MID AMERICA APARTMENT COMMUNITIES INC. - FORM 8-K - EX-99.2 - EXHIBIT 99.2

Attached files

file	filename
8-K - 8-K - MID AMERICA APARTMENT COMMUNITIES INC.	maa63015-er.htm
EX-99.1 - EXHIBIT 99.1 - MID AMERICA APARTMENT COMMUNITIES INC.	a2q15exh991.htm



PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT JUNE 30, 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	220	3,776	—	3,776
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	—	325	2,301	—	2,301
South Florida	480	—	—	480	—	480
Las Vegas, NV	721	—	—	721	—	721
Large Markets	43,818	4,069	545	48,432	—	48,432

Jacksonville, FL	3,202	—	—	3,202	115	3,317
Charleston, SC	2,648	—	—	2,648	—	2,648
Savannah, GA	2,219	—	—	2,219	—	2,219
Richmond, VA	1,668	—	254	1,922	—	1,922
Memphis, TN	1,811	204	—	2,015	—	2,015
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	3,086	—	7,821	—	7,821
Secondary Markets	27,558	3,618	254	31,430	115	31,545
Total Multifamily Units	71,376	7,687	799	79,862	115	79,977

Supplemental Data S-1



PORTFOLIO STATISTICS (CONTINUED)

TOTAL MULTIFAMILY COMMUNITY STATISTICS

Dollars in thousands, except Average Effective Rent



		As of June 30, 2015						Average Effective Rent for the Three Months Ended June 30, 2015		As of June 30, 2015
		Gross Real Assets		Percent to Total of Gross Real Assets		Physical Occupancy				Completed Units	Total Units, Including Development
		Gross Real Assets		Percent to Total of Gross Real Assets		Physical Occupancy				Completed Units	Total Units, Including Development

Atlanta, GA		$	659,843	8.3	%	96.4	%	$	1,057	6,074
Charlotte, NC		$	605,055	7.6	%	96.8	%	$	959	5,001
Austin, TX		$	572,120	7.2	%	95.9	%	$	1,031	5,838
Raleigh/Durham, NC		$	545,608	6.9	%	96.6	%	$	935	4,663
Dallas, TX		$	540,285	6.8	%	96.8	%	$	1,064	5,297
Orlando, FL		$	477,805	6.0	%	96.9	%	$	1,108	3,652
Fort Worth, TX		$	380,468	4.8	%	96.6	%	$	952	4,519
Nashville, TN		$	337,019	4.2	%	96.8	%	$	1,075	3,556
Tampa, FL		$	303,110	3.8	%	96.2	%	$	1,061	2,878
Houston, TX		$	280,063	3.5	%	96.3	%	$	1,052	3,232
Phoenix, AZ		$	235,291	3.0	%	96.6	%	$	919	1,976
Las Vegas, NV		$	65,797	0.8	%	94.9	%	$	808	721
South Florida		$	58,107	0.7	%	96.0	%	$	1,491	480
Large Markets		$	5,060,571	63.6	%	96.5	%	$	1,023	47,887

Charleston, SC		$	260,348	3.3	%	97.2	%	$	1,017	2,648
Jacksonville, FL		$	246,651	3.1	%	97.5	%	$	932	3,202
Savannah, GA		$	223,821	2.8	%	97.3	%	$	970	2,219
Richmond, VA		$	187,635	2.4	%	97.2	%	$	944	1,668
Fredericksburg, VA		$	156,699	2.0	%	96.7	%	$	1,188	1,001
San Antonio, TX		$	156,095	2.0	%	97.6	%	$	1,046	1,504
Birmingham, AL		$	144,424	1.8	%	96.9	%	$	936	1,462
Memphis, TN		$	135,867	1.7	%	96.6	%	$	847	2,015
Huntsville, AL		$	113,020	1.4	%	94.6	%	$	751	1,380
Little Rock, AR		$	112,872	1.4	%	96.3	%	$	876	1,368
Kansas City, MO		$	98,855	1.3	%	96.3	%	$	1,240	621
Norfolk, Hampton, VA Beach, VA		$	98,235	1.2	%	97.2	%	$	969	1,033
Greenville, SC		$	95,489	1.2	%	97.5	%	$	755	1,748
All Other Secondary Markets by State (individual markets <1% gross real assets)
Florida		$	139,696	1.8	%	97.8	%	$	949	1,790
North Carolina		$	101,775	1.3	%	96.5	%	$	704	1,562
Kentucky		$	89,824	1.1	%	97.4	%	$	815	1,308
Mississippi		$	71,065	0.9	%	97.1	%	$	843	1,241
Georgia		$	66,504	0.8	%	93.5	%	$	782	1,008
Alabama		$	59,410	0.8	%	99.0	%	$	901	628
Virginia		$	47,954	0.6	%	96.8	%	$	1,334	251
Tennessee		$	46,742	0.6	%	97.7	%	$	756	943
South Carolina		$	35,543	0.4	%	96.7	%	$	762	576
Secondary Markets		$	2,688,524	33.9	%	97.0	%	$	908	31,176

Subtotal		$	7,749,095	97.5	%	96.7	%	$	978	79,063

Phoenix, AZ	Large	$	55,758	0.7	%	83.4	%	$	1,346	325	325
Nashville, TN	Large	$	38,346	0.5	%	62.3	%	$	1,210	220	220
Orlando, FL	Large	$	4,388	0.1	%	0.0	%	$	—	—	314
Richmond, VA	Secondary	$	43,263	0.5	%	80.3	%	$	1,264	254	254
Jacksonville, FL	Secondary	$	38,373	0.5	%	62.6	%	$	1,358	115	294
Fredericksburg, VA	Secondary	$	7,826	0.1	%	0.0	%	$	—	—	120
Charleston, SC	Secondary	$	4,531	0.1	%	0.0	%	$	—	—	78
Lease-up and Development		$	192,485	2.5	%	74.8	%	$	1,292	914	1,605

Total Wholly Owned Multifamily Communities		$	7,941,580	100.0	%	96.4	%	$	981	79,977	80,668

Supplemental Data S-2



COMPONENTS OF PROPERTY NET OPERATING INCOME

Dollars in thousands



	Apartment	Gross Real		Three Months Ended
	Units	Estate Assets		June 30, 2015		June 30, 2014			Percent Change
Property Revenue
Same Store Communities	71,376	$	6,762,848	$	226,983	$	213,364		6.4	%
Non-Same Store Communities	7,687	986,246		28,839		30,565
Lease up/Development Communities	914	192,486		887		4
Total Multifamily Portfolio	79,977	$	7,941,580	$	256,709	$	243,933
Commercial Property/Land	—	$	50,640	$	2,182	$	1,311
Total Property Revenue	79,977	$	7,992,220	$	258,891	$	245,244

Property Expenses
Same Store Communities	71,376	$	6,762,848	$	88,652	$	84,686		4.7	%
Non-Same Store Communities	7,687	986,246		11,182		12,549
Lease up/Development Communities	914	192,486		456		54
Total Multifamily Portfolio	79,977	$	7,941,580	$	100,290	$	97,289
Commercial Property/Land	—	$	50,640	$	566	$	609
Total Property Expenses	79,977	$	7,992,220	$	100,856	$	97,898

Property Net Operating Income
Same Store Communities	71,376	$	6,762,848	$	138,331	$	128,678		7.5	%
Non-Same Store Communities	7,687	986,246		17,657		18,016
Lease up/Development Communities	914	192,486		431		(50		)
Total Multifamily Portfolio	79,977	$	7,941,580	$	156,419	$	146,644
Commercial Property/Land	—	$	50,640	$	1,616	$	702
Total Property Net Operating Income	79,977	$	7,992,220	$	158,035	$	147,346		7.3	%



COMPONENTS OF SAME STORE PROPERTY EXPENSES

Dollars in thousands



	Three Months Ended						Six Months Ended
	June 30, 2015		June 30, 2014		Percent Increase/(Decrease)		June 30, 2015		June 30, 2014		Percent Increase/(Decrease)
Personnel	$	22,734	$	21,543	5.5	%	$	44,681	$	42,448	5.3	%
Building Repair and Maintenance	11,734		11,363		3.3	%	21,914		21,549		1.7	%
Utilities	19,338		19,004		1.8	%	38,566		37,668		2.4	%
Marketing	2,957		2,893		2.2	%	5,770		5,342		8.0	%
Office Operations	3,255		2,987		9.0	%	6,547		6,015		8.8	%
Property Taxes	25,712		24,027		7.0	%	51,030		48,361		5.5	%
Insurance	2,922		2,869		1.8	%	5,808		5,917		(1.8	)%
Total Property Expenses	$	88,652	$	84,686	4.7	%	$	174,316	$	167,300	4.2	%

Supplemental Data S-3



NOI CONTRIBUTION PERCENTAGE BY REGION



			Average Physical Occupancy
	Percent of Same Store		Three months ended June 30, 2015		Three months ended June 30, 2014
Atlanta, GA	8.4	%	96.1	%	94.2	%
Austin, TX	7.8	%	95.6	%	95.0	%
Charlotte, NC	6.9	%	96.8	%	96.1	%
Raleigh/Durham, NC	6.9	%	96.1	%	94.0	%
Fort Worth, TX	5.9	%	95.7	%	95.4	%
Dallas, TX	5.8	%	96.0	%	95.3	%
Nashville, TN	5.4	%	96.0	%	96.1	%
Tampa, FL	4.5	%	96.4	%	95.4	%
Orlando, FL	4.3	%	96.8	%	94.9	%
Houston, TX	3.4	%	96.1	%	96.3	%
Phoenix, AZ	2.8	%	95.7	%	93.7	%
South Florida	1.0	%	96.5	%	95.2	%
Las Vegas, NV	0.9	%	95.3	%	92.0	%
Large Markets	64.0	%	96.1	%	95.0	%

Jacksonville, FL	4.3	%	96.5	%	94.9	%
Charleston, SC	4.3	%	96.6	%	96.6	%
Savannah, GA	3.2	%	96.2	%	96.4	%
Richmond, VA	2.5	%	96.3	%	96.1	%
Memphis, TN	2.0	%	96.2	%	94.1	%
Birmingham, AL	1.9	%	96.3	%	94.9	%
Greenville, SC	1.9	%	96.0	%	96.5	%
Little Rock, AR	1.7	%	94.7	%	94.5	%
Jackson, MS	1.6	%	96.6	%	95.1	%
San Antonio, TX	1.6	%	95.8	%	95.7	%
Huntsville, AL	1.5	%	94.8	%	95.3	%
Norfolk, Hampton, VA Beach, VA	1.5	%	96.3	%	93.9	%
Lexington, KY	1.1	%	97.1	%	95.6	%
Chattanooga, TN	1.0	%	97.0	%	96.0	%
Other	5.9	%	96.5	%	95.3	%
Secondary Markets	36.0	%	96.2	%	95.5	%

Total Same Store	100.0	%	96.2	%	95.2	%

Supplemental Data S-4



NOI BRIDGE
Dollars in thousands

	Three Months Ended									Six Months Ended
	June 30, 2015			March 31, 2015			June 30, 2014			June 30, 2015			June 30, 2014

NOI
MAA same store	$	138,331		$	136,309		$	128,678		$	274,640		$	257,538
Non-same store	19,704			21,594			18,668			41,298			37,434
Total NOI	158,035			157,903			147,346			315,938			294,972
Held for sale NOI included above	—			(486		)	—			—			(1,102		)
Management fee income	—			—			61			—			143
Depreciation and amortization	(74,396		)	(73,112		)	(69,631		)	(147,508		)	(159,644		)
Acquisition expense	(1,159		)	(339		)	(947		)	(1,499		)	(958		)
Property management expenses	(6,986		)	(8,493		)	(9,579		)	(15,478		)	(16,590		)
General and administrative expenses	(6,657		)	(6,566		)	(5,212		)	(13,224		)	(9,554		)
Merger related expenses	—			—			(795		)	—			(2,871		)
Integration related expenses	—			—			(3,151		)	—			(6,993		)
Interest and other non-property income (expense)	29			(157		)	899			(180		)	1,040
Interest Expense	(29,528		)	(29,931		)	(30,163		)	(59,459		)	(60,839		)
Loss on debt extinguishment	(3		)	(3,376		)	—			(3,379		)	—
Amortization of deferred financing costs	(905		)	(917		)	(1,174		)	(1,822		)	(2,485		)
Gain on sale of depreciable real estate assets excluded from discontinued operations	105,182			30,228			3,658			135,410			6,222
Net casualty gain (loss) and other settlement proceeds	510			(19		)	(295		)	490			(305		)
Income tax expense	(398		)	(510		)	(523		)	(907		)	(793		)
Gain (loss) on sale of non-depreciable real estate assets	172			—			(22		)	172			535
(Loss) gain from real estate joint ventures	(23		)	19			2,919			(4		)	2,895
Discontinued operations	—			433			(5		)	—			5,427
Net income attributable to noncontrolling interests	(7,574		)	(3,410		)	(1,773		)	(10,984		)	(2,621		)
Net income attributable to MAA	$	136,299		$	61,267		$	31,613		$	197,566		$	46,479

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
	Q2 2015		Q2 2014		% Chg		Q2 2015		Q2 2014		% Chg		Q2 2015		Q2 2014		% Chg		Q2 2015		Q2 2014		% Chg		Q2 2015		Q2 2014		% Chg
Atlanta, GA	$	19,278	$	17,529	10.0	%	$	7,575	$	7,387	2.5	%	$	11,703	$	10,142	15.4	%	$	1,195	$	1,109	7.8	%	$	1,028	$	961	7.0	%
Austin, TX	19,705		18,420		7.0	%	8,948		8,401		6.5	%	10,757		10,019		7.4	%	1,176		1,107		6.2	%	1,031		972		6.1	%
Charlotte, NC	14,566		13,644		6.8	%	4,993		4,827		3.4	%	9,573		8,817		8.6	%	1,079		1,018		6.0	%	942		898		4.9	%
Raleigh/Durham, NC	14,501		13,571		6.9	%	4,982		4,766		4.5	%	9,519		8,805		8.1	%	1,078		1,032		4.5	%	935		914		2.3	%
Fort Worth, TX	14,311		13,420		6.6	%	6,092		5,714		6.6	%	8,219		7,706		6.7	%	1,103		1,038		6.3	%	952		896		6.3	%
Dallas, TX	13,689		12,953		5.7	%	5,718		5,433		5.2	%	7,971		7,520		6.0	%	1,194		1,139		4.8	%	1,061		1,012		4.8	%
Nashville, TN	11,168		10,760		3.8	%	3,756		3,578		5.0	%	7,412		7,182		3.2	%	1,209		1,163		4.0	%	1,074		1,026		4.7	%
Tampa, FL	10,079		9,478		6.3	%	3,883		3,721		4.4	%	6,196		5,757		7.6	%	1,212		1,151		5.3	%	1,061		1,006		5.5	%
Orlando, FL	9,721		8,952		8.6	%	3,710		3,508		5.8	%	6,011		5,444		10.4	%	1,231		1,157		6.4	%	1,090		1,026		6.2	%
Houston, TX	8,565		8,080		6.0	%	3,853		3,428		12.4	%	4,712		4,652		1.3	%	1,144		1,077		6.2	%	1,015		952		6.6	%
Phoenix, AZ	6,003		5,599		7.2	%	2,176		2,103		3.5	%	3,827		3,496		9.5	%	1,058		1,008		5.0	%	919		869		5.8	%
South Florida	2,262		2,108		7.3	%	847		823		2.9	%	1,415		1,285		10.1	%	1,627		1,538		5.8	%	1,491		1,430		4.3	%
Las Vegas, NV	1,973		1,807		9.2	%	708		681		4.0	%	1,265		1,126		12.3	%	957		908		5.4	%	808		780		3.6	%
Large Markets	$	145,821	$	136,321	7.0	%	$	57,241	$	54,370	5.3	%	$	88,580	$	81,951	8.1	%	$	1,154	$	1,091	5.8	%	$	1,010	$	958	5.4	%

Jacksonville, FL	$	9,463	$	9,014	5.0	%	$	3,519	$	3,544	(0.7	)%	$	5,944	$	5,470	8.7	%	$	1,021	$	989	3.2	%	$	932	$	900	3.6	%
Charleston, SC	9,025		8,357		8.0	%	3,125		3,009		3.9	%	5,900		5,348		10.3	%	1,176		1,090		7.9	%	1,017		951		6.9	%
Savannah, GA	7,157		6,700		6.8	%	2,704		2,586		4.6	%	4,453		4,114		8.2	%	1,118		1,044		7.1	%	970		926		4.8	%
Richmond, VA	5,220		4,978		4.9	%	1,790		1,705		5.0	%	3,430		3,273		4.8	%	1,083		1,035		4.6	%	944		914		3.3	%
Memphis, TN	5,008		4,841		3.4	%	2,278		2,199		3.6	%	2,730		2,642		3.3	%	958		947		1.2	%	852		839		1.5	%
Birmingham, AL	4,608		4,423		4.2	%	1,981		1,746		13.5	%	2,627		2,677		(1.9	)%	1,091		1,063		2.6	%	936		941		(0.5	)%
Greenville, SC	4,405		4,127		6.7	%	1,808		1,738		4.0	%	2,597		2,389		8.7	%	875		815		7.4	%	755		710		6.3	%
San Antonio, TX	3,873		3,737		3.6	%	1,657		1,538		7.7	%	2,216		2,199		0.8	%	1,146		1,107		3.5	%	1,024		991		3.3	%
Huntsville, AL	3,501		3,449		1.5	%	1,390		1,364		1.9	%	2,111		2,085		1.2	%	892		874		2.1	%	751		741		1.3	%
Norfolk, Hampton, VA Beach, VA	3,401		3,224		5.5	%	1,357		1,427		(4.9	)%	2,044		1,797		13.7	%	1,140		1,108		2.9	%	969		963		0.6	%
Little Rock, AR	3,776		3,746		0.8	%	1,418		1,372		3.4	%	2,358		2,374		(0.7	)%	972		966		0.6	%	876		875		0.1	%
Jackson, MS	3,553		3,361		5.7	%	1,332		1,299		2.5	%	2,221		2,062		7.7	%	988		949		4.1	%	843		821		2.7	%
Lexington, KY	2,488		2,320		7.2	%	939		876		7.2	%	1,549		1,444		7.3	%	925		875		5.7	%	830		804		3.2	%
Chattanooga, TN	2,456		2,366		3.8	%	1,051		1,063		(1.1	)%	1,405		1,303		7.8	%	895		871		2.8	%	756		739		2.3	%
Other	13,228		12,400		6.7	%	5,062		4,850		4.4	%	8,166		7,550		8.2	%	965		916		5.3	%	847		819		3.4	%
Secondary Markets	$	81,162	$	77,043	5.3	%	$	31,411	$	30,316	3.6	%	$	49,751	$	46,727	6.5	%	$	1,020	$	976	4.5	%	$	893	$	865	3.2	%

Total Same Store	$	226,983	$	213,364	6.4	%	$	88,652	$	84,686	4.7	%	$	138,331	$	128,678	7.5	%	$	1,102	$	1,047	5.3	%	$	965	$	922	4.7	%

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
	Q2 2015		Q1 2015		% Chg		Q2 2015		Q1 2015		% Chg		Q2 2015		Q1 2015		% Chg		Q2 2015		Q1 2015		% Chg		Q2 2015		Q1 2015		% Chg
Atlanta, GA	$	19,278	$	18,940	1.8	%	$	7,575	$	7,560	0.2	%	$	11,703	$	11,380	2.8	%	$	1,195	$	1,178	1.4	%	$	1,028	$	1,004	2.4	%
Austin, TX	19,705		19,287		2.2	%	8,948		8,551		4.6	%	10,757		10,736		0.2	%	1,176		1,153		2.0	%	1,031		1,012		1.9	%
Charlotte, NC	14,566		14,204		2.5	%	4,993		4,697		6.3	%	9,573		9,507		0.7	%	1,079		1,059		1.9	%	942		926		1.7	%
Raleigh/Durham, NC	14,501		14,093		2.9	%	4,982		4,645		7.3	%	9,519		9,448		0.8	%	1,078		1,056		2.1	%	935		923		1.3	%
Fort Worth, TX	14,311		13,992		2.3	%	6,092		6,005		1.4	%	8,219		7,987		2.9	%	1,103		1,082		1.9	%	952		935		1.8	%
Dallas, TX	13,689		13,529		1.2	%	5,718		5,776		(1.0	)%	7,971		7,753		2.8	%	1,194		1,184		0.8	%	1,061		1,045		1.5	%
Nashville, TN	11,168		10,725		4.1	%	3,756		3,550		5.8	%	7,412		7,175		3.3	%	1,209		1,181		2.4	%	1,074		1,056		1.7	%
Tampa, FL	10,079		9,968		1.1	%	3,883		3,889		(0.2	)%	6,196		6,079		1.9	%	1,212		1,197		1.3	%	1,061		1,042		1.8	%
Orlando, FL	9,721		9,443		2.9	%	3,710		3,538		4.9	%	6,011		5,905		1.8	%	1,231		1,198		2.8	%	1,090		1,065		2.3	%
Houston, TX	8,565		8,477		1.0	%	3,853		3,749		2.8	%	4,712		4,728		(0.3	)%	1,144		1,133		1.0	%	1,015		1,000		1.5	%
Phoenix, AZ	6,003		5,922		1.4	%	2,176		2,134		2.0	%	3,827		3,788		1.0	%	1,058		1,039		1.8	%	919		905		1.5	%
South Florida	2,262		2,227		1.6	%	847		803		5.5	%	1,415		1,424		(0.6	)%	1,627		1,587		2.5	%	1,491		1,459		2.2	%
Las Vegas, NV	1,973		1,914		3.1	%	708		700		1.1	%	1,265		1,214		4.2	%	957		933		2.6	%	808		792		2.0	%
Large Markets	$	145,821	$	142,721	2.2	%	$	57,241	$	55,597	3.0	%	$	88,580	$	87,124	1.7	%	$	1,154	$	1,134	1.8	%	$	1,010	$	992	1.8	%

Jacksonville, FL	$	9,463	$	9,354	1.2	%	$	3,519	$	3,411	3.2	%	$	5,944	$	5,943	—	%	$	1,021	$	1,009	1.2	%	$	932	$	919	1.4	%
Charleston, SC	9,025		8,695		3.8	%	3,125		3,072		1.7	%	5,900		5,623		4.9	%	1,176		1,148		2.4	%	1,017		999		1.8	%
Savannah, GA	7,157		6,921		3.4	%	2,704		2,455		10.1	%	4,453		4,466		(0.3	)%	1,118		1,091		2.5	%	970		958		1.3	%
Richmond, VA	5,220		5,116		2.0	%	1,790		1,800		(0.6	)%	3,430		3,316		3.4	%	1,083		1,073		0.9	%	944		933		1.2	%
Memphis, TN	5,008		4,843		3.4	%	2,278		2,184		4.3	%	2,730		2,659		2.7	%	958		950		0.8	%	852		844		0.9	%
Birmingham, AL	4,608		4,494		2.5	%	1,981		1,771		11.9	%	2,627		2,723		(3.5	)%	1,091		1,079		1.1	%	936		932		0.4	%
Greenville, SC	4,405		4,286		2.8	%	1,808		1,650		9.6	%	2,597		2,636		(1.5	)%	875		859		1.9	%	755		742		1.8	%
San Antonio, TX	3,873		3,842		0.8	%	1,657		1,684		(1.6	)%	2,216		2,158		2.7	%	1,146		1,130		1.4	%	1,024		1,010		1.4	%
Huntsville, AL	3,501		3,458		1.2	%	1,390		1,354		2.7	%	2,111		2,104		0.3	%	892		884		0.9	%	751		741		1.3	%
Norfolk, Hampton, VA Beach, VA	3,401		3,331		2.1	%	1,357		1,290		5.2	%	2,044		2,041		0.1	%	1,140		1,129		1.0	%	969		965		0.4	%
Little Rock, AR	3,776		3,788		(0.3	)%	1,418		1,376		3.1	%	2,358		2,412		(2.2	)%	972		978		(0.6	)%	876		876		0.0	%
Jackson, MS	3,553		3,450		3.0	%	1,332		1,281		4.0	%	2,221		2,169		2.4	%	988		966		2.3	%	843		840		0.4	%
Lexington, KY	2,488		2,419		2.9	%	939		885		6.1	%	1,549		1,534		1.0	%	925		909		1.8	%	830		815		1.8	%
Chattanooga, TN	2,456		2,426		1.2	%	1,051		1,041		1.0	%	1,405		1,385		1.4	%	895		881		1.6	%	756		744		1.6	%
Other	13,228		12,829		3.1	%	5,062		4,813		5.2	%	8,166		8,016		1.9	%	965		951		1.5	%	847		834		1.6	%
Secondary Markets	$	81,162	$	79,252	2.4	%	$	31,411	$	30,067	4.5	%	$	49,751	$	49,185	1.2	%	$	1,020	$	1,006	1.4	%	$	893	$	882	1.2	%

Total Same Store	$	226,983	$	221,973	2.3	%	$	88,652	$	85,664	3.5	%	$	138,331	$	136,309	1.5	%	$	1,102	$	1,085	1.6	%	$	965	$	949	1.7	%

Supplemental Data S-7



MULTIFAMILY SAME STORE YEAR TO DATE COMPARISONS AS OF JUNE 30, 2015

Dollars in thousands, except per unit data



	Revenues						Expenses						NOI						Revenue per Occupied Unit						Effective Rent per Unit
	YTD 2015		YTD 2014		% Chg		YTD 2015		YTD 2014		% Chg		YTD 2015		YTD 2014		% Chg		YTD 2015		YTD 2014		% Chg		YTD 2015		YTD 2014		% Chg
Atlanta, GA	$	38,218	$	34,958	9.3	%	$	15,135	$	14,694	3.0	%	$	23,083	$	20,264	13.9	%	$	1,187	$	1,104	7.5	%	$	1,016	$	952	6.7	%
Austin, TX	38,992		36,570		6.6	%	17,499		16,594		5.5	%	21,493		19,976		7.6	%	1,164		1,100		5.8	%	1,021		965		5.8	%
Charlotte, NC	28,770		27,135		6.0	%	9,690		9,360		3.5	%	19,080		17,775		7.3	%	1,069		1,013		5.5	%	934		892		4.7	%
Raleigh/Durham, NC	28,594		27,143		5.3	%	9,627		9,128		5.5	%	18,967		18,015		5.3	%	1,067		1,031		3.5	%	929		911		2.0	%
Fort Worth, TX	28,303		26,686		6.1	%	12,097		11,623		4.1	%	16,206		15,063		7.6	%	1,093		1,033		5.8	%	944		890		6.1	%
Dallas, TX	27,218		25,814		5.4	%	11,494		11,165		2.9	%	15,724		14,649		7.3	%	1,189		1,135		4.8	%	1,053		1,006		4.7	%
Nashville, TN	21,893		21,185		3.3	%	7,306		7,178		1.8	%	14,587		14,007		4.1	%	1,195		1,149		4.0	%	1,065		1,019		4.5	%
Tampa, FL	20,047		18,955		5.8	%	7,772		7,445		4.4	%	12,275		11,510		6.6	%	1,204		1,150		4.7	%	1,051		1,004		4.7	%
Orlando, FL	19,164		17,939		6.8	%	7,248		6,904		5.0	%	11,916		11,035		8.0	%	1,215		1,155		5.2	%	1,078		1,023		5.4	%
Houston, TX	17,042		16,030		6.3	%	7,602		6,998		8.6	%	9,440		9,032		4.5	%	1,138		1,071		6.3	%	1,008		945		6.7	%
Phoenix, AZ	11,925		11,157		6.9	%	4,310		4,209		2.4	%	7,615		6,948		9.6	%	1,049		999		5.0	%	912		864		5.6	%
South Florida	4,489		4,217		6.5	%	1,650		1,584		4.2	%	2,839		2,633		7.8	%	1,607		1,540		4.4	%	1,475		1,430		3.1	%
Las Vegas, NV	3,887		3,610		7.7	%	1,408		1,347		4.5	%	2,479		2,263		9.5	%	945		901		4.9	%	800		777		3.0	%
Large Markets	$	288,542	$	271,399	6.3	%	$	112,838	$	108,229	4.3	%	$	175,704	$	163,170	7.7	%	$	1,144	$	1,086	5.3	%	$	1,001	$	952	5.1	%

Jacksonville, FL	$	18,817	$	18,009	4.5	%	$	6,930	$	6,910	0.3	%	$	11,887	$	11,099	7.1	%	$	1,015	$	986	2.9	%	$	926	$	902	2.7	%
Charleston, SC	17,720		16,498		7.4	%	6,197		5,878		5.4	%	11,523		10,620		8.5	%	1,162		1,082		7.4	%	1,008		944		6.8	%
Savannah, GA	14,078		13,240		6.3	%	5,159		4,865		6.0	%	8,919		8,375		6.5	%	1,105		1,036		6.7	%	964		917		5.1	%
Richmond, VA	10,336		9,875		4.7	%	3,590		3,370		6.5	%	6,746		6,505		3.7	%	1,078		1,030		4.7	%	938		909		3.2	%
Memphis, TN	9,851		9,686		1.7	%	4,462		4,361		2.3	%	5,389		5,325		1.2	%	954		944		1.1	%	848		836		1.4	%
Birmingham, AL	9,102		8,838		3.0	%	3,752		3,400		10.4	%	5,350		5,438		(1.6	)%	1,085		1,059		2.5	%	934		935		(0.1	)%
Greenville, SC	8,691		8,150		6.6	%	3,458		3,327		3.9	%	5,233		4,823		8.5	%	867		815		6.4	%	749		706		6.1	%
San Antonio, TX	7,715		7,412		4.1	%	3,341		3,131		6.7	%	4,374		4,281		2.2	%	1,138		1,104		3.1	%	1,017		993		2.4	%
Huntsville, AL	6,959		6,891		1.0	%	2,744		2,681		2.3	%	4,215		4,210		0.1	%	888		875		1.5	%	746		740		0.8	%
Norfolk, Hampton, VA Beach, VA	6,732		6,481		3.9	%	2,647		2,581		2.6	%	4,085		3,900		4.7	%	1,134		1,111		2.1	%	967		964		0.3	%
Little Rock, AR	7,564		7,524		0.5	%	2,794		2,765		1.0	%	4,770		4,759		0.2	%	975		967		0.8	%	876		873		0.3	%
Jackson, MS	7,003		6,651		5.3	%	2,613		2,528		3.4	%	4,390		4,123		6.5	%	977		945		3.4	%	841		819		2.7	%
Lexington, KY	4,907		4,600		6.7	%	1,824		1,720		6.0	%	3,083		2,880		7.0	%	917		871		5.3	%	822		800		2.8	%
Chattanooga, TN	4,882		4,713		3.6	%	2,092		2,066		1.3	%	2,790		2,647		5.4	%	888		871		2.0	%	750		739		1.5	%
Other	26,057		24,871		4.8	%	9,875		9,488		4.1	%	16,182		15,383		5.2	%	958		919		4.2	%	840		816		2.9	%
Secondary Markets	$	160,414	$	153,439	4.5	%	$	61,478	$	59,071	4.1	%	$	98,936	$	94,368	4.8	%	$	1,013	$	974	4.0	%	$	888	$	862	3.0	%

Total Same Store	$	448,956	$	424,838	5.7	%	$	174,316	$	167,300	4.2	%	$	274,640	$	257,538	6.6	%	$	1,094	$	1,043	4.9	%	$	957	$	917	4.4	%

Supplemental Data S-8



MULTIFAMILY DEVELOPMENT PIPELINE
Dollars in thousands
		Units as of June 30, 2015				Initial			Development Costs
					Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total	Delivered	Leased	Date	Date	Date	Date	Cost		Q2 2015		After

220 Riverside	Jacksonville, FL	294	115	186	4Q12	2Q15	3Q15	2Q16	$	42,700	$	38,373	$	4,327
Station Square at Cosner's Corner II	Fredericksburg, VA	120	—	—	1Q15	4Q15	4Q15	4Q16	20,100		7,826		12,274
River's Walk Phase II	Charleston, SC	78	—	—	2Q15	2Q16	3Q16	4Q16	14,700		4,531		10,169
CG at Randal Lakes Phase II	Orlando, FL	314	—	—	2Q15	3Q16	2Q17	4Q17	41,300		4,388		36,912
Total Active		806	115	186					$	118,800	$	55,118	$	63,682



MULTIFAMILY LEASE-UP COMMUNITIES

		As of June 30, 2015
		Total	Percent		Construction	Expected
	MSA	Units	Occupied		Finished	Stabilized
CG at Bellevue Phase II	Nashville, TN	220	62.3	%	2Q15	1Q16
Retreat at West Creek	Richmond, VA	254	80.3	%	⁽¹⁾	1Q16
SkySong	Phoenix, AZ	325	83.4	%	⁽¹⁾	1Q16
Total		799	76.6	%

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



2015 ACQUISITION ACTIVITY



Multifamily Acquisitions	Location	Apartment Units	Year Built	Closing Date
Residences at Burlington Creek	Kansas City, Missouri	298	2014	January 15, 2015
SkySong	Scottsdale, Arizona	325	2014	June 11, 2015
Retreat at West Creek	Richmond, Virginia	254	2015	June 15, 2015
Total Multifamily Acquisitions		877



Land Acquisitions	Location	Acres	Year Built	Closing Date
River's Walk (4 outparcels)	Charleston, South Carolina	2.5		Q1/Q2 2015 - various
Total Land Acquisitions		2.5

Supplemental Data S-9



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
Whisperwood	Columbus, Georgia	1,008	1986	July 1, 2015
Colonial Grand at Wilmington	Wilmington, North Carolina	390	2002	July 1, 2015
Savannah Creek	Memphis, TN MSA	204	1989	July 1, 2015
Total Multifamily Dispositions		5,105



Commercial Dispositions	Location	Square Feet	Year Built	Closing Date
Colonial Promenade Craft Farms	Gulf Shores, Alabama	67,735	2010	April 28, 2015
Total Commercial Dispositions		67.735



Land Dispositions	Location	Acres	Year Built	Closing Date
Colonial Promenade Craft Farms	Gulf Shores, Alabama	0.23		April 28, 2015
Total Land Dispositions		0.23

Supplemental Data S-10



DEBT AND DEBT COVENANTS AS OF JUNE 30, 2015
Dollars in thousands

SUMMARY OF OUTSTANDING INTEREST RATE MATURITIES
			Average
			Years
	Principal		to Rate	Effective
	Balance		Maturity	Rate
Secured Debt
Fixed Rate or Swapped	$	1,131,373	3.8	4.0	%
Variable Rate - Capped ^{(1) (2)}	176,635		1.2	0.9	%
Total Secured Fixed or Hedged Rate Debt	1,308,008		3.5	3.6	%
Variable Rate	105,785		0.1	0.7	%
Total Secured Debt	1,413,793		3.2	3.4	%
Unsecured Debt
Fixed Rate or Swapped	1,869,451		4.8	4.0	%
Variable Rate	159,000		0.1	1.3	%
Total Unsecured Debt	2,028,451		4.5	3.8	%
Total Debt	$	3,442,244	4.0	3.6	%
Total Fixed or Hedged Debt	$	3,177,459	4.3	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 $11.6 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	$	3,000,824	87.2	%	4.0		%	4.5
Capped debt	176,635		5.1	%	0.9		%	1.2
Floating (unhedged) debt	264,785		7.7	%	1.1		%	0.1
Total	$	3,442,244	100.0	%	3.6		%	4.0

					Effective			Average Years
			Percent of		Interest			to Contract
	Balance		Total		Rate			Maturity
Secured Versus Unsecured Debt
Unsecured Debt	$	2,028,451	58.9	%	3.8		%	4.7
Secured Debt	1,413,793		41.1	%	3.4		%	3.4
Total	$	3,442,244	100.0	%	3.6		%	4.2

	Total		Percent of		Q2 2015			Percent of
	Cost		Total		NOI			Total
Unencumbered Versus Encumbered Assets
Unencumbered gross assets	$	5,627,488	70.4	%	$	107,959		68.3	%
Encumbered gross assets	2,364,732		29.6	%	50,076			31.7	%
Total	$	7,992,220	100.0	%	$	158,035		100.0	%

Supplemental Data S-11



DEBT AND DEBT COVENANTS AS OF June 30, 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	$	208,432	$	—	$	208,432	5.3	%	$	51,635	$	260,067
2016	110,028		—		110,028		5.9	%	75,000		185,028
2017	130,043		300,000		430,043		2.2	%	25,000		455,043
2018	143,077		250,000		393,077		2.9	%	25,000		418,077
2019	573,900		—		573,900		5.7	%	—		573,900
Thereafter	1,285,344		—		1,285,344		4.4	%	—		1,285,344
Total	$	2,450,824	$	550,000	$	3,000,824	4.2	%	$	176,635	$	3,177,459	4.3



DEBT MATURITIES OF OUTSTANDING BALANCES

	Credit Facilities
	Fannie Mae Secured		Key Bank Unsecured		Other Secured		Other Unsecured		Total
2015	$	80,785	$	—	$	35,135	$	188,398	$	304,318
2016	80,000		—		34,782		77,432		$	192,214
2017	80,000		159,000		62,043		168,070		$	469,113
2018	80,000		—		93,077		300,336		$	473,413
2019	—		—		553,900		20,000		$	573,900
Thereafter	—		—		314,071		1,115,215		$	1,429,286
Total	$	320,785	$	159,000	$	1,093,008	$	1,869,451	$	3,442,244



DEBT COVENANT ANALYSIS

Public Bond Covenants	Required	Actual	Compliance
Limit on Incurrence of Total Debt	60% or less	42.1%	Yes
Limit on Incurrence of Secured Debt	40% or less	17.3%	Yes
Ratio of Consolidated Income Available for Debt Service/Annual Debt Service Charge	1.5:1 or greater for trailing 4 quarters	4.79x	Yes
Maintenance of Unencumbered Total Asset Value	Greater than 150%	276.9%	Yes

Supplemental Data S-12



EBITDA AND BALANCE SHEET RATIOS
Dollars in thousands
	Three Months			Twelve Months
	Ended			Ended
	June 30,			June 30,
	2015			2015
Consolidated net income	$	143,873		$	315,727
Depreciation and amortization	74,396			289,675
Interest expense	29,528			118,084
Loss on debt extinguishment	3			5,965
Amortization of deferred financing costs	905			3,826
Net casualty gain and other settlement proceeds	(510		)	(320		)
Income tax expense	398			2,165
(Gain) loss on sale of non-depreciable assets	(172		)	13
Net casualty gain after insurance and other settlement proceeds on discontinued operations	—			(3		)
Gain on sale of depreciable real estate assets excluded from discontinued operations	(105,182		)	(171,837		)
Gain on disposition within unconsolidated entities	—			(605		)
Loss on sale of discontinued operations	—			87
EBITDA	143,239			562,777
Acquisition expense	1,159			2,928
Merger related expenses	—			281
Integration related expenses	—			1,402
Recurring EBITDA	$	144,398		$	567,388

	Three Months Ended
	June 30,
	2015			2014
Recurring EBITDA/Debt Service	3.90x			3.44x
Fixed Charge Coverage ⁽¹⁾	4.14x			3.58x
Total Debt/Total Capitalization ⁽²⁾	37.3%			39.0%
Total Debt/Total Gross Assets	41.8%			43.3%
Total Net Debt ⁽³⁾/Total Gross Assets	41.4%			41.8%
Total Net Debt ⁽³⁾/Recurring EBITDA⁽⁴⁾	6.01x			6.17x
Unencumbered Assets/Gross Real Estate Assets	70.3%			66.9%


⁽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 June 30, 2015.

Supplemental Data S-13



2015 GUIDANCE

	Full Year 2015
Earnings
Core FFO per Share - diluted	$5.25 to $5.41
Midpoint	$5.33
Core AFFO per Share - diluted	$4.60 to $4.76
Midpoint	$4.68

Same Store Communities:
Number of units	71,376
Property revenue growth	4.5% to 5.5%
Property operating expense growth	4.0% to 5.0%
Property NOI growth	4.5% to 5.5%
Real estate tax expense growth	5.5% to 6.5%

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)	$350 to $450 million
Disposition volume (multifamily)	$354 million
Commercial / land disposition volume	$10 to $20 million
Development investment	$40 to $50 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)	70% to 74%

Non Core Items:
Acquisition expense	$2.0 to $3.5 million
Loss on debt extinguishment/modification	$3.5 to $4.0 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-14



CREDIT RATINGS

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


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


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

COMMON STOCK

Stock Symbol:

MAA

Exchange Traded:

NYSE

Estimated Future Dates:

Q3 2015

Q4 2015

Q1 2016

Q2 2016

Earnings release & conference call

Late October

Early February

Late April

Early August

Dividend Information - Common Shares:

Q2 2014

Q3 2014

Q4 2014

Q1 2015

Q2 2015

Declaration Date

5/22/2014

9/11/2014

12/3/2014

3/12/2015

5/19/2015

Record Date

7/15/2014

10/15/2014

1/15/2015

4/15/2015

7/15/2015

Payment Date

7/31/2014

10/31/2014

1/30/2015

4/30/2015

7/31/2015

Distributions Per Share

0.73

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-15

Attached files

MID AMERICA APARTMENT COMMUNITIES INC. Reports

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