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): April 29, 2015

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 April 29, 2015, the Registrant issued a press release announcing its consolidated financial results for the three months ended March 31, 2015. Copies of the press release and supplemental data schedules are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report.

The information in this Current Report (including Exhibits 99.1 and 99.2) is being furnished pursuant to Item 2.02 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 April 29, 2015
	99.2	Supplemental Data Schedules dated March 31, 2015

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:	April 29, 2015	/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:	April 29, 2015	/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 April 29, 2015
99.2	Supplemental Data Schedules dated March 31, 2015

EX-99.1

TABLE OF CONTENTS
Press Release Text	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	S-3
NOI Contribution Percentage by Region	S-4
NOI Bridge	S-5
Multifamily Same Store Comparisons	S-6
Multifamily Development Pipeline	S-8
2015 Acquisition Activity	S-8
2015 Disposition Activity	S-9
Debt and Debt Covenants as of March 31, 2015	S-10
EBITDA and Balance Sheet Ratios	S-12
2015 Guidance	S-13
Credit Ratings/Common Stock/Investor Relations Data	S-14

OVERVIEW

MAA REPORTS FIRST QUARTER RESULTS

MEMPHIS, Tenn., April 29, 2015 /PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA, (NYSE: MAA) today announced operating results for the quarter ended March 31, 2015.

Eric Bolton, Chairman and Chief Executive Officer, said, “Strong operating performance for the quarter was driven by steady growth in rents and higher occupancy as job growth across our portfolio continued to outpace national trends. We expect this favorable leasing environment, along with several new operating initiatives and growing efficiencies resulting from our merger and capital recycling efforts, will support another year of record results for MAA.

"We have been successful in executing on previously announced property disposition plans with a total of 18 properties, including 3,503 units, having been sold since the first of the year. Since 2010 we have significantly up-graded our portfolio of properties through the disposition of 11,462 units at an average age of 26 years and steadily repositioned the portfolio with a stronger earnings profile through acquiring and developing $1.8 billion in newer properties and invested $66.0 million in redeveloping and upgrading a number of our best investments.”

Funds from Operations

For thequarterendedMarch 31, 2015,Funds from Operations, or FFO,was$106.9 million, or$1.34per diluted common share and unit, or Share, compared to$97.4 million, or$1.23per Share, for thequarterendedMarch 31, 2014. Core FFO, which excludes certain non-cash or non-routine items, for thequarterendedMarch 31, 2015was$105.2 million, or$1.32per Share, as compared to$95.6 million, or$1.21per Share for thequarterendedMarch 31, 2014.

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 press release.

Net Income Available to Common Shareholders

For thequarterendedMarch 31, 2015,net incomeavailable for common shareholders was$61.3 million, or$0.81per diluted common share, compared to$14.9 million, or$0.20per diluted common share for thequarterendedMarch 31, 2014. Results for thequarterendedMarch 31, 2015included$30.2 million, or $0.40 per diluted common share, of gains related to the sale of real estate assets during the period. Results for thequarterendedMarch 31, 2014included$5.9 million, or $0.08 per diluted common share, of merger and integration expenses and $8.6 million, or $0.11 per diluted common share, of gains related to the sale of real estate assets during the period.

Highlights

• Results were better than expected as Core FFO of $1.32 per Share for the first quarter was above the midpoint of the company’s prior guidance and a record for first quarter results.

• Same store net operating income, or NOI, for the first quarter increased 5.8% as compared to the same period in the prior year.

• Average effective rent per unit for the same store portfolio increased 3.9% during the first quarter as compared to the prior year, while average physical occupancy also increased 0.6%.

• Physical occupancy for the same store portfolio ended the quarter at 96.3%.

• Resident turnover for the same store portfolio remained low for the first quarter, at 53.9% on a rolling twelve month basis.

• During the quarter the company acquired one property, a new 298-unit luxury community located in Kansas City, Missouri.

• During the quarter, the company also began construction on a 120-unit phase two expansion of an existing community located in Fredericksburg, Virginia.

• Since the beginning of the year the company has completed the sale of eighteen properties for a combined price of $233.3 million. This pricing produced a 5.6% economic cap rate, based on trailing twelve months' NOI, and a 14.1% leveraged internal rate of return on the capital invested.

• With the completion of the sale of these eighteen properties, at an average age of 25 years, the company exited nine tertiary markets within the Secondary Market segment of the portfolio.

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First Quarter Same Store Operating Results

Operating results for the Same Store portfolio of 71,376 stabilized apartment units for the company's Large Market and Secondary Market portfolios are presented below:

	Percent Change From								Three months ended
	Three months ended March 31, 2014								March 31, 2015
							Average		Average
							Effective		Physical
	Revenue		Expense		NOI		Rent per Unit		Occupancy
Large Markets	5.7	%	3.2	%	7.3	%	4.8	%	95.7	%
Secondary Markets	3.7	%	4.6	%	3.2	%	2.7	%	95.3	%
Same Store	5.0	%	3.7	%	5.8	%	3.9	%	95.6	%

Total Same Store revenue growth of 5.0% during the first quarter was primarily produced by a 3.9% increase in average effective rent per unit combined with a 0.6% increase in average physical occupancy for the quarter, as compared to the same period in the prior year. Overall physical occupancy for the Same Store portfolio ended the quarter at 96.3%. Operating expenses increased 3.7% for the quarter, with the majority of the growth related to increases in real estate tax and personnel expenses, which were partially offset by declines in insurance expenses for the quarter.

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 first quarter, MAA acquired Residences at Burlington Creek, a 298-unit luxury community located in Kansas City, Missouri for a purchase price of $46.5 million.

During the first quarter, the company sold four properties: Vistas, a 144-unit community located in Macon, Georgia; Austin Chase, a 256-unit community located in Macon, Georgia; Fairways at Hartland, a 240-unit community located in Bowling Green, Kentucky; and Fountain Lake, a 113-unit community located in Brunswick, Georgia.

In April, the company sold fourteen additional properties: Woodwinds, a 144-unit community located in Aiken, South Carolina; Westbury Creek, a 120-unit community located in Augusta, Georgia; Colony at Southpark, a 184-unit community located in Aiken, South Carolina; Bradford Pointe, a 192-unit community located in Augusta, Georgia; Oaks, a 100-unit community located in Jackson, Tennessee; Post House North, a 145-unit community located in Jackson, Tennessee; Bradford Chase, a 148-unit community located in Jackson, Tennessee; Post House Jackson, a 150-unit community located in Jackson, Tennessee; Woods at Post House, a 122-unit community located in Jackson, Tennessee; Southland Station, a 304-unit community located in Warner Robbins, Georgia; Huntington Chase, a 200-unit community located in Warner Robbins, Georgia; Paddock Park, a 480-unit community located in Ocala, Florida; Anatole, a 208-unit community located in Daytona Beach, Florida; and Sutton Place, a 253-unit community located in the Memphis, Tennessee metropolitan area.

MAA received combined gross proceeds of $233.3 million related to these dispositions and expects to recognize total net gains on the sale of real estate assets of approximately $134 million, with $30.2 million recognized during the first quarter related to the first four communities sold. As a result of these property sales, the company exited nine tertiary markets included in the Secondary Market segment of the portfolio, achieving an economic cap rate of 5.6% and internal rates of return on invested capital of 14.1% on a leveraged basis and 10.2% on an unleveraged basis.

Development and Lease-up Activity

MAA had two multifamily development projects remaining under construction at the end of the first quarter: 220 Riverside, located in Jacksonville, Florida (82% complete), and Colonial Grand at Bellevue II, located in Nashville, Tennessee (97% complete). MAA also began construction on a phase II expansion of Station Square at Cosner's Corner, an existing property in Fredericksburg, Virginia (23% complete). During the first quarter, the company funded an additional $5.0 million of construction and development costs and is expected to fund an additional $24.4 million to complete these remaining three projects.

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Redevelopment Activity

The company continues its redevelopment program at select communities throughout the portfolio. During the first quarter, MAA renovated a total of 1,022 units at an average cost of $4,526 per unit, achieving average rental rate increases of 9.4% above non-renovated units.

Capital Expenditures

Recurring capital expenditures for the portfolio totaled $10.6 million for the first quarter, or approximately $0.13 per Share as compared to $6.1 million or $0.08 per Share for the same period in 2014. These expenditures resulted in Core Adjusted Funds from Operations, or Core AFFO, of $1.19 per Share for the first quarter, compared to $1.13 per Share for the same period in 2014. The variance in capital spending for the quarter as compared to the first quarter in the prior year is largely impacted by timing differences, and capital spending expectations for the full year remain in line with current guidance.

Total capital expenditures for the portfolio during the first quarter were $16.5 million on existing properties, with an additional $5.2 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

As part of the disposition plans and continued balance sheet improvement, during the quarter, the company paid off $116.1 million of variable-rate Fannie Mae borrowings and an additional $15.2 million related to a single mortgage. In conjunction with these payoffs, the company incurred $3.4 million of debt extinguishment expenses during the first quarter, primarily related to non-cash write-offs of deferred financing costs related to the debt.

Balance Sheet

As of March 31, 2015,

• Net debt to total capitalization was 36.0% (based on the March 31, 2015 closing stock price),

• Net debt to gross assets (based on gross book value at March 31, 2015) was 42.1%,

• Total debt outstanding was $3.5 billion at an average effective interest rate of 3.7%,

• 92.5% of the total debt was fixed or hedged against rising interest rates for an average of 4.4 years,

• Fixed charge coverage ratio (Recurring EBITDA divided by interest expense adjusted for mark-to-market debt adjustment) was 4.04x and net debt to Recurring EBITDA was 6.22x,

• Approximately $335.6 million combined cash and capacity was available under the company's unsecured credit facility, and

• Unencumbered assets increased to a record level of 70.5% 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.

85th Consecutive Quarterly Common Dividend Declared

Our Board of Directors declared its 85th consecutive quarterly common dividend at an annual rate of $3.08 per common share and unit, which will be paid on April 30, 2015 to holders of record on April 15, 2015.

2015 Core FFO per Share Guidance

The company is reaffirming prior guidance for full year Core FFO projected to be in a range of $5.09 per Share to $5.33 per Share. The Company will reevaluate its full-year 2015 Core FFO and Same Store growth assumptions with its second quarter 2015 earnings report.

Consistent with earlier guidance, management continues to expect full year revenue growth, expense growth, and resulting NOI growth from the Same Store portfolio to all be in the 3% to 4% range.

For the first quarter, the company incurred General and Administrative and Property Management expenses of $15.1 million combined, compared to $11.4 million combined for the same quarter in the prior year. The majority of the increase over prior year is related to timing of certain items, which is expected to normalize during the year. The company continues to expect combined General and Administrative expenses and Property Management expenses for the full year of $56.5 million to $58.5 million, in line with existing guidance and fully reflective of previously announced synergy savings associated with the company’s merger with Colonial Properties Trust in late 2013.

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On a quarterly basis, Core FFO per Share for the second quarter is expected to be in the range of $1.23 per Share to $1.35 per Share, for the third quarter in a range of $1.21 per Share to $1.33 per Share, and for the fourth quarter in a range of $1.27 per Share to $1.39 per Share.

The company continues to expect total recurring capital expenditures for the full year 2015 to be approximately $52 million, producing Core AFFO of $4.43 per Share to $4.67 per Share, or $4.55 per Share at the mid-point, representing a 6.3% increase over Core AFFO per Share in the prior year.

Additional information on our 2015 financial and earnings guidance is included in the supplemental data accompanying this press release.

Supplemental Material and Conference Call

Supplemental data to this press release can be found on the "For Investors" page of our website at www.maac.com. MAA will host a conference call to further discuss first quarter results on Thursday, April 30, 2015, 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 "For Investors" page 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 81,976 apartment units throughout the Southeast and Southwest regions of the United States as of March 31, 2015. 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 MAA, 6584 Poplar Ave., Memphis, TN 38138, Attn: Investor Relations.

Forward-Looking Statements

Sections of this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, 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, rent and expense growth, occupancy, financing activities and interest rate and other economic expectations. 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 forward-looking 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 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 report 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;

• adverse changes in real estate markets, including, but not limited to, the extent of future demand for multifamily units in our significant 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

4

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 our operating partnership 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 breaches of our privacy or information security systems;

• 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 other 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 on which this report is filed.

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FINANCIAL HIGHLIGHTS
Dollars in thousands, except per share data
	Three months ended March 31,
	2015			2014
Total property revenue	$	257,811		$	243,390
Total NOI	$	157,903		$	147,626
Management & leasing fee revenue	$	—		$	97
Recurring EBITDA	$	142,641		$	135,365
Net income per share:
Basic	$	0.81		$	0.20
Diluted	$	0.81		$	0.20
Funds from operations per share (diluted):
FFO	$	1.34		$	1.23
Core FFO	$	1.32		$	1.21
Core AFFO	$	1.19		$	1.13
Dividends declared per share	$	0.7700		$	0.7300
Dividends/FFO (diluted) payout ratio	57.5		%	59.3		%
Dividends/AFFO (diluted) payout ratio	64.7		%	64.6		%
Consolidated interest expense	$	29,931		$	30,676
Mark-to-market debt adjustment	5,394			7,141
Capitalized interest	474			513
Total interest incurred	$	35,799		$	38,330
Principal payments on notes payable	$	2,272		$	2,551

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FINANCIAL HIGHLIGHTS (CONTINUED)
Dollars in thousands, except per share data
	As of
	March 31, 2015			December 31, 2014
Total gross assets	$	8,083,418		$	8,204,706
Total debt	$	3,479,493		$	3,524,515
Common shares and units, outstanding end of period	79,534,989			79,458,827
Share price, end of period	$	77.27		$	74.68
Book equity value, end of period	$	3,059,706		$	3,057,722
Market equity value, end of period	$	6,145,669		$	5,933,985
Debt to total market capitalization ratio	36.1		%	37.3		%
Total net debt/total gross assets	42.1		%	42.6		%
Unencumbered real estate assets (at cost) to unsecured debt ratio	275.6		%	279.0		%
Recurring EBITDA/Debt Service	3.79x			3.75x
Fixed Charge Coverage (1)	4.04x			3.99x
Total Net Debt (2)/Recurring EBITDA (3)	6.22x			6.37x

⁽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 twelve months ended March 31, 2015.

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CONSOLIDATED STATEMENTS OF OPERATIONS
Dollars in thousands, except per share data
	Three months ended March 31,
	2015			2014
Operating revenues:
Rental revenues	$	234,199		$	220,988
Other property revenues	23,612			22,402
Total property revenues	257,811			243,390
Management fee income	—			97
Total operating revenues	257,811			243,487
Operating Expenses:
Property operating expenses	100,394			97,363
Depreciation and amortization	73,112			90,013
Acquisition expense	339			11
Property management expenses	8,493			7,011
General and administrative expenses	6,566			4,342
Merger related expenses	—			2,076
Integration related expenses	—			3,842
Income from continuing operations before non-operating items	68,907			38,829
Interest and other non-property (expense) income	(157		)	160
Interest expense	(29,931		)	(30,676		)
Loss on debt extinguishment	(3,376		)	—
Amortization of deferred financing costs	(917		)	(1,311		)
Net casualty loss after insurance and other settlement proceeds	(19		)	(10		)
Gain on sale of depreciable real estate assets excluded from discontinued operations	30,228			2,564
Gain on sale of non-depreciable real estate assets	—			557
Income before income tax expense	64,735			10,113
Income tax expense	(510		)	(270		)
Income from continuing operations before joint venture activity	64,225			9,843
Gain (loss) from real estate joint ventures	19			(24		)
Income from continuing operations	64,244			9,819
Discontinued operations:
Income from discontinued operations before gain on sale	433			416
Net casualty loss after insurance and other settlement proceeds on discontinued operations	—			(2		)
Gain on sale of discontinued operations	—			5,481
Consolidated net income	64,677			15,714
Net income attributable to noncontrolling interests	3,410			848
Net income available for MAA common shareholders	$	61,267		$	14,866
Earnings per common share - basic:
Income from continuing operations available for common shareholders	$	0.81		$	0.12
Discontinued property operations	—			0.08
Net income available for common shareholders	$	0.81		$	0.20
Earnings per common share - diluted:
Income from continuing operations available for common shareholders	$	0.81		$	0.12
Discontinued property operations	—			0.08
Net income available for common shareholders	$	0.81		$	0.20
Dividends declared per common share	$	0.7700		$	0.7300

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SHARE AND UNIT DATA
Shares and units in thousands
	Three months ended March 31,
	2015	2014
NET INCOME SHARES(1)
Weighted average common shares - Basic	75,145	74,803
Weighted average partnership units outstanding	—	—
Effect of dilutive securities	—	—
Weighted average common shares - Diluted	75,145	74,803
FUNDS FROM OPERATIONS SHARES AND UNITS
Weighted average common shares and units - Basic	79,336	79,023
Weighted average common shares and units - Diluted	79,506	79,233
PERIOD END SHARES AND UNITS
Common shares at March 31,	75,345	75,009
Partnership units at March 31,	4,190	4,209
Total shares and units at March 31,	79,535	79,218

⁽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 Quarterly Report on Form 10-Q for the three months ended March 31, 2015, filed with the SEC on May 1, 2015.

FUNDS FROM OPERATIONS
Dollars in thousands, except per share data
	Three months ended
	March 31,
	2015			2014
Net income attributable to MAA	$	61,267		$	14,866
Depreciation and amortization of real estate assets	72,453			89,450
Depreciation and amortization of real estate assets of discontinued operations	—			42
Gain on sale of discontinued operations	—			(5,481		)
Gain on sale of depreciable real estate assets excluded from discontinued operations	(30,228		)	(2,564		)
Gain on disposition within unconsolidated entities	(12		)	—
Depreciation and amortization of real estate assets of real estate joint ventures	6			199
Net income attributable to noncontrolling interests	3,410			848
Funds from operations	106,896			97,360
Acquisition expense	339			11
Merger related expenses	—			2,076
Integration related expenses	—			3,842
Gain on sale of non-depreciable real estate assets	—			(557		)
Mark-to-market debt adjustment	(5,394		)	(7,141		)
Loss on debt extinguishment	3,376			—
Core funds from operations	105,217			95,591
Recurring capital expenditures	(10,597		)	(6,053		)
Core adjusted funds from operations	$	94,620		$	89,538
Weighted average common shares and units - Diluted	79,506			79,233
Funds from operations per share and unit - Diluted	$	1.34		$	1.23
Core funds from operations per share and unit - Diluted	$	1.32		$	1.21
Core adjusted funds from operations per share and unit - Diluted	$	1.19		$	1.13

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CONSOLIDATED BALANCE SHEETS
Dollars in thousands
	March 31, 2015			December 31, 2014
Assets
Real estate assets
Land	$	889,912		$	907,598
Buildings and improvements	6,558,169			6,763,978
Furniture, fixtures and equipment	203,808			212,850
Capital improvements in progress	71,119			80,772
	7,723,008			7,965,198
Accumulated depreciation	(1,268,103		)	(1,358,399		)
	6,454,905			6,606,799
Undeveloped land	47,242			47,242
Corporate property, net	8,337			7,988
Investments in real estate joint ventures	1,802			1,791
Assets held for sale	175,292			36,452
Real estate assets, net	6,687,578			6,700,272
Cash and cash equivalents	18,331			25,401
Restricted cash	26,951			28,181
Deferred financing cost, net	13,638			17,812
Other assets	50,863			57,041
Goodwill	2,321			2,321
Total assets	$	6,799,682		$	6,831,028
Liabilities and Shareholders' Equity
Liabilities
Secured notes payable	$	1,429,069		$	1,592,116
Unsecured notes payable	2,050,424			1,932,399
Accounts payable	7,680			8,395
Fair market value of interest rate swaps	15,007			13,392
Accrued expenses and other liabilities	195,222			216,478
Security deposits	10,490			10,526
Liabilities associated with assets held for sale	32,084			—
Total liabilities	3,739,976			3,773,306
Redeemable stock	6,309			5,911
Shareholders' equity
Common stock	753			752
Additional paid-in capital	3,619,976			3,619,270
Accumulated distributions in excess of net income	(726,062		)	(729,086		)
Accumulated other comprehensive loss	(2,453		)	(412		)
Total MAA shareholders' equity	2,892,214			2,890,524
Noncontrolling interest	161,183			161,287
Total equity	3,053,397			3,051,811
Total liabilities and shareholders' equity	$	6,799,682		$	6,831,028

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 Physical Occupancy

Average physical occupancy represents the average of the daily physical occupancy for the quarter.

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, Core AFFO is composed of Core FFO less recurring capital expenditures. As an owner and operator of real estate, we consider Core AFFO to be an important measure of performance from core operations because Core 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)

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.

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, or as significant transactions warrant. 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 MULTIFAMILY PORTFOLIO AT MARCH 31, 2015 (In apartment units)

	Same Store	Non Same Store	In Lease-Up	Total Completed Communities	Current Development Units Delivered	Total
Atlanta, GA	5,594	480	—	6,074	—	6,074
Austin, TX	5,838	—	—	5,838	—	5,838
Charlotte, NC	4,648	353	—	5,001	—	5,001
Raleigh/Durham, NC	4,663	—	—	4,663	—	4,663
Fort Worth, TX	4,519	—	—	4,519	—	4,519
Dallas, TX	3,979	1,318	—	5,297	—	5,297
Nashville, TN	3,207	349	—	3,556	163	3,719
Tampa, FL	2,878	—	—	2,878	—	2,878
Orlando, FL	2,718	934	—	3,652	—	3,652
Houston, TX	2,597	635	—	3,232	—	3,232
Phoenix, AZ	1,976	—	—	1,976	—	1,976
South Florida	480	—	—	480	—	480
Las Vegas, NV	721	—	—	721	—	721
Large Markets	43,818	4,069	—	47,887	163	48,050
Jacksonville, FL	3,202	—	—	3,202	—	3,202
Charleston, SC	2,648	—	—	2,648	—	2,648
Savannah, GA	2,219	—	—	2,219	—	2,219
Richmond, VA	1,668	—	—	1,668	—	1,668
Memphis, TN	1,811	457	—	2,268	—	2,268
Birmingham, AL	1,462	—	—	1,462	—	1,462
Greenville, SC	1,748	—	—	1,748	—	1,748
San Antonio, TX	1,176	328	—	1,504	—	1,504
Huntsville, AL	1,380	—	—	1,380	—	1,380
Norfolk/Hampton/VA Beach, VA	1,033	—	—	1,033	—	1,033
Little Rock, AR	1,368	—	—	1,368	—	1,368
Jackson, MS	1,241	—	—	1,241	—	1,241
Lexington, KY	924	—	—	924	—	924
Chattanooga, TN	943	—	—	943	—	943
Other	4,735	5,583	—	10,318	—	10,318
Secondary Markets	27,558	6,368	—	33,926	—	33,926
Total Multifamily Units	71,376	10,437	—	81,813	163	81,976

Supplemental Data S-1

PORTFOLIO STATISTICS (CONTINUED)

TOTAL MULTIFAMILY COMMUNITY STATISTICS

Dollars in thousands, except Average Effective Rent

		As of March 31, 2015						Average Effective Rent for the Three Months Ended March 31, 2015		As of March 31, 2015
		Gross Real Assets		Percent to Total of Gross Real Assets		Physical Occupancy				Completed Units	Total Units, Including Development
Atlanta, GA		$	655,717	8.3	%	96.2	%	$	1,035	6,074
Charlotte, NC		$	602,134	7.6	%	97.0	%	$	942	5,001
Austin, TX		$	568,812	7.2	%	95.9	%	$	1,012	5,838
Raleigh/Durham, NC		$	543,704	6.8	%	95.8	%	$	923	4,663
Dallas, TX		$	537,904	6.8	%	96.1	%	$	1,049	5,297
Orlando, FL		$	476,638	6.0	%	97.6	%	$	1,080	3,652
Fort Worth, TX		$	377,778	4.7	%	95.9	%	$	935	4,519
Nashville, TN		$	335,550	4.2	%	95.1	%	$	1,057	3,556
Tampa, FL		$	301,591	3.8	%	97.3	%	$	1,042	2,878
Houston, TX		$	279,108	3.5	%	96.5	%	$	1,041	3,232
Phoenix, AZ		$	234,363	3.0	%	97.0	%	$	905	1,976
Las Vegas, NV		$	65,611	0.8	%	96.0	%	$	792	721
South Florida		$	57,604	0.7	%	98.3	%	$	1,459	480
Large Markets		$	5,036,514	63.4	%	96.3	%	$	1,005	47,887
Charleston, SC		$	258,492	3.3	%	96.4	%	$	999	2,648
Jacksonville, FL		$	245,500	3.1	%	97.7	%	$	919	3,202
Savannah, GA		$	222,719	2.8	%	95.8	%	$	958	2,219
Richmond, VA		$	186,080	2.3	%	96.3	%	$	933	1,668
Fredericksburg, VA		$	156,402	2.0	%	96.6	%	$	1,187	1,001
San Antonio, TX		$	155,634	2.0	%	95.5	%	$	1,035	1,504
Memphis, TN		$	148,169	1.9	%	95.6	%	$	832	2,268
Birmingham, AL		$	143,534	1.8	%	96.0	%	$	932	1,462
Huntsville, AL		$	112,295	1.4	%	94.3	%	$	741	1,380
Little Rock, AR		$	112,128	1.4	%	93.8	%	$	876	1,368
Kansas City, MO		$	98,755	1.2	%	92.8	%	$	1,241	621
Norfolk, Hampton, VA Beach, VA		$	97,645	1.2	%	96.3	%	$	965	1,033
Greenville, SC		$	94,581	1.2	%	96.2	%	$	742	1,748
All Other Secondary Markets by State (individual markets <1% gross real assets)
Florida		$	179,869	2.3	%	97.1	%	$	893	2,478
Georgia		$	135,424	1.7	%	95.5	%	$	761	2,152
North Carolina		$	101,272	1.3	%	96.2	%	$	704	1,562
Kentucky		$	89,136	1.1	%	96.5	%	$	801	1,308
Tennessee		$	85,721	1.1	%	97.5	%	$	715	1,608
Mississippi		$	70,481	0.9	%	97.5	%	$	840	1,241
Alabama		$	59,236	0.7	%	98.4	%	$	886	628
Virgina		$	47,875	0.6	%	99.6	%	$	1,314	251
South Carolina		$	35,397	0.4	%	96.4	%	$	741	576
Secondary Markets		$	2,836,345	35.7	%	96.2	%	$	886	33,926
Subtotal		$	7,872,859	99.1	%	96.3	%	$	955	81,813
Nashville, TN	Large	$	31,448	0.4	%	39.9	%	$	1,082	163	220
Jacksonville, FL	Secondary	$	34,941	0.4	%	0.0	%	$	—	—	294
Fredericksburg, VA	Secondary	$	4,578	0.1	%	0.0	%	$	—	—	120
Lease-up and Development		$	70,967	0.9	%	39.9	%	$	1,082	163	634
Total Wholly Owned Multifamily Communities		$	7,943,826	100.0	%	96.2	%	$	956	81,976	82,447

Supplemental Data S-2

COMPONENTS OF PROPERTY NET OPERATING INCOME

Dollars in thousands

	Apartment	Gross Real		Three Months Ended
	Units	Estate Assets		March 31, 2015			March 31, 2014			Percent Change
Property Revenue
Same Store Communities	71,376	$	6,726,782	$	221,973		$	211,474		5.0	%
Non-Same Store Communities	10,437	1,146,077		34,784			31,405
Lease up/Development Communities	163	70,967		125			6
Total Multifamily Portfolio	81,976	$	7,943,826	$	256,882		$	242,885
Commercial Property/Land (1)	—	$	69,504	$	1,671		$	1,337
Total Property Revenue	81,976	$	8,013,330	$	258,553		$	244,222
Property Expenses
Same Store Communities	71,376	$	6,726,782	$	85,664		$	82,614		3.7	%
Non-Same Store Communities	10,437	1,146,077		14,115			13,327
Lease up/Development Communities	163	70,967		188			17
Total Multifamily Portfolio	81,976	$	7,943,826	$	99,967		$	95,958
Commercial Property/Land (1)	—	$	69,504	$	683		$	638
Total Property Expenses	81,976	$	8,013,330	$	100,650		$	96,596
Property Net Operating Income
Same Store Communities	71,376	$	6,726,782	$	136,309		$	128,860		5.8	%
Non-Same Store Communities	10,437	1,146,077		20,669			18,078
Lease up/Development Communities	163	70,967		(63		)	(11		)
Total Multifamily Portfolio	81,976	$	7,943,826	$	156,915		$	146,927
Commercial Property/Land (1)	—	$	69,504	$	988		$	699
Total Property Net Operating Income	81,976	$	8,013,330	$	157,903		$	147,626		7.0	%

(1) Includes activity for Nord du Lac, which is presented in Discontinued Operations on the Statement of Operations.

COMPONENTS OF SAME STORE PROPERTY EXPENSES

Dollars in thousands

	Three Months Ended
	March 31, 2015		March 31, 2014		Percent Increase/(Decrease)		Percent of 2015 Total
Personnel	$	21,947	$	20,906	5.0	%	25.6	%
Building Repair and Maintenance	10,180		10,185		0.0	%	11.9	%
Utilities	19,227		18,664		3.0	%	22.4	%
Marketing	2,814		2,448		15.0	%	3.3	%
Office Operations	3,292		3,028		8.7	%	3.8	%
Property Taxes	25,318		24,334		4.0	%	29.6	%
Insurance	2,886		3,049		(5.3	)%	3.4	%
Total Property Expenses	$	85,664	$	82,614	3.7	%	100.0	%

Supplemental Data S-3

NOI CONTRIBUTION PERCENTAGE BY REGION

			Average Physical Occupancy
	Percent of Same Store		Three months ended March 31, 2015		Three months ended March 31, 2014
Atlanta, GA	8.3	%	95.8	%	94.4	%
Austin, TX	7.9	%	95.5	%	94.8	%
Charlotte, NC	7.0	%	96.2	%	96.0	%
Raleigh/Durham, NC	6.9	%	95.4	%	94.2	%
Fort Worth, TX	5.9	%	95.4	%	95.2	%
Dallas, TX	5.6	%	95.8	%	95.2	%
Nashville, TN	5.3	%	94.4	%	95.4	%
Tampa, FL	4.5	%	96.4	%	95.5	%
Orlando, FL	4.3	%	96.7	%	95.7	%
Houston, TX	3.5	%	96.0	%	95.8	%
Phoenix, AZ	2.8	%	96.1	%	94.8	%
South Florida	1.0	%	97.5	%	94.9	%
Las Vegas, NV	0.9	%	94.9	%	93.3	%
Large Markets	63.9	%	95.7	%	95.1	%
Jacksonville, FL	4.4	%	96.5	%	95.2	%
Charleston, SC	4.1	%	95.4	%	95.3	%
Savannah, GA	3.3	%	95.3	%	95.5	%
Richmond, VA	2.4	%	95.2	%	95.5	%
Memphis, TN	2.0	%	93.8	%	94.6	%
Birmingham, AL	2.0	%	95.0	%	95.4	%
Greenville, SC	1.9	%	95.1	%	94.2	%
San Antonio, TX	1.6	%	96.3	%	94.6	%
Huntsville, AL	1.5	%	94.5	%	94.9	%
Norfolk/Hampton/VA Beach, VA	1.5	%	95.2	%	94.3	%
Little Rock, AR	1.8	%	94.4	%	95.1	%
Jackson, MS	1.6	%	95.9	%	94.0	%
Lexington, KY	1.1	%	96.1	%	95.0	%
Chattanooga, TN	1.0	%	97.3	%	95.3	%
Other	5.9	%	94.9	%	95.2	%
Secondary Markets	36.1	%	95.3	%	95.0	%
Total Same Store	100.0	%	95.6	%	95.0	%

Supplemental Data S-4

NOI BRIDGE
Dollars in thousands
	Three Months Ended
	March 31, 2015			December 31, 2014			March 31, 2014
NOI
MAA same store	$	136,309		$	135,614		$	128,860
Non-same store	21,594			20,664			18,766
Total NOI	157,903			156,278			147,626
Held for sale NOI included above	(486		)	(515		)	(1,599		)
Management fee income	—			—			97
Depreciation and amortization	(73,112		)	(71,945		)	(90,013		)
Acquisition expense	(339		)	(1,417		)	(11		)
Property management expenses	(8,493		)	(8,076		)	(7,011		)
General and administrative expenses	(6,566		)	(4,844		)	(4,342		)
Merger related credit (expenses)	—			50			(2,076		)
Integration related expenses	—			(1,255		)	(3,842		)
Interest and other non-property (expense) income	(157		)	(258		)	160
Interest Expense	(29,931		)	(30,374		)	(30,676		)
Loss on debt extinguishment	(3,376		)	—			—
Amortization of deferred financing costs	(917		)	(1,004		)	(1,311		)
Gain on sale of depreciable real estate assets excluded from discontinued operations	30,228			395			2,564
Net casualty loss and other settlement proceeds	(19		)	(45		)	(10		)
Income tax expense	(510		)	(815		)	(270		)
(Loss) gain on sale of non-depreciable real estate assets	—			(185		)	557
Gain (loss) from real estate joint ventures	19			(10		)	(24		)
Discontinued operations	433			478			5,895
Net income attributable to noncontrolling interests	(3,410		)	(1,933		)	(848		)
Net income attributable to MAA	$	61,267		$	34,525		$	14,866

Supplemental Data S-5

MULTIFAMILY SAME STORE QUARTER OVER QUARTER COMPARISONS

Dollars in thousands, except per unit data

	Revenues						Expenses						NOI						Revenue per Occupied Unit						Effective Rent per Unit
	Q1 2015		Q1 2014		% Chg		Q1 2015		Q1 2014		% Chg		Q1 2015		Q1 2014		% Chg		Q1 2015		Q1 2014		% Chg		Q1 2015		Q1 2014		% Chg
Atlanta, GA	$	18,940	$	17,429	8.7	%	$	7,560	$	7,307	3.5	%	$	11,380	$	10,122	12.4	%	$	1,178	$	1,100	7.1	%	$	1,004	$	943	6.5	%
Austin, TX	19,287		18,150		6.3	%	8,551		8,193		4.4	%	10,736		9,957		7.8	%	1,153		1,093		5.5	%	1,012		958		5.6	%
Charlotte, NC	14,204		13,491		5.3	%	4,697		4,533		3.6	%	9,507		8,958		6.1	%	1,059		1,008		5.1	%	926		886		4.5	%
Raleigh/Durham, NC	14,093		13,572		3.8	%	4,645		4,362		6.5	%	9,448		9,210		2.6	%	1,056		1,030		2.5	%	923		909		1.5	%
Fort Worth, TX	13,992		13,266		5.5	%	6,005		5,909		1.6	%	7,987		7,357		8.6	%	1,082		1,028		5.3	%	935		884		5.8	%
Dallas, TX	13,529		12,861		5.2	%	5,776		5,732		0.8	%	7,753		7,129		8.8	%	1,184		1,131		4.7	%	1,045		1,001		4.4	%
Nashville, TN	10,725		10,425		2.9	%	3,550		3,600		(1.4	)%	7,175		6,825		5.1	%	1,181		1,135		4.1	%	1,056		1,012		4.3	%
Tampa, FL	9,968		9,477		5.2	%	3,889		3,724		4.4	%	6,079		5,753		5.7	%	1,197		1,149		4.2	%	1,042		1,003		3.9	%
Orlando, FL	9,443		8,987		5.1	%	3,538		3,396		4.2	%	5,905		5,591		5.6	%	1,198		1,152		4.0	%	1,065		1,021		4.3	%
Houston, TX	8,477		7,950		6.6	%	3,749		3,570		5.0	%	4,728		4,380		7.9	%	1,133		1,065		6.4	%	1,000		938		6.6	%
Phoenix, AZ	5,922		5,558		6.5	%	2,134		2,106		1.3	%	3,788		3,452		9.7	%	1,039		989		5.1	%	905		858		5.5	%
South Florida	2,227		2,109		5.6	%	803		761		5.5	%	1,424		1,348		5.6	%	1,587		1,543		2.9	%	1,459		1,429		2.1	%
Las Vegas, NV	1,914		1,803		6.2	%	700		666		5.1	%	1,214		1,137		6.8	%	933		893		4.5	%	792		773		2.5	%
Large Markets	$	142,721	$	135,078	5.7	%	$	55,597	$	53,859	3.2	%	$	87,124	$	81,219	7.3	%	$	1,134	$	1,081	4.9	%	$	992	$	947	4.8	%
Jacksonville, FL	$	9,354	$	8,995	4.0	%	$	3,411	$	3,366	1.3	%	$	5,943	$	5,629	5.6	%	$	1,009	$	984	2.5	%	$	919	$	904	1.7	%
Charleston, SC	8,695		8,141		6.8	%	3,072		2,869		7.1	%	5,623		5,272		6.7	%	1,148		1,075		6.8	%	999		937		6.6	%
Savannah, GA	6,921		6,540		5.8	%	2,455		2,279		7.7	%	4,466		4,261		4.8	%	1,091		1,029		6.0	%	958		908		5.5	%
Richmond, VA	5,116		4,897		4.5	%	1,800		1,665		8.1	%	3,316		3,232		2.6	%	1,073		1,025		4.7	%	933		905		3.1	%
Memphis, TN	4,843		4,845		0.0	%	2,184		2,162		1.0	%	2,659		2,683		(0.9	)%	950		942		0.8	%	844		832		1.4	%
Birmingham, AL	4,494		4,415		1.8	%	1,771		1,654		7.1	%	2,723		2,761		(1.4	)%	1,079		1,055		2.3	%	932		929		0.3	%
Greenville, SC	4,286		4,023		6.5	%	1,650		1,589		3.8	%	2,636		2,434		8.3	%	859		814		5.5	%	742		703		5.5	%
San Antonio, TX	3,842		3,675		4.5	%	1,684		1,593		5.7	%	2,158		2,082		3.7	%	1,130		1,101		2.6	%	1,010		994		1.6	%
Huntsville, AL	3,458		3,442		0.5	%	1,354		1,317		2.8	%	2,104		2,125		(1.0	)%	884		876		0.9	%	741		740		0.1	%
Norfolk/Hampton/VA Beach, VA	3,331		3,257		2.3	%	1,290		1,154		11.8	%	2,041		2,103		(2.9	)%	1,129		1,114		1.3	%	965		965		0.0	%
Little Rock, AR	3,788		3,778		0.3	%	1,376		1,393		(1.2	)%	2,412		2,385		1.1	%	978		968		1.0	%	876		871		0.6	%
Jackson, MS	3,450		3,290		4.9	%	1,281		1,229		4.2	%	2,169		2,061		5.2	%	966		940		2.8	%	840		817		2.8	%
Lexington, KY	2,419		2,280		6.1	%	885		844		4.9	%	1,534		1,436		6.8	%	909		866		5.0	%	815		795		2.5	%
Chattanooga, TN	2,426		2,347		3.4	%	1,041		1,003		3.8	%	1,385		1,344		3.1	%	881		871		1.1	%	744		739		0.7	%
Other	12,829		12,471		2.9	%	4,813		4,638		3.8	%	8,016		7,833		2.3	%	951		923		3.0	%	834		813		2.6	%
Secondary Markets	$	79,252	$	76,396	3.7	%	$	30,067	$	28,755	4.6	%	$	49,185	$	47,641	3.2	%	$	1,006	$	973	3.4	%	$	882	$	859	2.7	%
Total Same Store	$	221,973	$	211,474	5.0	%	$	85,664	$	82,614	3.7	%	$	136,309	$	128,860	5.8	%	$	1,085	$	1,039	4.4	%	$	949	$	913	3.9	%

Supplemental Data S-6

MULTIFAMILY SAME STORE SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except per unit data

	Revenues						Expenses						NOI						Revenue per Occupied Unit						Effective Rent per Unit
	Q1 2015		Q4 2014		% Chg		Q1 2015		Q4 2014		% Chg		Q1 2015		Q4 2014		% Chg		Q1 2015		Q4 2014		% Chg		Q1 2015			Q4 2014		% Chg
Atlanta, GA	$	18,940	$	18,513	2.3	%	$	7,560	$	7,415	2.0	%	$	11,380	$	11,098	2.5	%	$	1,178	$	1,159	1.6	%	$	1,004		$	995	0.9	%
Austin, TX	19,287		19,156		0.7	%	8,551		8,144		5.0	%	10,736		11,012		(2.5	)%	1,153		1,146		0.6	%	1,012			1,007		0.5	%
Charlotte, NC	14,204		13,988		1.5	%	4,697		4,689		0.2	%	9,507		9,299		2.2	%	1,059		1,048		1.0	%	926			922		0.4	%
Raleigh/Durham, NC	14,093		14,047		0.3	%	4,645		4,684		(0.8	)%	9,448		9,363		0.9	%	1,056		1,051		0.5	%	923			919		0.4	%
Fort Worth, TX	13,992		13,861		0.9	%	6,005		5,625		6.8	%	7,987		8,236		(3.0	)%	1,082		1,069		1.2	%	935			929		0.6	%
Dallas, TX	13,529		13,427		0.8	%	5,776		5,761		0.3	%	7,753		7,666		1.1	%	1,184		1,172		1.0	%	1,045			1,039		0.6	%
Nashville, TN	10,725		10,793		(0.6	)%	3,550		3,739		(5.1	)%	7,175		7,054		1.7	%	1,181		1,186		(0.4	)%	1,056			1,054		0.2	%
Tampa, FL	9,968		9,886		0.8	%	3,889		3,694		5.3	%	6,079		6,192		(1.8	)%	1,197		1,184		1.1	%	1,042			1,036		0.6	%
Orlando, FL	9,443		9,348		1.0	%	3,538		3,444		2.7	%	5,905		5,904		0.0	%	1,198		1,183		1.3	%	1,065			1,051		1.3	%
Houston, TX	8,477		8,297		2.2	%	3,749		3,461		8.3	%	4,728		4,836		(2.2	)%	1,133		1,114		1.7	%	1,000			987		1.3	%
Phoenix, AZ	5,922		5,841		1.4	%	2,134		2,035		4.9	%	3,788		3,806		(0.5	)%	1,039		1,022		1.7	%	905			892		1.5	%
South Florida	2,227		2,141		4.0	%	803		768		4.6	%	1,424		1,373		3.7	%	1,587		1,566		1.3	%	1,459			1,471		(0.8	)%
Las Vegas, NV	1,914		1,887		1.4	%	700		728		(3.8	)%	1,214		1,159		4.7	%	933		927		0.6	%	792			793		(0.1	)%
Large Markets	$	142,721	$	141,185	1.1	%	$	55,597	$	54,187	2.6	%	$	87,124	$	86,998	0.1	%	$	1,134	$	1,123	1.0	%	$	992		$	985	0.7	%
Jacksonville, FL	$	9,354	$	9,235	1.3	%	$	3,411	$	3,403	0.2	%	$	5,943	$	5,832	1.9	%	$	1,009	$	999	1.0	%	$	919		$	915	0.4	%
Charleston, SC	8,695		8,641		0.6	%	3,072		3,099		(0.9	)%	5,623		5,542		1.5	%	1,148		1,140		0.7	%	999			993		0.6	%
Savannah, GA	6,921		6,874		0.7	%	2,455		2,514		(2.3	)%	4,466		4,360		2.4	%	1,091		1,083		0.7	%	958			952		0.6	%
Richmond, VA	5,116		5,103		0.3	%	1,800		1,749		2.9	%	3,316		3,354		(1.1	)%	1,073		1,064		0.8	%	933			933		0.0	%
Memphis, TN	4,843		4,859		(0.3	)%	2,184		2,190		(0.3	)%	2,659		2,669		(0.4	)%	950		954		(0.4	)%	844			850		(0.7	)%
Birmingham, AL	4,494		4,451		1.0	%	1,771		1,741		1.7	%	2,723		2,710		0.5	%	1,079		1,082		(0.3	)%	932			940		(0.9	)%
Greenville, SC	4,286		4,248		0.9	%	1,650		1,652		(0.1	)%	2,636		2,596		1.5	%	859		848		1.3	%	742			734		1.1	%
San Antonio, TX	3,842		3,771		1.9	%	1,684		1,576		6.9	%	2,158		2,195		(1.7	)%	1,130		1,129		0.1	%	1,010			1,014		(0.4	)%
Huntsville, AL	3,458		3,429		0.8	%	1,354		1,295		4.6	%	2,104		2,134		(1.4	)%	884		874		1.1	%	741			740		0.1	%
Norfolk/Hampton/VA Beach, VA	3,331		3,262		2.1	%	1,290		1,339		(3.7	)%	2,041		1,923		6.1	%	1,129		1,116		1.2	%	965			966		(0.1	)%
Little Rock, AR	3,788		3,750		1.0	%	1,376		1,366		0.7	%	2,412		2,384		1.2	%	978		969		0.9	%	876			877		(0.1	)%
Jackson, MS	3,450		3,421		0.8	%	1,281		1,229		4.2	%	2,169		2,192		(1.0	)%	966		954		1.3	%	840			838		0.2	%
Lexington, KY	2,419		2,396		1.0	%	885		886		(0.1	)%	1,534		1,510		1.6	%	909		902		0.8	%	815			813		0.2	%
Chattanooga, TN	2,426		2,377		2.1	%	1,041		1,032		0.9	%	1,385		1,345		3.0	%	881		877		0.5	%	744			744		0.0	%
Other	12,829		12,613		1.7	%	4,813		4,743		1.5	%	8,016		7,870		1.9	%	951		939		1.3	%	834			834		0.0	%
Secondary Markets	$	79,252	$	78,430	1.0	%	$	30,067	$	29,814	0.8	%	$	49,185	$	48,616	1.2	%	$	1,006	$	998	0.8	%	$	882	882	$	881	0.1	%
Total Same Store	$	221,973	$	219,615	1.1	%	$	85,664	$	84,001	2.0	%	$	136,309	$	135,614	0.5	%	$	1,085	$	1,075	0.9	%	$	949		$	945	0.4	%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE
Dollars in thousands
		Units as of March 31, 2015				Initial			Development Costs
					Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total	Delivered	Leased	Date	Date	Date	Date	Cost		Q1 2015		After
220 Riverside	Jacksonville, FL	294	—	141	4Q12	2Q15	3Q15	2Q16	$	42,700	$	34,941	$	7,759
CG at Bellevue II	Nashville, TN	220	163	84	3Q13	4Q14	2Q15	1Q16	31,100		30,016		1,084
Station Square at Cosner's Corner II	Fredericksburg, VA	120	—	—	1Q15	4Q15	4Q15	3Q16	20,100		4,578		15,522
Total Active		634	163	225					$	93,900	$	69,535	$	24,365

2015 ACQUISITION ACTIVITY

Multifamily Acquisitions	Location	Apartment Units	Year Built	Closing Date
Residences at Burlington Creek	Kansas City, Missouri	298	2013/2014	January 15, 2015
Total Multifamily Acquisitions		298

Land Acquisitions	Location	Acres	Year Built	Closing Date
River's Walk (2 outparcels)	Charleston, South Carolina	1.9		Q1 2015 - various
Total Land Acquisitions		1.9

Supplemental Data S-8

2015 DISPOSITION ACTIVITY

Multifamily Dispositions	Location	Apartment Units	Year Built	Closing Date
Vistas	Macon, Georgia	144	1985	February 26, 2015
Austin Chase	Macon, Georgia	256	1996	February 26, 2015
Fairways at Hartland	Bowling Green, Kentucky	240	1996	February 26, 2015
Fountain Lake	Brunswick, Georgia	113	1983	March 25, 2015
Westbury Creek	Augusta, Georgia	120	1984	April 1, 2015
Bradford Pointe	Augusta, Georgia	192	1986	April 1, 2015
Woodwinds	Aiken, South Carolina	144	1988	April 1, 2015
Colony at South Park	Aiken, South Carolina	184	1989	April 1, 2015
Huntington Chase	Warner Robbins, Georgia	200	1997	April 29, 2015
Southland Station	Warner Robbins, Georgia	304	1988	April 29, 2015
Sutton Place	Memphis, TN MSA	253	1991	April 29, 2015
Oaks	Jackson, Tennessee	100	1978	April 29, 2015
Bradford Chase	Jackson, Tennessee	148	1987	April 29, 2015
Woods of Post House	Jackson, Tennessee	122	1997	April 29, 2015
Post House North	Jackson, Tennessee	145	1987	April 29, 2015
Post House Jackson	Jackson, Tennessee	150	1987	April 29, 2015
Anatole	Daytona Beach, Florida	208	1986	April 29, 2015
Paddock Park	Ocala, Florida	480	1986	April 29, 2015
Total Multifamily Dispositions		3,503

Supplemental Data S-9

DEBT AND DEBT COVENANTS AS OF MARCH 31, 2015
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	$	1,171,580	4.0	4.0	%
Conventional - Variable Rate - Capped (1) (2)	176,704		1.4	0.9	%
Total Secured Fixed or Hedged Rate Debt	1,348,284		3.6	3.6	%
Conventional - Variable Rate	80,785		0.1	0.8	%
Total Secured Debt	1,429,069		3.4	3.5	%
Unsecured Debt
Fixed Rate or Swapped	1,871,424		5.0	4.0	%
Variable Rate	179,000		0.1	1.3	%
Total Unsecured Debt	2,050,424		4.5	3.8	%
Total Debt	$	3,479,493	4.1	3.7	%
Total Fixed or Hedged Debt	$	3,219,708	4.4	3.9	%

⁽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.

⁽²⁾  Includes an $11.7 million mortgage with an embedded cap 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	$	3,043,005	87.4	%	4.0		%	4.6
Capped debt	176,703		5.1	%	0.9		%	1.4
Floating (unhedged) debt	259,785		7.5	%	1.1		%	0.1
Total	$	3,479,493	100.0	%	3.7		%	4.1
					Effective			Average Years
			Percent of		Interest			to Contract
	Balance		Total		Rate			Maturity
Secured Versus Unsecured Debt
Unsecured Debt	$	2,050,424	58.9	%	3.8		%	4.8
Secured Debt	1,429,069		41.1	%	3.5		%	3.6
Total	$	3,479,493	100.0	%	3.7		%	4.3
	Total		Percent of		Q1 2015			Percent of
	Cost		Total		NOI			Total
Unencumbered Versus Encumbered Assets
Unencumbered gross assets	$	5,651,836	70.5	%	$	108,623		68.8	%
Encumbered gross assets	2,361,494		29.5	%	49,280			31.2	%
Total	$	8,013,330	100.0	%	$	157,903		100.0	%

Supplemental Data S-10

DEBT AND DEBT COVENANTS AS OF MARCH 31, 2015 (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
2015	$	218,659	$	25,000	$	243,659	5.4	%	$	51,703	$	295,362
2016	110,454		—		110,454		5.9	%	75,000		185,454
2017	130,538		300,000		430,538		2.2	%	25,000		455,538
2018	143,722		250,000		393,722		2.9	%	25,000		418,722
2019	556,184		—		556,184		5.7	%	—		556,184
Thereafter	1,308,448		—		1,308,448		4.4	%	—		1,308,448
Total	$	2,468,005	$	575,000	$	3,043,005	4.3	%	$	176,703	$	3,219,708	4.4

DEBT MATURITIES OF OUTSTANDING BALANCES
	Credit Facilities
	Fannie Mae Secured		Key Bank Unsecured		Other Secured		Other Unsecured		Total
2015	$	80,785	$	—	$	45,430	$	189,618	$	315,833
2016	80,000		—		35,208		78,202		$	193,410
2017	80,000		179,000		62,538		168,101		$	489,639
2018	80,000		—		93,722		300,485		$	474,207
2019	—		—		556,184		20,000		$	576,184
Thereafter	—		—		315,202		1,115,018		$	1,430,220
Total	$	320,785	$	179,000	$	1,108,284	$	1,871,424	$	3,479,493

DEBT COVENANT ANALYSIS
Public Bond Covenants	Required	Actual	Compliance
Limit on Incurrence of Total Debt	60% or less	43.1%	Yes
Limit on Incurrence of Secured Debt	40% or less	17.7%	Yes
Ratio of Consolidated Income Available for Debt Service/Annual Debt Service Charge	1.5:1 or greater for trailing 4 quarters	4.65x	Yes
Maintenance of Unencumbered Total Asset Value	Greater than 150%	275.1%	Yes

Supplemental Data S-11

EBITDA AND BALANCE SHEET RATIOS
Dollars in thousands
	Three Months			Twelve Months
	Ended			Ended
	March 31,			March 31,
	2015			2015
Consolidated net income	$	64,677		$	205,240
Depreciation and amortization	73,112			284,910
Interest expense	29,931			118,719
Loss on debt extinguishment	3,376			6,502
Amortization of deferred financing costs	917			4,095
Net casualty loss and other settlement proceeds	19			485
Income tax expense	510			2,290
Gain on sale of non-depreciable assets	—			207
Net casualty gain after insurance and other settlement proceeds on discontinued operations	—			(2		)
Gain on sale of depreciable real estate assets excluded from discontinued operations	(30,228		)	(70,313		)
Gain on disposition within unconsolidated entities	(12		)	(4,019		)
Loss (gain) on sale of discontinued operations	—			87
EBITDA	142,302			548,201
Acquisition expense	339			2,716
Merger related expenses	—			1,076
Integration related expenses	—			4,553
Recurring EBITDA	$	142,641		$	556,546
	Three Months Ended
	March 31,
	2015			2014
Recurring EBITDA/Debt Service	3.79x			3.44x
Fixed Charge Coverage (1)	4.04x			3.58x
Total Debt/Total Capitalization (2)	36.1%			39.0%
Total Debt/Total Gross Assets	42.3%			43.3%
Total Net Debt (3)/Total Gross Assets	42.1%			41.8%
Total Net Debt (3)/Recurring EBITDA (4)	6.22x			6.17x
Unencumbered Assets/Gross Real Estate Assets	70.5%			63.9%

⁽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 March 31, 2015.

Supplemental Data S-12

2015 GUIDANCE
	Full Year 2015
Earnings
Core FFO per Share - diluted	$5.09 to $5.33
Midpoint	$5.21
Core AFFO per Share - diluted	$4.43 to $4.67
Midpoint	$4.55
Same Store Communities:
Number of units	71,376
Property revenue growth	3.0% to 4.0%
Property operating expense growth	3.0% to 4.0%
Property NOI growth	3.0% to 4.0%
Real estate tax expense growth	4.5% to 5.5%
Corporate Expenses:
General and administrative and property management expenses	$56.5 to $58.5 million
Income tax expense	$1.5 to $2.5 million
Transaction/Investment Volume:
Acquisition volume (multifamily)	$400 to $500 million
Disposition volume (multifamily)	$300 to $350 million
Commercial / land disposition volume	$50 to $75 million
Development investment	$50 to $60 million
Debt:
Average Interest Rate (excluding mark-to-market debt adjustment)	4.0% to 4.3%
Average Effective Interest Rate	3.4% to 3.7%
Capitalized Interest	$1.0 to $2.0 million
Leverage (Total Net Debt/Total Gross Assets)	40% to 42%
Unencumbered Asset Pool (Percent of Total Gross Assets)	68% to 73%
Non Core Items:
Acquisition expense	$2.0 to $3.5 million
Loss on debt extinguishment/modification	$3.5 to $4.5 million
Projected amortization of debt mark-to-market	$21 to $22 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-13

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:	Q2 2015		Q3 2015		Q4 2015		Q1 2016
Earnings release & conference call	Late July		Late October		Early February		Late April
Dividend Information - Common Shares:	Q1 2014		Q2 2014		Q3 2014		Q4 2014		Q1 2015
Declaration Date	3/20/2014		5/22/2014		9/11/2014		12/3/2014		3/12/2015
Record Date	4/15/2014		7/15/2014		10/15/2014		1/15/2015		4/15/2015
Payment Date	4/30/2014		7/31/2014		10/31/2014		1/30/2015		4/30/2015
Distributions Per Share	$	0.73	$	0.73	$	0.73	$	0.77	$	0.77

INVESTOR RELATIONS DATA
MAA does not send quarterly reports to shareholders, but provides quarterly reports, 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-14