3Q14 Exh 99.2



PORTFOLIO STATISTICS

TOTAL WHOLLY-OWNED MULTIFAMILY PORTFOLIO AT SEPTEMBER 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

Austin, TX	5,542	296	—	5,838	—	5,838
Atlanta, GA	5,284	310	—	5,594	—	5,594
Raleigh/Durham, NC	4,663	—	—	4,663	—	4,663
Charlotte, NC	4,161	487	353	5,001	—	5,001
Dallas, TX	3,723	1,574	—	5,297	—	5,297
Orlando, FL	2,438	620	594	3,652	—	3,652
Fort Worth, TX	4,519	—	—	4,519	—	4,519
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	4,577	947	47,084	—	47,084

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
Richmond, VA	1,668	—	—	1,668	—	1,668
Memphis, TN	2,268	—	—	2,268	—	2,268
Birmingham, AL	1,462	—	—	1,462	—	1,462
San Antonio, TX	1,176	—	—	1,176	—	1,176
Huntsville, AL	1,380	—	—	1,380	—	1,380
Little Rock, AR	1,056	312	—	1,368	—	1,368
Norfolk/Hampton/VA Beach, VA	1,033	—	—	1,033	—	1,033
Greenville, SC	1,748	—	—	1,748	—	1,748
Other	11,721	1,909	251	13,881	—	13,881
Secondary Markets	31,311	2,491	251	34,053	—	34,053
Total Multifamily Units	72,871	7,068	1,198	81,137	—	81,137

⁽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-1



PORTFOLIO STATISTICS (CONTINUED)

TOTAL WHOLLY OWNED MULTIFAMILY COMMUNITY STATISTICS

Dollars in thousands, except Average Effective Rent



		As of September 30, 2014						Average Effective Rent for the Three Months Ended September 30, 2014		As of September 30, 2014
		Gross Real Assets		Percent to Total of Gross Real Assets		Physical Occupancy				Completed Units	Total Units
		Gross Real Assets		Percent to Total of Gross Real Assets		Physical Occupancy				Completed Units	Total Units

Austin, TX		$	564,612	7.3	%	96.6	%	$	994	5,838
Atlanta, GA		$	561,274	7.3	%	96.4	%	$	980	5,594
Raleigh/Durham, NC		$	541,427	7.0	%	96.4	%	$	920	4,663
Charlotte, NC		$	539,326	7.0	%	96.3	%	$	914	4,648
Dallas, TX		$	533,506	6.9	%	96.1	%	$	1,036	5,297
Orlando, FL		$	388,917	5.1	%	97.4	%	$	1,053	3,058
Fort Worth, TX		$	374,240	4.9	%	96.6	%	$	914	4,519
Nashville, TN		$	333,655	4.3	%	96.7	%	$	1,042	3,556
Tampa, FL		$	300,279	3.9	%	97.0	%	$	1,022	2,878
Phoenix, AZ		$	233,286	3.0	%	96.7	%	$	878	1,976
Houston, TX		$	229,225	3.0	%	96.0	%	$	991	2,909
Las Vegas, NV		$	65,304	0.9	%	95.7	%	$	776	721
South Florida		$	57,156	0.7	%	95.0	%	$	1,435	480
Large Markets		$	4,722,207	61.3	%	96.5	%	$	979	46,137

Charleston, SC		$	256,044	3.3	%	95.8	%	$	983	2,648
Jacksonville, FL		$	244,284	3.2	%	96.4	%	$	910	3,202
Savannah, GA		$	221,812	2.9	%	96.6	%	$	946	2,219
Richmond, VA		$	184,787	2.4	%	96.2	%	$	928	1,668
Memphis, TN		$	145,347	1.9	%	96.8	%	$	841	2,268
Birmingham, AL		$	142,454	1.8	%	94.5	%	$	951	1,462
San Antonio, TX		$	113,908	1.5	%	96.3	%	$	1,007	1,176
Huntsville, AL		$	111,314	1.4	%	95.2	%	$	742	1,380
Little Rock, AR		$	111,281	1.4	%	95.9	%	$	881	1,368
Norfolk, Hampton, VA Beach, VA		$	96,919	1.3	%	95.4	%	$	967	1,033
Greenville, SC		$	94,155	1.2	%	97.2	%	$	724	1,748
All Other Secondary Markets by State (individual markets <1% gross real assets)
Florida		$	177,759	2.3	%	95.8	%	$	879	2,478
Georgia		$	168,842	2.2	%	97.6	%	$	761	2,665
Virginia		$	156,068	2.0	%	96.7	%	$	1,221	1,001
Kentucky		$	102,493	1.3	%	97.0	%	$	801	1,548
North Carolina		$	99,651	1.3	%	94.8	%	$	693	1,562
Tennessee		$	84,940	1.1	%	94.7	%	$	723	1,608
Mississippi		$	69,567	0.9	%	96.8	%	$	834	1,241
Alabama		$	58,664	0.8	%	96.7	%	$	882	628
Missouri		$	52,471	0.7	%	95.7	%	$	1,247	323
South Carolina		$	35,203	0.5	%	95.7	%	$	756	576
Secondary Markets		$	2,727,963	35.4	%	96.2	%	$	872	33,802

Subtotal		$	7,450,170	96.7	%	96.4	%	$	934	79,939


Orlando, FL	Large	$	86,344	1.1	%	91.2	%	$	1,106	594	594
Charlotte, NC	Large	$	60,814	0.8	%	98.0	%	$	1,128	353	353
Charlottesville, VA	Secondary	$	47,814	0.6	%	94.8	%	$	1,349	251	251
Jacksonville, FL	Secondary	$	28,900	0.4	%	0.0	%	$	—	—	294
Nashville, TN	Large	$	27,054	0.4	%	0.0	%	$	—	—	220
Lease-up and Development		$	250,926	3.3	%	94.0	%	$	1,163	1,198	1,712

Total Wholly Owned Multifamily Communities		$	7,701,096	100.0	%	96.3	%	$	937	81,137	81,651

Supplemental Data S-2



COMPONENTS OF PROPERTY NET OPERATING INCOME FOR MULTIFAMILY PORTFOLIO



	Apartment	Three Months Ended
	Units	9/30/2014		9/30/2013			Percent Change
Property Revenue
Pro Forma Combined Same Store Communities ⁽¹⁾	72,871	$	218,354	$	210,844		3.6	%
Pro Forma Combined Non-Same Store Communities ⁽¹⁾	7,068	26,658		23,173
Lease up/Development Communities	1,198	2,901		133
Total Property Revenue	81,137	$	247,913	$	234,150

Property Expenses
Pro Forma Combined Same Store Communities ⁽¹⁾	72,871	$	87,929	$	88,675		(0.8	)%
Pro Forma Combined Non-Same Store Communities ⁽¹⁾	7,068	10,536		9,917
Lease up/Development Communities	1,198	1,369		383
Total Property Expenses	81,137	$	99,834	$	98,975

Property Net Operating Income
Pro Forma Combined Same Store Communities ⁽¹⁾	72,871	$	130,425	$	122,169		6.8	%
Pro Forma Combined Non-Same Store Communities ⁽¹⁾	7,068	16,122		13,256
Lease up/Development Communities	1,198	1,532		(250		)
Total Property Net Operating Income	81,137	$	148,079	$	135,175		9.5	%

⁽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.

Supplemental Data S-3



NOI CONTRIBUTION PERCENTAGE BY REGION



			Average Physical Occupancy
	Percent of Proforma Combined Same Store ⁽¹⁾		September 30, 2014		September 30, 2013
Atlanta, GA	7.6	%	95.6	%	95.2	%
Austin, TX	7.6	%	96.4	%	95.8	%
Raleigh/Durham, NC	6.9	%	95.1	%	95.2	%
Fort Worth, TX	6.0	%	95.7	%	94.8	%
Charlotte, NC	5.9	%	96.0	%	95.6	%
Dallas, TX	5.4	%	95.6	%	95.1	%
Nashville, TN	4.9	%	96.7	%	96.1	%
Tampa, FL	4.1	%	96.1	%	95.4	%
Orlando, FL	3.9	%	95.8	%	94.5	%
Houston, TX	3.2	%	96.2	%	96.4	%
Phoenix, AZ	2.7	%	95.7	%	93.7	%
South Florida	1.1	%	95.2	%	94.8	%
Las Vegas, NV	0.9	%	95.6	%	92.5	%
Large Markets	60.2	%	95.9	%	95.2	%

Jacksonville, FL	4.3	%	95.7	%	95.0	%
Charleston, SC	3.4	%	96.4	%	95.4	%
Savannah, GA	3.2	%	96.1	%	95.7	%
Memphis, TN	2.5	%	94.4	%	95.3	%
Richmond, VA	2.5	%	96.1	%	95.6	%
Birmingham, AL	2.1	%	94.6	%	95.3	%
Greenville, SC	1.9	%	96.2	%	95.6	%
San Antonio, TX	1.7	%	95.7	%	96.2	%
Huntsville, AL	1.6	%	94.2	%	93.9	%
Norfolk, Hampton, VA Beach, VA	1.5	%	94.2	%	95.2	%
Little Rock, AR	1.3	%	93.9	%	95.2	%
Other	13.8	%	95.1	%	94.2	%
Secondary Markets	39.8	%	95.3	%	94.9	%

Total Proforma Combined Same Store	100.0	%	95.6	%	95.1	%

Supplemental Data S-4



NOI BRIDGE
Dollars in thousands

	Three Months Ended									Nine Months Ended
	September 30, 2014			June 30, 2014			September 30, 2013			September 30, 2014			September 30, 2013

NOI
MAA same store	$	75,981		$	73,540		$	72,026		$	223,377		$	216,734
Non-same store ⁽¹⁾	72,695			72,695			8,901			219,160			26,271
Total NOI	148,676			146,235			80,927			442,537			243,005
Held for sale NOI included above	(539		)	636			(1,360		)	(1,502		)	(7,378		)
Management fee income	11			61			146			169			465
Depreciation and amortization	(70,222		)	(69,631		)	(32,766		)	(229,866		)	(97,183		)
Acquisition expense	(13		)	(947		)	—			(971		)	(499		)
Property management expenses	(7,429		)	(9,579		)	(4,970		)	(24,019		)	(15,301		)
General and administrative expenses	(6,511		)	(5,212		)	(3,976		)	(16,065		)	(10,604		)
Merger related expenses	(331		)	(795		)	(5,561		)	(3,202		)	(11,298		)
Integration related expenses	(147		)	(3,151		)	(35		)	(7,140		)	(35		)
Interest and other non-property income	85			921			16			1,166			86
Interest Expense	(28,251		)	(30,163		)	(14,923		)	(89,090		)	(45,657		)
Loss on debt extinguishment	(2,586		)	—			(218		)	(2,586		)	(387		)
Amortization of deferred financing costs	(1,000		)	(1,174		)	(820		)	(3,485		)	(2,427		)
Gain on sale of depreciable real estate assets excluded from discontinued operations	36,032			3,658			—			42,254			—
Net casualty (loss) gain and other settlement proceeds	(126		)	(295		)	—			(431		)	455
Income tax expense	(442		)	(523		)	(223		)	(1,235		)	(669		)
(Loss) gain on sale of non-depreciable real estate assets	—			(22		)	—			535			—
Gain from real estate joint ventures	3,124			2,919			60			6,019			161
Discontinued operations	388			448			29,759			6,731			76,355
Net income attributable to noncontrolling interests	(3,743		)	(1,773		)	(1,772		)	(6,364		)	(4,536		)
Net income attributable to MAA	$	66,976		$	31,613		$	44,284		$	113,455		$	124,553

⁽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
	Q3 2014		Q3 2013		% Chg		Q3 2014		Q3 2013		% Chg		Q3 2014		Q3 2013		% Chg		Q3 2014		Q3 2013		% Chg		Q3 2014		Q3 2013		% Chg
Atlanta, GA	$	17,264	$	16,220	6.4	%	$	7,292	$	7,275	0.2	%	$	9,972	$	8,945	11.5	%	$	1,139	$	1,075	6.0	%	$	980	$	919	6.6	%
Austin, TX	18,160		17,186		5.7	%	8,232		8,134		1.2	%	9,928		9,052		9.7	%	1,133		1,079		5.0	%	988		934		5.8	%
Raleigh/Durham, NC	13,909		13,714		1.4	%	4,862		5,098		(4.6	)%	9,047		8,616		5.0	%	1,045		1,030		1.5	%	920		909		1.2	%
Fort Worth, TX	13,701		13,156		4.1	%	5,923		6,009		(1.4	)%	7,778		7,147		8.8	%	1,056		1,024		3.1	%	914		880		3.9	%
Charlotte, NC	12,033		11,630		3.5	%	4,313		4,599		(6.2	)%	7,720		7,031		9.8	%	1,004		974		3.1	%	881		848		3.9	%
Dallas, TX	12,339		11,830		4.3	%	5,240		5,436		(3.6	)%	7,099		6,394		11.0	%	1,155		1,114		3.7	%	1,024		992		3.2	%
Nashville, TN	10,137		9,556		6.1	%	3,686		3,609		2.1	%	6,451		5,947		8.5	%	1,117		1,060		5.4	%	981		937		4.7	%
Tampa, FL	8,864		8,547		3.7	%	3,477		3,349		3.8	%	5,387		5,198		3.6	%	1,163		1,130		2.9	%	1,016		986		3.0	%
Orlando, FL	8,100		7,744		4.6	%	3,072		3,286		(6.5	)%	5,028		4,458		12.8	%	1,156		1,121		3.1	%	1,020		995		2.5	%
Houston, TX	7,342		6,912		6.2	%	3,164		3,087		2.5	%	4,178		3,825		9.2	%	1,115		1,047		6.5	%	978		924		5.8	%
Phoenix, AZ	5,717		5,434		5.2	%	2,247		2,251		(0.2	)%	3,470		3,183		9.0	%	1,007		978		3.0	%	878		839		4.6	%
South Florida	2,131		2,049		4.0	%	733		804		(8.8	)%	1,398		1,245		12.3	%	1,554		1,501		3.5	%	1,435		1,421		1.0	%
Las Vegas, NV	1,894		1,802		5.1	%	780		696		12.1	%	1,114		1,106		0.7	%	916		901		1.7	%	776		763		1.7	%
Large Markets	$	131,591	$	125,780	4.6	%	$	53,021	$	53,633	(1.1	)%	$	78,570	$	72,147	8.9	%	$	1,101	$	1,059	4.0	%	$	963	$	925	4.1	%

Jacksonville, FL	$	9,108	$	8,972	1.5	%	$	3,489	$	3,544	(1.6	)%	$	5,619	$	5,428	3.5	%	$	991	$	983	0.8	%	$	910	$	897	1.4	%
Charleston, SC	7,256		7,019		3.4	%	2,783		2,882		(3.4	)%	4,473		4,137		8.1	%	1,055		1,031		2.3	%	922		890		3.6	%
Savannah, GA	6,850		6,517		5.1	%	2,638		2,663		(0.9	)%	4,212		3,854		9.3	%	1,071		1,023		4.7	%	946		897		5.5	%
Memphis, TN	6,030		6,024		0.1	%	2,776		2,764		0.4	%	3,254		3,260		(0.2	)%	939		929		1.1	%	841		830		1.3	%
Richmond, VA	5,073		4,931		2.9	%	1,830		1,838		(0.4	)%	3,243		3,093		4.8	%	1,055		1,031		2.3	%	928		903		2.8	%
Birmingham, AL	4,541		4,366		4.0	%	1,843		1,796		2.6	%	2,698		2,570		5.0	%	1,095		1,044		4.9	%	951		919		3.5	%
Greenville, SC	4,202		4,037		4.1	%	1,691		1,684		0.4	%	2,511		2,353		6.7	%	833		805		3.5	%	724		702		3.1	%
San Antonio, TX	3,783		3,754		0.8	%	1,595		1,718		(7.2	)%	2,188		2,036		7.5	%	1,121		1,106		1.4	%	1,007		992		1.5	%
Huntsville, AL	3,424		3,432		(0.2	)%	1,411		1,526		(7.5	)%	2,013		1,906		5.6	%	878		883		(0.6	)%	742		753		(1.5	)%
Norfolk/Hampton/VA Beach, VA	3,269		3,305		(1.1	)%	1,352		1,318		2.6	%	1,917		1,987		(3.5	)%	1,119		1,120		(0.1	)%	967		974		(0.7	)%
Little Rock, AR	2,735		2,741		(0.2	)%	1,046		1,084		(3.5	)%	1,689		1,657		1.9	%	919		909		1.1	%	829		827		0.2	%
Other	30,492		29,966		1.8	%	12,454		12,225		1.9	%	18,038		17,741		1.7	%	912		905		0.8	%	805		796		1.1	%
Secondary Markets	$	86,763	$	85,064	2.0	%	$	34,908	$	35,042	(0.4	)%	$	51,855	$	50,022	3.7	%	$	969	$	955	1.5	%	$	857	$	842	1.8	%

Total Proforma Combined Same Store	$	218,354	$	210,844	3.6	%	$	87,929	$	88,675	(0.8	)%	$	130,425	$	122,169	6.8	%	$	1,045	$	1,014	3.1	%	$	917	$	889	3.2	%

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
	Q3 2014		Q2 2014		% Chg		Q3 2014		Q2 2014		% Chg		Q3 2014		Q2 2014		% Chg		Q3 2014		Q2 2014		% Chg		Q3 2014		Q2 2014		% Chg
Atlanta, GA	$	17,264	$	16,509	4.6	%	$	7,292	$	6,978	4.5	%	$	9,972	$	9,531	4.6	%	$	1,139	$	1,106	3.0	%	$	980	$	961	2.0	%
Austin, TX	18,160		17,389		4.4	%	8,232		7,914		4.0	%	9,928		9,475		4.8	%	1,133		1,101		2.9	%	988		966		2.3	%
Raleigh/Durham, NC	13,909		13,549		2.7	%	4,862		4,745		2.5	%	9,047		8,804		2.8	%	1,045		1,030		1.5	%	920		914		0.7	%
Fort Worth, TX	13,701		13,417		2.1	%	5,923		5,711		3.7	%	7,778		7,706		0.9	%	1,056		1,038		1.7	%	914		896		2.0	%
Charlotte, NC	12,033		11,818		1.8	%	4,313		4,232		1.9	%	7,720		7,586		1.8	%	1,004		985		1.9	%	881		868		1.5	%
Dallas, TX	12,339		12,034		2.5	%	5,240		5,031		4.2	%	7,099		7,003		1.4	%	1,155		1,131		2.1	%	1,024		1,007		1.7	%
Nashville, TN	10,137		9,849		2.9	%	3,686		3,462		6.5	%	6,451		6,387		1.0	%	1,117		1,090		2.5	%	981		955		2.7	%
Tampa, FL	8,864		8,684		2.1	%	3,477		3,370		3.2	%	5,387		5,314		1.4	%	1,163		1,146		1.5	%	1,016		999		1.7	%
Orlando, FL	8,100		7,900		2.5	%	3,072		3,119		(1.5	)%	5,028		4,781		5.2	%	1,156		1,139		1.5	%	1,020		1,007		1.3	%
Houston, TX	7,342		7,151		2.7	%	3,164		3,071		3.0	%	4,178		4,080		2.4	%	1,115		1,084		2.9	%	978		956		2.3	%
Phoenix, AZ	5,717		5,595		2.2	%	2,247		2,098		7.1	%	3,470		3,497		(0.8	)%	1,007		1,008		(0.1	)%	878		869		1.0	%
South Florida	2,131		2,108		1.1	%	733		823		(10.9	)%	1,398		1,285		8.8	%	1,554		1,538		1.0	%	1,435		1,430		0.3	%
Las Vegas, NV	1,894		1,804		5.0	%	780		677		15.2	%	1,114		1,127		(1.2	)%	916		907		1.0	%	776		780		(0.5	)%
Large Markets	$	131,591	$	127,807	3.0	%	$	53,021	$	51,231	3.5	%	$	78,570	$	76,576	2.6	%	$	1,101	$	1,078	2.1	%	$	963	$	946	1.8	%

Jacksonville, FL	$	9,108	$	9,010	1.1	%	$	3,489	$	3,541	(1.5	)%	$	5,619	$	5,469	2.7	%	$	991	$	989	0.2	%	$	910	$	900	1.1	%
Charleston, SC	7,256		7,064		2.7	%	2,783		2,657		4.7	%	4,473		4,407		1.5	%	1,055		1,027		2.7	%	922		901		2.3	%
Savannah, GA	6,850		6,697		2.3	%	2,638		2,582		2.2	%	4,212		4,115		2.4	%	1,071		1,043		2.7	%	946		926		2.2	%
Memphis, TN	6,030		6,032		0.0	%	2,776		2,714		2.3	%	3,254		3,318		(1.9	)%	939		938		0.1	%	841		831		1.2	%
Richmond, VA	5,073		4,972		2.0	%	1,830		1,699		7.7	%	3,243		3,273		(0.9	)%	1,055		1,033		2.1	%	928		914		1.5	%
Birmingham, AL	4,541		4,423		2.7	%	1,843		1,745		5.6	%	2,698		2,678		0.7	%	1,095		1,063		3.0	%	951		941		1.1	%
Greenville, SC	4,202		4,119		2.0	%	1,691		1,730		(2.3	)%	2,511		2,389		5.1	%	833		814		2.3	%	724		710		2.0	%
San Antonio, TX	3,783		3,738		1.2	%	1,595		1,538		3.7	%	2,188		2,200		(0.5	)%	1,121		1,107		1.3	%	1,007		991		1.6	%
Huntsville, AL	3,424		3,448		(0.7	)%	1,411		1,364		3.4	%	2,013		2,084		(3.4	)%	878		874		0.5	%	742		741		0.1	%
Norfolk/Hampton/VA Beach, VA	3,269		3,215		1.7	%	1,352		1,418		(4.7	)%	1,917		1,797		6.7	%	1,119		1,105		1.3	%	967		963		0.4	%
Little Rock, AR	2,735		2,714		0.8	%	1,046		1,041		0.5	%	1,689		1,673		1.0	%	919		907		1.3	%	829		823		0.7	%
Other	30,492		29,985		1.7	%	12,454		12,369		0.7	%	18,038		17,616		2.4	%	912		900		1.3	%	805		798		0.9	%
Secondary Markets	$	86,763	$	85,417	1.6	%	$	34,908	$	34,398	1.5	%	$	51,855	$	51,019	1.6	%	$	969	$	955	1.5	%	$	857	$	847	1.2	%

Total Proforma Combined Same Store	$	218,354	$	213,224	2.4	%	$	87,929	$	85,629	2.7	%	$	130,425	$	127,595	2.2	%	$	1,045	$	1,025	2.0	%	$	917	$	904	1.4	%

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
	Q3 2014		Q3 2013		% Chg		Q3 2014		Q3 2013		% Chg		Q3 2014		Q3 2013		% Chg		Q3 2014		Q3 2013		% Chg		Q3 2014		Q3 2013		% Chg
Atlanta, GA	$	50,180	$	47,755	5.1	%	$	21,162	$	20,402	3.7	%	$	29,018	$	27,353	6.1	%	$	1,114	$	1,086	2.6	%	$	961	$	907	6.0	%
Austin, TX	52,674		50,265		4.8	%	23,912		22,989		4.0	%	28,762		27,276		5.4	%	1,107		1,054		5.0	%	969		915		5.9	%
Raleigh/Durham, NC	41,011		40,647		0.9	%	13,950		14,314		(2.5	)%	27,061		26,333		2.8	%	1,035		1,016		1.9	%	914		895		2.1	%
Fort Worth, TX	40,382		38,900		3.8	%	17,540		16,926		3.6	%	22,842		21,974		4.0	%	1,041		1,006		3.5	%	898		866		3.7	%
Charlotte, NC	35,546		34,273		3.7	%	12,468		12,530		(0.5	)%	23,078		21,743		6.1	%	988		954		3.6	%	868		835		4.0	%
Dallas, TX	36,361		34,938		4.1	%	15,591		15,213		2.5	%	20,770		19,725		5.3	%	1,137		1,095		3.8	%	1,009		979		3.1	%
Nashville, TN	29,608		28,038		5.6	%	10,669		10,320		3.4	%	18,939		17,718		6.9	%	1,092		1,040		5.0	%	959		921		4.1	%
Tampa, FL	26,206		25,450		3.0	%	10,210		9,910		3.0	%	15,996		15,540		2.9	%	1,150		1,117		3.0	%	1,004		972		3.3	%
Orlando, FL	23,913		23,005		3.9	%	9,211		8,985		2.5	%	14,702		14,020		4.9	%	1,143		1,148		(0.4	)%	1,009		980		3.0	%
Houston, TX	21,510		20,312		5.9	%	9,395		9,025		4.1	%	12,115		11,287		7.3	%	1,090		1,031		5.7	%	959		907		5.7	%
Phoenix, AZ	16,867		16,173		4.3	%	6,448		6,444		0.1	%	10,419		9,729		7.1	%	1,001		961		4.2	%	869		833		4.3	%
South Florida	6,348		6,068		4.6	%	2,317		2,393		(3.2	)%	4,031		3,675		9.7	%	1,545		1,491		3.6	%	1,432		1,406		1.8	%
Las Vegas, NV	5,498		5,385		2.1	%	2,120		2,042		3.8	%	3,378		3,343		1.0	%	905		884		2.4	%	777		759		2.4	%
Large Markets	$	386,104	$	371,209	4.0	%	$	154,993	$	151,493	2.3	%	$	231,111	$	219,716	5.2	%	$	1,083	$	1,047	3.4	%	$	948	$	911	4.1	%

Jacksonville, FL	$	27,113	$	26,675	1.6	%	$	10,395	$	10,271	1.2	%	$	16,718	$	16,404	1.9	%	$	988	$	968	2.1	%	$	905	$	882	2.6	%
Charleston, SC	21,254		20,586		3.2	%	7,996		8,080		(1.0	)%	13,258		12,506		6.0	%	1,034		1,006		2.8	%	905		873		3.7	%
Savannah, GA	20,086		19,337		3.9	%	7,498		7,267		3.2	%	12,588		12,070		4.3	%	1,048		1,012		3.6	%	927		888		4.4	%
Memphis, TN	18,074		18,087		(0.1	)%	8,173		7,648		6.9	%	9,901		10,439		(5.2	)%	937		927		1.1	%	832		825		0.8	%
Richmond, VA	14,932		14,534		2.7	%	5,184		5,204		(0.4	)%	9,748		9,330		4.5	%	1,037		1,016		2.1	%	915		895		2.2	%
Birmingham, AL	13,379		13,043		2.6	%	5,242		5,167		1.5	%	8,137		7,876		3.3	%	1,071		1,040		3.0	%	940		913		3.0	%
Greenville, SC	12,340		11,919		3.5	%	5,006		4,977		0.6	%	7,334		6,942		5.6	%	820		794		3.3	%	712		690		3.2	%
San Antonio, TX	11,196		11,085		1.0	%	4,726		4,908		(3.7	)%	6,470		6,177		4.7	%	1,110		1,188		(6.6	)%	998		987		1.1	%
Huntsville, AL	10,314		10,266		0.5	%	4,092		4,204		(2.7	)%	6,222		6,062		2.6	%	876		877		(0.1	)%	741		747		(0.8	)%
Norfolk/Hampton/VA Beach, VA	9,732		9,863		(1.3	)%	3,915		3,695		6.0	%	5,817		6,168		(5.7	)%	1,112		1,110		0.2	%	965		968		(0.3	)%
Little Rock, AR	8,199		8,114		1.0	%	3,107		3,147		(1.3	)%	5,092		4,967		2.5	%	912		905		0.8	%	824		826		(0.2	)%
Other	90,354		89,082		1.4	%	36,324		35,204		3.2	%	54,030		53,878		0.3	%	904		905		(0.1	)%	799		789		1.3	%
Secondary Markets	$	256,973	$	252,591	1.7	%	$	101,658	$	99,772	1.9	%	$	155,315	$	152,819	1.6	%	$	959	$	950	0.9	%	$	848	$	833	1.8	%

Total Proforma Combined Same Store	$	643,077	$	623,800	3.1	%	$	256,651	$	251,265	2.1	%	$	386,426	$	372,535	3.7	%	$	1,030	$	1,005	2.5	%	$	905	$	877	3.2	%

Supplemental Data S-8



DEVELOPMENT, LEASE-UP AND COMMERCIAL
Dollars and square feet in thousands

MULTIFAMILY DEVELOPMENT PIPELINE

		Units as of September 30, 2014				Initial			Development Costs
					Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total	Delivered	Leased	Date	Date	Date	Date	Cost		Q3 2014		After

220 Riverside	Jacksonville, FL	294	—	38	4Q12	1Q15	2Q15	1Q16	$	42,100	$	29,035	$	13,065
CG at Bellevue II	Nashville, TN	220	—	—	3Q13	4Q14	1Q15	3Q15	30,750		20,175		10,575
Total Active		514	—	38					$	72,850	$	49,210	$	23,640



MULTIFAMILY LEASE-UP COMMUNITIES

		As of September 30, 2014
		Total	Percent		Construction	Expected
	MSA	Units	Occupied		Finished	Stabilized
CG at Lake Mary III	Orlando, FL	132	92.4	%	2Q14	4Q14
Stonefield Commons	Charlottesville, VA	251	94.8	%	⁽¹⁾	4Q14
CR at South End	Charlotte, NC	353	98.0	%	2Q14	4Q14
CG at Randal Lakes	Orlando, FL	462	90.9	%	1Q14	4Q14
Total		1,198	94.0	%

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



COMMERCIAL PROPERTIES

			Owned Property	Three months ended September 30, 2014
Name	Type	MSA	Square Feet	Revenue		Expense		NOI
CP Nord du Lac	Retail	Covington, LA	196	$	793	$	247	$	546
CP Craft Farms	Retail	Gulf Shores, AL	68	221		36		185
CP Huntsville	Retail	Huntsville, AL	23	106		39		67
Land Title Building ⁽¹⁾	Office	Birmingham, AL	30	43		15		28
1225 South Church ⁽²⁾	Retail	Charlotte, NC	3	11		2		9
Allure at Buckhead ⁽²⁾	Retail	Atlanta, GA	19	87		29		58
Times Square ⁽²⁾	Retail	Dallas, TX	73	72		98		(26		)
Bella Casita ⁽²⁾	Retail	Dallas, TX	5	19		5		14
Total			417	$	1,352	$	471	$	881

⁽¹⁾We own a one-third interest in this joint venture property. The revenue, expenses, and NOI presented represent MAA's one-third interest in this joint venure.

⁽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
Verandas at Southwood	Tallahassee, Florida	300	2003	July 23, 2014
Total Multifamily Acquisitions		1,567



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
Colonial Village at Inverness	Birmingham, Alabama	586	1986/87/90/97	July 10, 2014
Colonial Village at Charleston Place	Charlotte, North Carolina	214	1986	July 10, 2014
Greenbrook	Memphis, Tennessee	1,037	1974/78/83/86	July 10, 2014
Colonial Village at Ashford Place	Mobile, Alabama	168	1983	September 11, 2014
Colonial Village at Huntleigh Woods	Mobile, Alabama	233	1978	September 11, 2014
Total Multifamily Dispositions		3,063



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
Belterra	Fort Worth, Texas	288	2006	September 15, 2014
Total Joint Venture Multifamily Dispositions		582

Supplemental Data S-10



DEBT AND DEBT COVENANTS AS OF SEPTEMBER 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	$	1,215,496	4.8	4.1	%
Conventional - Variable Rate - Capped ^{(1) (2)}	192,096		1.7	1.1	%
Tax-free - Variable Rate - Capped⁽¹⁾	90,415		3.4	0.9	%
Total Secured Fixed or Hedged Rate Debt	1,498,007		4.3	3.5	%
Conventional - Variable Rate	56,585		0.1	0.7	%
Total Secured Debt	1,554,592		4.2	3.4	%
Unsecured Debt
Fixed Rate or Swapped	1,875,422		5.2	4.0	%
Total Unsecured Debt	1,875,422		5.2	4.0	%
Total Debt	$	3,430,014	4.7	3.7	%
Total Fixed or Hedged Debt	$	3,373,429	4.8	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	$	3,090,918	90.1	%	4.0		%	5.0
Capped debt	282,511		8.2	%	1.0		%	2.3
Floating (unhedged) debt	56,585		1.7	%	0.7		%	0.1
Total	$	3,430,014	100.0	%	3.7		%	4.7

					Effective			Average Years
			Percent of		Interest			to Contract
	Balance		Total		Rate			Maturity
Secured Versus Unsecured Debt
Unsecured Debt	$	1,875,422	54.7	%	4.0		%	5.2
Secured Debt	1,554,592		45.3	%	3.4		%	5.2
Total	$	3,430,014	100.0	%	3.7		%	5.2

	Total		Percent of		Q3 2014			Percent of
	Cost		Total		NOI			Total
Unencumbered Versus Encumbered Assets
Unencumbered gross assets	$	5,317,837	67.2	%	$	96,842		65.1	%
Encumbered gross assets	2,589,788		32.8	%	51,834			34.9	%
Total	$	7,907,625	100.0	%	$	148,676		100.0	%

Supplemental Data S-11



DEBT AND DEBT COVENANTS AS OF SEPTEMBER 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	$	—	$	—	$	—	—	%	$	—	$	—
2015	252,262		75,000		327,262		5.3	%	51,896		379,158
2016	115,834		—		115,834		5.2	%	104,480		220,314
2017	131,723		300,000		431,723		2.2	%	66,495		498,218
2018	103,149		250,000		353,149		3.2	%	32,945		386,094
Thereafter	1,862,950		—		1,862,950		4.8	%	26,695		1,889,645
Total	$	2,465,918	$	625,000	$	3,090,918	4.3	%	$	282,511	$	3,373,429	4.8



DEBT MATURITIES OF OUTSTANDING BALANCES

	Credit Facilities
	Fannie Mae Secured		Key Bank Unsecured		Other Secured		Other Unsecured		Total
2014	$	—	$	—	$	—	$	—	$	—
2015	105,785		—		71,960		192,015		$	369,760
2016	80,000		—		51,183		79,682		$	210,865
2017	80,000		—		63,534		318,190		$	461,724
2018	80,000		—		52,263		300,909		$	433,172
Thereafter	91,215		—		878,652		984,626		$	1,954,493
Total	$	437,000	$	—	$	1,117,592	$	1,875,422	$	3,430,014



DEBT COVENANT ANALYSIS

Public Bond Covenants	Required	Actual	Compliance
Limit on Incurrence of Total Debt	60% or less	42.5%	Yes
Limit on Incurrence of Secured Debt	40% or less	19.3%	Yes
Ratio of Consolidated Income Available for Debt Service/Annual Debt Service Charge	1.5:1 or greater for trailing 4 quarters	4.42x	Yes
Maintenance of Unencumbered Total Asset Value	Greater than 150%	283.2%	Yes

Supplemental Data S-12



EBITDA AND BALANCE SHEET RATIOS
Dollars in thousands
	Three Months			Twelve Months
	Ended			Ended
	September 30,			September 30,
	2014			2014
Consolidated net income	$	70,719		$	110,009
Depreciation and amortization	70,222			319,662
Interest expense	28,251			119,348
Loss on debt extinguishment	2,586			3,165
Amortization of deferred financing costs	1,000			4,121
Net casualty loss and other settlement proceeds	126			1,029
Income tax expense	442			1,459
Gain on sale of non-depreciable assets	—			(535		)
Depreciation of discontinued operations	—			202
Net casualty gain after insurance and other settlement proceeds on discontinued operations	(3		)	(98		)
Gain on sale of depreciable real estate assets excluded from discontinued operations	(36,032		)	(42,254		)
Gain on disposition within unconsolidated entities	(603		)	(4,017		)
Loss (gain) on sale of discontinued operations	103			(10,313		)
EBITDA	136,811			501,778
Acquisition expense	13			1,865
Merger related expenses	331			24,307
Integration related expenses	147			12,207
Recurring EBITDA	$	137,302		$	540,157

	Three Months Ended
	September 30,
	2014			2013
Recurring EBITDA/Debt Service	3.91x			3.39x
Fixed Charge Coverage ⁽¹⁾	4.09x			4.70x
Total Debt/Total Capitalization ⁽²⁾	39.7%			40.1%
Total Debt/Total Gross Assets	42.4%			45.3%
Total Net Debt ⁽³⁾/Total Gross Assets	41.3%			40.8%
Total Net Debt ⁽³⁾/Recurring EBITDA⁽⁴⁾	6.19x			5.82x
Unencumbered Assets/Gross Real Estate Assets	67.2%			64.9%


⁽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 twelve months ended September 30, 2014.

Supplemental Data S-13



2014 GUIDANCE

	Full Year 2014
Earnings
Core FFO per Share - diluted	$4.87 to $4.99
Midpoint	$4.93
Core AFFO per Share - diluted	$4.12 to $4.24
Midpoint	$4.18

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	$11.5 to $12.5 million
Acquisition expense	$2.0 to $2.5 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)	$275 to $375 million
Disposition volume (multifamily)	$158 to $175 million
Commercial / land disposition volume	$125 to $150 million
Development investment	$50 to $60 million

Debt:
Average Interest Rate (excluding mark-to-market debt adjustment)	4.2% to 4.4%
Average Effective Interest Rate	3.4% to 3.6%
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	$26 to $27 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:

Q4 2014

Q1 2015

Q2 2015

Q3 2015

Earnings release & conference call

Early February

Late April

Late July

Late October

Dividend Information - Common Shares:

Q3 2013

Q4 2013

Q1 2014

Q2 2014

Q3 2014

Declaration Date

9/30/2013

12/3/2013

3/20/2014

5/22/2014

9/11/2014

Record Date

10/15/2013

1/15/2014

4/15/2014

7/15/2014

10/15/2014

Payment Date

10/31/2013

1/31/2014

4/30/2014

7/31/2014

10/31/2014

Distributions Per Share

0.6950

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