Exhibit 99

Statements contained in this presentation, which are not historical facts, are forward-looking

statements, as the term is defined in the Private Securities Litigation Reform Act of 1995. Such

forward-looking statements are subject to risks and uncertainties which can cause actual results

to differ materially from those currently anticipated, due to a number of factors, which

include, but are not limited to, unfavorable changes in the apartment market, changing

economic conditions, the impact of competition, acquisitions which may not achieve anticipated

results and other risk factors discussed in documents filed with the Securities and Exchange Commission

from time to time including the Company’s Annual Report on Form 10-K and the Company’s

Quarterly Report on Form 10-Q. The statements in this presentation are made based

upon information currently known to management and the company assumes no obligation to update or

revise any of its forward-looking statements.

Safe Harbor Statement

Focused, Stable, High Performing

Southeast-Sunbelt Regional Focus

•

Higher and more stable demand characteristics; strong
long-term growth prospects

Three Market Tier Strategy

•

Diversified investment platform; delivers superior
performance through full market cycle

High Quality Apartment Housing

•

Desirable housing catering to the majority of the rental
market

Repositioned Portfolio

•

Diversified across strong demand growth region;
positioned for more robust performance

Strong Operating Platform

•

Heavily experienced in property and asset management;
investment in technology and sophisticated operating
capabilities

Disciplined Investor

•

Solid history of creating value through very disciplined
capital deployment

Southeast Focus: Growth & Stability

Five Year Projected
Population Growth

•

MAA Region Combined
5.6%

•

Other States Combined
4.4%

•

40% of investments are in
significant growth states of
FL and TX

Manage Supply Side
Exposure

•

Disciplined investment

•

Aggressive operations

Small Tier Markets – Charleston, Savannah, Jackson, Augusta,…

Mid Tier Markets – Jacksonville, Austin, Memphis, Nashville, …

Large Tier – Dallas, Houston, Atlanta, Tampa, …

Former

Today

Portfolio Shift Over Last 3 Years

Better positioned for recovering market cycle

New profile will drive more robust internal earnings performance

Continues to offer high degree of stability and value protection

Regional strength; solid diversification

Significantly improved portfolio quality through capital

recycling and new capital deployment

Portfolio Shift Over Last 3 Years

Acquired $449MM and sold
$115MM (incl. JV properties)

Average age of properties
acquired were 5 years, versus 17
years for properties sold

Average investment of $75K per
unit for properties acquired

Very strong results achieved in early phase of market recovery

Q4 Results…A Turning Point

Same Store Q4 NOI increase of 8.1% over
prior year (before impact of straight-line
concessions); highest since Q1 1996

FFO results of $0.81/share; record Q4

Same Store occupancy of 94.7%; highest Q4
result since 1999

Same Store rent growth of 1.7%; highest
since Q4 2001

Same Store unit turnover down 3.1%

Single family housing trends topping out

Increasing demand, muted supply
pressure…support strong recovery and
value appreciation over next few years

Improving Leasing Cycle:

Homeownership peaking.

Home prices have increased

much faster than incomes.

- Annual pretax mortgage payment

as a % of median income is

at a 15-year high.

- Rents are below historic levels

as a % of median income.

- Condo boom has removed some

supply (MAA less exposed

to a future correction).

Significantly Strengthened

Operating Platform:

New web-based operating

system installed early 2005.

- Aggressive inventory and

lease expiration mgmt.

Explosive growth in efficient

web-based leasing.

Much more aggressive

revenue management capabilities.

New yield management

system in beta test.

Property Repositioning and

Asset Enhancement:

Kitchen and bath up-grade

program underway; 7,000 units

initially targeted.

Significant rent growth

opportunity.

Very accretive and attractive

investment returns.

Expect to generate very

strong revenue growth over

next five years.

Strong Value Growth Prospects

Significant FFO upside to capture from same store portfolio as

market conditions improve…earnings potential protected and enhanced

Strong Internal Growth Prospects

Same Store portfolio generated 35
cents/share in higher FFO in 2002, as
compared to 2005, from lower
concessions; representing significant
upside potential

Same store pricing power of portfolio
has been protected; ARU performance:
2002 -.2%, 2003 .1%, 2004 .2%, 2005
1.7%; significant rent growth recovery
upside

Consistent capex program maintained
during weak leasing environment;
properties well positioned to recover
revenue performance

Implementation of a new operating system and

enhancements made to an expanded asset management platform

Strong Internal Growth Prospects

Successful implementation of a new
web-based property management system;
strong productivity and pricing platform

New reporting and management tools just now
being rolled out

New regional pricing director function

New utility billing and collection operation

Expect to move towards full yield
management/pricing platform in ‘06

3% to 5% same-store NOI growth translates
to 5% to 9% FFO growth (cash basis)

Opportunity for repositioning and

significant re-pricing upside at a

number of properties through

unit interior upgrades

Strong Internal Growth Prospects

Unit interior renovation program will drive higher
rent growth performance over the next 5 years

17 properties initially targeted; 13% of portfolio

Very disciplined and current pay-back
requirements…targeting mid-teens IRR

2006 plan; complete 1,100 units at approx $4,200
per unit

Incremental rent increase anticipated averaging
$80/month

Program regularly re-evaluated

A record of disciplined growth; extensive network in place and local

knowledge of markets…very active deal flow to capture new growth

Proven External Growth Program

Proven investment track record

Established network; high deal flow

In-depth local knowledge, “Preferred
Buyer”

•

Very familiar with markets

•

Able to underwrite acquisition
opportunities quickly and
accurately using our highly
experienced team

•

Able to close rapidly without
contingencies

•

Able to secure “off market”
opportunities

Investment decisions are governed by conservative underwriting, a

minimum IRR investment hurdle and a requirement to ensure

that meaningful accretion to existing shareholder value is captured

Proven External Growth Program

Underwriting assumptions

•

Realistic

•

Growth rates primarily driven by third
party data

•

Exit cap rates used in proformas are
greater than we have achieved in our
dispositions

Investment hurdles

•

IRR; spread to cost of capital

•

AFFO accretion; 20% or more on
assumed incremental shares

•

Discount to replacement value

Average cap rate of properties
acquired ($449MM) over last
three years is 6.3…off of weak
operating results

3^rdyear NOI yields on new
acquisitions are expected to be
7.5% - 8%...offering significant
FFO growth upside over the next
few years

Average 14.4% forecast IRR
(leveraged) with projected 15
cents accretion in 2006

Proven External Growth Program

MAA’s external growth can be highly competitive within the

sector, while retaining a high level of discipline in capital deployment

Projected FFO Accretion	YR 1	YR 2	YR 3
$150MM of acquisitions	$0.03	$0.06	$0.09
% of projected ’05 FFO	1.0%	1.9%	2.9%
$400MM of acquisitions	$0.07	$0.14	$0.23
% of projected ’05 FFO	2.2%	4.5%	7.4%

Based on accretion from last two acquisitions

Favorable External Growth Rate

$150 to $400 MM of new
growth has a more
significant impact on MAA
due to our size

Deal flow is very high

Ability to execute is strong

Additional External Growth

Disciplined “value added”
development opportunities

•

Leverage existing assets and
operating costs

•

Raleigh, Jacksonville, Dallas

Expect 8%+ stabilized yields

4 potential projects totaling
738 units; est. $65 MM cost

In 2006, 3 to break ground

•

$49MM total investment,
$25MM invested in 2006

Positioned to Perform

‘06 forecast FFO of $3.18 to $3.32

6% growth in FFO versus ’05 adjusted for
non-routine events

$3.25 mid-point is based on 4.0% increase in
same-store NOI (vs. average of 4.6% for
2005)

Same store revenue growth forecast

•

Physical occupancy expected to average
95.0%...60 basis points above prior year

•

Average rent per unit is expected to grow
2.5%

•

Leasing concessions are expected to decline
by $1.4M…assumes $10.6M are incurred
(’07 upside)

85% of debt is fixed or hedged; average
interest rate projected to rise 20 to 25 bp in
2006

$150MM of additional acquisitions

Flexibility, coverage ratios and cost of debt have all materially improved

over the last three years; balance sheet positioned to support growth

Balance sheet materially strengthened

2006 refinancing rate risk minimized:
only $60MM of fixed rate maturities

Leverage (debt + preferred as % of gross
assets) reduced 190 bp in 2005

Almost $90MM of unused debt capacity
at year end

Cost-effective access to equity thru
DRSPP & direct placements

Agency credit facilities offer optimum
debt financing (price, flexibility)

Strong Balance Sheet

Leverage has been reduced, but still runs a
little higher than most apartment REITs but…

–

Fixed charge coverage of 2.1 compares to
sector median of 2.2

–

Business strategy is less risky than most

•

Very low development risks

•

Less cyclical markets

•

No condo activity

•

Proven recession resistance

•

Fewer transactions

High quality of earnings; high probability of
recurrence, not tied to limited term contracts,
not condo market dependent

New $200MM Freddie Mac facility closing
in Q2

Successful track record of raising equity
through DRSPP at 1½% discount

MAA dividend payout ratio better than sector performance

Strong Balance Sheet

Dividend increase 10-31-05 from
$2.34 to $2.38 annual rate reflects
confidence in balance sheet
strength

Dividend as % of FFO and AFFO
are well below apartment sector
median:

Solid Public Company Discipline

ISS score outperforms 82% of
Russell 3000 and 71% of real
estate companies

Shareholder Rights Plan (“poison
pill”) eliminated

E & Y appointed in 2005 for
“fresh look”; audit results indicate
no material issues

Strong, independent board

Material inside ownership

Management aligned with
shareholders

Evolving Shareholder Profile

In last two years liquidity and market
interest have significantly increased

Institutional ownership has doubled;
currently 65% of total shares

Significant increase from many REIT
dedicated investors

Average daily volume trebles to over
100,000 shares

Insiders continue to own over 8% of
shares/units

Sell-side analyst coverage increases from
two analysts to six analysts

Ryan Beck

Morgan Stanley

Raymond James

Morgan Keegan

Robert W. Baird & Co.

Hillard Lyons

	MAA	Apt REIT Average	MAA Priced at Average
2006 FFO Multiple	17.1	20.5	$67
2006 AFFO Multiple	21.5	23.8	$62

Source: Morgan Stanley, Weekly

REIT Statistics, March 31, 2006

Attractive Buy Opportunity

MAA is trading at a 18% discount to the average sector
FFO multiple

MAA priced at the apartment REIT sector weighted
average FFO multiple implies a price of $67 per share…a
22% discount to current pricing

Significant internal earnings growth upside + steady and
disciplined new growth prospects + secure dividend +
pricing upside relative to sector and underlying value

www.maac.net

Recap

Lower-risk business strategy & operation

Minimal exposure to an “over-heated condo market correction”

Significant earnings upside to recapture from existing portfolio

Repositioned portfolio will drive higher earnings

Enhanced operating platform will drive higher earnings

Excellent new earnings growth upside relative to peers

Secure dividend

Much improved and strong balance sheet

Well positioned for rising interest rate environment

Shareholder focused management team

Meaningful pricing upside opportunity