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

Attached files

file	filename
8-K - MID AMERICA APARTMENT COMMUNITIES INC.	v209781_8k.htm
EX-99.1 - MID AMERICA APARTMENT COMMUNITIES INC.	v209781_ex99-1.htm

COMMUNITY STATISTICS Dollars in thousands except Average Effective Rent

						Average Effective
		As of December 31, 2010				Rent for the
				Percent to		Three Months
			Gross	Total of	Physical	Ended
		Units	Real Assets	Gross Assets	Occupancy	Dec 31, 2010

Dallas, TX		4,714	$ 311,859	10.1%	95.5%	$ 692.44
Houston, TX		3,503	$ 252,986	8.2%	93.6%	$ 785.95
Jacksonville, FL		3,471	$ 205,905	6.6%	96.8%	$ 748.16
Atlanta, GA		3,253	$ 255,486	8.3%	95.6%	$ 756.24
Austin, TX		2,255	$ 163,148	5.3%	96.2%	$ 787.14
Nashville, TN		2,479	$ 190,059	6.1%	94.2%	$ 772.82
Tampa, FL		1,784	$ 126,242	4.1%	96.5%	$ 866.31
Raleigh/Durham, NC		1,341	$ 124,179	4.0%	95.8%	$ 780.34
Phoenix, AZ		1,024	$ 116,740	3.8%	93.5%	$ 730.29
South Florida		480	$ 54,457	1.8%	95.2%	$ 1,276.65
Orlando, FL		288	$ 15,145	0.5%	96.5%	$ 731.87
	Large Markets	24,592	$ 1,816,206	58.8%	95.4%	$ 769.70

Memphis, TN		3,581	$ 195,092	6.3%	95.6%	$ 696.36
Columbus, GA		1,509	$ 80,296	2.6%	94.9%	$ 703.01
Greenville, SC		1,396	$ 72,706	2.3%	94.6%	$ 598.72
Jackson, MS		1,241	$ 62,303	2.0%	95.2%	$ 719.67
Lexington, KY		924	$ 61,840	2.0%	97.9%	$ 704.20
Little Rock, AR		808	$ 44,812	1.4%	97.0%	$ 689.16
Savannah, GA		526	$ 44,946	1.4%	98.9%	$ 814.70
San Antonio, TX		400	$ 30,109	1.0%	93.8%	$ 849.04
All Other Secondary		10,616	$ 595,126	19.2%	96.5%	$ 696.94
	Secondary Markets	21,001	$ 1,187,230	38.2%	96.1%	$ 697.96

	Subtotal	45,593	$ 3,003,436	97.0%	95.7%	$ 736.65

	Development and Lease-up Properties	717	$ 91,518	3.0%	55.2%	$ 1,218.82

	Total Portfolio	46,310	$ 3,094,954	100.0%	95.1%	$ 744.12

NUMBER OF APARTMENT UNITS

2010

2009

Dec 31

Sept 30

Jun 30

Mar 31

Dec 31

100% Owned Properties

44,349

44,130

43,063

42,206

42,684

Properties in Joint Ventures

1,961

1,711

1,399

920

Total Portfolio

46,310

45,841

44,462

43,605

43,604

COMMUNITIES IN LEASE-UP
	Included above		Physical
		Total	Occupancy at	Expected
		Units	Dec 31, 2010	Stabilization
	1225 South Church Phase I	196	52.6%	4Q11
	Hue	208	33.2%	4Q11
	Times Square at Craig Ranch	313	71.6%	4Q11
		717	55.2%

DEVELOPMENT COMMUNITIES Dollars in thousands

UNITS
		Total	As of December 31, 2010
		Development	Units	Units
		Units	Completed	Occupied
	1225 South Church Phase II	210	-	-
	Cool Springs	428	-	-
		638	-	-

TIMELINE
		Construction		Initial	Expected
		Start	Finish	Occupancy	Stabilization
	1225 South Church Phase II	2Q11	4Q12	2Q12	3Q13
	Cool Springs	4Q10	2Q12	3Q11	1Q13

EXPENDITURES
		Current	Estimated	Current
		Estimated	Cost	Cost
		Cost	per Unit	to Date
	1225 South Church Phase II	$ 26,500	$ 126	$ 5,200
	Cool Springs	54,000	126	11,200
		$ 80,500	$ 252	$ 16,400


Total development units are not included in total portfolio units until the first units of the development are completed.

SAME STORE WITH BULK CABLE NETTED IN REVENUES


Dollars in thousands		Three Months Ended December 31,			Twelve Months Ended December 31,
				Percent			Percent
		2010	2009	Change	2010	2009	Change
Revenues
	Operating	$ 87,146	$ 85,134	2.4%	$ 346,996	$ 347,555	-0.2%
	Straight-line adjustment (1)	135	375		(1,183)	474
	Total Same Store	$ 87,281	$ 85,509	2.1%	$ 345,813	$ 348,029	-0.6%

Expense		$ 36,244	$ 35,587	1.8%	$ 145,547	$ 145,432	0.1%

NOI
	Operating	$ 50,902	$ 49,547	2.7%	$ 201,449	$ 202,123	-0.3%
	Straight-line adjustment (1)	135	375		(1,183)	474
	Total Same Store	$ 51,037	$ 49,922	2.2%	$ 200,266	$ 202,597	-1.2%

		Percent Change from Prior Year					Percent Change from Prior Quarter
		1Q10	2Q10	3Q10	4Q10	YTD	1Q10	2Q10	3Q10	4Q10
Revenues
	Operating	-1.6%	-0.8%	-0.6%	2.4%	-0.2%	0.9%	1.6%	-0.5%	0.4%
	Total Same Store	-1.8%	-1.7%	-1.1%	2.1%	-0.6%	0.4%	0.5%	0.0%	1.1%
Expense		0.6%	0.5%	-2.5%	1.8%	0.1%	0.8%	1.0%	2.7%	-2.6%
NOI
	Operating	-3.1%	-1.8%	0.9%	2.7%	-0.3%	0.9%	1.9%	-2.7%	2.7%
	Total Same Store	-3.5%	-3.2%	0.0%	2.2%	-1.2%	0.2%	0.1%	-1.9%	3.9%

(1) Represents the aggregate adjustment necessary to record cash concessions and certain fee revenues o n a straight-line basis.

SAME STORE


Dollars in thousands		Three Months Ended December 31,			Twelve Months Ended December 31,
				Percent			Percent
		2010	2009	Change	2010	2009	Change
Revenues
	Operating	$ 89,549	$ 86,141	4.0%	$ 355,096	$ 349,145	1.7%
	Straight-line adjustment (2)	135	375		(1,183)	474
	Total Same Store	$ 89,684	$ 86,516	3.7%	$ 353,913	$ 349,619	1.2%

Expense		$ 38,647	$ 36,594	5.6%	$ 153,647	$ 147,022	4.5%

NOI
	Operating	$ 50,902	$ 49,547	2.7%	$ 201,449	$ 202,123	-0.3%
	Straight-line adjustment (2)	135	375		(1,183)	474
	Total Same Store	$ 51,037	$ 49,922	2.2%	$ 200,266	$ 202,597	-1.2%

		Percent Change from Prior Year					Percent Change from Prior Quarter
		1Q10	2Q10	3Q10	4Q10	YTD	1Q10	2Q10	3Q10	4Q10
Revenues
	Operating	0.1%	1.3%	1.6%	4.0%	1.7%	1.4%	2.0%	-0.1%	0.5%
	Total Same Store	-0.2%	0.4%	1.1%	3.7%	1.2%	1.0%	1.0%	0.4%	1.2%
Expense		4.6%	5.6%	2.4%	5.6%	4.5%	2.1%	2.2%	3.5%	-2.1%
NOI
	Operating	-3.1%	-1.8%	0.9%	2.7%	-0.3%	0.9%	1.9%	-2.7%	2.7%
	Total Same Store	-3.5%	-3.2%	0.0%	2.2%	-1.2%	0.2%	0.1%	-1.9%	3.9%

(2) Represents the aggregate adjustment necessary to record cash concessions and certain fee revenues on a straight-line basis.

SAME STORE WITH BULK CABLE NETTED IN REVENUES Dollars in thousands except Effective Rent
Revenues by market are presented before the impact of straight-line adjustments. A reconciliation to total revenue is provided below.


CURRENT PERIOD ACTUALS As of December 31, 2010 unless otherwise noted

			Three Months Ended December 31, 2010
						Average		Quarterly	Twelve
						Effective	Physical	Economic	Month
		Units	Revenue	Expense	NOI	Rent	Occupancy	Occupancy (1)	Turn Rate
Large Markets
Dallas, TX		3,184	$ 6,871	$ 3,056	$ 3,815	$ 668.24	95.6%	93.7%	50.0%
Jacksonville, FL		2,947	$ 6,965	$ 2,704	$ 4,261	$ 753.35	96.9%	94.1%	49.4%
Atlanta, GA		2,943	$ 6,969	$ 3,031	$ 3,938	$ 746.44	95.6%	93.6%	53.8%
Houston, TX		2,646	$ 6,258	$ 2,768	$ 3,490	$ 765.00	93.7%	90.9%	61.0%
Nashville, TN		1,855	$ 4,488	$ 1,704	$ 2,784	$ 755.82	94.0%	93.1%	50.4%
Austin, TX		1,776	$ 4,276	$ 2,030	$ 2,246	$ 734.12	96.7%	95.2%	54.7%
Tampa, FL		1,120	$ 2,932	$ 1,167	$ 1,765	$ 826.33	96.4%	93.9%	43.3%
Raleigh/Durham, NC		834	$ 2,048	$ 714	$ 1,334	$ 784.60	95.4%	94.2%	47.0%
South Florida		480	$ 1,887	$ 671	$ 1,216	$ 1,276.65	95.2%	94.1%	44.4%
Phoenix, AZ		480	$ 973	$ 572	$ 401	$ 685.19	91.3%	85.4%	55.4%
Orlando, FL		288	$ 618	$ 254	$ 364	$ 731.87	96.5%	86.6%	45.5%
	Subtotal	18,553	$ 44,285	$ 18,671	$ 25,614	$ 754.97	95.4%	93.2%	52.0%

Secondary Markets
Memphis, TN		3,210	$ 6,873	$ 3,102	$ 3,771	$ 697.07	95.6%	93.8%	52.3%
Columbus, GA		1,509	$ 3,388	$ 1,329	$ 2,059	$ 703.01	94.9%	93.8%	68.3%
Jackson, MS		1,241	$ 2,763	$ 1,001	$ 1,762	$ 719.67	95.2%	92.4%	60.9%
Greenville, SC		1,140	$ 2,036	$ 882	$ 1,154	$ 564.65	95.2%	91.2%	55.9%
Lexington, KY		924	$ 2,121	$ 811	$ 1,310	$ 704.20	97.9%	97.2%	56.4%
Little Rock, AR		808	$ 1,739	$ 640	$ 1,099	$ 689.16	97.0%	95.5%	47.8%
Savannah, GA		526	$ 1,386	$ 523	$ 863	$ 814.70	98.9%	98.5%	54.9%
All Other Secondary		10,322	$ 22,555	$ 9,285	$ 13,270	$ 695.55	96.5%	93.7%	57.2%
	Subtotal	19,680	$ 42,861	$ 17,573	$ 25,288	$ 693.64	96.2%	93.8%	56.9%

Operating Same Store		38,233	$ 87,146	$ 36,244	$ 50,902	$ 723.40	95.8%	93.5%	54.5%

Revenue Straight-line Adjustment (2)			$ 135		$ 135
Total Same Store			$ 87,281		$ 51,037

(1) Economic Occupancy represents Net Potential Rent less Delinquencies, Vacancies and Cash Concessions divided by Net Potential Rent.
(2) Represents the aggregate adjustment necessary to record cash concessions and certain fee revenues on a straight-line basis.

PERCENT CHANGE FROM THREE MONTHS ENDED SEPTEMBER 30, 2010 (PRIOR QUARTER) AND THREE MONTHS ENDED DECEMBER 31, 2009 (PRIOR YEAR)

		Revenue		Expense		NOI		Physical Occupancy		Average Effective Rent
		Prior	Prior	Prior	Prior	Prior	Prior	Prior	Prior	Prior	Prior
		Quarter	Year	Quarter	Year	Quarter	Year	Quarter	Year	Quarter	Year
Large Markets
Dallas, TX		0.4%	0.3%	-4.2%	2.0%	4.3%	-1.0%	-0.7%	0.1%	0.8%	-0.9%
Jacksonville, FL		0.1%	1.1%	-3.6%	-2.9%	2.7%	3.9%	0.0%	1.2%	0.6%	-1.2%
Atlanta, GA		0.9%	3.7%	-0.4%	-0.1%	1.9%	6.8%	-1.4%	-0.5%	0.9%	-0.4%
Houston, TX		-0.5%	1.2%	-3.5%	-1.1%	2.0%	3.2%	-1.8%	-0.4%	0.4%	-1.8%
Nashville, TN		-0.4%	5.0%	-5.4%	2.7%	2.9%	6.4%	-2.7%	1.0%	1.1%	0.1%
Austin, TX		1.5%	4.8%	4.2%	11.4%	-0.8%	-0.5%	-1.3%	1.7%	1.6%	0.6%
Tampa, FL		-0.5%	-1.3%	-4.4%	-5.8%	2.3%	1.8%	-0.1%	0.0%	1.1%	0.2%
Raleigh/Durham, NC		2.3%	1.8%	3.5%	6.1%	1.7%	-0.4%	-1.6%	-1.6%	0.9%	0.1%
South Florida		0.2%	1.8%	1.2%	2.1%	-0.4%	1.7%	-1.1%	-0.4%	1.3%	2.5%
Phoenix, AZ		1.1%	2.2%	-7.1%	8.1%	15.9%	-5.2%	-0.4%	0.7%	0.9%	0.4%
Orlando, FL		-1.0%	0.5%	-4.5%	-4.5%	1.7%	4.3%	-0.4%	-1.1%	0.8%	2.4%
	Subtotal	0.3%	2.0%	-2.3%	1.1%	2.3%	2.7%	-1.1%	0.2%	0.9%	-0.4%

Secondary Markets
Memphis, TN		1.4%	3.9%	0.0%	5.0%	2.6%	3.0%	-1.0%	0.6%	1.5%	1.9%
Columbus, GA		3.3%	4.5%	4.5%	-2.0%	2.6%	9.2%	-3.0%	3.3%	2.0%	-0.6%
Jackson, MS		0.8%	2.5%	-7.3%	6.0%	6.1%	0.6%	0.0%	-1.9%	0.9%	1.8%
Greenville, SC		0.0%	5.2%	-0.8%	4.3%	0.6%	5.9%	-1.0%	0.5%	0.5%	1.3%
Lexington, KY		1.9%	4.7%	-5.1%	8.1%	6.8%	2.7%	0.6%	1.6%	0.3%	-0.4%
Little Rock, AR		0.0%	2.4%	-9.1%	-1.5%	6.2%	4.9%	0.1%	0.8%	1.5%	4.0%
Savannah, GA		-0.2%	0.6%	2.1%	0.4%	-1.6%	0.7%	1.9%	1.2%	0.9%	-1.7%
All Other Secondary		-0.2%	1.8%	-4.1%	2.0%	2.6%	1.7%	0.3%	1.2%	0.8%	1.1%
	Subtotal	0.5%	2.7%	-2.9%	2.6%	3.0%	2.8%	-0.2%	1.0%	1.0%	1.1%

Operating Same Store		0.4%	2.4%	-2.6%	1.8%	2.7%	2.7%	-0.7%	0.6%	0.9%	0.3%

Including revenue straight-line adjustment:
Total Same Store		1.1%	2.1%			3.9%	2.2%

SAME STORE Dollars in thousands except Effective Rent
Revenues by market are presented before the impact of straight-line adjustments. A reconciliation to total revenue is provided below.


CURRENT PERIOD ACTUALS As of December 31, 2010 unless otherwise noted

			Three Months Ended December 31, 2010
						Average		Quarterly	Twelve
						Effective	Physical	Economic	Month
		Units	Revenue	Expense	NOI	Rent	Occupancy	Occupancy (1)	Turn Rate
Large Markets
Dallas, TX		3,184	$ 7,051	$ 3,236	$ 3,815	$ 668.24	95.6%	93.7%	50.0%
Jacksonville, FL		2,947	$ 6,965	$ 2,704	$ 4,261	$ 753.35	96.9%	94.1%	49.4%
Atlanta, GA		2,943	$ 7,194	$ 3,256	$ 3,938	$ 746.44	95.6%	93.6%	53.8%
Houston, TX		2,646	$ 6,501	$ 3,011	$ 3,490	$ 765.00	93.7%	90.9%	61.0%
Nashville, TN		1,855	$ 4,630	$ 1,846	$ 2,784	$ 755.82	94.0%	93.1%	50.4%
Austin, TX		1,776	$ 4,393	$ 2,147	$ 2,246	$ 734.12	96.7%	95.2%	54.7%
Tampa, FL		1,120	$ 3,013	$ 1,248	$ 1,765	$ 826.33	96.4%	93.9%	43.3%
Raleigh/Durham, NC		834	$ 2,107	$ 773	$ 1,334	$ 784.60	95.4%	94.2%	47.0%
South Florida		480	$ 1,887	$ 671	$ 1,216	$ 1,276.65	95.2%	94.1%	44.4%
Phoenix, AZ		480	$ 1,001	$ 600	$ 401	$ 685.19	91.3%	85.4%	55.4%
Orlando, FL		288	$ 618	$ 254	$ 364	$ 731.87	96.5%	86.6%	45.5%
	Subtotal	18,553	$ 45,360	$ 19,746	$ 25,614	$ 754.97	95.4%	93.2%	52.0%

Secondary Markets
Memphis, TN		3,210	$ 7,169	$ 3,398	$ 3,771	$ 697.07	95.6%	93.8%	52.3%
Columbus, GA		1,509	$ 3,513	$ 1,454	$ 2,059	$ 703.01	94.9%	93.8%	68.3%
Jackson, MS		1,241	$ 2,883	$ 1,121	$ 1,762	$ 719.67	95.2%	92.4%	60.9%
Greenville, SC		1,140	$ 2,129	$ 975	$ 1,154	$ 564.65	95.2%	91.2%	55.9%
Lexington, KY		924	$ 2,121	$ 811	$ 1,310	$ 704.20	97.9%	97.2%	56.4%
Little Rock, AR		808	$ 1,740	$ 641	$ 1,099	$ 689.16	97.0%	95.5%	47.8%
Savannah, GA		526	$ 1,406	$ 543	$ 863	$ 814.70	98.9%	98.5%	54.9%
All Other Secondary		10,322	$ 23,228	$ 9,958	$ 13,270	$ 695.55	96.5%	93.7%	57.2%
	Subtotal	19,680	$ 44,189	$ 18,901	$ 25,288	$ 693.64	96.2%	93.8%	56.9%

Operating Same Store		38,233	$ 89,549	$ 38,647	$ 50,902	$ 723.40	95.8%	93.5%	54.5%

Revenue Straight-line Adjustment (2)			$ 135		$ 135
Total Same Store			$ 89,684		$ 51,037

(1) Economic Occupancy represents Net Potential Rent less Delinquencies, Vacancies and Cash Concessions divided by Net Potential Rent.
(2) Represents the aggregate adjustment necessary to record cash concessions and certain fee revenues on a straight-line basis.

PERCENT CHANGE FROM THREE MONTHS ENDED SEPTEMBER 30, 2010 (PRIOR QUARTER) AND THREE MONTHS ENDED DECEMBER 31, 2009 (PRIOR YEAR)

		Revenue		Expense		NOI		Physical Occupancy		Average Effective Rent
		Prior	Prior	Prior	Prior	Prior	Prior	Prior	Prior	Prior	Prior
		Quarter	Year	Quarter	Year	Quarter	Year	Quarter	Year	Quarter	Year
Large Markets
Dallas, TX		0.4%	0.9%	-3.8%	3.3%	4.3%	-1.0%	-0.7%	0.1%	0.8%	-0.9%
Jacksonville, FL		0.1%	1.1%	-3.6%	-2.9%	2.7%	3.9%	0.0%	1.2%	0.6%	-1.2%
Atlanta, GA		0.9%	4.8%	-0.2%	2.6%	1.9%	6.8%	-1.4%	-0.5%	0.9%	-0.4%
Houston, TX		0.0%	2.9%	-2.2%	2.5%	2.0%	3.2%	-1.8%	-0.4%	0.4%	-1.8%
Nashville, TN		-0.4%	7.4%	-4.9%	9.0%	2.9%	6.4%	-2.7%	1.0%	1.1%	0.1%
Austin, TX		1.5%	5.5%	4.0%	12.6%	-0.8%	-0.5%	-1.3%	1.7%	1.6%	0.6%
Tampa, FL		-0.3%	1.4%	-3.9%	0.7%	2.3%	1.8%	-0.1%	0.0%	1.1%	0.2%
Raleigh/Durham, NC		1.2%	2.9%	0.5%	9.0%	1.7%	-0.4%	-1.6%	-1.6%	0.9%	0.1%
South Florida		0.2%	1.8%	1.2%	2.1%	-0.4%	1.7%	-1.1%	-0.4%	1.3%	2.5%
Phoenix, AZ		1.5%	4.8%	-6.3%	12.8%	15.9%	-5.2%	-0.4%	0.7%	0.9%	0.4%
Orlando, FL		-1.0%	0.5%	-4.5%	-4.5%	1.7%	4.3%	-0.4%	-1.1%	0.8%	2.4%
	Subtotal	0.4%	3.2%	-2.0%	3.8%	2.3%	2.7%	-1.1%	0.2%	0.9%	-0.4%

Secondary Markets
Memphis, TN		1.7%	7.6%	0.7%	13.2%	2.6%	3.0%	-1.0%	0.6%	1.5%	1.9%
Columbus, GA		3.8%	8.2%	5.7%	6.8%	2.6%	9.2%	-3.0%	3.3%	2.0%	-0.6%
Jackson, MS		0.7%	3.5%	-6.7%	8.4%	6.1%	0.6%	0.0%	-1.9%	0.9%	1.8%
Greenville, SC		0.0%	5.0%	-0.6%	3.9%	0.6%	5.9%	-1.0%	0.5%	0.5%	1.3%
Lexington, KY		1.9%	4.7%	-5.1%	8.1%	6.8%	2.7%	0.6%	1.6%	0.3%	-0.4%
Little Rock, AR		0.1%	2.5%	-8.9%	-1.4%	6.2%	4.9%	0.1%	0.8%	1.5%	4.0%
Savannah, GA		-0.2%	1.4%	1.9%	2.5%	-1.6%	0.7%	1.9%	1.2%	0.9%	-1.7%
All Other Secondary		0.0%	4.0%	-3.4%	7.1%	2.6%	1.7%	0.3%	1.2%	0.8%	1.1%
	Subtotal	0.7%	4.8%	-2.2%	7.6%	3.0%	2.8%	-0.2%	1.0%	1.0%	1.1%

Operating Same Store		0.5%	4.0%	-2.1%	5.6%	2.7%	2.7%	-0.7%	0.6%	0.9%	0.3%

Including revenue straight-line adjustment:
Total Same Store		1.2%	3.7%			3.9%	2.2%

NOI BRIDGE (Dollars in thousands)

		Three Months Ended			Twelve Months Ended
		Dec 31, 2010	Sep 30, 2010	Dec 31, 2009	Dec 31, 2010	Dec 31, 2009
NOI
	Large market same store	$ 25,665	$ 24,790	$ 25,178	$ 100,732	$ 103,389
	Secondary market same store	25,372	24,338	24,744	99,534	99,208
	Total same store	51,037	49,128	49,922	200,266	202,597
	Non-same store	7,963	6,930	5,149	26,663	17,256
	Total NOI	59,000	56,058	55,071	226,929	219,853
Held for sale NOI included above		-	-	(191)	-	(1,307)
Management fee income		203	186	88	680	293
Depreciation		(27,575)	(26,466)	(24,703)	(104,064)	(96,019)
Acquisition expense		(1,061)	(989)	(811)	(2,512)	(950)
Property management expense		(4,732)	(4,547)	(4,469)	(18,035)	(17,220)
General and administrative expense		(3,476)	(2,957)	(3,014)	(12,354)	(11,320)
Interest and other non-property income		219	217	76	837	385
Interest expense		(14,514)	(13,598)	(14,022)	(55,996)	(57,094)
Loss on debt extinguishment		-	-	-	-	(140)
Amortization of deferred financing costs		(709)	(675)	(593)	(2,627)	(2,374)
Asset impairment		-	(324)	-	(1,914)	-
Net casualty gains and other settlement proceeds		-	72	-	330	32
Gains on properties contributed to joint ventures		103	278	-	752	-
Gains on sale of non-depreciable assets		-	-	14	-	15
Loss from real estate joint ventures		(293)	(282)	(176)	(1,149)	(816)
Discontinued operations		-	-	2,225	(2)	5,883
Net income attributable to noncontrolling interests		(225)	(224)	(474)	(1,114)	(2,010)
Net income attributable to
	Mid-America Apartment Communities, Inc.	$ 6,940	$ 6,749	$ 9,021	$ 29,761	$ 37,211

OPERATING RESULTS (Dollars and shares in thousands except per share data)

	Three Months
	Ended
	December 31	Trailing
	2010	4 Quarters
Net income attributable to Mid-America Apartment Communities, Inc.	$ 6,940	$ 29,761
Depreciation	27,575	104,064
Interest expense	14,514	55,996
Loss on debt extinguishment	-	-
Amortization of deferred financing costs	709	2,627
Net casualty gain and other settlement proceeds	-	(330)
Gains on properties contributed to joint ventures	(103)	(752)




Loss on sale of discontinued operations	-	2
EBITDA	$ 49,635	$ 191,368


	Three Months Ended		Twelve Months Ended
	December 31,		December 31,
	2010	2009	2010	2009
EBITDA/Debt Service	3.26x	3.20x	3.31x	3.20x
Fixed Charge Coverage (1)	3.42x	2.68x	3.06x	2.69x
Total Debt as % of Total Gross Assets	49%	50%	49%	50%

(1) Fixed charge coverage represents EBITDA divided by interest expense and preferred dividends.

DEBT AS OF DECEMBER 31, 2010
Dollars in thousands

DEBT OUTSTANDING SUMMARIES					Average
					Years to
				Principal	Contract	Effective
				Balance	Maturity	Rate
	Conventional - Fixed Rate or Swapped			$ 973,018	3.9	5.2%
	Tax-free - Fixed Rate or Swapped			28,695	7.9	4.7%
	Conventional - Variable Rate (1)			227,829	3.5	1.0%
	Conventional - Variable Rate - Capped (2)			197,936	5.3	0.8%
	Tax-free - Variable Rate - Capped (2)			72,715	1.7	1.1%
			Total Debt Outstanding	$ 1,500,193	3.8	3.8%

	(1) Includes a $15 million mortgage with an imbedded cap at a 7% rate.
	(2) When capped rates are not reached, the average rate represents the rate on the underlying variable debt.


				Line	Amount	Amount
				Limit	Collateralized	Borrowed
		Fannie Mae Credit Facilities		$ 1,044,429	$ 1,044,429	$ 969,833
		Freddie Mac Credit Facilities		300,000	298,247	298,247
		Regions Credit Facility		50,000	45,211	-
		Other Borrowings		232,113	232,113	232,113
			Total Debt	$ 1,626,542	$ 1,620,000	$ 1,500,193



CONTRACT MATURITIES
		Line Limit
		Credit Facilities
		Fannie Mae	Freddie Mac	Regions	Other	Total
	2011	$ 80,000	$ 100,000	$ -	$ -	$ 180,000
	2012	80,000	-	50,000	-	130,000
	2013	203,193	-	-	-	203,193
	2014	321,236	200,000	-	17,712	538,948
	2015	120,000	-	-	52,226	172,226
	2016	80,000			-	80,000
	Thereafter	160,000	-	-	162,175	322,175
	Total	$ 1,044,429	$ 300,000	$ 50,000	$ 232,113	$ 1,626,542



SWAPS AND FIXED RATE MATURITIES

		Swap Balances				Total
			SIFMA	Fannie Mae	Fixed Rate		Contract
		LIBOR	(formerly BMA)	Facility	Balances	Balance	Rate
	2011	$ 158,000	$ -	$ -	$ -	$ 158,000	5.2%
	2012	150,000	17,800	-	-	167,800	5.1%
	2013	190,000	-	-	-	190,000	5.2%
	2014	144,000	-	-	17,712	161,712	5.7%
	2015	75,000	-	-	37,026	112,026	5.6%
	2016	-			-	-	-
	Thereafter	-	-	50,000	162,175	212,175	4.7%
	Total	$ 717,000	$ 17,800	$ 50,000	$ 216,913	$ 1,001,713	5.2%

MID AMERICA APARTMENT COMMUNITIES INC. - FORM 8-K - EX-99.2 - February 3, 2011

Attached files

MID AMERICA APARTMENT COMMUNITIES INC. Reports