Mid-America Apartment Communities 8K Regulation FD Disclosure | MAA 6 Aug 13

Capital Markets Update

August 2013

Exhibit 99.1

MAA overview

$4.7

billion

total

market

capitalization,

165

Properties,

49,113

Units

–

$8.7 billion total market capitalization, post merger

–

Second largest multifamily REIT based on unit count: 85,000 units, post merger

19+ year established public company platform

Diversified across 13 states and 45 markets

–

14 states and 50 markets, post merger

Long-tenured management team; sophisticated public company board of directors

A+ to B quality portfolio; appealing to broadest segment of rental market

Average age of 15 years

96% same store occupancy at June 30

Average same store revenue per unit of $971 for 2Q13

Focus on the

High-Growth

Sunbelt

Region

High Quality

Portfolio

Compelling

Growth Model

Investment

Grade Balance

Sheet

Significant

deal

flow;

$1.1

billion

acquisitions

(avg

age

4.4

years)

over

last

years

$232 million development and lease-up pipeline (6 properties with 1,774 units)

–

$439 million active multifamily development and lease-up pipeline (12 properties

with 3,274 units), post merger

Active in both large and secondary markets across Sunbelt region

Investment grade rated balance sheet

Debt/Market Capitalization of 36%

Debt/Gross Assets of 43%

Unencumbered asset gross book value $2.2 billion

2Q13 results ahead of expectations

FFO per diluted share and unit of $1.27, 12% growth over

2Q12 and $0.05 above the midpoint of guidance previously

provided.

Same store results over 2Q12:

–

NOI increased 5.5%

–

Revenue increased 4.4%, supported by a 4.1% increase in

average effective rent

–

Occupancy increased 0.1%, ending the quarter at 96.0%

(1) Excludes $5.7 million of merger related expenses.

Acquired 2 properties totaling 576 units for $71.1 million

and sold 4 properties totaling 1,044 units for $74.0 million.

$2.87

$3.00

$3.20

$3.33

$3.55

$3.73

$3.79

$3.77

$3.98

$4.57

$4.93

2003³

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013E

FFO / share

$2.34

$2.35

$2.38

$2.42

$2.46

$2.51

$2.64

$2.78

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013E

Dividend / share

-50

100

150

200

250

300

350

06/30/03

06/29/04

06/29/05

06/29/06

06/29/07

06/28/08

06/28/09

06/28/10

06/28/11

06/27/12

06/28/13

MAA

MSCIUS REIT Index

Multifamily peers

Proven strategy and long term

outperformance

(2) 1Q & 2Q 2013 dividends / share annualized

Note: Multifamily peers include AIV, AVB, BRE, CLP, CPT, EQR, ESS, HME, PPS, UDR

321%

219%

179%

(3) Excludes the write-off of original issuance costs for preferred shares redeemed

(4) Mid point of 2013E FFO / share guidance

MAA dividend growth – 10 years

MAA FFO growth – 10 years

Total return performance – 10 years

Strategy

Build

Consistent

Growing Cash

Flow

Reduce

Volatility

Establish

Competitive

Strengths

Disciplined

Capital

Deployment

Maintain

Strong

Balance Sheet

Strategy

Retain ready access to unsecured debt market; retain “balanced” debt strategy

Focus on high-growth region and markets

Appeal to wide range of rental market

Maintain young portfolio

Diversify across both large and secondary markets

Maintain strong balance sheet; access to capital

Maintain organizational stability

Maintain disciplined approach to new development

Capture significant deal flow; leverage cost of capital and execution capabilities

Use scale to drive higher operating margins

Attract and retain top-tier talent

IRR focused capital deployment model

Regional expertise provides in-depth market knowledge

Robust due diligence program

Maintain investment grade metrics

Maintain minimal and very manageable new development exposure

Full cycle outperformance

MAA has generated higher average growth combined with lower volatility than peers

Same store NOI growth

MAA average: 3.2%

Peer average: 3.1%

MAA 2009

trough: (1.8%)

(8.0)%

(6.0)%

(4.0)%

(2.0)%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2005

2006

2007

2008

2009

2010

2011

2012

2013

MAA

Multifamily peers

Peer 2009

trough: (4.7%)

Source: Green Street Residential Sector Update – May 30, 2013

Note: Multifamily peers include BRE, CLP, CPT, ESS, HME, PPS, UDR

Enhanced diversification across

high-growth Sunbelt Region post merger

Continued commitment to a portfolio strategy focused on high-growth markets across the Sunbelt Region allocated

across both large and secondary markets, to capture superior risk-adjusted performance over the full market cycles

Portfolio distribution

by total units ¹

less than 2,000 Units

2,000–5,000

Units

greater than 5,000 Units

Note: Includes all multifamily properties, including

stabilized, lease up and joint venture communities

(1) Breakdown based on number of total multifamily

2Q13 NOI, including stabilized, lease-up and joint

venture communities (at share)

Distribution by large markets

Large Markets

% of Same Store 2Q13 NOI

Dallas / Fort Worth

11.5%

Raleigh

6.8%

Atlanta

6.7%

Austin

6.4%

Charlotte

6.1%

Nashville

4.7%

Jacksonville

4.5%

Tampa

3.4%

Orlando

3.3%

Houston

3.1%

of total

Distribution by secondary markets

Secondary Markets

% of Same Store 2Q13 NOI

Memphis

3.9%

Charleston

3.5%

Savannah

3.4%

Birmingham

2.7%

Richmond

2.6%

Greenville

1.9%

Jackson

1.7%

Little Rock

1.4%

Columbus

1.3%

Lexington

1.1%

of total

Note: Other large markets includes 3 additional MSAs; Other secondary markets includes 27 additional MSAs

(2) Distribution

based

number

same

store

multifamily

2Q13

NOI

Nevada

Arizona

Texas

Missouri

Arkansas

Alabama

Kentucky

Virginia

North

Carolina

South

Carolina

Georgia

Florida

Mississippi

Tennessee

Synergy and enhanced value creation

potential through merger

Significant overlap in asset footprint creates potential

for overhead synergies and operating margin

improvement

Significant overlap in technology to drive and track

performance, leading to minimal business disruption

Opportunity to improve cost structure by leveraging a

combined business platform across a significantly

larger asset portfolio; efficiencies from scale

Estimated total run-rate annual synergies of $25mm

Potential for additional synergies include improved debt

costs and opportunities for scale efficiencies

Strengthened platform through integration of best

practices of both companies

Dominant Sunbelt region platform drives superior deal

flow and execution capabilities

Market Station -

Kansas City, MO

Colonial Grand at Double Creek -

Austin, TX

Merger timeline

Announcement

June 3, 2013

Expected Close

September 2013

Full Integration

December 2014

April 2014

Identified $25M of synergies:

75% personnel

25% non-personnel

Numerous due-diligence site

visits

Exchange of non-public

financial information; extensive

due diligence and valuation

analysis

Pre-announcement review with

Rating Agencies; day of

announcement up-grade by

S&P and reaffirmation of ratings

by Moody’s and Fitch

Lender consents on $2.6 billion

in debt

Numerous joint management

site visits

Final management structure in

place

Formally launch new corporate

identity

Estimate 40-50% of synergies

realized

Consolidated financial reporting

and forecasting capabilities fully

in place

Early integration efforts

complete

Estimate capturing 70-80% of

synergy opportunity

Realize 100% of synergy

opportunity

Full systems integration

complete

All legacy CLP commercial

assets sold

Significant presence in both large and

secondary, high growth markets

Source: Moody’s

Note: Highlighted markets represent 59% of New MAA’s multifamily portfolio (weighted by units)

U.S. average: 2.0%

Large markets with meaningful presence

Major non-MAA markets

3.7%

3.2%

3.0%

2.8%

2.6%2.6%

2.5%

2.3%

2.1%

2.0%

2.8%

2.4%

2.1%

2.0%

1.8%1.8%1.8%

1.6%

1.5%

1.4%

1.2%

0.8%

5-year projected employment growth CAGR (%)

MAA’s combined new, large markets are on a weighted average basis projected to show 2.8%

job growth over the next 5 years vs. U.S. average of 2.0%

New MAA will have an enhanced full cycle

market focus across the Sunbelt region

Top 10 markets by NOI

2Q13 unit count by market

% of 2Q13 same store NOI by market

MAA

DFW

Jacksonville

Nashville

Memphis

Houston

Atlanta

Raleigh

Austin

Tampa

Greenville

CLP

Charlotte

DFW

Raleigh

Austin

Atlanta

Orlando

Charleston

Savannah

Birmingham

Richmond

New MAA

DFW

Raleigh

Atlanta

Austin

Charlotte

Nashville

Jacksonville

Memphis

Charleston

Tampa

Markets with 5-year projected employment growth above national average

54.8%

69.1%

61.0%

45.2%

30.9%

39.0%

MAA

CLP

New MAA

Large markets

Secondary markets

24,866

24,252

49,118

23,091

10,037

33,128

MAA

CLP

New MAA

Large markets

Secondary markets

47,957

34,289

82,246

External growth –

acquisition activity

Price

Cap

(000s)

Units

Rate

Age

MAA Acquisitions by Year

(wholly-owned):

2009

78,300

1,064

6.9%

2010

230,050

2,138

6.0%

2011

362,515

3,055

5.9%

2012

345,075

2,451

5.6%

2013 YTD

103,642

886

5.9%

1,119,582

9,594

5.9%

MAA Dispositions by Year

(wholly-owned):

2009

29,800

840

7.0%

2010

2011

23,950

534

6.5%

2012

113,200

2,254

6.8%

2013 YTD

74,000

1,044

6.6%

240,950

4,672

6.7%

Active capital redeployment

New MAA will have enhanced deal flow

opportunities

•

MAA purchase: Sept. 2011

•

MSA: Dallas, TX

•

Acquisition price: $47mm

•

Total units: 456

•

Year built: 2008

•

Occupancy: 96%

•

MAA purchased: July 2012

•

MSA: Atlanta, GA

•

Acquisition price: $64mm

•

Total units: 349

•

Year built: 2008

•

Occupancy: 92%

•

CLP purchase: March 2013

•

MSA: Orlando, FL

•

Acquisition price: $43mm

•

Total units: 280

•

Year built: 2009

•

Occupancy: 95%

•

CLP purchase: Nov. 2012

•

MSA: Dallas, TX

•

Acquisition price: $43mm

•

Total units: 306

•

Year built: 2006

•

Occupancy: 95%

Legends at Lowe’s Farm

Colonial Reserve at Las Colinas

Colonial Grand at Windemere

Allure at Brookwood

New MAA will maintain a disciplined

approach to new development

Expected stabilized NOI yield between 7% and 8%

Active multifamily development pipeline ($mm, except per unit costs)

Total

1,802

$120.0

$122.8

$242.8

$135

Total

Expected

MSA

Units

to Date

to Complete

Total

Per Unit

Stabilization

MAA

River's Walk

Charleston

270

27.1

6.3

33.4

124

4Q14

220 Riverside

Jacksonville

294

10.7

29.7

40.4

137

4Q15

Subtotal: MAA

564

37.8

36.0

73.8

131

CLP

CR at South End

Charlotte

353

38.6

20.7

59.3

168

4Q14

CG at Ayrsley Phase II

Charlotte

8.3

0.8

9.1

112

4Q13

CG at Randal Lakes

Orlando

462

35.7

21.3

57.0

123

1Q15

CG at Lake Mary III

Orlando

132

3.8

12.3

16.1

122

2Q14

CG at Bellevue Phase II

Nashville

220

4.0

25.3

29.3

133

Subtotal: CLP

1,248

90.4

80.4

170.8

131

Total

1,812

128.2

116.4

244.6

135

Cost

Expected Cost

% of unencumbered assets

New MAA capital structure

39.2%

debt / market capitalization

Note: As of 8/1/13. Includes pro rata share of unconsolidated joint venture debt

Floating vs. fixed rate debt

Unsecured vs. secured debt

Strong investment grade balance sheet –

capital structure profile

Debt / LTM EBITDA

LTM fixed charge coverage ratio

Source: Company filings, SNL Financial

(1) EBITDA includes $25mm of synergies pro forma for the transaction

Debt / gross assets

Secured debt / gross assets

Moody’s

Baa1

BBB

BBB+

BBB

S&P

BBB+

Baa1

Baa3

Baa2

Moody’s

Baa1

BBB

BBB+

BBB

S&P

BBB+

Baa1

Baa3

Baa2

Moody’s

Baa1

BBB+

BBB

BBB+

BBB

S&P

BBB

BBB+

Baa3

Baa1

Baa2

Moody’s

Baa3

BBB

BBB+

BBB

S&P

BBB+

BBB

Baa1

Baa2

Baa1

Baa2

BBB+

Fitch

BBB+

Fitch

BBB+

GAV($bn)$17.3

$3.3

$7.1

$4.3

$28.0

$8.8

$6.2

GAV($bn)

$3.3

$7.1

$4.3

$17.3

$28.0

$8.8

$6.2

$7.8

BBB+

Fitch

BBB+

Fitch

BBB+

Investment grade balance sheet metrics

4.5x

6.0x

6.3x

6.4x

6.5x

7.9x

8.1x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

9.0x

AVB

CPT

PPS

EQR

BRE

New

MAA

ESS

UDR

4.6x

3.8x

3.5x

3.4x

3.0x

2.7x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

4.5x

5.0x

AVB

CPT

PPS

EQR

New

MAA

ESS

BRE

UDR

14%

15%

17%

22%

23%

24%

29%

10%

15%

20%

25%

30%

35%

PPS

CPT

BRE

AVB

EQR

New

MAA

UDR

ESS

33%

35%

38%

39%

42%

43%

47%

51%

30%

35%

40%

45%

50%

55%

AVB

PPS

CPT

BRE

EQR

New

MAA

UDR

ESS

Opportunity

•

MAA is currently priced at a multiple and

implied cap rate discount to the sector

average.

•

Implies long term same store earnings growth

rate is 100bps lower than sector; actual is

fully in line with sector

•

Actual historical results and current position

suggest otherwise

•

MAA’s historical long-term internal same

store growth (and overall FFO growth)

performance exceeds the sector average;

established record of exceeding regional

‘market’

performance levels and sector

‘averages’.

Implied 10 Year IRR

•

MAA outperforms by 100 bps on unleveraged basis

with continued cap rate discount.

•

MAA

outperforms

175

bps

leveraged

basis.

•

MAA outperforms by 370 bps on a leveraged basis by

capturing the sector’s current average cap rate.

5.4%

6.4%

3.0%

10%

Sector Average

MAA

Market Implied Cap Rate

Same Store Growth

Total Implied Unleveraged Return

Source: Current cap rates from BMO REIT Equity Weekly – July 29, 2013; 2004-2013YTD

(1)

Represents amplification of outperformance on a margin basis: 50%/50% cash/debt and

5% interest rate.

same store growth from Green Street Residential Sector Update – May 30, 2013

Strategy and long-term outlook

Optimize cash flow growth through “full-cycle”

Support growing and secure dividend

Deliver superior long-term risk-adjusted returns

Focus on high-growth Sunbelt markets

Prudent capital deployment practices

Disciplined approach to new development

Proactive capital recycling program

Build competitive advantages in local markets

Develop New MAA brand value

High quality, well located properties in

large markets

Bella Casita at Las Colinas

Tattersall at Tapestry Park

Allure at Brookwood

1225 South Church

Charlotte, NC Phase I 2010 Acquisition

Phase II Development

Atlanta, GA 2012 Acquisition

Jacksonville, FL 2011 Acquisition

Dallas, TX 2010 Acquisition

High quality, well located properties in

secondary markets

Haven at Blanco

Rivers Walk

Charleston, SC Development

Market Station

Kansas City, MO 2012 Acquisition

San Antonio, TX 2012 Acquisition

Ridge at Chenal Valley

Little Rock, AR Development

Eric Bolton, MAA

CEO

901-248-4127

eric.bolton@maac.com

Al Campbell, MAA

CFO

901-248-4169

al.campbell@maac.com

Leslie Wolfgang, MAA

Investor Relations

901-248-4126

leslie.wolfgang@maac.com

Jennifer Patrick, MAA

Investor Relations

901-435-5371

jennifer.patrick@maac.com

Certain matters in this presentation may constitute forward-looking statements within the meaning of Section 27-A of the

Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. Such statements include, but are not limited

to, statements made about anticipated economic and market conditions, expectations for future demographics, the impact of

competition, general changes in the apartment industry, expectations for acquisition and joint venture performance, ability to

pay dividends and the ability to obtain financing at reasonable rates. Actual results and the timing of certain events could differ

materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including a

downturn in general economic conditions or the capital markets, competitive factors including overbuilding or other

supply/demand imbalances in some or all of our markets, changes in interest rates and other items that are difficult to control

such as the impact of legislation, as well as the other general risks inherent in the apartment and real estate businesses.

Reference is hereby made to the filings of Mid-America Apartment Communities, Inc., with the Securities and Exchange

Commission, including quarterly reports on Form 10-Q, reports on Form 8-K, and its annual report on Form 10-K, particularly

including the risk factors contained in the latter filing.

Additional Information about the Proposed

Merger Transaction and Where to Find It

connection

with

the

proposed

transaction,

MAA

expects

file

with

the

SEC

registration

statement

Form

S-4

that

will

include a

definitive

joint

proxy

statement

MAA

and

Colonial

Properties

Trust

that

also

constitutes

prospectus

MAA.

MAA

and

Colonial

Properties

Trust

also

plan

file

other

relevant

documents

with

the

SEC

regarding

the

proposed

transaction.

INVESTORS

ARE

URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE

SEC

AND

WHEN

THEY

BECOME

AVAILABLE,

BECAUSE

THEY

WILL

CONTAIN

IMPORTANT

INFORMATION.

You

may

obtain a free copy of the definitive joint proxy statement/prospectus and other relevant documents filed by MAA and Colonial

Properties

Trust

with

the

SEC

the

SEC’s

website

www.sec.gov.

Copies

the

documents

filed

MAA

with

the

SEC

will

available

free

charge

MAA’s

website

www.maac.com

contacting

MAA

Investor

Relations

901-682-6600.

Copies

the documents filed by Colonial Properties Trust with the SEC will be available free of charge on Colonial Properties Trust’s website

at www.colonialprop.com or by contacting Colonial Properties Trust Investor Relations at 205-250-8700.

MAA

and

Colonial

Properties

Trust

and

their

respective

directors

and

executive

officers

and

other

members

management

and

employees

may

deemed

participants

the

solicitation

proxies

respect

the

proposed

transaction.

You

can

find

information about MAA’s executive officers and directors in MAA’s definitive proxy statement filed with the SEC on March 22,

2013.

You can find information about Colonial Properties Trust’s executive officers and directors in Colonial Properties Trust’s

definitive

proxy

statement

filed

with

the

SEC

March

13,

2013.

Additional

information

regarding

the

interests

such

potential

participants will be included in the joint proxy statement/prospectus and other relevant documents filed with the SEC if and when they

become available. You may obtain free copies of these documents from MAA or Colonial Properties Trust using the sources

indicated above.

This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of

securities

any

jurisdiction

which

such

offer,

solicitation

sale

would

unlawful

prior

registration

qualification

under

the

securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the

requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

Mid-America Apartment Communities (MAA) 8-KRegulation FD Disclosure