Mid-America Apartment Communities 8K MAA Reports Second Quarter Results | MAA 31 Jul 13

MAA

July 31, 2013

Supplemental Data S-1

MULTIFAMILY COMMUNITIES AND UNITS

Dollars in thousands

MULTIFAMILY COMMUNITIES

	Number of Units										Number of Communities
	2013				2012						2013				2012
	Jun 30⁽¹⁾		Mar 31		Dec 31		Sept 30		Jun 30		Jun 30⁽²⁾		Mar 31		Dec 31		Sept 30		Jun 30
Same store communities		41,682		41,682		40,609		40,609		40,609		138		138		136		136		136
Stabilized non-same store communities		4,969		5,697		6,460		6,700		6,206		18		21		22		23		24
Development communities		564		774		774		1,220		1,220		2		2		2		3		3
Lease-up communities		1,210		740		740		-		-		3		2		2		-		-
Wholly-owned communities		48,425		48,893		48,583		48,529		48,035		161		163		162		162		163
Joint venture communities		1,156		1,472		1,782		1,782		1,782		4		5		6		6		6
Total Multifamily communities		49,581		50,365		50,365		50,311		49,817		165		168		168		168		169

⁽¹⁾ The Number of Units for Development Communities includes 468 units which have not yet been delivered and are unavailablefor occupancy.

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

DEVELOPMENT PIPELINE

0.9% of Multifamily Gross Assets

		Units as of June 30, 2013
		Total to		Available						Estimated Cost				Cost		Construction			Initial	Expected
	MSA	be Built		to Occupy		Occupied		Leased		Total		per Unit		to Date			Start	Finish	Occupancy	Stabilized
River's Walk	Charleston		270		96		72		145	$	33,400	$	124	$	27,100		1Q12	4Q13	2Q13	4Q14
220 Riverside	Jacksonville		294		-		-		-	$	40,400	$	137	$	10,700		4Q12	4Q14	3Q14	4Q15
Total			564		96		72		145	$	73,800	$	131	$	37,800

LEASE-UP COMMUNITIES
4.1% of Multifamily Gross Assets		As of June 30, 2013
		Total		Percent			Estimated Cost				Cost		Construction	Expected
	MSA	Units		Occupied			Total		per Unit		to Date		Finished	Stabilized
Ridge at Chenal Valley	Little Rock		312		89	%	$	29,200	$	94	$	29,100	3Q12	4Q13
Cool Springs	Nashville		428		90	%	$	56,400	$	132	$	56,300	4Q12	4Q13
1225 South Church Phase II	Charlotte		210		57	%	$	27,500	$	131	$	27,100	2Q13	1Q14
Station Square at Cosner's Corner	Fredericksburg		260		79	%		N/A		N/A		N/A	N/A	4Q13
Total			1,210		82	%	$	113,100	$	119	$	112,500

DEVELOPMENT AND LEASE-UP OPERATING DATA

	2013				2012
	Jun 30		Mar 31		Dec 31		Sept 30		Jun 30
Revenue from development communities	$	99	$	48	$	2	$	1,649	$	771
Revenue from lease-up communities		3,406		2,422		2,139		-		-
Total development and lease-up revenues		3,505		2,470		2,141		1,649		771

Operating expenses from development communities		111		85		7		593		379
Operating expenses from lease-up communities		1,109		828		618		-		-
Total development and lease-up operating expenses		1,220		913		625		593		379

Total development and lease-up NOI	$	2,285	$	1,557	$	1,516	$	1,056	$	392
Number of communities represented⁽³⁾		5		4		4		3		3

⁽³⁾

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

July 31, 2013

Supplemental Data S-2

MULTIFAMILY COMMUNITY STATISTICS

Dollars in thousands except Average Effective Rent

														Average
														Effective
				As of June 30, 2013										Rent for the
								Percent to						Three Months
				Completed		Gross		Total of Gross			Physical			Ended
				Units		Real Assets		Real Assets			Occupancy			Jun 30, 2013

Dallas, TX					4,810	$	361,458		9.3	%		95.8	%	$	912.26
Atlanta, GA					2,998	$	303,544		7.8	%		95.5	%	$	951.03
Jacksonville, FL					3,322	$	245,301		6.3	%		96.5	%	$	875.71
Nashville, TN					2,779	$	229,141		5.9	%		97.4	%	$	914.06
Houston, TX					2,909	$	222,436		5.8	%		96.5	%	$	917.27
Austin, TX					2,255	$	179,744		4.7	%		96.8	%	$	949.03
Raleigh/Durham, NC					1,549	$	160,314		4.1	%		95.7	%	$	947.04
Tampa, FL					1,786	$	130,861		3.4	%		96.5	%	$	950.30
Phoenix, AZ					1,024	$	115,803		3.0	%		94.2	%	$	787.40
Orlando, FL					682	$	65,585		1.7	%		94.6	%	$	932.32
South Florida					480	$	56,093		1.5	%		94.0	%	$	1,406.34
Charlotte, NC					196	$	27,332		0.7	%		95.4	%	$	1,204.11
Large Markets					24,790	$	2,097,612		54.2	%		96.1	%	$	928.37

Memphis, TN					3,305	$	195,092		5.0	%		96.4	%	$	770.04
San Antonio, TX					1,176	$	112,206		2.9	%		96.1	%	$	987.50
Greenville, SC					1,748	$	92,559		2.4	%		96.2	%	$	689.35
Columbus, GA					1,509	$	86,646		2.2	%		93.8	%	$	761.59
Little Rock, AR					1,056	$	79,521		2.1	%		95.1	%	$	826.22
Savannah, GA					782	$	72,694		1.9	%		95.5	%	$	926.77
Jackson, MS					1,241	$	67,138		1.7	%		96.9	%	$	804.89
Lexington, KY					924	$	65,632		1.7	%		96.2	%	$	788.79
Norfolk, Hampton, VA Beach, VA					536	$	55,489		1.4	%		95.9	%	$	1,071.63
Kansas City, MO					323	$	52,168		1.4	%		96.9	%	$	1,193.74
Tallahassee, FL					604	$	46,334		1.2	%		96.2	%	$	916.08
Augusta, GA/Aiken, SC					912	$	45,568		1.2	%		95.7	%	$	697.62
Birmingham, AL					440	$	44,243		1.1	%		97.0	%	$	1,009.84
Charleston, SC					488	$	44,165		1.1	%		97.5	%	$	1,003.79
Chattanooga, TN					943	$	43,668		1.1	%		96.1	%	$	739.16
Richmond, VA					300	$	42,093		1.1	%		97.0	%	$	1,237.06
Macon, GA					694	$	42,097		1.1	%		96.5	%	$	749.28
All Other Secondary Markets by State (individual markets <$40MM gross real assets)
Florida					1,874	$	126,126		3.3	%		96.7	%	$	807.59
Georgia					1,073	$	63,301		1.6	%		97.1	%	$	703.00
Alabama					752	$	48,480		1.3	%		94.4	%	$	741.02
Virginia					232	$	39,273		1.0	%		96.1	%	$	1,365.10
Tennessee					665	$	38,002		1.0	%		94.1	%	$	694.36
South Carolina					576	$	34,414		0.9	%		94.8	%	$	755.35
Kentucky					624	$	33,704		0.9	%		95.4	%	$	772.40
North Carolina					240	$	9,675		0.2	%		94.6	%	$	580.82
Secondary Markets					23,017	$	1,580,288		40.8	%		96.0	%	$	813.19

Subtotal					47,807	$	3,677,900		95.0	%		96.1	%	$	872.91

		Total
		Units
Nashville, TN	Large		428		428	$	56,321		1.5	%		90.0	%	$	1,456.79
Charleston, SC	Secondary		270		96	$	27,049		0.7	%		76.6	%	$	891.93
Little Rock, AR	Secondary		312		312	$	29,183		0.8	%		88.8	%	$	1,023.14
Charlotte, NC	Large		210		210	$	27,068		0.7	%		57.1	%	$	1,076.12
Jacksonville, FL	Large		294		-	$	9,591		0.2	%		N/A			N/A
Fredericksburg, VA	Secondary		260		260	$	44,297		1.1	%		79.2	%	$	1,131.43
Lease-up and Development			1,774		1,306	$	193,509		5.0	%		81.3	%	$	1,185.69

Total Multifamily Communities			49,581		49,113	$	3,871,409		100.0	%		95.7	%	$	881.23

MAA

July 31, 2013

Supplemental Data S-3

SAME STORE SUMMARY

Dollars in thousands

	Comparison to Prior Year
					Percent							Percent
	2Q13		2Q12		Change			YTD 2013		YTD 2012		Change
Revenues	$	115,684	$	110,803		4.4	%	$	229,729	$	219,704		4.6	%
Expense		46,742		45,446		2.9	%		91,983		90,436		1.7	%
NOI	$	68,942	$	65,357		5.5	%	$	137,746	$	129,268		6.6	%

	Comparison to Prior Quarter
					Percent
	2Q13		1Q13		Change
Revenues	$	115,684	$	114,045		1.4	%
Expense		46,742		45,241		3.3	%
NOI	$	68,942	$	68,804		0.2	%

	Percent Change From
	Prior Year									Prior Quarter
	1Q13			2Q13			YTD13			1Q13			2Q13
Revenues		4.7	%		4.4	%		4.6	%		0.7	%		1.4	%
Expense		0.6	%		2.9	%		1.7	%		0.1	%		3.3	%
NOI		7.7	%		5.5	%		6.6	%		1.1	%		0.2	%

NOI BRIDGE

Dollars in thousands

	Three Months Ended									Six Months Ended
	6/30/13			3/31/13			6/30/12			6/30/13			6/30/12
NOI
Large market same store	$	37,793		$	37,755		$	35,376		$	75,548		$	69,975
Secondary market same store		31,149			31,049			29,981			62,198			59,293
Total same store		68,942			68,804			65,357			137,746			129,268
Non-same store		12,722			11,609			8,037			24,331			13,642
Total NOI		81,664			80,413			73,394			162,077			142,910
Held for sale NOI included above		(1,446	)		(1,743	)		(3,319	)		(3,189	)		(6,775	)
Management fee income		142			177			209			319			478
Depreciation and amortization		(32,730	)		(32,676	)		(30,246	)		(65,406	)		(59,228	)
Acquisition expense		(489	)		(10	)		(865	)		(499	)		(231	)
Property management expenses		(5,446	)		(5,331	)		(5,570	)		(10,777	)		(11,024	)
General and administrative expenses		(3,389	)		(3,239	)		(3,462	)		(6,628	)		(6,909	)
Merger related expenses		(5,737	)		-			-			(5,737	)		-
Interest and other non-property income		23			47			112			70			254
Interest expense		(15,271	)		(15,635	)		(14,073	)		(30,906	)		(28,058	)
(Loss) gain on debt extinguishment		-			(169	)		(15	)		(169	)		5
Amortization of deferred financing costs		(803	)		(804	)		(869	)		(1,607	)		(1,640	)
Net casualty gain (loss) and other settlement proceeds		439			16			2			455			(2	)
Loss on sale of non-depreciable or non-real estate assets		-			-			(3	)		-			(3	)
Gain (loss) from real estate joint ventures		47			54			(67	)		101			(98	)
Discontinued operations		44,024			905			14,244			44,929			24,861
Net income attributable to noncontrolling interests		(1,939	)		(825	)		(1,312	)		(2,764	)		(2,490	)
Net income attributable to MAA	$	59,089		$	21,180		$	28,160		$	80,269		$	52,050

MAA

July 31, 2013

Supplemental Data S-4

CURRENT PERIOD SAME STORE DETAILS

Dollars in thousands except Average Effective Rent per Unit and Average Total Revenue per Occupied Unit

SAME STORE CURRENT PERIOD ACTUALS As of June 30, 2013, unless otherwise noted

			Three Months Ended June 30, 2013
									Average		Average					Average
									Effective		Total Revenue		Average			Daily			Period End			Twelve
									Rent		per Occupied		Economic			Physical			Physical			Month
	Units		Revenue		Expense		NOI		per Unit		Unit		Occupancy			Occupancy			Occupancy			Turn Rate
Large Markets
Dallas, TX		4,560	$	13,460	$	5,544	$	7,916	$	912.33	$	1,031.58		93.9	%		95.4	%		95.8	%		57.2	%
Jacksonville, FL		3,202	$	8,903	$	3,441	$	5,462	$	882.14	$	967.60		94.1	%		95.8	%		96.4	%		55.0	%
Nashville, TN		2,779	$	8,275	$	3,092	$	5,183	$	914.06	$	1,036.39		94.1	%		95.8	%		97.4	%		58.8	%
Atlanta, GA		2,109	$	6,080	$	2,426	$	3,654	$	871.21	$	1,013.57		93.2	%		94.8	%		96.3	%		52.3	%
Houston, TX		2,281	$	6,763	$	3,046	$	3,717	$	905.46	$	1,028.17		94.1	%		96.1	%		96.5	%		60.5	%
Raleigh/Durham, NC		1,549	$	4,744	$	1,646	$	3,098	$	947.04	$	1,074.51		93.9	%		95.0	%		95.7	%		54.3	%
Austin, TX		1,776	$	5,367	$	2,451	$	2,916	$	904.16	$	1,044.38		95.3	%		96.5	%		96.6	%		56.1	%
Phoenix, AZ		1,024	$	2,648	$	1,195	$	1,453	$	787.40	$	910.85		92.7	%		94.6	%		94.2	%		63.2	%
Tampa, FL		1,552	$	4,766	$	1,975	$	2,791	$	931.93	$	1,071.76		94.3	%		95.5	%		96.8	%		48.1	%
South Florida		480	$	2,032	$	832	$	1,200	$	1,406.34	$	1,498.39		91.6	%		94.2	%		94.0	%		48.1	%
Orlando, FL		288	$	682	$	279	$	403	$	792.31	$	839.27		90.3	%		94.0	%		93.1	%		50.0	%
Large Markets Total		21,600	$	63,720	$	25,927	$	37,793	$	910.02	$	1,029.63		93.9	%		95.5	%		96.2	%		56.0	%

Secondary Markets
Memphis, TN		3,305	$	8,126	$	3,319	$	4,807	$	770.04	$	862.84		92.6	%		95.0	%		96.4	%		53.3	%
Greenville, SC		1,748	$	3,983	$	1,672	$	2,311	$	689.35	$	793.13		94.1	%		95.8	%		96.2	%		58.0	%
Little Rock, AR		1,056	$	2,682	$	1,028	$	1,654	$	826.22	$	903.75		92.5	%		93.7	%		95.1	%		53.3	%
Savannah, GA		782	$	2,284	$	830	$	1,454	$	926.77	$	1,033.94		92.7	%		94.1	%		95.5	%		64.2	%
Jackson, MS		1,241	$	3,280	$	1,225	$	2,055	$	804.89	$	913.58		94.3	%		96.4	%		96.9	%		57.0	%
Lexington, KY		924	$	2,266	$	886	$	1,380	$	788.79	$	863.49		92.2	%		94.7	%		96.2	%		58.9	%
Columbus, GA		1,008	$	2,642	$	1,070	$	1,572	$	828.50	$	950.10		89.4	%		92.0	%		91.6	%		68.4	%
San Antonio, TX		740	$	2,175	$	1,025	$	1,150	$	911.25	$	1,017.06		94.8	%		96.3	%		96.1	%		75.3	%
Birmingham, AL		440	$	1,450	$	577	$	873	$	1,009.84	$	1,145.09		93.6	%		95.9	%		97.0	%		61.8	%
Charleston, SC		488	$	1,604	$	600	$	1,004	$	1,003.79	$	1,135.51		95.5	%		96.4	%		97.5	%		62.3	%
Chattanooga, TN		943	$	2,356	$	1,111	$	1,245	$	739.16	$	875.83		93.8	%		95.1	%		96.1	%		58.9	%
Richmond, VA		300	$	1,146	$	327	$	819	$	1,237.06	$	1,333.09		93.3	%		95.5	%		97.0	%		53.7	%
Fredericksburg, VA		232	$	983	$	284	$	699	$	1,365.10	$	1,488.99		94.1	%		94.9	%		96.1	%		49.6	%
Gainesville, FL		468	$	1,377	$	489	$	888	$	933.35	$	1,025.95		93.9	%		95.6	%		98.3	%		44.9	%
Jackson, TN		665	$	1,472	$	690	$	782	$	694.36	$	772.02		93.6	%		95.5	%		94.1	%		62.0	%
Columbia, SC		576	$	1,433	$	664	$	769	$	755.35	$	872.68		91.4	%		95.0	%		94.8	%		59.7	%
Augusta, GA/Aiken, SC		640	$	1,502	$	657	$	845	$	727.67	$	831.85		92.4	%		94.1	%		95.3	%		63.9	%
Huntsville, AL		544	$	1,270	$	551	$	719	$	725.37	$	832.75		89.7	%		93.4	%		93.9	%		57.9	%
Warner Robins, GA		504	$	1,237	$	468	$	769	$	740.09	$	859.95		92.0	%		95.1	%		97.0	%		57.5	%
All Other Secondary Markets by State (individual markets <$30MM gross real assets)
Florida		1,710	$	4,370	$	1,721	$	2,649	$	779.92	$	887.07		93.9	%		96.0	%		96.2	%		58.9	%
Kentucky		624	$	1,492	$	499	$	993	$	772.40	$	846.83		92.5	%		94.1	%		95.4	%		56.9	%
Georgia		400	$	955	$	383	$	572	$	733.03	$	838.70		92.2	%		94.8	%		97.8	%		54.0	%
Virginia		296	$	887	$	324	$	563	$	933.83	$	1,055.05		90.3	%		94.7	%		95.9	%		66.9	%
Alabama		208	$	532	$	229	$	303	$	781.97	$	890.39		94.3	%		95.8	%		95.7	%		53.8	%
North Carolina		240	$	460	$	186	$	274	$	580.82	$	704.15		89.3	%		90.7	%		94.6	%		64.6	%
Secondary Markets Total		20,082	$	51,964	$	20,815	$	31,149	$	804.58	$	908.19		92.9	%		95.0	%		95.9	%		58.6	%
Total Same Store		41,682	$	115,684	$	46,742	$	68,942	$	859.22	$	971.29		93.4	%		95.2	%		96.0	%		57.2	%

MAA

July 31, 2013

Supplemental Data S-5

SAME STORE GROWTH DETAILS

SAME STORE PERCENT CHANGE TO THREE MONTHS ENDED JUNE 30, 2013

FROM THREE MONTHS ENDED MARCH 31, 2013 (PRIOR QUARTER) AND THREE MONTHS ENDED JUNE 30, 2012 (PRIOR YEAR)

																			Quarterly Average						Period End
	Revenue						Expense						NOI						Effective Rent						Physical Occupancy
	Prior			Prior			Prior			Prior			Prior			Prior			Prior			Prior			Prior			Prior
	Quarter			Year			Quarter			Year			Quarter			Year			Quarter			Year			Quarter			Year
Large Markets
Dallas, TX		0.8	%		4.8	%		1.4	%		1.6	%		0.4	%		7.2	%		1.2	%		5.2	%		-0.3	%		-0.1	%
Jacksonville, FL		1.2	%		5.2	%		4.7	%		0.4	%		-1.0	%		8.4	%		1.7	%		4.5	%		-0.8	%		-0.1	%
Nashville, TN		2.8	%		6.5	%		7.0	%		-0.1	%		0.5	%		10.8	%		1.6	%		7.0	%		1.6	%		0.2	%
Atlanta, GA		3.5	%		4.4	%		-1.2	%		3.1	%		6.8	%		5.3	%		0.6	%		3.5	%		2.4	%		2.2	%
Houston, TX		1.9	%		6.6	%		5.3	%		7.6	%		-0.7	%		5.7	%		1.7	%		6.2	%		0.4	%		-1.1	%
Raleigh/Durham, NC		0.9	%		5.4	%		3.8	%		2.2	%		-0.6	%		7.2	%		1.7	%		5.0	%		-0.1	%		-1.2	%
Austin, TX		1.7	%		9.1	%		4.8	%		11.1	%		-0.7	%		7.6	%		2.0	%		7.2	%		-0.7	%		-0.2	%
Phoenix, AZ		0.2	%		3.2	%		7.8	%		5.8	%		-5.3	%		1.3	%		-0.1	%		1.7	%		-1.8	%		0.0	%
Tampa, FL		1.5	%		4.5	%		3.5	%		-0.9	%		0.2	%		8.6	%		1.3	%		4.1	%		0.8	%		1.3	%
South Florida		2.3	%		1.1	%		9.9	%		15.1	%		-2.4	%		-6.7	%		1.2	%		4.5	%		-1.5	%		-1.5	%
Orlando, FL		-0.1	%		0.1	%		8.1	%		-0.7	%		-5.2	%		0.8	%		0.8	%		4.4	%		-2.4	%		-2.4	%
Large Markets Total		1.6	%		5.3	%		3.9	%		3.3	%		0.1	%		6.8	%		1.4	%		5.2	%		0.1	%		0.0	%

Secondary Markets
Memphis, TN		-0.1	%		1.8	%		-8.3	%		-4.6	%		6.5	%		6.8	%		1.0	%		2.3	%		-0.6	%		0.1	%
Greenville, SC		2.2	%		6.0	%		3.1	%		3.9	%		1.4	%		7.6	%		1.7	%		4.4	%		-0.2	%		0.9	%
Little Rock, AR		-0.3	%		1.3	%		-0.7	%		4.6	%		-0.1	%		-0.7	%		0.4	%		2.6	%		-0.1	%		-1.8	%
Savannah, GA		1.3	%		3.4	%		7.2	%		-1.1	%		-1.8	%		6.2	%		0.6	%		2.9	%		0.9	%		-0.4	%
Jackson, MS		2.9	%		5.6	%		5.8	%		2.0	%		1.2	%		7.8	%		2.2	%		3.7	%		-0.2	%		1.3	%
Lexington, KY		1.8	%		2.9	%		12.4	%		5.7	%		-4.0	%		1.1	%		0.8	%		4.9	%		1.6	%		0.5	%
Columbus, GA		0.0	%		1.1	%		4.5	%		1.5	%		-2.8	%		0.8	%		-0.6	%		-0.9	%		-3.8	%		-2.3	%
San Antonio, TX		3.2	%		3.9	%		20.6	%		20.0	%		-8.5	%		-7.3	%		1.4	%		0.2	%		-1.6	%		0.5	%
Birmingham, AL		5.5	%		-0.1	%		3.6	%		4.2	%		6.7	%		-2.7	%		2.6	%		-0.9	%		0.5	%		-0.2	%
Charleston, SC		2.1	%		5.2	%		10.7	%		5.3	%		-2.4	%		5.1	%		0.6	%		4.0	%		2.0	%		2.7	%
Chattanooga, TN		0.8	%		3.6	%		14.9	%		13.9	%		-9.2	%		-4.2	%		0.7	%		4.3	%		0.5	%		-1.0	%
Richmond, VA		3.5	%		5.1	%		-1.8	%		4.5	%		5.8	%		5.4	%		0.9	%		3.9	%		3.3	%		3.0	%
Fredericksburg, VA		1.9	%		7.8	%		3.6	%		10.9	%		1.2	%		6.6	%		0.3	%		5.5	%		2.6	%		-0.9	%
Gainesville, FL		1.8	%		4.4	%		-0.4	%		-7.2	%		3.0	%		12.1	%		1.1	%		3.5	%		2.6	%		0.9	%
Jackson, TN		1.2	%		3.6	%		0.3	%		-0.7	%		2.0	%		7.7	%		1.5	%		3.7	%		-3.0	%		-0.2	%
Columbia, SC		2.1	%		4.6	%		-1.3	%		4.7	%		5.3	%		4.5	%		2.1	%		4.8	%		-0.9	%		-0.2	%
Augusta, GA/Aiken, SC		0.9	%		0.3	%		3.3	%		3.8	%		-0.8	%		-2.3	%		0.8	%		1.1	%		1.3	%		-0.6	%
Huntsville, AL		-1.0	%		1.3	%		5.2	%		7.0	%		-5.3	%		-2.7	%		1.9	%		3.5	%		-0.4	%		-1.3	%
Warner Robins, GA		-1.0	%		1.0	%		0.0	%		-2.9	%		-1.5	%		3.5	%		-0.1	%		-0.2	%		0.4	%		2.6	%
All Other Secondary Markets by State (individual markets <$30MM gross real assets)
Florida		2.6	%		5.5	%		0.6	%		1.4	%		3.9	%		8.4	%		1.6	%		3.4	%		-1.1	%		1.9	%
Kentucky		0.7	%		3.4	%		1.4	%		-3.1	%		0.4	%		7.0	%		1.6	%		5.5	%		0.5	%		-1.6	%
Georgia		-1.1	%		4.3	%		3.5	%		-4.3	%		-4.0	%		10.9	%		0.7	%		2.4	%		0.5	%		1.0	%
Virginia		-1.9	%		1.5	%		0.3	%		4.2	%		-3.1	%		0.0	%		1.1	%		2.3	%		-0.3	%		-0.3	%
Alabama		0.9	%		-0.7	%		18.0	%		14.5	%		-9.0	%		-9.8	%		0.2	%		0.8	%		-1.9	%		-2.9	%
North Carolina		-3.4	%		1.1	%		3.3	%		-7.9	%		-7.4	%		8.3	%		-2.9	%		-0.5	%		2.9	%		-2.5	%
Secondary Markets Total		1.2	%		3.3	%		2.6	%		2.4	%		0.3	%		3.9	%		1.1	%		2.8	%		-0.2	%		0.1	%
Total Same Store		1.4	%		4.4	%		3.3	%		2.9	%		0.2	%		5.5	%		1.2	%		4.1	%		0.0	%		0.1	%

MAA

July 31, 2013

Supplemental Data S-6

SAME STORE YEAR TO DATE

Dollars in thousands except Average Effective Rent

SAME STORE YEAR TO DATE ACTUALS

											Percent Change From
			Six Months Ended June 30, 2013								Six Months Ended June 30, 2012
									Average											Average
									Effective											Effective
	Units		Revenue		Expense		NOI		Rent		Revenue			Expense			NOI			Rent
Large Markets
Dallas, TX		4,560	$	26,816	$	11,012	$	15,804	$	907.09		5.7	%		0.8	%		9.5	%		5.7	%
Jacksonville, FL		3,202	$	17,704	$	6,727	$	10,977	$	874.71		5.1	%		0.2	%		8.3	%		4.2	%
Nashville, TN		2,779	$	16,322	$	5,981	$	10,341	$	906.69		6.3	%		1.0	%		9.7	%		7.2	%
Atlanta, GA		2,109	$	11,956	$	4,882	$	7,074	$	868.61		3.3	%		4.4	%		2.5	%		3.9	%
Houston, TX		2,281	$	13,400	$	5,938	$	7,462	$	898.06		6.8	%		3.4	%		9.7	%		6.2	%
Raleigh/Durham, NC		1,549	$	9,445	$	3,231	$	6,214	$	939.20		6.6	%		1.4	%		9.6	%		5.4	%
Austin, TX		1,776	$	10,643	$	4,790	$	5,853	$	895.40		9.6	%		6.9	%		12.0	%		7.6	%
Phoenix, AZ		1,024	$	5,292	$	2,304	$	2,988	$	787.63		3.8	%		2.1	%		5.2	%		2.8	%
Tampa, FL		1,552	$	9,461	$	3,884	$	5,577	$	926.11		4.3	%		0.5	%		7.1	%		4.4	%
South Florida		480	$	4,019	$	1,589	$	2,430	$	1,398.12		1.7	%		9.4	%		-2.8	%		4.5	%
Orlando, FL		288	$	1,365	$	537	$	828	$	789.22		-0.2	%		-1.5	%		0.6	%		4.9	%
Large Markets Total		21,600	$	126,423	$	50,875	$	75,548	$	903.92		5.6	%		2.2	%		8.0	%		5.4	%

Secondary Markets
Memphis, TN		3,305	$	16,259	$	6,939	$	9,320	$	766.27		2.3	%		-1.9	%		5.7	%		2.7	%
Greenville, SC		1,748	$	7,882	$	3,293	$	4,589	$	683.64		5.6	%		2.1	%		8.3	%		4.8	%
Little Rock, AR		1,056	$	5,373	$	2,063	$	3,310	$	824.42		1.8	%		4.9	%		-0.1	%		2.7	%
Savannah, GA		782	$	4,538	$	1,604	$	2,934	$	923.83		3.1	%		-4.8	%		8.0	%		3.9	%
Jackson, MS		1,241	$	6,469	$	2,383	$	4,086	$	796.15		4.7	%		1.7	%		6.5	%		3.6	%
Lexington, KY		924	$	4,492	$	1,674	$	2,818	$	785.56		3.4	%		-0.2	%		5.7	%		5.4	%
Columbus, GA		1,008	$	5,283	$	2,094	$	3,189	$	831.03		0.9	%		0.0	%		1.6	%		0.5	%
San Antonio, TX		740	$	4,282	$	1,875	$	2,407	$	905.18		3.6	%		8.6	%		0.0	%		0.5	%
Birmingham, AL		440	$	2,825	$	1,134	$	1,691	$	997.13		0.2	%		5.3	%		-2.9	%		-0.2	%
Charleston, SC		488	$	3,175	$	1,142	$	2,033	$	1,000.75		4.4	%		-0.3	%		7.3	%		4.0	%
Chattanooga, TN		943	$	4,694	$	2,078	$	2,616	$	736.75		4.5	%		7.0	%		2.6	%		4.9	%
Richmond, VA		300	$	2,253	$	660	$	1,593	$	1,231.25		5.5	%		4.3	%		6.1	%		4.4	%
Fredericksburg, VA		232	$	1,948	$	558	$	1,390	$	1,363.11		6.8	%		7.1	%		6.7	%		6.0	%
Gainesville, FL		468	$	2,730	$	980	$	1,750	$	928.12		4.2	%		-7.0	%		11.7	%		3.6	%
Jackson, TN		665	$	2,927	$	1,378	$	1,549	$	689.08		3.6	%		1.0	%		6.2	%		4.0	%
Columbia, SC		576	$	2,836	$	1,337	$	1,499	$	747.71		3.9	%		5.3	%		2.7	%		4.6	%
Augusta, GA/Aiken, SC		640	$	2,990	$	1,293	$	1,697	$	724.74		0.4	%		1.7	%		-0.5	%		1.2	%
Huntsville, AL		544	$	2,553	$	1,075	$	1,478	$	718.64		3.5	%		3.9	%		3.3	%		3.0	%
Warner Robins, GA		504	$	2,486	$	936	$	1,550	$	740.48		0.8	%		-1.4	%		2.2	%		0.8	%
All Other Secondary Markets by State (individual markets <$30MM gross real assets)
Florida		1,710	$	8,631	$	3,432	$	5,199	$	773.72		4.7	%		0.8	%		7.5	%		3.6	%
Kentucky		624	$	2,973	$	991	$	1,982	$	766.38		4.4	%		-2.0	%		7.8	%		5.6	%
Georgia		400	$	1,921	$	753	$	1,168	$	730.44		6.3	%		-4.9	%		15.1	%		2.3	%
Virginia		296	$	1,791	$	647	$	1,144	$	928.55		2.1	%		3.9	%		1.1	%		2.6	%
Alabama		208	$	1,059	$	423	$	636	$	781.33		-1.6	%		4.4	%		-5.2	%		1.1	%
North Carolina		240	$	936	$	366	$	570	$	589.39		1.7	%		-3.9	%		5.8	%		1.8	%
Secondary Markets Total		20,082	$	103,306	$	41,108	$	62,198	$	800.37		3.3	%		1.1	%		4.9	%		3.2	%
Total Same Store		41,682	$	229,729	$	91,983	$	137,746	$	854.03		4.6	%		1.7	%		6.6	%		4.4	%

MAA

July 31, 2013

Supplemental Data S-7

EBITDA AND BALANCE SHEET RATIOS

Dollars in thousands

	Three Months
	Ended
	June 30,			Trailing
	2013			4 Quarters
Net income attributable to MAA	$	59,089		$	133,442
Depreciation and amortization		32,730			129,329
Interest expense		15,271			61,194
Loss on debt extinguishment		-			828
Amortization of deferred financing costs		803			3,519
Net casualty gain and other settlement proceeds		(435	)		(551	)
Gain on sale of non-depreciable or non-real estate assets		-			(48	)
Depreciation of discontinued operations		466			3,242
Gain on sale of discontinued operations		(43,121	)		(62,374	)
EBITDA	$	64,803		$	268,581

	Three Months Ended
	June 30,
	2013			2012
EBITDA/Debt Service		3.88	x		4.13	x
Fixed Charge Coverage⁽¹⁾		4.24	x		4.41	x
Total Debt/Total Capitalization⁽²⁾		36.0	%		35.2	%
Total Debt/Total Gross Assets		43.4	%		44.1	%
Total Net Debt⁽³⁾/Total Gross Assets		43.2	%		43.5	%
Total Net Debt⁽³⁾/EBITDA		6.27	x		6.71	x
Unencumbered Assets/Total Gross Assets		56.4	%		48.6	%

⁽¹⁾

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

⁽²⁾

Total Capitalization equals the 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 Services⁽⁴⁾	BBB	Stable

⁽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 ofMid-America Apartment Communities, Inc.

MAA	July 31, 2013	Supplemental Data S-8
DEBT AS OF JUNE 30, 2013
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	$	722,759		3.8		4.9	%
Conventional - Variable Rate - Capped⁽¹⁾⁽²⁾		213,136		2.7		0.9	%
Tax-free - Variable Rate - Capped⁽¹⁾		89,615		3.1		0.9	%
Total Secured Fixed or Hedged Rate Debt		1,025,510		3.5		3.7	%
Conventional - Variable Rate		81,031		0.2		0.7	%
Total Secured Debt		1,106,541		3.3		3.5	%
Unsecured Debt
Fixed Rate or Swapped		460,000		6.6		3.8	%
Variable Rate		125,000		0.1		1.4	%
Total Unsecured Debt		585,000		5.2		3.3	%
Total Debt	$	1,691,541		4.0		3.5	%

Total Fixed or Hedged Debt	$	1,485,510		4.5		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 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	$	1,182,759		69.9	%		4.5	%		4.9
Capped debt		302,751		17.9	%		0.9	%		2.8
Floating (unhedged) debt		206,031		12.2	%		1.2	%		0.1
Total	$	1,691,541		100.0	%		3.5	%		4.0

						Effective			Years to
			Percent of			Interest			Contract
Secured Versus Unsecured Debt	Balance		Total			Rate			Maturity
Unsecured debt	$	585,000		34.6	%		3.3	%		5.7
Secured debt		1,106,541		65.4	%		3.5	%		5.0
Total	$	1,691,541		100.0	%		3.5	%		5.2

	Total		Percent of			2Q13		Percent of
Unencumbered Versus Encumbered Assets	Cost		Total			NOI		Total
Unencumbered gross assets	$	2,200,937		56.4	%	$	43,304		53.1	%
Encumbered gross assets		1,698,578		43.6	%		38,185		46.9	%
Total	$	3,899,515		100.0	%	$	81,489		100.0	%

MAA	July 31, 2013	Supplemental Data S-9
DEBT AS OF JUNE 30, 2013 continued
Dollars in thousands

OUTSTANDING BALANCES

							Average
	Available				Remaining		Years to
	Credit		Amount		Available		Contract
	Limit		Borrowed		Capacity		Maturity
Fannie Mae Credit Facilities	$	529,335	$	504,335	$	25,000		5.9
Freddie Mac Credit Facilities		198,247		198,247	$	-		1.0
Other Secured Borrowings		403,959		403,959	$	-		5.8
Unsecured Credit Facility		323,637		125,000	$	198,637		2.3
Other Unsecured Debt		460,000		460,000	$	-		6.6
Term Loan		250,000		-	$	250,000		1.0
Total Debt	$	2,165,178	$	1,691,541	$	473,637		5.2

DEBT MATURITIES OF OUTSTANDING BALANCES

		Credit Facility Amounts Borrowed
		Secured				Unsecured		Other		Other
Maturity		Fannie Mae		Freddie Mac		Facility		Secured		Unsecured		Term Loan		Total
	2013	$	-	$	-	$	-	$	-	$	-	$	-	$	-
	2014		53,720		198,247		-		34,876		-		-	$	286,843
	2015		120,000		-		125,000		35,187		-		-	$	280,187
	2016		80,000		-		-		15,200		-		-	$	95,200
	2017		80,000		-		-		60,180		168,000		-	$	308,180
	Thereafter		170,615		-		-		258,516		292,000		-	$	721,131
	Total	$	504,335	$	198,247	$	125,000	$	403,959	$	460,000	$	-	$	1,691,541

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
	2013	$	-	$	65,000	$	65,000		5.2	%	$	-	$	65,000
	2014		34,876		144,000	��	178,876		5.1	%		59,532	$	238,408
	2015		35,187		75,000		110,187		5.6	%		55,200	$	165,387
	2016		-		-		-		0.0	%		89,280	$	89,280
	2017		128,180		150,000		278,180		2.7	%		65,813	$	343,993
	Thereafter		550,516		-		550,516		4.7	%		32,926	$	583,442
	Total	$	748,759	$	434,000	$	1,182,759		4.4	%	$	302,751	$	1,485,510		4.5

MAA	July 31, 2013	Supplemental Data S-10
JOINT VENTURE OPERATIONS
Dollars in thousands

OPERATING DATA (MAA'S PRO-RATA SHARE)

	Three Months Ended,					Six Months Ended,
	June 30,					June 30,
	2013		2012			2013		2012
Property revenues	$	1,224	$	1,674		$	2,744	$	3,826
Property operating expenses		561		832			1,228		1,869
Net Operating Income		663		842			1,516		1,957

Interest expense		315		439			713		997
Depreciation and amortization		282		442			664		1,000
Other		19		28			38		58
Total Other Expenses		616		909			1,415		2,055
Gain (loss) from real estate joint ventures	$	47	$	(67	)	$	101	$	(98	)

BALANCE SHEET DATA

	June 30,			December 31,
	2013			2012
Gross real estate assets	$	86,299		$	149,790
Accumulated depreciation		(7,813	)		(17,354	)
Real estate assets, net		78,486			132,436
Other assets		5,060			7,266
Total assets		83,546			139,702

Notes payable		69,249			106,081
Other liabilities		4,444			6,208
Total liabilities		73,693			112,289

Member's equity		9,853			27,413
Total liabilities and member's equity	$	83,546		$	139,702

MAA's investment in real estate joint venture	$	3,178		$	4,837
MAA's pro-rata share of joint venture debt	$	23,081		$	35,357
MAA's pro-rata share of joint venture gross real estate assets	$	28,763		$	49,925
Percent of MAA wholly owned gross real estate assets		1	%		1	%

COMMUNITY DATA(as of end of period)

	June 30,		December 31,
	2013		2012
Number of communities		4		6
Number of units		1,156		1,782

MAA	July 31, 2013	Supplemental Data S-11
2013 GUIDANCE
Excluding merger related expenses

		Updated
		Full Year
		2013 Guidance

Results:
FFO per Share - diluted		$4.83 to $5.03
Midpoint		$4.93
AFFO per Share - diluted		$4.21 to $4.41

Same Store Communities:
Number of Units		41,682
Property Revenue Growth		4% to 5%
Property Operating Expense Growth		3% to 4%
Property NOI Growth		4% to 6%
Real Estate Tax Expense Growth		6% to 7%
Physical Occupancy		95% to 96%

Transaction/Investment Volume:
Acquisition Volume (wholly-owned)		$225 to $275 million
Acqusition Expenses		$1.5 to $2.0 million
Disposition Volume (wholly-owned)		$140 to $150 million
Development Investment		$40 to $50 million

Debt:
Average Interest Rate		3.7% to 3.9%
Capitalized Interest		$1.5 to $2.0 million
Leverage (Total Net Debt/Total Gross Assets)		43% to 45%
Unencumbered Asset Pool (Percent of Total Gross Assets)		58% to 60%

Corporate Expenses:
General and administrative and property management expenses		$36 to $37 million

MAA provides guidance on FFO per Share but does not forecast net income available for common shareholdersper 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 noncontrollinginterests or to forecast extraordinary items, which, combined, generally represent the difference between netincome available for common shareholders and FFO.

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