Investor Update

April 2007

Solid Public Company Platform

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IPO January 1994

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Exclusively multifamily

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Strong public company platform

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$3.0 billion total capitalization

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High quality portfolio

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Sunbelt region focus

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137 communities; 39,971 units

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Average age 14 years

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Strong balance sheet

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Debt/Market Cap of 40%

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Growth capacity

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Solid dividend payout ratio

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Experienced management

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Strong record of value creation

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Sophisticated operations

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Stable management team

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Solid returns to shareholders

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3-year return, 21.0% annual

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Since IPO, 17.3% annual

Creating Value

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Through Acquisitions

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Extensive broker/owner/developer network and

regional focus generates high deal flow

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Strong execution capabilities and balance sheet

strengths provide competitive advantages

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Through Redevelopment

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Heavy experience in repositioning physical appeal,

resident service, marketing and operating
processes

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Regional focus provides sub-market and

neighborhood knowledge; up-side assessment

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Through Operations

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Heavy use of technology drives ability to

out-perform and generates competitive edge

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Heavily experienced management team; strong

regional support and asset management network

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Through Value Add New Development

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Expansion projects provide very accretive uses of

capital and ability to leverage in-place investment

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Generates acquisition opportunities and

relationships with merchant developers

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Through Joint Ventures

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Experienced JV platform; access to private capital

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Ability to leverage operating platform

MAA’s investment region is expected

to capture h igher demand for multifamily housing as compared to other regions of the U.S. 

MAA	0.09%
AEC	0.05%
BRE	0.03%
PPS	0.01%
EQR	-0.01%
ESS	-0.02%
ASN	-0.03%
AIV	-0.04%
AVB	-0.04%
UDR	-0.04%
HME	-0.04%
CPT	-0.05%

“Absorption Outlook

Benefits Mid-America,…”

Employment growth vs.

new supply projections

over the next 4 years.

Source:  RBC Multifamily Research, March 2007, Exhibit 15:

Rental Absorption Forecasts – Major Apartment REITs

Focus on High Growth Region

High Growth Markets

Dallas

Atlanta

Houston

Phoenix

Tampa

Orlando

Charleston

Nashville

Austin

Raleigh

Savannah

South Florida

Others…

Stable Income Markets

Columbus

Lexington

Augusta

Columbia

Others…

Growth + Income

Markets

Jacksonville

Melbourne

Birmingham

Memphis

Greenville

Others…

Portfolio Strategy

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Significant change in market

profile of portfolio over the last
few years; more robust market
profile

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Higher portfolio allocation to high

growth markets

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Captures broad benefits of high

growth region…with lower
volatility and down side
protection

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Sophisticated operating platform

provides competitive advantages
in markets throughout the region

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Balance sheet and strong due

diligence team provides ability to
execute an attractive “close”
program…competitive advantage
in many markets

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More recession resistant

performance…lower volatility

MRI

Web Portal

Lease

Revenue

Optimizer

Collections

Management

Resident

Screening

Utilities

Management

Unit Interior

Renovation

Lease

Expiration

Mgmt

On-line

Resident

Solutions

Rent and Fee

Management

Unit Turn

Management

Collection Agency

Integration; real-time

Delinquency reporting

Integrated credit scoring

and background screening;

real-time processing

Utility billing company

integration; vacant

utility real-time cut-off

Detailed tracking of

improvements by unit;

real time price monitoring

Automated guidance for

optimum monthly, weekly

and daily scheduling

On-line leasing, internet

response center, payment

processing, work orders

Yield management;

automated bill-up of fees

and charges

Automated tracking and

monitoring of move-out,

get ready, show and move-in

Training and

Procedures

24/7 training availability;

high degree of control;

on-line procedures

Sophisticated Operating Platform

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Innovative Solutions for

Key Processes

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Marketing and leasing

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Payment processing

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Utility billing integration

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Vacant utility integration

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Pricing protocol

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Lease expiration mgmt

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Unit turn management

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Operating expense efficiency

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Cutting Edge

Technologies

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Web based property mgmt

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Yield management platform

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Web based credit check

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Web based criminal check

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Web based leasing

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Web based payment

process

FFO/Share

Dividend/Share

A focus on high growth

region with an expanded

allocation to more robust

markets

Disciplined investment

protocol and capital

deployment practices

High quality of

earnings; lower

volatility

Strong asset management

and property management

platforms

Combine to create more stable performance through down cycles,

strong base for performance through up cycles and

higher risk adjusted performance returns through full cycles

Improved Performance Platform

Strong Internal Growth Prospects

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MAA now positioned in seven of the top ten

national markets for job growth over the next 10
years - Austin, Phoenix, Orlando, Jacksonville,
Tampa, Dallas, Atlanta

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Minimal exposure to condo reversion; largely

suburban locations, not concentrated in over
developed condo markets

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Higher credit standards for mortgage loan

market will drive higher demand for apartment
housing and lengthen stay of existing customers

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New yield management pricing platform

expected to drive “out-performance” revenue
growth results

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Muted new supply pressures should continue for

some time

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Redevelopment initiative across the portfolio will

continue to drive “out performance” rental
increases

Replacement value per unit	$90K - $120K
Implied value per unit based on current cap rate pricing (slide 19)	$83K - $84K
Implied price per unit based on $57/share price	$75K - $76K

Portfolio Value/Price Upside 

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Given significant cost increase of

  development sites and
construction materials, new
supply should remain in check for
some time as rents recover

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Concrete, masonry, doors,

widows, finish material,
mechanical and electrical have
increased an average of 69.6%
over the period March ’02 to
January ’07

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Replacement values for MAA

quality properties are running
$90K - $120K/unit

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MAA’s portfolio of properties

ranging from B+ to A quality
appeal to largest segment of
rental market in the region

Interior Re-Position Upside

Brentwood Downs

Nashville, TN

93 Units Completed

14% rent increase

Runaway Bay

Charleston, SC

 203 Units Completed

21% rent increase

2007 Plan focused on 33 communities (total of 9,921 units represented) with another

7 communities (total of 1,788 units represented) being tested this year.  Targeting to

complete 1,500 to 2,000 units this year as part of routine unit turnover.

Improving New Growth Prospects

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Broader market focus and

expanded product focus will
widen field of opportunity for
capturing transactions

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Regional focus and extensive

network developed over last
thirteen years generates high
deal flow

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FL market acquisition

opportunities increasing

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New value-add new

development will begin to make a
growing impact in late ’07 – ’08

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JV initiative will also expand

growth opportunities

Three new “value add” new development projects currently

underway. At stabilization new units are projected to deliver

± 7.5% NOI yields and contribute $1.3M FFO ($.04 - $.05/share)

Brier Creek Phase II

Raleigh, NC

200 Units

Construction underway

Initial occupancy 2Q07

Projected stabilization

2Q08

St. Augustine at the Lake II

Jacksonville, FL

124 Units

Construction start 2Q07

Initial occupancy 4Q07

Projected stabilization

3Q08

Copper Ridge

Dallas, TX

216 Units

Construction start 2Q07

Initial occupancy 1Q08

Projected stabilization

1Q09

New “Value Add” Development

Strong Joint Venture Platform

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Experienced with JV programs

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Blackstone ’98 – ’01

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Crow Holdings ’01 – ’04

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Crow Holdings ’04 – ’06

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Average IRR’s captured for MAA

range 30% - 38%

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Opportunity to further “monetize”

  and leverage value of deal flow,
asset management and property
management platforms

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Value add redevelopment program

opportunity – new fund development

Mid-America’s balance sheet has significantly improved over the last few years.

Coverage ratios and capacity are in line with sector averages;

especially when considering lower risk investment and growth strategy.

Solid Balance Sheet Position

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Leverage (debt + preferred as a

% of gross assets) has been
materially reduced over the last 2
years

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Added $130MM of debt capacity

in 2006 (total $219MM current
capacity)

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Agency credit facilities provide

cost efficient and flexible debt
financing

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Leverage and coverage ratios

now make investment grade
corporate debt program a viable
option

FFO/share

$3.40 - $3.60

(5.1% growth at mid-point)

AFFO/share

$2.77 - $2.97

(11% growth at mid-point)

Guidance for 2007

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Same store NOI 5% - 6%

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$28MM new development

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$6MM redevelopment

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$150MM core acquisitions

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$150MM JV acquisitions

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Long-term value/current

  year “headwind”

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Transition to net pricing ($.02 –

$.04)

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Series F Preferred refi ($.02)

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Lease up, new development ($.09)

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Asset sales ($.02)

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Recurring CapEx $.63/share

MAA’s current relative pricing, as compared to historical trading

range, should be materially higher as a result of significant

improvements made to portfolio profile, operating platform

and balance sheet. 

Current Pricing Opportunity

Real Estate Assets	Mkt. Cap Rate	Amount
High Growth Mkts.	5.50%	$1,758.4
Growth + Income Mkts.	5.75%	$846.8
Steady Income Mkts.	6.25%	$584.7
Lease-up and Development at Cost		$77.0
Other Assets		$54.7
Liabilities		$(1,238.3)
Preferred Stock		$(166.9)
Net Asset Value		$1,916.4
Shares/Units		27,600
Net Asset Value/Share		$69

Net Asset Value

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Market profile of portfolio has

significantly transformed over the
last few years; more institutional
capital appeal

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Asset quality has likewise

significantly improved over last
few years

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Important to recognize that a

number of “small” markets have
high investor interest and very
strong performance dynamics –
very much in line with cap rates
in more traditional large
institutional markets

•

Sub-market location and property

quality matter when applying
broad market cap rate metrics

Investment Summary

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Focus on high growth region

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Proven investment disciplines

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High quality of earnings

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Competitive edge in deal flow

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Redevelopment upside in portfolio

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Value add new development

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Innovative asset management

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Aggressive property management

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Proven JV platform & opportunity

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Strengthened balance sheet

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Positioned for strong performance

•

Current attractive pricing

opportunity

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 Disclosure

End of Presentation

Appendix

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Struggling lease-up (70%

occupied) at time of acquisition

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MAA advantage

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Ability to carry asset till

stabilized

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Marketing expertise

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Extensive market

knowledge

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Re-staffed property

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Up-graded on site systems

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Stabilized property in 9 months

Year Acquired:	2003	Gross Investment:	$40.9M
Units:	501	Current Market Value (6% Cap Rate):	$62.0M
Purchase Price:	$40.5M	Value Created:	$21.1M
Capex-to-Date:	$.4M	Leveraged Return (Cash on Cash IRR):	38%

Lighthouse Court, Jacksonville

Creating Value: Case Study 1

Year Acquired:	1995	Gross Investment:	$12.4M
Units:	400	Current Market Value (6.5% Cap Rate):	$31.4M
Purchase Price:	$9.3M	Value Created:	$19.0M
CapEx-to-Date:	$3.1M	Leveraged Return (Cash on Cash IRR):	33%

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Underperforming and

undercapitalized property in
desirable sub-market

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Difficult resident profile

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MAA advantage

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Repositioning expertise

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Capital improvement expertise

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Repositioned resident profile

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Marketing expertise

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Repositioned property reputation

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Financing expertise (tax-free

bonds)

St. Augustine, Jacksonville

Creating Value: Case Study 2