8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)  Spetember 10, 2007 (September 10, 2007)

MID-AMERICA APARTMENT COMMUNITIES, INC.

(Exact name of registrant as specified in its charter)

TENNESSEE	1-12762	62-1543819
(State of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

6584 Poplar Avenue, Suite 300
Memphis, Tennessee	38138
(Address of principal executive offices)	(Zip Code)

(901) 682-6600

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[    ] Written communications  pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[    ] Soliciting  material  pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[    ] Pre-commencement  communications  pursuant  to Rule  14d-2(b)  under the Exchange Act (17 CFR 240.14d-2(b))

[    ] Pre-commencement  communications  pursuant  to Rule  13e-4(c)  under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 7.01 Regulation FD Disclosure

The week of September 10, 2007, the management of the registrant will be presenting updates to investors at the MAA Institutional Investor Day in Cary/Raleigh, NC. A copy of the presentations is furnished as Exhibit 99.1 to this Current Report.

ITEM 9.01 Financial Statements and Exhibits

(c)	Exhibits
	Exhibit Number	Description
	99.1	Investor Update

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	MID-AMERICA APARTMENT COMMUNITIES, INC.
Date: September 10, 2007	/s/Simon R.C. Wadsworth
	Simon R.C. Wadsworth
	Executive Vice President and Chief Financial Officer
	(Principal Financial and Accounting Officer)

EX-99.1

TECHNOLOGY

DEVELOPMENT

REDEVELOPMENT

Mid-America Apartment Communities, Inc.

Institutional Investor Day

Raleigh, NC

September 10, 2007

PORTFOLIO QUALITY

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

TECHNOLOGY

DEVELOPMENT

REDEVELOPMENT

PORTFOLIO QUALITY

INVESTOR UPDATE

Mid-America Apartment Communities, Inc.

Institutional Investor Day

Raleigh, NC

September 10, 2007

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

High quality portfolio

§Sunbelt/High Growth region focus

§Average age 14 years

§Since 2001…$602 MM acquired at average 
      age of 5.3 years, $73 MM sold at average age
      of 24.8 year

Strong operating platform

§High use of technology

§Stable, experienced management

§Out-performance record

Strong balance sheet

§Debt/Market cap of 42%

§Growth capacity

§Solid dividend payout ratio

Experienced management

§Strong record of value creation

§Stable management team

§Strong board of directors

Strong Public Company Platform

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Fund Management/

Joint Ventures

Value Add

New Development

Acquisitions

Property Management

Asset Management

Portfolio Strategy

Focus on High-Growth Region

Top Tier Shareholder Performance

Value Creation Process

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Research driven approach to selecting High

Growth markets within the Sunbelt region

Demand/

Supply

Lower Cap Rates

Higher NAV

Higher Liquidity

Affordability

Household formation

New renter households  

Projected new apartment supply

Institutional capital markets; higher liquidity and interest

Household growth focused on job centers

Larger markets; more transactions and research focus 

Market size (capital appeal and risk)

Average home price for markets; our biggest “competitor”

Average median income for market

Spread between rent and mortgage payment

Research Based Capital Allocation

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Acquisitions

§Extensive network

§High deal flow

§Competitive advantage

Fund Management

§Value add investments

§Monetize platform value

New Development/Lease-Up

§Unique value add opportunities

§Attractive returns

§Pipeline of 1,500 units/$118 MM

External Growth Platform

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Sophisticated Platform

§New technology

§Yield management

§Competitive advantage

Redevelopment

§Significant opportunity

§Unique approach

New Initiatives

§Fully automated leasing

§Inventory management

Operating Platform

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Strong balance sheet

§Conservative business strategy

§Competitive use of leverage

§81% of debt is fixed, swapped or
     hedged

Strong coverage ratios

§Fixed charge ratio of 2.2 to sector
     average of 2.3

§Dividend/AFFO relationship one of
     best in sector

Attractive Investment Opportunity

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Competitive Operating Results

§More robust market profile

§Improved operating platform

Superior FFO Results

§Steady growth

§Disciplined investment protocols

Attractive Investment Opportunity

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

§Significant discount to sector average pricing

§Spread between bi-coastal and large development platforms is too large,
     especially when considering relative risks

§We believe MAA will continue to deliver competitive internal and FFO growth
     performance

§Achieving sector average pricing drives 36% upside opportunity

Attractive Investment Opportunity

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

1.Sophisticated operating platform…competitive regional advantage

2.Solid upside opportunity for internal growth

3.Steady new growth prospects

4.Quality properties

5.Solid management team; strong execution capabilities

Key Takeaway Points

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

üExperienced Public Company
   Platform

üPortfolio Well Positioned

üStrong Operating Platform

üDisciplined Capital Allocation

üSolid Balance Sheet

üStrong Coverage Ratios

üAttractive Investment

üProven Performer

Summary

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

TECHNOLOGY

DEVELOPMENT

REDEVELOPMENT

PORTFOLIO QUALITY

TECHNOLOGY

Mid-America Apartment Communities, Inc.

Institutional Investor Day

Raleigh, NC

September 10, 2007

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

BUSINESS/TECHNOLOGY

ENVIRONMENT

Shelton Barron

Senior Vice President, MIS

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

1.IT strategy - What is it, and how do we identify and add
value?

3.How do we manage technological change in the
organization?

5.Where have we deployed technology in the past to
create value?

7.Where is technology currently adding value at MAA,
and where do we expect it to?

IT Presentation Overview

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

What is it, and how do we identify and add value?

Technology Guiding Principles

§Favor proven technology over bleeding edge

§Buy versus build applications when possible

§Keep IT aligned with property operations

IT Strategy

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Property Management Systems

HR / Payroll

Accounts Payable / General Ledger

Asset Reports

Performance

Management

Business

Intelligence

Data Infrastructure

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Management

Team

Business Vision

Region 2

Pilot Properties

GAP Analysis

Region 3

Region 5

Region 4

Region 6

Region 1

Client

Install

Data

Conversion

Training

How do we manage technological change in the organization?

Project Deployment Process

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Where have we deployed technology to create value?

Date	Technology
	Web based Property Management (MRI)
May 2004 June 2004	Automated Resident Screening (Saferent)
December 2004	Asset Reporting
July 2005	Utility Billing Integration
July 2005 October 2005	Rent Collections (Real-Time Reporting and Follow-up)
	Vacant Elect Recovery Automation
July 2006	Collections Agency Integration
April 2007	Late Fee Automation Move-In Fee/Deposit Automation
May 2007
May 2007	Yield Management (LRO)
September 2007	Web-based Purchasing System (Ops Buyer)
1Q08	Web Development - On-line Upgrades/Integrations

Technology Progress Report

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

On-line

 Solutions

Yield

Management

Purchasing 

Real-time 

Asset 

Reporting

Fee

Automation

Utilities

Management

Resident 

Screening

Collections

Management

Property

Operating

System

MAA Operational Systems

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

§Improvement resulting from successful implementation of

§Automated screening technology

§Real-time reporting technology

§Collection agency integrations

§Reduced net delinquency as a percent of NPR from 1.20% (2002-2004 average) to
     0.79% (2005-2007 average)

§Results of $1.2 million in 2007 or $.04 per share

Same Store Delinquency Integrations

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

§Improvement resulting from successful implementation of

§Automated utility billing

§Vacant elect recovery automation

§Real-time reporting technology

§Implemented real-time collection follow-up process

§Decreased billing fees/expenses to MAA

§Increased fees to residents

§Increased collections from 82% to 99% of billed

§Results of $3.2 million in 2007 or $.11 per share

Utility Integrations

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

§Improvement resulting from successful implementation of

§Automation of move-in fees

§Automation of late fees

§Reporting of term fees

§Collection follow-up/focus process

§Increased same store fees from annual improvement of 7% from 2004-2006 to
     19% in 2007

§Results of  $1.47 million or $.05 per share in 2007

Fee Automation

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

§Real-time, company wide visibility of expenses

§Enhancement of budgetary controls

§Automation of purchasing approval process

§Electronic procurement and invoicing for larger
    vendors

§Enhanced ability for managing network spending

§Systems tailored to multi-family real estate 

OpsBuyer Purchasing System

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

YIELD MANAGEMENT

Chris Lynn

Director, Pricing

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

2006 - Successful Test of LRO on 7 Pilot Properties

§Pilot included test and control properties  

§Revenue lift of 2.8%

§Results in line with tests by other users

2007 - Complete Rollout Across Entire Portfolio

§Staggered rollout plan

§Rollout completed May 2007

§Positive response from property management

§Conducting bi-weekly calls to review 7 key
     variables

Rents	Traffic
60-day exposure	Renewals
Market conditions	Lease expirations
Closing rates

Yield Management Summary

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Lift versus Market (Reis) - 2Q07

§High Growth - Outperform 2.8% 

§Income Plus - Outperform 3.5%

§Stable - Outperform 4.0%

§Weighted average - Outperform 3.1%

Yield Management Results

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Yield Management Results

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Internal Improvement (YOY Revenue Growth)

§5 month comparison  

§Pre-LRO - 4.0% increase

§Post-deployment - 5.4% increase

§Overall lift - 1.4%

Yield Management Results

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Additional Growth Expected

§Current results include limited re-pricing opportunities  

§Renewals expected to provide additional lift

§Automated approach to renewals yields consistent increases

Expected Shareholder Value Added

§2.5% - 3.0% lift a reasonable target

Yield Management Results

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Enhanced Lease Expiration Management

§Property specific demand forecast

§Centralized management

§Allows prospects flexibility…for the right price

Automated Make Ready Calendar

§Leverages data from multiple systems

§LRO - supply and demand forecast

§MRI - make ready data

§Hyperion - maintenance headcount information

§Automatically generates schedule of units to make ready

§Ensures focus on units in highest demand

§Creates efficiencies through a structured approach

LRO System - Other Benefits

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

WEB-BASED SOLUTIONS

Melintha Ogle

Director, Marketing

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Online Leads as a Percent

of Total Traffic

2005 - 18%

2006 - 23%

2007 - 30%

Creating value through online lead generation

§1.3 million property website visitors forecasted for 2007

§Online lead generation increase of 67% over the past three years

§19% decrease in print traffic YTD, 75% increase in online traffic at half the cost per lease

MAA Average Cost per Lease - $209

Total Email and Walk-in Traffic Up 33%

Traffic Increase Percentage by Category, YTD 2007

Online Customer Solutions Platform

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Creating value through online lead generation

1.Minimize clicks between prospect and the property via a
customer-centric web presence

§Self-contained property URL’s, integrated across all advertising channels

§23% of online leads generated through organic search

§80% of organic leads originate at the property level

2.Maximize lead capture through centralized off-site lead response

§Results:  26% closing ratio of online prospects

21% of move-ins originate online

www.talusranch.com

www.lighthousect.com

www.preserveatbriercreek.com

Online Customer Solutions Platform

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Launch of new community websites, Winter 2007

Re-Lease Opportunity

Resident Retention

New Lease Capture

Lead Generation

Seamless Online Leasing Portal

•Real time availability search

•LRO pricing by lease term

•Self-screening for approval

•Online application

•Integrated fee payment

Resident Portal

•Web-enabled customer service

•Online lease renewal

•New customer referral generation

•Resident relocation opportunity

•Reinforcement of MAA brand

Online Customer Solutions Platform

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

MAA web strategy - What’s next?

New Aesthetics and Navigation

Enriched Content

   Photo gallery  

   Colorized, interactive floorplans

   Streaming video

   E-brochure

   Text messaging function

   Online rent payment

   Online service requests

   Interactive newsletters

   Resident rewards program

Regional and Local Search Maps

   ILS functionality

   Optimized state/local search relevance

   Organic and paid search capability

   2007 pilot (10 properties, 4 month period)

748 phone and email leads

16% closing ratio

Online Customer Solutions Platform

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

MAA web strategy - What’s next?

Fully-Integrated Online Customer Solution

Regional/Local

Search Maps

Corporate

Website

Property Website

Seamless Mapping

Function to Properties

Drives Organic and Paid

Search to Properties

Traffic Generation Efficiency

Reinforces the MAA Brand

Inexpensive Re-Lease

Opportunities

Online Customer Solutions Platform

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Creating Shareholder Value

§Utilizing proven technology

§Expand revenue opportunities

§Enhance customer value

§Improve business processes

§Evaluate new technologies to
     determine value

§Blogging

§Instant messaging

§RSS

§Sites translated into Spanish

§Mobile website address

On-line

 Solutions

Yield

Management

Purchasing 

Real-time 

Asset 

Reporting

Fee

Automation

Utilities

Management

Resident 

Screening

Collections

Management

Property

Operating

System

Wrap-up

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

TECHNOLOGY

DEVELOPMENT

REDEVELOPMENT

PORTFOLIO QUALITY

DEVELOPMENT

Mid-America Apartment Communities, Inc.

Institutional Investor Day

Raleigh, NC

September 10, 2007

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Superior Investment Returns

§Familiar, high growth markets

§Opportunities with clear cost advantages

§Partner with experts

§Excellent risk-adjusted returns

Limited Risk

§Limited MAA overhead commitment

§Manageable number of development projects

§“Fix" construction costs

§Purchase with construction and lease-up risk squeezed out

Strategy

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Project	Units	Location	Cost/Price	Status
Talus Ranch	480	Phoenix, AZ	$62.0 MM	100% delivered 83% leased/preleased
Brier Creek II	200	Raleigh, NC	$24.0 MM	100% delivered 58% leased/preleased
St. Augustine II	124	Jacksonville, FL	$13.0 MM	Notice to proceed given
Copper Ridge I	216	Dallas, TX	$19.2 MM	Construction began 7/30/2007
Copper Ridge II	200	Dallas, TX		2009 Start
Farmington Village	280	Charleston, SC		Under contract to acquire
Total	1,500		$118.2 MM

Project Overview

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Project Timeline

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Copper Ridge I

Dallas, TX

216 units

Start Date:7/30/2007

Completion:4Q08

Stabilization:2Q09

Cost:$19.2 MM

Rents:$0.94 - $1.15

NOI Yield:9.1%

Construction in Process

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

St. Augustine at the Lake II

Jacksonville, FL

124 units

Start Date:8/15/2007

Completion:3Q08

Stabilization:4Q08

Cost:$13.0 MM

Rents:$0.91 - $1.12

NOI Yield:7.2%

Construction in Process

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Goals

§Quality product

§Timely delivery

§On cost

Active and thorough review process - in house skill set

§Project design review and analysis

§Civil plan review and analysis

§Architectural review and analysis

§ADA compliance review

§Landscape planning

Systematic site and process review

§Slab, framing, mechanical

§ADA

§Change-order management

§Turnover liaison

Construction Management

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Brier Creek II

Raleigh, NC

200 units

Completion:8/10/2007

% Leased:58%

Stabilization:2Q08

Cost:$24.0 MM

Rents:$0.82 - $1.04

NOI Yield:7.7%

Lease-up in Process

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Talus Ranch

Phoenix, AZ

480 units

Completion:3Q06

% Leased:83%

Stabilization:4Q07

Cost:$62.0 MM

Rents:$1.01 - $1.19

IRR:10%

Lease-up in Process

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Farmington Village

Charleston, SC

280 units

Completion:3Q07

% Leased:65%

Stabilization:2Q08

Rents:$0.79 - $1.06

IRR:10.3%

Lease-up in Process

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

TECHNOLOGY

DEVELOPMENT

REDEVELOPMENT

PORTFOLIO QUALITY

REDEVELOPMENT

Mid-America Apartment Communities, Inc.

Institutional Investor Day

Raleigh, NC

September 10, 2007

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Our goal is to

§Capture superior investment returns

§Enhance property values

§Accelerate our pricing in strong submarkets

We achieve these goals by

§Approving projects only after submarket analysis and testing has
    been completed

§Implementing with standardized products that provide purchase
    power and flexibility across portfolio

§Property specific needs + submarket opportunities = customized
    plan that is executed for optimal results

§Monitoring the results daily through our web-based operating
    platform

Objectives

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

§Job growth

§Housing demand

§Single family price point
    to multifamily

Evaluate all communities
based on

Prioritize by Net
Absorption

Housing

Supply/Demand

§A = >.15

§B = .07 - .14

§C = .01 - .06

§D = <.01

Evaluate all communities
on rent per square foot

Prioritize by
Submarket Rent “Gap”

Submarket

Opportunity

§Curb appeal

§Exterior buildings

§Amenities

§Recreation areas

Evaluate all communities
based on

Generate List of
Capital Needed to
Close “Gap”

Revenue

Capital

Plan

§Return hurdles

§Rent increase versus
    gap

§Risk

Evaluate all communities
based on

Execute Plan on
Communities that
Meet Returns

Prioritize

Investment

Opportunities

Redevelopment Strategy

Identification Process - Macro Level

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

1.Process efficiencies

§Unit Production Report for daily monitoring/evaluating inventory

§JIT payment structure with Barnett Supply competing for market share with HD
      Supply

§Shared scope with general contractors, in-house labor and smaller vendors to
      minimize cost and complete within minimal time frame 

2.Product efficiencies

§Switch plate design saves 4 hours per unit = $180 per unit ... for savings of
      $576,000 

§New plank flooring allows for one piece to be replaced if damaged instead of
      whole floor

§New bath lighting allows less bulbs to provide same amount of light

§New appliances resulting in less service calls, more user features

§New plumbing fixtures resulting in less service calls for drips and leaks

MAA does it better in 2 primary ways

Execution Strategy

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Current Pipeline

§3,200 units will be completed in Unit Interior Program by end of 2007

§$5,200 per unit is average investment

§>$16.6 million invested

§>$110 per unit is average rent above non-redeveloped units

§FFO contribution of $.06 per share

Additional Opportunity (3 to 5 years)

§Potential to invest $100 million in up to 18,800 units

§Capital deployed in Unit Interior Program and/or part of other value add
    initiatives (i.e. clubroom, amenities, landscaping)

§Potential FFO contribution of $.20 to $.25 per share through same period

Summary

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Forecasted value add opportunities have increased to over 22,000 
units since inception of program in 2005 due to

§Market improvements

§Broader ‘value add’ capital opportunities within portfolio 

§Process efficiencies

Growth Projections

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

We expect to see this impact our revenue growth and have a potential impact of

§An incremental $.06 per share over the next 3 to 5 years

§A cumulative FFO per share of $.20 - $.25 over same period 

§A planned plateau of the program by 2012

FFO Impact

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Cary, NC

§Built in 1988

§Purchased in 1997

§194 units

Current results

§20% of units completed at $5,000 per unit

§100% of all completed units leased

§$110 above non-redeveloped units

§17.7% rent increase

§>14% un-leveraged IRR

§Plans are to accelerate the program in 2008 to
      complete all units by 2009

Before

After

Hermitage at Beechtree

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Before average rent = $822

Hampton, VA

§296 units

§>45% completed

§$6,900 per unit

§>25% IRR

After average rent = $1,023

Township in Hampton Woods

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Before average rent = $762

Charleston, SC

§208 units

§100% completed

§$7,600 per unit

§>10% IRR

After average rent = $914

Runaway Bay

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Before average rent = $852

Memphis, TN

§82 units

§>60% completed

§$8,000 per unit

§>30% IRR

After average rent = $1,123

Park Estate

Mid-America Apartment Communities, Inc. - Institutional Investor Day - Raleigh, NC - September 10, 2007

Before average rent = $661

Nashville, TN

§286 units

§>40% completed

§$5,300 per unit

§>13% IRR

After average rent = $817

Brentwood Downs