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.	maa123115-er.htm
EX-99.1 - EXHIBIT 99.1 - MID AMERICA APARTMENT COMMUNITIES INC.	a4q15exh991.htm



PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT DECEMBER 31, 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	318	5,615	—	5,615
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	569	—	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	4,614	318	48,750	—	48,750

Jacksonville, FL	3,202	—	294	3,496	—	3,496
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	2,023	—	6,758	37	6,795
Secondary Markets	27,558	2,857	294	30,709	37	30,746
Total Multifamily Units	71,376	7,471	612	79,459	37	79,496

Supplemental Data S-1



PORTFOLIO STATISTICS (CONTINUED)

TOTAL MULTIFAMILY COMMUNITY STATISTICS

Dollars in thousands, except Average Effective Rent



		As of December 31, 2015						Average Effective Rent for the Three Months Ended December 31, 2015		As of December 31, 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		$	665,313	8.2	%	96.4	%	$	1,093	6,074
Charlotte, NC		$	608,702	7.5	%	96.9	%	$	991	5,001
Austin, TX		$	580,027	7.2	%	96.1	%	$	1,058	5,838
Raleigh/Durham, NC		$	548,287	6.8	%	96.2	%	$	951	4,663
Dallas, TX		$	545,981	6.8	%	95.5	%	$	1,091	5,297
Orlando, FL		$	479,666	5.9	%	97.3	%	$	1,159	3,652
Fort Worth, TX		$	383,895	4.8	%	96.3	%	$	986	4,519
Nashville, TN		$	378,663	4.7	%	95.4	%	$	1,103	3,776
Tampa, FL		$	305,193	3.8	%	96.4	%	$	1,093	2,878
Phoenix, AZ		$	292,626	3.6	%	96.7	%	$	993	2,301
Houston, TX		$	281,503	3.5	%	96.4	%	$	1,057	3,232
Las Vegas, NV		$	66,234	0.8	%	97.9	%	$	831	721
South Florida		$	58,774	0.7	%	96.3	%	$	1,522	480
Large Markets		$	5,194,864	64.3	%	96.3	%	$	1,053	48,432

Charleston, SC		$	263,133	3.3	%	96.2	%	$	1,050	2,648
Jacksonville, FL		$	247,955	3.1	%	97.2	%	$	951	3,202
Richmond, VA		$	232,651	2.9	%	96.8	%	$	1,002	1,922
Savannah, GA		$	225,350	2.8	%	96.8	%	$	985	2,219
Fredericksburg, VA		$	156,938	1.9	%	96.8	%	$	1,223	1,001
San Antonio, TX		$	156,861	1.9	%	96.8	%	$	1,050	1,504
Kansas City, MO		$	153,132	1.9	%	95.0	%	$	1,191	956
Birmingham, AL		$	146,231	1.8	%	96.4	%	$	937	1,462
Norfolk, Hampton, VA Beach, VA		$	140,833	1.7	%	98.2	%	$	1,034	1,285
Memphis, TN		$	124,875	1.6	%	96.4	%	$	857	1,811
Huntsville, AL		$	114,634	1.4	%	96.6	%	$	751	1,380
Little Rock, AR		$	114,105	1.4	%	96.2	%	$	871	1,368
Greenville, SC		$	96,257	1.2	%	95.8	%	$	768	1,748
All Other Secondary Markets by State (individual markets <1% gross real assets)
Florida		$	141,118	1.8	%	95.6	%	$	976	1,790
Kentucky		$	90,955	1.1	%	97.0	%	$	823	1,308
Mississippi		$	71,943	0.9	%	96.7	%	$	854	1,241
North Carolina		$	71,567	0.9	%	96.8	%	$	684	1,172
Alabama		$	59,751	0.7	%	97.5	%	$	919	628
Virginia		$	48,026	0.6	%	96.0	%	$	1,367	251
Tennessee		$	47,099	0.6	%	97.0	%	$	780	943
South Carolina		$	35,889	0.4	%	95.8	%	$	764	576
Secondary Markets		$	2,739,303	33.9	%	96.6	%	$	936	30,415

Subtotal		$	7,934,167	98.2	%	96.4	%	$	1,008	78,847

Dallas, TX	Large	$	58,586	0.7	%	77.0	%	$	1,393	318	318
Orlando, FL	Large	$	10,517	0.1	%	0.0	%	$	—	—	314
Jacksonville, FL	Secondary	$	40,900	0.5	%	94.2	%	$	1,295	294	294
Fredericksburg, VA	Secondary	$	18,325	0.2	%	89.2	%	$	1,396	37	120
Charleston, SC	Secondary	$	8,887	0.1	%	0.0	%	$	—	—	78
Richmond, VA	Secondary	$	3,547	0.1	%	0.0	%	$	—	—	82
Kansas City, MO	Secondary	$	1,039	0.1	%	0.0	%	$	—	—	154
Lease-up and Development		$	141,801	1.8	%	85.5	%	$	1,349	649	1,360

Total Wholly Owned Multifamily Communities		$	8,075,968	100.0	%	96.3	%	$	1,011	79,496	80,207

Supplemental Data S-2



COMPONENTS OF PROPERTY NET OPERATING INCOME

Dollars in thousands



	Apartment	Gross Real		Three Months Ended
	Units	Estate Assets		December 31, 2015		December 31, 2014			Percent Change
Property Revenue
Same Store Communities	71,376	$	6,818,961	$	231,575	$	219,616		5.4	%
Non-Same Store Communities	7,471	1,115,207		28,747		31,955
Lease up/Development Communities	649	141,800		1,460		2
Total Multifamily Portfolio	79,496	$	8,075,968	$	261,782	$	251,573
Commercial Property/Land	—	$	55,986	$	1,555	$	1,646
Total Property Revenue	79,496	$	8,131,954	$	263,337	$	253,219

Property Expenses
Same Store Communities	71,376	$	6,818,961	$	86,042	$	84,003		2.4	%
Non-Same Store Communities	7,471	1,115,207		10,391		12,171
Lease up/Development Communities	649	141,800		550		85
Total Multifamily Portfolio	79,496	$	8,075,968	$	96,983	$	96,259
Commercial Property/Land	—	$	55,986	$	558	$	681
Total Property Expenses	79,496	$	8,131,954	$	97,541	$	96,940

Property Net Operating Income
Same Store Communities	71,376	$	6,818,961	$	145,533	$	135,613		7.3	%
Non-Same Store Communities	7,471	1,115,207		18,356		19,784
Lease up/Development Communities	649	141,800		910		(84		)
Total Multifamily Portfolio	79,496	$	8,075,968	$	164,799	$	155,313
Commercial Property/Land	—	$	55,986	$	997	$	965
Total Property Net Operating Income	79,496	$	8,131,954	$	165,796	$	156,278		6.1	%



COMPONENTS OF SAME STORE PROPERTY EXPENSES

Dollars in thousands



	Three Months Ended						Twelve Months Ended
	December 31, 2015		December 31, 2014		Percent Increase/(Decrease)		December 31, 2015		December 31, 2014		Percent Increase/(Decrease)
Personnel	$	22,257	$	21,749	2.3	%	$	90,585	$	86,894	4.2	%
Building Repair and Maintenance	10,460		10,090		3.7	%	43,783		42,842		2.2	%
Utilities	19,945		19,429		2.7	%	79,952		77,694		2.9	%
Marketing	2,743		3,311		(17.2	)%	11,215		11,553		(2.9	)%
Office Operations	2,955		2,871		2.9	%	12,803		11,852		8.0	%
Property Taxes	24,790		23,609		5.0	%	100,440		96,149		4.5	%
Insurance	2,892		2,944		(1.8	)%	11,615		11,734		(1.0	)%
Total Property Expenses	$	86,042	$	84,003	2.4	%	$	350,393	$	338,718	3.4	%

Supplemental Data S-3



NOI CONTRIBUTION PERCENTAGE BY REGION



			Average Physical Occupancy
	Percent of Same Store		Three months ended December 31, 2015		Three months ended December 31, 2014
Atlanta, GA	8.9	%	96.0	%	95.2	%
Austin, TX	8.1	%	95.8	%	95.4	%
Charlotte, NC	6.9	%	96.5	%	95.7	%
Raleigh/Durham, NC	6.8	%	95.8	%	95.6	%
Fort Worth, TX	6.1	%	96.5	%	95.7	%
Dallas, TX	5.6	%	95.9	%	96.0	%
Nashville, TN	5.2	%	95.5	%	94.6	%
Tampa, FL	4.5	%	96.8	%	96.7	%
Orlando, FL	4.4	%	96.8	%	96.9	%
Houston, TX	3.5	%	95.9	%	95.6	%
Phoenix, AZ	2.8	%	96.6	%	96.4	%
South Florida	1.0	%	95.9	%	95.0	%
Las Vegas, NV	0.9	%	97.9	%	94.1	%
Large Markets	64.7	%	96.2	%	95.7	%

Jacksonville, FL	4.2	%	96.4	%	96.2	%
Charleston, SC	3.9	%	95.8	%	95.4	%
Savannah, GA	3.2	%	96.0	%	95.3	%
Richmond, VA	2.4	%	96.1	%	95.8	%
Memphis, TN	2.0	%	95.2	%	93.7	%
Birmingham, AL	2.0	%	96.4	%	93.8	%
Greenville, SC	1.9	%	95.6	%	95.5	%
Little Rock, AR	1.7	%	95.4	%	94.3	%
San Antonio, TX	1.6	%	96.2	%	94.7	%
Jackson, MS	1.5	%	96.5	%	96.4	%
Huntsville, AL	1.5	%	95.6	%	94.7	%
Norfolk, Hampton, VA Beach, VA	1.4	%	95.8	%	94.3	%
Lexington, KY	1.1	%	96.5	%	95.9	%
Chattanooga, TN	1.0	%	97.4	%	95.8	%
Other	5.9	%	96.1	%	94.5	%
Secondary Markets	35.3	%	96.0	%	95.1	%

Total Same Store	100.0	%	96.1	%	95.4	%

Supplemental Data S-4



NOI BRIDGE
Dollars in thousands

	Three Months Ended									Year Ended
	December 31, 2015			September 30, 2015			December 31, 2014			December 31, 2015			December 31, 2014

NOI
MAA same store	$	145,533		$	142,101		$	135,613		$	562,274		$	524,603
Non-same store	20,263			18,298			20,665			79,860			74,211
Total NOI	165,796			160,399			156,278			642,134			598,814
Held for sale NOI included above	—			—			—			—			16
Management fee income	—			—			—			—			154
Depreciation and amortization	(73,914		)	(73,098		)	(71,945		)	(294,520		)	(301,812		)
Acquisition expense	(622		)	(656		)	(1,417		)	(2,777		)	(2,388		)
Property management expenses	(7,884		)	(7,628		)	(8,076		)	(30,990		)	(32,095		)
General and administrative expenses	(6,613		)	(5,879		)	(4,844		)	(25,716		)	(20,909		)
Merger related expenses	—			—			50			—			(3,152		)
Integration related expenses	—			—			(1,255		)	—			(8,395		)
Interest and other non-property (expense) income	(8		)	(179		)	(307		)	(368		)	770
Interest Expense	(30,834		)	(30,229		)	(31,378		)	(122,344		)	(123,953		)
Loss on debt extinguishment	(218		)	(5		)	—			(3,602		)	(2,586		)
(Loss) gain on sale of depreciable real estate assets excluded from discontinued operations	(72		)	54,621			395			189,958			42,649
Net casualty (loss) gain and other settlement proceeds	(13		)	(5		)	(45		)	473			(476		)
Income tax expense	(254		)	(512		)	(815		)	(1,673		)	(2,050		)
(Loss) gain on sale of non-depreciable real estate assets	—			—			(185		)	172			350
Gain (loss) from real estate joint ventures	3			(1		)	(10		)	(2		)	6,009
Discontinued operations	—			—			12			—			5,331
Net income attributable to noncontrolling interests	(2,380		)	(5,094		)	(1,933		)	(18,458		)	(8,297		)
Net income available for MAA common shareholders	$	42,987		$	91,734		$	34,525		$	332,287		$	147,980

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
	Q4 2015		Q4 2014		% Chg		Q4 2015		Q4 2014		% Chg		Q4 2015		Q4 2014		% Chg		Q4 2015		Q4 2014		% Chg		Q4 2015		Q4 2014		% Chg
Atlanta, GA	$	19,903	$	18,513	7.5	%	$	6,945	$	7,415	(6.3	)%	$	12,958	$	11,098	16.8	%	$	1,235	$	1,159	6.6	%	$	1,066	$	995	7.1	%
Austin, TX	20,351		19,156		6.2	%	8,531		8,144		4.8	%	11,820		11,012		7.3	%	1,213		1,146		5.8	%	1,058		1,007		5.1	%
Charlotte, NC	14,844		13,988		6.1	%	4,850		4,689		3.4	%	9,994		9,299		7.5	%	1,103		1,048		5.2	%	971		922		5.3	%
Raleigh/Durham, NC	14,617		14,047		4.1	%	4,684		4,684		0.0	%	9,933		9,363		6.1	%	1,091		1,051		3.8	%	951		919		3.5	%
Fort Worth, TX	14,911		13,861		7.6	%	6,019		5,626		7.0	%	8,892		8,235		8.0	%	1,140		1,069		6.6	%	986		929		6.1	%
Dallas, TX	14,092		13,427		5.0	%	5,887		5,761		2.2	%	8,205		7,666		7.0	%	1,231		1,172		5.0	%	1,092		1,039		5.1	%
Nashville, TN	11,307		10,793		4.8	%	3,740		3,739		0.0	%	7,567		7,054		7.3	%	1,230		1,186		3.7	%	1,093		1,054		3.7	%
Tampa, FL	10,370		9,887		4.9	%	3,858		3,694		4.4	%	6,512		6,193		5.2	%	1,241		1,185		4.7	%	1,093		1,036		5.5	%
Orlando, FL	10,165		9,348		8.7	%	3,719		3,445		8.0	%	6,446		5,903		9.2	%	1,288		1,183		8.9	%	1,140		1,051		8.5	%
Houston, TX	8,597		8,298		3.6	%	3,466		3,461		0.1	%	5,131		4,837		6.1	%	1,150		1,114		3.2	%	1,019		987		3.2	%
Phoenix, AZ	6,204		5,841		6.2	%	2,098		2,035		3.1	%	4,106		3,806		7.9	%	1,083		1,022		6.0	%	948		892		6.3	%
South Florida	2,259		2,140		5.6	%	830		768		8.1	%	1,429		1,372		4.2	%	1,636		1,565		4.5	%	1,522		1,471		3.5	%
Las Vegas, NV	2,092		1,888		10.8	%	741		729		1.6	%	1,351		1,159		16.6	%	987		928		6.4	%	831		793		4.8	%
Large Markets	$	149,712	$	141,187	6.0	%	$	55,368	$	54,190	2.2	%	$	94,344	$	86,997	8.4	%	$	1,184	$	1,123	5.4	%	$	1,038	$	985	5.4	%

Jacksonville, FL	$	9,709	$	9,235	5.1	%	$	3,417	$	3,404	0.4	%	$	6,292	$	5,831	7.9	%	$	1,048	$	999	4.9	%	$	951	$	915	3.9	%
Charleston, SC	9,158		8,640		6.0	%	3,546		3,099		14.4	%	5,612		5,541		1.3	%	1,204		1,140		5.6	%	1,050		993		5.7	%
Savannah, GA	7,237		6,875		5.3	%	2,589		2,514		3.0	%	4,648		4,361		6.6	%	1,133		1,083		4.6	%	985		952		3.5	%
Richmond, VA	5,253		5,103		2.9	%	1,708		1,749		(2.3	)%	3,545		3,354		5.7	%	1,092		1,064		2.6	%	954		933		2.3	%
Memphis, TN	5,020		4,859		3.3	%	2,179		2,190		(0.5	)%	2,841		2,669		6.4	%	971		954		1.8	%	857		850		0.8	%
Birmingham, AL	4,591		4,451		3.1	%	1,713		1,741		(1.6	)%	2,878		2,710		6.2	%	1,086		1,082		0.4	%	937		940		(0.3	)%
Greenville, SC	4,492		4,247		5.8	%	1,755		1,652		6.2	%	2,737		2,595		5.5	%	896		848		5.7	%	768		734		4.6	%
Little Rock, AR	3,804		3,750		1.4	%	1,380		1,366		1.0	%	2,424		2,384		1.7	%	972		969		0.3	%	871		877		(0.7	)%
San Antonio, TX	3,873		3,771		2.7	%	1,514		1,576		(3.9	)%	2,359		2,195		7.5	%	1,141		1,129		1.1	%	1,029		1,014		1.5	%
Jackson, MS	3,512		3,421		2.7	%	1,318		1,229		7.2	%	2,194		2,192		0.1	%	977		954		2.4	%	854		838		1.9	%
Huntsville, AL	3,534		3,429		3.1	%	1,422		1,294		9.9	%	2,112		2,135		(1.1	)%	893		874		2.2	%	751		740		1.5	%
Norfolk, Hampton, VA Beach, VA	3,347		3,261		2.6	%	1,315		1,339		(1.8	)%	2,032		1,922		5.7	%	1,128		1,116		1.1	%	966		966		0.0	%
Lexington, KY	2,494		2,397		4.0	%	895		885		1.1	%	1,599		1,512		5.8	%	932		902		3.3	%	833		813		2.5	%
Chattanooga, TN	2,464		2,377		3.7	%	1,066		1,032		3.3	%	1,398		1,345		3.9	%	895		877		2.1	%	780		744		4.8	%
Other	13,375		12,613		6.0	%	4,857		4,743		2.4	%	8,518		7,870		8.2	%	980		939		4.4	%	863		834		3.5	%
Secondary Markets	$	81,863	$	78,429	4.4	%	$	30,674	$	29,813	2.9	%	$	51,189	$	48,616	5.3	%	$	1,031	$	998	3.3	%	$	906	$	881	2.8	%

Total Same Store	$	231,575	$	219,616	5.4	%	$	86,042	$	84,003	2.4	%	$	145,533	$	135,613	7.3	%	$	1,125	$	1,075	4.7	%	$	987	$	945	4.4	%

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
	Q4 2015		Q3 2015		% Chg		Q4 2015		Q3 2015		% Chg		Q4 2015		Q3 2015		% Chg		Q4 2015		Q3 2015		% Chg		Q4 2015		Q3 2015		% Chg
Atlanta, GA	$	19,903	$	19,971	(0.3	)%	$	6,945	$	7,781	(10.7	)%	$	12,958	$	12,190	6.3	%	$	1,235	$	1,237	(0.2	)%	$	1,066	$	1,054	1.1	%
Austin, TX	20,351		20,324		0.1	%	8,531		8,964		(4.8	)%	11,820		11,360		4.0	%	1,213		1,203		0.8	%	1,058		1,049		0.9	%
Charlotte, NC	14,844		14,809		0.2	%	4,850		5,044		(3.8	)%	9,994		9,765		2.3	%	1,103		1,099		0.4	%	971		962		0.9	%
Raleigh/Durham, NC	14,617		14,734		(0.8	)%	4,684		5,194		(9.8	)%	9,933		9,540		4.1	%	1,091		1,090		0.1	%	951		947		0.4	%
Fort Worth, TX	14,911		14,697		1.5	%	6,019		6,306		(4.6	)%	8,892		8,391		6.0	%	1,140		1,123		1.5	%	986		973		1.3	%
Dallas, TX	14,092		14,085		0.0	%	5,887		6,135		(4.0	)%	8,205		7,950		3.2	%	1,231		1,224		0.6	%	1,092		1,082		0.9	%
Nashville, TN	11,307		11,490		(1.6	)%	3,740		3,964		(5.7	)%	7,567		7,526		0.5	%	1,230		1,236		(0.5	)%	1,093		1,090		0.3	%
Orlando, FL	10,370		10,359		0.1	%	3,858		4,030		(4.3	)%	6,512		6,329		2.9	%	1,241		1,233		0.6	%	1,093		1,078		1.4	%
Tampa, FL	10,165		10,020		1.4	%	3,719		3,679		1.1	%	6,446		6,341		1.7	%	1,288		1,268		1.6	%	1,140		1,123		1.5	%
Houston, TX	8,597		8,663		(0.8	)%	3,466		3,575		(3.0	)%	5,131		5,088		0.8	%	1,150		1,162		(1.0	)%	1,019		1,023		(0.4	)%
Phoenix, AZ	6,204		6,177		0.4	%	2,098		2,142		(2.1	)%	4,106		4,035		1.8	%	1,083		1,079		0.4	%	948		935		1.4	%
South Florida	2,259		2,272		(0.6	)%	830		809		2.6	%	1,429		1,463		(2.3	)%	1,636		1,640		(0.2	)%	1,522		1,504		1.2	%
Las Vegas, NV	2,092		2,041		2.5	%	741		782		(5.2	)%	1,351		1,259		7.3	%	987		983		0.4	%	831		818		1.6	%
Large Markets	$	149,712	$	149,642	0.0	%	$	55,368	$	58,405	(5.2	)%	$	94,344	$	91,237	3.4	%	$	1,184	$	1,179	0.4	%	$	1,038	$	1,029	0.9	%

Jacksonville, FL	$	9,709	$	9,668	0.4	%	$	3,417	$	3,500	(2.4	)%	$	6,292	$	6,168	2.0	%	$	1,048	$	1,038	1.0	%	$	951	$	944	0.7	%
Charleston, SC	9,158		9,232		(0.8	)%	3,546		3,214		10.3	%	5,612		6,018		(6.7	)%	1,204		1,202		0.2	%	1,050		1,041		0.9	%
Savannah, GA	7,237		7,302		(0.9	)%	2,589		2,704		(4.3	)%	4,648		4,598		1.1	%	1,133		1,132		0.1	%	985		982		0.3	%
Richmond, VA	5,253		5,312		(1.1	)%	1,708		1,899		(10.1	)%	3,545		3,413		3.9	%	1,092		1,098		(0.5	)%	954		951		0.3	%
Memphis, TN	5,020		5,079		(1.2	)%	2,179		2,256		(3.4	)%	2,841		2,823		0.6	%	971		970		0.1	%	857		857		0.0	%
Birmingham, AL	4,591		4,664		(1.6	)%	1,713		1,857		(7.8	)%	2,878		2,807		2.5	%	1,086		1,104		(1.6	)%	937		939		(0.2	)%
Greenville, SC	4,492		4,525		(0.7	)%	1,755		1,791		(2.0	)%	2,737		2,734		0.1	%	896		894		0.2	%	768		766		0.3	%
Little Rock, AR	3,804		3,855		(1.3	)%	1,380		1,409		(2.1	)%	2,424		2,446		(0.9	)%	972		976		(0.4	)%	871		874		(0.3	)%
San Antonio, TX	3,873		3,950		(1.9	)%	1,514		1,664		(9.0	)%	2,359		2,286		3.2	%	1,141		1,157		(1.4	)%	1,029		1,032		(0.3	)%
Jackson, MS	3,512		3,573		(1.7	)%	1,318		1,377		(4.3	)%	2,194		2,196		(0.1	)%	977		989		(1.2	)%	854		853		0.1	%
Huntsville, AL	3,534		3,533		0.0	%	1,422		1,537		(7.5	)%	2,112		1,996		5.8	%	893		899		(0.7	)%	751		753		(0.3	)%
Norfolk, Hampton, VA Beach, VA	3,347		3,356		(0.3	)%	1,315		1,381		(4.8	)%	2,032		1,975		2.9	%	1,128		1,122		0.5	%	966		970		(0.4	)%
Lexington, KY	2,494		2,521		(1.1	)%	895		907		(1.3	)%	1,599		1,614		(0.9	)%	932		935		(0.3	)%	833		837		(0.5	)%
Chattanooga, TN	2,464		2,458		0.2	%	1,066		1,092		(2.4	)%	1,398		1,366		2.3	%	895		896		(0.1	)%	780		772		1.0	%
Other	13,375		13,466		(0.7	)%	4,857		5,042		(3.7	)%	8,518		8,424		1.1	%	980		980		0.0	%	863		858		0.6	%
Secondary Markets	$	81,863	$	82,494	(0.8	)%	$	30,674	$	31,630	(3.0	)%	$	51,189	$	50,864	0.6	%	$	1,031	$	1,033	(0.2	)%	$	906	$	903	0.3	%

Total Same Store	$	231,575	$	232,136	(0.2	)%	$	86,042	$	90,035	(4.4	)%	$	145,533	$	142,101	2.4	%	$	1,125	$	1,123	0.2	%	$	987	$	980	0.7	%

Supplemental Data S-7



MULTIFAMILY SAME STORE YEAR TO DATE COMPARISONS AS OF DECEMBER 31, 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	$	78,092	$	71,818	8.7	%	$	29,861	$	29,845	0.1	%	$	48,231	$	41,973	14.9	%	$	1,615	$	1,504	7.4	%	$	1,038	$	970	7.0	%
Austin, TX	79,667		74,964		6.3	%	34,994		33,483		4.5	%	44,673		41,481		7.7	%	1,582		1,495		5.8	%	1,037		982		5.6	%
Charlotte, NC	58,423		55,081		6.1	%	19,584		18,997		3.1	%	38,839		36,084		7.6	%	1,447		1,372		5.5	%	950		905		5.0	%
Raleigh/Durham, NC	57,945		55,129		5.1	%	19,505		18,705		4.3	%	38,440		36,424		5.5	%	1,439		1,387		3.7	%	939		915		2.6	%
Fort Worth, TX	57,911		54,251		6.7	%	24,422		23,174		5.4	%	33,489		31,077		7.8	%	1,483		1,397		6.2	%	961		906		6.1	%
Dallas, TX	55,395		52,503		5.5	%	23,516		22,618		4.0	%	31,879		29,885		6.7	%	1,611		1,536		4.9	%	1,070		1,020		4.9	%
Nashville, TN	44,690		43,011		3.9	%	15,010		14,655		2.4	%	29,680		28,356		4.7	%	1,619		1,557		4.0	%	1,078		1,035		4.2	%
Orlando, FL	40,776		38,559		5.7	%	15,660		14,962		4.7	%	25,116		23,597		6.4	%	1,628		1,552		4.9	%	1,068		1,017		5.0	%
Tampa, FL	39,349		36,497		7.8	%	14,646		13,903		5.3	%	24,703		22,594		9.3	%	1,662		1,557		6.7	%	1,105		1,034		6.9	%
Houston, TX	34,302		32,613		5.2	%	14,643		13,997		4.6	%	19,659		18,616		5.6	%	1,530		1,454		5.2	%	1,014		963		5.3	%
Phoenix, AZ	24,306		22,722		7.0	%	8,550		8,497		0.6	%	15,756		14,225		10.8	%	1,420		1,343		5.7	%	927		874		6.1	%
South Florida	9,020		8,494		6.2	%	3,289		3,090		6.4	%	5,731		5,404		6.1	%	2,163		2,068		4.6	%	1,494		1,442		3.6	%
Las Vegas, NV	8,020		7,396		8.4	%	2,931		2,858		2.6	%	5,089		4,538		12.1	%	1,287		1,216		5.8	%	812		781		4.0	%
Large Markets	$	587,896	$	553,038	6.3	%	$	226,611	$	218,784	3.6	%	$	361,285	$	334,254	8.1	%	$	1,551	$	1,470	5.5	%	$	1,017	$	966	5.3	%

Jacksonville, FL	$	38,194	$	36,359	5.0	%	$	13,847	$	13,809	0.3	%	$	24,347	$	22,550	8.0	%	$	1,372	$	1,321	3.9	%	$	937	$	907	3.3	%
Charleston, SC	36,110		33,745		7.0	%	12,957		12,229		6.0	%	23,153		21,516		7.6	%	1,577		1,477		6.8	%	1,027		966		6.3	%
Savannah, GA	28,617		26,972		6.1	%	10,452		10,024		4.3	%	18,165		16,948		7.2	%	1,492		1,409		5.9	%	974		933		4.4	%
Richmond, VA	20,901		20,059		4.2	%	7,197		6,957		3.4	%	13,704		13,102		4.6	%	1,449		1,393		4.0	%	945		920		2.7	%
Memphis, TN	19,950		19,436		2.6	%	8,897		8,804		1.1	%	11,053		10,632		4.0	%	1,283		1,266		1.3	%	852		842		1.2	%
Birmingham, AL	18,357		17,831		2.9	%	7,322		6,984		4.8	%	11,035		10,847		1.7	%	1,453		1,432		1.5	%	936		940		(0.4	)%
Greenville, SC	17,708		16,607		6.6	%	7,004		6,678		4.9	%	10,704		9,929		7.8	%	1,175		1,104		6.4	%	758		718		5.6	%
Little Rock, AR	15,223		15,075		1.0	%	5,583		5,521		1.1	%	9,640		9,554		0.9	%	1,299		1,295		0.3	%	874		876		(0.2	)%
San Antonio, TX	15,538		14,966		3.8	%	6,519		6,302		3.4	%	9,019		8,664		4.1	%	1,525		1,486		2.6	%	1,024		1,002		2.2	%
Jackson, MS	14,088		13,506		4.3	%	5,308		5,056		5.0	%	8,780		8,450		3.9	%	1,307		1,267		3.2	%	847		828		2.3	%
Huntsville, AL	14,026		13,745		2.0	%	5,703		5,388		5.8	%	8,323		8,357		(0.4	)%	1,189		1,168		1.8	%	749		741		1.1	%
Norfolk, Hampton, VA Beach, VA	13,435		13,027		3.1	%	5,343		5,288		1.0	%	8,092		7,739		4.6	%	1,506		1,487		1.3	%	967		965		0.2	%
Lexington, KY	9,922		9,371		5.9	%	3,626		3,524		2.9	%	6,296		5,847		7.7	%	1,233		1,181		4.4	%	829		806		2.9	%
Chattanooga, TN	9,804		9,489		3.3	%	4,250		4,172		1.9	%	5,554		5,317		4.5	%	1,189		1,170		1.6	%	763		741		3.0	%
Other	52,898		50,093		5.6	%	19,774		19,198		3.0	%	33,124		30,895		7.2	%	1,292		1,237		4.4	%	850		824		3.2	%
Secondary Markets	$	324,771	$	310,281	4.7	%	$	123,782	$	119,934	3.2	%	$	200,989	$	190,347	5.6	%	$	1,363	$	1,314	3.7	%	$	896	$	871	2.9	%

Total Same Store	$	912,667	$	863,319	5.7	%	$	350,393	$	338,718	3.4	%	$	562,274	$	524,601	7.2	%	$	1,478	$	1,410	4.8	%	$	970	$	929	4.4	%

Supplemental Data S-8



MULTIFAMILY DEVELOPMENT PIPELINE
Dollars in thousands
		Units as of December 31, 2015				Initial			Development Costs
					Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total	Delivered	Leased	Date	Date	Date	Date	Cost		Q4 2015		After

Station Square at Cosner's Corner II	Fredericksburg, Virginia	120	37	50	1Q15	4Q15	1Q16	4Q16	$	19,900	$	18,325	$	1,575
River's Walk Phase II	Charleston, South Carolina	78	—	—	2Q15	2Q16	3Q16	4Q16	14,900		8,887		6,013
Retreat at West Creek II	Richmond, Virginia	82	—	—	4Q15	4Q16	2Q17	2Q17	15,100		3,547		11,553
CG at Randal Lakes Phase II	Orlando, Florida	314	—	—	2Q15	3Q16	2Q17	4Q17	41,300		10,517		30,783
The Denton II	Kansas City, Missouri-Kansas MSA	154	—	—	4Q15	2Q17	4Q17	3Q18	25,400		1,039		24,361
Total Active		748	37	50					$	116,600	$	42,315	$	74,285



MULTIFAMILY LEASE-UP COMMUNITIES

		As of December 31, 2015
		Total	Percent		Construction	Expected
	MSA	Units	Occupied		Finished	Stabilized
220 Riverside	Jacksonville, Florida	294	94.2	%	4Q15	1Q16
Cityscape at Market Center II	Dallas, Texas	318	77.0	%	⁽¹⁾	3Q16
Total		612	85.3	%

⁽¹⁾ Property was 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-Kansas MSA	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
Cityscape at Market Center II	Dallas, Texas	318	2015	November 19, 2015
The Denton	Kansas City, Missouri-Kansas MSA	55	2014	December 17, 2015
Total Multifamily Acquisitions		1,782



Land Acquisitions	Location	Acres	Closing Date
River's Walk	Charleston, South Carolina	2.5	Q1/Q2 2015 - various
Retreat at West Creek II	Richmond, Virginia	4.4	October 14, 2015
The Denton II	Kansas City, Missouri-Kansas MSA	4.5	December 17, 2015
Total Land Acquisitions		11.4

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	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 DECEMBER 31, 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	$	1,062,862		3.4	4.0	%
Variable Rate - Capped (1)	125,000			1.1	0.8	%
Total Secured Fixed or Hedged Rate Debt	1,187,862			3.2	3.6	%
Variable Rate	65,000			0.1	0.8	%
Fair Market Value Adjustments and Debt Issuance Costs	33,374			3.2
Total Secured Debt	1,286,236			3.0	3.4	%
Unsecured Debt
Fixed Rate or Swapped	2,085,246			6.1	3.9	%
Variable Rate	75,000			—	1.2	%
Fair Market Value Adjustments, Debt Issuance Costs and Discounts	(18,914		)	9.5
Total Unsecured Debt	2,141,332			5.9	3.8	%
Total Debt	$	3,427,568		4.8	3.7	%
Total Fixed or Hedged Debt	$	3,287,568		5.0	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.



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	$	3,162,568	92.3	%	3.9		%	5.2
Capped debt	125,000		3.6	%	0.8		%	1.1
Floating (unhedged) debt	140,000		4.1	%	1.0		%	0.1
Total	$	3,427,568	100.0	%	3.7		%	4.8

					Effective			Average Years
			Percent of		Interest			to Contract
	Balance		Total		Rate			Maturity
Secured Versus Unsecured Debt
Unsecured Debt	$	2,141,332	62.5	%	3.8		%	5.9
Secured Debt	1,286,236		37.5	%	3.4		%	3.2
Total	$	3,427,568	100.0	%	3.7		%	4.8

	Total		Percent of		Q4 2015			Percent of
	Cost		Total		NOI			Total
Unencumbered Versus Encumbered Assets
Unencumbered gross assets	$	6,013,806	72.0	%	$	119,419		72.0	%
Encumbered gross assets	2,333,188		28.0	%	46,377			28.0	%
Total	$	8,346,994	100.0	%	$	165,796		100.0	%

Supplemental Data S-11



DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2015 (CONTINUED)
Dollars in thousands



FIXED OR HEDGED INTEREST RATE MATURITIES

													Average
	Fixed		Interest		Total				Interest		Total		Years to
	Rate		Rate		Fixed Rate		Contract		Rate		Fixed or		Rate
Maturity	Debt		Swaps		Balances		Rate		Caps		Hedged		Maturity
2016	$	110,921	$	—	$	110,921	5.9	%	$	75,000	$	185,921
2017	128,963		298,949		427,912		3.0	%	25,000		452,912
2018	141,540		250,956		392,496		3.6	%	25,000		417,496
2019	569,206		—		569,206		5.7	%	—		569,206
2020	170,452		—		170,452		4.8	%	—		170,452
Thereafter	1,491,581		—		1,491,581		4.3	%	—		1,491,581
Total	$	2,612,663	$	549,905	$	3,162,568	4.4	%	$	125,000	$	3,287,568	5.0



DEBT MATURITIES OF OUTSTANDING BALANCES

	Credit Facilities
	Fannie Mae Secured		Key Bank Unsecured		Other Secured		Other Unsecured		Total
2016	$	80,000	$	—	$	33,921	$	77,000	$	190,921
2017	80,000		—		61,005		17,959		158,964
2018	80,000		—		91,667		300,829		472,496
2019	—		—		549,273		19,932		569,205
2020	—		75,000		170,452		149,730		395,182
Thereafter	—		—		139,918		1,500,882		1,640,800
Total	$	240,000	$	75,000	$	1,046,236	$	2,066,332	$	3,427,568



DEBT COVENANT ANALYSIS

Public Bond Covenants	Required	Actual	Compliance
Limit on Incurrence of Total Debt	60% or less	41.1%	Yes
Limit on Incurrence of Secured Debt	40% or less	15.4%	Yes
Ratio of Consolidated Income Available for Debt Service/Annual Debt Service Charge	1.5:1 or greater for trailing 4 quarters	4.93x	Yes
Maintenance of Unencumbered Total Asset Value	Greater than 150%	280.4%	Yes

Supplemental Data S-12



EBITDA AND BALANCE SHEET RATIOS
Dollars in thousands
	Three Months		Twelve Months
	Ended		Ended
	December 31,		December 31,
	2015		2015
Consolidated net income	$	45,367	$	350,745
Depreciation and amortization	73,914		294,520
Interest expense	30,834		122,344
Loss on debt extinguishment	218		3,602
Net casualty loss (gain) and other settlement proceeds	13		(473		)
Income tax expense	254		1,673
Loss on sale of non-depreciable assets	—		(172		)
Gain on sale of depreciable real estate assets excluded from discontinued operations	72		(189,958		)
(Loss) gain on disposition within unconsolidated entities	—		(12		)
EBITDA	150,672		582,269
Acquisition expense	622		2,777
Recurring EBITDA	$	151,294	$	585,046

	Three Months Ended
	December 31,
	2015		2014
Recurring EBITDA/Debt Service	4.23x		3.75x
Fixed Charge Coverage ⁽¹⁾	4.47x		3.99x
Total Debt/Total Capitalization ⁽²⁾	32.2%		37.2%
Total Debt/Total Gross Assets	41.1%		43.0%
Total Net Debt ⁽³⁾/Total Gross Assets	40.6%		42.5%
Total Net Debt ⁽³⁾/Recurring EBITDA⁽⁴⁾	5.79x		6.37x
Unencumbered Assets/Gross Real Estate Assets	72.8%		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 December 31, 2015.

Supplemental Data S-13



2016 GUIDANCE

	Full Year 2016
Earnings
Core FFO per Share - diluted	$5.68 to $5.88
Midpoint	$5.78
Core AFFO per Share - diluted	$4.98 to $5.18
Midpoint	$5.08

Same Store Communities:
Number of units	72,329
Property revenue growth	3.75% to 4.25%
Property operating expense growth	2.75% to 3.75%
Property NOI growth	4.0% to 5.0%
Real estate tax expense growth	4.5% to 5.5%

Corporate Expenses:
General and administrative and property management expenses	$60.0 to $62.0 million
Income tax expense	$1.5 to $2.5 million

Transaction/Investment Volume:
Acquisition volume (multifamily)	$300 to $400 million
Disposition volume (multifamily)	$200 to $300 million
Commercial / land disposition volume	$30 to $60 million
Development investment	$50 to $60 million

Debt:
Average Interest Rate (excluding mark-to-market debt adjustment)	4.1% to 4.3%
Average Effective Interest Rate	3.6% to 3.9%
Capitalized Interest	$1.0 to $2.0 million
Leverage (Total Net Debt/Total Gross Assets)	39% to 41%
Unencumbered Asset Pool (Percent of Total Gross Assets)	72% to 75%

Non Core Items:
Acquisition expense	$1.8 to $2.4 million
Projected amortization of debt mark-to-market	$15 to $16 million

MAA provides guidance on Core FFO per Share and Core AFFO 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:

Q1 2016

Q2 2016

Q3 2016

Q4 2016

Earnings release & conference call

Early May

Early August

Early November

Early February

Dividend Information - Common Shares:

Q4 2014

Q1 2015

Q2 2015

Q3 2015

Q4 2015

Declaration Date

12/3/2014

3/12/2015

5/19/2015

9/24/2015

12/8/2015

Record Date

1/15/2015

4/15/2015

7/15/2015

10/15/2015

1/15/2016

Payment Date

1/30/2015

4/30/2015

7/31/2015

10/30/2015

1/29/2016

Distributions Per Share

0.77

0.82



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, Finance
	Jennifer Patrick	Investor Relations

Supplemental Data S-15

MID AMERICA APARTMENT COMMUNITIES INC. - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - February 3, 2016

Attached files

MID AMERICA APARTMENT COMMUNITIES INC. Reports