		(14,045	)
Interest and other non-property income		89			112			140			343			599
Interest expense		(14,698	)		(14,170	)		(15,183	)		(42,978	)		(42,681	)
(Loss) gain on debt extinguishment		-			(15	)		(63	)		5			(111	)
Amortization of deferred financing costs		(971	)		(869	)		(724	)		(2,611	)		(2,146	)
Net casualty loss and other settlement proceeds		(22	)		2			(286	)		(24	)		(692	)
Gain (loss) on sale of non-depreciable or non-real estate assets		48			(3	)		147			45			163
Loss from real estate joint ventures		(72	)		(67	)		(107	)		(170	)		(530	)
Discontinued operations		15,740			13,418			5,732			39,017			7,697
Net income attributable to noncontrolling interests		(1,212	)		(1,312	)		(660	)		(3,702	)		(1,223	)
Net income attributable to MAA	$	30,866		$	28,160		$	13,791		$	82,916		$	30,063

MAA

November 1, 2012

Supplemental Data S-4

CURRENT PERIOD SAME STORE DETAILS

Dollars in thousands except Average Effective Rent

CURRENT PERIOD ACTUALS As of September 30, 2012, unless otherwise noted

			Three Months Ended September 30, 2012
									Average					Quarterly			Twelve
									Effective		Physical			Economic			Month
	Units		Revenue		Expense		NOI		Rent		Occupancy			Occupancy⁽¹⁾			Turn Rate
Large Markets
Dallas, TX		3,791	$	10,567	$	4,567	$	6,000	$	850.74		96.7	%		94.9	%		56.2	%
Jacksonville, FL		3,471	$	8,582	$	3,505	$	5,077	$	789.91		97.2	%		94.0	%		54.2	%
Nashville, TN		2,479	$	7,039	$	2,868	$	4,171	$	868.08		96.3	%		94.3	%		55.8	%
Atlanta, GA		2,109	$	5,842	$	2,440	$	3,402	$	855.11		95.3	%		92.7	%		51.8	%
Houston, TX		2,281	$	6,494	$	2,879	$	3,615	$	873.25		95.2	%		93.1	%		58.1	%
Raleigh/Durham, NC		1,341	$	3,723	$	1,366	$	2,357	$	861.50		95.6	%		94.3	%		51.8	%
Austin, TX		1,776	$	5,119	$	2,299	$	2,820	$	864.03		97.5	%		95.9	%		54.2	%
Phoenix, AZ		1,024	$	2,576	$	1,143	$	1,433	$	772.29		94.6	%		92.6	%		59.6	%
Tampa, FL		1,552	$	4,612	$	2,024	$	2,588	$	907.45		95.5	%		93.3	%		49.7	%
South Florida		480	$	1,975	$	791	$	1,184	$	1,371.24		95.8	%		93.1	%		45.8	%
Orlando, FL		288	$	682	$	271	$	411	$	770.58		97.2	%		94.9	%		45.5	%
Large Markets Total		20,592	$	57,211	$	24,153	$	33,058	$	858.75		96.2	%		94.0	%		54.4	%

Secondary Markets
Memphis, TN		3,305	$	7,978	$	3,452	$	4,526	$	763.52		95.7	%		91.9	%		54.9	%
Greenville, SC		1,748	$	3,817	$	1,684	$	2,133	$	672.67		96.1	%		93.2	%		58.4	%
Columbus, GA		1,509	$	3,684	$	1,549	$	2,135	$	761.26		96.0	%		92.6	%		71.4	%
Jackson, MS		1,241	$	3,091	$	1,232	$	1,859	$	781.06		95.2	%		92.6	%		61.7	%
Lexington, KY		924	$	2,233	$	897	$	1,336	$	776.47		95.9	%		92.4	%		60.8	%
Little Rock, AR		808	$	1,855	$	716	$	1,139	$	731.60		96.3	%		93.7	%		54.3	%
Savannah, GA		526	$	1,529	$	554	$	975	$	911.78		95.4	%		93.6	%		56.1	%
Augusta, GA/Aiken, SC		912	$	2,070	$	923	$	1,147	$	695.90		94.0	%		93.8	%		63.9	%
Charleston, SC		488	$	1,566	$	580	$	986	$	992.09		97.1	%		94.7	%		62.9	%
Chattanooga, TN		943	$	2,303	$	1,000	$	1,303	$	725.33		96.7	%		95.3	%		57.6	%
Jackson, TN		665	$	1,432	$	749	$	683	$	675.42		96.8	%		95.1	%		58.2	%
Columbia, SC		576	$	1,412	$	665	$	747	$	737.89		97.6	%		92.9	%		51.2	%
Huntsville, AL		544	$	1,212	$	559	$	653	$	712.52		91.7	%		87.7	%		56.4	%
Warner Robins, GA		504	$	1,186	$	482	$	704	$	744.30		96.4	%		91.4	%		58.5	%
All Other Secondary Markets by State (individual markets <$30MM gross real assets)
Florida		2,230	$	5,516	$	2,310	$	3,206	$	774.73		95.7	%		93.3	%		55.7	%
Georgia		1,126	$	2,510	$	1,146	$	1,364	$	706.06		95.7	%		92.3	%		58.7	%
Kentucky		624	$	1,472	$	523	$	949	$	752.84		97.1	%		94.7	%		53.8	%
Texas		400	$	1,158	$	455	$	703	$	920.09		98.3	%		96.9	%		70.8	%
Alabama		408	$	1,030	$	459	$	571	$	759.35		97.5	%		94.6	%		54.7	%
Virginia		296	$	891	$	342	$	549	$	911.96		99.3	%		95.0	%		66.6	%
North Carolina		240	$	482	$	198	$	284	$	595.59		97.1	%		96.6	%		65.8	%
Secondary Markets Total		20,017	$	48,427	$	20,475	$	27,952	$	755.78		96.0	%		93.1	%		58.9	%

Total Same Store		40,609	$	105,638	$	44,628	$	61,010	$	807.99		96.1	%		93.6	%		56.6	%

⁽¹⁾ Economic Occupancy represents Net Potential Rent less Delinquencies, Vacancies and Cash Concessions divided by Net Potential Rent.

MAA

November 1, 2012

Supplemental Data S-5

SAME STORE GROWTH DETAILS

PERCENT CHANGE TO THREE MONTHS ENDED SEPTEMBER 30, 2012

FROM THREE MONTHS ENDED JUNE 30, 2012 (PRIOR QUARTER) AND THREE MONTHS ENDED SEPTEMBER 30, 2011 (PRIOR YEAR)

																									Average
	Revenue						Expense						NOI						Physical Occupancy						Effective Rent
	Prior			Prior			Prior			Prior			Prior			Prior			Prior			Prior			Prior			Prior
	Quarter			Year			Quarter			Year			Quarter			Year			Quarter			Year			Quarter			Year
Large Markets
Dallas, TX		2.4	%		7.8	%		4.4	%		2.9	%		1.0	%		11.8	%		0.4	%		0.7	%		2.4	%		8.7	%
Jacksonville, FL		1.5	%		3.1	%		1.8	%		0.4	%		1.3	%		5.0	%		1.3	%		-0.4	%		1.1	%		3.5	%
Nashville, TN		2.6	%		7.5	%		3.4	%		6.8	%		2.2	%		8.1	%		-0.8	%		-0.1	%		3.0	%		8.1	%
Atlanta, GA		0.5	%		2.7	%		4.1	%		0.6	%		-2.0	%		4.2	%		1.1	%		-0.5	%		1.6	%		4.8	%
Houston, TX		2.5	%		6.5	%		2.2	%		5.0	%		2.8	%		7.8	%		-2.4	%		-0.5	%		2.4	%		6.5	%
Raleigh/Durham, NC		2.0	%		5.6	%		2.9	%		2.2	%		1.5	%		7.6	%		-1.0	%		-1.6	%		2.6	%		6.6	%
Austin, TX		4.4	%		11.0	%		4.7	%		5.8	%		4.1	%		15.7	%		0.7	%		2.0	%		2.5	%		9.4	%
Phoenix, AZ		0.8	%		4.2	%		2.0	%		-11.5	%		-0.1	%		21.4	%		0.4	%		1.5	%		-0.2	%		3.4	%
Tampa, FL		1.3	%		4.5	%		1.9	%		4.8	%		0.7	%		4.3	%		0.0	%		-1.3	%		1.4	%		4.7	%
South Florida		-1.6	%		3.0	%		9.7	%		5.3	%		-8.0	%		1.5	%		0.4	%		1.4	%		1.9	%		4.3	%
Orlando, FL		0.3	%		3.8	%		-2.9	%		5.0	%		2.5	%		3.0	%		1.7	%		-1.1	%		1.5	%		5.8	%
Large Markets Total		1.9	%		5.8	%		3.3	%		2.7	%		0.9	%		8.3	%		0.1	%		0.0	%		2.0	%		6.3	%

Secondary Markets
Memphis, TN		0.2	%		1.5	%		-0.3	%		-4.8	%		0.5	%		6.9	%		-0.6	%		-0.5	%		1.4	%		2.9	%
Greenville, SC		1.9	%		5.8	%		5.3	%		0.8	%		-0.7	%		10.1	%		0.8	%		0.2	%		1.9	%		5.4	%
Columbus, GA		2.0	%		-1.1	%		5.7	%		-3.2	%		-0.6	%		0.5	%		1.0	%		-0.8	%		0.1	%		2.3	%
Jackson, MS		-0.3	%		2.1	%		3.2	%		1.8	%		-2.5	%		2.4	%		-0.4	%		-1.1	%		0.6	%		3.3	%
Lexington, KY		1.8	%		4.3	%		8.2	%		-2.2	%		-2.1	%		9.2	%		0.2	%		-0.9	%		3.3	%		6.6	%
Little Rock, AR		0.5	%		0.2	%		6.7	%		-0.4	%		-3.1	%		0.5	%		-0.6	%		-0.7	%		1.2	%		2.5	%
Savannah, GA		2.3	%		4.7	%		-0.7	%		1.5	%		4.1	%		6.7	%		-0.8	%		-2.3	%		2.1	%		5.0	%
Augusta, GA/Aiken, SC		0.5	%		0.4	%		5.2	%		-5.0	%		-3.0	%		5.3	%		-1.7	%		0.2	%		0.9	%		1.0	%
Charleston, SC		2.9	%		3.3	%		2.3	%		-5.1	%		3.2	%		9.0	%		2.2	%		0.6	%		2.8	%		5.3	%
Chattanooga, TN		1.5	%		4.8	%		3.2	%		-0.5	%		0.2	%		9.3	%		-0.3	%		-0.4	%		2.4	%		6.2	%
Jackson, TN		1.2	%		3.2	%		8.6	%		1.9	%		-5.8	%		4.8	%		2.5	%		1.2	%		0.9	%		3.9	%
Columbia, SC		3.1	%		5.5	%		5.1	%		-1.3	%		1.5	%		12.3	%		2.6	%		2.1	%		2.4	%		5.1	%
Huntsville, AL		-3.0	%		-3.2	%		9.4	%		4.3	%		-11.6	%		-8.8	%		-3.5	%		-1.1	%		1.6	%		2.1	%
Warner Robins, GA		-2.6	%		-2.3	%		1.5	%		-3.6	%		-5.2	%		-1.4	%		2.0	%		1.2	%		0.4	%		2.6	%
All Other Secondary Markets by State (individual markets <$30MM gross real assets)
Florida		1.2	%		3.3	%		2.8	%		2.5	%		0.0	%		3.8	%		0.9	%		-0.2	%		1.6	%		4.1	%
Georgia		0.7	%		0.4	%		6.0	%		0.9	%		-3.4	%		0.0	%		0.8	%		-0.7	%		0.7	%		1.5	%
Kentucky		2.4	%		6.4	%		2.3	%		-0.6	%		2.4	%		10.7	%		0.1	%		0.3	%		2.8	%		8.6	%
Texas		0.4	%		5.3	%		-3.4	%		-1.7	%		3.1	%		10.4	%		2.0	%		3.1	%		0.7	%		7.5	%
Alabama		-0.2	%		1.5	%		11.4	%		6.3	%		-7.9	%		-2.1	%		0.0	%		-0.5	%		0.7	%		3.4	%
Virginia		2.4	%		2.9	%		11.0	%		2.4	%		-2.3	%		3.2	%		3.0	%		1.0	%		-0.1	%		1.7	%
North Carolina		6.2	%		4.1	%		-1.0	%		2.1	%		11.8	%		5.6	%		0.0	%		-2.1	%		2.0	%		5.0	%
Secondary Markets Total		1.0	%		2.4	%		3.8	%		-0.9	%		-1.0	%		4.9	%		0.3	%		-0.2	%		1.4	%		3.8	%

Total Same Store		1.5	%		4.2	%		3.5	%		1.0	%		0.1	%		6.7	%		0.2	%		-0.1	%		1.7	%		5.2	%

MAA

November 1, 2012

Supplemental Data S-6

OPERATING RESULTS

Dollars in thousands

	Three Months
	Ended
	September 30,			Trailing
	2012			4 Quarters
Net income attributable to MAA	$	30,866		$	101,674
Depreciation and amortization		31,984			122,454
Interest expense		14,698			57,712
Loss on debt extinguishment		-			639
Amortization of deferred financing costs		971			3,367
Net casualty loss and other settlement proceeds		22			(49	)
Gain on sale of non-depreciable or non-real estate assets		(48	)		(966	)
Net casualty loss and other settlement proceeds of discontinued operations		(99	)		(38	)
Depreciation of discontinued operations		416			3,745
Gain on sale of discontinued operations		(16,092	)		(46,346	)
EBITDA	$	62,718		$	242,192

	Three Months Ended
	September 30,
	2012			2011
EBITDA/Debt Service		4.01	x		3.41	x
Fixed Charge Coverage⁽¹⁾		4.27			3.58	x
Total Debt/Total Gross Assets		45.1	%		47.2	%
Total Net Debt⁽²⁾/Total Gross Assets		44.7	%		46.5	%
Total Net Debt⁽²⁾/EBITDA		6.99	x		7.61	x
Unencumbered Assets/Total Gross Assets		51.1	%		23.9	%

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

⁽²⁾ Total Net Debt equals Total Debt less Cash and Cash Equivalents.

DEBT AS OF SEPTEMBER 30, 2012

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	$	832,575		4.0		5.0	%
Tax-free - Fixed Rate or Swapped		17,800		-		4.4	%
Conventional - Variable Rate - Capped⁽¹⁾		213,136		3.3		1.0	%
Tax-free - Variable Rate - Capped⁽¹⁾		72,715		3.1		1.0	%
Total Secured Fixed or Hedged Rate Debt		1,136,226		3.8		4.0	%
Conventional - Variable Rate		56,032		0.2		0.8	%
Total Secured Debt		1,192,258		3.6		3.9	%
Unsecured Debt
Fixed Rate or Swapped		406,000		7.1		3.9	%
Variable Rate		108,000		-		1.3	%
Total Unsecured Debt		514,000		5.6		3.4	%
Total Debt	$	1,706,258		4.2		3.7	%

Total Fixed or Hedged Debt	$	1,542,226		4.7		4.0	%

⁽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.

MAA

November 1, 2012

Supplemental Data S-7

DEBT AS OF SEPTEMBER 30, 2012continued

Dollars in thousands

OUTSTANDING BALANCES

							Average
	Available						Years to
	Credit		Amount		Remaining		Contract
	Limit		Borrowed		Capacity		Maturity
Fannie Mae Credit Facilities	$	638,236	$	605,236	$	33,000		5.9
Freddie Mac Credit Facilities		198,247		198,247	$	-		1.8
Unsecured Credit Facility		323,827		108,000	$	215,827		3.1
Other Secured Borrowings		388,775		388,775	$	-		6.8
Other Unsecured Debt		406,000		406,000	$	-		7.1
Total Debt	$	1,955,085	$	1,706,258	$	248,827		5.7

DEBT MATURITIES OF OUTSTANDING BALANCES

	Credit Facility Amounts Borrowed
	Secured				Unsecured		Other		Other
Maturity	Fannie Mae		Freddie Mac		Facility		Secured		Unsecured		Total
2012	$	-	$	-	$	-	$	-	$	-	$	-
2013		-		-		-		-		-	$	-
2014		153,721		198,247		-		16,494		-	$	368,462
2015		120,000		-		108,000		50,967		-	$	278,967
2016		80,000		-		-		-		-	$	80,000
2017		80,000		-		-		61,123		162,000	$	303,123
Thereafter		171,515		-		-		260,191		244,000	$	675,706
Total	$	605,236	$	198,247	$	108,000	$	388,775	$	406,000	$	1,706,258

INTEREST RATE MATURITIES

	Fixed		Interest		Total					Interest		Total		Average
	Rate		Rate		Fixed Rate		Contract			Rate		Fixed or		Years to
	Debt		Swaps		Balances		Rate			Caps		Hedged		Maturity
2012	$	-	$	17,800	$	17,800		4.4	%	$	-	$	17,800
2013		-		190,000		190,000		5.2	%		7,945	$	197,945
2014		16,494		144,000		160,494		5.7	%		59,631	$	220,125
2015		35,768		75,000		110,768		5.6	%		55,200	$	165,968
2016		-		-		-		-			89,280	$	89,280
2017		123,123		150,000		273,123		2.7	%		48,795	$	321,918
Thereafter		504,190		-		504,190		4.8	%		25,000	$	529,190
Total	$	679,575	$	576,800	$	1,256,375		4.6	%	$	285,851	$	1,542,226		4.7

SUMMARIES

									Years to
			Percent of			Interest			Rate
Floating Versus Fixed Rate or Hedged Debt	Balance		Total			Rate			Maturity
Fixed rate or swapped debt	$	1,256,375		73.6	%		4.6	%		5.0
Capped debt		285,851		16.8	%		1.0	%		3.3
Floating (unhedged) debt		164,032		9.6	%		1.1	%		0.1
Total	$	1,706,258		100.0	%		3.7	%		4.2

									Years to
			Percent of			Interest			Contract
Secured Versus Unsecured Debt	Balance		Total			Rate			Maturity
Unsecured debt	$	514,000		30.1	%		3.4	%		6.3
Secured debt		1,192,258		69.9	%		3.9	%		5.5
Total	$	1,706,258		100.0	%		3.7	%		5.7

	Total		Percent of			Total		Percent of
Unencumbered Versus Encumbered Assets	Cost		Total			NOI		Total
Unencumbered gross assets	$	1,933,144		51.1	%	$	34,754		46.6	%
Encumbered gross assets		1,850,661		48.9	%		39,777		53.4	%
Total Gross Assets	$	3,783,805		100.0	%	$	74,531		100.0	%

MAA

November 1, 2012

Supplemental Data S-8

JOINT VENTURE OPERATIONS

Dollars in thousands

OPERATING DATA (MAA'S PRO-RATA SHARE)

	Three Months Ended,						Nine Months Ended,
	September 30,						September 30,
	2012			2011			2012			2011
Property revenues	$	1,674		$	2,113		$	5,483		$	5,992
Property operating expenses		822			1,044			2,673			2,986
Net Operating Income		852			1,069			2,810			3,006

Interest expense		447			574			1,445			1,626
Depreciation and amortization		444			570			1,444			1,716
Other		33			32			91			194
Total Other Expenses		924			1,176			2,980			3,536

Gain (loss) from real estate joint ventures	$	(72	)	$	(107	)	$	(170	)	$	(530	)

BALANCE SHEET DATA

	September 30,			December 31,
	2012			2011
Gross real estate assets	$	149,253		$	195,069
Accumulated depreciation		(16,002	)		(14,882	)
Real estate assets, net		133,251			180,187
Other assets		6,813			7,552
Total assets		140,064			187,739

Notes payable		106,408			131,012
Other liabilities		45,095			67,655
Total liabilities		151,503			198,667

Member's equity		(11,439	)		(10,928	)
Total liabilities and member's equity	$	140,064		$	187,739

MAA's investment in real estate joint venture	$	5,160		$	17,006
MAA's pro-rata share of joint venture debt	$	35,466		$	43,666
MAA's pro-rata share of joint venture gross real estate assets	$	49,746		$	65,016
Percent of MAA wholly owned gross real estate assets		1	%		2	%

COMMUNITY DATA(as of end of period)

	September 30,		December 31,
	2012		2011
Number of communities		6		7
Number of units		1,782		2,261

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