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.	maa63014-er.htm
EX-99.1 - EXHIBIT 99.1 - MID AMERICA APARTMENT COMMUNITIES INC.	a2q14exh991.htm



PORTFOLIO STATISTICS

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



	Proforma Combined Same Store ⁽¹⁾	Proforma Combined Non Same Store ⁽¹⁾	In Lease-Up	Total Operating	Current Development Units Delivered	Total ⁽²⁾

Austin, TX	5,542	296	—	5,838	—	5,838
Atlanta, GA	5,284	310	—	5,594	—	5,594
Charlotte, NC	4,161	701	353	5,215	—	5,215
Raleigh/Durham, NC	4,663	—	—	4,663	—	4,663
Dallas, TX	3,723	1,322	252	5,297	—	5,297
Fort Worth, TX	4,519	—	—	4,519	—	4,519
Orlando, FL	2,438	620	594	3,652	—	3,652
Nashville, TN	3,128	428	—	3,556	—	3,556
Tampa, FL	2,644	234	—	2,878	—	2,878
Phoenix, AZ	1,976	—	—	1,976	—	1,976
Houston, TX	2,281	628	—	2,909	—	2,909
Las Vegas, NV	721	—	—	721	—	721
South Florida	480	—	—	480	—	480
Large Markets	41,560	4,539	1,199	47,298	—	47,298

Charleston, SC	2,378	270	—	2,648	—	2,648
Jacksonville, FL	3,202	—	—	3,202	—	3,202
Savannah, GA	2,219	—	—	2,219	—	2,219
Memphis, TN	2,268	1,037	—	3,305	—	3,305
Richmond, VA	1,668	—	—	1,668	—	1,668
Birmingham, AL	1,462	586	—	2,048	—	2,048
San Antonio, TX	1,176	—	—	1,176	—	1,176
Little Rock, AR	1,056	312	—	1,368	—	1,368
Huntsville, AL	1,380	—	—	1,380	—	1,380
Norfolk/Hampton/VA Beach, VA	1,033	—	—	1,033	—	1,033
Greenville, SC	1,748	—	—	1,748	—	1,748
Other	11,721	1,759	502	13,982	—	13,982
Secondary Markets	31,311	3,964	502	35,777	—	35,777
Total Multifamily Units	72,871	8,503	1,701	83,075	—	83,075

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

⁽²⁾ Excludes joint venture properties totaling 588 units.

Supplemental Data S-1



PORTFOLIO STATISTICS (CONTINUED)

TOTAL WHOLLY OWNED MULTIFAMILY COMMUNITY STATISTICS

Dollars in thousands, except Average Effective Rent



		As of June 30, 2014						Average Effective Rent for the Three Months Ended June 30, 2014		As of June 30, 2014
		Gross Real Assets		Percent to Total of Gross Real Assets		Physical Occupancy				Completed Units	Total Units ⁽¹⁾
		Gross Real Assets		Percent to Total of Gross Real Assets		Physical Occupancy				Completed Units	Total Units ⁽¹⁾

Austin, TX		$	561,608	7.3	%	96.4	%	$	972	5,838
Atlanta, GA		$	557,485	7.2	%	95.1	%	$	961	5,594
Charlotte, NC		$	547,518	7.1	%	96.3	%	$	886	4,862
Raleigh/Durham, NC		$	539,395	7.0	%	94.0	%	$	914	4,663
Dallas, TX		$	494,555	6.4	%	95.6	%	$	1,013	5,045
Fort Worth, TX		$	371,773	4.8	%	95.2	%	$	896	4,519
Orlando, FL		$	387,344	5.0	%	95.5	%	$	1,043	3,058
Nashville, TN		$	332,430	4.3	%	97.7	%	$	1,020	3,556
Tampa, FL		$	298,948	3.9	%	95.2	%	$	1,006	2,878
Phoenix, AZ		$	232,309	3.0	%	94.7	%	$	869	1,976
Houston, TX		$	229,129	3.0	%	96.8	%	$	969	2,909
Las Vegas, NV		$	64,977	0.8	%	95.7	%	$	780	721
South Florida		$	56,826	0.7	%	96.5	%	$	1,430	480
Large Markets		$	4,674,297	60.5	%	95.7	%	$	960	46,099

Charleston, SC		$	253,620	3.3	%	96.9	%	$	951	2,648
Jacksonville, FL		$	243,167	3.2	%	96.0	%	$	900	3,202
Savannah, GA		$	220,710	2.9	%	96.6	%	$	926	2,219
Memphis, TN		$	198,860	2.6	%	95.1	%	$	773	3,305
Richmond, VA		$	183,454	2.4	%	96.6	%	$	914	1,668
Birmingham, AL		$	172,881	2.2	%	94.8	%	$	860	2,048
San Antonio, TX		$	113,272	1.5	%	96.5	%	$	991	1,176
Little Rock, AR		$	110,645	1.4	%	95.0	%	$	875	1,368
Huntsville, AL		$	110,637	1.4	%	94.6	%	$	741	1,380
Norfolk, Hampton, VA Beach, VA		$	96,279	1.2	%	94.9	%	$	963	1,033
Greenville, SC		$	93,796	1.2	%	96.7	%	$	710	1,748
All Other Secondary Markets by State (individual markets <1% gross real assets)
Georgia		$	167,902	2.2	%	96.5	%	$	765	2,665
Florida		$	147,868	1.9	%	95.7	%	$	849	2,178
Virginia		$	110,492	1.4	%	94.5	%	$	1,174	750
Kentucky		$	99,805	1.3	%	95.9	%	$	792	1,548
North Carolina		$	98,433	1.3	%	95.8	%	$	682	1,562
Tennessee		$	84,237	1.1	%	93.9	%	$	722	1,608
Alabama		$	74,759	1.0	%	96.0	%	$	758	1,029
Mississippi		$	69,054	0.9	%	96.3	%	$	821	1,241
Missouri		$	52,431	0.7	%	94.4	%	$	1,240	323
South Carolina		$	34,956	0.5	%	91.0	%	$	750	576
Secondary Markets		$	2,737,258	35.6	%	95.7	%	$	844	35,275

Subtotal		$	7,411,555	96.1	%	95.7	%	$	910	81,374


Orlando, FL	Large	$	84,650	1.1	%	60.3	%	$	1,162	594	594
Charlottesville, VA	Secondary	$	47,741	0.6	%	88.8	%	$	1,209	251	251
Fredericksburg, VA	Secondary	$	45,121	0.6	%	93.2	%	$	1,344	251	251
Charlotte, NC	Large	$	43,018	0.6	%	84.4	%	$	1,193	353	353
Dallas, TX	Large	$	36,464	0.5	%	95.6	%	$	1,124	252	252
Jacksonville, FL	Secondary	$	25,034	0.3	%	0.0	%	$	—	—	294
Nashville, TN	Large	$	13,099	0.2	%	0.0	%	$	—	—	220
Lease-up and Development		$	295,127	3.9	%	79.6	%	$	1,197	1,701	2,215

Total Wholly Owned Multifamily Communities		$	7,706,682	100.0	%	95.4	%	$	916	83,075	83,589

⁽¹⁾ Excludes joint venture properties totaling 588 units.

Supplemental Data S-2



COMPONENTS OF PROPERTY NET OPERATING INCOME FOR MULTIFAMILY PORTFOLIO



	Apartment	Three Months Ended
	Units ⁽²⁾	6/30/2014		6/30/2013			Percent Change
Property Revenue
Pro Forma Combined Same Store Communities ⁽¹⁾	72,871	$	213,224	$	207,841		2.6	%
Pro Forma Combined Non-Same Store Communities ⁽¹⁾	8,503	26,330		19,873
Lease up/Development Communities	1,701	3,561		107
Total Property Revenue	83,075	$	243,115	$	227,821

Property Expenses
Pro Forma Combined Same Store Communities ⁽¹⁾	72,871	$	85,629	$	82,510		3.8	%
Pro Forma Combined Non-Same Store Communities ⁽¹⁾	8,503	10,285		8,415
Lease up/Development Communities	1,701	1,769		376
Total Property Expenses	83,075	$	97,683	$	91,301

Property Net Operating Income
Pro Forma Combined Same Store Communities ⁽¹⁾	72,871	$	127,595	$	125,331		1.8	%
Pro Forma Combined Non-Same Store Communities ⁽¹⁾	8,503	16,045		11,458
Lease up/Development Communities	1,701	1,792		(269		)
Total Property Net Operating Income	83,075	$	145,432	$	136,520		6.5	%

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

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

⁽²⁾ Excludes joint venture properties totaling 588 units.

Supplemental Data S-3



NOI CONTRIBUTION PERCENTAGE BY REGION



			Physical Occupancy
	Proforma Combined Same Store ⁽¹⁾		June 30, 2014		June 30, 2013
Atlanta, GA	7.5	%	95.3	%	95.3	%
Austin, TX	7.4	%	96.3	%	95.6	%
Raleigh/Durham, NC	6.9	%	94.0	%	95.5	%
Fort Worth, TX	6.0	%	95.2	%	94.9	%
Charlotte, NC	5.9	%	96.4	%	94.8	%
Dallas, TX	5.5	%	95.8	%	95.6	%
Nashville, TN	5.0	%	97.5	%	97.2	%
Tampa, FL	4.2	%	95.4	%	96.4	%
Orlando, FL	3.7	%	95.8	%	94.6	%
Houston, TX	3.2	%	96.9	%	96.5	%
Phoenix, AZ	2.7	%	94.7	%	94.5	%
South Florida	1.0	%	96.5	%	94.0	%
Las Vegas, NV	1.0	%	95.7	%	92.5	%
Large Markets	60.0	%	95.7	%	95.4	%

Jacksonville, FL	4.3	%	96.0	%	96.4	%
Charleston, SC	3.5	%	96.8	%	96.0	%
Savannah, GA	3.2	%	96.6	%	95.9	%
Memphis, TN	2.6	%	95.0	%	97.0	%
Richmond, VA	2.6	%	96.6	%	95.5	%
Birmingham, AL	2.1	%	94.6	%	96.3	%
Greenville, SC	1.9	%	96.7	%	96.2	%
San Antonio, TX	1.7	%	96.5	%	96.1	%
Huntsville, AL	1.6	%	94.6	%	93.6	%
Norfolk/Hampton/VA Beach, VA	1.4	%	94.9	%	95.5	%
Little Rock, AR	1.3	%	95.1	%	95.1	%
Other	13.8	%	95.6	%	95.5	%
Secondary Markets	40.0	%	95.8	%	95.8	%

Total Proforma Combined Same Store	100.0	%	95.7	%	95.6	%

Supplemental Data S-4



NOI BRIDGE
Dollars in thousands

	Three Months Ended									Six Months Ended
	June 30, 2014			March 31, 2014			June 30, 2013			June 30, 2014			June 30, 2013

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

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

Supplemental Data S-5



MULTIFAMILY PROFORMA COMBINED SAME STORE QUARTER OVER QUARTER COMPARISONS

Dollars in thousands, except per unit data



	Revenues						Expenses						NOI						Revenue per Occupied Unit						Effective Rent per Unit
	Q2 2014		Q2 2013		% Chg		Q2 2014		Q2 2013		% Chg		Q2 2014		Q2 2013		% Chg		Q2 2014		Q2 2013		% Chg		Q2 2014		Q2 2013		% Chg
Atlanta, GA	$	16,509	$	15,925	3.7	%	$	6,978	$	6,488	7.6	%	$	9,531	$	9,437	1.0	%	$	1,106	$	1,061	4.2	%	$	961	$	906	6.1	%
Austin, TX	17,389		16,719		4.0	%	7,914		7,534		5.0	%	9,475		9,185		3.2	%	1,101		1,051		4.8	%	966		912		5.9	%
Raleigh/Durham, NC	13,549		13,543		0.0	%	4,745		4,643		2.2	%	8,804		8,900		(1.1	)%	1,030		1,018		1.2	%	914		895		2.1	%
Fort Worth, TX	13,417		12,879		4.2	%	5,711		5,572		2.5	%	7,706		7,307		5.5	%	1,038		1,002		3.6	%	896		865		3.6	%
Charlotte, NC	11,818		11,361		4.0	%	4,232		4,023		5.2	%	7,586		7,338		3.4	%	985		954		3.2	%	868		835		4.0	%
Dallas, TX	12,034		11,602		3.7	%	5,031		4,870		3.3	%	7,003		6,732		4.0	%	1,131		1,091		3.7	%	1,007		977		3.1	%
Nashville, TN	9,849		9,353		5.3	%	3,462		3,468		(0.2	)%	6,387		5,885		8.5	%	1,090		1,040		4.8	%	955		919		3.9	%
Tampa, FL	8,684		8,520		1.9	%	3,370		3,324		1.4	%	5,314		5,196		2.3	%	1,146		1,121		2.2	%	999		971		2.9	%
Orlando, FL	7,900		7,673		3.0	%	3,119		2,919		6.9	%	4,781		4,754		0.6	%	1,139		1,106		3.0	%	1,007		976		3.2	%
Houston, TX	7,151		6,763		5.7	%	3,071		3,046		0.8	%	4,080		3,717		9.8	%	1,084		1,029		5.3	%	956		905		5.6	%
Phoenix, AZ	5,595		5,382		4.0	%	2,098		2,171		(3.4	)%	3,497		3,211		8.9	%	1,008		960		5.0	%	869		833		4.3	%
South Florida	2,108		2,032		3.7	%	823		832		(1.1	)%	1,285		1,200		7.1	%	1,538		1,499		2.6	%	1,430		1,407		1.6	%
Las Vegas, NV	1,804		1,798		0.3	%	677		681		(0.6	)%	1,127		1,117		0.9	%	907		880		3.1	%	780		760		2.6	%
Large Markets	$	127,807	$	123,550	3.4	%	$	51,231	$	49,571	3.3	%	$	76,576	$	73,979	3.5	%	$	1,078	$	1,041	3.6	%	$	946	$	909	4.1	%

Jacksonville, FL	$	9,010	$	8,903	1.2	%	$	3,541	$	3,441	2.9	%	$	5,469	$	5,462	0.1	%	$	989	$	968	2.2	%	$	900	$	883	1.9	%
Charleston, SC	7,064		6,849		3.1	%	2,657		2,669		(0.4	)%	4,407		4,180		5.4	%	1,027		1,003		2.4	%	901		872		3.3	%
Savannah, GA	6,697		6,429		4.2	%	2,582		2,332		10.7	%	4,115		4,097		0.4	%	1,043		1,011		3.2	%	926		887		4.4	%
Memphis, TN	6,032		6,052		(0.3	)%	2,714		2,321		16.9	%	3,318		3,731		(11.1	)%	938		930		0.9	%	831		826		0.6	%
Richmond, VA	4,972		4,832		2.9	%	1,699		1,715		(0.9	)%	3,273		3,117		5.0	%	1,033		1,013		2.0	%	914		894		2.2	%
Birmingham, AL	4,423		4,382		0.9	%	1,745		1,711		2.0	%	2,678		2,671		0.3	%	1,063		1,046		1.6	%	941		913		3.1	%
Greenville, SC	4,119		3,983		3.4	%	1,730		1,672		3.5	%	2,389		2,311		3.4	%	814		793		2.6	%	710		688		3.2	%
San Antonio, TX	3,738		3,729		0.2	%	1,538		1,783		(13.7	)%	2,200		1,946		13.1	%	1,107		1,097		0.9	%	991		988		0.3	%
Huntsville, AL	3,448		3,405		1.3	%	1,364		1,338		1.9	%	2,084		2,067		0.8	%	874		873		0.1	%	741		749		(1.1	)%
Norfolk/Hampton/VA Beach, VA	3,215		3,284		(2.1	)%	1,418		1,225		15.8	%	1,797		2,059		(12.7	)%	1,105		1,112		(0.6	)%	963		971		(0.8	)%
Little Rock, AR	2,714		2,682		1.2	%	1,041		1,028		1.3	%	1,673		1,654		1.1	%	907		904		0.3	%	823		827		(0.5	)%
Other	29,985		29,761		0.8	%	12,369		11,704		5.7	%	17,616		18,057		(2.4	)%	900		903		(0.3	)%	798		789		1.1	%
Secondary Markets	$	85,417	$	84,291	1.3	%	$	34,398	$	32,939	4.4	%	$	51,019	$	51,352	(0.6	)%	$	955	$	947	0.8	%	$	847	$	833	1.7	%

Total Proforma Combined Same Store	$	213,224	$	207,841	2.6	%	$	85,629	$	82,510	3.8	%	$	127,595	$	125,331	1.8	%	$	1,025	$	1,000	2.5	%	$	904	$	877	3.1	%

Supplemental Data S-6



MULTIFAMILY PROFORMA COMBINED SAME STORE SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except per unit data



	Revenues						Expenses						NOI						Revenue per Occupied Unit						Effective Rent per Unit
	Q2 2014		Q1 2014		% Chg		Q2 2014		Q1 2014		% Chg		Q2 2014		Q1 2014		% Chg		Q2 2014		Q1 2014		% Chg		Q2 2014		Q1 2014		% Chg
Atlanta, GA	$	16,509	$	16,407	0.6	%	$	6,978	$	6,892	1.2	%	$	9,531	$	9,515	0.2	%	$	1,106	$	1,097	0.8	%	$	961	$	942	2.0	%
Austin, TX	17,389		17,125		1.5	%	7,914		7,766		1.9	%	9,475		9,359		1.2	%	1,101		1,087		1.3	%	966		949		1.8	%
Raleigh/Durham, NC	13,549		13,553		0.0	%	4,745		4,343		9.3	%	8,804		9,210		(4.4	)%	1,030		1,029		0.1	%	914		904		1.1	%
Fort Worth, TX	13,417		13,264		1.2	%	5,711		5,906		(3.3	)%	7,706		7,358		4.7	%	1,038		1,028		1.0	%	896		884		1.4	%
Charlotte, NC	11,818		11,695		1.1	%	4,232		3,923		7.9	%	7,586		7,772		(2.4	)%	985		976		0.9	%	868		854		1.6	%
Dallas, TX	12,034		11,988		0.4	%	5,031		5,320		(5.4	)%	7,003		6,668		5.0	%	1,131		1,126		0.4	%	1,007		998		0.9	%
Nashville, TN	9,849		9,622		2.4	%	3,462		3,521		(1.7	)%	6,387		6,101		4.7	%	1,090		1,067		2.2	%	955		942		1.4	%
Tampa, FL	8,684		8,658		0.3	%	3,370		3,363		0.2	%	5,314		5,295		0.4	%	1,146		1,143		0.3	%	999		998		0.1	%
Orlando, FL	7,900		7,913		(0.2	)%	3,119		3,020		3.3	%	4,781		4,893		(2.3	)%	1,139		1,133		0.5	%	1,007		1,001		0.6	%
Houston, TX	7,151		7,017		1.9	%	3,071		3,160		(2.8	)%	4,080		3,857		5.8	%	1,084		1,071		1.2	%	956		942		1.5	%
Phoenix, AZ	5,595		5,555		0.7	%	2,098		2,103		(0.2	)%	3,497		3,452		1.3	%	1,008		988		2.0	%	869		863		0.7	%
South Florida	2,108		2,109		0.0	%	823		761		8.1	%	1,285		1,348		(4.7	)%	1,538		1,543		(0.3	)%	1,430		1,428		0.1	%
Las Vegas, NV	1,804		1,800		0.2	%	677		663		2.1	%	1,127		1,137		(0.9	)%	907		892		1.7	%	780		768		1.6	%
Large Markets	$	127,807	$	126,706	0.9	%	$	51,231	$	50,741	1.0	%	$	76,576	$	75,965	0.8	%	$	1,078	$	1,069	0.8	%	$	946	$	935	1.2	%

Jacksonville, FL	$	9,010	$	8,995	0.2	%	$	3,541	$	3,365	5.2	%	$	5,469	$	5,630	(2.9	)%	$	989	$	984	0.5	%	$	900	$	902	(0.2	)%
Charleston, SC	7,064		6,934		1.9	%	2,657		2,556		4.0	%	4,407		4,378		0.7	%	1,027		1,020		0.7	%	901		892		1.0	%
Savannah, GA	6,697		6,539		2.4	%	2,582		2,278		13.3	%	4,115		4,261		(3.4	)%	1,043		1,029		1.4	%	926		908		2.0	%
Memphis, TN	6,032		6,012		0.3	%	2,714		2,683		1.2	%	3,318		3,329		(0.3	)%	938		932		0.6	%	831		821		1.2	%
Richmond, VA	4,972		4,887		1.7	%	1,699		1,655		2.7	%	3,273		3,232		1.3	%	1,033		1,023		1.0	%	914		903		1.2	%
Birmingham, AL	4,423		4,415		0.2	%	1,745		1,654		5.5	%	2,678		2,761		(3.0	)%	1,063		1,055		0.8	%	941		930		1.2	%
Greenville, SC	4,119		4,019		2.5	%	1,730		1,585		9.1	%	2,389		2,434		(1.8	)%	814		813		0.1	%	710		703		1.0	%
San Antonio, TX	3,738		3,675		1.7	%	1,538		1,593		(3.5	)%	2,200		2,082		5.7	%	1,107		1,101		0.5	%	991		994		(0.3	)%
Huntsville, AL	3,448		3,442		0.2	%	1,364		1,317		3.6	%	2,084		2,125		(1.9	)%	874		876		(0.2	)%	741		741		0.0	%
Norfolk/Hampton/VA Beach, VA	3,215		3,248		(1.0	)%	1,418		1,145		23.8	%	1,797		2,103		(14.6	)%	1,105		1,111		(0.5	)%	963		963		0.0	%
Little Rock, AR	2,714		2,750		(1.3	)%	1,041		1,020		2.1	%	1,673		1,730		(3.3	)%	907		910		(0.3	)%	823		821		0.2	%
Other	29,985		29,877		0.4	%	12,369		11,501		7.5	%	17,616		18,376		(4.1	)%	900		900		0.0	%	798		794		0.5	%
Secondary Markets	$	85,417	$	84,793	0.7	%	$	34,398	$	32,352	6.3	%	$	51,019	$	52,441	(2.7	)%	$	955	$	952	0.3	%	$	847	$	841	0.7	%

Total Proforma Combined Same Store	$	213,224	$	211,499	0.8	%	$	85,629	$	83,093	3.1	%	$	127,595	$	128,406	(0.6	)%	$	1,025	$	1,019	0.6	%	$	904	$	895	1.0	%

Supplemental Data S-7



MULTIFAMILY PROFORMA COMBINED SAME STORE YEAR TO DATE COMPARISONS

Dollars in thousands, except per unit data



	Revenues						Expenses						NOI						Revenue per Occupied Unit						Effective Rent per Unit
	Q2 2014		Q2 2013		% Chg		Q2 2014		Q2 2013		% Chg		Q2 2014		Q2 2013		% Chg		Q2 2014		Q2 2013		% Chg		Q2 2014		Q2 2013		% Chg
Atlanta, GA	$	32,916	$	31,535	4.4	%	$	13,870	$	13,127	5.7	%	$	19,046	$	18,408	3.5	%	$	1,101	$	1,091	0.9	%	$	951	$	901	5.5	%
Austin, TX	34,514		33,079		4.3	%	15,680		14,854		5.6	%	18,834		18,225		3.3	%	1,094		1,041		5.1	%	959		906		5.8	%
Raleigh/Durham, NC	27,102		26,933		0.6	%	9,088		9,216		(1.4	)%	18,014		17,717		1.7	%	1,029		1,009		2.0	%	911		889		2.5	%
Fort Worth, TX	26,681		25,744		3.6	%	11,617		10,917		6.4	%	15,064		14,827		1.6	%	1,033		997		3.6	%	890		859		3.6	%
Charlotte, NC	23,513		22,643		3.8	%	8,155		7,931		2.8	%	15,358		14,712		4.4	%	980		944		3.8	%	862		828		4.1	%
Dallas, TX	24,022		23,108		4.0	%	10,351		9,777		5.9	%	13,671		13,331		2.6	%	1,129		1,085		4.1	%	1,002		973		3.0	%
Nashville, TN	19,471		18,482		5.4	%	6,983		6,711		4.1	%	12,488		11,771		6.1	%	1,079		1,031		4.7	%	948		914		3.7	%
Tampa, FL	17,342		16,902		2.6	%	6,733		6,562		2.6	%	10,609		10,340		2.6	%	1,144		1,111		3.0	%	997		966		3.2	%
Orlando, FL	15,813		15,261		3.6	%	6,139		5,699		7.7	%	9,674		9,562		1.2	%	1,136		1,162		(2.2	)%	1,004		972		3.3	%
Houston, TX	14,168		13,400		5.7	%	6,231		5,938		4.9	%	7,937		7,462		6.4	%	1,078		1,024		5.3	%	949		898		5.7	%
Phoenix, AZ	11,150		10,739		3.8	%	4,201		4,193		0.2	%	6,949		6,546		6.2	%	998		953		4.7	%	864		830		4.1	%
South Florida	4,217		4,019		4.9	%	1,584		1,589		(0.3	)%	2,633		2,430		8.4	%	1,540		1,487		3.6	%	1,430		1,399		2.2	%
Las Vegas, NV	3,604		3,583		0.6	%	1,340		1,346		(0.4	)%	2,264		2,237		1.2	%	899		876		2.6	%	777		758		2.5	%
Large Markets	$	254,513	$	245,428	3.7	%	$	101,972	$	97,860	4.2	%	$	152,541	$	147,568	3.4	%	$	1,074	$	1,040	3.3	%	$	941	$	904	4.1	%

Jacksonville, FL	$	18,005	$	17,703	1.7	%	$	6,906	$	6,727	2.7	%	$	11,099	$	10,976	1.1	%	$	986	$	960	2.7	%	$	902	$	875	3.1	%
Charleston, SC	13,998		13,567		3.2	%	5,213		5,198		0.3	%	8,785		8,369		5.0	%	1,024		994		3.0	%	896		864		3.7	%
Savannah, GA	13,236		12,820		3.2	%	4,860		4,604		5.6	%	8,376		8,216		1.9	%	1,036		1,007		2.9	%	917		883		3.9	%
Memphis, TN	12,044		12,063		(0.2	)%	5,397		4,884		10.5	%	6,647		7,179		(7.4	)%	935		926		1.0	%	828		822		0.7	%
Richmond, VA	9,859		9,603		2.7	%	3,354		3,366		(0.4	)%	6,505		6,237		4.3	%	1,028		1,009		1.9	%	909		892		1.9	%
Birmingham, AL	8,838		8,677		1.9	%	3,399		3,372		0.8	%	5,439		5,305		2.5	%	1,059		1,038		2.0	%	935		910		2.7	%
Greenville, SC	8,138		7,882		3.2	%	3,315		3,293		0.7	%	4,823		4,589		5.1	%	814		788		3.3	%	706		684		3.2	%
San Antonio, TX	7,413		7,331		1.1	%	3,131		3,190		(1.8	)%	4,282		4,141		3.4	%	1,104		1,235		(10.6	)%	993		984		0.9	%
Huntsville, AL	6,890		6,834		0.8	%	2,681		2,678		0.1	%	4,209		4,156		1.3	%	875		874		0.1	%	740		744		(0.5	)%
Norfolk/Hampton/VA Beach, VA	6,463		6,558		(1.4	)%	2,563		2,377		7.8	%	3,900		4,181		(6.7	)%	1,108		1,106		0.2	%	964		964		0.0	%
Little Rock, AR	5,464		5,373		1.7	%	2,061		2,063		(0.1	)%	3,403		3,310		2.8	%	909		902		0.8	%	822		825		(0.4	)%
Other	59,862		59,116		1.3	%	23,870		22,979		3.9	%	35,992		36,137		(0.4	)%	900		905		(0.6	)%	796		786		1.3	%
Secondary Markets	$	170,210	$	167,527	1.6	%	$	66,750	$	64,731	3.1	%	$	103,460	$	102,796	0.6	%	$	954	$	948	0.6	%	$	844	$	829	1.8	%

Total Proforma Combined Same Store	$	424,723	$	412,955	2.8	%	$	168,722	$	162,591	3.8	%	$	256,001	$	250,364	2.3	%	$	1,022	$	1,001	2.1	%	$	899	$	872	3.1	%

Supplemental Data S-8



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

MULTIFAMILY DEVELOPMENT PIPELINE

		Units as of June 30, 2014				Initial			Development Costs
					Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total	Delivered	Leased	Date	Date	Date	Date	Cost		Q2 2014		After

220 Riverside	Jacksonville, FL	294	—	29	4Q12	4Q14	1Q15	4Q15	$	41,300	$	25,146	$	16,154
CG at Bellevue II	Nashville, TN	220	—	—	3Q13	4Q14	1Q15	3Q15	30,700		13,190		17,510
Total Active		514	—	29					$	72,000	$	38,336	$	33,664



MULTIFAMILY LEASE-UP COMMUNITIES

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

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



COMMERCIAL PROPERTIES

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

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

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

Supplemental Data S-9



2014 ACQUISITION/DISPOSITION ACTIVITY



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



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



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



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



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

Supplemental Data S-10



DEBT AND DEBT COVENANTS AS OF JUNE 30, 2014
Dollars in thousands

SUMMARY OF OUTSTANDING INTEREST RATE MATURITIES
			Average
			Years
	Principal		to Rate	Effective
	Balance		Maturity	Rate
Secured Debt
Conventional - Fixed Rate or Swapped	$	1,276,194	4.9	4.2	%
Conventional - Variable Rate - Capped ^{(1) (2)}	192,177		2.0	1.1	%
Tax-free - Variable Rate - Capped⁽¹⁾	87,858		3.6	0.9	%
Total Secured Fixed or Hedged Rate Debt	1,556,229		4.5	3.6	%
Conventional - Variable Rate	6,785		0.1	0.7	%
Total Secured Debt	1,563,014		4.4	3.6	%
Unsecured Debt
Fixed Rate or Swapped	1,877,399		5.3	4.0	%
Variable Rate	35,000		0.1	1.3	%
Total Unsecured Debt	1,912,399		5.2	4.0	%
Total Debt	$	3,475,413	4.9	3.8	%
Total Fixed or Hedged Debt	$	3,433,628	4.9	3.8	%


⁽¹⁾	The effective rate represents the average rate on the underlying variable debt unless the cap rates are reached, which average 4.6% of LIBOR for conventional caps and 6.0% of SIFMA for tax-free caps.


⁽²⁾	Includes $27 million of mortgages with embedded caps at a 7% all-in interest rate.



OTHER SUMMARIES
					Effective			Average Years
			Percent of		Interest			to Rate
	Balance		Total		Rate			Maturity
Floating Versus Fixed Rate or Hedged Debt
Fixed rate or swapped debt	$	3,153,593	90.7	%	4.1		%	5.1
Capped debt	280,035		8.1	%	1.0		%	2.5
Floating (unhedged) debt	41,785		1.2	%	1.2		%	0.1
Total	$	3,475,413	100.0	%	3.8		%	4.9

					Effective			Average Years
			Percent of		Interest			to Contract
	Balance		Total		Rate			Maturity
Secured Versus Unsecured Debt
Unsecured Debt	$	1,912,399	55.0	%	4.0		%	5.2
Secured Debt	1,563,014		45.0	%	3.6		%	5.4
Total	$	3,475,413	100.0	%	3.8		%	5.3

	Total		Percent of		Q2 2014			Percent of
	Cost		Total		NOI			Total
Unencumbered Versus Encumbered Assets
Unencumbered gross assets	$	5,258,072	66.9	%	$	94,177		64.4	%
Encumbered gross assets	2,598,921		33.1	%	52,058			35.6	%
Total	$	7,856,993	100.0	%	$	146,235		100.0	%

Supplemental Data S-11



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

Dollars in thousands



FIXED OR HEDGED INTEREST RATE MATURITIES

													Average
	Fixed		Interest		Total				Interest		Total		Years to
	Rate		Rate		Fixed Rate		Contract		Rate		Fixed or		Rate
Maturity	Debt		Swaps		Balances		Rate		Caps		Hedged		Maturity
2014	$	—	$	50,000	$	50,000	6.1	%	$	—	$	50,000
2015	253,924		75,000		328,924		5.5	%	51,977		380,901
2016	95,044		—		95,044		6.0	%	104,354		199,398
2017	159,814		300,000		459,814		2.3	%	64,573		524,387
2018	103,639		250,000		353,639		3.2	%	32,691		386,330
Thereafter	1,866,172		—		1,866,172		4.8	%	26,440		1,892,612
Total	$	2,478,593	$	675,000	$	3,153,593	4.4	%	$	280,035	$	3,433,628	4.9



DEBT MATURITIES OF OUTSTANDING BALANCES

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



DEBT COVENANT ANALYSIS

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

Supplemental Data S-12



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

	Three Months Ended
	June 30,
	2014			2013
Recurring EBITDA/Debt Service	3.35x			4.33x
Fixed Charge Coverage ⁽¹⁾	3.57x			4.73x
Total Debt/Total Capitalization ⁽²⁾	37.5%			34.7%
Total Debt/Total Gross Assets	43.1%			43.4%
Total Net Debt ⁽³⁾/Total Gross Assets	42.8%			43.2%
Total Net Debt ⁽³⁾/Recurring EBITDA⁽⁴⁾	6.43x			6.01x
Unencumbered Assets/Gross Real Estate Assets	66.9%			57.7%


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


⁽²⁾	Total Capitalization equals the number of shares of common stock and units at period end times the closing stock price at period end plus total debt outstanding.


⁽³⁾	Total Net Debt equals Total Debt less cash and cash equivalents.


⁽⁴⁾	Recurring EBITDA represents the six months ended June 30, 2014 on an annualized basis.

Supplemental Data S-13



2014 GUIDANCE

	Full Year 2014
Earnings
Core FFO per Share - diluted	$4.79 to $4.95
Midpoint	$4.87
Core AFFO per Share - diluted	$4.04 to $4.20
Midpoint	$4.12

Proforma Combined Same Store Communities:
Number of units	72,871
Property revenue growth	3.0% to 3.5%
Property operating expense growth	1.5% to 2.5%
Property NOI growth	4.0% to 4.5%
Real estate tax expense growth	6% to 7%

Corporate Expenses:
General and administrative and property management expenses	$53 to $55 million
Merger and integration expenses	$12 to $13 million
Acquisition expense	$1.5 to $2.0 million
Loss on debt extinguishment/modification	$3.0 to $3.5 million
Income tax expense	$1.5 to $2.0 million

Transaction/Investment Volume:
Acquisition volume (multifamily)	$200 to $300 million
Disposition volume (multifamily)	$125 to $175 million
Commercial / land disposition volume	$125 to $175 million
Development investment	$60 to $65 million

Debt:
Average Interest Rate (excluding mark-to-market debt adjustment)	4.3% to 4.5%
Capitalized Interest	$1.5 to $2.0 million
Leverage (Total Net Debt/Total Gross Assets)	42% to 45%
Unencumbered Asset Pool (Percent of Total Gross Assets)	65% to 70%
Mark-to-market adjustment at merger	$90.5 million
Projected amortization of debt mark-to-market	$24 to $26 million

MAA provides guidance on Core FFO per Share but does not forecast net income available for common shareholders per diluted share. It is not possible to reasonably predict the timing and certainty of acquisitions and dispositions that would materially affect depreciation, capital gains or losses, merger and acquisition expenses and net income attributable to noncontrolling interests or to forecast extraordinary items, which, combined, generally represent the difference between net income available for common shareholders and Core FFO.

Supplemental Data S-14



CREDIT RATINGS

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


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


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

COMMON STOCK

Stock Symbol:

MAA

Exchange Traded:

NYSE

Estimated Future Dates:

Q3 2014

Q4 2014

Q1 2015

Q2 2015

Earnings release & conference call

Late October

Early February

Late April

Late July

Dividend Information - Common Shares:

Q2 2013

Q3 2013

Q4 2013

Q1 2014

Q2 2014

Declaration Date

5/21/2013

9/30/2013

12/3/2013

3/20/2014

5/22/2014

Record Date

7/15/2013

10/15/2013

1/15/2014

4/15/2014

7/15/2014

Payment Date

7/31/2013

10/31/2013

1/31/2014

4/30/2014

7/31/2014

Distributions Per Share

0.6950

0.7300



INVESTOR RELATIONS DATA

MAA does not send quarterly reports to shareholders, but supplies 10-Q's, Earnings Releases and Supplemental Data upon request.

For recent press releases, 10-Q's, 10-K's and other information call 866-576-9689 (toll free) or email investor.relations@maac.com. This information, as well as access to MAA's Quarterly Conference Call, is also available on the "For Investors" page of our website at www.maac.com.

For Questions Contact:
	Name	Title
	Tim Argo	Senior Vice President, Director of Finance
	Jennifer Patrick	Investor Relations

Supplemental Data S-15

MID AMERICA APARTMENT COMMUNITIES INC. - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - July 30, 2014

Attached files

MID AMERICA APARTMENT COMMUNITIES INC. Reports