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

MAA February 6, 2013 Supplemental Data S-1

MULTIFAMILY COMMUNITIES AND UNITS

Dollars in thousands

MULTIFAMILY COMMUNITIES

	Number of Units										Number of Communities
	2012								2011		2012								2011
	Dec 31(1)		Sept 30		Jun 30		Mar 31		Dec 31		Dec 31(2)		Sept 30		Jun 30		Mar 31		Dec 31
Same store communities		40,609		40,609		40,609		40,609		40,181		136		136		136		136		135
Stabilized non-same store communities		6,460		6,700		6,206		5,667		6,691		22		23		24		22		25
Development communities		774		1,220		1,220		1,220		950		2		3		3		3		2
Lease-up communities		740		-		-		-		-		2		-		-		-		-
Wholly-owned communities		48,583		48,529		48,035		47,496		47,822		162		162		163		161		162
Joint venture communities		1,782		1,782		1,782		2,261		2,261		6		6		6		7		7
Total Multifamily communities		50,365		50,311		49,817		49,757		50,083		168		168		169		168		169
		(1)The Number of Units for Development Communities includes 774 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

3.4% 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
River's Walk	Charleston		270		0	%	N/A	N/A	$	33,400	$	124	$	15,200	1Q12	4Q13	2Q13	4Q14
1225 South Church Phase II	Charlotte		210		0	%	N/A	N/A	$	27,300	$	130	$	23,400	2Q11	1Q13	1Q13	1Q14
220 Riverside	Jacksonville		294		0	%	N/A	N/A	$	40,400	$	137	$	5,300	4Q12	4Q14	3Q14	4Q15
Total			774		0	%	N/A	N/A	$	101,100	$	131	$	43,900

											Current
LEASE-UP COMMUNITIES		Total		Percent			Estimated Cost				Cost		Construction	Expected
	MSA	Units		Occupied			Total		per Unit		to Date		Finished	Stabilized
Ridge at Chenal Valley	Little Rock		312		77	%	$	29,200	$	94	$	29,100	3Q12	3Q13
Cool Springs	Nashville		428		77	%	$	56,400	$	132	$	56,300	4Q12	4Q13
Total			740		77	%	$	85,600	$	116	$	85,400

DEVELOPMENT AND LEASE-UP OPERATING DATA

	2012									2011
	Dec 31		Sept 30		Jun 30		Mar 31			Dec 31
Revenue from development communities	$	2	$	1,649	$	771	$	197		$	2
Revenue from lease-up communities		2,139		-		-		-			-
Total development and lease-up revenues		2,141		1,649		771		197			2
Operating expenses from development communities		7		593		379		232			55
Operating expenses from lease-up communities		618		-		-		-			-
Total development and lease-up operating expenses		625		593		379		232			55
Total development and lease-up NOI	$	1,516	$	1,056	$	392	$	(35	)	$	(53	)
Number of communities represented(4)		4		3		3		3			2

⁽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 February 6, 2013 Supplemental Data S-2

MULTIFAMILY COMMUNITY STATISTICS

Dollars in thousands except Average Effective Rent

												Average
												Effective
		As of December 31, 2012										Rent for the
						Percent to						Three Months
		Completed		Gross		Total of Gross			Physical			Ended
		Units		Real Assets		Real Assets			Occupancy			Dec 31, 2012
Dallas, TX			4,810	$	359,330		9.3	%		95.6	%	$	895.72
Atlanta, GA			2,998	$	304,859		7.9	%		93.2	%	$	963.00
Jacksonville, FL			3,950	$	280,971		7.3	%		96.3	%	$	844.84
Nashville, TN			2,779	$	227,612		5.9	%		94.9	%	$	892.36
Houston, TX			2,909	$	222,726		5.8	%		95.0	%	$	898.61
Austin, TX			2,255	$	178,390		4.6	%		96.0	%	$	928.86
Raleigh/Durham, NC			1,549	$	159,525		4.2	%		96.0	%	$	927.73
Tampa, FL			1,786	$	129,383		3.4	%		94.8	%	$	935.85
Phoenix, AZ			1,024	$	115,519		3.0	%		95.5	%	$	783.36
Orlando, FL			682	$	64,745		1.7	%		94.6	%	$	904.05
South Florida			480	$	55,539		1.4	%		93.8	%	$	1,379.49
Richmond, VA			300	$	41,968		1.1	%		92.0	%	$	1,232.55
Charlotte, NC			196	$	27,284		0.7	%		96.4	%	$	1,190.32
Large Markets			25,718	$	2,167,851		56.3	%		95.2	%	$	914.28
Memphis, TN			3,305	$	192,438		5.0	%		96.2	%	$	763.14
San Antonio, TX			1,176	$	111,752		2.9	%		93.2	%	$	986.43
Greenville, SC			1,748	$	91,810		2.4	%		95.0	%	$	679.10
Columbus, GA			1,509	$	85,771		2.2	%		94.7	%	$	754.43
Little Rock, AR			1,056	$	78,063		2.0	%		95.6	%	$	821.67
Savannah, GA			782	$	72,168		1.9	%		92.2	%	$	925.22
Jackson, MS			1,241	$	66,497		1.7	%		95.2	%	$	780.04
Lexington, KY			924	$	64,738		1.7	%		93.5	%	$	778.97
Norfolk, Hampton, VA Beach, VA			536	$	55,121		1.4	%		95.9	%	$	1,072.19
Kansas City, MO			323	$	52,092		1.4	%		92.9	%	$	1,222.15
Tallahassee, FL			604	$	45,662		1.2	%		95.7	%	$	896.16
Augusta, GA/Aiken, SC			912	$	45,005		1.2	%		94.6	%	$	692.99
Birmingham, AL			440	$	43,924		1.1	%		90.9	%	$	996.67
Charleston, SC			488	$	43,865		1.1	%		96.1	%	$	1,003.47
Chattanooga, TN			943	$	43,083		1.1	%		94.5	%	$	731.33
Macon, GA			694	$	41,599		1.1	%		95.2	%	$	752.19
All Other Secondary Markets by State (individual markets <$40MM gross real assets)
Florida			2,130	$	138,452		3.6	%		95.1	%	$	784.71
Georgia			1,233	$	74,140		1.9	%		98.3	%	$	712.89
Alabama			752	$	47,997		1.3	%		94.1	%	$	727.79
Virginia			232	$	39,216		1.0	%		94.0	%	$	1,358.83
Tennessee			665	$	37,324		1.0	%		95.5	%	$	678.82
South Carolina			576	$	33,997		0.9	%		93.6	%	$	748.22
Kentucky			624	$	33,325		0.9	%		95.8	%	$	759.08
North Carolina			240	$	9,643		0.3	%		96.3	%	$	597.84
Secondary Markets			23,133	$	1,547,682		40.3	%		95.0	%	$	798.94
Subtotal			48,851	$	3,715,533		96.6	%		95.1	%	$	859.66
	Total
	Units
Nashville, TN             Large	428		428	$	56,273		1.5	%		76.6	%	$	1,422.55
Charleston, SC          Secondary	270		-	$	15,170		0.4	%		N/A			N/A
Little Rock, AR          Secondary	312		312	$	29,134		0.8	%		77.2	%	$	1,013.43
Charlotte, NC             Large	210		-	$	23,400		0.6	%		N/A			N/A
Jacksonville, FL         Large	294		-	$	5,298		0.1	%		N/A			N/A
Lease-up and Development	1,514		740	$	129,275		3.4	%		76.9	%	$	1,195.14
Total Multifamily Communities	50,365		49,591	$	3,844,808		100.0	%		94.8	%	$	865.49

MAA February 6, 2013 Supplemental Data S-3

SAME STORE SUMMARY

Dollars in thousands

	Three Months Ended December 31,							Twelve Months Ended December 31,
					Percent							Percent
	2012		2011		Change			2012		2011		Change
Revenues	$	106,713	$	101,016		5.6	%	$	419,863	$	401,002		4.7	%
Expense		42,998		42,276		1.7	%		174,285		170,531		2.2	%
NOI	$	63,715	$	58,740		8.5	%	$	245,578	$	230,471		6.6	%

	Percent Change from Prior Year
	1Q12			2Q12			3Q12			4Q12			YTD
Revenues		4.5	%		4.6	%		4.2	%		5.6	%		4.7	%
Expense		4.5	%		1.9	%		1.0	%		1.7	%		2.2	%
NOI		4.5	%		6.5	%		6.7	%		8.5	%		6.6	%

	Percent Change from Prior Quarter
	1Q12			2Q12			3Q12			4Q12
Revenues		1.7	%		1.5	%		1.5	%		0.7	%
Expense		1.4	%		1.1	%		3.5	%		-4.3	%
NOI		1.9	%		1.8	%		0.1	%		4.4	%

NOI BRIDGE

Dollars in thousands

	Three Months Ended									Twelve Months Ended
	12/31/12			9/30/12			12/31/11			12/31/12			12/31/11
NOI
Large market same store	$	34,807		$	33,058		$	31,240		$	132,711		$	122,447
Secondary market same store		28,908			27,952			27,500			112,867			108,024
Total same store		63,715			61,010			58,740			245,578			230,471
Non-same store		15,920			13,521			10,073			51,498			27,565
Total NOI		79,635			74,531			68,813			297,076			258,036
Held for sale NOI included above		(180	)		(462	)		(2,557	)		(4,136	)		(10,824	)
Management fee income		212			209			266			899			1,017
Depreciation and amortization		(33,449	)		(31,984	)		(29,767	)		(126,136	)		(110,870	)
Acquisition expense		(7	)		(1,343	)		(988	)		(1,581	)		(3,319	)
Property management expenses		(5,600	)		(5,460	)		(5,458	)		(22,084	)		(20,700	)
General and administrative expenses		(3,326	)		(3,527	)		(4,078	)		(13,762	)		(18,123	)
Interest and other non-property income		87			89			203			430			802
Interest expense		(15,773	)		(14,698	)		(14,734	)		(58,751	)		(57,415	)
Loss on debt extinguishment		(659	)		-			(644	)		(654	)		(755	)
Amortization of deferred financing costs		(941	)		(971	)		(756	)		(3,552	)		(2,902	)
Net casualty gain (loss) and other settlement proceeds		18			(22	)		73			(6	)		(619	)
Gain (loss) on sale of non-depreciable or non-real estate assets		-			48			921			45			1,084
Loss from real estate joint ventures		(53	)		(72	)		(63	)		(223	)		(593	)
Discontinued operations		3,243			15,740			8,714			42,260			16,412
Net income attributable to noncontrolling interests		(900	)		(1,212	)		(1,187	)		(4,602	)		(2,410	)
Net income attributable to MAA	$	22,307		$	30,866		$	18,758		$	105,223		$	48,821

MAA February 6, 2013 Supplemental Data S-4

CURRENT PERIOD SAME STORE DETAILS

Dollars in thousands except Average Effective Rent

SAME STORE CURRENT PERIOD ACTUALS As of December 31, 2012, unless otherwise noted

			Three Months Ended December 31, 2012
									Average					Quarterly			Twelve
									Effective		Physical			Economic			Month
	Units		Revenue		Expense		NOI		Rent		Occupancy			Occupancy (1)			Turn Rate
Large Markets
Dallas, TX		3,791	$	10,685	$	4,352	$	6,333	$	861.60		95.6	%		94.3	%		54.7	%
Jacksonville, FL		3,471	$	8,762	$	3,277	$	5,485	$	796.11		96.5	%		94.2	%		53.3	%
Nashville, TN		2,479	$	7,108	$	2,638	$	4,470	$	879.06		95.0	%		93.0	%		58.0	%
Atlanta, GA		2,109	$	5,900	$	2,363	$	3,537	$	860.34		92.7	%		90.5	%		50.7	%
Houston, TX		2,281	$	6,529	$	2,870	$	3,659	$	884.14		95.0	%		92.7	%		56.7	%
Raleigh/Durham, NC		1,341	$	3,753	$	1,348	$	2,405	$	860.40		96.1	%		94.0	%		51.5	%
Austin, TX		1,776	$	5,207	$	2,235	$	2,972	$	879.40		95.9	%		95.0	%		54.2	%
Phoenix, AZ		1,024	$	2,638	$	1,161	$	1,477	$	783.36		95.5	%		92.9	%		61.1	%
Tampa, FL		1,552	$	4,623	$	1,856	$	2,767	$	914.96		94.7	%		93.6	%		49.4	%
South Florida		480	$	2,024	$	732	$	1,292	$	1,379.49		93.8	%		91.2	%		44.8	%
Orlando, FL		288	$	695	$	285	$	410	$	778.45		93.8	%		91.4	%		46.9	%
Large Markets Total		20,592	$	57,924	$	23,117	$	34,807	$	867.53		95.2	%		93.3	%		54.0	%
Secondary Markets
Memphis, TN		3,305	$	8,001	$	3,484	$	4,517	$	763.14		96.2	%		92.8	%		53.5	%
Greenville, SC		1,748	$	3,860	$	1,615	$	2,245	$	679.10		95.0	%		92.0	%		57.5	%
Columbus, GA		1,509	$	3,671	$	1,474	$	2,197	$	754.43		94.7	%		91.2	%		66.3	%
Jackson, MS		1,241	$	3,094	$	1,192	$	1,902	$	780.04		95.2	%		91.6	%		61.2	%
Lexington, KY		924	$	2,236	$	841	$	1,395	$	778.97		93.5	%		91.9	%		60.9	%
Little Rock, AR		808	$	1,846	$	724	$	1,122	$	731.60		96.2	%		93.7	%		54.6	%
Savannah, GA		526	$	1,571	$	546	$	1,025	$	920.12		94.9	%		93.9	%		61.2	%
Augusta, GA/Aiken, SC		912	$	2,056	$	889	$	1,167	$	692.99		94.6	%		93.3	%		62.7	%
Charleston, SC		488	$	1,591	$	570	$	1,021	$	1,003.47		96.1	%		94.4	%		62.3	%
Chattanooga, TN		943	$	2,312	$	991	$	1,321	$	731.33		94.5	%		93.7	%		57.1	%
Jackson, TN		665	$	1,443	$	679	$	764	$	678.82		95.5	%		93.2	%		57.4	%
Columbia, SC		576	$	1,440	$	672	$	768	$	748.22		93.6	%		89.8	%		50.7	%
Huntsville, AL		544	$	1,258	$	523	$	735	$	708.31		93.0	%		90.3	%		55.0	%
Warner Robins, GA		504	$	1,242	$	478	$	764	$	742.57		99.8	%		95.3	%		56.3	%
All Other Secondary Markets by State (individual markets <$30MM gross real assets)
Florida		2,230	$	5,552	$	2,211	$	3,341	$	774.54		95.2	%		92.9	%		56.4	%
Georgia		1,126	$	2,536	$	1,065	$	1,471	$	703.87		97.3	%		93.8	%		59.1	%
Kentucky		624	$	1,492	$	513	$	979	$	759.08		95.8	%		93.5	%		52.4	%
Texas		400	$	1,166	$	471	$	695	$	921.12		96.8	%		94.5	%		70.3	%
Alabama		408	$	1,043	$	436	$	607	$	758.92		97.1	%		95.2	%		55.1	%
Virginia		296	$	908	$	316	$	592	$	928.32		96.3	%		93.8	%		67.2	%
North Carolina		240	$	471	$	191	$	280	$	597.84		96.3	%		94.0	%		65.4	%
Secondary Markets Total		20,017	$	48,789	$	19,881	$	28,908	$	757.04		95.5	%		92.8	%		58.2	%
Total Same Store		40,609	$	106,713	$	42,998	$	63,715	$	813.07		95.4	%		93.1	%		56.1	%

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

MAA February 6, 2013 Supplemental Data S-5

SAME STORE GROWTH DETAILS

SAME STORE PERCENT CHANGE TO THREE MONTHS ENDED DECEMBER 31, 2012

FROM THREE MONTHS ENDED SEPTEMBER 30, 2012 (PRIOR QUARTER) AND THREE MONTHS ENDED DECEMBER 31, 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		0.9	%		8.7	%		-5.2	%		1.5	%		5.6	%		14.3	%		-1.1	%		0.6	%		1.3	%		7.4	%
Jacksonville, FL		1.8	%		5.1	%		-7.2	%		0.8	%		8.0	%		7.9	%		-0.7	%		0.5	%		0.8	%		3.7	%
Nashville, TN		0.6	%		8.4	%		-8.8	%		-2.2	%		7.2	%		15.9	%		-1.3	%		-0.4	%		1.3	%		7.9	%
Atlanta, GA		0.8	%		4.2	%		-3.6	%		0.6	%		4.0	%		6.8	%		-2.6	%		-1.3	%		0.6	%		4.1	%
Houston, TX		0.3	%		7.3	%		-0.8	%		3.5	%		1.2	%		10.6	%		-0.2	%		0.7	%		1.2	%		6.9	%
Raleigh/Durham, NC		0.1	%		6.0	%		-3.2	%		1.7	%		2.0	%		8.6	%		0.5	%		1.2	%		-0.1	%		4.9	%
Austin, TX		1.5	%		12.1	%		-3.2	%		4.8	%		5.4	%		18.4	%		-1.6	%		-0.4	%		1.8	%		8.1	%
Phoenix, AZ		2.1	%		6.4	%		1.0	%		0.7	%		3.1	%		11.4	%		0.9	%		2.7	%		1.4	%		3.9	%
Tampa, FL		0.1	%		4.3	%		-8.6	%		0.8	%		6.9	%		6.9	%		-0.8	%		-1.5	%		0.8	%		4.7	%
South Florida		2.4	%		8.1	%		-7.7	%		-3.7	%		9.1	%		16.1	%		-2.0	%		-0.6	%		0.6	%		4.3	%
Orlando, FL		1.8	%		7.1	%		4.8	%		8.8	%		-0.2	%		5.9	%		-3.4	%		-3.8	%		1.0	%		5.7	%
Large Markets Total		1.0	%		7.1	%		-4.9	%		1.2	%		5.3	%		11.4	%		-1.0	%		0.1	%		1.0	%		5.9	%
Secondary Markets
Memphis, TN		0.1	%		2.5	%		0.5	%		1.0	%		-0.2	%		3.7	%		0.5	%		1.3	%		0.0	%		2.4	%
Greenville, SC		0.9	%		7.6	%		-4.7	%		4.3	%		5.3	%		10.0	%		-1.1	%		-0.1	%		1.0	%		5.6	%
Columbus, GA		-1.3	%		0.2	%		-6.9	%		-1.5	%		2.9	%		1.3	%		-1.3	%		0.8	%		-0.9	%		0.8	%
Jackson, MS		-0.1	%		1.7	%		-3.8	%		8.4	%		2.3	%		-2.0	%		0.0	%		0.0	%		-0.1	%		3.0	%
Lexington, KY		-0.2	%		3.8	%		-7.1	%		-0.5	%		4.4	%		6.5	%		-2.4	%		-2.6	%		0.3	%		6.2	%
Little Rock, AR		-0.7	%		0.5	%		0.6	%		8.1	%		-1.5	%		-3.9	%		-0.1	%		-0.2	%		0.0	%		1.8	%
Savannah, GA		2.6	%		7.8	%		-1.8	%		6.4	%		5.1	%		8.6	%		-0.5	%		-1.5	%		0.9	%		5.7	%
Augusta, GA/Aiken, SC		-0.9	%		2.9	%		-4.2	%		1.0	%		1.7	%		4.3	%		0.6	%		-0.2	%		-0.4	%		2.3	%
Charleston, SC		1.5	%		5.6	%		-2.1	%		5.9	%		3.5	%		5.4	%		-1.0	%		1.2	%		1.1	%		4.7	%
Chattanooga, TN		0.1	%		6.4	%		-1.5	%		3.7	%		1.4	%		8.6	%		-2.2	%		0.3	%		0.8	%		5.4	%
Jackson, TN		0.3	%		3.7	%		-10.2	%		-4.6	%		11.9	%		12.5	%		-1.3	%		0.9	%		0.5	%		4.6	%
Columbia, SC		1.8	%		7.3	%		0.7	%		10.2	%		2.8	%		4.9	%		-4.0	%		-1.5	%		1.4	%		6.5	%
Huntsville, AL		3.5	%		4.5	%		-7.1	%		-2.2	%		12.6	%		9.9	%		1.3	%		0.2	%		-0.6	%		2.6	%
Warner Robins, GA		3.8	%		5.1	%		-2.8	%		-5.9	%		8.5	%		13.4	%		3.4	%		4.2	%		-0.2	%		2.3	%
All Other Secondary Markets by State (individual markets <$30MM gross real assets)
Florida		0.4	%		5.1	%		-4.9	%		0.8	%		4.2	%		8.1	%		-0.5	%		0.0	%		0.0	%		4.0	%
Georgia		0.6	%		2.2	%		-8.0	%		0.1	%		7.8	%		3.7	%		1.6	%		1.9	%		-0.3	%		0.7	%
Kentucky		1.2	%		8.2	%		-2.5	%		6.0	%		3.2	%		9.4	%		-1.3	%		0.0	%		0.8	%		7.4	%
Texas		0.5	%		6.6	%		3.1	%		5.1	%		-1.1	%		7.6	%		-1.5	%		2.3	%		0.1	%		3.7	%
Alabama		1.0	%		2.9	%		-5.6	%		2.1	%		6.3	%		3.4	%		-0.4	%		-0.9	%		-0.1	%		2.5	%
Virginia		1.7	%		3.5	%		-8.1	%		9.3	%		7.8	%		0.7	%		-3.0	%		2.0	%		1.8	%		1.6	%
North Carolina		-2.3	%		1.1	%		-3.5	%		7.9	%		-1.4	%		-3.1	%		-0.8	%		0.5	%		0.4	%		4.4	%
Secondary Markets Total		0.4	%		3.9	%		-3.6	%		2.3	%		3.4	%		5.1	%		-0.5	%		0.4	%		0.2	%		3.5	%
Total Same Store		0.7	%		5.6	%		-4.3	%		1.7	%		4.4	%		8.5	%		-0.7	%		0.3	%		0.6	%		4.8	%

MAA February 6, 2013 Supplemental Data S-6

SAME STORE YEAR TO DATE

Dollars in thousands except Average Effective Rent

SAME STORE YEAR TO DATE ACTUALS As of December 31, 2012, unless otherwise noted

											Percent Change From
			Twelve Months Ended December 31, 2012								Twelve Months Ended December 31, 2011
									Average											Average
									Effective											Effective
	Units		Revenue		Expense		NOI		Rent		Revenue			Expense			NOI			Rent
Large Markets
Dallas, TX		3,791	$	41,677	$	17,675	$	24,002	$	839.29		7.9	%		2.1	%		12.6	%		8.0	%
Jacksonville, FL		3,471	$	34,260	$	13,668	$	20,592	$	784.69		3.2	%		2.9	%		3.3	%		3.5	%
Nashville, TN		2,479	$	27,742	$	10,871	$	16,871	$	853.34		7.7	%		3.6	%		10.5	%		7.2	%
Atlanta, GA		2,109	$	23,332	$	9,491	$	13,841	$	846.93		3.9	%		2.0	%		5.3	%		4.7	%
Houston, TX		2,281	$	25,582	$	11,508	$	14,074	$	862.33		6.9	%		3.5	%		9.8	%		6.4	%
Raleigh/Durham, NC		1,341	$	14,757	$	5,382	$	9,375	$	845.21		6.1	%		1.8	%		8.7	%		5.9	%
Austin, TX		1,776	$	20,042	$	9,025	$	11,017	$	852.00		10.2	%		4.7	%		15.1	%		9.3	%
Phoenix, AZ		1,024	$	10,318	$	4,566	$	5,752	$	772.05		4.7	%		0.9	%		7.9	%		4.2	%
Tampa, FL		1,552	$	18,314	$	7,750	$	10,564	$	898.94		3.8	%		3.1	%		4.4	%		4.3	%
South Florida		480	$	7,954	$	2,976	$	4,978	$	1,356.88		4.4	%		4.2	%		4.4	%		3.6	%
Orlando, FL		288	$	2,747	$	1,102	$	1,645	$	763.54		5.8	%		5.4	%		6.1	%		5.3	%
Large Markets Total		20,592	$	226,725	$	94,014	$	132,711	$	848.75		6.0	%		2.9	%		8.4	%		6.0	%
Secondary Markets
Memphis, TN		3,305	$	31,884	$	14,025	$	17,859	$	754.58		2.7	%		0.3	%		4.6	%		3.1	%
Greenville, SC		1,748	$	15,151	$	6,533	$	8,618	$	663.97		6.8	%		2.7	%		10.1	%		5.8	%
Columbus, GA		1,509	$	14,717	$	6,073	$	8,644	$	755.57		-0.1	%		0.0	%		-0.2	%		3.1	%
Jackson, MS		1,241	$	12,372	$	4,775	$	7,597	$	774.41		3.5	%		5.5	%		2.2	%		3.8	%
Lexington, KY		924	$	8,821	$	3,424	$	5,397	$	761.64		3.4	%		1.3	%		4.7	%		5.6	%
Little Rock, AR		808	$	7,396	$	2,824	$	4,572	$	725.97		1.4	%		2.5	%		0.8	%		2.4	%
Savannah, GA		526	$	6,093	$	2,228	$	3,865	$	900.17		5.2	%		2.4	%		6.9	%		5.3	%
Augusta, GA/Aiken, SC		912	$	8,227	$	3,579	$	4,648	$	689.28		1.2	%		-1.4	%		3.3	%		1.0	%
Charleston, SC		488	$	6,199	$	2,298	$	3,901	$	980.16		5.3	%		0.9	%		8.1	%		5.5	%
Chattanooga, TN		943	$	9,112	$	3,939	$	5,173	$	715.48		5.5	%		3.2	%		7.3	%		5.9	%
Jackson, TN		665	$	5,705	$	2,799	$	2,906	$	669.79	��	3.4	%		-0.2	%		7.2	%		4.9	%
Columbia, SC		576	$	5,584	$	2,609	$	2,975	$	728.87		4.7	%		3.7	%		5.6	%		5.0	%
Huntsville, AL		544	$	4,940	$	2,121	$	2,819	$	704.07		1.5	%		2.0	%		1.1	%		2.4	%
Warner Robins, GA		504	$	4,904	$	1,919	$	2,985	$	738.92		0.7	%		-4.9	%		4.6	%		2.9	%
All Other Secondary Markets by State (individual markets <$30MM gross real assets)
Florida		2,230	$	21,953	$	9,045	$	12,908	$	765.45		3.2	%		2.0	%		4.1	%		3.6	%
Georgia		1,126	$	10,077	$	4,377	$	5,700	$	702.16		0.6	%		1.1	%		0.2	%		1.0	%
Kentucky		624	$	5,815	$	2,050	$	3,765	$	740.73		6.1	%		2.6	%		8.0	%		7.1	%
Texas		400	$	4,610	$	1,859	$	2,751	$	913.38		7.7	%		0.7	%		13.0	%		6.5	%
Alabama		408	$	4,149	$	1,740	$	2,409	$	754.27		3.3	%		1.8	%		4.5	%		3.6	%
Virginia		296	$	3,555	$	1,284	$	2,271	$	912.53		0.7	%		0.6	%		0.8	%		0.8	%
North Carolina		240	$	1,874	$	770	$	1,104	$	587.82		2.5	%		2.5	%		2.5	%		4.8	%
Secondary Markets Total		20,017	$	193,138	$	80,271	$	112,867	$	747.66		3.2	%		1.4	%		4.5	%		3.8	%
Total Same Store		40,609	$	419,863	$	174,285	$	245,578	$	798.92		4.7	%		2.2	%		6.6	%		5.0	%

MAA February 6, 2013 Supplemental Data S-7

EBITDA AND BALANCE SHEET RATIOS

Dollars in thousands

	Three Months
	Ended
	December 31,			Trailing
	2012			4 Quarters
Net income attributable to MAA	$	22,307		$	105,223
Depreciation and amortization		33,449			126,136
Interest expense		15,773			58,751
Loss on debt extinguishment		659			654
Amortization of deferred financing costs		941			3,552
Net casualty gain and other settlement proceeds		(23	)		(42	)
Gain on sale of non-depreciable or non-real estate assets		-			(45	)
Depreciation of discontinued operations		93			2,507
Gain on sale of discontinued operations		(3,161	)		(41,635	)
EBITDA	$	70,038		$	255,101

	Three Months Ended
	December 31,
	2012			2011
EBITDA/Debt Service		4.13	x		3.68	x
Fixed Charge Coverage(1)		4.44	x		3.88	x
Total Debt/Total Market Capitalization (2)		37.0	%		39.2	%
Total Debt/Total Gross Assets		44.1	%		47.1	%
Total Net Debt(3)/Total Gross Assets		43.9	%		45.5	%
Total Net Debt(3)/EBITDA		6.53	x		7.47	x
Unencumbered Assets/Total Gross Assets		52.5	%		30.5	%

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

⁽²⁾ Total Market Capitalization equals the total number of shares of common stock and units at period end times the closing stock price at period end plus total debt outstanding.

⁽³⁾ Total Net Debt equals Total Debt less Cash and Cash Equivalents.

CREDIT RATINGS

	Rating	Outlook
Fitch Ratings(4)	BBB	Stable
Moody's Investors Service(5)	Baa2	Stable
Standard & Poor's Ratings Service(4)	BBB-	Positive

⁽⁴⁾ Corporate credit rating assigned to Mid-America Apartment Communities, Inc. and its primary operating partnership, Mid-America Apartments, LP.

⁽⁵⁾ Corporate credit rating assigned to Mid-America Apartments, LP, the primary operating partnership of Mid-America Apartment Communities, Inc.

MAA February 6, 2013 Supplemental Data S-8

DEBT AS OF DECEMBER 31, 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	$	831,382		3.8		5.0	%
Conventional - Variable Rate - Capped (1)(2)		213,136		3.1		1.0	%
Tax-free - Variable Rate - Capped(1)		90,515		3.2		0.9	%
Total Secured Fixed or Hedged Rate Debt		1,135,033		3.6		4.0	%
Conventional - Variable Rate		55,815		0.2		0.7	%
Total Secured Debt		1,190,848		3.4		3.8	%
Unsecured Debt
Fixed Rate or Swapped		460,000		7.1		3.8	%
Variable Rate		23,000		-		1.5	%
Total Unsecured Debt		483,000		6.8		3.7	%
Total Debt	$	1,673,848		4.4		3.8	%
Total Fixed or Hedged Debt	$	1,595,033		4.6		3.9	%

⁽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 embedded cap at a 7% all-in interest rate.

OTHER SUMMARIES

						Effective			Years to
			Percent of			Interest			Rate
Floating Versus Fixed Rate or Hedged Debt	Balance		Total			Rate			Maturity
Fixed rate or swapped debt	$	1,291,382		77.2	%		4.6	%		5.0
Capped debt		303,651		18.1	%		1.0	%		3.1
Floating (unhedged) debt		78,815		4.7	%		0.9	%		0.1
Total	$	1,673,848		100.0	%		3.8	%		4.4

						Effective			Years to
			Percent of			Interest			Contract
Secured Versus Unsecured Debt	Balance		Total			Rate			Maturity
Unsecured debt	$	483,000		28.9	%		3.7	%		6.9
Secured debt		1,190,848		71.1	%		3.8	%		5.2
Total	$	1,673,848		100.0	%		3.8	%		5.7

	Total		Percent of			4Q12		Percent of
Unencumbered Versus Encumbered Assets	Cost		Total			NOI		Total
Unencumbered gross assets	$	1,990,671		52.5	%	$	39,051		49.0	%
Encumbered gross assets		1,800,870		47.5	%		40,584		51.0	%
Total	$	3,791,541		100.0	%	$	79,635		100.0	%

MAA February 6, 2013 Supplemental Data S-9

DEBT AS OF DECEMBER 31, 2012continued

Dollars in thousands

OUTSTANDING BALANCES

							Average
	Available				Remaining		Years to
	Credit		Amount		Available		Contract
	Limit		Borrowed		Capacity		Maturity
Fannie Mae Credit Facilities	$	605,019	$	605,019	$	-		5.7
Freddie Mac Credit Facilities		198,247		198,247	$	-		1.5
Other Secured Borrowings		387,582		387,582	$	-		6.5
Unsecured Credit Facility		323,637		23,000	$	300,637		2.8
Other Unsecured Debt		460,000		460,000	$	-		7.1
Total Debt	$	1,974,485	$	1,673,848	$	300,637		5.7

DEBT MATURITIES OF OUTSTANDING BALANCES

	Credit Facility Amounts Borrowed
	Secured				Unsecured		Other		Other
Maturity	Fannie Mae		Freddie Mac		Facility		Secured		Unsecured		Total
2013	$	-	$	-	$	-	$	-	$	-	$	-
2014		153,721		198,247		-		16,312		-	$	368,280
2015		120,000		-		23,000		50,777		-	$	193,777
2016		80,000		-		-		-		-	$	80,000
2017		80,000		-		-		60,855		168,000	$	308,855
Thereafter		171,298		-		-		259,638		292,000	$	722,936
Total	$	605,019	$	198,247	$	23,000	$	387,582	$	460,000	$	1,673,848

FIXED OR HEDGED INTEREST RATE MATURITIES

	Fixed		Interest		Total					Interest		Total		Average
	Rate		Rate		Fixed Rate		Contract			Rate		Fixed or		Years to
Maturity	Debt		Swaps		Balances		Rate			Caps		Hedged		Maturity
2013	$	-	$	190,000	$	190,000		5.2	%	$	7,945	$	197,945
2014		16,312		144,000		160,312		5.7	%		59,631	$	219,943
2015		35,577		75,000		110,577		5.6	%		55,200	$	165,777
2016		-		-		-		0.0	%		89,280	$	89,280
2017		128,855		150,000		278,855		2.7	%		66,595	$	345,450
Thereafter		551,638		-		551,638		4.7	%		25,000	$	576,638
Total	$	732,382	$	559,000	$	1,291,382		4.5	%	$	303,651	$	1,595,033		4.6

MAA February 6, 2013 Supplemental Data S-10

JOINT VENTURE OPERATIONS

Dollars in thousands

OPERATING DATA (MAA'S PRO-RATA SHARE)

	Three Months Ended,						Twelve Months Ended,
	December 31,						December 31,
	2012			2011			2012			2011
Property revenues	$	1,701		$	2,126		$	7,210		$	8,143
Property operating expenses		819			1,009			3,519			4,020
Net Operating Income		882			1,117			3,691			4,123
Interest expense		452			574			1,897			2,200
Depreciation and amortization		450			556			1,895			2,272
Other		33			50			122			244
Total Other Expenses		935			1,180			3,914			4,716
Gain (loss) from real estate joint ventures	$	(53	)	$	(63	)	$	(223	)	$	(593	)

BALANCE SHEET DATA

	December 31,			December 31,
	2012			2011
Gross real estate assets	$	149,790		$	195,069
Accumulated depreciation		(17,354	)		(14,882	)
Real estate assets, net		132,436			180,187
Other assets		7,266			7,552
Total assets		139,702			187,739
Notes payable		106,081			131,012
Other liabilities		6,208			7,128
Total liabilities		112,289			138,140
Member's equity		27,413			49,599
Total liabilities and member's equity	$	139,702		$	187,739
MAA's investment in real estate joint venture	$	4,837		$	17,006
MAA's pro-rata share of joint venture debt	$	35,357		$	43,666
MAA's pro-rata share of joint venture gross real estate assets	$	49,925		$	65,016
Percent of MAA wholly owned gross real estate assets		1	%		2	%

COMMUNITY DATA(as of end of period)

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

MAA February 6, 2013 Supplemental Data S-11

2013 GUIDANCE

	Full Year
	2013 Guidance
Results:
FFO per Share – diluted	$4.73 to $4.93
Midpoint	$4.83
AFFO per Share - diluted	$4.06 to $4.26
Same Store Communities:
Number of Units	41,682
Property Revenue Growth	4% to 5%
Property Operating Expense Growth	3.5% to 4.5%
Property NOI Growth	4% to 6%
Real Estate Tax Expense Growth	5.5% to 6.5%
Physical Occupancy	95% to 96%
Transaction/Investment Volume:
Acquisition Volume (wholly-owned)	$250 to $300 million
Acqusition Expenses	$1.5 to $2 million
Disposition Volume (wholly-owned)	$150 to $160 million
Development Investment	$40 to $50 million
Debt:
Average Interest Rate	3.8% to 4.0%
Capitalized Interest	$1 to $1.5 million
Leverage (Total Debt/Total Gross Assets)	43% to 45%
Unencumbered Asset Pool (Percent of Total Gross Assets)	55% to 60%
Corporate Expenses:
General and administrative and property management expenses	$37 to $38 million

MAA provides guidance on FFO per Share but does not forecast net income available for common shareholders per diluted share. It is not possible to reasonably predict the timing and certainty of acquisitions and dispositionsthat would materially affect depreciation, capital gains or losses 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 FFO.