ex99-2.htm

COMMUNITY STATISTICS Dollars in thousands except Average Effective Rent
Includes joint venture properties.

											Average Effective
	As of September 30, 2009										Rent for the
					Percent to						Three Months
			Gross		Total of			Physical			Ended
	Units		Real Assets		Gross Assets			Occupancy			Sept 30, 2009

Dallas, TX		3,678	$	208,521		7.8	%		96.0	%	$	696.66
Jacksonville, FL		3,471	$	202,207		7.5	%		96.6	%	$	765.87
Atlanta, GA		3,253	$	252,852		9.4	%		96.5	%	$	773.10
Houston, TX		3,191	$	226,039		8.4	%		93.9	%	$	807.26
Nashville, TN		1,855	$	128,944		4.8	%		95.0	%	$	767.89
Austin, TX		1,776	$	111,033		4.1	%		95.7	%	$	742.98
Tampa, FL		1,345	$	92,591		3.5	%		96.8	%	$	859.56
Raleigh/Durham, NC		1,341	$	123,174		4.6	%		95.4	%	$	773.02
Phoenix, AZ		792	$	98,592		3.7	%		94.3	%	$	729.65
South Florida		480	$	53,243		2.0	%		96.5	%	$	1,252.51
Orlando, FL		288	$	14,749		0.5	%		97.6	%	$	734.13
Primary Markets		21,470	$	1,511,945		56.3	%		95.7	%	$	774.98

Memphis, TN		4,021	$	211,208		7.9	%		96.9	%	$	670.56
Columbus, GA		1,509	$	78,613		2.9	%		95.6	%	$	708.75
Jackson, MS		1,241	$	59,975		2.2	%		97.8	%	$	706.98
Greenville, SC		1,140	$	51,497		1.9	%		94.4	%	$	570.14
Lexington, KY		924	$	60,969		2.3	%		95.6	%	$	706.60
Little Rock, AR		808	$	43,165		1.6	%		97.6	%	$	669.33
Savannah, GA		526	$	44,485		1.7	%		99.6	%	$	840.03
All Other Secondary		10,616	$	583,753		21.8	%		95.6	%	$	693.13
Secondary Markets		20,785	$	1,133,665		42.3	%		96.1	%	$	687.37

Subtotal		42,255	$	2,645,610		98.6	%		95.9	%	$	731.88

Development and Lease-up Properties		432	$	37,465		1.4	%		87.5	%	$	861.08

Total Portfolio		42,687	$	2,683,075		100.0	%		95.8	%	$	733.19



NUMBER OF APARTMENT UNITS

		2009							2008
	Sept 30		Jun 30		Mar 31			Dec 31			Sept 30

100% Owned Properties		41,767		41,764		41,626			41,928			41,801
Properties in Joint Ventures		920		626		626			626			626
Total Portfolio		42,687		42,390		42,252			42,554			42,427

SAME STORE (EXCLUDES 8 FULL RENOVATION AND 3 HELD FOR SALE COMMUNITIES) Dollars in thousands except Effective Rent
Revenues by market are presented before the impact of straight-line adjustments. A reconciliation to total revenue is provided below.


CURRENT PERIOD ACTUALS As of September 30, 2009 unless otherwise noted

				Three Months Ended September 30, 2009
													Average						Quarterly			Twelve
													Effective			Physical			Economic			Month
	Units			Revenue			Expense			NOI			Rent			Occupancy			Occupancy (1)			Turn Rate
Primary Markets
Dallas, TX		3,184		$	6,992		$	3,286		$	3,706		$	682.91			96.0	%		93.4	%		55.2	%
Atlanta, GA		2,693		$	5,955		$	2,794		$	3,161		$	727.42			96.2	%		89.7	%		55.7	%
Jacksonville, FL		2,611		$	6,222		$	2,557		$	3,665		$	775.67			96.5	%		93.1	%		57.1	%
Houston, TX		2,400		$	5,773		$	2,565		$	3,208		$	783.94			95.0	%		92.0	%		64.7	%
Nashville, TN		1,569		$	3,860		$	1,562		$	2,298		$	768.34			94.8	%		94.2	%		55.1	%
Austin, TX		1,392		$	3,328		$	1,594		$	1,734		$	740.86			95.6	%		92.4	%		61.1	%
Tampa, FL		1,120		$	2,980		$	1,247		$	1,733		$	831.79			97.0	%		94.0	%		50.3	%
South Florida		480		$	1,868		$	731		$	1,137		$	1,252.51			96.5	%		93.9	%		45.2	%
Phoenix, AZ		480		$	979		$	552		$	427		$	698.71			94.0	%		84.1	%		64.4	%
Raleigh/Durham, NC		384		$	828		$	301		$	527		$	679.54			94.0	%		94.5	%		50.5	%
Subtotal		16,313		$	38,785		$	17,189		$	21,596		$	760.50			95.8	%		92.3	%		57.0	%

Secondary Markets
Memphis, TN		3,210		$	6,725		$	3,181		$	3,544		$	685.43			96.7	%		92.5	%		51.0	%
Columbus, GA		1,509		$	3,382		$	1,403		$	1,979		$	708.75			95.6	%		93.2	%		77.7	%
Jackson, MS		1,241		$	2,714		$	995		$	1,719		$	706.98			97.8	%		94.8	%		58.7	%
Greenville, SC		1,140		$	2,040		$	930		$	1,110		$	570.14			94.4	%		90.1	%		54.1	%
Lexington, KY		924		$	2,040		$	857		$	1,183		$	706.60			95.6	%		91.7	%		62.2	%
Little Rock, AR		808		$	1,718		$	684		$	1,034		$	669.33			97.6	%		95.6	%		56.2	%
Savannah, GA		526		$	1,433		$	544		$	889		$	840.03			99.6	%		97.2	%		63.1	%
All Other Secondary		10,026		$	21,786		$	9,527		$	12,259		$	690.04			96.0	%		93.1	%		59.2	%
Subtotal		19,384		$	41,838		$	18,121		$	23,717		$	688.76			96.2	%		93.1	%		59.1	%

Operating Same Store		35,697		$	80,623		$	35,310		$	45,313		$	721.55			96.0	%		92.7	%		58.1	%

Revenue Straight-line Adjustment (2)				$	(21	)				$	(21	)
Total Same Store				$	80,602					$	45,292

(1) Economic Occupancy represents Net Potential Rent less Delinquencies, Vacancies and Cash Concessions divided by Net Potential Rent.
(2) Represents the aggregate adjustment necessary to record cash concessions and certain fee revenues on a straight-line basis.


PERCENT CHANGE FROM THREE MONTHS ENDED JUNE 30, 2009 (PRIOR QUARTER) AND THREE MONTHS ENDED SEPTEMBER 30, 2008 (PRIOR YEAR)

	Revenue						Expense						NOI						Physical Occupancy						Average Effective Rent
	Prior			Prior			Prior			Prior			Prior			Prior			Prior			Prior			Prior			Prior
	Quarter			Year			Quarter			Year			Quarter			Year			Quarter			Year			Quarter			Year
Primary Markets
Dallas, TX		-0.6	%		-1.2	%		7.1	%		-2.6	%		-6.5	%		0.2	%		-0.1	%		-1.2	%		-1.3	%		-1.9	%
Atlanta, GA		-2.1	%		-3.3	%		5.1	%		1.0	%		-7.7	%		-6.9	%		2.8	%		3.7	%		-1.9	%		-4.1	%
Jacksonville, FL		-1.6	%		-3.3	%		11.3	%		-0.5	%		-9.0	%		-5.2	%		-0.8	%		0.9	%		-1.3	%		-5.5	%
Houston, TX		-2.5	%		-2.3	%		-1.6	%		-14.4	%		-3.3	%		10.0	%		0.3	%		-0.6	%		-1.5	%		-1.9	%
Nashville, TN		-0.6	%		-2.4	%		9.6	%		-0.7	%		-6.6	%		-3.5	%		-0.9	%		-1.2	%		-1.2	%		-2.8	%
Austin, TX		0.3	%		-2.7	%		7.6	%		-4.1	%		-5.6	%		-1.4	%		0.6	%		1.3	%		-1.7	%		-4.3	%
Tampa, FL		-0.4	%		-2.5	%		-3.5	%		-4.4	%		1.9	%		-1.0	%		0.5	%		0.7	%		-1.7	%		-3.7	%
South Florida		-1.7	%		-0.1	%		20.0	%		11.4	%		-12.0	%		-6.3	%		-0.2	%		1.3	%		-0.1	%		-0.6	%
Phoenix, AZ		-0.6	%		-9.4	%		3.8	%		-3.7	%		-5.7	%		-15.9	%		6.9	%		8.8	%		-4.2	%		-12.5	%
Raleigh/Durham, NC		-1.2	%		-3.8	%		4.5	%		5.2	%		-4.2	%		-8.3	%		-1.8	%		-4.2	%		-1.4	%		-3.2	%
Subtotal		-1.3	%		-2.6	%		5.7	%		-3.2	%		-6.2	%		-2.1	%		0.5	%		0.7	%		-1.5	%		-3.6	%

Secondary Markets
Memphis, TN		-0.9	%		-1.2	%		2.3	%		0.4	%		-3.6	%		-2.6	%		0.0	%		-0.1	%		0.0	%		-1.2	%
Columbus, GA		-1.5	%		-1.5	%		3.8	%		-2.6	%		-4.9	%		-0.8	%		-0.6	%		1.0	%		-0.6	%		-2.9	%
Jackson, MS		-0.7	%		0.6	%		0.4	%		-6.5	%		-1.3	%		5.2	%		1.2	%		0.9	%		0.2	%		-0.2	%
Greenville, SC		-1.4	%		-3.7	%		9.9	%		10.1	%		-9.3	%		-12.9	%		0.4	%		-1.4	%		-3.0	%		-4.0	%
Lexington, KY		2.2	%		-2.3	%		4.6	%		2.6	%		0.4	%		-5.5	%		0.6	%		-2.3	%		-1.9	%		-2.1	%
Little Rock, AR		-0.6	%		2.3	%		4.9	%		-4.3	%		-4.0	%		7.2	%		-1.2	%		-0.3	%		0.5	%		0.7	%
Savannah, GA		-2.2	%		-3.4	%		4.6	%		3.2	%		-5.9	%		-7.0	%		0.9	%		0.7	%		-1.1	%		-1.8	%
All Other Secondary		0.5	%		-0.9	%		6.4	%		1.1	%		-3.6	%		-2.3	%		0.5	%		1.6	%		-0.9	%		-3.0	%
Subtotal		-0.1	%		-1.1	%		5.1	%		0.6	%		-3.7	%		-2.3	%		0.3	%		0.7	%		-0.8	%		-2.3	%

Operating Same Store		-0.7	%		-1.8	%		5.4	%		-1.3	%		-4.9	%		-2.2	%		0.4	%		0.7	%		-1.1	%		-2.9	%

Including revenue straight-line adjustment:
Total Same Store		-0.6	%		-1.7	%								-4.8	%		-2.1	%

SAME STORE (EXCLUDES 8 FULL RENOVATION AND 3 HELD FOR SALE COMMUNITIES)

Dollars in thousands		Three Months Ended September 30,						Percent
		2009			2008			Change
Revenues
	Operating	$	80,623		$	82,112			-1.8	%
	Straight-line adjustment (1)		(21	)		(90	)
	Total Same Store	$	80,602		$	82,022			-1.7	%

Expense		$	35,310		$	35,781			-1.3	%

NOI
	Operating	$	45,313		$	46,331			-2.2	%
	Straight-line adjustment (1)		(21	)		(90	)
	Total Same Store	$	45,292		$	46,241			-2.1	%

(1) Represents the aggregate adjustment necessary to record cash concessions and certain fee revenues on a straight-line basis.

SAME STORE PLUS EIGHT EXCLUDED RENOVATION COMMUNITIES (Dollars in thousands)
Includes the eight full renovation communities (2,384 units).

		Three Months Ended September 30,						Percent
			2009			2008		Change
Revenues
	Operating	$	86,257		$	87,737			-1.7	%
	Straight-line adjustment (2)		(20	)		(60	)
	Total Same Store	$	86,237		$	87,677			-1.6	%

Expense		$	37,782		$	38,421			-1.7	%

NOI
	Operating	$	48,475		$	49,316			-1.7	%
	Straight-line adjustment (2)		(20	)		(60	)
	Total Same Store	$	48,455		$	49,256			-1.6	%

(2) Represents the aggregate adjustment necessary to record cash concessions and certain fee revenues on a straight-line basis.

NOI BRIDGE (Dollars in thousands)

					Three Months Ended
					Sept 30, 2009			Jun 30, 2009			Sept 30, 2008
NOI
	Same store				$	45,292		$	47,572		$	46,241
	Non-same store					7,819			8,348			7,065
	Total NOI					53,111			55,920			53,306
Held for sale NOI included above						(327	)		(343	)		(533	)
Management fee income						78			63			58
Depreciation						(23,913	)		(23,818	)		(22,559	)
Acquisition expense						(30	)		(107	)		-
Property management expense						(4,007	)		(4,503	)		(4,230	)
General and administrative expense						(3,163	)		(2,686	)		(2,996	)
Interest and other non-property income						161			68			115
Interest expense						(14,371	)		(14,472	)		(15,039	)
Loss on debt extinguishment						(2	)		(141	)		(3	)
Amortization of deferred financing costs						(587	)		(588	)		(586	)
Net casualty loss and other settlement proceeds						(109	)		-			(1,131	)
Gain on sale of non-depreciable assets						1			-			-
Loss from real estate joint ventures						(288	)		(156	)		(274	)
Discontinued operations						324			1,481			386
Net income attributable to noncontrolling interests						(260	)		(570	)		(321	)
Net income attributable to Mid-America Apartment Communities, Inc.					$	6,618		$	10,148		$	6,193

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.

DEVELOPMENT (Dollars in thousands)


EXPENDITURES			Current			Estimated
	Total		Estimated			Cost			Cost
	Units		Cost			per Unit			to Date
St. Augustine Phase II, Jacksonville, FL		124	$	13,223		$	107		$	13,223
Copper Ridge Phase I, Dallas, TX		261		22,628			87			21,092
Total development		385	$	35,851		$	93		$	34,315


ESTIMATED TIMELINE	Construction					Initial
	Start		Finish			Occupancy			Stabilization
St. Augustine Phase II, Jacksonville, FL		3Q 2007		1Q 2009			4Q 2008			3Q 2009
Copper Ridge Phase I, Dallas, TX		3Q 2007		4Q 2009			2Q 2008			2Q 2010


UNITS	Actual Units as of September 30, 2009
	Completed		Occupied
St. Augustine Phase II, Jacksonville, FL		124		121
Copper Ridge Phase I, Dallas, TX		216		186



OPERATING RESULTS (Dollars and shares in thousands except per share data)

			Three Months
			Ended			Trailing
			September 30, 2009			4 Quarters
Net income attributable to Mid-America Apartment Communities, Inc.			$	6,618		$	35,638
Depreciation				23,913			94,870
Interest expense				14,371			58,726
Loss on debt extinguishment				2			253
Amortization of deferred financing costs				587			2,388
Net casualty loss and other settlement proceeds				109			(87	)
Gain on sale of non-depreciable assets				(1	)		(1	)
Gain on sale of discontinued operations				(13	)		(2,600	)
EBITDA			$	45,586		$	189,187


			Three Months Ended September 30,
				2009			2008
EBITDA/Debt Service				3.11	x		2.87	x
Fixed Charge Coverage (1)				2.59	x		2.49	x
Total Debt as % of Total Gross Assets				49	%		51	%

(1) Fixed charge coverage represents EBITDA divided by interest expense and preferred dividends.

DEBT AS OF SEPTEMBER 30, 2009
Dollars in thousands

DEBT OUTSTANDING SUMMARIES					Average
					Years to
				Principal	Contract	Effective
				Balance	Maturity	Rate
	Conventional - Fixed Rate or Swapped (1)			$ 992,435	3.5	5.5%
	Tax-free - Fixed Rate or Swapped (1)			37,570	7.5	4.7%
	Conventional - Variable Rate (2)			136,866	4.8	1.1%
	Conventional - Variable Rate - Capped (3)			82,936	5.4	0.8%
	Tax-free - Variable Rate - Capped (3)			64,350	2.4	1.2%
			Total Debt Outstanding	$ 1,314,157	3.9	4.5%

	(1) Maturities on existing swapped balances are calculated using the life of the underlying variable debt.
	(2) Includes a $15 million mortgage with an imbedded cap at a 7% rate.
	(3) When capped rates are not reached, the average rate represents the rate on the underlying variable debt.

				Line	Amount	Amount
				Limit	Collateralized	Borrowed
		Fannie Mae Credit Facilities		$ 1,044,429	$ 1,044,429	$ 919,833
		Freddie Mac Credit Facilities		300,000	296,404	296,404
		Regions Credit Facility		50,000	48,375	880
		Other Borrowings		97,040	97,040	97,040
			Total Debt	$ 1,491,469	$ 1,486,248	$ 1,314,157


CONTRACT MATURITIES
		Line Limit
		Credit Facilities
		Fannie Mae	Freddie Mac	Regions	Other	Total
	2009	$ -	$ -	$ -	$ -	$ -
	2010	-	-	50,000	-	50,000
	2011	80,000	100,000	-	-	180,000
	2012	80,000	-	-	-	80,000
	2013	203,193	-	-	-	203,193
	2014	321,236	200,000	-	18,521	539,757
	2015	120,000	-	-	53,052	173,052
	Thereafter	240,000	-	-	25,467	265,467
	Total	$ 1,044,429	$ 300,000	$ 50,000	$ 97,040	$ 1,491,469


SWAPS AND FIXED RATE MATURITIES

		Swap Balances			Temporary	Total
			SIFMA	Fixed Rate	Fixed Rate		Contract
		LIBOR	(formerly BMA)	Balances	Balances (1)	Balance	Rate
	2009	$ -	$ -	$ -	$ 65,000	$ 65,000	7.7%
	2010	140,000	8,365	-	-	148,365	5.7%
	2011	158,000	-	-	-	158,000	5.2%
	2012	150,000	17,800	-	-	167,800	5.1%
	2013	190,000	-	-	-	190,000	5.2%
	2014	144,000	-	18,521	-	162,521	5.7%
	2015	75,000	-	37,852	-	112,852	5.6%
	Thereafter	-	-	25,467	-	25,467	5.6%
	Total	$ 857,000	$ 26,165	$ 81,840	$ 65,000	$ 1,030,005	5.5%

	(1) Represents a $65 million fixed rate FNMA borrowing that converts to a variable rate on November 1, 2009.

OTHER DATA

PER SHARE DATA

Three Months Ended September 30,

Nine Months Ended September 30,

2009

2008

2009

2008

Dividend paid per common share

0.615

1.845

DIVIDEND INFORMATION (latest declaration)

Payment

Record

per Share

Date

Common - quarterly

0.6150

10/30/2009

10/15/2009

Preferred Series H - quarterly

0.51875

9/23/2009

9/14/2009

PREFERRED STOCK

Number of

Liquidation

Total

Earliest

Shares Issued

Preference

Liquidation

Optional

and Outstanding

per Share

Value

Call Date

8.30% Series H Cumulative Redeemable

Preferred Stock

6,200,000

25.00

155,000,000

8/11/2008