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.	maa93015-er.htm
EX-99.1 - EXHIBIT 99.1 - MID AMERICA APARTMENT COMMUNITIES INC.	a3q15exh991.htm



PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT SEPTEMBER 30, 2015 (In apartment units)



	Same Store	Non Same Store	In Lease-Up	Total for Completed Communities	Current Development Units Delivered	Total

Atlanta, GA	5,594	480	—	6,074	—	6,074
Austin, TX	5,838	—	—	5,838	—	5,838
Dallas, TX	3,979	1,318	—	5,297	—	5,297
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
Nashville, TN	3,207	349	220	3,776	—	3,776
Orlando, FL	2,718	934	—	3,652	—	3,652
Houston, TX	2,597	635	—	3,232	—	3,232
Tampa, FL	2,878	—	—	2,878	—	2,878
Phoenix, AZ	1,976	—	325	2,301	—	2,301
Las Vegas, NV	721	—	—	721	—	721
South Florida	480	—	—	480	—	480
Large Markets	43,818	4,069	545	48,432	—	48,432

Jacksonville, FL	3,202	—	—	3,202	232	3,434
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		—	1,811	—	1,811
Greenville, SC	1,748	—	—	1,748	—	1,748
San Antonio, TX	1,176	328	—	1,504	—	1,504
Birmingham, AL	1,462	—	—	1,462	—	1,462
Huntsville, AL	1,380	—	—	1,380	—	1,380
Little Rock, AR	1,368	—	—	1,368	—	1,368
Norfolk, Hampton, VA Beach, VA	1,033	252	—	1,285	—	1,285
Jackson, MS	1,241	—	—	1,241	—	1,241
Chattanooga, TN	943	—	—	943	—	943
Lexington, KY	924	—	—	924	—	924
Other	4,735	1,968	—	6,703	—	6,703
Secondary Markets	27,558	2,548	254	30,360	232	30,592
Total Multifamily Units	71,376	6,617	799	78,792	232	79,024

Supplemental Data S-1



PORTFOLIO STATISTICS (CONTINUED)

TOTAL MULTIFAMILY COMMUNITY STATISTICS

Dollars in thousands, except Average Effective Rent



		As of September 30, 2015						Average Effective Rent for the Three Months Ended September 30, 2015		As of September 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		$	662,829	8.3	%	96.6	%	$	1,083	6,074
Charlotte, NC		$	607,129	7.6	%	97.1	%	$	980	5,001
Austin, TX		$	577,055	7.3	%	96.3	%	$	1,049	5,838
Raleigh/Durham, NC		$	547,208	6.9	%	96.3	%	$	947	4,663
Dallas, TX		$	543,075	6.8	%	96.1	%	$	1,082	5,297
Orlando, FL		$	478,744	6.0	%	97.2	%	$	1,140	3,652
Fort Worth, TX		$	382,093	4.8	%	96.6	%	$	973	4,519
Nashville, TN		$	338,932	4.3	%	96.5	%	$	1,092	3,556
Tampa, FL		$	304,539	3.8	%	98.0	%	$	1,078	2,878
Houston, TX		$	280,869	3.5	%	96.0	%	$	1,061	3,232
Phoenix, AZ		$	236,020	3.0	%	96.8	%	$	935	1,976
Las Vegas, NV		$	65,949	0.8	%	97.8	%	$	818	721
South Florida		$	58,614	0.7	%	96.3	%	$	1,504	480
Large Markets		$	5,083,056	63.8	%	96.6	%	$	1,042	47,887

Charleston, SC		$	261,717	3.3	%	96.7	%	$	1,041	2,648
Jacksonville, FL		$	247,509	3.1	%	97.2	%	$	944	3,202
Savannah, GA		$	224,745	2.8	%	96.5	%	$	982	2,219
Richmond, VA		$	188,600	2.4	%	97.2	%	$	951	1,668
Fredericksburg, VA		$	156,852	2.0	%	97.3	%	$	1,219	1,001
San Antonio, TX		$	156,587	2.0	%	96.5	%	$	1,053	1,504
Birmingham, AL		$	145,614	1.8	%	96.3	%	$	939	1,462
Kansas City, MO-KS		$	143,262	1.8	%	96.6	%	$	1,195	901
Norfolk, Hampton, VA Beach, VA		$	140,432	1.8	%	95.3	%	$	1,052	1,285
Memphis, TN		$	124,418	1.6	%	96.0	%	$	857	1,811
Huntsville, AL		$	113,732	1.4	%	95.1	%	$	753	1,380
Little Rock, AR		$	113,596	1.4	%	96.5	%	$	874	1,368
Greenville, SC		$	95,954	1.2	%	95.5	%	$	766	1,748
All Other Secondary Markets by State (individual markets <1% gross real assets)
Florida		$	140,684	1.8	%	96.6	%	$	969	1,790
Kentucky		$	90,421	1.1	%	97.6	%	$	824	1,308
Mississippi		$	71,683	0.9	%	97.4	%	$	853	1,241
North Carolina		$	71,478	0.9	%	97.1	%	$	682	1,172
Alabama		$	59,602	0.8	%	96.7	%	$	916	628
Virginia		$	47,973	0.6	%	97.2	%	$	1,362	251
Tennessee		$	46,760	0.6	%	97.9	%	$	772	943
South Carolina		$	35,706	0.4	%	97.6	%	$	760	576
Secondary Markets		$	2,677,325	33.7	%	96.6	%	$	931	30,106

Subtotal		$	7,760,381	97.5	%	96.6	%	$	999	77,993

Phoenix, AZ	Large	$	55,879	0.7	%	87.4	%	$	1,316	325	325
Nashville, TN	Large	$	38,705	0.5	%	91.4	%	$	1,215	220	220
Orlando, FL	Large	$	7,429	0.1	%	0.0	%	$	—	—	314
Richmond, VA	Secondary	$	43,326	0.5	%	95.3	%	$	1,179	254	254
Jacksonville, FL	Secondary	$	40,017	0.5	%	75.0	%	$	1,375	232	294
Fredericksburg, VA	Secondary	$	11,907	0.1	%	0.0	%	$	—	—	120
Charleston, SC	Secondary	$	6,166	0.1	%	0.0	%	$	—	—	78
Lease-up and Development		$	203,429	2.5	%	87.4	%	$	1,274	1,031	1,605

Total Wholly Owned Multifamily Communities		$	7,963,810	100.0	%	96.5	%	$	1,003	79,024	79,598

Supplemental Data S-2



COMPONENTS OF PROPERTY NET OPERATING INCOME

Dollars in thousands



	Apartment	Gross Real		Three Months Ended
	Units	Estate Assets		September 30, 2015		September 30, 2014			Percent Change
Property Revenue
Same Store Communities	71,376	$	6,795,647	$	232,136	$	218,865		6.1	%
Non-Same Store Communities	6,617	964,734		24,951		29,387
Lease up/Development Communities	1,031	203,429		3,420		1
Total Multifamily Portfolio	79,024	$	7,963,810	$	260,507	$	248,253
Commercial Property/Land	—	$	50,644	$	1,491	$	1,310
Total Property Revenue	79,024	$	8,014,454	$	261,998	$	249,563

Property Expenses
Same Store Communities	71,376	$	6,795,647	$	90,035	$	87,416		3.0	%
Non-Same Store Communities	6,617	964,734		9,481		13,079
Lease up/Development Communities	1,031	203,429		1,487		55
Total Multifamily Portfolio	79,024	$	7,963,810	$	101,003	$	100,550
Commercial Property/Land	—	$	50,644	$	596	$	332
Total Property Expenses	79,024	$	8,014,454	$	101,599	$	100,882

Property Net Operating Income
Same Store Communities	71,376	$	6,795,647	$	142,101	$	131,449		8.1	%
Non-Same Store Communities	6,617	964,734		15,470		16,308
Lease up/Development Communities	1,031	203,429		1,933		(54		)
Total Multifamily Portfolio	79,024	$	7,963,810	$	159,504	$	147,703
Commercial Property/Land	—	$	50,644	$	895	$	978
Total Property Net Operating Income	79,024	$	8,014,454	$	160,399	$	148,681		7.9	%



COMPONENTS OF SAME STORE PROPERTY EXPENSES

Dollars in thousands



	Three Months Ended						Nine Months Ended
	September 30, 2015		September 30, 2014		Percent Increase/(Decrease)		September 30, 2015		September 30, 2014		Percent Increase/(Decrease)
Personnel	$	23,650	$	22,699	4.2	%	$	68,328	$	65,147	4.9	%
Building Repair and Maintenance	11,409		11,203		1.8	%	33,324		32,752		1.7	%
Utilities	21,441		20,598		4.1	%	60,007		58,266		3.0	%
Marketing	2,701		2,901		(6.9	)%	8,472		8,242		2.8	%
Office Operations	3,300		2,965		11.3	%	9,847		8,980		9.7	%
Property Taxes	24,620		24,178		1.8	%	75,650		72,539		4.3	%
Insurance	2,914		2,872		1.5	%	8,723		8,790		(0.8	)%
Total Property Expenses	$	90,035	$	87,416	3.0	%	$	264,351	$	254,716	3.8	%

Supplemental Data S-3



NOI CONTRIBUTION PERCENTAGE BY REGION



			Average Physical Occupancy
	Percent of Same Store		Three months ended September 30, 2015		Three months ended September 30, 2014
Atlanta, GA	8.6	%	96.2	%	95.6	%
Austin, TX	8.0	%	96.5	%	96.4	%
Charlotte, NC	6.9	%	96.7	%	96.1	%
Raleigh/Durham, NC	6.7	%	96.6	%	95.1	%
Fort Worth, TX	5.9	%	96.5	%	95.7	%
Dallas, TX	5.6	%	96.4	%	95.4	%
Nashville, TN	5.3	%	96.6	%	96.6	%
Orlando, FL	4.5	%	96.9	%	96.0	%
Tampa, FL	4.5	%	97.3	%	96.2	%
Houston, TX	3.6	%	95.7	%	96.1	%
Phoenix, AZ	2.8	%	96.6	%	95.7	%
South Florida	1.0	%	96.2	%	95.2	%
Las Vegas, NV	0.9	%	96.0	%	95.6	%
Large Markets	64.3	%	96.5	%	95.9	%

Jacksonville, FL	4.4	%	97.0	%	95.7	%
Charleston, SC	4.2	%	96.7	%	96.3	%
Savannah, GA	3.2	%	96.9	%	96.1	%
Richmond, VA	2.4	%	96.7	%	96.1	%
Memphis, TN	2.0	%	96.4	%	94.4	%
Birmingham, AL	2.0	%	96.3	%	94.6	%
Greenville, SC	1.9	%	96.5	%	96.2	%
Little Rock, AR	1.7	%	96.2	%	94.3	%
San Antonio, TX	1.6	%	96.8	%	95.7	%
Jackson, MS	1.5	%	97.1	%	96.2	%
Huntsville, AL	1.4	%	94.9	%	94.2	%
Norfolk, Hampton, VA Beach, VA	1.4	%	96.5	%	94.2	%
Lexington, KY	1.1	%	97.3	%	95.3	%
Chattanooga, TN	1.0	%	96.9	%	95.1	%
Other	5.9	%	96.7	%	95.2	%
Secondary Markets	35.7	%	96.6	%	95.4	%

Total Same Store	100.0	%	96.6	%	95.7	%

Supplemental Data S-4



NOI BRIDGE
Dollars in thousands

	Three Months Ended									Nine Months Ended
	September 30, 2015			June 30, 2015			September 30, 2014			September 30, 2015			September 30, 2014

NOI
MAA same store	$	142,101		$	138,331		$	131,449		$	416,741		$	388,987
Non-same store	18,298			19,704			17,232			59,597			54,666
Total NOI	160,399			158,035			148,681			476,338			443,653
Held for sale NOI included above	—			—			—			—			(1,102		)
Management fee income	—			—			11			—			154
Depreciation and amortization	(73,098		)	(74,396		)	(70,222		)	(220,606		)	(229,866		)
Acquisition expense	(656		)	(1,159		)	(13		)	(2,155		)	(971		)
Property management expenses	(7,628		)	(6,986		)	(7,429		)	(23,106		)	(24,019		)
General and administrative expenses	(5,879		)	(6,657		)	(6,511		)	(19,103		)	(16,065		)
Merger related expenses	—			—			(331		)	—			(3,202		)
Integration related expenses	—			—			(147		)	—			(7,140		)
Interest and other non-property (expense) income	(179		)	29			37			(359		)	1,077
Interest Expense	(29,342		)	(29,528		)	(28,251		)	(88,801		)	(89,090		)
Loss on debt extinguishment	(5		)	(3		)	(2,586		)	(3,384		)	(2,586		)
Amortization of deferred financing costs	(887		)	(905		)	(1,000		)	(2,710		)	(3,485		)
Gain on sale of depreciable real estate assets excluded from discontinued operations	54,621			105,182			36,032			190,031			42,254
Net casualty (loss) gain and other settlement proceeds	(5		)	510			(126		)	485			(431		)
Income tax expense	(512		)	(398		)	(442		)	(1,419		)	(1,235		)
Gain on sale of non-depreciable real estate assets	—			172			—			172			535
(Loss) gain from real estate joint ventures	(1		)	(23		)	3,124			(5		)	6,019
Discontinued operations	—			—			(108		)	—			5,319
Net income attributable to noncontrolling interests	(5,094		)	(7,574		)	(3,743		)	(16,078		)	(6,364		)
Net income attributable to MAA	$	91,734		$	136,299		$	66,976		$	289,300		$	113,455

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
	Q3 2015		Q3 2014		% Chg		Q3 2015		Q3 2014		% Chg		Q3 2015		Q3 2014		% Chg		Q3 2015		Q3 2014		% Chg		Q3 2015		Q3 2014		% Chg
Atlanta, GA	$	19,971	$	18,347	8.9	%	$	7,781	$	7,736	0.6	%	$	12,190	$	10,611	14.9	%	$	1,237	$	1,143	8.2	%	$	1,054	$	980	7.6	%
Austin, TX	20,324		19,238		5.6	%	8,964		8,745		2.5	%	11,360		10,493		8.3	%	1,203		1,139		5.6	%	1,049		994		5.5	%
Charlotte, NC	14,809		13,958		6.1	%	5,044		4,948		1.9	%	9,765		9,010		8.4	%	1,099		1,042		5.5	%	962		914		5.3	%
Raleigh/Durham, NC	14,734		13,939		5.7	%	5,194		4,893		6.2	%	9,540		9,046		5.5	%	1,090		1,048		4.0	%	947		920		2.9	%
Fort Worth, TX	14,697		13,704		7.2	%	6,306		5,925		6.4	%	8,391		7,779		7.9	%	1,123		1,056		6.3	%	973		914		6.5	%
Dallas, TX	14,085		13,262		6.2	%	6,135		5,692		7.8	%	7,950		7,570		5.0	%	1,224		1,164		5.2	%	1,082		1,029		5.2	%
Nashville, TN	11,490		11,033		4.1	%	3,964		3,738		6.0	%	7,526		7,295		3.2	%	1,236		1,188		4.0	%	1,090		1,047		4.1	%
Orlando, FL	10,020		9,210		8.8	%	3,679		3,554		3.5	%	6,341		5,656		12.1	%	1,268		1,177		7.7	%	1,123		1,038		8.2	%
Tampa, FL	10,359		9,717		6.6	%	4,030		3,824		5.4	%	6,329		5,893		7.4	%	1,233		1,170		5.4	%	1,078		1,022		5.5	%
Houston, TX	8,663		8,285		4.6	%	3,575		3,538		1.0	%	5,088		4,747		7.2	%	1,162		1,106		5.1	%	1,023		974		5.0	%
Phoenix, AZ	6,177		5,724		7.9	%	2,142		2,253		(4.9	)%	4,035		3,471		16.2	%	1,079		1,009		6.9	%	935		878		6.5	%
South Florida	2,272		2,137		6.3	%	809		738		9.6	%	1,463		1,399		4.6	%	1,640		1,558		5.3	%	1,504		1,435		4.8	%
Las Vegas, NV	2,041		1,898		7.5	%	782		782		—	%	1,259		1,116		12.8	%	983		918		7.1	%	818		776		5.4	%
Large Markets	$	149,642	$	140,452	6.5	%	$	58,405	$	56,366	3.6	%	$	91,237	$	84,086	8.5	%	$	1,179	$	1,114	5.8	%	$	1,029	$	974	5.6	%

Jacksonville, FL	$	9,668	$	9,115	6.1	%	$	3,500	$	3,495	0.1	%	$	6,168	$	5,620	9.8	%	$	1,038	$	992	4.6	%	$	944	$	910	3.7	%
Charleston, SC	9,232		8,607		7.3	%	3,214		3,252		(1.2	)%	6,018		5,355		12.4	%	1,202		1,125		6.8	%	1,041		983		5.9	%
Savannah, GA	7,302		6,857		6.5	%	2,704		2,645		2.2	%	4,598		4,212		9.2	%	1,132		1,072		5.6	%	982		946		3.8	%
Richmond, VA	5,312		5,081		4.5	%	1,899		1,838		3.3	%	3,413		3,243		5.2	%	1,098		1,057		3.9	%	951		928		2.5	%
Memphis, TN	5,079		4,891		3.8	%	2,256		2,253		0.1	%	2,823		2,638		7.0	%	970		954		1.7	%	857		848		1.1	%
Birmingham, AL	4,664		4,542		2.7	%	1,857		1,843		0.8	%	2,807		2,699		4.0	%	1,104		1,095		0.8	%	939		951		(1.3	)%
Greenville, SC	4,525		4,210		7.5	%	1,791		1,699		5.4	%	2,734		2,511		8.9	%	894		834		7.2	%	766		724		5.8	%
Little Rock, AR	3,855		3,801		1.4	%	1,409		1,390		1.4	%	2,446		2,411		1.5	%	976		982		(0.6	)%	874		881		(0.8	)%
San Antonio, TX	3,950		3,783		4.4	%	1,664		1,595		4.3	%	2,286		2,188		4.5	%	1,157		1,121		3.2	%	1,032		1,007		2.5	%
Jackson, MS	3,573		3,434		4.0	%	1,377		1,299		6.0	%	2,196		2,135		2.9	%	989		959		3.1	%	853		834		2.3	%
Huntsville, AL	3,533		3,425		3.2	%	1,537		1,413		8.8	%	1,996		2,012		(0.8	)%	899		878		2.4	%	753		742		1.5	%
Norfolk, Hampton, VA Beach, VA	3,356		3,285		2.2	%	1,381		1,368		1.0	%	1,975		1,917		3.0	%	1,122		1,125		(0.3	)%	970		967		0.3	%
Lexington, KY	2,521		2,374		6.2	%	907		919		(1.3	)%	1,614		1,455		10.9	%	935		899		4.0	%	837		813		3.0	%
Chattanooga, TN	2,458		2,399		2.5	%	1,092		1,074		1.7	%	1,366		1,325		3.1	%	896		892		0.4	%	772		743		3.9	%
Other	13,466		12,609		6.8	%	5,042		4,967		1.5	%	8,424		7,642		10.2	%	980		932		5.2	%	858		831		3.2	%
Secondary Markets	$	82,494	$	78,413	5.2	%	$	31,630	$	31,050	1.9	%	$	50,864	$	47,363	7.4	%	$	1,033	$	994	3.9	%	$	903	$	878	2.8	%

Total Same Store	$	232,136	$	218,865	6.1	%	$	90,035	$	87,416	3.0	%	$	142,101	$	131,449	8.1	%	$	1,123	$	1,068	5.1	%	$	980	$	937	4.6	%

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
	Q3 2015		Q2 2015		% Chg		Q3 2015		Q2 2015		% Chg		Q3 2015		Q2 2015		% Chg		Q3 2015		Q2 2015		% Chg		Q3 2015		Q2 2015		% Chg
Atlanta, GA	$	19,971	$	19,278	3.6	%	$	7,781	$	7,575	2.7	%	$	12,190	$	11,703	4.2	%	$	1,237	$	1,195	3.5	%	$	1,054	$	1,028	2.5	%
Austin, TX	20,324		19,705		3.1	%	8,964		8,948		0.2	%	11,360		10,757		5.6	%	1,203		1,176		2.3	%	1,049		1,031		1.7	%
Charlotte, NC	14,809		14,566		1.7	%	5,044		4,993		1.0	%	9,765		9,573		2.0	%	1,099		1,079		1.9	%	962		942		2.1	%
Raleigh/Durham, NC	14,734		14,501		1.6	%	5,194		4,982		4.3	%	9,540		9,519		0.2	%	1,090		1,078		1.1	%	947		935		1.3	%
Fort Worth, TX	14,697		14,311		2.7	%	6,306		6,092		3.5	%	8,391		8,219		2.1	%	1,123		1,103		1.8	%	973		952		2.2	%
Dallas, TX	14,085		13,689		2.9	%	6,135		5,718		7.3	%	7,950		7,971		(0.3	)%	1,224		1,194		2.5	%	1,082		1,061		2.0	%
Nashville, TN	11,490		11,168		2.9	%	3,964		3,756		5.5	%	7,526		7,412		1.5	%	1,236		1,209		2.2	%	1,090		1,074		1.5	%
Orlando, FL	10,020		9,721		3.1	%	3,679		3,710		(0.8	)%	6,341		6,011		5.5	%	1,268		1,231		3.0	%	1,123		1,090		3.0	%
Tampa, FL	10,359		10,079		2.8	%	4,030		3,883		3.8	%	6,329		6,196		2.1	%	1,233		1,212		1.7	%	1,078		1,061		1.6	%
Houston, TX	8,663		8,565		1.1	%	3,575		3,853		(7.2	)%	5,088		4,712		8.0	%	1,162		1,144		1.6	%	1,023		1,015		0.8	%
Phoenix, AZ	6,177		6,003		2.9	%	2,142		2,176		(1.6	)%	4,035		3,827		5.4	%	1,079		1,058		2.0	%	935		919		1.7	%
South Florida	2,272		2,262		0.4	%	809		847		(4.5	)%	1,463		1,415		3.4	%	1,640		1,627		0.8	%	1,504		1,491		0.9	%
Las Vegas, NV	2,041		1,973		3.4	%	782		708		10.5	%	1,259		1,265		(0.5	)%	983		957		2.7	%	818		808		1.2	%
Large Markets	$	149,642	$	145,821	2.6	%	$	58,405	$	57,241	2.0	%	$	91,237	$	88,580	3.0	%	$	1,179	$	1,154	2.2	%	$	1,029	$	1,010	1.9	%

Jacksonville, FL	$	9,668	$	9,463	2.2	%	$	3,500	$	3,519	(0.5	)%	$	6,168	$	5,944	3.8	%	$	1,038	$	1,021	1.7	%	$	944	$	932	1.3	%
Charleston, SC	9,232		9,025		2.3	%	3,214		3,125		2.8	%	6,018		5,900		2.0	%	1,202		1,176		2.2	%	1,041		1,017		2.4	%
Savannah, GA	7,302		7,157		2.0	%	2,704		2,704		—	%	4,598		4,453		3.3	%	1,132		1,118		1.3	%	982		970		1.2	%
Richmond, VA	5,312		5,220		1.8	%	1,899		1,790		6.1	%	3,413		3,430		(0.5	)%	1,098		1,083		1.4	%	951		944		0.7	%
Memphis, TN	5,079		5,008		1.4	%	2,256		2,278		(1.0	)%	2,823		2,730		3.4	%	970		958		1.3	%	857		852		0.6	%
Birmingham, AL	4,664		4,608		1.2	%	1,857		1,981		(6.3	)%	2,807		2,627		6.9	%	1,104		1,091		1.2	%	939		936		0.3	%
Greenville, SC	4,525		4,405		2.7	%	1,791		1,808		(0.9	)%	2,734		2,597		5.3	%	894		875		2.2	%	766		755		1.5	%
Little Rock, AR	3,855		3,776		2.1	%	1,409		1,418		(0.6	)%	2,446		2,358		3.7	%	976		972		0.4	%	874		876		(0.2	)%
San Antonio, TX	3,950		3,873		2.0	%	1,664		1,657		0.4	%	2,286		2,216		3.2	%	1,157		1,146		1.0	%	1,032		1,024		0.8	%
Jackson, MS	3,573		3,553		0.6	%	1,377		1,332		3.4	%	2,196		2,221		(1.1	)%	989		988		0.1	%	853		843		1.2	%
Huntsville, AL	3,533		3,501		0.9	%	1,537		1,390		10.6	%	1,996		2,111		(5.4	)%	899		892		0.8	%	753		751		0.3	%
Norfolk, Hampton, VA Beach, VA	3,356		3,401		(1.3	)%	1,381		1,357		1.8	%	1,975		2,044		(3.4	)%	1,122		1,140		(1.6	)%	970		969		0.1	%
Lexington, KY	2,521		2,488		1.3	%	907		939		(3.4	)%	1,614		1,549		4.2	%	935		925		1.1	%	837		830		0.8	%
Chattanooga, TN	2,458		2,456		0.1	%	1,092		1,051		3.9	%	1,366		1,405		(2.8	)%	896		895		0.1	%	772		756		2.1	%
Other	13,466		13,228		1.8	%	5,042		5,062		(0.4	)%	8,424		8,166		3.2	%	980		965		1.6	%	858		847		1.3	%
Secondary Markets	$	82,494	$	81,162	1.6	%	$	31,630	$	31,411	0.7	%	$	50,864	$	49,751	2.2	%	$	1,033	$	1,020	1.3	%	$	903	$	893	1.1	%

Total Same Store	$	232,136	$	226,983	2.3	%	$	90,035	$	88,652	1.6	%	$	142,101	$	138,331	2.7	%	$	1,123	$	1,102	1.9	%	$	980	$	965	1.6	%

Supplemental Data S-7



MULTIFAMILY SAME STORE YEAR TO DATE COMPARISONS AS OF SEPTEMBER 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	$	58,189	$	53,305	9.2	%	$	22,916	$	22,430	2.2	%	$	35,273	$	30,875	14.2	%	$	1,203	$	1,117	7.7	%	$	1,028	$	962	6.9	%
Austin, TX	59,316		55,808		6.3	%	26,463		25,339		4.4	%	32,853		30,469		7.8	%	1,177		1,113		5.8	%	1,030		974		5.7	%
Charlotte, NC	43,579		41,093		6.0	%	14,734		14,308		3.0	%	28,845		26,785		7.7	%	1,079		1,023		5.5	%	943		899		4.9	%
Raleigh/Durham, NC	43,328		41,082		5.5	%	14,821		14,021		5.7	%	28,507		27,061		5.3	%	1,075		1,036		3.8	%	935		914		2.3	%
Fort Worth, TX	43,000		40,390		6.5	%	18,403		17,548		4.9	%	24,597		22,842		7.7	%	1,103		1,041		6.0	%	953		898		6.1	%
Dallas, TX	41,303		39,076		5.7	%	17,629		16,857		4.6	%	23,674		22,219		6.5	%	1,201		1,145		4.9	%	1,063		1,014		4.8	%
Nashville, TN	33,383		32,218		3.6	%	11,270		10,916		3.2	%	22,113		21,302		3.8	%	1,209		1,162		4.0	%	1,073		1,028		4.4	%
Orlando, FL	29,184		27,149		7.5	%	10,927		10,458		4.5	%	18,257		16,691		9.4	%	1,232		1,162		6.0	%	1,093		1,028		6.3	%
Tampa, FL	30,406		28,672		6.0	%	11,802		11,269		4.7	%	18,604		17,403		6.9	%	1,214		1,157		4.9	%	1,060		1,010		5.0	%
Houston, TX	25,705		24,315		5.7	%	11,177		10,536		6.1	%	14,528		13,779		5.4	%	1,146		1,083		5.8	%	1,013		955		6.1	%
Phoenix, AZ	18,102		16,881		7.2	%	6,452		6,462		(0.2	)%	11,650		10,419		11.8	%	1,059		1,002		5.7	%	920		869		5.9	%
South Florida	6,761		6,354		6.4	%	2,459		2,322		5.9	%	4,302		4,032		6.7	%	1,618		1,546		4.7	%	1,484		1,432		3.6	%
Las Vegas, NV	5,928		5,508		7.6	%	2,190		2,129		2.9	%	3,738		3,379		10.6	%	958		907		5.6	%	806		777		3.7	%
Large Markets	$	438,184	$	411,851	6.4	%	$	171,243	$	164,595	4.0	%	$	266,941	$	247,256	8.0	%	$	1,156	$	1,096	5.5	%	$	1,010	$	960	5.2	%

Jacksonville, FL	$	28,485	$	27,124	5.0	%	$	10,430	$	10,405	0.2	%	$	18,055	$	16,719	8.0	%	$	1,022	$	988	3.4	%	$	932	$	905	3.0	%
Charleston, SC	26,952		25,105		7.4	%	9,411		9,130		3.1	%	17,541		15,975		9.8	%	1,175		1,097		7.1	%	1,019		957		6.5	%
Savannah, GA	21,380		20,097		6.4	%	7,863		7,510		4.7	%	13,517		12,587		7.4	%	1,114		1,048		6.3	%	970		927		4.6	%
Richmond, VA	15,648		14,956		4.6	%	5,489		5,208		5.4	%	10,159		9,748		4.2	%	1,085		1,039		4.4	%	942		915		3.0	%
Memphis, TN	14,930		14,577		2.4	%	6,718		6,614		1.6	%	8,212		7,963		3.1	%	960		948		1.3	%	851		840		1.3	%
Birmingham, AL	13,766		13,380		2.9	%	5,609		5,243		7.0	%	8,157		8,137		0.2	%	1,091		1,071		1.9	%	936		940		(0.4	)%
Greenville, SC	13,216		12,360		6.9	%	5,249		5,026		4.4	%	7,967		7,334		8.6	%	876		821		6.7	%	754		712		5.9	%
Little Rock, AR	11,419		11,325		0.8	%	4,203		4,155		1.2	%	7,216		7,170		0.6	%	975		972		0.3	%	875		876		(0.1	)%
San Antonio, TX	11,665		11,195		4.2	%	5,005		4,726		5.9	%	6,660		6,469		3.0	%	1,145		1,110		3.2	%	1,022		998		2.4	%
Jackson, MS	10,576		10,085		4.9	%	3,990		3,827		4.3	%	6,586		6,258		5.2	%	981		949		3.4	%	845		824		2.5	%
Huntsville, AL	10,492		10,316		1.7	%	4,281		4,094		4.6	%	6,211		6,222		(0.2	)%	892		876		1.8	%	748		741		0.9	%
Norfolk, Hampton, VA Beach, VA	10,088		9,766		3.3	%	4,028		3,949		2.0	%	6,060		5,817		4.2	%	1,130		1,115		1.3	%	968		965		0.3	%
Lexington, KY	7,428		6,974		6.5	%	2,731		2,639		3.5	%	4,697		4,335		8.4	%	923		880		4.9	%	827		804		2.9	%
Chattanooga, TN	7,340		7,112		3.2	%	3,184		3,140		1.4	%	4,156		3,972		4.6	%	891		878		1.5	%	757		740		2.3	%
Other	39,523		37,480		5.5	%	14,917		14,455		3.2	%	24,606		23,025		6.9	%	966		923		4.7	%	846		821		3.0	%
Secondary Markets	$	242,908	$	231,852	4.8	%	$	93,108	$	90,121	3.3	%	$	149,800	$	141,731	5.7	%	$	1,020	$	981	4.0	%	$	893	$	867	3.0	%

Total Same Store	$	681,092	$	643,703	5.8	%	$	264,351	$	254,716	3.8	%	$	416,741	$	388,987	7.1	%	$	1,103	$	1,051	4.9	%	$	965	$	924	4.4	%

Supplemental Data S-8



MULTIFAMILY DEVELOPMENT PIPELINE
Dollars in thousands
		Units as of September 30, 2015				Initial			Development Costs
					Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total	Delivered	Leased	Date	Date	Date	Date	Cost		Q3 2015		After

220 Riverside	Jacksonville, Florida	294	232	247	4Q12	2Q15	4Q15	2Q16	$	43,400	$	40,017	$	3,383
Station Square at Cosner's Corner II	Fredericksburg, Virginia	120	—	15	1Q15	4Q15	1Q16	4Q16	20,100		11,907		8,193
River's Walk Phase II	Charleston, South Carolina	78	—	—	2Q15	2Q16	3Q16	4Q16	14,700		6,166		8,534
CG at Randal Lakes Phase II	Orlando, Florida	314	—	—	2Q15	3Q16	2Q17	4Q17	41,300		7,429		33,871
Total Active		806	232	262					$	119,500	$	65,519	$	53,981



MULTIFAMILY LEASE-UP COMMUNITIES

		As of September 30, 2015
		Total	Percent		Construction	Expected
	MSA	Units	Occupied		Finished	Stabilized
CG at Bellevue Phase II	Nashville, Tennessee	220	91.4	%	2Q15	4Q15
Retreat at West Creek	Richmond, Virginia	254	95.3	%	⁽¹⁾	4Q15
SkySong	Phoenix, Arizona	325	87.4	%	⁽¹⁾	1Q16
Total		799	91.0	%

⁽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
Radius	Norfolk/Hampton/Virgina Beach, Virginia MSA	252	2012	July 28, 2015
Haven at Prairie Trace	Kansas City, Missouri-Kansas MSA	280	2015	July 30, 2015
Total Multifamily Acquisitions		1,409



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, Tennessee 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, Tennessee 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 SEPTEMBER 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	$	1,102,868	3.7	4.0	%
Variable Rate - Capped ⁽¹⁾	125,000		1.4	0.8	%
Total Secured Fixed or Hedged Rate Debt	1,227,868		3.4	3.6	%
Variable Rate	145,786		0.1	0.8	%
Total Secured Debt	1,373,654		3.1	3.3	%
Unsecured Debt
Fixed Rate or Swapped	1,867,481		4.7	4.0	%
Variable Rate	184,000		0.1	1.3	%
Total Unsecured Debt	2,051,481		4.3	3.8	%
Total Debt	$	3,425,135	3.8	3.6	%
Total Fixed or Hedged Debt	$	3,095,349	4.2	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.



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	$	2,970,349	86.7	%	4.0		%	4.3
Capped debt	125,000		3.7	%	0.8		%	1.4
Floating (unhedged) debt	329,786		9.6	%	1.1		%	0.1
Total	$	3,425,135	100.0	%	3.6		%	3.8

					Effective			Average Years
			Percent of		Interest			to Contract
	Balance		Total		Rate			Maturity
Secured Versus Unsecured Debt
Unsecured Debt	$	2,051,481	59.9	%	3.8		%	4.6
Secured Debt	1,373,654		40.1	%	3.3		%	3.2
Total	$	3,425,135	100.0	%	3.6		%	4.0

	Total		Percent of		Q3 2015			Percent of
	Cost		Total		NOI			Total
Unencumbered Versus Encumbered Assets
Unencumbered gross assets	$	5,791,108	70.6	%	$	111,073		69.2	%
Encumbered gross assets	2,415,527		29.4	%	49,326			30.8	%
Total	$	8,206,635	100.0	%	$	160,399		100.0	%

Supplemental Data S-11



DEBT AND DEBT COVENANTS AS OF SEPTEMBER 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	$	184,932	$	—	$	184,932	5.5	%	$	—	$	184,932
2016	109,600		—		109,600		5.9	%	75,000		184,600
2017	129,544		300,000		429,544		3.0	%	25,000		454,544
2018	142,426		250,000		392,426		3.6	%	25,000		417,426
2019	571,615		—		571,615		5.7	%	—		571,615
Thereafter	1,282,232		—		1,282,232		4.4	%	—		1,282,232
Total	$	2,420,349	$	550,000	$	2,970,349	4.5	%	$	125,000	$	3,095,349	4.3



DEBT MATURITIES OF OUTSTANDING BALANCES

	Credit Facilities
	Fannie Mae Secured		Key Bank Unsecured		Other Secured		Other Unsecured		Total
2015	$	80,785	$	—	$	—	$	184,932	$	265,717
2016	80,000		—		34,354		78,911		193,265
2017	80,000		184,000		61,544		168,039		493,583
2018	80,000		—		92,426		300,188		472,614
2019	—		—		551,615		20,000		571,615
Thereafter	—		—		312,930		1,115,411		1,428,341
Total	$	320,785	$	184,000	$	1,052,869	$	1,867,481	$	3,425,135



DEBT COVENANT ANALYSIS

Public Bond Covenants	Required	Actual	Compliance
Limit on Incurrence of Total Debt	60% or less	41.3%	Yes
Limit on Incurrence of Secured Debt	40% or less	16.6%	Yes
Ratio of Consolidated Income Available for Debt Service/Annual Debt Service Charge	1.5:1 or greater for trailing 4 quarters	4.83x	Yes
Maintenance of Unencumbered Total Asset Value	Greater than 150%	281.8%	Yes

Supplemental Data S-12



EBITDA AND BALANCE SHEET RATIOS
Dollars in thousands
	Three Months			Twelve Months
	Ended			Ended
	September 30,			September 30,
	2015			2015
Consolidated net income	$	96,828		$	341,836
Depreciation and amortization	73,098			292,551
Interest expense	29,342			119,175
Loss on debt extinguishment	5			3,384
Amortization of deferred financing costs	887			3,713
Net casualty loss (gain) and other settlement proceeds	5			(441		)
Income tax expense	512			2,235
Loss on sale of non-depreciable assets	—			13
Gain on sale of depreciable real estate assets excluded from discontinued operations	(54,621		)	(190,426		)
Gain on disposition within unconsolidated entities	—			(2		)
Gain on sale of discontinued operations	—			(16		)
EBITDA	146,056			572,022
Acquisition expense	656			3,571
Merger related expenses	—			(50		)
Integration related expenses	—			1,255
Recurring EBITDA	$	146,712		$	576,798

	Three Months Ended
	September 30,
	2015			2014
Recurring EBITDA/Debt Service	4.01x			3.91x
Fixed Charge Coverage ⁽¹⁾	4.23x			4.09x
Total Debt/Total Capitalization ⁽²⁾	34.5%			39.7%
Total Debt/Total Gross Assets	41.2%			42.4%
Total Net Debt ⁽³⁾/Total Gross Assets	39.9%			41.3%
Total Net Debt ⁽³⁾/Recurring EBITDA⁽⁴⁾	5.76x			6.19x
Unencumbered Assets/Gross Real Estate Assets	70.6%			67.2%


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


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


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


⁽⁴⁾	Recurring EBITDA represents the twelve months ended September 30, 2015.

Supplemental Data S-13



2015 GUIDANCE

	Full Year 2015
Earnings
Core FFO per Share - diluted	$5.39 to $5.49
Midpoint	$5.44
Core AFFO per Share - diluted	$4.71 to $4.81
Midpoint	$4.76

Same Store Communities:
Number of units	71,376
Property revenue growth	5.0% to 6.0%
Property operating expense growth	3.5% to 4.5%
Property NOI growth	6.0% to 7.0%
Real estate tax expense growth	4.5% to 5.5%

Corporate Expenses:
General and administrative and property management expenses	$56.0 to $57.5 million
Income tax expense	$1.5 to $2.5 million

Transaction/Investment Volume:
Acquisition volume (multifamily)	$300 to $400 million
Disposition volume (multifamily)	$354 million
Commercial / land disposition volume	$10 to $15 million
Development investment	$35 to $45 million

Debt:
Average Interest Rate (excluding mark-to-market debt adjustment)	3.9% to 4.1%
Average Effective Interest Rate	3.3% to 3.5%
Capitalized Interest	$1.0 to $2.0 million
Leverage (Total Net Debt/Total Gross Assets)	41% 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:

Q4 2015

Q1 2016

Q2 2016

Q3 2016

Earnings release & conference call

Early February

Late April

Early August

Early November

Dividend Information - Common Shares:

Q3 2014

Q4 2014

Q1 2015

Q2 2015

Q3 2015

Declaration Date

9/11/2014

12/3/2014

3/12/2015

5/19/2015

9/24/2015

Record Date

10/15/2014

1/15/2015

4/15/2015

7/15/2015

10/15/2015

Payment Date

10/31/2014

1/30/2015

4/30/2015

7/31/2015

10/30/2015

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

MID AMERICA APARTMENT COMMUNITIES INC. - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - October 28, 2015

Attached files

MID AMERICA APARTMENT COMMUNITIES INC. Reports