8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 30, 2014

MID-AMERICA APARTMENT COMMUNITIES, INC.

(Exact name of registrant as specified in its charter)

TENNESSEE	001-12762	62-1543819
(State or Other Jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

MID-AMERICA APARTMENTS L.P.

(Exact name of registrant as specified in its charter)

TENNESSEE	333-190028-01	62-1543816
(State or Other Jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

6584 Poplar Avenue
Memphis, Tennessee	38138
(Address of Principal Executive Offices)	(Zip Code)

(901) 682-6600

(Registrant's telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13 e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02Results of Operations and Financial Condition.

On July 30, 2014, the Registrant issued an earnings release announcing its consolidated financial results for the three and six months ended June 30, 2014. Copies of the earnings release and supplemental data schedules are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report.

The information in this report (including Exhibits 99.1 and 99.2) is being furnished pursuant to Item 2.01 and shall not be deemed to be "filed" for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any previous or future filings by the Registrant under the Exchange Act or the Securities Act of 1933, as amended.

ITEM 9.01Financial Statements and Exhibits.

(d)	Exhibits
	Exhibit Number	Description
	99.1	Press Release dated July 30, 2014
	99.2	Supplemental Data Schedules dated June 30, 2014

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		MID-AMERICA APARTMENT COMMUNITIES, INC.
Date:	July 30, 2014	/s/Albert M. Campbell, III
		Albert M. Campbell, III
		Executive Vice President and Chief Financial Officer
		(Principal Financial and Accounting Officer)

		MID-AMERICA APARTMENTS L.P.
		By: Mid-America Apartment Communities, Inc.
Date:	July 30, 2014	/s/Albert M. Campbell, III
		Albert M. Campbell, III
		Executive Vice President and Chief Financial Officer
		(Principal Financial and Accounting Officer)

EXHIBIT INDEX

Exhibits
Exhibit Number	Description
99.1	Press Release dated July 30, 2014
99.2	Supplemental Data Schedules dated June 30, 2014

EX-99.1

TABLE OF CONTENTS
Overview	1
Financial Highlights	6
Consolidated Statements of Operations	8
Share and Unit Data/Funds from Operations	9
Consolidated Balance Sheets	10
Non-GAAP Financials and Other Definitions	11
Portfolio Statistics	S-1
Components of Property Net Operating Income for Multifamily Portfolio	S-3
NOI Contribution Percentage by Region	S-4
NOI Bridge	S-5
Multifamily Proforma Combined Same Store Comparisons	S-6
Multifamily Development Pipeline	S-9
Multifamily Lease-up Communities	S-9
Commercial Properties	S-9
2014 Acquisition/Disposition Activity	S-10
Debt and Debt Covenants as of June 30, 2014	S-11
EBITDA and Balance Sheet Ratios	S-13
2014 Guidance	S-14
Credit Ratings/Common Stock/Investor Relations Data	S-15

OVERVIEW

MAA REPORTS SECOND QUARTER RESULTS

MEMPHIS, Tenn., July 30, 2014 /PRNewswire/ -- Mid-America Apartment Communities, Inc. (NYSE: MAA) today announced operating results for the quarter ended June 30, 2014.

Eric Bolton, Chairman and Chief Executive Officer, said, “Second quarter results were driven by steady growth in pricing with same store rents increasing 3.1% over the prior year, off-set by a slight decline in effective occupancy, generating 2.6% growth in revenues. While new supply trends are expected to remain elevated in several of our markets, good job growth and resulting demand across the majority of our markets support our outlook for solid growth in net operating income for the full year.

Merger and integration activities surrounding our combination with Colonial Properties Trust continue to go well. Our operating and management reporting teams were very busy in the second quarter wrapping up the consolidation of the MAA and Colonial operating platforms. In addition, we continue to make good progress on selling the remaining non-core assets acquired in the Colonial merger, with several additional sales contracts in place.”

Funds from Operations

For the quarter ended June 30, 2014, Funds from Operations, or FFO, was $95.5 million, or $1.20 per diluted share/unit, or per Share, compared to $50.8 million, or $1.14 per Share, for the quarter ended June 30, 2013. Core FFO for the quarter ended June 30, 2014, which excludes merger and integration costs related to the merger with Colonial Properties Trust, or Colonial, as well as other non-routine items to facilitate comparison of performance between periods, was $93.9 million, or $1.18 per Share, compared to $56.8 million, or $1.28 per Share, for the quarter ended June 30, 2013.

A reconciliation of FFO and Core FFO to net income attributable to MAA and an expanded discussion of the components of FFO and Core FFO can be found later in this release.

Net Income Available to Common Shareholders

For the quarter ended June 30, 2014, MAA recorded net income available to common shareholders of $31.6 million, or $0.42 per diluted common share, compared to net income of $59.1 million, or $1.37 per diluted common share for the same period in 2013. Second quarter results included $3.6 million, or $0.05 per diluted common share, of gains related to the sale of real estate assets during the period, as compared to $43.1 million, or $1.01 per diluted common share, during the same period in 2013.

Second Quarter Highlights

• Multifamily portfolio revenue (on a proforma combined same store basis as described below) increased 2.6% as compared to the same period in the prior year, with operating expenses increasing 3.8%, generating an increase in net operating income, or NOI, of 1.8%.

• Average effective rent per unit for the proforma combined same store portfolio increased 3.1% during the quarter, partially offset by a 35 basis point decline in effective occupancy compared to prior year.

• Physical occupancy for the proforma combined same store portfolio ended the quarter at 95.7% as compared to 95.6% at the same point in the prior year.

• Resident turnover for the proforma combined same store portfolio remained low for the second quarter of 2014, at 55.7% on a rolling twelve month basis, 2.2% below the prior year.

• Acquired two new wholly-owned communities during the quarter, totaling 705 units, for a combined purchase price of $118.1 million.

• Sold two wholly-owned communities during the quarter, containing 540 units, for combined gross proceeds of $32 million.

• Sold a 294-unit community owned by MAA Multifamily Fund II, LLC (or “Fund II”), MAA’s joint venture fund, located in Macon, GA during the quarter for $25.8 million in gross proceeds.

• Completed construction on new developments in Charlotte and Orlando which were transferred to the lease-up portfolio now comprising 1,701 units, all of which are expected to fully stabilize by the first quarter of 2015.

• Our operating partnership, Mid-America Apartments, L.P. (MAALP), issued $400 million of new ten year senior unsecured notes at a coupon rate of 3.75% and issuance price of 98.873%.

Second Quarter Same Store Operating Results

To ensure comparable reporting periods, our same store portfolio, or MAA Same Store, includes properties which are stabilized and which were owned by us at the beginning of the previous year. In order to provide relevant operating metrics for the quarter, stabilized communities which were owned and identified by Colonial as same store immediately prior to the merger, or

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Legacy-Colonial Same Store, are presented on a proforma basis, as if owned by MAA during the prior period. The Proforma Combined Same Store portfolio presentations in the chart below and subsequent paragraph represent the MAA Same Store and the Legacy-Colonial Same Store portfolios considered as a single portfolio.

Operating results for the Proforma Combined Same Store portfolio of 72,871 stabilized apartment units for our Large Market and Secondary Market portfolios are presented below:

	Percent Change From								As of
	Three months ended June 30, 2013								June 30, 2014
							Average		Period End
							Effective		Physical
	Revenue		Expense		NOI		Rent per Unit		Occupancy
Proforma Large Markets	3.4	%	3.3	%	3.5	%	4.1	%	95.7	%
Proforma Secondary Markets	1.3	%	4.4	%	(0.6	)%	1.7	%	95.8	%
Proforma Combined Same Store	2.6	%	3.8	%	1.8	%	3.1	%	95.7	%

Rent per unit for the second quarter increased 4.1% within the Large Market segment of the portfolio and increased 1.7% within the Secondary Market segment from the same point in prior year. Effective occupancy for the quarter was 94.2%, 35 basis points below the prior year, but overall physical occupancy ended the quarter at 95.7%, in a strong position for the second half of the year, and up slightly from 95.6% at the same point in the prior year. Operating expenses increased 3.8% for the quarter, with real estate taxes and seasonal landscaping expenses representing the majority of the increase for the quarter.

On a year-to-date basis, revenue for the Proforma Combined Same Store portfolio increased 2.8% with a 3.8% increase in operating expenses, generating an increase in NOI of 2.3% as compared to the same period in the prior year.

A reconciliation of NOI, including same store NOI, to net income attributable to MAA and an expanded discussion of the components of NOI can be found later in this release.

Multifamily Acquisition and Disposition Activity

During the second quarter, we acquired two recently developed communities, Stonefield Commons, a 251-unit community located in Charlottesville, Virginia, and Cityscape at Market Center, a 454-unit community located in Dallas, Texas, for a combined purchase price of $118.1 million.

During the second quarter, we sold two wholly-owned communities, Colonial Village at North Arlington and Colonial Village at Vista Ridge, both located in the Fort Worth, Texas metropolitan area, for combined gross proceeds of $32 million. Also during the quarter, Fund II sold one community, Ansley Village, a 294-unit community located in Macon, Georgia, one-third of which was owned by MAA, for gross proceeds of $25.8 million.

During July, MAA also acquired the remaining two-thirds interest in the final community owned by Fund II, Verandas at Southwood, a 300-unit community located in Tallahassee, Florida. We assumed a $20.8 million loan as part of this acquisition, and closed Fund II. This transaction brings MAA’s total year-to-date acquisition volume to $178 million, including the joint venture interests acquired.

During July, we also sold three wholly-owned communities, Greenbrook, a 1,037-unit community located in Memphis, Tennessee, Colonial Village at Inverness, a 586-unit community located in Birmingham, Alabama, and Colonial Village at Charleston Place, a 214-unit community located in Charlotte, North Carolina, for combined proceeds of $95.6 million. These sales bring our wholly-owned disposition proceeds year-to-date to $138.2 million for six communities containing 2,662 units.

Development and Lease-up Activity

During the second quarter, Station Square at Cosner's Corner, located in Fredericksburg, Virginia, reached full stabilization and ended the quarter at 95.0% occupancy. Also during the quarter, construction was completed on two development communities, Colonial Reserve at South End, located in Charlotte, North Carolina, and Colonial Grand at Lake Mary Phase III, located in Orlando, Florida, which are included in our lease-up portfolio at quarter end. At the end of the quarter, six communities containing 1,701 units remained in lease-up with an average occupancy of 79.6% We expect five of these communities to reach stabilization during the second half of 2014, with the remaining property expected to stabilize in the first quarter of 2015.

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We had two multifamily development projects remaining under construction at the end of the second quarter: 220 Riverside, located in Jacksonville, Florida (61% complete), and Colonial Grand at Bellevue II, located in Nashville, Tennessee (43% complete). During the second quarter, we funded an additional $13.1 million of construction and development costs, and we expect to fund an additional $33.7 million to complete these remaining projects.

Redevelopment Activity

We are continuing our redevelopment program at select communities throughout our portfolio. During the second quarter, we renovated a total of 1,339 units at an average cost of $3,400 per unit, achieving average rental rate increases of 11% above non-renovated units.

Capital Expenditures

Recurring capital expenditures for the combined portfolio totaled $19.6 million for the second quarter of 2014, or approximately $0.24 per Share, resulting in Core Adjusted Funds from Operations, or Core AFFO, of $0.94 per Share for the quarter. Year-to-date recurring capital expenditures for the combined portfolio totaled $25.7 million, or approximately $0.32 per Share, resulting in Core AFFO for the first six months of 2014 of $2.07 per Share.

Total property capital expenditures for the combined portfolio during the second quarter were $28.5 million on existing properties, with an additional $4.5 million on redevelopment opportunities.

A reconciliation of Core AFFO to net income attributable to MAA and an expanded discussion of the components of Core AFFO can be found later in this release.

Financing Activity

During the second quarter, MAALP completed a public bond offering to refinance virtually all 2014 debt maturities. MAALP issued $400 million of 3.75% senior unsecured notes due in 2024, at an issue price of 98.873%. Proceeds from the bond issuance were used to repay the $198 million Freddie Mac secured credit facility and the $192 million of maturing public bonds, originally assumed with the Colonial merger. In connection with the bond transaction, we cash settled $250 million in forward interest rate swap agreements, entered earlier in the year to effectively lock the interest rate on the planned transaction, which produced an effective interest rate to us of 3.98% over the ten year life of the bonds.

On July 18, 2014, MAALP consummated the exchange of up to (i) $169.1 million of its 5.50% Senior Notes due 2015 for a like principal amount of its 5.50% Senior Notes due 2015 registered under the Securities Act of 1933 as amended (the “Securities Act”) and (ii) $68.1 million of its 6.05% Senior Notes due 2016 for a like principal amount of its 6.05% Senior Notes due 2016 registered under the Securities Act.  Currently, MAALP has outstanding approximately $1.0 billion of senior notes that have been registered under the Securities Act

In July, MAA amended the terms of its $250 million unsecured term loan, which matures in July 2018, to reflect current market pricing. The amended loan has a variable interest rate of LIBOR plus a credit spread ranging from 0.90% to 1.90%, currently bearing interest at 1.15%, based on the company's investment grade rating. This spread is 0.65% below the spread prior to this amendment. The bank group funding the loan and major terms and covenants remained the same.

Balance Sheet

As of June 30, 2014,

• Debt to total capitalization was 37.5% (based on the June 30, 2014 closing stock price of $73.05),

• Net debt to gross assets (based on gross book value at June 30, 2014) was 42.8%,

• Total debt outstanding was $3.5 billion at an average interest rate of 3.8%,

• 98.8% of the total debt was fixed or hedged against rising interest rates for an average of 4.9 years,

• Fixed charge coverage ratio (Recurring EBITDA divided by interest expense adjusted for mark-to-market debt adjustment) was 3.57x and net debt to Recurring EBITDA was 6.43x,

• Approximately $487.7 million combined cash and capacity was available under our unsecured credit facility, and

• Unencumbered assets represented 66.9% of gross real estate assets.

A reconciliation of EBITDA and Recurring EBITDA to consolidated net income and an expanded discussion of the components of EBITDA and Recurring EBITDA can be found later in this release.

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Merger Related Activities

In connection with the merger with Colonial that was consummated on October 1, 2013, we incurred a total of $0.8 million, or $0.01 per Share, of merger related costs during the second quarter, primarily severance, legal and professional costs. The largest portion of merger related costs have been recognized, with some final costs expected to be incurred during the remainder of 2014.

The majority of integration activities are now completed, as all operating and financial systems were converted and consolidated onto one platform by the end of the second quarter. During the second quarter, we incurred

$3.2 million, or $0.04 per Share, of integration costs, which are primarily related to temporary systems, staffing, and facilities costs, necessary to complete the full integration of the two companies. We expect integration efforts to be fully completed by year-end, with some additional costs over the remainder of 2014 as certain employee contracts expire and integration activities are finalized.

82nd Consecutive Quarterly Common Dividend Declared

Our Board of Directors voted to continue the quarterly dividend at an annual rate of $2.92 per common share and unit and declared its 82^nd consecutive quarterly common dividend, which will be paid on July 31, 2014 to holders of record on July 15, 2014.

2014 Core FFO per Share Guidance

Based on MAA’s performance in the second quarter and revised expectations for both apartment operations and transaction activity over the remainder of the year, we are updating our earnings guidance for 2014. Management now believes a Core FFO per Share range for the full-year 2014 of $4.79 to $4.95 is appropriate. Core FFO per Share is expected to be in the range of $1.15 to $1.27 for the third quarter, and $1.21 to $1.33 for the fourth quarter.

We expect recurring capital expenditures of approximately $60 million for 2014, producing Core AFFO per Share in the range of $4.04 to $4.20 for the full year.

Management now expects NOI growth for the Proforma Combined Same Store portfolio for the full year in the range of 4% to 4.5%, based on revenue growth of 3.0% to 3.5% and expense growth of 1.5% to 2.5%.

Additional information on our 2014 financial outlook and Core FFO guidance is included in the supplemental data accompanying this press release.

Supplemental Material and Conference Call

Supplemental data to this release can be found on the investor relations page of our website at www.maac.com. MAA will host a conference call to further discuss second quarter results on Thursday, July 31, 2014, at 9:00 AM Central Time. The conference call-in number is 866-952-7532, and the moderator’s name is Tim Argo. You may also join the live webcast of the conference call by accessing the Investor Relations section of our website at www.maac.com. Our filings with the Securities and Exchange Commission are filed under the registrant name of Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P.

About MAA

MAA is a self-administered, self-managed real estate investment trust, which owned or had ownership interest in 83,663 apartment units throughout the Sunbelt region of the United States as of June 30, 2014. For further details, please visit the MAA website at www.maac.com or contact Investor Relations at investor.relations@maac.com, or via mail at 6584 Poplar Ave., Memphis, TN 38138.

Forward-Looking Statements

Sections of this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 with respect to our expectations for future periods. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions or other items related to the future. Such forward-looking statements include, without limitation, statements concerning property acquisitions and dispositions, joint venture activity, development and renovation activity as well as other capital expenditures, capital raising activities, revenue and expense growth, occupancy, financing activities and interest rate and other economic expectations and statements about the benefits of our merger with Colonial. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from the results of operations, financial conditions or plans expressed or implied by such forward-looking statements. Such factors include, among other

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things, unanticipated adverse business developments affecting us, or our properties, adverse changes in the real estate markets and general and local economies and business conditions. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such forward-looking statements included in this press release may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved.

The following factors, among others, could cause our future results to differ materially from those expressed in the forward-looking statements:

• inability to generate sufficient cash flows due to market conditions, changes in supply and/or demand, competition, uninsured losses, changes in tax and housing laws, or other factors;

• exposure, as a multifamily focused REIT, to risks inherent in investments in a single industry;

• difficulty in completing the integration of Colonial’s operations, systems and personnel with ours and certain uncertainties associated with our ability to sell our commercial asset portfolio;

• adverse changes in real estate markets, including, but not limited to, the extent of future demand for multifamily units in our primary markets, barriers of entry into new markets which we may seek to enter in the future, limitations on our ability to increase rental rates, competition, our ability to identify and consummate attractive acquisitions or development projects on favorable terms, our ability to consummate any planned dispositions in a timely manner on acceptable terms, and our ability to reinvest sale proceeds in a manner that generates favorable returns;

• failure of new acquisitions to achieve anticipated results or be efficiently integrated;

• failure of development communities to be completed, if at all, within budget and on a timely basis or to lease-up as anticipated;

• unexpected capital needs;

• changes in operating costs, including real estate taxes, utilities and insurance costs;

• losses from catastrophes in excess of our insurance coverage;

• ability to obtain financing at favorable rates, if at all, and refinance existing debt as it matures;

• level and volatility of interest or capitalization rates or capital market conditions;

• loss of hedge accounting treatment for interest rate swaps or interest rate caps;

• the continuation of the good credit of our interest rate swap and cap providers;

• price volatility, dislocations and liquidity disruptions in the financial markets and the resulting impact on financing;

• the effect of any rating agency actions on the cost and availability of new debt financing;

• significant decline in market value of real estate serving as collateral for mortgage obligations;

• significant change in the mortgage financing market that would cause single-family housing, either as an owned or rental product, to become a more significant competitive product;

• our ability to continue to satisfy complex rules in order to maintain our status as a REIT for federal income tax purposes, the ability of MAALP to satisfy the rules to maintain its status as a partnership for federal income tax purposes, the ability of our taxable REIT subsidiaries to maintain their status as such for federal income tax purposes, and our ability and the ability of our subsidiaries to operate effectively within the limitations imposed by these rules;

• inability to attract and retain qualified personnel;

• potential liability for environmental contamination;

• adverse legislative or regulatory tax changes;

• litigation and compliance costs associated with laws requiring access for disabled persons; and

• other risks identified in this press release and, from time to time, in reports we file with the Securities and Exchange Commission, or the SEC, or in other documents that we publicly disseminate.

We undertake no obligation to publicly update or revise these forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.

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FINANCIAL HIGHLIGHTS
Dollars in thousands, except per share data
	Three months ended June 30,						Six months ended June 30,
	2014			2013			2014			2013
Total property revenue	$	244,493		$	131,659		$	487,883		$	259,402
Multifamily property revenue	$	243,115		$	227,821		$	482,324		$	449,732
Multifamily property NOI	$	145,432		$	136,520		$	290,337		$	270,842
Management & leasing fee revenue	$	61		$	142		$	158		$	319
Recurring EBITDA	$	133,016		$	73,109		$	268,381		$	145,282
Net income per share:
Basic	$	0.42		$	1.38		$	0.62		$	1.89
Diluted	$	0.42		$	1.37		$	0.62		$	1.87
Funds from operations per share (diluted):
FFO	$	1.20		$	1.14		$	2.43		$	2.40
Core FFO	$	1.18		$	1.28		$	2.39		$	2.53
Core AFFO	$	0.94		$	1.05		$	2.07		$	2.17
Dividends declared per share	$	0.7300		$	0.6950		$	1.4600		$	1.3900
Dividends/FFO (diluted) payout ratio	60.83		%	60.96		%	60.08		%	57.92		%
Dividends/AFFO (diluted) payout ratio	77.66		%	66.19		%	70.53		%	64.06		%
Consolidated interest expense	$	30,163		$	15,189		$	60,839		$	30,734
Mark-to-market debt adjustment	7,094			280			14,235			505
Capitalized interest	337			424			850			872
Consolidated interest income	(921		)	(23		)	(1,081		)	(70		)
Total interest incurred	$	36,673		$	15,870		$	74,843		$	32,041
Principal payments on notes payable	$	2,504		$	1,429		$	5,055		$	2,799

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FINANCIAL HIGHLIGHTS (CONTINUED)
Dollars in thousands, except per share data
	As of
	June 30, 2014			December 31, 2013
Total gross assets	$	8,056,286		$	7,980,240
Total debt	$	3,475,413		$	3,472,718
Common shares and units, outstanding end of period	79,401,933			79,058,110
Share price, end of period	$	73.05		$	60.74
Book equity value, end of period	$	3,062,609		$	3,118,587
Market equity value, end of period	$	5,800,311		$	4,801,990
Debt to total market capitalization ratio	37.5		%	42.0		%
Total net debt/total gross assets	42.8		%	42.4		%
Unencumbered real estate assets (at cost) to unsecured debt ratio	274.9		%	295.1		%
Recurring EBITDA/Debt Service	3.35x			3.37x
Fixed Charge Coverage (1)	3.57x			3.59x
Total Net Debt (2)/Recurring EBITDA (3)	6.43x			6.32x

⁽¹⁾  Fixed charge coverage represents Recurring EBITDA divided by interest expense adjusted for mark-to-market debt adjustment and any preferred dividends.

⁽²⁾  Total Net Debt equals Total Debt less Cash and Cash Equivalents.

⁽³⁾  Recurring EBITDA represents the six months ended June 30, 2014 on an annualized basis.

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CONSOLIDATED STATEMENTS OF OPERATIONS
Dollars in thousands, except per share data
	Three months ended June 30,						Six months ended June 30,
	2014			2013			2014			2013
Operating revenues:
Rental revenues	$	222,610		$	121,128		$	443,598		$	238,833
Other property revenues	21,883			10,531			44,285			20,569
Total property revenues	244,493			131,659			487,883			259,402
Management fee income	61			142			158			319
Total operating revenues	244,554			131,801			488,041			259,721
Operating Expenses:
Property operating expenses	97,622			52,821			194,985			103,342
Depreciation and amortization	69,631			32,222			159,644			64,417
Acquisition expense	947			489			958			499
Property management expenses	9,579			5,223			16,590			10,331
General and administrative expenses	5,212			3,389			9,554			6,628
Merger related expenses	795			5,737			2,871			5,737
Integration related expenses	3,151			—			6,993			—
Income from continuing operations before non-operating items	57,617			31,920			96,446			68,767
Interest and other non-property income	921			23			1,081			70
Interest expense	(30,163		)	(15,189		)	(60,839		)	(30,734		)
Loss on debt extinguishment/modification	—			—			—			(169		)
Amortization of deferred financing costs	(1,174		)	(803		)	(2,485		)	(1,607		)
Net casualty (loss) gain after insurance and other settlement proceeds	(295		)	439			(305		)	455
Income before income tax expense	26,906			16,390			33,898			36,782
Income tax expense	(523		)	(223		)	(793		)	(446		)
Income from continuing operations before joint venture activity	26,383			16,167			33,105			36,336
Gain from real estate joint ventures	2,919			47			2,895			101
Income from continuing operations	29,302			16,214			36,000			36,437
Discontinued operations:
Income from discontinued operations before gain on sale	449			1,697			865			3,479
Net casualty loss after insurance and other settlement proceeds on discontinued operations	(1		)	(4		)	(3		)	(4		)
Gain on sale of discontinued operations	—			43,121			5,481			43,121
Income before gain (loss) on sale of properties	29,750			61,028			42,343			83,033
Gain on sale of depreciable real estate assets excluded from discontinued operations	3,658			—			6,222			—
(Loss) gain on sale of non-depreciable real estate assets	(22		)	—			535			—
Consolidated net income	33,386			61,028			49,100			83,033
Net income attributable to noncontrolling interests	1,773			1,939			2,621			2,764
Net income available for MAA common shareholders	$	31,613		$	59,089		$	46,479		$	80,269
Earnings per common share - basic:
Income from continuing operations available for common shareholders	$	0.42		$	0.37		$	0.54		$	0.82
Discontinued property operations	—			1.01			0.08			1.07
Net income available for common shareholders	$	0.42		$	1.38		$	0.62		$	1.89
Earnings per common share - diluted:
Income from continuing operations available for common shareholders	$	0.42		$	0.36		$	0.54		$	0.82
Discontinued property operations	—			1.01			0.08			1.05
Net income available for common shareholders	$	0.42		$	1.37		$	0.62		$	1.87
Dividends declared per common share	$	0.7300		$	0.6950		$	1.4600		$	1.3900

8

SHARE AND UNIT DATA
Shares and units in thousands
	Three months ended June 30,		Six months ended June 30,
	2014	2013	2014	2013
NET INCOME SHARES(1)
Weighted average common shares - Basic	74,948	42,690	74,876	42,523
Weighted average partnership units outstanding	—	—	—	1,711
Effect of dilutive securities	—	—	162	60
Weighted average common shares - Diluted	74,948	42,690	75,038	44,294
FUNDS FROM OPERATIONS SHARES AND UNITS
Weighted average common shares and units - Basic	79,156	44,398	79,090	44,234
Weighted average common shares and units - Diluted	79,351	44,436	79,292	44,273
PERIOD END SHARES AND UNITS
Common shares at June 30,	75,195	42,736	75,195	42,736
Partnership units at June 30,	4,207	1,708	4,207	1,708
Total shares and units at June 30,	79,402	44,444	79,402	44,444

⁽¹⁾  For additional information on the calculation of diluted shares and earnings per share, please refer to the Notes to Condensed Consolidated Financial Statements in our Form 10-Q filed with the Securities and Exchange Commission.

FUNDS FROM OPERATIONS
Dollars in thousands, except per share data
	Three months ended						Six months ended
	June 30,						June 30,
	2014			2013			2014			2013
Net income attributable to MAA	$	31,613		$	59,089		$	46,479		$	80,269
Depreciation and amortization of real estate assets	69,044			31,708			158,493			63,441
Depreciation and amortization of real estate assets of discontinued operations	—			973			42			2,210
Gain on sale of discontinued operations	—			(43,121		)	(5,481		)	(43,121		)
Gain on sale of depreciable real estate assets excluded from discontinued operations	(3,658		)	—			(6,222		)	—
Gain on disposition within unconsolidated entities	(3,414		)	—			(3,414		)	—
Depreciation and amortization of real estate assets of real estate joint ventures	155			247			354			491
Net income attributable to noncontrolling interests	1,773			1,939			2,621			2,764
Funds from operations	95,513			50,835			192,872			106,054
Acquisition expense	947			489			958			499
Merger related expenses	795			5,737			2,871			5,737
Integration related expenses	3,151			—			6,993			—
(Loss) gain on sale of non-depreciable real estate assets	22			—			(535		)	—
Mark-to-market debt adjustment	(7,094		)	(280		)	(14,235		)	(505		)
Loss on debt extinguishment (1)	540			—			540			169
Core funds from operations	93,874			56,781			189,464			111,954
Recurring capital expenditures	(19,606		)	(10,147		)	(25,659		)	(15,752		)
Core adjusted funds from operations	$	74,268		$	46,634		$	163,805		$	96,202
Weighted average common shares and units - Diluted	79,351			44,436			79,292			44,273
Funds from operations per share and unit - Diluted	$	1.20		$	1.14		$	2.43		$	2.40
Core funds from operations per share and unit - Diluted	$	1.18		$	1.28		$	2.39		$	2.53
Core adjusted funds from operations per share and unit - Diluted	$	0.94		$	1.05		$	2.07		$	2.17

⁽¹⁾ The loss on debt extinguishment for 2014 is MAA's share of debt extinguishment costs incurred by our joint venture, Mid-America Multifamily Fund II.

9

CONSOLIDATED BALANCE SHEETS
Dollars in thousands
	June 30, 2014			December 31, 2013
Assets
Real estate assets
Land	$	877,368		$	871,316
Buildings and improvements	6,602,860			6,366,701
Furniture, fixtures and equipment	206,877			199,573
Capital improvements in progress	84,502			166,048
	7,771,607			7,603,638
Accumulated depreciation	(1,258,554		)	(1,124,207		)
	6,513,053			6,479,431
Undeveloped land	59,195			63,850
Corporate property, net	8,285			7,523
Investments in real estate joint ventures	3,295			5,499
Real estate assets, net	6,583,828			6,556,303
Cash and cash equivalents	26,318			89,333
Restricted cash	64,683			44,361
Deferred financing cost, net	18,262			17,424
Other assets	51,789			91,637
Goodwill	4,106			4,106
Assets held for sale	34,135			38,761
Total assets	$	6,783,121		$	6,841,925
Liabilities and Shareholders' Equity
Liabilities
Secured notes payable	$	1,563,014		$	1,790,935
Unsecured notes payable	1,912,399			1,681,783
Accounts payable	15,297			15,067
Fair market value of interest rate swaps	17,997			20,015
Accrued expenses and other liabilities	201,997			206,190
Security deposits	9,808			9,270
Liabilities associated with assets held for sale	—			78
Total liabilities	3,720,512			3,723,338
Redeemable stock	5,407			5,050
Shareholders' equity
Common stock	751			747
Additional paid-in capital	3,613,221			3,599,549
Accumulated distributions in excess of net income	(717,642		)	(653,593		)
Accumulated other comprehensive losses	(1,395		)	108
Total MAA shareholders' equity	2,894,935			2,946,811
Noncontrolling interest	162,267			166,726
Total equity	3,057,202			3,113,537
Total liabilities and shareholders' equity	$	6,783,121		$	6,841,925

10

NON-GAAP FINANCIALS AND OTHER DEFINITIONS

Average Effective Rent per Unit

Average effective rent per unit represents the average of gross rent amounts after the effect of leasing concessions for occupied units plus prevalent market rates asked for unoccupied units, divided by the total number of units. Leasing concessions represent discounts to the current market rate. We believe average effective rent is a helpful measurement in evaluating average pricing. It does not represent actual rental revenue collected per unit.

Average Total Revenue per Occupied Unit

Average total revenue per occupied unit represents total revenue divided by the average daily physical occupancy per unit.

Core Adjusted Funds From Operations (Core AFFO)

For purposes of these computations, AFFO is composed of Core FFO less recurring capital expenditures. As an owner and operator of real estate, we consider AFFO to be an important measure of performance from core operations because AFFO measures our ability to control revenues, expenses and recurring capital expenditures.

Core Funds From Operations (Core FFO)

Core FFO represents FFO excluding certain non-cash or non-routine items such as acquisition, merger and integration expenses, mark-to-market debt adjustments, loss or gain on debt extinguishment, and loss or gain on sale of non-depreciable assets. While our definition of Core FFO is similar to others in our industry, our precise methodology for calculating Core FFO may differ from that utilized by other REITs and, accordingly, may not be comparable to such other REITs. Core FFO should not be considered as an alternative to net income. We believe that Core FFO is helpful in understanding our operating performance in that it removes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.

Development Portfolio

Communities remain identified as development until certificates of occupancy are obtained for all units under development. Once all units are delivered and available for occupancy, the community moves into the Lease-up Portfolio.

Earnings Before Interest Taxes Depreciation and Amortization (EBITDA)

For purposes of these computations, EBITDA is composed of net income before net gain on asset sales and insurance and other settlement proceeds, and gain or loss on debt extinguishment, plus depreciation, interest expense, income taxes, and amortization of deferred financing costs. EBITDA is a non-GAAP financial measure we use as a performance measure. As an owner and operator of real estate, we consider EBITDA to be an important measure of performance from core operations because EBITDA does not include various income and expense items that are not indicative of our operating performance. EBITDA should not be considered as an alternative to net income as an indicator of financial performance. Our computation of EBITDA may differ from the methodology utilized by other companies to calculate EBITDA.

Effective Occupancy

Effective occupancy represents contract rents on occupied units divided by the sum of market rents on vacant units and contract rents on occupied units.

Funds From Operations (FFO)

FFO represents net income (computed in accordance with U.S. generally accepted accounting principles, or GAAP) excluding extraordinary items, net income attributable to noncontrolling interest, asset impairment, gains or losses on disposition of real estate assets, plus depreciation of real estate and adjustments for joint ventures to reflect FFO on the same basis. While our definition of FFO is in accordance with the National Association of Real Estate Investment Trust’s definition, it may differ from the methodology for calculating FFO utilized by other REITs and, accordingly, may not be comparable to such other REITs. FFO should not be considered as an alternative to net income. MAA believes that FFO is helpful in understanding our operating performance in that FFO excludes depreciation expense of real estate assets. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

Lease-up Portfolio

New acquisitions acquired during lease-up and newly developed communities remain in the Lease-up Portfolio until stabilized.

11

NON-GAAP FINANCIALS AND OTHER DEFINITIONS (CONTINUED)

Legacy-Colonial Same Store

Legacy-Colonial Same Store represents the Colonial Same Store portfolio which was in place at the time of our merger with Colonial. Because these properties have only been owned by MAA since October 1, 2013, they are not included in the MAA Same Store portfolio. See Same Store Portfolio for more information regarding inclusion. These properties have

been identified in certain tables to provide proforma combined same store results as if the properties had been owned by MAA in prior periods. These properties will be eligible to join the MAA Same Store portfolio in January 2015.

MAA Same Store

MAA Same Store represents our current same store portfolio consisting of the Same Store Portfolio which was in place immediately prior to our merger with Colonial Properties Trust. Colonial Properties Trust communities will not be eligible to enter the MAA Same Store portfolio until January 2015. See Same Store Portfolio for further information regarding inclusion.

Net Operating Income (NOI)

Net operating income represents total property revenues less total property operating expenses, excluding depreciation, for all properties held during the period, regardless of their status as held for sale. We believe NOI by market is a helpful tool in evaluating the operating performance within our markets because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

Other Non-Same Store Portfolio

Other Non-Same Store includes recent acquisitions, communities in development or lease-up, communities that have undergone a significant casualty loss, and commercial assets.

Proforma Combined Same Store Portfolio

Proforma Combined Same Store portfolio represents the MAA Same Store and the Legacy-Colonial Same Store portfolios considered as a single portfolio.

Recurring Earnings Before Interest Taxes Depreciation and Amortization (Recurring EBITDA)

Recurring EBITDA represents EBITDA excluding certain non-cash or non-routine items such as acquisition and merger and integration expenses. We believe Recurring EBITDA is an important performance measure as it adjusts for certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance. Recurring EBITDA should not be considered as an alternative to net income as an indicator of financial performance. Our computation of Recurring EBITDA may differ from the methodology utilized by other companies to calculate Recurring EBITDA.

Same Store Portfolio

We review our Same Store Portfolio at the beginning of each calendar year. Communities are generally added into the Same Store Portfolio if they were owned and stabilized at the beginning of the previous year. Communities that have been approved by the Board of Directors for disposition are excluded from our Same Store Portfolio. Communities that have undergone a significant casualty loss are also excluded from our Same Store Portfolio. Within our Same Store Portfolio communities are designated as operating in Large or Secondary markets:

Large Market Same Store communities are generally those communities in markets with a population of at least one million and at least 1% of the total public multifamily REIT units.

Secondary Market Same Store communities are generally those communities in markets with either a population less than one million or less than 1% of the total public multifamily REIT units, or both.

Stabilized Communities

Communities are considered stabilized after achieving 90% occupancy for 90 days.

CONTACT: Investor Relations of MAA, 866-576-9689 (toll free), investor.relations@maac.com

12

EX-99.2

PORTFOLIO STATISTICS

TOTAL WHOLLY-OWNED MULTIFAMILY PORTFOLIO AT JUNE 30, 2014 (In apartment units)

	Proforma Combined Same Store (1)	Proforma Combined Non Same Store (1)	In Lease-Up	Total Operating	Current Development Units Delivered	Total (2)
Austin, TX	5,542	296	—	5,838	—	5,838
Atlanta, GA	5,284	310	—	5,594	—	5,594
Charlotte, NC	4,161	701	353	5,215	—	5,215
Raleigh/Durham, NC	4,663	—	—	4,663	—	4,663
Dallas, TX	3,723	1,322	252	5,297	—	5,297
Fort Worth, TX	4,519	—	—	4,519	—	4,519
Orlando, FL	2,438	620	594	3,652	—	3,652
Nashville, TN	3,128	428	—	3,556	—	3,556
Tampa, FL	2,644	234	—	2,878	—	2,878
Phoenix, AZ	1,976	—	—	1,976	—	1,976
Houston, TX	2,281	628	—	2,909	—	2,909
Las Vegas, NV	721	—	—	721	—	721
South Florida	480	—	—	480	—	480
Large Markets	41,560	4,539	1,199	47,298	—	47,298
Charleston, SC	2,378	270	—	2,648	—	2,648
Jacksonville, FL	3,202	—	—	3,202	—	3,202
Savannah, GA	2,219	—	—	2,219	—	2,219
Memphis, TN	2,268	1,037	—	3,305	—	3,305
Richmond, VA	1,668	—	—	1,668	—	1,668
Birmingham, AL	1,462	586	—	2,048	—	2,048
San Antonio, TX	1,176	—	—	1,176	—	1,176
Little Rock, AR	1,056	312	—	1,368	—	1,368
Huntsville, AL	1,380	—	—	1,380	—	1,380
Norfolk/Hampton/VA Beach, VA	1,033	—	—	1,033	—	1,033
Greenville, SC	1,748	—	—	1,748	—	1,748
Other	11,721	1,759	502	13,982	—	13,982
Secondary Markets	31,311	3,964	502	35,777	—	35,777
Total Multifamily Units	72,871	8,503	1,701	83,075	—	83,075

⁽¹⁾ Proforma Combined Same Store discussions include the properties acquired in the merger with Colonial Properties Trust using the same-store designation of those properties prior to the merger.

⁽²⁾ Excludes joint venture properties totaling 588 units.

Supplemental Data S-1

PORTFOLIO STATISTICS (CONTINUED)

TOTAL WHOLLY OWNED MULTIFAMILY COMMUNITY STATISTICS

Dollars in thousands, except Average Effective Rent

		As of June 30, 2014						Average Effective Rent for the Three Months Ended June 30, 2014		As of June 30, 2014
		Gross Real Assets		Percent to Total of Gross Real Assets		Physical Occupancy				Completed Units	Total Units (1)
Austin, TX		$	561,608	7.3	%	96.4	%	$	972	5,838
Atlanta, GA		$	557,485	7.2	%	95.1	%	$	961	5,594
Charlotte, NC		$	547,518	7.1	%	96.3	%	$	886	4,862
Raleigh/Durham, NC		$	539,395	7.0	%	94.0	%	$	914	4,663
Dallas, TX		$	494,555	6.4	%	95.6	%	$	1,013	5,045
Fort Worth, TX		$	371,773	4.8	%	95.2	%	$	896	4,519
Orlando, FL		$	387,344	5.0	%	95.5	%	$	1,043	3,058
Nashville, TN		$	332,430	4.3	%	97.7	%	$	1,020	3,556
Tampa, FL		$	298,948	3.9	%	95.2	%	$	1,006	2,878
Phoenix, AZ		$	232,309	3.0	%	94.7	%	$	869	1,976
Houston, TX		$	229,129	3.0	%	96.8	%	$	969	2,909
Las Vegas, NV		$	64,977	0.8	%	95.7	%	$	780	721
South Florida		$	56,826	0.7	%	96.5	%	$	1,430	480
Large Markets		$	4,674,297	60.5	%	95.7	%	$	960	46,099
Charleston, SC		$	253,620	3.3	%	96.9	%	$	951	2,648
Jacksonville, FL		$	243,167	3.2	%	96.0	%	$	900	3,202
Savannah, GA		$	220,710	2.9	%	96.6	%	$	926	2,219
Memphis, TN		$	198,860	2.6	%	95.1	%	$	773	3,305
Richmond, VA		$	183,454	2.4	%	96.6	%	$	914	1,668
Birmingham, AL		$	172,881	2.2	%	94.8	%	$	860	2,048
San Antonio, TX		$	113,272	1.5	%	96.5	%	$	991	1,176
Little Rock, AR		$	110,645	1.4	%	95.0	%	$	875	1,368
Huntsville, AL		$	110,637	1.4	%	94.6	%	$	741	1,380
Norfolk, Hampton, VA Beach, VA		$	96,279	1.2	%	94.9	%	$	963	1,033
Greenville, SC		$	93,796	1.2	%	96.7	%	$	710	1,748
All Other Secondary Markets by State (individual markets <1% gross real assets)
Georgia		$	167,902	2.2	%	96.5	%	$	765	2,665
Florida		$	147,868	1.9	%	95.7	%	$	849	2,178
Virginia		$	110,492	1.4	%	94.5	%	$	1,174	750
Kentucky		$	99,805	1.3	%	95.9	%	$	792	1,548
North Carolina		$	98,433	1.3	%	95.8	%	$	682	1,562
Tennessee		$	84,237	1.1	%	93.9	%	$	722	1,608
Alabama		$	74,759	1.0	%	96.0	%	$	758	1,029
Mississippi		$	69,054	0.9	%	96.3	%	$	821	1,241
Missouri		$	52,431	0.7	%	94.4	%	$	1,240	323
South Carolina		$	34,956	0.5	%	91.0	%	$	750	576
Secondary Markets		$	2,737,258	35.6	%	95.7	%	$	844	35,275
Subtotal		$	7,411,555	96.1	%	95.7	%	$	910	81,374
Orlando, FL	Large	$	84,650	1.1	%	60.3	%	$	1,162	594	594
Charlottesville, VA	Secondary	$	47,741	0.6	%	88.8	%	$	1,209	251	251
Fredericksburg, VA	Secondary	$	45,121	0.6	%	93.2	%	$	1,344	251	251
Charlotte, NC	Large	$	43,018	0.6	%	84.4	%	$	1,193	353	353
Dallas, TX	Large	$	36,464	0.5	%	95.6	%	$	1,124	252	252
Jacksonville, FL	Secondary	$	25,034	0.3	%	0.0	%	$	—	—	294
Nashville, TN	Large	$	13,099	0.2	%	0.0	%	$	—	—	220
Lease-up and Development		$	295,127	3.9	%	79.6	%	$	1,197	1,701	2,215
Total Wholly Owned Multifamily Communities		$	7,706,682	100.0	%	95.4	%	$	916	83,075	83,589

⁽¹⁾ Excludes joint venture properties totaling 588 units.

Supplemental Data S-2

COMPONENTS OF PROPERTY NET OPERATING INCOME FOR MULTIFAMILY PORTFOLIO

	Apartment	Three Months Ended
	Units (2)	6/30/2014		6/30/2013			Percent Change
Property Revenue
Pro Forma Combined Same Store Communities (1)	72,871	$	213,224	$	207,841		2.6	%
Pro Forma Combined Non-Same Store Communities (1)	8,503	26,330		19,873
Lease up/Development Communities	1,701	3,561		107
Total Property Revenue	83,075	$	243,115	$	227,821
Property Expenses
Pro Forma Combined Same Store Communities (1)	72,871	$	85,629	$	82,510		3.8	%
Pro Forma Combined Non-Same Store Communities (1)	8,503	10,285		8,415
Lease up/Development Communities	1,701	1,769		376
Total Property Expenses	83,075	$	97,683	$	91,301
Property Net Operating Income
Pro Forma Combined Same Store Communities (1)	72,871	$	127,595	$	125,331		1.8	%
Pro Forma Combined Non-Same Store Communities (1)	8,503	16,045		11,458
Lease up/Development Communities	1,701	1,792		(269		)
Total Property Net Operating Income	83,075	$	145,432	$	136,520		6.5	%

⁽¹⁾ Pro Forma Combined Same Store discussions include the properties acquired in the merger with Colonial Properties Trust

using the same-store designation of those properties prior to the merger.

⁽²⁾ Excludes joint venture properties totaling 588 units.

Supplemental Data S-3

NOI CONTRIBUTION PERCENTAGE BY REGION

			Physical Occupancy
	Proforma Combined Same Store (1)		June 30, 2014		June 30, 2013
Atlanta, GA	7.5	%	95.3	%	95.3	%
Austin, TX	7.4	%	96.3	%	95.6	%
Raleigh/Durham, NC	6.9	%	94.0	%	95.5	%
Fort Worth, TX	6.0	%	95.2	%	94.9	%
Charlotte, NC	5.9	%	96.4	%	94.8	%
Dallas, TX	5.5	%	95.8	%	95.6	%
Nashville, TN	5.0	%	97.5	%	97.2	%
Tampa, FL	4.2	%	95.4	%	96.4	%
Orlando, FL	3.7	%	95.8	%	94.6	%
Houston, TX	3.2	%	96.9	%	96.5	%
Phoenix, AZ	2.7	%	94.7	%	94.5	%
South Florida	1.0	%	96.5	%	94.0	%
Las Vegas, NV	1.0	%	95.7	%	92.5	%
Large Markets	60.0	%	95.7	%	95.4	%
Jacksonville, FL	4.3	%	96.0	%	96.4	%
Charleston, SC	3.5	%	96.8	%	96.0	%
Savannah, GA	3.2	%	96.6	%	95.9	%
Memphis, TN	2.6	%	95.0	%	97.0	%
Richmond, VA	2.6	%	96.6	%	95.5	%
Birmingham, AL	2.1	%	94.6	%	96.3	%
Greenville, SC	1.9	%	96.7	%	96.2	%
San Antonio, TX	1.7	%	96.5	%	96.1	%
Huntsville, AL	1.6	%	94.6	%	93.6	%
Norfolk/Hampton/VA Beach, VA	1.4	%	94.9	%	95.5	%
Little Rock, AR	1.3	%	95.1	%	95.1	%
Other	13.8	%	95.6	%	95.5	%
Secondary Markets	40.0	%	95.8	%	95.8	%
Total Proforma Combined Same Store	100.0	%	95.7	%	95.6	%

⁽¹⁾ Proforma Combined Same Store discussions include the properties acquired in the merger with Colonial Properties Trust using the same-store designation of those properties prior to the merger.

Supplemental Data S-4

NOI BRIDGE
Dollars in thousands
	Three Months Ended									Six Months Ended
	June 30, 2014			March 31, 2014			June 30, 2013			June 30, 2014			June 30, 2013
NOI
MAA same store	$	73,540		$	73,856		$	72,493		$	147,396		$	144,708
Non-same store (1)	72,695			73,770			9,172			146,465			17,371
Total NOI	146,235			147,626			81,665			293,861			162,079
Held for sale NOI included above	636			(1,599		)	(2,827		)	(963		)	(6,019		)
Management fee income	61			97			142			158			319
Depreciation and amortization	(69,631		)	(90,013		)	(32,222		)	(159,644		)	(64,417		)
Acquisition expense	(947		)	(11		)	(489		)	(958		)	(499		)
Property management expenses	(9,579		)	(7,011		)	(5,223		)	(16,590		)	(10,331		)
General and administrative expenses	(5,212		)	(4,342		)	(3,389		)	(9,554		)	(6,628		)
Merger related expenses	(795		)	(2,076		)	(5,737		)	(2,871		)	(5,737		)
Integration related expenses	(3,151		)	(3,842		)	—			(6,993		)	—
Interest and other non-property income	921			160			23			1,081			70
Interest Expense	(30,163		)	(30,676		)	(15,189		)	(60,839		)	(30,734		)
Loss on debt extinguishment	—			—			—			—			(169		)
Amortization of deferred financing costs	(1,174		)	(1,311		)	(803		)	(2,485		)	(1,607		)
Gain on sale of depreciable real estate assets excluded from discontinued operations	3,658			2,564			—			6,222			—
Net casualty (loss) gain and other settlement proceeds	(295		)	(10		)	439			(305		)	455
Income tax expense	(523		)	(270		)	(223		)	(793		)	(446		)
(Loss) gain on sale of non-depreciable real estate assets	(22		)	557			—			535			—
Gain (loss) from real estate joint ventures	2,919			(24		)	47			2,895			101
Discontinued operations	448			5,895			44,814			6,343			46,596
Net income attributable to noncontrolling interests	(1,773		)	(848		)	(1,939		)	(2,621		)	(2,764		)
Net income attributable to MAA	$	31,613		$	14,866		$	59,089		$	46,479		$	80,269

⁽¹⁾ Non-same store includes legacy-Colonial properties.

Supplemental Data S-5

MULTIFAMILY PROFORMA COMBINED SAME STORE QUARTER OVER QUARTER COMPARISONS

Dollars in thousands, except per unit data

	Revenues						Expenses						NOI						Revenue per Occupied Unit						Effective Rent per Unit
	Q2 2014		Q2 2013		% Chg		Q2 2014		Q2 2013		% Chg		Q2 2014		Q2 2013		% Chg		Q2 2014		Q2 2013		% Chg		Q2 2014		Q2 2013		% Chg
Atlanta, GA	$	16,509	$	15,925	3.7	%	$	6,978	$	6,488	7.6	%	$	9,531	$	9,437	1.0	%	$	1,106	$	1,061	4.2	%	$	961	$	906	6.1	%
Austin, TX	17,389		16,719		4.0	%	7,914		7,534		5.0	%	9,475		9,185		3.2	%	1,101		1,051		4.8	%	966		912		5.9	%
Raleigh/Durham, NC	13,549		13,543		0.0	%	4,745		4,643		2.2	%	8,804		8,900		(1.1	)%	1,030		1,018		1.2	%	914		895		2.1	%
Fort Worth, TX	13,417		12,879		4.2	%	5,711		5,572		2.5	%	7,706		7,307		5.5	%	1,038		1,002		3.6	%	896		865		3.6	%
Charlotte, NC	11,818		11,361		4.0	%	4,232		4,023		5.2	%	7,586		7,338		3.4	%	985		954		3.2	%	868		835		4.0	%
Dallas, TX	12,034		11,602		3.7	%	5,031		4,870		3.3	%	7,003		6,732		4.0	%	1,131		1,091		3.7	%	1,007		977		3.1	%
Nashville, TN	9,849		9,353		5.3	%	3,462		3,468		(0.2	)%	6,387		5,885		8.5	%	1,090		1,040		4.8	%	955		919		3.9	%
Tampa, FL	8,684		8,520		1.9	%	3,370		3,324		1.4	%	5,314		5,196		2.3	%	1,146		1,121		2.2	%	999		971		2.9	%
Orlando, FL	7,900		7,673		3.0	%	3,119		2,919		6.9	%	4,781		4,754		0.6	%	1,139		1,106		3.0	%	1,007		976		3.2	%
Houston, TX	7,151		6,763		5.7	%	3,071		3,046		0.8	%	4,080		3,717		9.8	%	1,084		1,029		5.3	%	956		905		5.6	%
Phoenix, AZ	5,595		5,382		4.0	%	2,098		2,171		(3.4	)%	3,497		3,211		8.9	%	1,008		960		5.0	%	869		833		4.3	%
South Florida	2,108		2,032		3.7	%	823		832		(1.1	)%	1,285		1,200		7.1	%	1,538		1,499		2.6	%	1,430		1,407		1.6	%
Las Vegas, NV	1,804		1,798		0.3	%	677		681		(0.6	)%	1,127		1,117		0.9	%	907		880		3.1	%	780		760		2.6	%
Large Markets	$	127,807	$	123,550	3.4	%	$	51,231	$	49,571	3.3	%	$	76,576	$	73,979	3.5	%	$	1,078	$	1,041	3.6	%	$	946	$	909	4.1	%
Jacksonville, FL	$	9,010	$	8,903	1.2	%	$	3,541	$	3,441	2.9	%	$	5,469	$	5,462	0.1	%	$	989	$	968	2.2	%	$	900	$	883	1.9	%
Charleston, SC	7,064		6,849		3.1	%	2,657		2,669		(0.4	)%	4,407		4,180		5.4	%	1,027		1,003		2.4	%	901		872		3.3	%
Savannah, GA	6,697		6,429		4.2	%	2,582		2,332		10.7	%	4,115		4,097		0.4	%	1,043		1,011		3.2	%	926		887		4.4	%
Memphis, TN	6,032		6,052		(0.3	)%	2,714		2,321		16.9	%	3,318		3,731		(11.1	)%	938		930		0.9	%	831		826		0.6	%
Richmond, VA	4,972		4,832		2.9	%	1,699		1,715		(0.9	)%	3,273		3,117		5.0	%	1,033		1,013		2.0	%	914		894		2.2	%
Birmingham, AL	4,423		4,382		0.9	%	1,745		1,711		2.0	%	2,678		2,671		0.3	%	1,063		1,046		1.6	%	941		913		3.1	%
Greenville, SC	4,119		3,983		3.4	%	1,730		1,672		3.5	%	2,389		2,311		3.4	%	814		793		2.6	%	710		688		3.2	%
San Antonio, TX	3,738		3,729		0.2	%	1,538		1,783		(13.7	)%	2,200		1,946		13.1	%	1,107		1,097		0.9	%	991		988		0.3	%
Huntsville, AL	3,448		3,405		1.3	%	1,364		1,338		1.9	%	2,084		2,067		0.8	%	874		873		0.1	%	741		749		(1.1	)%
Norfolk/Hampton/VA Beach, VA	3,215		3,284		(2.1	)%	1,418		1,225		15.8	%	1,797		2,059		(12.7	)%	1,105		1,112		(0.6	)%	963		971		(0.8	)%
Little Rock, AR	2,714		2,682		1.2	%	1,041		1,028		1.3	%	1,673		1,654		1.1	%	907		904		0.3	%	823		827		(0.5	)%
Other	29,985		29,761		0.8	%	12,369		11,704		5.7	%	17,616		18,057		(2.4	)%	900		903		(0.3	)%	798		789		1.1	%
Secondary Markets	$	85,417	$	84,291	1.3	%	$	34,398	$	32,939	4.4	%	$	51,019	$	51,352	(0.6	)%	$	955	$	947	0.8	%	$	847	$	833	1.7	%
Total Proforma Combined Same Store	$	213,224	$	207,841	2.6	%	$	85,629	$	82,510	3.8	%	$	127,595	$	125,331	1.8	%	$	1,025	$	1,000	2.5	%	$	904	$	877	3.1	%

Supplemental Data S-6

MULTIFAMILY PROFORMA COMBINED SAME STORE SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except per unit data

	Revenues						Expenses						NOI						Revenue per Occupied Unit						Effective Rent per Unit
	Q2 2014		Q1 2014		% Chg		Q2 2014		Q1 2014		% Chg		Q2 2014		Q1 2014		% Chg		Q2 2014		Q1 2014		% Chg		Q2 2014		Q1 2014		% Chg
Atlanta, GA	$	16,509	$	16,407	0.6	%	$	6,978	$	6,892	1.2	%	$	9,531	$	9,515	0.2	%	$	1,106	$	1,097	0.8	%	$	961	$	942	2.0	%
Austin, TX	17,389		17,125		1.5	%	7,914		7,766		1.9	%	9,475		9,359		1.2	%	1,101		1,087		1.3	%	966		949		1.8	%
Raleigh/Durham, NC	13,549		13,553		0.0	%	4,745		4,343		9.3	%	8,804		9,210		(4.4	)%	1,030		1,029		0.1	%	914		904		1.1	%
Fort Worth, TX	13,417		13,264		1.2	%	5,711		5,906		(3.3	)%	7,706		7,358		4.7	%	1,038		1,028		1.0	%	896		884		1.4	%
Charlotte, NC	11,818		11,695		1.1	%	4,232		3,923		7.9	%	7,586		7,772		(2.4	)%	985		976		0.9	%	868		854		1.6	%
Dallas, TX	12,034		11,988		0.4	%	5,031		5,320		(5.4	)%	7,003		6,668		5.0	%	1,131		1,126		0.4	%	1,007		998		0.9	%
Nashville, TN	9,849		9,622		2.4	%	3,462		3,521		(1.7	)%	6,387		6,101		4.7	%	1,090		1,067		2.2	%	955		942		1.4	%
Tampa, FL	8,684		8,658		0.3	%	3,370		3,363		0.2	%	5,314		5,295		0.4	%	1,146		1,143		0.3	%	999		998		0.1	%
Orlando, FL	7,900		7,913		(0.2	)%	3,119		3,020		3.3	%	4,781		4,893		(2.3	)%	1,139		1,133		0.5	%	1,007		1,001		0.6	%
Houston, TX	7,151		7,017		1.9	%	3,071		3,160		(2.8	)%	4,080		3,857		5.8	%	1,084		1,071		1.2	%	956		942		1.5	%
Phoenix, AZ	5,595		5,555		0.7	%	2,098		2,103		(0.2	)%	3,497		3,452		1.3	%	1,008		988		2.0	%	869		863		0.7	%
South Florida	2,108		2,109		0.0	%	823		761		8.1	%	1,285		1,348		(4.7	)%	1,538		1,543		(0.3	)%	1,430		1,428		0.1	%
Las Vegas, NV	1,804		1,800		0.2	%	677		663		2.1	%	1,127		1,137		(0.9	)%	907		892		1.7	%	780		768		1.6	%
Large Markets	$	127,807	$	126,706	0.9	%	$	51,231	$	50,741	1.0	%	$	76,576	$	75,965	0.8	%	$	1,078	$	1,069	0.8	%	$	946	$	935	1.2	%
Jacksonville, FL	$	9,010	$	8,995	0.2	%	$	3,541	$	3,365	5.2	%	$	5,469	$	5,630	(2.9	)%	$	989	$	984	0.5	%	$	900	$	902	(0.2	)%
Charleston, SC	7,064		6,934		1.9	%	2,657		2,556		4.0	%	4,407		4,378		0.7	%	1,027		1,020		0.7	%	901		892		1.0	%
Savannah, GA	6,697		6,539		2.4	%	2,582		2,278		13.3	%	4,115		4,261		(3.4	)%	1,043		1,029		1.4	%	926		908		2.0	%
Memphis, TN	6,032		6,012		0.3	%	2,714		2,683		1.2	%	3,318		3,329		(0.3	)%	938		932		0.6	%	831		821		1.2	%
Richmond, VA	4,972		4,887		1.7	%	1,699		1,655		2.7	%	3,273		3,232		1.3	%	1,033		1,023		1.0	%	914		903		1.2	%
Birmingham, AL	4,423		4,415		0.2	%	1,745		1,654		5.5	%	2,678		2,761		(3.0	)%	1,063		1,055		0.8	%	941		930		1.2	%
Greenville, SC	4,119		4,019		2.5	%	1,730		1,585		9.1	%	2,389		2,434		(1.8	)%	814		813		0.1	%	710		703		1.0	%
San Antonio, TX	3,738		3,675		1.7	%	1,538		1,593		(3.5	)%	2,200		2,082		5.7	%	1,107		1,101		0.5	%	991		994		(0.3	)%
Huntsville, AL	3,448		3,442		0.2	%	1,364		1,317		3.6	%	2,084		2,125		(1.9	)%	874		876		(0.2	)%	741		741		0.0	%
Norfolk/Hampton/VA Beach, VA	3,215		3,248		(1.0	)%	1,418		1,145		23.8	%	1,797		2,103		(14.6	)%	1,105		1,111		(0.5	)%	963		963		0.0	%
Little Rock, AR	2,714		2,750		(1.3	)%	1,041		1,020		2.1	%	1,673		1,730		(3.3	)%	907		910		(0.3	)%	823		821		0.2	%
Other	29,985		29,877		0.4	%	12,369		11,501		7.5	%	17,616		18,376		(4.1	)%	900		900		0.0	%	798		794		0.5	%
Secondary Markets	$	85,417	$	84,793	0.7	%	$	34,398	$	32,352	6.3	%	$	51,019	$	52,441	(2.7	)%	$	955	$	952	0.3	%	$	847	$	841	0.7	%
Total Proforma Combined Same Store	$	213,224	$	211,499	0.8	%	$	85,629	$	83,093	3.1	%	$	127,595	$	128,406	(0.6	)%	$	1,025	$	1,019	0.6	%	$	904	$	895	1.0	%

Supplemental Data S-7

MULTIFAMILY PROFORMA COMBINED SAME STORE YEAR TO DATE COMPARISONS

Dollars in thousands, except per unit data

	Revenues						Expenses						NOI						Revenue per Occupied Unit						Effective Rent per Unit
	Q2 2014		Q2 2013		% Chg		Q2 2014		Q2 2013		% Chg		Q2 2014		Q2 2013		% Chg		Q2 2014		Q2 2013		% Chg		Q2 2014		Q2 2013		% Chg
Atlanta, GA	$	32,916	$	31,535	4.4	%	$	13,870	$	13,127	5.7	%	$	19,046	$	18,408	3.5	%	$	1,101	$	1,091	0.9	%	$	951	$	901	5.5	%
Austin, TX	34,514		33,079		4.3	%	15,680		14,854		5.6	%	18,834		18,225		3.3	%	1,094		1,041		5.1	%	959		906		5.8	%
Raleigh/Durham, NC	27,102		26,933		0.6	%	9,088		9,216		(1.4	)%	18,014		17,717		1.7	%	1,029		1,009		2.0	%	911		889		2.5	%
Fort Worth, TX	26,681		25,744		3.6	%	11,617		10,917		6.4	%	15,064		14,827		1.6	%	1,033		997		3.6	%	890		859		3.6	%
Charlotte, NC	23,513		22,643		3.8	%	8,155		7,931		2.8	%	15,358		14,712		4.4	%	980		944		3.8	%	862		828		4.1	%
Dallas, TX	24,022		23,108		4.0	%	10,351		9,777		5.9	%	13,671		13,331		2.6	%	1,129		1,085		4.1	%	1,002		973		3.0	%
Nashville, TN	19,471		18,482		5.4	%	6,983		6,711		4.1	%	12,488		11,771		6.1	%	1,079		1,031		4.7	%	948		914		3.7	%
Tampa, FL	17,342		16,902		2.6	%	6,733		6,562		2.6	%	10,609		10,340		2.6	%	1,144		1,111		3.0	%	997		966		3.2	%
Orlando, FL	15,813		15,261		3.6	%	6,139		5,699		7.7	%	9,674		9,562		1.2	%	1,136		1,162		(2.2	)%	1,004		972		3.3	%
Houston, TX	14,168		13,400		5.7	%	6,231		5,938		4.9	%	7,937		7,462		6.4	%	1,078		1,024		5.3	%	949		898		5.7	%
Phoenix, AZ	11,150		10,739		3.8	%	4,201		4,193		0.2	%	6,949		6,546		6.2	%	998		953		4.7	%	864		830		4.1	%
South Florida	4,217		4,019		4.9	%	1,584		1,589		(0.3	)%	2,633		2,430		8.4	%	1,540		1,487		3.6	%	1,430		1,399		2.2	%
Las Vegas, NV	3,604		3,583		0.6	%	1,340		1,346		(0.4	)%	2,264		2,237		1.2	%	899		876		2.6	%	777		758		2.5	%
Large Markets	$	254,513	$	245,428	3.7	%	$	101,972	$	97,860	4.2	%	$	152,541	$	147,568	3.4	%	$	1,074	$	1,040	3.3	%	$	941	$	904	4.1	%
Jacksonville, FL	$	18,005	$	17,703	1.7	%	$	6,906	$	6,727	2.7	%	$	11,099	$	10,976	1.1	%	$	986	$	960	2.7	%	$	902	$	875	3.1	%
Charleston, SC	13,998		13,567		3.2	%	5,213		5,198		0.3	%	8,785		8,369		5.0	%	1,024		994		3.0	%	896		864		3.7	%
Savannah, GA	13,236		12,820		3.2	%	4,860		4,604		5.6	%	8,376		8,216		1.9	%	1,036		1,007		2.9	%	917		883		3.9	%
Memphis, TN	12,044		12,063		(0.2	)%	5,397		4,884		10.5	%	6,647		7,179		(7.4	)%	935		926		1.0	%	828		822		0.7	%
Richmond, VA	9,859		9,603		2.7	%	3,354		3,366		(0.4	)%	6,505		6,237		4.3	%	1,028		1,009		1.9	%	909		892		1.9	%
Birmingham, AL	8,838		8,677		1.9	%	3,399		3,372		0.8	%	5,439		5,305		2.5	%	1,059		1,038		2.0	%	935		910		2.7	%
Greenville, SC	8,138		7,882		3.2	%	3,315		3,293		0.7	%	4,823		4,589		5.1	%	814		788		3.3	%	706		684		3.2	%
San Antonio, TX	7,413		7,331		1.1	%	3,131		3,190		(1.8	)%	4,282		4,141		3.4	%	1,104		1,235		(10.6	)%	993		984		0.9	%
Huntsville, AL	6,890		6,834		0.8	%	2,681		2,678		0.1	%	4,209		4,156		1.3	%	875		874		0.1	%	740		744		(0.5	)%
Norfolk/Hampton/VA Beach, VA	6,463		6,558		(1.4	)%	2,563		2,377		7.8	%	3,900		4,181		(6.7	)%	1,108		1,106		0.2	%	964		964		0.0	%
Little Rock, AR	5,464		5,373		1.7	%	2,061		2,063		(0.1	)%	3,403		3,310		2.8	%	909		902		0.8	%	822		825		(0.4	)%
Other	59,862		59,116		1.3	%	23,870		22,979		3.9	%	35,992		36,137		(0.4	)%	900		905		(0.6	)%	796		786		1.3	%
Secondary Markets	$	170,210	$	167,527	1.6	%	$	66,750	$	64,731	3.1	%	$	103,460	$	102,796	0.6	%	$	954	$	948	0.6	%	$	844	$	829	1.8	%
Total Proforma Combined Same Store	$	424,723	$	412,955	2.8	%	$	168,722	$	162,591	3.8	%	$	256,001	$	250,364	2.3	%	$	1,022	$	1,001	2.1	%	$	899	$	872	3.1	%

Supplemental Data S-8

DEVELOPMENT, LEASE-UP AND COMMERCIAL
Dollars and square feet in thousands
MULTIFAMILY DEVELOPMENT PIPELINE
		Units as of June 30, 2014				Initial			Development Costs
					Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total	Delivered	Leased	Date	Date	Date	Date	Cost		Q2 2014		After
220 Riverside	Jacksonville, FL	294	—	29	4Q12	4Q14	1Q15	4Q15	$	41,300	$	25,146	$	16,154
CG at Bellevue II	Nashville, TN	220	—	—	3Q13	4Q14	1Q15	3Q15	30,700		13,190		17,510
Total Active		514	—	29					$	72,000	$	38,336	$	33,664

MULTIFAMILY LEASE-UP COMMUNITIES
		As of June 30, 2014
		Total	Percent		Construction	Expected
	MSA	Units	Occupied		Finished	Stabilized
CR at Frisco Bridges	Dallas, TX	252	95.6	%	2Q13	3Q14
CG at Lake Mary III	Orlando, FL	132	51.5	%	2Q14	4Q14
Stonefield Commons	Charlottesville, VA	251	88.8	%	(1)	4Q14
Seasons at Celebrate Virginia II	Fredericksburg, VA	251	93.2	%	(1)	3Q14
CR at South End	Charlotte, NC	353	84.4	%	2Q14	4Q14
CG at Randal Lakes	Orlando, FL	462	62.8	%	1Q14	1Q15
Total		1,701	79.6	%

⁽¹⁾ Properties were acquired while still in lease-up and construction was complete prior to acquisition by MAA.

COMMERCIAL PROPERTIES
			Owned Property	Three months ended June 30, 2014
Name	Type	MSA	Square Feet	Revenue		Expense		NOI
CP Nord du Lac	Retail	Covington, LA	196	$	751	$	276	$	475
CP Craft Farms	Retail	Gulf Shores, AL	68	220		48		172
CP Huntsville	Retail	Huntsville, AL	23	88		46		42
Land Title Building (1)	Office	Birmingham, AL	30	42		17		25
1225 South Church (2)	Retail	Charlotte, NC	3	12		3		9
Allure at Buckhead (2)	Retail	Atlanta, GA	19	148		27		121
Times Square (2)	Retail	Dallas, TX	73	71		92		(21		)
Bella Casita (2)	Retail	Dallas, TX	5	19		5		14
Total			417	$	1,351	$	514	$	837

⁽¹⁾ We own a one-third interest in this joint venture property. The revenue, expenses, and NOI presented represent our one-third share of the totals.

⁽²⁾ Retail component of existing multifamily property that is not included in Same Store Portfolio.

Supplemental Data S-9

2014 ACQUISITION/DISPOSITION ACTIVITY

Multifamily Acquisitions	Location	Apartment Units	Year Built	Closing Date
Grand Cypress	Houston, Texas	312	2008	January 15, 2014
Venue at Stonebridge Ranch	Dallas, Texas	250	2000	January 31, 2014
Stonefield Commons	Charlottesville, Virginia	251	2013	June 2, 2014
Cityscape at Market Center	Dallas, Texas	454	2013	June 12, 2014
Total Multifamily Acquisitions		1,267

Multifamily Dispositions	Location	Apartment Units	Year Built	Closing Date
Willow Creek	Columbus, Georgia	285	1968/71/77	January 15, 2014
Colonial Village at North Arlington	Fort Worth, Texas	240	1985	June 27, 2014
Colonial Village at Vista Ridge	Fort Worth, Texas	300	1985	June 27, 2014
Total Multifamily Dispositions		825

Commercial Dispositions	Location	Square Feet	Year Built	Closing Date
CC Brookwood Village (Office)	Birmingham, Alabama	170,000	2007	March 28, 2014
Brookwood Village (Retail)	Birmingham, Alabama	413,000	1973/91/2000/13	March 28, 2014
Total Commercial Dispositions		583,000

Land Dispositions	Location	Acres	Year Built	Closing Date
Nord du Lac (1 outparcel)	Covington, Louisiana	1.7		February 3, 2014
Tutwiler (2 outparcels)	Birmingham, Alabama	4.6		February 6, 2014
Heathrow (2 outparcels)	Orlando, Florida	3.9		February 14, 2014
Total Land Dispositions		10.2

Joint Venture Multifamily Dispositions	Location	Apartment Units	Year Built	Closing Date
Ansley Village	Macon, Georgia	294	2007	May 29, 2014
Total Joint Venture Multifamily Dispositions		294

Supplemental Data S-10

DEBT AND DEBT COVENANTS AS OF JUNE 30, 2014
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	$	1,276,194	4.9	4.2	%
Conventional - Variable Rate - Capped (1) (2)	192,177		2.0	1.1	%
Tax-free - Variable Rate - Capped(1)	87,858		3.6	0.9	%
Total Secured Fixed or Hedged Rate Debt	1,556,229		4.5	3.6	%
Conventional - Variable Rate	6,785		0.1	0.7	%
Total Secured Debt	1,563,014		4.4	3.6	%
Unsecured Debt
Fixed Rate or Swapped	1,877,399		5.3	4.0	%
Variable Rate	35,000		0.1	1.3	%
Total Unsecured Debt	1,912,399		5.2	4.0	%
Total Debt	$	3,475,413	4.9	3.8	%
Total Fixed or Hedged Debt	$	3,433,628	4.9	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 6.0% 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			Average Years
			Percent of		Interest			to Rate
	Balance		Total		Rate			Maturity
Floating Versus Fixed Rate or Hedged Debt
Fixed rate or swapped debt	$	3,153,593	90.7	%	4.1		%	5.1
Capped debt	280,035		8.1	%	1.0		%	2.5
Floating (unhedged) debt	41,785		1.2	%	1.2		%	0.1
Total	$	3,475,413	100.0	%	3.8		%	4.9
					Effective			Average Years
			Percent of		Interest			to Contract
	Balance		Total		Rate			Maturity
Secured Versus Unsecured Debt
Unsecured Debt	$	1,912,399	55.0	%	4.0		%	5.2
Secured Debt	1,563,014		45.0	%	3.6		%	5.4
Total	$	3,475,413	100.0	%	3.8		%	5.3
	Total		Percent of		Q2 2014			Percent of
	Cost		Total		NOI			Total
Unencumbered Versus Encumbered Assets
Unencumbered gross assets	$	5,258,072	66.9	%	$	94,177		64.4	%
Encumbered gross assets	2,598,921		33.1	%	52,058			35.6	%
Total	$	7,856,993	100.0	%	$	146,235		100.0	%

Supplemental Data S-11

DEBT AND DEBT COVENANTS AS OF JUNE 30, 2014 (CONTINUED)

Dollars in thousands

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	$	—	$	50,000	$	50,000	6.1	%	$	—	$	50,000
2015	253,924		75,000		328,924		5.5	%	51,977		380,901
2016	95,044		—		95,044		6.0	%	104,354		199,398
2017	159,814		300,000		459,814		2.3	%	64,573		524,387
2018	103,639		250,000		353,639		3.2	%	32,691		386,330
Thereafter	1,866,172		—		1,866,172		4.8	%	26,440		1,892,612
Total	$	2,478,593	$	675,000	$	3,153,593	4.4	%	$	280,035	$	3,433,628	4.9

DEBT MATURITIES OF OUTSTANDING BALANCES
	Credit Facilities
	Fannie Mae Secured		Key Bank Unsecured		Other Secured		Other Unsecured		Total
2014	$	—	$	—	$	—	$	—	$	—
2015	105,785		—		72,534		193,230		$	371,549
2016	80,000		—		29,619		80,449		$	190,068
2017	80,000		35,000		91,592		318,223		$	524,815
2018	80,000		—		52,600		301,068		$	433,668
Thereafter	88,858		—		882,026		984,429		$	1,955,313
Total	$	434,643	$	35,000	$	1,128,371	$	1,877,399	$	3,475,413

DEBT COVENANT ANALYSIS
Public Bond Covenants	Required	Actual	Compliance
Limit on Incurrence of Total Debt	60% or less	43.3%	Yes
Limit on Incurrence of Secured Debt	40% or less	19.5%	Yes
Ratio of Consolidated Income Available for Debt Service/Annual Debt Service Charge	1.5:1 or greater for trailing 4 quarters	4.36x	Yes
Maintenance of Unencumbered Total Asset Value	Greater than 150%	274.4%	Yes

Supplemental Data S-12

EBITDA AND BALANCE SHEET RATIOS
Dollars in thousands
	Three Months			Trailing
	Ended			2 Quarters
	June 30,			on an
	2014			Annualized Basis
Consolidated net income	$	33,386		$	98,200
Depreciation and amortization	69,631			319,288
Interest expense	30,163			121,678
Loss on debt extinguishment	—			—
Amortization of deferred financing costs	1,174			4,970
Net casualty loss and other settlement proceeds	295			610
Income tax expense	523			1,586
Loss (gain) on sale of non-depreciable assets	22			(1,070		)
Depreciation of discontinued operations	—			84
Net casualty loss (gain) after insurance and other settlement proceeds on discontinued operations	1			6
Gain on sale of depreciable real estate assets excluded from discontinued operations	(3,658		)	(12,444		)
Gain on disposition within unconsolidated entities	(3,414		)	(6,828		)
Gain on sale of discontinued operations	—			(10,962		)
EBITDA	128,123			515,118
Acquisition expense	947			1,916
Merger related expenses	795			5,742
Integration related expenses	3,151			13,986
Recurring EBITDA	$	133,016		$	536,762
	Three Months Ended
	June 30,
	2014			2013
Recurring EBITDA/Debt Service	3.35x			4.33x
Fixed Charge Coverage (1)	3.57x			4.73x
Total Debt/Total Capitalization (2)	37.5%			34.7%
Total Debt/Total Gross Assets	43.1%			43.4%
Total Net Debt (3)/Total Gross Assets	42.8%			43.2%
Total Net Debt (3)/Recurring EBITDA (4)	6.43x			6.01x
Unencumbered Assets/Gross Real Estate Assets	66.9%			57.7%

⁽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 six months ended June 30, 2014 on an annualized basis.

Supplemental Data S-13

2014 GUIDANCE
	Full Year 2014
Earnings
Core FFO per Share - diluted	$4.79 to $4.95
Midpoint	$4.87
Core AFFO per Share - diluted	$4.04 to $4.20
Midpoint	$4.12
Proforma Combined Same Store Communities:
Number of units	72,871
Property revenue growth	3.0% to 3.5%
Property operating expense growth	1.5% to 2.5%
Property NOI growth	4.0% to 4.5%
Real estate tax expense growth	6% to 7%
Corporate Expenses:
General and administrative and property management expenses	$53 to $55 million
Merger and integration expenses	$12 to $13 million
Acquisition expense	$1.5 to $2.0 million
Loss on debt extinguishment/modification	$3.0 to $3.5 million
Income tax expense	$1.5 to $2.0 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	$60 to $65 million
Debt:
Average Interest Rate (excluding mark-to-market debt adjustment)	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)	65% to 70%
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.

Supplemental Data S-14

CREDIT RATINGS
	Rating	Outlook
Fitch Ratings (1)	BBB	Positive
Moody's Investors Service (2)	Baa2	Stable
Standard & Poor's Ratings Services (1)	BBB	Stable

⁽¹⁾  Corporate credit rating assigned to Mid-America Apartment Communities, Inc. and its primary operating partnership, Mid-America Apartments, LP.

⁽²⁾  Corporate credit rating assigned to Mid-America Apartments, LP, the primary operating partnership of Mid-America Apartment Communities, Inc.

COMMON STOCK
Stock Symbol:	MAA
Exchange Traded:	NYSE
Estimated Future Dates:	Q3 2014		Q4 2014		Q1 2015		Q2 2015
Earnings release & conference call	Late October		Early February		Late April		Late July
Dividend Information - Common Shares:	Q2 2013		Q3 2013		Q4 2013		Q1 2014		Q2 2014
Declaration Date	5/21/2013		9/30/2013		12/3/2013		3/20/2014		5/22/2014
Record Date	7/15/2013		10/15/2013		1/15/2014		4/15/2014		7/15/2014
Payment Date	7/31/2013		10/31/2013		1/31/2014		4/30/2014		7/31/2014
Distributions Per Share	$	0.6950	$	0.6950	$	0.7300	$	0.7300	$	0.7300

INVESTOR RELATIONS DATA
MAA does not send quarterly reports to shareholders, but supplies 10-Q's, Earnings Releases and Supplemental Data upon request.
For recent press releases, 10-Q's, 10-K's and other information call 866-576-9689 (toll free) or email investor.relations@maac.com. This information, as well as access to MAA's Quarterly Conference Call, is also available on the "For Investors" page of our website at www.maac.com.
For Questions Contact:
	Name	Title
	Tim Argo	Senior Vice President, Director of Finance
	Jennifer Patrick	Investor Relations

Supplemental Data S-15