Mid-America Apartment Communities 8K MAA Reports Fourth Quarter Results | MAA 5 Feb 14

MAA

February 5, 2014

Supplemental Data S-1

MULTIFAMILY COMMUNITIES AND UNITS

NUMBER OF MULTIFAMILY UNITS

	2013								2012
	Dec 31⁽¹⁾		Sept 30		Jun 30		Mar 31		Dec 31
MAA same store communities		41,682		41,682		41,682		41,682		40,609
Legacy-Colonial same store communities		30,938
Proforma same store communities		72,620

Stabilized non-same store communities		8,035		4,549		4,969		5,697		6,460
Active Development communities		1,461		564		564		774		774
Lease-up communities		1,033		782		1,210		740		740
Wholly-owned communities		83,149		47,577		48,425		48,893		48,583

Joint venture communities		1,444		1,156		1,156		1,472		1,782

Total Multifamily communities		84,593		48,733		49,581		50,365		50,365

⁽¹⁾ The Number of Units for Development Communities includes 952 units which have not yet been delivered and are unavailable for occupancy.

NUMBER OF MULTIFAMILY COMMUNITIES

	2013								2012
	Dec 31⁽²⁾		Sept 30		Jun 30		Mar 31		Dec 31
MAA same store communities		138		138		138		138		136
Legacy-Colonial same store communities		101
Proforma same store communities		239

Stabilized non-same store communities		26		15		18		21		22
Active Development communities		3		2		2		2		2
Lease-up communities		3		2		3		2		2
Wholly-owned communities		271		157		161		163		162

Joint venture communities		5		4		4		5		6

Total Multifamily communities		276		161		165		168		168

⁽²⁾ The Number of Communities excludes successive phases to eliminate duplication between categories.

MAA

February 5, 2014

Supplemental Data S-2

DEVELOPMENT, LEASE-UP AND COMMERCIAL

Dollars in thousands

MULTIFAMILY DEVELOPMENT PIPELINE

		Units as of December 31, 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

Active Multifamily Development(1.8% of Multifamily Gross Assets)
220 Riverside	Jacksonville, FL		294		-		-		-	$	40,500	$	138	$	17,200	4Q12	4Q14	3Q14	4Q15
CR at South End	Charlotte, NC		353		179		86		114	$	59,300	$	168	$	50,900	1Q12	1Q14	4Q13	1Q15
CG at Randal Lakes	Orlando, FL		462		330		111		125	$	57,000	$	123	$	49,800	2Q12	1Q14	3Q13	1Q15
CG at Lake Mary III	Orlando, FL		132		-		-		4	$	16,100	$	122	$	9,100	1Q13	2Q14	1Q14	3Q14
CG at Bellevue II	Nashville, TN		220		-		-		-	$	30,100	$	137	$	7,500	3Q13	4Q14	3Q14	2Q15
Total Active			1,461		509		197		243	$	203,000	$	139	$	134,500

MULTIFAMILY LEASE-UP COMMUNITIES

2.1% of Multifamily Gross Assets

As of Dec 31, 2013

Total

Percent

Construction

Expected

MSA

Units

Occupied

Finished

Stabilized

Station Square at Cosner's Corner

Fredericksburg, VA

260

N/A

1Q14

Season at Celebrate Virginia II

Fredericksburg, VA

251

N/A

2Q14

River's Walk

Charleston, SC

270

4Q13

1Q14

CR at Frisco Bridges

Dallas, TX

252

2Q13

2Q14

Total

1,033

ACTIVE MULTIFAMILY DEVELOPMENT AND LEASE-UP OPERATING DATA

	2013								2012
	Dec 31		Sept 30		Jun 30		Mar 31		Dec 31
Revenue from development communities	$	461	$	609	$	99	$	48	$	2
Revenue from lease-up communities		3,106		2,575		3,406		2,422		2,139
Total development and lease-up revenues		3,567		3,184		3,505		2,470		2,141

Operating expenses from development communities		485		242		111		85		7
Operating expenses from lease-up communities		926		859		1,109		828		618
Total development and lease-up operating expenses		1,411		1,101		1,220		913		625

Total development and lease-up NOI	$	2,156	$	2,083	$	2,285	$	1,557	$	1,516
Number of communities represented⁽³⁾		6		4		5		4		4

⁽³⁾ The Number of Communities Represented excludes one development and one lease-up community which are phases to existing communities. Values for the phases are included in the table.

COMMERCIAL PROPERTIES
							Square Feet (000s)							Base Rent
			Year	Ownership			Total				Physical			per Square
		MSA	Built	Percentage			Property		Owned		Occupancy			Foot
CC Brookwood Village	Office	Birmingham, AL	2007		100	%		170		170		98	%	$	31.66
Brookwood Village	Retail	Birmingham, AL	1973/91/00		100	%		604		372		83	%	$	24.10
CP Nord du Lac	Retail	New Orleans, LA	2010		100	%		283		196		97	%	$	21.83
CP Craft Farms	Retail	Gulf Shores, AL	2010		100	%		68		68		83	%	$	16.90
Land Title Building	Office	Birmingham, AL	1975		33	%		30		30		100	%	$	13.93

MAA

February 5, 2014

Supplemental Data S-3

TOTAL MULTIFAMILY COMBINED COMMUNITY STATISTICS

Dollars in thousands except Average Effective Rent

										Average
										Effective
		As of December 31, 2013								Rent for the
				Percent to						Three Months		As of December 31, 2013
		Gross		Total of Gross			Physical			Ended		Completed
		Real Assets		Real Assets			Occupancy			Dec 31, 2013		Units

Dallas, TX		$	818,072		10.8	%		95.0	%	$	910.99		9,938
Atlanta, GA		$	554,902		7.3	%		94.3	%	$	927.19		5,596
Austin, TX		$	550,214		7.3	%		94.7	%	$	943.83		5,838
Raleigh/Durham, NC		$	537,730		7.1	%		94.3	%	$	898.01		4,663
Charlotte, NC		$	538,374		7.0	%		95.7	%	$	863.18		4,862
Orlando, FL		$	381,524		5.0	%		95.8	%	$	1,020.20		3,058
Nashville, TN		$	330,951		4.4	%		95.4	%	$	1,004.17		3,556
Tampa, FL		$	293,200		3.9	%		95.8	%	$	992.11		2,878
Jacksonville, FL		$	241,897		3.2	%		95.7	%	$	893.60		3,202
Phoenix, AZ		$	231,630		3.1	%		95.4	%	$	839.59		1,976
Houston, TX		$	222,235		2.9	%		95.0	%	$	951.13		2,909
Las Vegas, NV		$	65,401		0.9	%		93.8	%	$	747.52		721
South Florida		$	56,476		0.7	%		93.1	%	$	1,422.99		480
Large Markets		$	4,822,606		63.6	%		95.1	%	$	929.83		49,677

Savannah, GA		$	218,141		2.9	%		94.4	%	$	886.79		2,219
Charleston, SC		$	218,012		2.9	%		95.9	%	$	875.83		2,378
Memphis, TN		$	197,320		2.6	%		95.7	%	$	766.66		3,305
Richmond, VA		$	183,585		2.4	%		96.0	%	$	888.61		1,668
Birmingham, AL		$	174,376		2.3	%		95.4	%	$	836.31		2,048
San Antonio, TX		$	112,867		1.5	%		95.3	%	$	994.81		1,176
Huntsville, AL		$	110,303		1.4	%		95.1	%	$	736.71		1,380
Little Rock, AR		$	109,694		1.4	%		96.0	%	$	872.79		1,368
Norfolk, Hampton, VA Beach, VA		$	96,136		1.3	%		94.5	%	$	958.17		1,033
Greenville, SC		$	93,130		1.2	%		92.7	%	$	707.37		1,748
Columbus, GA		$	76,116		1.0	%		90.3	%	$	775.28		1,293
All Other Secondary Markets by State (individual markets <1% gross real assets)
Florida		$	173,836		2.3	%		94.1	%	$	856.63		2,478
Georgia		$	117,985		1.6	%		94.6	%	$	729.03		1,951
Kentucky		$	100,175		1.3	%		93.5	%	$	789.51		1,548
Virginia		$	95,983		1.3	%		94.3	%	$	922.48		880
Tennessee		$	82,663		1.1	%		94.9	%	$	722.79		1,608
Alabama		$	73,928		1.0	%		94.8	%	$	723.07		1,029
North Carolina		$	68,689		0.9	%		96.1	%	$	651.90		1,172
Mississippi		$	68,467		0.9	%		94.3	%	$	815.24		1,241
Missouri		$	52,372		0.7	%		93.2	%	$	1,229.52		323
South Carolina		$	34,525		0.5	%		93.1	%	$	761.31		576
Secondary Markets		$	2,458,303		32.5	%		94.7	%	$	816.89		32,422

	Subtotal	$	7,280,909		96.1	%		94.9	%	$	885.23		82,099
														Total
														Units
Orlando, FL	Large	$	58,936		0.8	%		33.6	%	$	988.28		330	594
Charlotte, NC	Large	$	50,856		0.7	%		48.0	%	$	1,320.31		179	353
Dallas, TX	Large	$	36,531		0.5	%		65.9	%	$	1,043.01		252	252
Jacksonville, FL	Large	$	16,175		0.2	%		0.0	%	$	-		-	294
Nashville, TN	Large	$	7,452		0.1	%		0.0	%	$	-		-	220
Fredericksburg, VA	Secondary	$	89,461		1.2	%		83.6	%	$	1,181.43		511	511
Charleston, SC	Secondary	$	32,904		0.4	%		93.0	%	$	1,287.28		270	270
Lease-up and Development		$	292,315		3.9	%		67.5	%	$	1,145.06		1,542	2,494

Total Multifamily Communities		$	7,573,224		100.0	%		94.4	%	$	891.35		83,641	84,593

MAA

February 5, 2014

Supplemental Data S-4

SAME STORE SUMMARY

Dollars in thousands

					Percent
	4Q13		4Q12		Change
Revenues
MAA same store	$	116,817	$	113,241		3.2	%
Legacy-Colonial same store ⁽¹⁾		87,817		85,047		3.3	%
Proforma total same store revenues		204,634		198,288		3.2	%
Expense
MAA same store		46,559		45,201		3.0	%
Legacy-Colonial same store ⁽¹⁾		34,251		33,437		2.4	%
Proforma total same store expenses		80,810		78,638		2.8	%
NOI
MAA same store		70,258		68,040		3.3	%
Legacy-Colonial same store ⁽¹⁾		53,566		51,610		3.8	%
Proforma total same store NOI	$	123,824	$	119,650		3.5	%

(1)

Legacy-Colonial Same Store respresents Colonial's same store group immediately prior to the close of the merger. These properties were not owned by MAA prior to October 1, 2013 and are being shown on a proforma basis only as if owned by MAA in both periods under MAA's accounting policies.

NOI BRIDGE

Dollars in thousands

							Twelve
							Months
	Three Months Ended						Ended
	12/31/13			12/31/12			12/31/13
NOI
MAA same store	$	70,258		$	68,040		$	330,078
Non-same store		75,702			11,595			58,934
Total NOI		145,960			79,635			389,012
Held for sale NOI included above		(814	)		(3,319	)		(8,239	)
Management fee income		182			212			647
Depreciation and amortization		(89,796	)		(32,203	)		(186,979	)
Acquisition expense		(894	)		(7	)		(1,393	)
Property management expenses		(7,782	)		(5,400	)		(23,083	)
General and administrative expenses		(4,965	)		(3,326	)		(15,569	)
Merger related expenses		(21,105	)		-			(32,403	)
Integration related expenses		(5,067	)		-			(5,102	)
Interest and other non-property income		402			87			488
Interest expense		(30,258	)		(15,583	)		(75,915	)
(Loss) gain on debt extinguishment		(39	)		(659	)		(426	)
Amortization of deferred financing costs		(636	)		(941	)		(3,063	)
Net casualty gain (loss) and other settlement proceeds		(598	)		18			(143	)
Income tax expense		(224	)		(200	)		(893	)
Gain (loss) from real estate joint ventures		177			(53	)		338
Discontinued operations		5,647			4,946			82,002
Net income attributable to noncontrolling interests		538			(900	)		(3,998	)
Net income attributable to MAA	$	(9,272	)	$	22,307		$	115,281

MAA

February 5, 2014

Supplemental Data S-5

CURRENT PERIOD PROFORMA SAME STORE DETAILS

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

PROFORMA COMBINED MAA SAME STORE AND LEGACY-COLONIAL SAME STORE

CURRENT PERIOD ACTUALS As of December 31, 2013, unless otherwise noted

				Three Months Ended December 31, 2013																						Period End
																			Average Effective							Physical Occupancy
				Revenue					Expense					NOI					Rent per Unit					Average					Growth
	Percent of					Growth					Growth					Growth					Growth			Total Revenue					from
	Gross Real					from					from					from					from			per Occupied		Dec 31,			Dec 31,
	Assets			4Q13		4Q12			4Q13		4Q12			4Q13		4Q12			4Q13		4Q12			Unit		2013			2012			Units
Large Markets
Dallas, TX		10.8	%	$	25,121		4.0	%	$	10,903		1.3	%	$	14,218		6.1	%	$	888.05		4.3	%	$	1,039.83		95.3	%		-0.4	%		8,526
Raleigh/Durham, NC		8.0	%	$	12,660		2.9	%	$	4,227		0.9	%	$	8,433		3.9	%	$	901.04		2.6	%	$	1,048.65		94.3	%		-1.9	%		4,293
Charlotte, NC		7.3	%	$	11,652		3.5	%	$	4,078		5.7	%	$	7,574		2.3	%	$	811.05		4.9	%	$	964.97		95.7	%		-1.5	%		4,290
Austin, TX		7.1	%	$	14,629		5.7	%	$	6,370		2.0	%	$	8,259		8.7	%	$	919.44		5.5	%	$	1,081.03		94.6	%		-0.7	%		4,791
Atlanta, GA		6.9	%	$	14,023		4.7	%	$	5,632		2.2	%	$	8,391		6.5	%	$	879.20		4.3	%	$	1,055.23		94.6	%		-0.5	%		4,707
Nashville, TN		4.4	%	$	9,575		5.0	%	$	3,493		4.8	%	$	6,082		5.1	%	$	936.82		4.2	%	$	1,071.43		95.7	%		0.3	%		3,128
Orlando, FL		4.0	%	$	6,557		2.9	%	$	2,459		4.4	%	$	4,098		2.1	%	$	970.28		2.7	%	$	1,142.63		95.9	%		1.7	%		2,044
Jacksonville, FL		3.9	%	$	8,936		2.2	%	$	3,538		10.4	%	$	5,398		-2.5	%	$	893.60		3.8	%	$	985.17		95.7	%		-0.7	%		3,202
Phoenix, AZ		3.8	%	$	5,516		3.4	%	$	2,024		0.6	%	$	3,492		5.0	%	$	839.59		2.8	%	$	984.43		95.4	%		0.0	%		1,976
Tampa, FL		3.2	%	$	6,985		4.3	%	$	2,741		7.4	%	$	4,244		2.4	%	$	975.28		4.5	%	$	1,128.64		96.5	%		0.9	%		2,158
Houston, TX		2.8	%	$	6,902		5.7	%	$	3,026		5.4	%	$	3,876		5.9	%	$	938.47		6.1	%	$	1,056.65		94.5	%		-0.5	%		2,281
Las Vegas, NV		1.1	%	$	1,813		1.7	%	$	704		-1.9	%	$	1,109		4.1	%	$	747.52		-0.3	%	$	907.78		93.8	%		-1.1	%		721
South Florida		0.9	%	$	2,061		1.8	%	$	775		5.9	%	$	1,286		-0.5	%	$	1,422.99		3.2	%	$	1,530.17		93.1	%		-0.7	%		480
Large Markets Total		64.2	%	$	126,430		4.0	%	$	49,970		3.4	%	$	76,460		4.4	%	$	900.62		4.1	%	$	1,048.85		95.1	%		-0.6	%		42,597

Secondary Markets
Savannah, GA		3.5	%	$	6,464		0.7	%	$	2,420		6.4	%	$	4,044		-2.5	%	$	886.79		2.4	%	$	1,037.88		94.4	%		-0.4	%		2,219
Charleston, SC		3.5	%	$	6,979		3.6	%	$	2,554		-4.0	%	$	4,425		8.5	%	$	875.83		4.2	%	$	1,038.11		95.9	%		0.0	%		2,378
Memphis, TN		3.2	%	$	8,099		1.2	%	$	3,605		3.5	%	$	4,494		-0.5	%	$	766.66		0.5	%	$	858.99		95.7	%		-0.5	%		3,305
Richmond, VA		3.0	%	$	4,949		3.6	%	$	1,741		5.1	%	$	3,208		2.8	%	$	888.61		1.6	%	$	1,046.02		96.0	%		1.5	%		1,668
Birmingham, AL		2.8	%	$	5,583		2.9	%	$	2,200		-1.9	%	$	3,383		6.3	%	$	836.31		2.4	%	$	972.96		95.4	%		2.0	%		2,048
Huntsville, AL		1.8	%	$	3,440		1.2	%	$	1,371		1.0	%	$	2,069		1.3	%	$	736.71		1.2	%	$	881.89		95.1	%		1.7	%		1,380
Greenville, SC		1.5	%	$	3,952		2.4	%	$	1,588		-1.7	%	$	2,364		5.3	%	$	707.37		4.2	%	$	801.99		92.7	%		-2.3	%		1,748
Little Rock, AR		1.3	%	$	2,728		1.9	%	$	1,006		-2.3	%	$	1,722		4.6	%	$	822.16		0.1	%	$	897.69		96.2	%		0.6	%		1,056
Jackson, MS		1.1	%	$	3,278		5.9	%	$	1,267		6.3	%	$	2,011		5.7	%	$	815.24		4.5	%	$	931.77		94.3	%		-0.9	%		1,241
Fredericksburg, VA		1.1	%	$	1,725		-2.5	%	$	555		11.7	%	$	1,170		-8.1	%	$	1,093.53		-1.4	%	$	1,250.75		94.5	%		-0.6	%		490
Lexington, KY		1.1	%	$	2,248		0.5	%	$	883		5.0	%	$	1,365		-2.2	%	$	797.09		2.3	%	$	866.98		94.3	%		0.8	%		924
Columbus, GA		1.1	%	$	2,548		-3.3	%	$	1,047		3.7	%	$	1,501		-7.6	%	$	822.81		-0.4	%	$	922.08		89.0	%		-4.3	%		1,008
San Antonio, TX		1.0	%	$	2,188		4.1	%	$	866		0.9	%	$	1,322		6.4	%	$	914.87		0.3	%	$	1,025.33		95.4	%		2.4	%		740
All Other Secondary Markets by State (individual markets <1% gross real assets)
Florida		2.4	%	$	5,793		4.8	%	$	2,176		1.4	%	$	3,617		6.9	%	$	833.57		4.6	%	$	930.94		94.9	%		0.0	%		2,178
North Carolina		1.6	%	$	3,530		5.1	%	$	1,327		1.0	%	$	2,203		7.8	%	$	665.79		-2.2	%	$	803.36		95.6	%		2.0	%		1,562
Georgia		1.5	%	$	3,590		-1.9	%	$	1,534		0.6	%	$	2,056		-3.7	%	$	722.05		-1.1	%	$	823.99		95.4	%		-1.6	%		1,544
Tennessee		1.3	%	$	3,813		1.6	%	$	1,690		1.2	%	$	2,123		1.9	%	$	722.79		1.9	%	$	837.62		94.9	%		0.0	%		1,608
Alabama		1.0	%	$	2,081		3.0	%	$	820		-2.1	%	$	1,261		6.7	%	$	658.06		2.9	%	$	795.45		94.5	%		-0.7	%		933
Virginia		0.9	%	$	2,304		-1.3	%	$	988		9.2	%	$	1,316		-8.0	%	$	870.05		-0.3	%	$	1,037.85		95.2	%		-0.6	%		793
South Carolina		0.6	%	$	1,428		-0.8	%	$	689		2.5	%	$	739		-3.8	%	$	761.31		1.7	%	$	879.42		93.1	%		-0.5	%		576
Kentucky		0.5	%	$	1,484		-0.5	%	$	513		0.0	%	$	971		-0.8	%	$	778.28		2.5	%	$	848.56		92.5	%		-3.3	%		624
Secondary Markets Total		35.8	%	$	78,204		1.9	%	$	30,840		1.8	%	$	47,364		2.0	%	$	801.11		1.8	%	$	921.81		94.8	%		-0.1	%		30,023

Total Same Store		100.0	%	$	204,634		3.2	%	$	80,810		2.8	%	$	123,824		3.5	%	$	859.48		3.2	%	$	996.37		95.0	%		-0.3	%		72,620

MAA

February 5, 2014

Supplemental Data S-6

YEAR TO DATE PROFORMA SAME STORE DETAILS

Dollars in thousands except Average Effective Rent per Unit

MAA SAME STORE FOR 1Q13, 2Q13 AND 3Q13 AND PROFORMA COMBINED MAA SAME STORE AND LEGACY-COLONIAL SAME STORE FOR 4Q13

YEAR TO DATE ACTUALS As of December 31, 2013, unless otherwise noted

					Twelve Months Ended December 31, 2013								Period End
											Average		Physical Occupancy
	Units										Effective					Growth
	1Q13, 2Q13		Proforma								Rent					from
	and 3Q13		4Q13		Revenue		Expense		NOI		per Unit		Dec 31, 2013			Dec 31, 2012
Large Markets
Dallas, TX		4,560		8,526	$	65,772	$	27,773	$	37,999	$	878.69		95.3	%		-0.4	%
Raleigh/Durham, NC		1,549		4,293	$	26,919	$	9,166	$	17,753	$	896.84		94.3	%		-1.9	%
Charlotte, NC		-		4,290	$	11,652	$	4,078	$	7,574	$	811.05		95.7	%		-1.5	%
Austin, TX		1,776		4,791	$	30,736	$	13,616	$	17,120	$	911.29		94.6	%		-0.7	%
Atlanta, GA		2,109		4,707	$	32,170	$	13,008	$	19,162	$	869.48		94.6	%		-0.5	%
Nashville, TN		2,779		3,128	$	34,352	$	12,640	$	21,712	$	923.09		95.7	%		0.3	%
Orlando, FL		288		2,044	$	8,628	$	3,331	$	5,297	$	968.80		95.9	%		1.7	%
Jacksonville, FL		3,202		3,202	$	35,612	$	13,809	$	21,803	$	883.47		95.7	%		-0.7	%
Phoenix, AZ		1,024		1,976	$	13,430	$	5,515	$	7,915	$	838.84		95.4	%		0.0	%
Tampa, FL		1,552		2,158	$	21,249	$	8,651	$	12,598	$	966.19		96.5	%		0.9	%
Houston, TX		2,281		2,281	$	27,214	$	12,050	$	15,164	$	915.19		94.5	%		-0.5	%
Las Vegas, NV		-		721	$	1,813	$	705	$	1,108	$	747.52		93.8	%		-1.1	%
South Florida		480		480	$	8,129	$	3,168	$	4,961	$	1,406.54		93.1	%		-0.7	%
Large Markets Total		21,600		42,597	$	317,676	$	127,510	$	190,166	$	892.57		95.1	%		-0.6	%

Secondary Markets
Savannah, GA		782		2,219	$	13,321	$	4,888	$	8,433	$	880.37		94.4	%		-0.4	%
Charleston, SC		488		2,378	$	11,794	$	4,312	$	7,482	$	872.92		95.9	%		0.0	%
Memphis, TN		3,305		3,305	$	32,506	$	14,411	$	18,095	$	766.71		95.7	%		-0.5	%
Richmond, VA		300		1,668	$	8,374	$	2,733	$	5,641	$	885.73		96.0	%		1.5	%
Birmingham, AL		440		2,048	$	9,841	$	3,855	$	5,986	$	831.91		95.4	%		2.0	%
Huntsville, AL		544		1,380	$	7,289	$	3,078	$	4,211	$	734.87		95.1	%		1.7	%
Greenville, SC		1,748		1,748	$	15,871	$	6,565	$	9,306	$	693.08		92.7	%		-2.3	%
Little Rock, AR		1,056		1,056	$	10,842	$	4,152	$	6,690	$	821.13		96.2	%		0.6	%
Jackson, MS		1,241		1,241	$	13,041	$	4,923	$	8,118	$	804.90		94.3	%		-0.9	%
Fredericksburg, VA		232		490	$	4,661	$	1,418	$	3,243	$	1,100.28		94.5	%		-0.6	%
Lexington, KY		924		924	$	9,076	$	3,458	$	5,618	$	793.53		94.3	%		0.8	%
Columbus, GA		1,008		1,008	$	10,428	$	4,237	$	6,191	$	825.39		89.0	%		-4.3	%
San Antonio, TX		740		740	$	8,642	$	3,779	$	4,863	$	909.33		95.4	%
All Other Secondary Markets by State (individual markets <1% gross real assets)
Florida		2,178		2,178	$	22,945	$	8,958	$	13,987	$	819.01		94.9	%		0.0	%
North Carolina		240		1,562	$	4,948	$	1,896	$	3,052	$	664.14		95.6	%		2.0	%
Georgia		1,608		1,544	$	14,639	$	6,120	$	8,519	$	727.95		95.4	%		-1.6	%
Tennessee		576		1,608	$	15,269	$	6,911	$	8,358	$	720.69		94.9	%		0.0	%
Alabama		208		933	$	3,669	$	1,462	$	2,207	$	657.17		94.5	%		-0.7	%
Virginia		296		793	$	5,014	$	1,983	$	3,031	$	868.48		95.2	%		-0.6	%
South Carolina		1,544		576	$	5,714	$	2,746	$	2,968	$	751.22		93.1	%		-0.5	%
Kentucky		624		624	$	5,970	$	2,057	$	3,913	$	773.75		92.5	%		-3.3	%
Secondary Markets Total		20,082		30,023	$	233,854	$	93,942	$	139,912	$	797.21		94.8	%		-0.1	%

Total Same Store		41,682		72,620	$	551,530	$	221,452	$	330,078	$	853.14		95.0	%		-0.3	%

MAA

February 5, 2014

Supplemental Data S-7

EBITDA AND BALANCE SHEET RATIOS

Dollars in thousands

	Three Months
	Ended
	December 31,			Trailing
	2013			4 Quarters
Consolidated net (loss) income	$	(9,810	)	$	119,279
Depreciation and amortization		89,796			186,979
Interest expense		30,258			75,915
Loss on debt extinguishment		39			426
Amortization of deferred financing costs		636			3,063
Net casualty loss and other settlement proceeds		500			50
Income tax expense		224			893
Depreciation of discontinued operations		160			2,716
Gain on sale of discontinued operations		(4,935	)		(76,844	)
EBITDA		106,868			312,477
Acquisition expense		894			1,393
Merger related expenses		21,105			32,403
Integration related expenses		5,067			5,102
Recurring EBITDA	$	133,934		$	351,375

	Three Months Ended
	December 31,
	2013			2012
Recurring EBITDA/Debt Service		3.39	x		4.16	x
Fixed Charge Coverage⁽¹⁾		3.59	x		4.48	x
Total Debt/Total Capitalization⁽²⁾		42.0	%		37.0	%
Total Debt/Total Gross Assets		43.5	%		44.1	%
Total Net Debt⁽³⁾/Total Gross Assets		42.4	%		43.9	%
Total Net Debt⁽³⁾/Recurring EBITDA⁽⁴⁾		6.32	x		6.48	x
Unencumbered Assets/Total Gross Assets		62.2	%		52.5	%

⁽¹⁾	Fixed charge coverage represents Recurring EBITDA divided by interest expense adjusted for mark-to-market debt adjustment 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.
⁽⁴⁾	Recurring EBITDA represents the three months ended December 31, 2013 on an annualized basis.

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

February 5, 2014

Supplemental Data S-8

DEBT AS OF DECEMBER 31, 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	$	1,380,813		5.0		4.3	%
Conventional - Variable Rate - Capped⁽¹⁾⁽²⁾		225,278		2.2		1.1	%
Tax-free - Variable Rate - Capped⁽¹⁾		88,812		2.6		0.9	%
Total Secured Fixed or Hedged Rate Debt		1,694,903		4.5		3.7	%
Conventional - Variable Rate		96,032		0.2		0.7	%
Total Secured Debt		1,790,935		4.3		3.5	%
Unsecured Debt
Fixed Rate or Swapped		1,681,783		3.5		4.3	%
Total Unsecured Debt		1,681,783		3.5		4.3	%
Total Debt	$	3,472,718		3.9		3.9	%

Total Fixed or Hedged Debt	$	3,376,686		4.0		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 5.6% of SIFMA for tax-free caps.

⁽²⁾

Includes $27 million of mortgages with embedded caps 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	$	3,062,596		88.2	%		4.3	%		4.2
Capped debt		314,090		9.0	%		1.0	%		2.3
Floating (unhedged) debt		96,032		2.8	%		0.7	%		0.2
Total	$	3,472,718		100.0	%		3.9	%		3.9

						Effective			Years to
			Percent of			Interest			Contract
Secured Versus Unsecured Debt	Balance		Total			Rate			Maturity
Unsecured debt	$	1,681,783		48.4	%		4.3	%		3.5
Secured debt		1,790,935		51.6	%		3.5	%		5.2
Total	$	3,472,718		100.0	%		3.9	%		4.4

	Total		Percent of			4Q13		Percent of
Unencumbered Versus Encumbered Assets	Cost		Total			NOI		Total
Unencumbered gross assets	$	4,962,113		62.2	%	$	88,252		60.5	%
Encumbered gross assets		3,017,447		37.8	%		57,708		39.5	%
Total	$	7,979,560		100.0	%	$	145,960		100.0	%

MAA

February 5, 2014

Supplemental Data S-9

DEBT AS OF DECEMBER 31, 2013continued

Dollars in thousands

OUTSTANDING BALANCES

							Average
	Available				Remaining		Years to
	Credit		Amount		Available		Contract
	Limit		Borrowed		Capacity		Maturity
Fannie Mae Credit Facilities	$	453,533	$	453,533	$	-		5.8
Freddie Mac Credit Facilities		198,247		198,247		-		0.5
Other Secured Borrowings		1,139,155		1,139,155		-		5.8
Unsecured Credit Facility		496,302		-		496,302		3.6
Other Unsecured Debt		1,681,783		1,681,783		-		3.5
Total Debt	$	3,969,020	$	3,472,718	$	496,302		4.4

DEBT MATURITIES OF OUTSTANDING BALANCES

	Credit Facility Amounts Borrowed
	Secured				Unsecured		Other		Other
Maturity	Fannie Mae		Freddie Mac		Facility		Secured		Unsecured		Total
2014	$	17,936	$	198,247	$	-	$	34,095	$	196,678	$	446,956
2015		105,785		-		-		73,724		194,656		374,165
2016		80,000		-		-		30,123		81,348		191,471
2017		80,000		-		-		59,444		318,408		457,852
2018		80,000		-		-		53,234		301,958		435,192
Thereafter		89,812		-		-		888,535		588,735		1,567,082
Total	$	453,533	$	198,247	$	-	$	1,139,155	$	1,681,783	$	3,472,718

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
2014	$	226,310	$	144,000	$	370,310		5.9	%	$	59,455	$	429,765
2015		246,563		75,000		321,563		5.5	%		52,142		373,705
2016		90,169		-		90,169		6.0	%		104,480		194,649
2017		127,444		300,000		427,444		2.1	%		65,204		492,648
2018		103,235		250,000		353,235		3.2	%		32,809		386,044
Thereafter		1,499,875		-		1,499,875		4.0	%		-		1,499,875
Total	$	2,293,596	$	769,000	$	3,062,596		4.1	%	$	314,090	$	3,376,686		4.0

MAA

February 5, 2014

Supplemental Data S-10

2014 GUIDANCE

		Full Year 2014
Earnings:
Core FFO per Share - diluted		$4.80 to $5.00
Midpoint		$4.90
Core AFFO per Share - diluted		$4.00 to $4.20
Midpoint		$4.10

Proforma Combined Same Store Communities:
Number of units		73,005
Property revenue growth		3.5% to 4.5%
Property operating expense growth		3.0% to 4.0%
Property NOI growth		4.0% to 5.0%
Real estate tax expense growth		6% to 7%

Commercial property NOI		$3 to $4 million

Corporate Expenses:
General and administrative and property management expenses		$55 to $57 million
Merger and integration expenses		$9 to $10 million
Acquisition expense		$1 to $1.5 million

Transaction/Investment Volume:
Acquisition volume (multifamily)		$200 to $300 million
Disposition volume (multifamily)		$125 to $175 million
Commercial / land disposition volume		$125 to $175 million
Development investment		$65 to $70 million

Debt:
Average Interest Rate		4.3% to 4.5%
Capitalized Interest		$1.5 to $2.0 million
Leverage (Total Net Debt/Total Gross Assets)		42% to 45%
Unencumbered Asset Pool (Percent of Total Gross Assets)		60% to 65%
Mark-to-market adjustment at merger		$90.5 million
Projected amortization of debt mark-to-market		$24 to $26 million

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.

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