ex99.htm

Investor Update

January 2008

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

• Experienced Public Company

– IPO January 1994

– Exclusively multifamily

– $2.6billion total capitalization

• High Quality Portfolio

– Sunbelt - High Growth region focus

– 137 communities; 40,248 units

– High quality portfolio (avg age 14 yrs)

• Strong Balance Sheet

– Debt/market cap 48% (sector median 50%)

– Growth capacity

– Strong dividend payout ratio

• Experienced Management

– Strong record of value creation

– Stable, proven management team

– Strong board of directors

• Top Tier Performer For Shareholders

– 2007: Third best performer (out of twelve)

– Last 5 years: Second best performer

– Since IPO: Third best performer

Strong Public Company Platform

National MSA Average	1.20%
Sunbelt Region MSA Average	1.77%

Employment Growth Projections ’07 - ’11

Annual Compounded Growth Rates

“Echo Boom” Households: Top Ten Gainers

Based on Annual Percent Gain

Source: Economy.com andRREEF Research

Las Vegas

Riverside

Phoenix

Dallas

Austin

Houston

Atlanta

Orlando

West Palm Beach

Ft. Lauderdale

Focus on High Growth Region

• Positive demographic flows

• Positive migration, immigration flows

• Low business/living costs

• Pro-business regulatory environment

• Good access to global markets

• Increasing port of entry for imports

• Good transportation infrastructure

• Access to skilled labor

• Diversified industrial base with
strong exposure to

– Financial industries

– Health/education

– Global trade

– Leisure travel

– High tech

National MSA Average	1.20%
Sunbelt Region MSA Average	1.77%
MAA Markets MSA Average	1.78%

Employment Growth Projections ’07 - ’11

Annual Compounded Growth Rates

MAA Markets

Well Positioned in High Growth Region

• MAA is uniquely positioned to capture
the strong fundamentals opportunity
of the high growth region

• Diversified in different market tiers
across the region drives opportunity
to capture strong performance profile
of the region with less volatility

• Market diversity provides less
exposure to over-building pressure

• Positioned in 7 of the top 10 projected
U.S. job growth markets through 2015

• MAA portfolio is more “recession
resistant” than most apartment REIT
portfolios

Focus on High-Potential Sub-Markets

• Positioned in sub-markets with the most rapid growth in
households and household income

• Low business/living costs are a key driver of growth

• High portfolio quality

– Comparative ARU metric within sector is a function of regional
focus and not asset quality

• Less exposure to competition

– Limited new apartment supply for next few years

– Located in markets and sub-markets with limited condo
reversion exposure (main condo exposure is in urban/waterfront
areas, while MAA is primarily suburban)

– Limited exposure to single family rentals (these are primarily
concentrated in markets where MAA has limited/no investment,
such as Las Vegas, Phoenix, S. California, etc.)

Robust External Growth Platform

• Acquisitions

– Extensive network

– High deal flow

– Competitive advantage

• Fund Management

– Value add investments

– Monetize platform value

– Higher return capital deployment

• New Development/Lease-Up

– Unique value add opportunities

– Attractive returns

– Improved deal flow opportunities

	Portfolio
	Age	Units owned
Post	10	19,222
Camden	10	53,502
Mid-America	14	40,036
Avalon Bay	14	40,051
Colonial	15	31,172
BRE	15	22,681
Associated Estates	16	14,500
Equity Residential	17	147,320
Aimco	30	132,390
United Dominion	22	70,992
Essex	25	24,410
Home	36	38,209
Average	18
Source: Green Street

MAA’s portfolio is newer than the sector average.

Steady growth and recycling efforts continue to position MAA’s portfolio

as one of the younger portfolios in the sector; solid long-term upside potential.

High Quality Portfolio

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

• Significant re-tooling of
the operating platform
over the last four years

• Innovative solutions for
key processes

– Payment processing

– Utility billing integration

– Collections integration

– Yield management

– Lease expiration mgmt

– Unit turn management

– Auto utility transfer

• Other new initiatives to
be implemented

– Auto fee assessment

– Robust inventory mgmt

– Full web-based leasing

Internal Rates of Return to equity from investments…

through the full value creation cycle…

have averaged 19.5%*

*Un-leveraged: 12.8%

Proven Value Creation

• With extensive investment and
operating experience in the
region, track record supports an
ability to create value for
shareholders that is competitive
with strategies focused on other
regions or national platforms

• A disciplined capital deployment

program, with regional
competitive advantages,is key

• An aggressive and sophisticated
operating platform, with regional
competitive advantages, is key

• Established record of ability to
exit investments in a disciplined
fashion and on an attractive basis

MAA	7.4%
CLP	7.1%
HME	7.2%
ESS	7.0%
BRE	6.8%
UDR	6.8%
AIV	6.5%
EQR	6.4%
AEC	6.3%
CPT	6.0%
PPS	5.1%
AVB	N/A

Return on Invested Capital

Trailing 12 Month EBITDA/Total Assets,

Gross of Depreciation

Morgan Stanley, Weekly Statistical

Summary, 1/2/08

	5 Year	10 Year
ESS	18.5%	16.4%
AVB	24.1%	14.7%
MAA	18.6%	12.6%
HME	11.7%	12.3%
UDR	9.7%	11.2%
CPT	13.4%	11.2%
BRE	10.6%	9.7%
EQR	13.7%	9.8%
CLP	3.8%	7.5%
AIV	6.6%	7.0%
PPS	13.7%	5.3%
AEC	15.0%	0.5%

Total Shareholder Returns

Morgan Stanley, Weekly Statistical

Summary, 1/2/08

A solid record of generating value and

competitive long-term investment returns to capital…

Proven Value Creation

Strong Q3 Results

Over the last five years changes made to portfolio allocation, operating

platform capabilities and improvement in balance sheet strength

have resulted in a more robust performance platform

FFO Per Share

Dividend Per Share

Competitive Performance

• 11% increase in FFO

• Same Store NOI up 7.1%

• Same Store revenues up 4.2%

• Physical occupancy up 0.6%; 96.4%

• Leasing traffic up 10%

• New move-ins up 6%

• Same store concessions down 26%

• Effective pricing up 3.4%

• Fixed charge coverage record; 2.3

• Move outs to home buying down

• High-quality, recurring earnings

Competitive Performance

• Fundamentals are solid; guidance issued with Q3 results

– Q4

• Mid-point of FFO range at $0.91, (11% + over Q4 07)

• Same store NOI growth of 7% - 8%

– 2007

• Mid-point of FFO range at $2.53, up 6% over prior year

• Same store NOI growth for 2007 of 5 ½% to 6% compares to 2006
at 6.4%

– 2008 guidance anticipated in early February:

• Modestly moderating fundamentals

• Supply/competitive environment remains attractive

• Attractive interest rate environment

• Debt refinancings almost FFO-neutral (note Pref. H)

• Accretive growth opportunities (JV, redevelopment, etc.)

– Dividend raised to $0.615 ($2.46 annual rate) as of 1-31-08

Supply-Threatened Markets*	Number of MAA Communities
DC/VA area	0
S Cal/Inland Empire	0
Miami	0
Ft Lauderdale	1
Orlando	1
Tampa	4
Las Vegas	0
Phoenix	1
Total (out of 137)	7

*from condos and single-family housing

MAA has less exposure

to those markets expected

to suffer from excess condo and

single-family product encroaching

on the rental housing market

Competitive Performance

• Supply/Demand parity in 08/09 is
projected in MAA markets

• Effective rent increases of 3.5% -
4% are projected

• Moderate new supply due to high
construction costs and market
concerns

• MAA has limited exposure to
markets with current supply
concerns from condos and single-
family housing

The change in the mortgage environment is likely to generate

a positive influence on the demand for apartment rentals

Mid-America’s geographic footprint and

market profile establish a potentially unique

position to benefit from the collapse

of the single-family housing market.

Upside Performance Opportunity

• Home ownership peaked in ’05 at 69%

• Long-term historical average is 64%

• Encouraged by easy credit and expectations
of price inflation

• Mortgage volume expected to shrink 35% as
sub-prime and Alt-A markets decline, and
conventional mortgages are more strictly
underwritten

• Reduced inflation of home prices makes home
-ownership less attractive

• A reversion of US home ownership to long-
term normal levels will drive 5 million
households back to rental housing…ultimately
benefiting the apartment industry

Move outs to buy a home declined by

300 basis points in Q3;

lowest level since 2001

• “Back Door” Benefit

– Lower turnover

– Lower vacancy loss

– Lower turn expenses

Upside Performance Opportunity

• “Front Door” Benefit

– Increased traffic

– Higher occupancy

– Pricing opportunity

Before average rent = $852

Park Estate, Memphis. Case Study - Just over 60% of units

redeveloped at an investment of $8K per unit; >30% IRR

After average rent = $1,123

Property Redevelopment

Property Redevelopment Upside

• Up to 20,000 units to be
redeveloped at roughly $5,000
per unit

• Based on current performance,
expect to capture an average
13% un-leveraged IRR

• 3,000 units to be completed by
December 2007; 3,000 units
planned in 2008

• Significant opportunity to drive
higher internal growth

• Annual FFO potential of $0.20 +
per share by 2009

• Enhancing quality/condition of
upgraded apartments should
also improve their cap rate
value by roughly 25 bps leading
to $2.50 in incremental value
per share

Value Creation Plan	NPV/share of value created
$150 MM/year of 100%-owned acquisitions	$1.25
$150 MM/year of Fund I acquisitions	$0.90
$50 MM/year of development	$1.25
$15 MM/year of redevelopment	$0.40
Redevelopment benefit on portfolio quality (25 bp on cap rate)	$1.50
Total per share impact	$5.30

MAA’s disciplined growth plan is expected to add

to value per share* from five sources

*NPV of five-year plan discounted at cost of equity

Value of Growth Platform

Debt + Preferred/Entity Value

Dividend ’07E AFFO Payout Ratio

Construction In Process/Entity Value

Source: Morgan Stanley Weekly Statistical Supplement, 1-2-08

Attractive Investment Opportunity

• Strong Balance Sheet

• Lower Risk Growth Strategy

• Competitive Capacity to Support
Growth

• Competitive Position to Support
Dividend Growth

• 86% of Debt is Fixed, Swapped or
Hedged

Attractive Investment Opportunity

• Competitive Operating Results

– More robust market profile

– Improved operating platform

• Superior FFO Results

– Steady growth

– Disciplined investment protocols

FFO

Multiple

Source: Morgan Stanley 1-2-08

Attractive Investment Opportunity

• Significant discount to average sector pricing

• Spread between high-barrier and significant development platforms
is too large, especially when considering relative risks

• MAA’s comparative record of long-term value creation and
performance for shareholders supports higher relative pricing

• Near-term performance prospects also supports higher relative
pricing

• Achieving sector average pricing drives 18% upside opportunity

Attractive Investment Opportunity

ü Proven Public Company Platform

ü Portfolio Well Positioned

ü Strong Operating Platform

ü Disciplined Capital Allocation

ü Solid Balance Sheet

ü Strong Coverage Ratios

ü Attractive Investment

ü Proven Performer for Shareholders

End of Presentation