MAA Reports Fourth Quarter Results

                      MAA Reports Fourth Quarter Results

PR Newswire

MEMPHIS, Tenn., Feb. 6, 2013

MEMPHIS, Tenn., Feb. 6, 2013 /PRNewswire/ --MAA, (NYSE: MAA), today announced
earnings results for the fourth quarter and full year of 2012.

(Logo: http://photos.prnewswire.com/prnh/20110614/CL19184LOGO )

Net income available for common shareholders for the quarter ended December
31, 2012 was $22.3 million, or $0.52 per diluted common share, as compared to
$18.8 million, or $0.49 per diluted common share, for the quarter ended
December 31, 2011. Net income results for the quarter ended December 31, 2012
included $3.2 million, or $0.07 per diluted common share, related to the gain
on the sale of one apartment community during the period, compared to $7.9
million, or $0.20 per diluted common share, included in the results for the
quarter ended December 31, 2011 also related to a gain on the sale of one
apartment community. 

For the year ended December 31, 2012, net income available for common
shareholders was $105.2 million, or $2.56 per diluted common share, as
compared to $48.8 million, or $1.31 for the year ended December 31, 2011. Net
income results for the year ended December 31, 2012 included $41.6 million, or
$0.97 per diluted common share, related to gains on the sale of nine apartment
communities during the year, while net income results for the year ended
December 31, 2011 included $12.8 million, or $0.33 per diluted common share,
related to gains on the sale of two apartment communities.

For the quarter ended December 31, 2012 Funds from Operations, or FFO, a
widely accepted measure of performance for real estate investment trusts, was
$53.4 million representing $1.21 per diluted share and unit, or per Share, as
compared to $43.1 million, or $1.07 per Share, for the quarter ended December
31, 2011. On a per share basis, FFO grew 13% for the quarter ended December
31, 2012 from the quarter ended December 31, 2011.

For the year ended December 31, 2012, FFO was $196.3 million, or $4.57 per
Share, compared to $155.5 million, or $3.98 per Share, for the year ended
December 31, 2011. FFO per share for year ended December 31, 2012 grew 15% as
compared to the prior year.

A reconciliation of FFO to net income attributable to MAA and an expanded
discussion of the components of FFO can be found later in this release.

Eric Bolton, Chairman and Chief Executive Officer, said, "Leasing conditions
across the portfolio remain strong. MAA's portfolio of high quality
properties diversified across the Sunbelt region, combined with increasing
contribution from our development pipeline and an investment grade quality
balance sheet, have the company well positioned to capture another record year
of FFO per share results in 2013."

Fourth Quarter Highlights

  oFFO per Share increased 13% to $1.21 for the fourth quarter of 2012 and
    15% to $4.57 for the full year 2012 over the comparable periods in the
    prior year, both record performances for the company.
  oSame store net operating income, or NOI, for the fourth quarter of 2012
    increased a strong 8.5% as compared to the fourth quarter of 2011. Full
    year 2012 same store NOI increased 6.6% compared to 2011, a record
    performance for the company.
  oPhysical occupancy for the same store portfolio averaged 95.6% for the
    fourth quarter of 2012 and average effective rents grew 4.8% over the same
    period in the prior year.
  oResident turnover remained historically low at 56.1% on a trailing twelve
    month basis.
  oThe company funded an additional $20.5 million of costs related to the
    development pipeline during the fourth quarter of 2012, completing
    construction at the second of five communities under development.
  oFollowing quarter end, the company received a first time issuer investment
    grade rating from Standard & Poor's Rating Services of BBB – with a
    positive outlook, reaching its goal of achieving investment grade ratings
    from all three major rating agencies.
  oMAA's Board of Directors approved payment of the 76^th consecutive
    quarterly dividend at an annual rate of $2.78 per share, a 5.3% increase
    over the previous annual rate.

Fourth Quarter Same Store Operating Results
Same store operating results include 40,609 units in 136 communities that have
comparable results for periods presented.



Percent Change From Three Months Ended December 31, 2011 (Prior
Year):
                                                                 Average
                                                     Physical    Effective
Markets               Revenue    Expense    NOI      Occupancy   Rent per Unit
Large                 7.1%       1.2%       11.4%    0.1%        5.9%
Secondary             3.9%       2.3%       5.1%     0.4%        3.5%
      Total Same      5.6%       1.7%       8.5%     0.3%        4.8%
      Store

Same store NOI for the fourth quarter of 2012 increased 8.5% over the same
period a year ago, based on a 5.6% increase in revenues and a 1.7% increase in
operating expenses. The increase in revenues was primarily related to a 4.8%
increase in average effective rent per unit combined with a 0.5% increase in
average occupancy for the quarter. Physical occupancy for the same store
portfolio ended the fourth quarter of 2012 at 95.4%, 0.3% above the same
period a year prior. Operating expenses for the fourth quarter benefited from
declines in repair and maintenance and utility expenses, as well as favorable
adjustments to real estate taxes.

Full year same store NOI for 2012 increased 6.6%, based on a 4.7% increase in
revenues and 2.2% increase in operating expenses as compared to the prior
year. On a sequential quarterly basis, same store NOI grew 4.4% based on a
0.7% increase in revenues and a 4.3% decline in operating expenses, primarily
related to seasonal declines in personnel, repair and maintenance and utility
expenses.

A reconciliation of NOI to net income attributable to MAA and an expanded
discussion of the components of NOI can be found later in this release.

Disposition Activity
In November, MAA sold one community, Walden Run, a 240-unit property located
in the Atlanta, Georgia metropolitan area. MAA received gross proceeds of
$13.6 million for the community, representing a 5.8% cap rate (based on
in-place NOI less a 4% management fee and $350 per unit capital reserve).
This sale brings MAA's total gross proceeds from dispositions for the full
year to $113.2 million from nine communities averaging 25 years of age,
representing an average cap rate of 6.8%.

Development and Redevelopment Activity
During the fourth quarter MAA acquired a two acre tract of land and began
development of a 294-unit community located in Jacksonville, Florida. The
planned community, 220 Riverside, is an urban infill project which is part of
a larger redevelopment of Jacksonville's Central Business District. The total
cost for the community is expected to be approximately $40.4 million, with the
first units projected to be delivered in mid-2014.

Construction and lease-up continued on five communities during the quarter,
including the new Jacksonville project. At the end of the fourth quarter,
construction on two of the communities (Ridge at Chenal Valley located in
Little Rock, Arkansas, and Venue at Cool Springs located in Nashville,
Tennessee) was completed with both communities 77% occupied. Initial
occupancies are expected to occur in the first half of 2013 for two other
communities (1225 South Church Phase II, located in Charlotte, North Carolina,
and River's Walk, located in Charleston, South Carolina). Initial occupancy
for 220 Riverside, in Jacksonville, Florida, is expected in the second half of
2014.

During the fourth quarter, MAA funded an additional $20.5 million toward
completion of the development communities, leaving an estimated $57.4 million
remaining to complete funding of the current development pipeline.

MAA continues its redevelopment program at select communities throughout the
portfolio. During 2012, a total of 3,236 units were renovated at an average
cost of approximately $4,300 per unit, achieving average rental rate increases
of 10% above non-renovated units.

Capital Expenditures
Recurring capital expenditures for the portfolio totaled $3.5 million for the
fourth quarter of 2012, approximately $0.08 per Share, resulting in adjusted
funds from operations, or AFFO, of $1.13 per Share for the quarter. For the
full year, recurring capital expenditures totaled $26.5 million, approximately
$0.62 per Share, resulting in adjusted funds from operations, or AFFO, of
$3.96 per Share. 

Total property capital expenditures for the fourth quarter of 2012 were $7.7
million on existing properties, and an additional $3.4 million on the
redevelopment program. Total property capital expenditures for the full year
2012 were $44.7 million on existing properties and an additional $14.4 million
on the redevelopment program.

A reconciliation of AFFO to net income attributable to MAA and an expanded
discussion of the components of AFFO can be found later in this release.

Financing Activity
During the fourth quarter of 2012, MAA issued 342,600 shares of common stock
through its At-the-Market, or ATM equity program. The shares were issued at
an average price of $65.67 per share, for total net proceeds of $22.2 million
which was primarily used to fund development activity and reduce borrowings
under the company's credit facility.

In January 2013, MAA was assigned a first time issuer rating from Standard &
Poor's Rating Services of BBB- with a positive outlook. This new rating,
combined with the existing ratings from Moody's Investor Service (Baa2) and
Fitch Ratings (BBB) reflects the company's strong balance sheet position and
is expected to support efficient access to the public bond market in 2013.

Balance Sheet
As of December 31, 2012, MAA's debt-to-market capitalization was 37% (based on
the December 31, 2012 closing stock price of $64.75), and MAA's debt-to-gross
assets (based on gross book value at quarter end) was 44.1%. MAA had total
debt outstanding of $1.7 billion at an average interest rate of 3.8%, with 95%
of the total fixed or hedged against rising interest rates for an average of
4.6 years at December 31, 2012. At the end of the quarter MAA had over $300
million of capacity available under its unsecured credit facility. MAA's
fixed charge coverage ratio (EBITDA divided by interest) was 4.4x at the end
of the quarter, while net-debt-to-EBITDA was 6.5x. MAA reduced outstanding
secured debt balances by $324 million during 2012 and ended the year with an
unencumbered asset pool representing 53% of total gross assets.

76th Consecutive Quarterly Common Dividend Declared
MAA's Board of Directors voted to increase the quarterly dividend to an annual
rate of $2.78 per common share and unit (a 5.3% increase) and declared its
76th consecutive quarterly common dividend which was paid on January 31, 2013
to holders of record on January 15, 2013.

2013 FFO per Share Guidance
MAA is providing initial guidance for 2013 FFO per Share based on its current
and expected views of the apartment market and overall economic conditions.
The company's guidance is based on several key variables and assumptions,
which are summarized below and further detailed in the attached supplement.
MAA intends to update its FFO per Share guidance to the market on a quarterly
basis.

Full-year FFO per Share for 2013 is expected to be $4.73 to $4.93, or $4.83 at
the mid-point. Guidance for 2013 includes combined FFO per Share dilution of
approximately $0.12 per Share related to the company's development pipeline
and asset recycling program, as well as an additional $0.01 per Share of
expected non-cash charges related to debt refinancing activities. FFO per
Share for the first quarter of 2013 is expected to be $1.13 to $1.25 per
Share, or $1.19 at the mid-point.

The company's initial FFO guidance for 2013 is based on projections of same
store property revenue growth of 4% to 5%, property operating expense growth
of 3.5% to 4.5%, and NOI growth of 4% to 6%. Real estate taxes, which
represent almost a quarter of total property operating expenses, are projected
to grow 5.5% to 6.5%.

Recurring capital expenditures are projected to be $30 million, or
approximately $0.67 per Share for 2013, producing AFFO of $4.06 to $4.26 per
Share.

Additional information on the company's 2013 financial outlook and FFO
guidance is included in the supplemental data accompanying this press
release.

Supplemental Material and Conference Call
Supplemental data to this release can be found on the investor relations page
of the MAA web site at www.maac.com. MAA will host a conference call to
further discuss fourth quarter results on Thursday, February 7, 2013, at 9:00
AM Central Time. The conference call-in number is 866-861-4867 and the
moderator's name is Leslie Wolfgang. MAA's filings with the Securities and
Exchange Commission are filed under the registrant name of Mid-America
Apartment Communities, Inc.

About MAA
MAA is a self-administered, self-managed apartment-only real estate investment
trust, which currently owns or has ownership interest in 49,591 apartment
units throughout the Sunbelt region of the U.S. For further details, please
visit the MAA website at www.maac.com or contact Investor Relations at
investor.relations@maac.com. 6584 Poplar Ave., Memphis, TN 38138.

Forward-Looking Statements
We consider portions of this press release to be forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, with respect to our expectations
for future periods. Forward looking statements do not discuss historical fact,
but instead include statements related to expectations, projections,
intentions or other items related to the future.Such forward-looking
statements include, without limitation, statements concerning property
acquisitions and dispositions, development and renovation activity as well as
other capital expenditures, capital raising activities, rent growth, occupancy
and rental expense growth.Words such as "expects," "anticipates," "intends,"
"plans," "believes," "seeks," "estimates" and variations of such words and
similar expressions are intended to identify such forward-looking
statements.Such statements involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or
achievements to be materially different from the results of operations or
plans expressed or implied by such forward-looking statements.Such factors
include, among other things, unanticipated adverse business developments
affecting us, or our properties, adverse changes in the real estate markets
and general and local economies and business conditions.Although we believe
that the assumptions underlying the forward-looking statements contained
herein are reasonable, any of the assumptions could be inaccurate, and
therefore such forward-looking statements included herein may not prove to be
accurate.In light of the significant uncertainties inherent in the
forward-looking statements included herein, the inclusion of such information
should not be regarded as a representation by us or any other person that the
results or conditions described in such statements or our objectives and plans
will be achieved. The following factors, among others, could cause our future
results to differ materially from those expressed in the forward-looking
statements:

  oinability to generate sufficient cash flows due to market conditions,
    changes in supply and/or demand, competition, uninsured losses, changes in
    tax and housing laws, or other factors;
  ofailure of new acquisitions to achieve anticipated results or be
    efficiently integrated into us;
  ofailure of development communities to be completed, if at all, on a timely
    basis;
  ofailure of development communities to lease-up as anticipated;
  oinability of a joint venture to perform as expected;
  oinability to acquire additional or dispose of existing apartment units on
    favorable economic terms;
  ounexpected capital needs;
  oincreasing real estate taxes and insurance costs;
  olosses from catastrophes in excess of our insurance coverage;
  oinability to acquire funding through the capital markets;
  othe availability of credit, including mortgage financing, and the
    liquidity of the debt markets, including a material deterioration of the
    financial condition of the Federal National Mortgage Association and the
    Federal Home Loan Mortgage Corporation;
  oinability to replace financing with the Federal National Mortgage
    Association and the Federal Home Loan Mortgage Corporation should their
    investment in the multifamily industry shrink or cease to exist;
  ochanges in interest rate levels, including that of variable rate debt,
    such as extensively used by us;
  oloss of hedge accounting treatment for interest rate swaps and interest
    rate caps;
  othe continuation of the good credit of our interest rate swap and cap
    providers;
  oinability to meet loan covenants;
  osignificant decline in market value of real estate serving as collateral
    for mortgage obligations;
  oinability to pay required distributions to maintain REIT status due to
    required debt payments;
  osignificant change in the mortgage financing market that would cause
    single-family housing, either as an owned or rental product, to become a
    more significant competitive product;
  oimposition of federal taxes if we fail to qualify as a REIT under the
    Internal Revenue Code in any taxable year or foregone opportunities to
    ensure REIT status;
  oinability to attract and retain qualified personnel;
  opotential liability for environmental contamination;
  oadverse legislative or regulatory tax changes; and
  olitigation and compliance costs associated with laws requiring access for
    disabled persons.

Reference is hereby made to the filings of Mid-America Apartment Communities,
Inc., with the Securities and Exchange Commission, including quarterly reports
on Form 10-Q, reports on Form 8-K, and its annual report on Form 10-K,
particularly including the risk factors contained in its reports on Form 10-Q
and Form 10-K.



CONSOLIDATED STATEMENTS OF OPERATIONS
In thousands except per share data
                                  Three months ended      Twelve months ended
                                  December 31,            December 31,
                                  2012        2011        2012       2011
Property revenues                 $         $         $        $  
                                  131,182     112,774     496,266    429,789
Management fee income             212         266         899        1,017
Property operating expenses       (51,727)    (46,518)    (203,326)  (182,577)
Depreciation and amortization     (33,449)    (29,767)    (126,136)  (110,870)
Acquisition expense               (7)         (988)       (1,581)    (3,319)
Property management expenses      (5,600)     (5,458)     (22,084)   (20,700)
General and administrative        (3,326)     (4,078)     (13,762)   (18,123)
expenses
Income from continuing
operations before non-operating   37,285      26,231      130,276    95,217
items
Interest and other non-property   87          203         430        802
income
Interest expense                  (15,773)    (14,734)    (58,751)   (57,415)
Loss on debt extinguishment       (659)       (644)       (654)      (755)
Amortization of deferred          (941)       (756)       (3,552)    (2,902)
financing costs
Net casualty gains (loss) and     18          73          (6)        (619)
other settlement proceeds
Gain on sale of non-depreciable   -           921         45         1,084
and non-real assets
Income from continuing
operations before
     loss from real estate        20,017      11,294      67,788     35,412
     joint ventures
Loss from real estate joint       (53)        (63)        (223)      (593)
ventures
Income from continuing            19,964      11,231      67,565     34,819
operations
Discontinued operations:
     Income from discontinued
     operations before gain on    77          847         577        3,625
     sale
     Net casualty gain (loss)
     and other settlement
     proceeds in
            discontinued          5           (5)         48         (12)
            operations
     Gain on sale of              3,161       7,872       41,635     12,799
     discontinued operations
Consolidated net income           23,207      19,945      109,825    51,231
     Net income attributable to   (900)       (1,187)     (4,602)    (2,410)
     noncontrolling interests
Net income available for common   $        $        $        $   
shareholders                      22,307      18,758      105,223    48,821
Earnings per share - Diluted      42,247      40,149      42,937     39,087
shares
Net income per share available
for common shareholders - Diluted $0.52       $0.49       $2.56      $1.31
^(1)
^(1) Equals the more dilutive of the treasury stock or two class methods. The
impact of partnership units is included in dilutive earnings per share
calculations for the periods when it is dilutive to earnings per share.
FUNDS FROM OPERATIONS
In thousands except per share data
                                  Three months ended      Twelve months ended
                                  December 31,            December 31,
                                  2012        2011        2012       2011
Net income attributable to MAA    $        $        $        $   
                                  22,307      18,758      105,223    48,821
Depreciation and amortization     32,843      29,200      123,767    108,660
of real estate assets
Net casualty (gain) loss and      (23)        (68)        (42)       631
other settlement proceeds
Depreciation and amortization
of real estate assets
     of discontinued operations   93          1,331       2,507      5,557
Gain on sale of discontinued      (3,161)     (7,872)     (41,635)   (12,799)
operations
Depreciation and amortization
of real estate assets
     of real estate joint         450         554         1,887      2,262
     ventures
Net income attributable to        900         1,187       4,602      2,410
noncontrolling interests
Funds from operations             53,409      43,090      196,309    155,542
     Recurring capital            (3,532)     (3,974)     (26,464)   (26,388)
     expenditures
Adjusted funds from operations    $        $        $        $  
                                  49,877      39,116      169,845    129,154
Weighted average common shares    44,040      40,134      42,911     39,051
and units - Diluted
Funds from operations per share   $1.21       $1.07       $4.57      $3.98
and unit - Diluted
Adjusted funds from operations    $1.13       $0.97       $3.96      $3.30
per share and unit - Diluted



CONSOLIDATED BALANCE SHEETS
In thousands
                                                  Dec 31, 2012   Dec 31, 2011
Assets
Real estate assets
 Land                                             $   386,670  $   333,846
 Buildings and improvements                       3,170,413      2,879,289
 Furniture, fixtures and equipment                98,044         92,170
 Capital improvements in progress                 52,455         53,790
                                                  3,707,582      3,359,095
 Accumulated depreciation                         (1,027,618)    (961,724)
                                                  2,679,964      2,397,371
 Land held for future development                 1,205          1,306
 Commercial properties, net                       8,065          8,125
 Investments in real estate joint ventures        4,837          17,006
      Real estate assets, net                     2,694,071      2,423,808
Cash and cash equivalents                         9,075          57,317
Restricted cash                                   808            1,362
Deferred financing costs, net                     13,842         14,680
Other assets                                      29,166         29,195
Goodwill                                          4,106          4,106
      Total assets                                $ 2,751,068   $ 2,530,468
Liabilities and Shareholders' Equity
Liabilities
 Secured notes payable                            $ 1,190,848   $ 1,514,755
 Unsecured notes payable                          483,000        135,000
 Accounts payable                                 4,586          2,091
 Fair market value of interest rate swaps         21,423         33,095
 Accrued expenses and other liabilities           94,719         91,718
 Security deposits                                6,669          6,310
      Total liabilities                           1,801,245      1,782,969
Redeemable stock                                  4,713          4,037
Shareholders' equity
 Common stock                                     422            389
 Additional paid-in capital                       1,542,999      1,375,623
 Accumulated distributions in excess of net       (603,315)      (621,833)
 income
 Accumulated other comprehensive losses           (26,054)       (35,848)
      Total MAA shareholders' equity              914,052        718,331
 Noncontrolling interest                          31,058         25,131
      Total equity                                945,110        743,462
      Total liabilities and shareholders'         $ 2,751,068   $ 2,530,468
      equity



SHARE AND UNIT DATA
In thousands
                                       Three months ended  Twelve months ended
                                       December 31,        December 31,
                                       2012       2011     2012        2011
NET INCOME SHARES ^ (1)
    Weighted average common shares -   42,247     38,133   41,039      36,995
    Basic
    Weighted average partnership       -          1,942    1,834       1,992
    units outstanding
    Effect of dilutive securities      -          74       64          100
    Weighted average common shares -   42,247     40,149   42,937      39,087
    Diluted
FUNDS FROM OPERATIONS SHARES AND
UNITS
    Weighted average common shares     44,006     40,075   42,873      38,987
    and units - Basic
    Weighted average common shares     44,040     40,134   42,911      39,051
    and units - Diluted
PERIOD END SHARES AND UNITS
    Common shares at December 31,      42,316     38,959   42,316      38,959
    Partnership units at December      1,732      1,938    1,732       1,938
    31,
^(1) For additional information on the calculation of diluted shares and
earnings per share, please refer to the Notes to
Condensed Consolidated Financial Statements in our Form 10-Q filed with the
Securities and Exchange Commission.

NON-GAAP FINANCIALS AND OTHER DEFINITIONS

Adjusted Funds From Operations (AFFO)
For purposes of these computations, AFFO is composed of FFO less recurring
capital expenditures, any amount charged to retire preferred stock in excess
of carrying values and asset impairment. As an owner and operator of real
estate, we consider AFFO to be an important measure of performance from core
operations because AFFO measures our ability to control revenues, expenses and
recurring capital expenditures.

Average Effective Rent
Average effective rent per unit is equal to the average of gross rent amounts
after the effect of leasing concessions for occupied units plus prevalent
market rates asked for unoccupied units, divided by the total number of units.
Leasing concessions represent discounts to the current market rate. We believe
average effective rent is a helpful measurement in evaluating average pricing.
It does not represent actual rental revenue collected per unit.

Development Portfolio
Communities remain identified as development until certificates of occupancy
are obtained for all units under development. Once all units are delivered and
available for occupancy, the community moves into the Lease-up Portfolio.

Earnings Before Interest Taxes Depreciation and Amortization (EBITDA)
For purposes of these computations, EBITDA is composed of net income before
net gain on asset sales and insurance and other settlement proceeds, and gain
or loss on debt extinguishment, plus depreciation, interest expense, and
amortization of deferred financing costs. EBITDA is a non-GAAP financial
measure we use as a performance measure. As an owner and operator of real
estate, we consider EBITDA to be an important measure of performance from core
operations because EBITDA does not include various income and expense items
that are not indicative of our operating performance. EBITDA should not be
considered as an alternative to net income as an indicator of financial
performance. Our computation of EBITDA may differ from the methodology
utilized by other companies to calculate EBITDA.

Funds From Operations (FFO)
FFO represents net income (computed in accordance with U.S. generally accepted
accounting principles, or GAAP) excluding extraordinary items, net income
attributable to noncontrolling interest, asset impairment, gains or losses on
disposition of real estate assets, plus depreciation of real estate and
adjustments for joint ventures to reflect FFO on the same basis.

Disposition of real estate assets includes sales of real estate included in
discontinued operations as well as proceeds received from insurance and other
settlements from property damage.

Our calculation of FFO may differ from the methodology for calculating FFO
utilized by other REITs and, accordingly, may not be comparable to such other
REITs. FFO should not be considered as an alternative to net income.

MAA believes that FFO is helpful in understanding our operating performance in
that FFO excludes depreciation expense of real estate assets. MAA believes
that GAAP historical cost depreciation of real estate assets is generally not
correlated with changes in the value of those assets, whose value does not
diminish predictably over time, as historical cost depreciation implies.

Lease-up Portfolio
New acquisitions acquired during lease-up and newly developed communities
remain in the Lease-up Portfolio until stabilized.

Net Operating Income (NOI)
Net operating income represents total property revenues less total property
operating expenses, excluding depreciation, for all properties held during the
period, regardless of their status as held for sale. We believe NOI by market
is a helpful tool in evaluating the operating performance within our markets
because it measures the core operations of property performance by excluding
corporate level expenses and other items not related to property operating
performance.

Other Non-Same Store Portfolio
Other Non-Same Store includes recent acquisitions and communities in
development or lease-up.

Same Store Portfolio
We review our Same Store Portfolio at the beginning of each calendar year.
Communities are generally added into the Same Store Portfolio if they were
owned and stabilized at the beginning of the previous year.

Communities that have been approved by the Board of Directors for disposition
are excluded from our Same Store Portfolio.

Within our Same Store Portfolio communities are designated as operating in
Large or Secondary markets.

Large Market Same Store communities are generally those communities in markets
with a population of at least one million and at least 1% of the total public
multifamily REIT units.

Secondary Market Same Store communities are generally those communities in
markets with either a population less than one million or less than 1% of the
total public multifamily REIT units, or both.

Stabilized Communities
Communities are considered stabilized after achieving 90% occupancy for 90
days.



SOURCE MAA

Website: http://www.maac.com
Contact: Investor Relations of MAA, +1-901-682-6600,
investor.relations@maac.com
 
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