Mid-America Apartment Communities 8K MAA Reports Third Quarter Results | MAA 6 Nov 13

MAA	November 6, 2013	Supplemental Data S-1

MULTIFAMILY COMMUNITIES AND UNITS
Dollars in thousands

MULTIFAMILY COMMUNITIES

	Number of Units										Number of Communities
	2013						2012				2013						2012
	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		41,682		41,682		41,682		40,609		40,609		138		138		138		136		136
Stabilized non-same store communities		4,549		4,969		5,697		6,460		6,700		15		18		21		22		23
Development communities		564		564		774		774		1,220		2		2		2		2		3
Lease-up communities		782		1,210		740		740		-		2		3		2		2		-
Wholly-owned communities		47,577		48,425		48,893		48,583		48,529		157		161		163		162		162
Joint venture communities		1,156		1,156		1,472		1,782		1,782		4		4		5		6		6
Total Multifamily communities		48,733		49,581		50,365		50,365		50,311		161		165		168		168		168

	⁽¹⁾The Number of Units for Development Communities includes 390 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

1.1% of Multifamily Gross Assets

		Units as of September 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		174		169		225	$	33,500	$	124	$	29,700	1Q12	4Q13	2Q13	2Q14
220 Riverside	Jacksonville		294		-		-		-	$	40,500	$	138	$	13,400	4Q12	4Q14	3Q14	4Q15
Total			564		174		169		225	$	74,000	$	131	$	43,100

LEASE-UP COMMUNITIES
2.7% of Multifamily Gross Assets		As of Sept 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		96	%	$	29,200	$	94	$	29,100	3Q12	4Q13
1225 South Church Phase II	Charlotte		210		99	%	$	27,500	$	131	$	27,100	2Q13	4Q13
Station Square at Cosner's Corner	Fredericksburg		260		91	%		N/A		N/A		N/A	N/A	4Q13
Total			782		95	%	$	56,700	$	109	$	56,200

DEVELOPMENT AND LEASE-UP OPERATING DATA

	2013						2012
	Sept 30		Jun 30		Mar 31		Dec 31		Sept 30
Revenue from development communities	$	609	$	99	$	48	$	2	$	1,649
Revenue from lease-up communities		2,575		3,406		2,422		2,139		-
Total development and lease-up revenues		3,184		3,505		2,470		2,141		1,649

Operating expenses from development communities		242		111		85		7		593
Operating expenses from lease-up communities		859		1,109		828		618		-
Total development and lease-up operating expenses		1,101		1,220		913		625		593

Total development and lease-up NOI	$	2,083	$	2,285	$	1,557	$	1,516	$	1,056
Number of communities represented⁽³⁾		4		5		4		4		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

November 6, 2013

Supplemental Data S-2

MULTIFAMILY COMMUNITY STATISTICS

Dollars in thousands except Average Effective Rent

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

Dallas, TX				4,810	$	362,468		9.4	%		96.4	%	$	929.86
Atlanta, GA				2,998	$	304,040		7.9	%		96.1	%	$	973.25
Nashville, TN				3,207	$	286,498		7.4	%		96.8	%	$	1,009.03
Jacksonville, FL				3,202	$	241,295		6.3	%		96.3	%	$	890.85
Houston, TX				2,909	$	221,920		5.8	%		96.3	%	$	938.41
Austin, TX				2,255	$	176,668		4.6	%		96.7	%	$	969.89
Raleigh/Durham, NC				1,549	$	160,741		4.2	%		95.4	%	$	962.66
Tampa, FL				1,786	$	131,379		3.4	%		96.1	%	$	956.57
Phoenix, AZ				1,024	$	116,028		3.0	%		94.0	%	$	785.53
Orlando, FL				682	$	65,841		1.7	%		95.9	%	$	946.62
South Florida				480	$	56,292		1.5	%		96.5	%	$	1,406.92
Charlotte, NC				196	$	27,342		0.7	%		94.4	%	$	1,219.12
Large Markets				25,098	$	2,150,512		55.9	%		96.2	%	$	954.64

Memphis, TN				3,305	$	196,456		5.1	%		96.9	%	$	767.66
San Antonio, TX				1,176	$	112,703		2.9	%		97.1	%	$	991.29
Greenville, SC				1,748	$	92,911		2.4	%		96.6	%	$	697.67
Columbus, GA				1,509	$	86,922		2.3	%		96.3	%	$	752.93
Little Rock, AR				1,056	$	80,143		2.1	%		97.6	%	$	813.52
Savannah, GA				782	$	72,907		1.9	%		94.4	%	$	943.35
Jackson, MS				1,241	$	68,141		1.8	%		97.2	%	$	812.05
Lexington, KY				924	$	65,815		1.7	%		96.1	%	$	805.90
Norfolk, Hampton, VA Beach, VA				536	$	55,767		1.4	%		98.3	%	$	1,071.70
Kansas City, MO				323	$	52,248		1.4	%		93.5	%	$	1,245.31
Tallahassee, FL				604	$	46,578		1.2	%		95.2	%	$	924.79
Birmingham, AL				440	$	44,443		1.2	%		96.6	%	$	1,023.36
Charleston, SC				488	$	44,393		1.2	%		95.5	%	$	1,011.75
Chattanooga, TN				943	$	44,002		1.0	%		95.7	%	$	743.84
Richmond, VA				300	$	42,189		1.0	%		95.7	%	$	1,255.74
Macon, GA				694	$	42,421		1.1	%		93.1	%	$	736.79
All Other Secondary Markets by State (individual markets <$40MM gross real assets)
Florida				1,874	$	126,799		3.3	%		96.9	%	$	822.80
Georgia				1,257	$	75,090		2.0	%		96.2	%	$	725.78
Alabama				752	$	48,775		1.3	%		97.2	%	$	742.41
Virginia				232	$	39,285		0.9	%		96.6	%	$	1,315.72
Tennessee				665	$	38,190		1.0	%		95.5	%	$	700.47
South Carolina				576	$	34,507		0.9	%		97.4	%	$	748.16
Kentucky				624	$	34,072		0.9	%		95.2	%	$	783.96
North Carolina				240	$	9,680		0.3	%		97.1	%	$	598.68
Secondary Markets				22,289	$	1,554,437		40.3	%		96.4	%	$	822.10

Subtotal				47,387	$	3,704,949		96.2	%		96.3	%	$	892.30
		Total
		Units
Charleston, SC	Secondary	270		174	$	29,665		0.8	%		76.6	%	$	1,233.68
Little Rock, AR	Secondary	312		312	$	29,217		0.8	%		96.5	%	$	1,033.57
Charlotte, NC	Large	210		210	$	27,081		0.7	%		98.6	%	$	938.19
Jacksonville, FL	Large	294		-	$	12,284		0.3	%		N/A			N/A
Fredericksburg, VA	Secondary	260		260	$	44,318		1.2	%		90.8	%	$	1,289.25
Lease-up and Development		1,346		956	$	142,565		3.8	%		91.8	%	$	1,118.58

Total Multifamily Communities		48,733		48,343	$	3,847,514		100.0	%		96.2	%	$	896.78

MAA

November 6, 2013

Supplemental Data S-3

SAME STORE SUMMARY

Dollars in thousands

	Comparison to Prior Year
					Percent							Percent
	3Q13		3Q12		Change			YTD 2013		YTD 2012		Change
Revenues	$	117,167	$	112,611		4.0	%	$	346,896	$	332,315		4.4	%
Expense		48,659		47,095		3.3	%		140,642		137,531		2.3	%
NOI	$	68,508	$	65,516		4.6	%	$	206,254	$	194,784		5.9	%

	Comparison to Prior Quarter
					Percent
	3Q13		2Q13		Change
Revenues	$	117,167	$	115,684		1.3	%
Expense		48,659		46,742		4.1	%
NOI	$	68,508	$	68,942		-0.6	%

	Percent Change From												Percent Change From
	Prior Year												Prior Quarter
	1Q13			2Q13			3Q13			YTD13			1Q13			2Q13			3Q13
Revenues		4.7	%		4.4	%		4.0	%		4.4	%		0.7	%		1.4	%		1.3	%
Expense		0.6	%		2.9	%		3.3	%		2.3	%		0.1	%		3.3	%		4.1	%
NOI		7.7	%		5.5	%		4.6	%		5.9	%		1.1	%		0.2	%		-0.6	%

NOI BRIDGE

Dollars in thousands

	Three Months Ended									Nine Months Ended
	9/30/13			6/30/13			9/30/12			9/30/13			9/30/12

NOI
Large market same store	$	38,159		$	37,793		$	35,700		$	113,707		$	105,675
Secondary market same store		30,349			31,149			29,816			92,547			89,109
Total same store		68,508			68,942			65,516			206,254			194,784
Non-same store		12,470			12,722			9,015			36,798			22,657
Total NOI		80,978			81,664			74,531			243,052			217,441
Held for sale NOI included above		(837	)		(2,241	)		(2,839	)		(5,655	)		(11,198	)
Management fee income		146			142			209			465			687
Depreciation and amortization		(33,000	)		(32,456	)		(30,979	)		(97,883	)		(89,701	)
Acquisition expense		-			(489	)		(1,343	)		(499	)		(1,574	)
Property management expenses		(5,193	)		(5,446	)		(5,460	)		(15,970	)		(16,484	)
General and administrative expenses		(3,976	)		(3,389	)		(3,527	)		(10,604	)		(10,436	)
Merger related expenses		(5,561	)		(5,737	)		-			(11,298	)		-
Integration related expenses		(35	)		-			-			(35	)		-
Interest and other non-property income		16			23			89			86			343
Interest expense		(14,941	)		(15,208	)		(14,530	)		(45,715	)		(42,428	)
(Loss) gain on debt extinguishment		(218	)		-			-			(387	)		5
Amortization of deferred financing costs		(820	)		(803	)		(971	)		(2,427	)		(2,611	)
Net casualty gain (loss) and other settlement proceeds		-			439			(22	)		455			(24	)
Gain on sale of non-depreciable
or non-real estate assets		-			-			48			-			45
Gain (loss) from real estate joint ventures		60			47			(72	)		161			(170	)
Discontinued operations		29,437			44,482			16,944			75,343			42,723
Net income attributable to noncontrolling interests		(1,772	)		(1,939	)		(1,212	)		(4,536	)		(3,702	)
Net income attributable to MAA	$	44,284		$	59,089		$	30,866		$	124,553		$	82,916

MAA

November 6, 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 September 30, 2013, unless otherwise noted

			Three Months Ended September 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	$	13,835	$	5,857	$	7,978	$	930.12	$	1,056.53		94.5	%		95.7	%		96.3	%		58.5	%
Jacksonville, FL		3,202	$	8,972	$	3,544	$	5,428	$	890.85	$	982.43		92.8	%		95.1	%		96.3	%		55.0	%
Nashville, TN		2,779	$	8,454	$	3,166	$	5,288	$	935.69	$	1,051.59		94.3	%		96.4	%		96.7	%		59.7	%
Atlanta, GA		2,109	$	6,191	$	2,493	$	3,698	$	891.93	$	1,021.73		93.3	%		95.8	%		96.3	%		51.6	%
Houston, TX		2,281	$	6,912	$	3,087	$	3,825	$	926.15	$	1,046.76		94.6	%		96.5	%		96.2	%		60.8	%
Raleigh/Durham, NC		1,549	$	4,813	$	1,708	$	3,105	$	962.66	$	1,090.31		93.5	%		95.0	%		95.4	%		53.7	%
Austin, TX		1,776	$	5,464	$	2,457	$	3,007	$	923.56	$	1,062.42		95.4	%		96.5	%		96.6	%		56.9	%
Phoenix, AZ		1,024	$	2,622	$	1,187	$	1,435	$	785.53	$	916.86		90.9	%		93.1	%		94.0	%		63.0	%
Tampa, FL		1,552	$	4,804	$	2,025	$	2,779	$	938.82	$	1,081.19		93.9	%		95.4	%		96.1	%		48.8	%
South Florida		480	$	2,049	$	804	$	1,245	$	1,406.92	$	1,500.64		91.3	%		94.8	%		96.5	%		51.3	%
Orlando, FL		288	$	707	$	336	$	371	$	805.42	$	872.88		91.4	%		93.7	%		94.1	%		53.1	%
Large Markets Total		21,600	$	64,823	$	26,664	$	38,159	$	925.36	$	1,046.13		93.8	%		95.6	%		96.2	%		56.5	%

Secondary Markets
Memphis, TN		3,305	$	8,147	$	3,867	$	4,280	$	767.66	$	863.76		92.5	%		95.1	%		96.9	%		55.0	%
Greenville, SC		1,748	$	4,037	$	1,684	$	2,353	$	697.67	$	804.92		93.5	%		95.6	%		96.6	%		57.2	%
Little Rock, AR		1,056	$	2,741	$	1,084	$	1,657	$	813.52	$	908.44		93.2	%		95.3	%		97.6	%		50.3	%
Savannah, GA		782	$	2,320	$	864	$	1,456	$	943.35	$	1,045.22		92.4	%		94.6	%		94.4	%		62.5	%
Jackson, MS		1,241	$	3,293	$	1,273	$	2,020	$	812.05	$	922.83		93.5	%		95.9	%		97.2	%		55.9	%
Lexington, KY		924	$	2,336	$	902	$	1,434	$	805.90	$	883.37		93.2	%		95.4	%		96.1	%		55.0	%
Columbus, GA		1,008	$	2,597	$	1,096	$	1,501	$	816.68	$	928.07		88.6	%		92.5	%		95.1	%		68.8	%
San Antonio, TX		740	$	2,171	$	1,038	$	1,133	$	912.07	$	1,018.42		93.8	%		96.0	%		96.8	%		75.4	%
Birmingham, AL		440	$	1,434	$	521	$	913	$	1,023.36	$	1,131.81		92.1	%		96.0	%		96.6	%		57.7	%
Charleston, SC		488	$	1,640	$	615	$	1,025	$	1,011.75	$	1,163.09		94.5	%		96.3	%		95.5	%		69.7	%
Chattanooga, TN		943	$	2,360	$	1,044	$	1,316	$	743.84	$	875.23		93.8	%		95.3	%		95.7	%		57.2	%
Richmond, VA		300	$	1,172	$	332	$	840	$	1,255.74	$	1,358.58		94.4	%		95.8	%		95.7	%		60.3	%
Fredericksburg, VA		232	$	988	$	305	$	683	$	1,315.72	$	1,477.53		94.5	%		96.0	%		96.6	%		53.9	%
Gainesville, FL		468	$	1,422	$	584	$	838	$	959.19	$	1,033.35		95.7	%		98.0	%		97.4	%		41.5	%
Jackson, TN		665	$	1,476	$	720	$	756	$	700.47	$	789.95		91.5	%		93.7	%		95.5	%		63.9	%
Columbia, SC		576	$	1,451	$	721	$	730	$	748.16	$	880.07		90.9	%		95.4	%		97.4	%		60.9	%
Augusta, GA/Aiken, SC		640	$	1,528	$	681	$	847	$	723.31	$	838.54		93.0	%		94.9	%		94.8	%		67.5	%
Huntsville, AL		544	$	1,296	$	633	$	663	$	724.25	$	841.59		91.1	%		94.4	%		97.6	%		57.9	%
Warner Robins, GA		504	$	1,226	$	486	$	740	$	729.88	$	859.93		90.2	%		94.3	%		97.8	%		61.5	%
All Other Secondary Markets by State (individual markets <$30MM gross real assets)
Florida		1,710	$	4,368	$	1,786	$	2,582	$	792.95	$	894.96		92.8	%		95.1	%		96.5	%		60.2	%
Kentucky		624	$	1,513	$	552	$	961	$	783.96	$	848.95		92.8	%		95.2	%		95.2	%		55.8	%
Georgia		400	$	898	$	438	$	460	$	729.45	$	818.21		85.9	%		91.5	%		92.5	%		51.8	%
Virginia		296	$	919	$	347	$	572	$	923.80	$	1,074.10		92.1	%		96.4	%		98.6	%		68.2	%
Alabama		208	$	530	$	219	$	311	$	789.88	$	883.27		92.5	%		96.1	%		96.2	%		53.4	%
North Carolina		240	$	481	$	203	$	278	$	598.68	$	692.86		94.6	%		96.5	%		97.1	%		59.6	%
Secondary Markets Total		20,082	$	52,344	$	21,995	$	30,349	$	807.70	$	913.12		92.6	%		95.2	%		96.4	%		58.7	%

Total Same Store		41,682	$	117,167	$	48,659	$	68,508	$	868.67	$	982.21		93.3	%		95.4	%		96.3	%		57.6	%

MAA

November 6, 2013

Supplemental Data S-5

SAME STORE GROWTH DETAILS

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

FROM THREE MONTHS ENDED JUNE 30, 2013 (PRIOR QUARTER) AND THREE MONTHS ENDED SEPTEMBER 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		2.8	%		5.4	%		5.6	%		1.0	%		0.8	%		9.0	%		1.9	%		5.3	%		0.5	%		-0.1	%
Jacksonville, FL		0.8	%		4.0	%		3.0	%		3.3	%		-0.6	%		4.4	%		1.0	%		4.3	%		-0.1	%		-1.0	%
Nashville, TN		2.2	%		5.9	%		2.4	%		-1.3	%		2.0	%		10.8	%		2.4	%		6.4	%		-0.7	%		0.3	%
Atlanta, GA		1.8	%		5.8	%		2.8	%		1.7	%		1.2	%		8.7	%		2.4	%		4.3	%		0.0	%		1.0	%
Houston, TX		2.2	%		6.2	%		1.3	%		6.7	%		2.9	%		5.8	%		2.3	%		6.1	%		-0.3	%		1.0	%
Raleigh/Durham, NC		1.5	%		4.1	%		3.8	%		2.5	%		0.2	%		5.0	%		1.6	%		3.7	%		-0.3	%		-0.4	%
Austin, TX		1.8	%		6.6	%		0.2	%		6.4	%		3.1	%		6.7	%		2.1	%		6.9	%		0.0	%		-0.9	%
Phoenix, AZ		-1.0	%		1.5	%		-0.7	%		3.2	%		-1.2	%		0.1	%		-0.2	%		1.7	%		-0.2	%		-0.6	%
Tampa, FL		0.8	%		4.0	%		2.5	%		-0.2	%		-0.4	%		7.4	%		0.7	%		3.5	%		-0.7	%		0.6	%
South Florida		0.8	%		3.6	%		-3.4	%		1.4	%		3.8	%		5.1	%		0.0	%		2.6	%		2.5	%		0.7	%
Orlando, FL		3.7	%		3.5	%		20.4	%		23.5	%		-7.9	%		-9.7	%		1.7	%		4.5	%		1.0	%		-3.1	%
Large Markets Total		1.7	%		5.0	%		2.8	%		2.5	%		1.0	%		6.9	%		1.7	%		4.9	%		0.0	%		0.0	%

Secondary Markets
Memphis, TN		0.3	%		1.9	%		16.5	%		11.5	%		-11.0	%		-5.4	%		-0.3	%		0.5	%		0.5	%		1.2	%
Greenville, SC		1.4	%		5.5	%		0.7	%		-0.6	%		1.8	%		10.4	%		1.2	%		3.7	%		0.4	%		0.5	%
Little Rock, AR		2.2	%		2.2	%		5.4	%		3.5	%		0.2	%		1.3	%		-1.5	%		-0.4	%		2.5	%		1.0	%
Savannah, GA		1.6	%		3.0	%		4.1	%		5.5	%		0.1	%		1.6	%		1.8	%		2.7	%		-1.1	%		-0.4	%
Jackson, MS		0.4	%		6.3	%		3.9	%		2.7	%		-1.7	%		8.7	%		0.9	%		4.0	%		0.3	%		2.0	%
Lexington, KY		3.1	%		4.2	%		1.8	%		-0.3	%		3.9	%		7.3	%		2.2	%		3.8	%		-0.1	%		0.2	%
Columbus, GA		-1.7	%		-3.3	%		2.4	%		-0.1	%		-4.5	%		-5.5	%		-1.4	%		-2.2	%		3.5	%		-0.5	%
San Antonio, TX		-0.2	%		2.5	%		1.3	%		18.2	%		-1.5	%		-8.7	%		0.1	%		-0.4	%		0.7	%		0.2	%
Birmingham, AL		-1.1	%		-0.1	%		-9.7	%		-19.5	%		4.6	%		15.7	%		1.3	%		-0.2	%		-0.4	%		3.4	%
Charleston, SC		2.2	%		4.5	%		2.5	%		5.7	%		2.1	%		3.9	%		0.8	%		2.0	%		-2.0	%		-1.6	%
Chattanooga, TN		0.2	%		2.2	%		-6.0	%		3.9	%		5.7	%		0.9	%		0.6	%		2.6	%		-0.4	%		-1.0	%
Richmond, VA		2.3	%		3.9	%		1.5	%		-0.6	%		2.6	%		5.8	%		1.5	%		2.7	%		-1.3	%		1.0	%
Fredericksburg, VA		0.5	%		2.8	%		7.4	%		4.8	%		-2.3	%		1.9	%		-3.6	%		-1.7	%		0.5	%		0.9	%
Gainesville, FL		3.3	%		6.0	%		19.4	%		36.8	%		-5.6	%		-8.3	%		2.8	%		3.7	%		-0.9	%		3.2	%
Jackson, TN		0.3	%		2.6	%		4.3	%		-4.8	%		-3.3	%		10.7	%		0.9	%		3.7	%		1.4	%		-1.3	%
Columbia, SC		1.3	%		2.6	%		8.6	%		7.9	%		-5.1	%		-2.1	%		-1.0	%		1.4	%		2.6	%		-0.2	%
Augusta, GA/Aiken, SC		1.7	%		0.9	%		3.7	%		0.4	%		0.2	%		1.3	%		-0.6	%		-0.4	%		-0.5	%		0.3	%
Huntsville, AL		2.0	%		6.6	%		14.9	%		12.8	%		-7.8	%		1.2	%		-0.2	%		1.6	%		3.7	%		5.9	%
Warner Robins, GA		-0.9	%		2.5	%		3.8	%		-1.2	%		-3.8	%		5.1	%		-1.4	%		-1.9	%		0.8	%		1.4	%
All Other Secondary Markets by State (individual markets <$30MM gross real assets)
Florida		0.0	%		4.3	%		3.8	%		0.8	%		-2.5	%		6.9	%		1.7	%		3.8	%		0.3	%		0.8	%
Kentucky		1.4	%		2.6	%		10.6	%		4.9	%		-3.2	%		1.4	%		1.5	%		4.1	%		-0.2	%		-1.9	%
Georgia		-6.0	%		-1.9	%		14.4	%		-1.6	%		-19.6	%		-2.1	%		-0.5	%		0.0	%		-5.3	%		-0.8	%
Virginia		3.6	%		2.8	%		7.1	%		0.9	%		1.6	%		4.0	%		-1.1	%		1.3	%		2.7	%		-0.7	%
Alabama		-0.4	%		-0.6	%		-4.4	%		0.9	%		2.6	%		-1.6	%		1.0	%		1.3	%		0.5	%		-2.4	%
North Carolina		4.6	%		-0.4	%		9.1	%		2.5	%		1.5	%		-2.5	%		3.1	%		0.5	%		2.5	%		0.0	%
Secondary Markets Total		0.7	%		2.8	%		5.7	%		4.3	%		-2.6	%		1.8	%		0.4	%		1.6	%		0.5	%		0.6	%

Total Same Store		1.3	%		4.0	%		4.1	%		3.3	%		-0.6	%		4.6	%		1.1	%		3.4	%		0.3	%		0.3	%

MAA

November 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 September 30, 2013, unless otherwise noted

											Percent Change From
			Nine Months Ended September 30, 2013								Nine Months Ended September 30, 2012
									Average											Average
									Effective											Effective
	Units		Revenue		Expense		NOI		Rent		Revenue			Expense			NOI			Rent
Large Markets
Dallas, TX		4,560	$	40,651	$	16,869	$	23,782	$	914.77		5.6	%		0.8	%		9.3	%		5.5	%
Jacksonville, FL		3,202	$	26,676	$	10,271	$	16,405	$	880.09		4.7	%		1.3	%		7.0	%		4.2	%
Nashville, TN		2,779	$	24,776	$	9,147	$	15,629	$	916.36		6.2	%		0.2	%		10.0	%		7.0	%
Atlanta, GA		2,109	$	18,147	$	7,375	$	10,772	$	876.39		4.1	%		3.5	%		4.5	%		4.0	%
Houston, TX		2,281	$	20,312	$	9,025	$	11,287	$	907.43		6.6	%		4.5	%		8.4	%		6.1	%
Raleigh/Durham, NC		1,549	$	14,258	$	4,939	$	9,319	$	947.02		5.8	%		1.8	%		8.0	%		4.8	%
Austin, TX		1,776	$	16,107	$	7,247	$	8,860	$	904.79		8.6	%		6.7	%		10.1	%		7.3	%
Phoenix, AZ		1,024	$	7,914	$	3,491	$	4,423	$	786.93		3.0	%		2.5	%		3.5	%		2.4	%
Tampa, FL		1,552	$	14,265	$	5,909	$	8,356	$	930.35		4.2	%		0.3	%		7.2	%		4.1	%
South Florida		480	$	6,068	$	2,393	$	3,675	$	1,401.05		2.3	%		6.6	%		-0.3	%		3.8	%
Orlando, FL		288	$	2,072	$	873	$	1,199	$	794.62		1.0	%		6.9	%		-2.8	%		4.8	%
Large Markets Total		21,600	$	191,246	$	77,539	$	113,707	$	911.06		5.4	%		2.3	%		7.6	%		5.2	%

Secondary Markets
Memphis, TN		3,305	$	24,406	$	10,806	$	13,600	$	766.73		2.2	%		2.5	%		1.9	%		2.0	%
Greenville, SC		1,748	$	11,919	$	4,977	$	6,942	$	688.32		5.6	%		1.2	%		9.0	%		4.5	%
Little Rock, AR		1,056	$	8,114	$	3,147	$	4,967	$	820.79		1.9	%		4.4	%		0.4	%		1.7	%
Savannah, GA		782	$	6,858	$	2,468	$	4,390	$	930.34		3.1	%		-1.4	%		5.8	%		3.5	%
Jackson, MS		1,241	$	9,762	$	3,656	$	6,106	$	801.45		5.2	%		2.0	%		7.2	%		3.7	%
Lexington, KY		924	$	6,828	$	2,576	$	4,252	$	792.34		3.7	%		-0.3	%		6.2	%		4.8	%
Columbus, GA		1,008	$	7,880	$	3,190	$	4,690	$	826.25		-0.5	%		0.0	%		-0.8	%		-0.4	%
San Antonio, TX		740	$	6,453	$	2,913	$	3,540	$	907.48		3.2	%		11.8	%		-3.0	%		0.2	%
Birmingham, AL		440	$	4,259	$	1,655	$	2,604	$	1,005.88		0.1	%		-4.0	%		2.9	%		-0.2	%
Charleston, SC		488	$	4,815	$	1,757	$	3,058	$	1,004.42		4.5	%		1.7	%		6.1	%		3.3	%
Chattanooga, TN		943	$	7,054	$	3,122	$	3,932	$	739.11		3.7	%		5.9	%		2.1	%		4.1	%
Richmond, VA		300	$	3,425	$	992	$	2,433	$	1,239.42		5.0	%		2.6	%		6.0	%		3.8	%
Fredericksburg, VA		232	$	2,936	$	863	$	2,073	$	1,347.31		5.4	%		6.3	%		5.1	%		3.4	%
Gainesville, FL		468	$	4,152	$	1,564	$	2,588	$	938.48		4.8	%		5.6	%		4.4	%		3.7	%
Jackson, TN		665	$	4,403	$	2,098	$	2,305	$	692.88		3.3	%		-1.1	%		7.6	%		3.9	%
Columbia, SC		576	$	4,287	$	2,058	$	2,229	$	747.86		3.5	%		6.2	%		1.0	%		3.5	%
Augusta, GA/Aiken, SC		640	$	4,518	$	1,974	$	2,544	$	724.26		0.6	%		1.2	%		0.1	%		0.7	%
Huntsville, AL		544	$	3,849	$	1,708	$	2,141	$	720.51		4.5	%		7.0	%		2.6	%		2.5	%
Warner Robins, GA		504	$	3,712	$	1,422	$	2,290	$	736.95		1.4	%		-1.3	%		3.1	%		-0.1	%
All Other Secondary Markets by State (individual markets <$30MM gross real assets)
Florida		1,710	$	12,999	$	5,218	$	7,781	$	780.13		4.6	%		0.8	%		7.3	%		3.7	%
Kentucky		624	$	4,486	$	1,543	$	2,943	$	772.24		3.8	%		0.4	%		5.6	%		5.1	%
Georgia		400	$	2,819	$	1,191	$	1,628	$	730.11		3.6	%		-3.7	%		9.6	%		1.5	%
Virginia		296	$	2,710	$	994	$	1,716	$	926.97		2.3	%		2.8	%		2.1	%		2.2	%
Alabama		208	$	1,589	$	642	$	947	$	784.18		-1.2	%		3.2	%		-4.1	%		1.2	%
North Carolina		240	$	1,417	$	569	$	848	$	592.49		1.0	%		-1.7	%		2.9	%		1.4	%
Secondary Markets Total		20,082	$	155,650	$	63,103	$	92,547	$	802.81		3.2	%		2.2	%		3.9	%		2.7	%

Total Same Store		41,682	$	346,896	$	140,642	$	206,254	$	858.91		4.4	%		2.3	%		5.9	%		4.1	%

MAA

November 6, 2013

Supplemental Data S-7

EBITDA AND BALANCE SHEET RATIOS

Dollars in thousands

	Three Months
	Ended
	September 30,			Trailing
	2013			4 Quarters
Net income attributable to MAA	$	44,284		$	146,860
Depreciation and amortization		33,000			130,320
Interest expense		14,941			61,322
Loss on debt extinguishment		218			1,046
Amortization of deferred financing costs		820			3,368
Net casualty gain and other settlement proceeds		1			(473	)
Depreciation of discontinued operations		110			2,961
Gain on sale of discontinued operations		(28,788	)		(75,070	)
EBITDA		64,586			270,334
Acquisition expense		-			506
Merger related expenses		5,561			11,298
Integration related expenses		35			35
Mark-to-market debt adjustments		(442	)		(1,174	)
Recurring EBITDA	$	69,740		$	280,999

	Three Months Ended
	September 30,
	2013			2012
Recurring EBITDA/Debt Service		4.19	x		4.13	x
Fixed Charge Coverage⁽¹⁾		4.67	x		4.40	x
Total Debt/Total Capitalization⁽²⁾		40.1	%		37.4	%
Total Debt/Total Gross Assets		45.3	%		45.1	%
Total Net Debt⁽³⁾/Total Gross Assets		40.8	%		44.7	%
Total Net Debt⁽³⁾/Recurring EBITDA		5.98	x		6.96	x
Unencumbered Assets/Total Gross Assets		60.1	%		51.1	%

⁽¹⁾

Fixed charge coverage represents Recurring 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 of Mid-America Apartment Communities, Inc.

MAA

November 6, 2013

Supplemental Data S-8

DEBT AS OF SEPTEMBER 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	$	691,817		3.6		4.9	%
Conventional - Variable Rate - Capped⁽¹⁾⁽²⁾		213,136		2.4		0.9	%
Tax-free - Variable Rate - Capped⁽¹⁾		89,217		2.9		0.9	%
Total Secured Fixed or Hedged Rate Debt		994,170		3.3		3.7	%
Conventional - Variable Rate		56,032		0.2		0.7	%
Total Secured Debt		1,050,202		3.1		3.5	%
Unsecured Debt
Fixed Rate or Swapped		460,000		6.4		3.8	%
Variable Rate		350,000		0.1		1.3	%
Total Unsecured Debt		810,000		3.7		2.7	%
Total Debt	$	1,860,202		3.4		3.2	%

Total Fixed or Hedged Debt	$	1,454,170		4.3		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 5.6% 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	$	1,151,817		61.9	%		4.4	%		4.7
Capped debt		302,353		16.3	%		0.9	%		2.6
Floating (unhedged) debt		406,032		21.8	%		1.2	%		0.1
Total	$	1,860,202		100.0	%		3.2	%		3.4

						Effective			Years to
			Percent of			Interest			Contract
Secured Versus Unsecured Debt	Balance		Total			Rate			Maturity
Unsecured debt	$	810,000		43.5	%		2.7	%		5.3
Secured debt		1,050,202		56.5	%		3.5	%		4.8
Total	$	1,860,202		100.0	%		3.2	%		5.0

	Total		Percent of			3Q13		Percent of
Unencumbered Versus Encumbered Assets	Cost		Total			NOI		Total
Unencumbered gross assets	$	2,471,605		60.1	%	$	46,023		56.8	%
Encumbered gross assets		1,639,331		39.9	%		34,955		43.2	%
Total	$	4,110,936		100.0	%	$	80,978		100.0	%

MAA

November 6, 2013

Supplemental Data S-9

DEBT AS OF SEPTEMBER 30, 2013continued

Dollars in thousands

OUTSTANDING BALANCES

							Average
	Available				Remaining		Years to
	Credit		Amount		Available		Contract
	Limit		Borrowed		Capacity		Maturity
Fannie Mae Credit Facilities	$	453,938	$	453,938	$	-		6.1
Freddie Mac Credit Facilities		198,247		198,247		-		0.8
Other Secured Borrowings		398,017		398,017		-		5.4
Unsecured Credit Facility		498,637		350,000		148,637		3.9
Other Unsecured Debt		460,000		460,000		-		6.4
Term Loan		250,000		-		250,000		0.8
Total Debt	$	2,258,839	$	1,860,202	$	398,637		5.0

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		17,936		198,247		-		34,460		-		-		250,643
	2015		105,785		-		-		34,988		-		-		140,773
	2016		80,000		-		-		15,200		-		-		95,200
	2017		80,000		-		350,000		59,817		168,000		-		657,817
	Thereafter		170,217		-		-		253,552		292,000		-		715,769
	Total	$	453,938	$	198,247	$	350,000	$	398,017	$	460,000	$	-	$	1,860,202

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	$	-	$	40,000	$	40,000		4.8	%	$	-	$	40,000
	2014		34,460		144,000		178,460		5.1	%		59,494		237,954
	2015		34,988		75,000		109,988		5.6	%		40,000		149,988
	2016		-		-		-		-			104,480		104,480
	2017		127,817		150,000		277,817		2.7	%		65,511		343,328
	Thereafter		545,552		-		545,552		4.7	%		32,868		578,420
	Total	$	742,817	$	409,000	$	1,151,817		4.4	%	$	302,353	$	1,454,170		4.3

MAA

November 6, 2013

Supplemental Data S-10

JOINT VENTURE OPERATIONS

Dollars in thousands

OPERATING DATA (MAA'S PRO-RATA SHARE)

	Three Months Ended,					Nine Months Ended,
	September 30,					September 30,
	2013		2012			2013		2012
Property revenues	$	1,139	$	1,683		$	3,883	$	5,509
Property operating expenses		524		831			1,752		2,700
Net Operating Income		615		852			2,131		2,809

Interest expense		290		447			1,003		1,444
Depreciation and amortization		255		444			919		1,444
Other		10		33			48		91
Total Other Expenses		555		924			1,970		2,979
Gain (loss) from real estate joint ventures	$	60	$	(72	)	$	161	$	(170	)

BALANCE SHEET DATA

	September 30,			December 31,
	2013			2012
Gross real estate assets	$	86,545		$	149,790
Accumulated depreciation		(8,578	)		(17,354	)
Real estate assets, net		77,967			132,436
Other assets		5,205			7,266
Total assets		83,172			139,702

Notes payable		68,994			106,081
Other liabilities		3,843			6,208
Total liabilities		72,837			112,289

Member's equity		10,335			27,413
Total liabilities and member's equity	$	83,172		$	139,702

MAA's investment in real estate joint venture	$	3,237		$	4,837
MAA's pro-rata share of joint venture debt	$	22,996		$	35,357
MAA's pro-rata share of joint venture gross real estate assets	$	28,845		$	49,925
Percent of MAA wholly owned gross real estate assets		1	%		1	%

COMMUNITY DATA(as of end of period)

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

MAA

November 6, 2013

Supplemental Data S-11

UPDATED 2013 GUIDANCE

Excluding merger related expenses

COMBINED COMPANY

	Fourth Quarter 2013		Full Year 2013
Results:
Core FFO per Share - diluted		$1.09 to $1.19		$4.81 to $4.91
Midpoint		$1.14		$4.86
AFFO per Share - diluted		$0.98 to $1.08		$4.20 to $4.30

Estimated Average Diluted Shares / Units		79 to 79.5 million		53 to 53.5 million

Corporate Expenses:
General and administrative and property management expenses		$14.5 to $15.5 million		$41.5 to $42.5 million

Transaction/Investment Volume:
Acquisition Volume (wholly-owned)				$175 to $225 million
Disposition Volume (wholly-owned)				$131 million
Development Investment				$60 to $65 million

Debt:
Average Interest Rate				3.8% to 4.0%
Capitalized Interest				$1.75 to $2.25 million
Leverage (Total Net Debt/Total Gross Assets)				42% to 44%
Unencumbered Asset Pool (Percent of Total Gross Assets)				60% to 65%

LEGACY MAA

	Full Year 2013
Same Store Communities:
Number of Units		41,682
Property Revenue Growth		4% to 4.5%
Property Operating Expense Growth		3% to 3.5%
Property NOI Growth		4.5% to 5.5%
Real Estate Tax Expense Growth		7.5% to 8%
Physical Occupancy		95% to 96%

LEGACY COLONIAL PROPERTIES TRUST

	Fourth Quarter 2013
Portfolio:
Colonial Same Store Units		30,938
Colonial Same Store NOI		$52 to $54 million
Colonial Pro Forma Revenue Growth⁽¹⁾		3.25% to 3.75%
Colonial Pro Forma Expense Growth⁽¹⁾		4.75% to 5.25%
Colonial Pro Forma NOI Growth⁽¹⁾		2.5% to 3%
Colonial Non-Same Store and Lease-Up Units (wholly-owned)		3,432
Colonial Non-Same Store and Lease-Up NOI (wholly-owned)		$7 to $7.5 million
Colonial Commercial Property NOI		$2 to $2.5 million

Debt:
Colonial Debt Balance at September 30, 2013		$1.677 billion
Colonial Average Interest Rate at September 30, 2013		5.0%
Mark-to-Market Adjustment at Merger		$90 to $91 million
Projected Amortization of Debt MTM		$7 to $7.5 million

⁽¹⁾ Year over year fourth quarter growth as if owned in both periods.

MAA provides guidance on Core 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 dispositions that would materially affect depreciation, capital gains or losses, merger and acquisition expenses 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 Core FFO.

MAA

November 6, 2013

Supplemental Data S-12

UPDATED 2013 GUIDANCE

PRO FORMA CURRENT MULTIFAMILY DEVELOPMENTS (based on September 30, 2013 values)

Dollars in millions except Estimated Cost per Unit

		Total		Units		Cost		Estimated Cost
		Units		Delivered		to Date		to Complete		Total		Per Unit
Legacy MAA Developments
River's Walk	Charleston		270		174	$	29.7	$	3.8	$	33.5	$	124
220 Riverside	Jacksonville		294		-	$	13.4	$	27.1	$	40.5	$	138
			564		174	$	43.1	$	30.9	$	74.0	$	131

Legacy Colonial Properties Trust Developments
CR at South End	Charlotte		353		-	$	45.0	$	14.3	$	59.3	$	168
CG at Randal Lakes	Orlando		462		176	$	43.1	$	13.9	$	57.0	$	123
CG at Lake Mary Phase III	Orlando		132		-	$	6.0	$	10.1	$	16.1	$	122
CG at Bellevue Phase II	Nashville		220		-	$	6.3	$	23.8	$	30.1	$	137
			1,167		176	$	100.4	$	62.1	$	162.5	$	139

Total Current Multifamily Developments			1,731		350	$	143.5	$	93.0	$	236.5	$	137

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