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: March 22, 2013

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
Memphis, Tennessee	38138
(Address of principal executive officer)	(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 13 e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 8.01 Other Events.

Mid-America Apartment Communities, Inc. (MAA) is a real estate investment trust, whose most significant asset is its ownership interest in Mid-America Apartments, L.P., a Tennessee limited partnership (Operating Partnership). The Operating Partnership and its subsidiaries conduct the operations of a substantial majority of MAA's business, hold a substantial majority of MAA's consolidated assets and generate a substantial majority of MAA's revenues. MAA is the sole general partner of the Operating Partnership and as of December 31, 2012, owned 39,721,461 common units of partnership interest, or approximately 95.82% of the outstanding partnership interests in the Operating Partnership. Currently, there are no publicly traded securities of the Operating Partnership.

Exhibits 99.1 and 99.2 to this Current Report are incorporated herein by reference and contain information about the Operating Partnership for the fiscal years ended December 31, 2012, 2011, and 2010. As previously disclosed by MAA, it is anticipated that in the future, the Operating Partnership may issue registered debt securities or may be required to guarantee the registered debt securities of MAA. This information about MAA's majority-owned subsidiary, the Operating Partnership, is being filed pursuant to the instructions of Form S-3, which requires information about a majority-owned subsidiary of a well-known seasoned issuer be included in the registration statement or a post-effective amendment to the registration statement before securities of such majority-owned subsidiary may be registered on such registration statement.

This Current Report and the information incorporated herein should be read in conjunction with MAA's Annual Report on Form 10-K for the year ended December 31, 2012, MAA's 2012 Proxy Statement filed with the Securities & Exchange Commission (SEC) on April 16, 2012, and MAA's 2013 Proxy Statement when filed with the SEC.

ITEM 9.01 Financial Statements and Exhibits.

(d)     Exhibits

The following exhibits are filed pursuant to Item 9.01:

Exhibit Number	Description
99.1	Information about Mid-America Apartments, L.P.
99.2	Consolidated Financial Statements and Notes thereto of Mid-America Apartments, L.P.
101	Financial information of Mid-America Apartments, L.P. for the period ended December 31, 2012, filed with the SEC on March 22, 2013, formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Balance Sheet as of December 31, 2012 and December 31, 2011; (ii) the Consolidated Statements of Operations for the years ended December 31, 2012, 2011 and 2010; (iii) the Consolidated Statements of Comprehensive Income for the years ended December 31, 2012, 2011 and 2010; (iv) the Consolidated Statements of Cash Flows for the years ended December 31, 2012, 2011 and 2010; (v) the Consolidated Statements of Changes in Capital for the years ended December 31, 2012, 2011 and 2010; and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text (Unaudited).*

* Pursuant to Rule 406T of Regulation S-T, the XBRL related information in Exhibit 101 to this Current Report on Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be deemed part of a registration statement, prospectus or other document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filings

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: March 22, 2013	/s/Albert M. Campbell, III
	Albert M. Campbell, III
	Executive Vice President and Chief Financial Officer
	(Principal Financial and Accounting Officer)

EX-99.1

Explanatory Note

Unless the context otherwise requires, all references in this Current Report to "we," "us," "our," "Operating Partnership," "MAALP" or the "Company" refer to Mid-America Apartments, L.P. Unless the context otherwise requires, the references in this Current Report to "MAA" or "general partner" refers to Mid-America Apartment Communities, Inc. Any reference to the "Board" or "Board of Directors" refers to the Board of Directors of MAA. "Common Stock" refers to the common stock of MAA and "shareholders" means the holders of shares of MAA's common and preferred stock. The partnership interests of the Operating Partnership are referred to as "OP Units" and the holders of the OP Units are referred to as "unitholders".

MID-AMERICA APARTMENT COMMUNITIES, INC. Exhibit 99.1

RISKS ASSOCIATED WITH FORWARD-LOOKING STATEMENTS

We consider this and other sections of this Current Report on Form 8-K to contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, with respect to our expectations for future periods. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions or other items related to the future. Such forward-looking statements include, without limitation, statements concerning property acquisitions and dispositions, joint venture activity, development and renovation activity as well as other capital expenditures, capital raising activities, rent and expense growth, occupancy, financing activities and interest rate and other economic expectations. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from the results of operations, financial conditions or plans expressed or implied by such forward-looking statements. Such factors include, among other things, unanticipated adverse business developments affecting us, or our properties, adverse changes in the real estate markets and general and local economies and business conditions. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such forward-looking statements included in this report may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved.

The following factors, among others, could cause our future results to differ materially from those expressed in the forward-looking statements:

• inability to generate sufficient cash flows due to market conditions, changes in supply and/or demand, competition, uninsured losses, changes in tax and housing laws, or other factors;

• failure of new acquisitions to achieve anticipated results or be efficiently integrated;

• failure of development communities to be completed, if at all, on a timely basis or to lease-up as anticipated;

• inability of a joint venture to perform as expected;

• inability to acquire additional or dispose of existing apartment units on favorable economic terms;

• unexpected capital needs;

• increasing real estate taxes and insurance costs;

• losses from catastrophes in excess of our insurance coverage;

• inability to acquire funding through the capital markets;

• the availability of credit, including mortgage financing, and the liquidity of the debt markets, including a material deterioration of the financial condition of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation;

• inability to replace financing with the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation should their investment in the multifamily industry decrease or cease to exist;

• changes in interest rate levels, including that of variable rate debt, which is extensively used by us;

• loss of hedge accounting treatment for interest rate swaps or interest rate caps;

• the continuation of the good credit of our interest rate swap and cap providers;

• inability to meet loan covenants;

• significant decline in market value of real estate serving as collateral for mortgage obligations;

• inability of MAA to pay required distributions to maintain REIT status due to required debt payments;

• significant change in the mortgage financing market that would cause single-family housing, either as an owned or rental product, to become a more significant competitive product;

• imposition of federal taxes if MAA fails to qualify as a REIT under the Internal Revenue Code in any taxable year or foregone opportunities to ensure REIT status;

• inability to attract and retain qualified personnel;

• potential liability for environmental contamination;

• adverse legislative or regulatory tax changes; and

• litigation and compliance costs associated with laws requiring access for disabled persons.

BUSINESS

OVERVIEW

MAALP is a Memphis, Tennessee-based limited partnership formed in 1993 and currently operates pursuant to the provisions of the Second Amended and Restated Agreement of Limited Partnership (Partnership Agreement). Our sole general partner is MAA, a Memphis, Tennessee-based self-administered and self-managed REIT that focuses on acquiring, owning and operating apartment communities in the Sunbelt region of the United States. As of December 31, 2012, we owned 100% of 145 properties representing 42,659 apartment units. Four properties include retail components with approximately 108,000 square feet of gross leasable area. As of December 31, 2012, we also had 33.33% ownership interests in Mid-America Multifamily Fund I, LLC, or Fund I, Mid-America Multifamily Fund II, LLC, or Fund II, and Mid-America Multifamily Fund III, or Fund III, which owned two properties containing 626 apartment units, four properties containing 1,156 apartment units, and zero properties, respectively. These apartment communities were located across 12 states.

MAA's business is conducted principally through the Operating Partnership. MAA is the sole general partner of the Operating Partnership, holding 39,721,461 OP Units representing a 95.82% interest in the Operating Partnership as of December 31, 2012. As of December 31, 2012, the outstanding debt of the Operating Partnership was $1.65 billion, which was 98.8% of MAA's outstanding debt of $1.67 billion.

Our corporate offices are located at 6584 Poplar Avenue, Memphis, Tennessee 38138 and our telephone number is (901) 682-6600. As of December 31, 2012, we had 1,384 full-time employees and 62 part-time employees.

FINANCIAL INFORMATION ABOUT SEGMENTS

As of December 31, 2012, we owned or had an ownership interest in 151 multifamily apartment communities in 12 different states from which we derived all significant sources of earnings and operating cash flows. Our general partner evaluates performance and determines resource allocations by reviewing apartment communities individually and in the following reportable operating segments:

• Large market same store communities are generally communities in markets with a population of at least 1 million and at least 1% of the total public multifamily REIT units that we have owned and that have been stabilized for at least a full 12 months and have not been classified as held for sale. Communities are considered stabilized after achieving and maintaining at least 90% occupancy for 90 days.

• Secondary market same store communities are generally communities in markets with populations of more than 1 million but less than 1% of the total public multifamily REIT units or markets with populations of less than 1 million that we have owned and that have been stabilized for at least a full 12 months and have not been classified as held for sale. Communities are considered stabilized after achieving and maintaining at least 90% occupancy for 90 days.

• Non same store communities and other includes recent acquisitions, communities in development or lease-up and communities that have been classified as held for sale. Also included in non same store communities are non multifamily activities which represent less than 1% of our portfolio.

On the first day of each calendar year, we determine the composition of our same store operating segments for that year, which allows us to evaluate full period-over-period operating comparisons. We utilize net operating income, or NOI, in evaluating the performance. Total NOI represents total property revenues less total property operating expenses, excluding depreciation and amortization, for all properties held during the period regardless of their status as held for sale. We believe NOI is a helpful tool in evaluating the operating performance of our segments because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

A summary of segment operating results for 2012, 2011 and 2010 is included under the heading "Financial Statements and Supplementary Data" and in the Notes to Consolidated Financial Statements, Note 13 set forth in Exhibit 99.2 to this Current Report. Additionally, segment operating performance for such years is discussed under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Current Report on Form 8-K.

BUSINESS OBJECTIVES

Our primary business objectives are to protect and grow existing property values, to maintain a stable and increasing cash flow that will fund our distributions and permit our general partner to fund its dividend through all parts of the real estate investment cycle, and to create new unitholder value by growing in a disciplined manner. To achieve these objectives, we intend to continue to pursue the following goals and strategies:

• effectively and efficiently operate our existing properties with an intense property and asset management focus and a decentralized structure;

• when accretive to long-term unitholder value, acquire or develop additional high-quality properties throughout the Sunbelt region of the United States;

• selectively dispose of properties that no longer meet our ownership guidelines;

• develop, renovate and reposition existing properties;

• diversify investment capital across both large and secondary markets to achieve a growing and less volatile operating performance profile to better support our distribution and MAA's dividend funding across the full real estate and economic market cycle;

• enter into joint ventures to acquire and reposition properties; and

• actively manage, through our general partner, our capital structure.

OPERATION STRATEGY

Our goal is to generate return on investment collectively and in each apartment community by increasing revenues, controlling operating expenses, maintaining high occupancy levels and reinvesting as appropriate. The steps taken to meet these objectives include:

• diversifying portfolio investments across both large and secondary markets;

• providing management information and improved customer services through technology innovations;

• utilizing systems to enhance property managers’ ability to optimize revenue by adjusting rents in response to local market conditions and individual unit amenities;

• developing new ancillary income programs aimed at offering new services to residents, including cable, on which we generate revenue;

• implementing programs to control expenses through investment in cost-saving initiatives, including measuring and passing on to residents the cost of various expenses, including water and other utility costs;

• analyzing individual asset productivity performances to identify best practices and improvement areas;

• proactively maintaining the physical condition of each property through ongoing capital investments;

• improving the “curb appeal” of the apartment communities through extensive landscaping and exterior improvements, and repositioning apartment communities from time-to-time to enhance or maintain market positions;

• aggressively managing lease expirations to align with peak leasing traffic patterns and to maximize productivity of property staffing;

• allocating additional capital, including capital for selective interior and exterior improvements;

• compensating employees through performance-based compensation and stock ownership programs;

• maintaining a hands-on management style and “flat” organizational structure that emphasizes senior management's continued close contact with the market and employees;

• selling or exchanging underperforming assets;

• acquiring and selectively developing properties; and

• maintaining disciplined investment and capital allocation practices.

Decentralized Operational Structure

We operate in a decentralized manner. We believe that our decentralized operating structure capitalizes on specific market knowledge, provides greater personal accountability than a centralized structure and is beneficial in the acquisition and redevelopment processes. To support this decentralized operational structure, we are proactively involved in supporting and reviewing property management through extensive reporting processes and frequent on-site visitations. To maximize the amount of information shared between us and the properties on a real time basis, we utilize a web-based property management system. The system contains property and accounting modules that allow for operating efficiencies, continued expense control, provide for various expanded revenue management practices, and improve the support provided to on-site property operations. We use a “yield management” pricing program that helps our property managers optimize rental revenues, and we also utilize purchase order and accounts payable software to provide improved controls and management information. We have also implemented revised utility billing processes, rolled out new web-sites, including a new resident portal facilitating

communication with residents and enabling on-line payments of rents and fees, on-line lease applications and improved web-based marketing programs.

Property and Asset Management Focus

We have traditionally emphasized property management, and over the past several years, we have deepened our asset management functions to provide additional support in marketing, training, ancillary income and revenue management. A majority of our property managers are Certified Apartment Managers, a designation established by the National Apartment Association, which provides training for on-site manager professionals. We also provide our own in-house leadership development program consisting of a three-module program followed by two comprehensive case studies, which was developed with the assistance of U.S. Learning, Inc.

ACQUISITION AND JOINT VENTURE STRATEGY

One of our growth strategies is to acquire and redevelop apartment communities for our wholly-owned portfolio that are diversified over both large and secondary markets throughout the Sunbelt region of the United States and that meet our investment criteria. We have extensive experience and research-based skills in the acquisition and repositioning of multifamily communities. In addition, we will acquire newly built and developed communities that can be purchased on a favorable pricing basis. We will continue to evaluate opportunities that arise, and will utilize this strategy to increase our number of apartment communities in strong and growing markets.

Another of our growth strategies is to co-invest with partners in joint venture opportunities to the extent we believe that a joint venture will enable us to obtain a higher return on our investment through management and other fees, which leverage our skills in acquiring, repositioning, redeveloping and managing multifamily investments. In addition, the joint venture investment strategy can provide a platform for creating more capital diversification and lower investment risk for us. At present, we have focused our joint venture investment strategy on properties seven years old or older, with younger acquisitions becoming part of the wholly-owned portfolio.

As of December 31, 2012, for this strategy we were partners in three joint ventures: Mid-America Multifamily Fund I, LLC, or Fund I; Mid-America Multifamily Fund II, LLC, or Fund II; and Mid-America Multifamily Fund III, LLC, or Fund III. These joint ventures did not acquire any properties during 2012.

The following apartment communities were acquired for our wholly-owned portfolio during the year ended December 31, 2012:

Property	Location	Number of Units	Date Purchased
Adalay Bay	Chesapeake, VA	240	April 2, 2012
Legacy at Western Oaks	Austin, TX	479	April 5, 2012
Allure in Buckhead Village	Atlanta, GA	230	May 10, 2012
Allure at Brookwood	Atlanta, GA	349	July 23, 2012
Retreat at Lake Nona	Orlando, FL	394	August 20, 2012
The Haven at Blanco	San Antonio, TX	436	August 30, 2012
Market Station	Kansas City, MO	323	September 20, 2012
Village Oaks (1)	Temple Terrace (Tampa), FL	1	December 21, 2012
		2,452

(1) On August 27, 2008, we purchased 215 units of the 234-unit Village Oaks apartments located in Temple Terrace, Florida, a suburb of Tampa. The remaining 19 units had previously been sold as condominiums, and it is our intent to acquire these units if and when they become available and operate them as apartment rentals with the rest of the community. During the remainder of 2008, we acquired four of the remaining 19 units. We acquired an additional seven units in 2009, three units in 2010, and two units in 2011.

DISPOSITION STRATEGY

At 15 years weighted average age (based on gross asset values), we believe that MAA has one of the younger portfolios in the multifamily REIT sector and strives to maintain a well-conditioned portfolio of young assets, believing that continuous capital replacement and maintenance will lead to higher long-run returns on investment. The weighted average age (based on gross asset value) for the Operating Partnership portfolio is 14 years. From time-to-time, we dispose of mature assets, defined as those apartment communities that no longer meet our investment criteria and long-term strategic objectives, to ensure that our portfolio consists primarily of high quality, well-located properties within our market area. Typically, we select assets for disposition that do not meet our present investment criteria, including estimated future return on investment, location, market, potential for growth and capital needs. From time-to-time we also may dispose of assets for which we receive an offer meeting or exceeding our return on investment criteria even though those assets may not meet the disposition criteria disclosed above. During 2012, we disposed of nine properties totaling 2,254 units.

DEVELOPMENT AND REDEVELOPMENT STRATEGY

Periodically, we invest in limited expansion development projects through fee-based development agreements using fixed price or cost controlled construction contracts. These contracts can have variability to cover any project cost overruns that may occur. Some development agreements require that cost overruns are contractually shared with the developer up to a specified level, while other development agreements stipulate that cost overruns are the responsibility of the developer. In October 2010, we purchased land in the Nashville, Tennessee metropolitan area and entered into an agreement to develop a 428-unit apartment community on the site. Construction began in late 2010. As of December 31, 2012, all 428 units have been completed and were 77% leased up. During 2011, we also began developing a 210-unit phase II to the 1225 South Church apartments in Charlotte, North Carolina, that were purchased in December 2010. As of December 31, 2012, no units have been delivered for 1225 South Church. During 2012, we purchased 10.6 acres of land and began construction on a new 270-unit community located in the Charleston, South Carolina metropolitan area. As of December 31, 2012, no units have been delivered for the land in Charleston, South Carolina. During 2012, we also purchased 2.0 acres of land and began construction on a new 294-unit community located in Jacksonville, Florida. As of December 31, 2012, no units have been delivered. While we seek opportunistic new development investments offering attractive long-term investment returns, we do not currently intend to maintain a dedicated development staff or to expand into development in a significant way. We expect our investment in new development will remain a smaller component of overall growth as compared to growth through acquiring existing properties.

Beginning in 2005, we began an initiative of upgrading a significant number of our existing apartment communities in key markets across our portfolio. We focus on both interior unit upgrades and shared exterior amenities above and beyond routine capital upkeep in markets that we believe continue to have growth potential and can support the increased rent. During the year ended December 31, 2012, we renovated 2,560 units at an average rental rate that we believe was approximately 10% above the normal market rate increase.

CAPITAL STRUCTURE STRATEGY

Generally, in the event that MAA sells shares of its common or preferred stock, MAA contributes the net proceeds from such sale to the Operating Partnership in return for a like number of OP Units with terms that are similar to the terms of such stock. Likewise, if MAA repurchases shares of its common or preferred stock, the Operating Partnership generally purchases a like number of OP Units with similar terms from MAA and MAA applies the funds it receives from the Operating Partnership to finance such purchase of its common or preferred stock. Distributions on OP Units and shares of MAA's common stock are generally distributed at the same time and in the same amount, so that when MAA distributes a dividend to its common stock, the Operating Partnership generally distributes the same amount as a distribution on its OP Units. In addition, substantially all of the consolidated indebtedness of MAA is indebtedness of the Operating Partnership and, as a result, MAA and the Operating Partnership have substantially the same debt structure and MAA manages the capital structure of both the Operating Partnership and MAA on a consolidated basis.

We use a combination of debt and equity sources to fund our portfolio of assets, focused on producing low costs combined with a flexible capital structure. We focus on improving the net present value of our assets by generating cash flows from our portfolio of investments above the estimated total cost of debt and equity capital. We routinely make new investments when we believe it will be accretive to shareholder and unitholder value. In the past, we have sold assets to fund share or unit repurchases when, in management’s view, shareholder and unitholder value would be enhanced.

MAA currently intends to target its total debt to a range of approximately 43% to 48% of the undepreciated book value of its assets. MAA's charter and bylaws do not limit its debt levels, the Partnership Agreement does not limit the Operating

Partnership's debt levels, and the Board of Directors can modify this policy at any time, which could allow MAA to become more highly leveraged. MAA may also issue new equity to maintain its debt within the target range. Covenants in MAA's credit facilities limit its net-debt (total debt less cash on hand) to undepreciated book value to 60%. As of December 31, 2012, MAA's ratio of net-debt to undepreciated book value was approximately 44%. The Operating Partnership 's ratio of net-debt to undepreciated book value was approximately 48%.

MAA has entered into sales agreements to sell shares of common stock, from time-to-time in at-the-market offerings or negotiated transactions through controlled equity offering programs, or ATMs, most recently with Cantor Fitzgerald & Co., Raymond James & Associates, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated. As of December 31, 2012, there were 578,015 shares remaining under the ATM program. On February 7, 2013, MAA terminated these programs. On February 25, 2013, MAA and the Operating Partnership entered into distribution agreements with each of JP Morgan Securities, LLC, BMO Capital Markets Corp, KeyBanc Capital Markets Inc. and UBS Securities, LLC to sell up to 4,500,000 shares, in the aggregate, on terms similar to the previous agreements.

The Operating Partnership received the proceeds from these issuances in exchange for a number of OP Units equal to the number of shares issued by MAA. The following are the number of units and the proceeds received under these agreements through December 31, 2012:

	Number of Units Sold	Net Proceeds		Net Average Sales Price		Gross Proceeds		Gross Average Sales Price
2006	194,000	$	11,481,292	$	59.18	$	11,705,010	$	60.34
2007	323,700	$	18,773,485	$	58.00	$	19,203,481	$	59.32
2008	1,955,300	$	103,588,759	$	52.98	$	105,554,860	$	53.98
2009	763,000	$	32,774,757	$	42.96	$	33,283,213	$	43.62
2010	5,077,201	$	274,576,677	$	54.08	$	278,468,323	$	54.85
2011	3,303,273	$	204,534,677	$	61.92	$	207,650,656	$	62.86
2012	1,155,511	$	75,863,040	$	65.65	$	77,019,121	$	66.65
Total	12,771,985	$	721,592,687	$	56.50	$	732,884,664	$	57.38

MAA also has a direct stock purchase plan, which allows for the optional cash purchase of common stock of at least $250, but not more than $5,000 in any given month, free of brokerage commissions and charges. MAA, in its absolute discretion, may grant waivers to allow for optional cash payments in excess of $5,000. During the year ended December 31, 2012, MAA issued a total of 729 shares through the optional cash purchase feature of the direct stock purchase plan, resulting in net proceeds of $48,000. On March 2, 2012, MAA closed on an underwritten public offering of 1,955,000 shares of common stock. UBS Investment Bank and Jeffries & Company, Inc. acted as joint bookrunning managers. This transaction resulted in net proceeds of $120.1 million. No such issuances occurred during 2011 or 2010. The Operating Partnership received the proceeds from each of these transactions in exchange for a number of OP Units equal to the number of shares issued by MAA.

SHARE REPURCHASE PROGRAM

In 1999, the Board of Directors approved an increase in the number of shares of common stock authorized to be repurchased to 4 million shares. As of December 31, 2012, MAA had repurchased a total of approximately 1.9 million shares (8% of the shares of common stock and common units outstanding as of the beginning of the repurchase program). From time-to-time, MAA intends to repurchase shares when MAA believes that shareholder value is enhanced. Factors affecting this determination include, among others, the share price, financing agreements and rates of return. No shares were repurchased from 2002 through 2012 under this plan. In general, share repurchases will be funded by the Operating Partnership, resulting in a decrease of the number of OP Units held by MAA equal to the number of shares repurchased.

COMPETITION

All of our apartment communities are located in areas that include other apartment communities. Occupancy and rental rates are affected by the number of competitive apartment communities in a particular area. The owners of competing apartment communities may have greater resources than us, and the managers of these apartment communities may have more

experience than our management. Moreover, single-family rental housing, manufactured housing, condominiums and the new and existing home markets provide housing alternatives to potential residents of apartment communities.

Apartment communities compete on the basis of monthly rent, discounts and facilities offered, such as apartment size and amenities, and apartment community amenities, including recreational facilities, resident services and physical property condition. We make capital improvements to both our apartment communities and individual apartments on a regular basis in order to maintain a competitive position in each individual market.

ENVIRONMENTAL MATTERS

As part of the acquisition process, we obtain environmental studies on our apartment communities from various outside environmental engineering firms. The purpose of these studies is to identify potential sources of contamination at the apartment communities and to assess the status of environmental regulatory compliance. These studies generally include historical reviews of the apartment communities, reviews of certain public records, preliminary investigations of the sites and surrounding properties, inspection for the presence of asbestos, poly-chlorinated biphenyls, or PCBs, and underground storage tanks and the preparation and issuance of written reports. Depending on the results of these studies, more invasive procedures, such as soil sampling or ground water analysis, will be performed to investigate potential sources of contamination. These studies must be satisfactorily completed before we take ownership of an acquisition community; however, no assurance can be given that the studies identify all significant environmental problems.

Under various federal, state and local laws and regulations, an owner or operator of real estate may be liable for the costs of removal or remediation of certain hazardous or toxic substances on properties. Such laws often impose such liability without regard to whether the owner caused or knew of the presence of hazardous or toxic substances and whether the storage of such substances was in violation of a resident’s lease. Furthermore, the cost of remediation and removal of such substances may be substantial, and the presence of such substances, or the failure to promptly remediate such substances, may adversely affect the owner’s ability to sell such real estate or to borrow using such real estate as collateral.

We are aware of environmental concerns specifically relating to potential issues resulting from mold in residential properties and have in place an active management and preventive maintenance program that includes procedures specifically related to mold. We have established a policy requiring residents to sign a mold addendum to lease. We also have a $5 million insurance policy that covers remediation and exposure to mold. Therefore, we believe that our exposure to this issue is mitigated appropriately.

The environmental studies we received have not revealed any material environmental liabilities. We are not aware of any existing conditions that would currently be considered a material environmental liability. Nevertheless, it is possible that the studies do not reveal all environmental liabilities or that there are material environmental liabilities of which we are not aware. Moreover, no assurance can be given concerning future laws, ordinances or regulations, or the potential introduction of hazardous or toxic substances by neighboring properties or residents.

We believe that our apartment communities are in compliance in all material respects with all applicable federal, state and local ordinances and regulations regarding hazardous or toxic substances and other environmental matters.

QUALIFICATION AS A REAL ESTATE INVESTMENT TRUST (REIT)

MAA, our general partner, has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, or the Code. To continue to qualify as a REIT, MAA must continue to meet certain tests which, among other things, generally require that MAA's assets consist primarily of real estate assets, income be derived primarily from real estate assets, and that MAA distribute at least 90% of the REIT taxable income (other than net capital gain) to shareholders annually. As a qualified REIT, MAA generally will not be subject to U.S. federal income taxes at the corporate level on net income to the extent MAA distributes such net income to shareholders annually. Even if MAA continues to qualify as a REIT, MAA will continue to be subject to certain federal, state and local taxes on our income and our property. In 2012, MAA paid total distributions of $2.64 per common share to shareholders, which was above the 90% REIT distribution requirement.

RECENT DEVELOPMENTS

Acquisitions

On February 1, 2013, we closed on the purchase of the 310-unit Milstead Village apartment community located in Kennesaw (Atlanta), Georgia. This property was previously a part of our Fund I Joint Venture.

Financings

On February 25, 2013, MAA and MAALP entered into distribution agreements with each of JP Morgan Securities, LLC, BMO Capital Markets Corp, KeyBanc Capital Markets Inc. and UBS Securities, LLC to sell up to 4,500,000 shares, in the aggregate, under the distribution agreements pursuant to MAA's at the market offering program.

RISK FACTORS

In addition to the other information contained in this Current Report on Form 8-K, we have identified the following additional risks and uncertainties that may have a material adverse effect on our business prospects, financial condition or results of operations. Investors should carefully consider the risks described below before making an investment decision. Our business faces significant risks and the risks described below may not be the only risks we face. Additional risks not presently known to us or that we currently believe are immaterial may also significantly impair our business operations. If any of these risks occur, our business prospects, results of operations or financial condition could suffer, the market price of MAA's common stock (for which our OP Units may be exchanged) and the trading price of our debt securities could decline and you could lose all or part of your investment in the Operating Partnership's securities.

RISKS RELATED TO OUR REAL ESTATE INVESTMENTS AND OUR OPERATIONS

Economic slowdown in the United States and downturns in the housing and real estate markets may adversely affect our financial condition and results of operations

There have been significant declines in economic growth, both in the United States and globally. Both the real estate industry and the broader United States economy have experienced unfavorable conditions, which adversely affected our revenues. Although our industry and the United States economy showed signs of improvement in 2012, we cannot accurately predict that market conditions will continue to improve in the near future or that our financial condition and results of operations will not continue to be adversely effected. Factors such as weakened economies and related reduction in spending, falling home prices and job losses, price volatility, and/or dislocations and liquidity disruptions in the financial and credit markets could, among other things, impede the ability of our tenants and other parties with which we conduct business to perform their contractual obligations, which could lead to an increase in defaults by our tenants and other contracting parties, which could adversely affect our revenues. Furthermore, our ability to lease our properties at favorable rates, or at all, could be adversely affected by increases in supply and deterioration in multifamily markets and is partially dependent upon the overall level of spending in the economy, which is adversely affected by, among other things, job losses and unemployment levels, recession, personal debt levels, downturns in the housing market, stock market volatility and uncertainty about the future. With regard to our ability to lease our multifamily properties, the increasing rental of excess for-sale condominiums and single family homes, which increases the supply of multifamily units and housing alternatives, may reduce our ability to lease our multifamily units and depress rental rates in certain markets. When we experience a downturn, we cannot predict how long demand and other factors in the real estate market will remain unfavorable, but if the markets remain weak over extended periods of time or deteriorate significantly, our ability to lease our properties or our ability to increase or maintain rental rates in certain markets may weaken, which would adversely effect our revenues.

Failure to generate sufficient cash flows could limit our ability to make payments on our debt and to make distributions

Our ability to generate sufficient cash flow to make payments on our debt and to make distributions depends on our ability to generate funds from operations in excess of capital expenditure requirements or for us to have access to the markets for external financing. Funds from operations and the value of our apartment communities may be insufficient because of factors that are beyond our control. Such events or conditions could include:

• competition from other apartment communities;

• overbuilding of new apartment units or oversupply of available apartment units in our markets, which might adversely affect apartment occupancy or rental rates and/or require rent concessions in order to lease apartment units;

• conversion of condominiums and single family houses to rental use;

• weakness in the overall economy which lowers job growth and the associated demand for apartment housing;

• increases in operating costs (including real estate taxes and insurance premiums) due to inflation and other factors, which may not be offset by increased rents;

• inability to initially, or subsequently after lease terminations, rent apartments on favorable economic terms;

• inability to complete or lease-up development communities on a timely basis, if at all;

• changes in governmental regulations and the related costs of compliance;

• changes in laws including, but not limited to, tax laws and housing laws including the enactment of rent control laws or other laws regulating multifamily housing;

• withdrawal of government support of apartment financing through its financial backing of the Federal National Mortgage Association, or FNMA, or the Federal Home Loan Mortgage Corporation, or Freddie Mac;

• an uninsured loss, including those resulting from a catastrophic storm, earthquake, or act of terrorism;

• changes in interest rate levels and the availability of financing, borrower credit standards, and down-payment requirements which could lead renters to purchase homes (if interest rates decrease and home loans are more readily available) or increase our acquisition and operating costs (if interest rates increase and financing is less readily available); and

• the relative illiquidity of real estate investments.

At times, we rely on external funding sources to fully fund the payment of distributions to unitholders and our capital investment program, including our existing property expansion developments. While we believe we have sufficient liquidity to permit distributions on our OP Units at current rates through additional borrowings, if necessary, any significant and sustained deterioration in operations could result in our financial resources being insufficient to make payments on our debt and to make distributions at the current rate, in which event we would be required to reduce the distribution rate. Any decline in our funds from operations could adversely affect our ability to make distributions and to meet our loan covenants.

We may be adversely affected by new laws and regulations

The current United States administration and Congress have enacted, or called for consideration of, proposals relating to a variety of issues, including with respect to health care, financial regulation reform, climate control, executive compensation and others. We believe that these and other potential proposals could have varying degrees of impact on us ranging from minimal to material. At this time, we are unable to predict with certainty what level of impact specific proposals could have on us.

Certain rulemaking and administrative efforts that may have an impact on us focus principally on the areas perceived as contributing to the global financial crisis and the continuing economic downturn. These initiatives have created a degree of uncertainty regarding the basic rules governing the real estate industry and many other businesses. The federal legislative response in this area culminated in the enactment on July 21, 2010 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the Dodd-Frank Act. Many of the provisions of the Dodd-Frank Act have extended implementation periods and delayed effective dates and will require extensive rulemaking by regulatory authorities; thus, the impact on us may not be known for an extended period of time. The Dodd-Frank Act, including future rules implementing its provisions and the interpretation of those rules, along with other legislative and regulatory proposals that are proposed or pending in the United States Congress, may limit our revenues, impose fees, taxes, or other costs on us, and/or intensify the regulatory framework in which we operate in ways that are not currently identifiable.

Changing laws, regulations and standards relating to corporate governance and public disclosure in particular, including certain provisions of the Dodd-Frank Act and the rules and regulations promulgated thereunder, have created uncertainty for public companies like ours and could significantly increase the costs and risks associated with accessing the United States public markets. Because we are committed to maintaining high standards of internal control over financial reporting, corporate governance and public disclosure, our management team will need to devote significant time and financial resources to comply with these evolving standards for public companies. We intend to continue to invest appropriate resources to comply with both existing and evolving standards, and this investment has resulted and will likely continue to result in increased general and administrative expenses and a diversion of management time and attention from revenue generating activities to compliance activities.

We are dependent on key personnel

Our success depends in part on our and MAA's ability to attract and retain the services of executive officers and other personnel. There is substantial competition for qualified personnel in the real estate industry, and the loss of one or several of our or MAA's key personnel could have an adverse effect on us.

New acquisitions may fail to perform as expected, and failure to integrate acquired communities and new personnel could create inefficiencies

We intend to actively acquire and improve multifamily communities for rental operations. We may underestimate the costs necessary to bring an acquired community up to standards established for our intended market position. Additionally, to grow successfully, we must be able to apply our experience in managing our existing portfolio of apartment communities to a larger number of properties. We must also be able to integrate new management and operations' personnel as our organization

grows in size and complexity. Failures in either area will result in inefficiencies that could adversely affect our overall results of operations.

We may not be able to sell communities when appropriate

Real estate investments are relatively illiquid and generally cannot be sold quickly. We may not be able to change our portfolio promptly in response to economic or other conditions. Further, we own seven communities, which are subject to restrictions on sale and are required to be exchanged through a 1031(b) tax-free exchange, unless we pay the tax liability of the contributing partners. This inability to respond promptly to changes in the performance of our investments could adversely affect our financial condition and ability to service our debt and to make distributions.

Environmental problems are possible and can be costly

Federal, state and local laws and regulations relating to the protection of the environment may require a current or previous owner or operator of real estate to investigate and clean up hazardous or toxic substances or petroleum product releases at such community. The owner or operator may have to pay a governmental entity or third parties for property damage and for investigation and clean-up costs incurred by such parties in connection with the contamination. These laws typically impose clean-up responsibility and liability without regard to whether the owner or operator knew of or caused the presence of the contaminants. Even if more than one person may have been responsible for the contamination, each person covered by the environmental laws may be held responsible for all of the clean-up costs incurred. In addition, third parties may sue the owner or operator of a site for damages and costs resulting from environmental contamination emanating from that site.

Over the past several years, there have been an increasing number of lawsuits against owners and managers of multifamily properties alleging personal injury and property damage caused by the presence of mold in residential real estate. Some of these lawsuits have resulted in substantial monetary judgments or settlements. We cannot be assured that existing environmental assessments of our communities reveal all environmental liabilities, that any prior owner of any of our properties did not create a material environmental condition not known to us, or that a material environmental condition does not otherwise exist.

Changes in the system for establishing United States accounting standards may materially and adversely affect our reported results of operations

Accounting for public companies in the United States has historically been conducted in accordance with generally accepted accounting principles as in effect in the United States, or GAAP. GAAP is established by the Financial Accounting Standards Board, or FASB, an independent body whose standards are recognized by the SEC as authoritative for publicly held companies. The International Accounting Standards Board, or IASB, is a London-based independent board established in 2001 and charged with the development of International Financial Reporting Standards, or IFRS. IFRS generally reflects accounting practices that prevail in Europe and in developed nations around the world.

IFRS differs in material respects from GAAP. Among other things, IFRS has historically relied more on “fair value” models of accounting for assets and liabilities than GAAP. “Fair value” models are based on periodic revaluation of assets and liabilities, often resulting in fluctuations in such values as compared to GAAP, which relies more frequently on historical cost as the basis for asset and liability valuation.

It is unclear at this time if or how the SEC will transition from GAAP to IFRS. Switching to a new method of accounting and adopting IFRS will be a complex undertaking. We may need to develop new systems and controls based on the principles of IFRS. Since these are new endeavors, and the precise requirements of the pronouncements ultimately adopted are not now known, the magnitude of costs associated with this conversion are uncertain.

We are currently evaluating the impact of the adoption of IFRS on our financial position and results of operations. Such evaluation cannot be completed, however, without more clarity regarding the specific IFRS standards that will be adopted. Until there is more certainty with respect to the IFRS standards to be adopted, prospective investors should consider that our conversion to IFRS could have a material adverse effect on our reported results of operations.

Losses from catastrophes may exceed our insurance coverage

We carry comprehensive liability and property insurance on our communities and intend to obtain similar coverage for communities we acquire in the future. Some losses, generally of a catastrophic nature, such as losses from floods, hurricanes or earthquakes, are subject to limitations, and thus may be uninsured. We exercise our discretion in determining amounts,

coverage limits and deductibility provisions of insurance, with a view to maintaining appropriate insurance on our investments at a reasonable cost and on suitable terms. If we suffer a substantial loss, our insurance coverage may not be sufficient to pay the full current market value or current replacement value of our lost investment. Inflation, changes in building codes and ordinances, environmental considerations and other factors also might make it infeasible to use insurance proceeds to replace or rebuild a property after it has been damaged or destroyed.

Increasing real estate taxes and insurance costs may negatively impact operating results

As a result of our substantial real estate holdings, the cost of real estate taxes and insuring our apartment communities is a significant component of expense. Real estate taxes and insurance premiums are subject to significant increases and fluctuations, which are, in large part, outside of our control. If the costs associated with real estate taxes and insurance should significantly rise, our operating results could be negatively impacted, and our ability to service our debt and to make distributions could be adversely affected.

We may experience increased costs arising from health care reform

In March 2010, the United States government enacted comprehensive health care reform legislation which, among other things, includes guaranteed coverage requirements, eliminates pre-existing condition exclusions and annual and lifetime maximum limits, restricts the extent to which policies can be rescinded and imposes new and significant taxes on health insurers and health care benefits. The legislation imposes implementation effective dates beginning in 2010 and extending through 2020, and many of the changes require additional guidance from government agencies or federal regulations. On June 28, 2012, the United States Supreme Court upheld the constitutionality of the health care reform legislations mandate to purchase health insurance but struck down a provision allowing the federal government to withhold Medicaid funds unless a state agrees to the expansion of Medicaid eligibility. Therefore, due to the phased-in nature of the implementation and the lack of interpretive guidance it is difficult to determine at this time what impact the health care reform legislation will have on our financial results. Possible adverse effects of the health reform legislation include increased costs, exposure to expanded liability and requirements for us to revise ways in which we provide healthcare and other benefits to our employees. In addition, our results of operations, financial position and cash flows could be materially adversely affected.

Property insurance limits may be inadequate, and deductibles may be significant in the event of a catastrophic loss or a series of major losses, which may cause a breach of loan covenants

We have a significant proportion of our assets in areas exposed to windstorms and to the New Madrid seismic zone. A major wind or earthquake loss, or series of losses, could require that we pay significant deductibles as well as additional amounts above the per occurrence limit of our insurance for these risks. We may then be judged to have breached one or more of our loan covenants, and any of the foregoing events could have a material adverse effect on our assets, financial condition, and results of operation.

Compliance or failure to comply with laws requiring access to our properties by disabled persons could result in substantial cost

The Americans with Disabilities Act, the Fair Housing Act of 1988 and other federal, state and local laws generally require that public accommodations be made accessible to disabled persons. Noncompliance could result in the imposition of fines by the government or the award of damages to private litigants. These laws may require us to modify our existing communities. These laws may also restrict renovations by requiring improved access to such buildings by disabled persons or may require us to add other structural features that increase our construction costs. Legislation or regulations adopted in the future may impose further burdens or restrictions on us with respect to improved access by disabled persons. We cannot ascertain the costs of compliance with these laws, which may be substantial.

Development and construction risks could impact our profitability

Currently, we have two development communities and a second phase to an existing community under construction totaling 774 units as of December 31, 2012. None of the units for the development projects have been completed as of December 31, 2012. Our development and construction activities are subject to the following risks:

• we may be unable to obtain, or face delays in obtaining, necessary zoning, land-use, building, occupancy and other required governmental permits and authorizations, which could result in increased development costs, could delay initial occupancy dates for all or a portion of a development community, and could require us to abandon our activities entirely with respect to a project for which we are unable to obtain permits or authorizations;

• yields may be less than anticipated as a result of delays in completing projects, costs that exceed budget or higher than expected concessions for lease up and lower rents than expected;

• bankruptcy of developers in our development projects could impose delays and costs on us with respect to the development of our communities and may adversely affect our financial condition and results of operations;

• we may abandon development opportunities that we have already begun to explore, and we may fail to recover expenses already incurred in connection with exploring such opportunities;

• we may be unable to complete construction and lease-up of a community on schedule, or incur development or construction costs that exceed our original estimates, and we may be unable to charge rents that would compensate for any increase in such costs;

• occupancy rates and rents at a newly developed community may fluctuate depending on a number of factors, including market and economic conditions, preventing us from meeting our financial goals for that community; and

• when we sell to third parties communities or properties that we developed or renovated, we may be subject to warranty or construction defect that are uninsured or exceed the limit of our insurance.

Additionally, the time frame required for development and construction of these properties means that we may have to wait a few years for a significant cash return. As a REIT, MAA is required to make cash distributions to its shareholders. If our cash flows from operations are not sufficient, we may be forced to borrow to fund our distributions to MAA that enable MAA to pay necessary distributions to its shareholders and our unitholders, which could affect our ability to meet our other obligations.

RISKS RELATED TO OUR INDEBTEDNESS AND FINANCING ACTIVITIES

A change in United States government policy with regard to FNMA and Freddie Mac could impact our financial condition

On February 11, 2011, the Obama Administration released a report to Congress that included options, among others, to gradually shrink and eventually shut down FNMA and Freddie Mac. In August 2011, Standard & Poor’s Rating Services downgraded the credit ratings of FNMA and Freddie Mac from AAA to AA+. We do not know when or if FNMA or Freddie Mac will restrict their support of lending to the multifamily industry or to us in particular. As of December 31, 2012, 47% of our outstanding debt was borrowed through credit facilities provided by or credit-enhanced by FNMA or Freddie Mac with agency rate-based maturities ranging from 2013 through 2018. While the report to Congress recognized the critically important role that FNMA and Freddie Mac play in the housing finance market and committed to ensuring they have sufficient capital to perform under any guarantees issued now or in the future and the ability to meet any of their debt obligations, should they be unable to meet their obligations it would have a material adverse effect on both us and the multifamily industry, and we would seek alternative sources of funding, which may not be available on terms acceptable to us, or at all. This could jeopardize the effectiveness of our interest rate swaps, require us to post collateral up to the market value of the interest rate swaps, and either of these occurrences could potentially cause a breach in one or more of our loan covenants, and through reduced loan availability, impact the value of multifamily assets, which could impair the value of our properties.

Our financing could be impacted by negative capital market conditions

Over the past several years, domestic financial markets have experienced unusual volatility and uncertainty. Liquidity tightened in financial markets, including the investment grade debt, the CMBS, commercial paper, and equity capital markets. We have seen an increase in the volatility of short term interest rates and changes in historic relationships between LIBOR (which is the basis for the majority of the payments to us by our swap counterparties) and the actual interest rate we pay through the FNMA Discount Mortgage Backed Security, or DMBS, and the Freddie Mac Reference Bill programs. This creates a risk that our interest expense will fluctuate to a greater extent than it has in the past, and it makes forecasting more difficult. Were our credit arrangements with Prudential Mortgage Capital, credit-enhanced by FNMA, or with Financial Federal, credit-enhanced by Freddie Mac, to fail, or their ability to lend money to finance apartment communities to become impaired or cease, we would have to seek alternative sources of capital, which might not be available on terms acceptable to us, if at all. In addition, any such event would most likely cause our interest costs to rise. This could also cause our interest rate swaps and caps to become ineffective, triggering a default in one or more of our credit agreements. If any of the foregoing events were to occur, it could have a material adverse effect on our business, financial condition and prospects.

A change in the value of our assets could cause us to experience a cash shortfall, to be in default of our loan covenants, or to incur a charge for the impairment of assets

We borrow on both a secured and unsecured basis. Certain of our debt agreements require us to post collateral and a significant reduction in the value of our assets could require us to post additional collateral. While we believe that we have

significant excess collateral and capacity, future asset values are uncertain. If we were unable to meet a request to add collateral to a credit facility, this would have a material adverse effect on our liquidity and our ability to meet our loan covenants. We may determine that the value of an individual asset, or group of assets, was irrevocably impaired, and that we may need to record a charge to write-down the value of the asset to reflect its current value.

Debt level, refinancing and loan covenant risk may adversely affect our financial condition and operating results and MAA's ability to maintain its status as a REIT

At December 31, 2012, we had total consolidated debt outstanding of $1.65 billion. Payments of principal and interest on borrowings may leave us with insufficient cash resources to operate the apartment communities, to pay distributions to our unitholders and/or to pay distributions to MAA's shareholders that are required to be paid in order for MAA to maintain its qualification as a REIT. MAA currently intends to limit its total debt to a range of approximately 43% to 48% of the undepreciated book value of its assets. MAA's charter and bylaws do not limit its debt levels and the Board of Directors can modify this policy at any time, which could allow MAA to become more highly leveraged. MAA may also issue new equity to maintain its debt within the target range. Covenants in MAA's credit facilities limit its net-debt (total debt less cash on hand) to undepreciated book value to 60%. As of December 31, 2012, MAA's ratio of net-debt to undepreciated book value was approximately 44% and the Operating Partnership's ratio of net-debt to undepreciated book value was approximately 48%. In addition, MAA must repay its debt upon maturity, and the inability to access debt or equity capital at attractive rates to refinance maturing debt could adversely affect its financial condition and/or funds from operations. MAA relies on its lenders for debt financing and have agreements with the lenders that require it to comply with certain covenants, including maintaining adequate collateral that is subject to revaluation annually. The breach of any one of these covenants would place MAA in default with its lenders and may have serious consequences on our operations.

Interest rate hedging may be ineffective

We rely on the financial markets to refinance debt maturities, and also rely on the Agencies, which provided credit or credit enhancement for a large portion of our outstanding debt as of December 31, 2012. The debt is provided under the terms of credit facilities with Prudential Mortgage Capital (credit-enhanced by FNMA) and Financial Federal (credit-enhanced by Freddie Mac). We pay fees to the credit facility providers and the Agencies plus interest which is based on the FNMA DMBS rate, and the Freddie Mac Reference Bill Rate.

The interest rate market for the FNMA DMBS rate and the Freddie Mac Reference Bill Rate, both of which have been highly correlated with LIBOR interest rates, are also an important component of our liquidity and interest rate swap and cap effectiveness. In our experience, the FNMA DMBS rate has historically averaged 17 basis points below three-month LIBOR, and the Freddie Mac Reference Bill rate has averaged 31 basis points below the associated LIBOR rate, but in the past 4 years the spreads increased significantly and have been more volatile than we have historically seen. We cannot forecast when or if the uncertainty and volatility in the market may change. Continued unusual volatility over a period of time could cause us to lose hedge accounting treatment for our interest rate swaps and caps, resulting in material changes to our consolidated statements of operations and balance sheet, and potentially cause a breach of our debt covenants.

Fluctuations in interest rate spreads between the DMBS and Reference Bill rates and three-month LIBOR causes ineffectiveness to flow through interest expense in the current period if we are in an overhedged position, and together with the unrecognized ineffectiveness, reduces the effectiveness of the swaps and caps.

We also rely on the credit of the counterparties that provide swaps and caps to hedge the interest rate risk on our credit facilities. We use four major banks to provide approximately 95% of our derivative fair value, all of which have investment grade ratings from Moody’s and S&P. In the event that one of our derivative providers should suffer a significant downgrade of its credit rating or fail, our swaps or caps may become not effective, in which case the value of the swap or cap would be recorded in earnings, possibly causing a substantial loss sufficient to cause a breach of our debt covenants.

One or more interest rate swap or cap counterparties could default, causing us significant financial exposure

We enter into interest rate swap and interest rate cap agreements only with counterparties that are highly rated (A or above by Standard & Poors, or Aa3 or above by Moody’s). We also try to diversify our risk amongst several counterparties. In the event one or more of these counterparties were to go into liquidation or to experience a significant rating downgrade, this could cause us to liquidate the interest rate swap or to lose the interest rate protection of an interest rate cap. Liquidation of an interest rate swap could cause us to be required to pay the swap counter party the net present value of the swap, which may represent a significant current period cash charge, possibly sufficient to cause us to breach our debt covenants.

Variable interest rates may adversely affect funds from operations

At December 31, 2012, effectively $79 million of our debt bore interest at a variable rate and was not hedged by interest rate swaps or caps. We may incur additional debt in the future that also bears interest at variable rates. Variable rate debt creates higher debt service requirements if market interest rates increase, which would adversely affect our funds from operations and the amount of cash available to service our debt and to pay distributions. Our $864.0 million secured credit facilities with Prudential Mortgage Capital, credit enhanced by FNMA, are predominately floating rate facilities. We also have a credit facility with Freddie Mac totaling $200.0 million that is a variable rate facility. At December 31, 2012, a total of $783.1 million was outstanding under these facilities. These facilities represent the majority of the variable interest rates we were exposed to at December 31, 2012. Large portions of the interest rates on these facilities have been hedged by means of a number of interest rate swaps and caps. Upon the termination of these swaps and caps, we will be exposed to the risks of varying interest rates unless acceptable replacement swaps or caps or alternate fixed financings are obtainable.

Issuances of additional debt or equity may adversely impact our financial condition

Our capital requirements depend on numerous factors, including the occupancy and turnover rates of our apartment communities, development and capital expenditures, costs of operations and potential acquisitions. We cannot accurately predict the timing and amount of our capital requirements. If our capital requirements vary materially from our plans, we may require additional financing sooner than anticipated. Accordingly, we could become more leveraged, resulting in increased risk of default on our obligations and in increased debt service requirements, both of which could adversely affect our financial condition and ability to access the capital markets in the future. If we issue additional equity securities to obtain additional financing, the interest of our existing unitholders could be diluted.

RISKS RELATED TO OUR ORGANIZATION AND OWNERSHIP OF OP UNITS

Our existing unitholders have limited approval rights, which may prevent our sole general partner, MAA, from completing a change of control transaction that may be in the best interests of all unitholders and of all the shareholders of MAA

MAA may not engage in a sale or other disposition of all or substantially all of the assets of the Operating Partnership, dissolve the Operating Partnership or, upon the occurrence of certain triggering events, take any action that would result in any unitholder realizing taxable gain, without the approval of the holders of a majority of the outstanding OP Units held by holders other than MAA or its affiliates (Class A OP Units).  The right of the holders of our Class A OP Units to vote on these transactions could limit MAA's ability to complete a change of control transaction that might otherwise be in the best interest of all of our unitholders and all shareholders of MAA.  

In certain circumstances, our unitholders must approve our sale of certain properties contributed by the unitholders

In certain circumstances as detailed in the Partnership Agreement, we may not sell or otherwise transfer certain properties unless each person who was a partner in the limited partnership holding such properties at the time of its merger into our Operating Partnership approves such sale or transfer. The exercise of these approval rights by our unitholders could delay or prevent us from completing a transaction that may be in the best interest of all of our unitholders and all shareholders of MAA.

MAA, their officers and directors have substantial influence over our affairs. 

MAA, as our sole general partner and acting through its officers and directors, has a substantial influence on our affairs. MAA, their officers and directors could exercise their influence in a manner that is not in the best interest of our unitholders. Also, MAA owns approximately 95.82% of the OP Units and as such, will have substantial influence on the outcome of any matters submitted to our unitholders for approval

MAA's ownership limit restricts the transferability of its capital stock

MAA's charter limits ownership of its capital stock by any single shareholder to 9.9% of all outstanding shares of its capital stock, both common and preferred, unless approved by the Board of Directors. The charter also prohibits anyone from buying shares if the purchase would result in MAA losing REIT status. This could happen if a share transaction results in fewer than 100 persons owning all of MAA's shares or in five or fewer persons, applying certain broad attribution rules of the Code, owning 50% or more of MAA's shares (by value). If you acquire shares of MAA's common stock in excess of the ownership limit or in violation of the ownership requirements of the Code for REITs, MAA:

• will consider the transfer to be null and void;

• will not reflect the transaction on MAA's books;

• may institute legal action to enjoin the transaction;

• will not pay dividends or other distributions with respect to those shares;

• will not recognize any voting rights for those shares;

• will consider the shares held in trust for MAA's benefit; and

• will either direct you to sell the shares and turn over any profit to MAA, or MAA will redeem the shares. If MAA redeems the shares, you will be paid a price equal to the lesser of:

◦ the principal price paid for the shares by the holder,

◦ a price per share equal to the market price (as determined in the manner set forth in MAA's charter) of the applicable capital stock,

◦ the market price (as so determined) on the date such holder would, but for the restrictions on transfers set forth in MAA's charter, be deemed to have acquired ownership of the shares and

◦ the maximum price allowed under Tennessee Greenmail Act (such price being the average of the highest and lowest closing market price for the shares during the 30 trading days preceding the purchase of such shares or, if the holder of such shares has commenced a tender offer or has announced an intention to seek control of MAA, during the 30 trading days preceding the commencement of such tender offer or the making of such

announcement).

The redemption price may be paid, at MAA's option, by delivering one common unit (subject to adjustment from time to time in the event of, among other things, stock splits, stock dividends, or recapitalizations affecting MAA's common stock or certain mergers, consolidations or asset transfers by MAA) issued by the Operating Partnership for each Excess Share being redeemed.

Provisions of MAA's charter and Tennessee law may limit the ability of a third party to acquire control of MAA in a transaction beneficial to our unitholders

Ownership Limit

While the 9.9% ownership limit discussed above helps preserve MAA's status as a REIT, it could also delay or prevent any person or small group of persons from acquiring, or attempting to acquire control of MAA and its subsidiaries, including the Operating Partnership, in a transaction beneficial to our unitholders.

Preferred Stock

MAA's charter authorizes the Board of Directors to issue up to 20,000,000 shares of preferred stock. The Board of Directors may establish the preferences and rights of any preferred shares issued. The issuance of preferred stock could also have the effect of delaying or preventing someone from taking control of MAA even if a change in control were in our unitholders’ best interests. As of December 31, 2012, no shares of preferred stock were issued and outstanding. When MAA issues preferred stock, generally the proceeds are contributed to the Operating Partnership in exchange for a number of OP Units with the same terms equal to the number of preferred shares issued by MAA.

Our investments in joint ventures may involve risks

Investments in joint ventures may involve risks that may not otherwise be present in our direct investments such as:

• the potential inability of our joint venture partner to perform;

• the joint venture partner may have economic or business interests or goals which are inconsistent with or adverse to ours;

• the joint venture partner may take actions contrary to our requests or instructions or contrary to our objectives or policies; and

• the joint venturers may not be able to agree on matters relating to the property they jointly own.

Although joint owners may have a right of first refusal to purchase the other owner’s interest, in the event a sale is desired, the joint owner may not have sufficient resources to exercise such right of first refusal.

The number of shares of MAA's common stock available for future sale could adversely affect the market price of MAA's publicly traded securities

We have issued OP Units in exchange for properties or interests in properties, and, from time to time, we may issue additional OP Units in connection with acquisitions of properties or otherwise. MAA is the sole general partner of the Operating Partnership, and, as of December 31, 2012, MAA owned 39,721,461 OP Units, representing a 95.82% interest in the Operating Partnership, while the remaining 1,731,672 outstanding OP Units were held by limited partners of the Operating Partnership. Our unitholders (other than MAA and its affiliates) may require MAA to redeem their OP Units from time to time, in which case MAA may, at its option, pay the redemption price either in cash (in an amount per OP Unit equal, in general, to the average closing price of MAA's common stock on the New York Stock Exchange over a specified period prior to the redemption date) or by delivering one share of MAA's common stock (subject to adjustment under specified circumstances) for each OP Unit so redeemed. In addition, we have registered all of the 1,731,672 shares of MAA's common stock which, as of December 31, 2012, were issuable upon redemption of OP Units held by the Operating Partnership's limited partners under the Securities Act of 1933, as amended, so that those shares can be sold freely in the public markets. To the extent that additional OP Units are issued to limited partners of the Operating Partnership, MAA will likely register the additional shares of common stock issuable upon redemption of those OP Units under the Securities Act of 1933, as amended, so that those shares can also be sold in the public markets. If MAA issues shares of its common stock upon the redemption of OP Units in the Operating Partnership, sales of substantial amounts of such shares of MAA's common stock, or the perception that these sales could occur, may adversely affect prevailing market prices for MAA's common stock or may impair MAA's ability to raise capital through the sale of its common stock or other equity securities.

Market interest rates and low trading volume may have an adverse effect on the market value of MAA's common stock, which would affect the redemption price of our OP Units

The market price of shares of a REIT may be affected by the distribution rate on those shares, as a percentage of the price of the shares, relative to market interest rates. If market interest rates increase, prospective purchasers of MAA's shares may expect a higher annual distribution rate. Higher interest rates would not, however, result in more funds for MAA to distribute and, in fact, would likely increase MAA's borrowing costs and potentially decrease funds available for distribution. This could cause the market price of MAA's common stock to go down, which would reduce the price received upon redemption of any of our OP Units, or if MAA so elects, the value of MAA's common stock received in lieu of cash upon redemption of such OP Units. In addition, although MAA's stock is listed on The New York Stock Exchange, the daily trading volume of MAA's shares may be lower than the trading volume for companies in other industries. As a result, MAA's investors who desire to liquidate substantial holdings may find that they are unable to dispose of their shares in the market without causing a substantial decline in the market value of the shares.

Changes in market conditions or a failure to meet the market’s expectations with regard to MAA's results of operations and cash distributions could adversely affect the market price of MAA's common stock, which may reduce the amount of cash available to the Operating Partnership to meet its obligations

We believe that the market value of a REIT’s equity securities is based primarily upon the market’s perception of the REIT’s growth potential and its current and potential future cash distributions, and is secondarily based upon the real estate market value of the underlying assets. For that reason, MAA's common stock may trade at prices that are higher or lower than the net asset value per share. To the extent MAA retains operating cash flow for investment purposes, working capital reserves or other purposes, these retained funds, while increasing the value of MAA's underlying assets, may not correspondingly increase the market price of MAA's common stock. In addition, we are subject to the risk that our cash flow will be insufficient to service our debt and to pay distributions to our unitholders, which may cause MAA to not have the funds to service its debt or to pay dividends to its shareholders. MAA's failure to meet the market’s expectations with regard to future results of operations and cash distributions would likely adversely affect the market price of its shares and thus potentially reduce MAA's ability to contribute funds from issuances down to the Operating Partnership, resulting in lower level of cash available for investment or to service our debt or to make distributions to our unitholders.

The stock markets, including the NYSE, on which MAA lists its common stock, have experienced significant price and volume fluctuations. As a result, the market price of MAA's common stock could be similarly volatile, and investors may experience a decrease in the value of their shares, including decreases unrelated to MAA's operating performance or prospects. Among the market conditions that may affect the market price of MAA and the Operating Partnership's securities are the following:

• our financial condition and operating performance and the performance of other similar companies;

• actual or anticipated differences in our quarterly and annual operating results;

• changes in our revenues or earnings estimates or recommendations by securities analysts;

• publication of research reports about us or our industry by securities analysts;

• additions and departures of key personnel;

• inability to access the capital markets;

• strategic decisions by us or our competitors, such as acquisitions, dispositions, spin-offs, joint ventures, strategic investments or changes in business strategy;

• the issuance or sale of additional shares of MAA's common stock, or the perception that such sales may occur, including under the at-the-market controlled equity offering programs;

• the reputation of REITs generally and the reputation of REITs with portfolios similar to ours;

• the attractiveness of the securities of REITs in comparison to securities issued by other entities, including securities issued by other real estate companies;

• an increase in market interest rates, which may lead prospective investors to demand a higher distribution rate in relation to the price paid for shares of MAA's common stock;

• the passage of legislation or other regulatory developments that adversely affect us or our industry;

• speculation in the press or investment community;

• actions by institutional shareholders or hedge funds;

• changes in accounting principles;

• terrorist acts; and

• general market conditions, including factors unrelated to our performance.

In the past, securities class action litigation has often been instituted against companies following periods of volatility in their stock price. This type of litigation could result in substantial costs and divert our management’s attention and resources.

RISKS RELATED TO TAX LAWS

Failure to qualify as a REIT would cause MAA to be taxed as a corporation, which would substantially reduce our funds available for payment of distributions to our unitholders

If MAA failed to qualify as a REIT for federal income tax purposes, MAA would be taxed as a corporation. The Internal Revenue Service may challenge MAA's qualification as a REIT for prior years, and new legislation, regulations, administrative interpretations or court decisions may change the tax laws with respect to qualification as a REIT or the federal tax consequences of such qualification. For any taxable year that MAA fails to qualify as a REIT, MAA, on a consolidated basis, would be subject to federal income tax on its taxable income at corporate rates, plus any applicable alternative minimum tax. In addition, unless entitled to relief under applicable statutory provisions, MAA would be disqualified from treatment as a REIT for the four taxable years following the year during which qualification is lost. This treatment would reduce our cash available for investment, to service our debt or to make distributions to our unitholders and MAA for MAA's distribution to its shareholders because of the additional tax liability for the year or years involved. This would likely adversely affect the value of your investment in us. We might be required to borrow funds or to liquidate some of our investments to pay any applicable tax resulting from MAA's failure to qualify as a REIT. In addition, MAA's distributions would no longer qualify for the dividends paid deduction nor be required to be made in order to preserve REIT status, reducing the incentive to make such distributions on our OP Units and MAA's common and preferred stock.

Failure to make required distributions to MAA's shareholders would subject MAA to income taxation, which would reduce our funds available for payment of distributions to our unitholders

In order to qualify as a REIT, each year MAA must distribute to its shareholders at least 90% of taxable income (determined without regard to the dividend paid deduction and by excluding net capital gains). To the extent that MAA satisfies the distribution requirement, but distributes less than 100% of taxable income, MAA will be subject to federal corporate income tax on the undistributed income. In addition, MAA would incur a 4% nondeductible excise tax on the amount, if any, by which its distributions in any year are less than the sum of:

• 85% of ordinary income for that year;

• 95% of capital gain net income for that year; and

• 100% of undistributed taxable income from prior years.

Differences in timing between the recognition of income and the related cash receipts or the effect of required debt amortization payments could require us to borrow money or sell assets to pay out enough distributions to MAA as a unitholder so that it can pay enough of its taxable income to satisfy the distribution requirement and to avoid corporate income tax and the 4% nondeductible excise tax in a particular year.

PROPERTIES.

We seek to acquire newer apartment communities and those with opportunities for repositioning through capital additions and management improvement located in the Sunbelt region of the United States that are primarily appealing to middle income residents with the potential for above average growth and return on investment. Approximately 70% of our apartment units are located in Georgia, Florida, Tennessee, and Texas markets. Our strategic focus is to provide our residents high quality apartment units in attractive community settings, characterized by extensive landscaping and attention to aesthetic detail. We utilize our experience and expertise in maintenance, landscaping, marketing and management to effectively reposition many of the apartment communities we acquire to raise occupancy levels and per unit average rents.

The following table sets forth certain historical information for the apartment communities we owned at December 31, 2012: 

						Approx-imate Rentable Area (Square Footage)	Aver-age Unit Size (Square Foot-age)	Monthly Average Rent per Unit at December 31, 2012 (19)		Average Occupancy Percent at December 31, 2012 (20)		Monthly Effective Rent per Unit at December 31, 2012 (21)		Encumbrances at December 31, 2012
														Mort-gage /Bond Principal (000's)		Inter-est Rate		Maturity Date
Property	Location	Year Complete	Year Manage-ment Commenced	Report-able Seg-ment	Number of Units
100% Owned
Birchall at Ross Bridge	Birmingham, AL	2009	2011	(23)	240	283,680	1,182	$	1,252.58	85.83	%	$	1,239.16	$—
Eagle Ridge	Birmingham, AL	1986	1998	(22)	200	181,600	908	$	744.84	97.00	%	$	741.79	$—	(1)		(1)		(1)
Abbington Place	Huntsville, AL	1987	1998	(22)	152	162,792	1,071	$	650.31	93.42	%	$	621.35	$—	(1)		(1)		(1)
Paddock Club Huntsville	Huntsville, AL	1993	1997	(22)	392	441,000	1,125	$	755.89	92.86	%	$	746.08	$—
					984	1,069,072	1,086	$	858.48	92.07	%	$	846.20
Edge at Lyon's Gate	Phoenix, AZ	2007	2008	(21)	312	299,208	959	$	855.19	95.19	%	$	845.48	$—
Sky View Ranch	Gilbert, AZ	2007	2009	(21)	232	225,272	971	$	848.14	96.12	%	$	842.97	$—
Talus Ranch	Phoenix, AZ	2005	2006	(21)	480	437,280	911	$	722.54	95.42	%	$	714.42	$—
					1,024	961,760	939	$	791.41	95.51	%	$	783.48
Tiffany Oaks	Altamonte Springs, FL	1985	1996	(21)	288	232,704	808	$	780.26	93.75	%	$	775.28	$—	(1)		(1)		(1)
Marsh Oaks	Atlantic Beach, FL	1986	1995	(21)	120	93,240	777	$	702.23	100.00	%	$	702.23	$—
Indigo Point	Brandon, FL	1989	2000	(22)	240	194,640	811	$	825.90	95.42	%	$	813.65	$—	(1)		(1)		(1)
Paddock Club Brandon	Brandon, FL	1998	1997	(21)	440	528,440	1,201	$	957.56	92.95	%	$	955.70	$—
Preserve at Coral Square	Coral Springs, FL	1996	2004	(22)	480	570,720	1,189	$	1,384.04	93.75	%	$	1,375.89	$—	(4)		(4)		(4)
The Retreat at Magnolia Parke	Gainesville, FL	2009	2011	(23)	204	206,244	1,011	$	970.44	95.59	%	$	961.15	$—
Atlantic Crossing	Jacksonville, FL	2008	2011	(23)	200	248,200	1,241	$	1,157.79	92.00	%	$	1,135.12	$—
Hunter's Ridge at Deerwood	Jacksonville, FL	1987	1997	(21)	336	295,008	878	$	816.92	97.32	%	$	812.89	$—
Lakeside	Jacksonville, FL	1985	1996	(21)	416	346,112	832	$	728.75	96.39	%	$	727.84	$—
Lighthouse at Fleming Island	Jacksonville, FL	2003	2003	(21)	501	556,110	1,110	$	909.13	97.41	%	$	907.04	$—	(1)		(1)		(1)
Paddock Club Jacksonville	Jacksonville, FL	1993	1997	(21)	440	478,720	1,088	$	834.31	95.00	%	$	819.84	$—
Tattersall at Tapestry Park	Jacksonville, FL	2009	2011	(23)	279	307,458	1,102	$	1,240.52	97.85	%	$	1,237.95	$—
Woodbridge at the Lake	Jacksonville, FL	1985	1994	(21)	188	166,004	883	$	720.42	95.21	%	$	719.93	$—
Woodhollow	Jacksonville, FL	1986	1997	(21)	450	379,350	843	$	726.75	94.44	%	$	723.99	$—	(1)		(1)		(1)
Paddock Club Lakeland	Lakeland, FL	1989	1997	(22)	464	502,048	1,082	$	746.51	94.40	%	$	741.02	$—	(1)		(1)		(1)
Paddock Park Ocala	Ocala, FL	1987	1997	(22)	480	493,440	1,028	$	691.48	95.42	%	$	687.36	$6,772	(3)		(3)		(3)

Retreat at Lake Nona	Orlando, FL	2006	2012	(23)	394	421,186	1,069	$	1,008.53	95.18	%	$	1,007.75	$—
The Club at Panama Beach	Panama City, FL	2000	1998	(22)	254	283,718	1,117	$	928.93	96.06	%	$	913.65	$—
Paddock Club Tallahassee	Tallahassee, FL	1992	1997	(22)	304	329,536	1,084	$	837.06	95.72	%	$	828.58	$—
Belmere	Tampa, FL	1984	1994	(21)	210	202,440	964	$	839.37	94.76	%	$	832.88	$—	(1)		(1)		(1)
Links at Carrollwood	Tampa, FL	1980	1998	(21)	230	213,210	927	$	891.14	99.13	%	$	890.22	$—
Village Oaks	Tampa, FL	2005	2008	(23)	234	279,864	1,196	$	1,086.18	95.30	%	$	1,066.18	$—
Park Crest at Innisbrook	Palm Harbor, FL	2000	2009	(21)	432	461,808	1,069	$	987.65	93.75	%	$	985.44	$30,114		4.430%		10/1/2020
					7,584	7,790,200	1,027	$	904.45	95.32	%	$	898.48
High Ridge	Athens, GA	1987	1997	(22)	160	186,560	1,166	$	731.54	99.38	%	$	731.54	$—	(1)		(1)		(1)
Allure at Brookwood	Atlanta, GA	2008	2012	(23)	349	344,463	987	$	1,312.10	91.98	%	$	1,289.49	$—
Allure in Buckhead Village	Atlanta, GA	2002	2012	(23)	230	225,170	979	$	1,129.18	95.65	%	$	1,110.04	$—
Sanctuary at Oglethorpe	Atlanta, GA	1994	2008	(21)	250	287,500	1,150	$	1,372.51	98.80	%	$	1,370.71	$23,500		6.210%		11/5/2015
Bradford Pointe	Augusta, GA	1986	1997	(22)	192	156,288	814	$	714.25	94.27	%	$	704.12	$—
Shenandoah Ridge	Augusta, GA	1982	1994	(22)	272	222,768	819	$	627.20	94.49	%	$	621.29	$—	(1)		(1)		(1)
Westbury Creek	Augusta, GA	1984	1997	(22)	120	107,160	893	$	650.54	98.33	%	$	650.54	$3,480	(12)		(12)	5/15/2033	(12)
Fountain Lake	Brunswick, GA	1983	1997	(22)	113	128,820	1,140	$	764.78	89.38	%	$	757.90
Willow Creek	Columbus, GA	1974	1997	(22)	285	246,810	866	$	599.06	97.19	%	$	576.50	$—
Prescott	Duluth, GA	2001	2004	(21)	384	411,648	1,072	$	825.64	95.57	%	$	823.03	$—	(5)		(5)		(5)
Lanier	Gainesville, GA	1998	2005	(21)	344	396,288	1,152	$	821.67	92.44	%	$	797.42	$16,312		5.300%		3/1/2014
Lake Club	Gainesville, GA	2001	2005	(21)	313	359,950	1,150	$	777.63	83.07	%	$	738.16	$—	(5)		(5)		(5)
Whispering Pines	LaGrange, GA	1983	1997	(22)	216	222,480	1,030	$	640.52	98.15	%	$	640.52	$—
Austin Chase	Macon, GA	1996	1997	(22)	256	293,120	1,145	$	769.80	98.44	%	$	751.01	$—
The Vistas	Macon, GA	1985	1997	(22)	144	153,792	1,068	$	667.51	95.14	%	$	661.76	$—
Avala at Savannah Quarters	Savannah, GA	2009	2011	(23)	256	278,016	1,086	$	948.67	86.72	%	$	939.32	$—
Georgetown Grove	Savannah, GA	1997	1998	(22)	220	239,800	1,090	$	875.90	91.82	%	$	866.92	$—	(4)		(4)		(4)
Oaks at Wilmington Island	Savannah, GA	1999	2006	(22)	306	333,846	1,091	$	960.49	97.06	%	$	954.32	$—	(4)		(4)		(4)
Wildwood	Thomasville, GA	1982	1997	(22)	216	225,072	1,042	$	647.18	100.00	%	$	646.23	$—
Three Oaks	Valdosta, GA	1984	1997	(22)	240	253,200	1,055	$	676.47	97.08	%	$	676.39	$—
Huntington Chase	Warner Robins, GA	1997	2000	(22)	200	221,400	1,107	$	782.81	99.50	%	$	740.97	$—	(4)		(4)		(4)
Southland Station	Warner Robins, GA	1988	1997	(22)	304	355,984	1,171	$	730.19	100.00	%	$	714.82	$—
					5,370	5,650,135	1,052	$	839.02	94.97	%	$	825.92
Fairways at Hartland	Bowling Green, KY	1996	1997	(22)	240	251,040	1,046	$	808.98	94.17	%	$	807.32	$—
Grand Reserve Lexington	Lexington, KY	2000	1999	(22)	370	432,900	1,170	$	961.44	90.54	%	$	957.38	$—	(1)		(1)		(1)
Lakepointe	Lexington, KY	1986	1994	(22)	118	90,742	769	$	663.78	94.92	%	$	650.26	$—	(1)		(1)		(1)
Mansion, The	Lexington, KY	1989	1994	(22)	184	138,736	754	$	690.84	96.74	%	$	690.29	$—	(1)		(1)		(1)
Village, The	Lexington, KY	1989	1994	(22)	252	182,700	725	$	674.39	94.84	%	$	674.21	$—	(1)		(1)		(1)
Stonemill Village	Louisville, KY	1985	1994	(22)	384	324,864	846	$	742.45	96.88	%	$	737.73	$—
					1,548	1,420,982	918	$	781.90	94.44	%	$	778.37
Crosswinds	Jackson, MS	1989	1996	(22)	360	443,160	1,231	$	784.65	96.67	%	$	767.15	$—	(1)		(1)		(1)
Pear Orchard	Jackson, MS	1985	1994	(22)	389	337,263	867	$	796.91	93.83	%	$	792.25	$—	(1)		(1)		(1)
Reflection Pointe	Jackson, MS	1986	1988	(22)	296	248,344	839	$	813.30	95.61	%	$	812.62	$5,854	(8)	0.908%	(8)	5/15/2031	(8)
Lakeshore Landing	Ridgeland, MS	1974	1994	(22)	196	174,244	889	$	722.58	94.39	%	$	711.40	$—	(1)		(1)		(1)
Savannah Creek	Southaven, MS	1989	1996	(22)	204	237,252	1,163	$	825.73	98.53	%	$	816.02	$—	(1)		(1)		(1)
Sutton Place	Southaven, MS	1991	1996	(22)	253	268,180	1,060	$	774.79	96.84	%	$	762.76	$—	(1)		(1)		(1)
					1,698	1,708,443	1,006	$	788.76	95.82	%	$	779.61
Market Station	Kansas City, MO	2010	2012	(23)	323	314,925	975	$	1,221.61	92.88	%	$	1,212.76	$—

					323	314,925	975	$	1,221.61	92.88	%	$	1,212.76
Hermitage at Beechtree	Cary, NC	1988	1997	(21)	194	169,750	875	$	783.14	95.88	%	$	775.82	$—	(1)		(1)		(1)
Waterford Forest	Cary, NC	1996	2005	(21)	384	377,472	983	$	755.88	96.35	%	$	754.86	$—	(5)		(5)		(5)
1225 South Church	Charlotte, NC	2010	2010	(23)	196	162,680	830	$	2,096.44	96.43	%	$	1,207.47	$—
Hue	Raleigh, NC	2009	2010	(23)	208	185,744	893	$	1,362.37	95.19	%	$	1,357.83	$—
The Preserve at Brier Creek	Raleigh, NC	2004	2006	(21)	450	519,300	1,154	$	978.07	95.56	%	$	971.63	$—
Providence at Brier Creek	Raleigh, NC	2007	2008	(21)	313	297,037	949	$	870.01	96.81	%	$	868.97	$—
Corners, The	Winston-Salem, NC	1982	1993	(22)	240	173,520	723	$	599.40	96.25	%	$	598.15	$—
					1,985	1,885,503	950	$	1,003.91	96.07	%	$	912.97
Colony at South Park	Aiken, SC	1982	1997	(22)	184	174,800	950	$	768.23	93.48	%	$	753.68	$—	(1)		(1)		(1)
Woodwinds	Aiken, SC	1988	1997	(22)	144	165,168	1,147	$	763.04	93.75	%	$	756.83	$—	(1)		(1)		(1)
Tanglewood	Anderson, SC	1980	1994	(22)	168	146,664	873	$	619.11	98.21	%	$	619.11	$—
Fairways, The	Columbia, SC	1992	1994	(22)	240	213,840	891	$	700.59	92.50	%	$	700.18	$7,701	(9)	0.938%	(9)	5/15/2031	(9)
Paddock Club Columbia	Columbia, SC	1991	1997	(22)	336	378,672	1,127	$	789.82	94.35	%	$	783.68	$—	(1)		(1)		(1)
Highland Ridge	Greenville, SC	1984	1995	(22)	168	134,904	803	$	580.47	94.05	%	$	575.82	$—	(1)		(1)		(1)
Howell Commons	Greenville, SC	1987	1997	(22)	348	275,616	792	$	620.84	93.68	%	$	620.93	$—	(1)		(1)		(1)
Paddock Club Greenville	Greenville, SC	1996	1997	(22)	208	231,504	1,113	$	753.75	96.63	%	$	749.76	$—	(1)		(1)		(1)
Park Haywood	Greenville, SC	1983	1993	(22)	208	158,704	763	$	626.77	96.15	%	$	625.62	$—	(1)		(1)		(1)
Spring Creek	Greenville, SC	1985	1995	(22)	208	179,504	863	$	655.10	95.19	%	$	653.66	$—	(1)		(1)		(1)
Runaway Bay	Mt. Pleasant, SC	1988	1995	(22)	208	177,840	855	$	1,086.69	96.63	%	$	1,086.69	$8,365	(6) (17)	0.908%	(6) (17)	11/15/2035	(6) (17)
535 Brookwood	Simpsonville, SC	2008	2010	(22)	256	254,464	994	$	884.59	93.75	%	$	881.03	$13,657		4.430%		10/1/2020
Park Place	Spartanburg, SC	1987	1997	(22)	184	195,224	1,061	$	688.19	94.02	%	$	673.47	$—	(1)		(1)		(1)
Farmington Village	Summerville, SC	2007	2007	(22)	280	309,120	1,104	$	945.83	95.71	%	$	944.01	$15,200		3.620%		12/10/2015
					3,140	2,996,024	954	$	754.68	94.78	%	$	750.86
Hamilton Pointe	Chattanooga, TN	1989	1992	(22)	361	256,310	710	$	657.85	95.29	%	$	657.29	$—	(1)		(1)		(1)
Hidden Creek	Chattanooga, TN	1987	1988	(22)	300	260,400	868	$	658.66	94.33	%	$	655.83	$—	(1)		(1)		(1)
Steeplechase	Chattanooga, TN	1986	1991	(22)	108	98,712	914	$	774.87	96.30	%	$	774.87	$—	(1)		(1)		(1)
Windridge	Chattanooga, TN	1984	1997	(22)	174	238,728	1,372	$	994.74	91.95	%	$	991.29	$5,465	(13)		(13)	5/15/2033	(13)
Bradford Chase	Jackson, TN	1987	1994	(22)	148	121,360	820	$	667.04	97.97	%	$	655.49	$—	(1)		(1)		(1)
Oaks, The	Jackson, TN	1978	1993	(22)	100	87,500	875	$	617.41	96.00	%	$	617.41	$—	(1)		(1)		(1)
Post House Jackson	Jackson, TN	1987	1989	(22)	150	161,700	1,078	$	715.26	93.33	%	$	713.80	$5,071	(7)	0.908%	(7)	10/15/2032	(7)
Post House North	Jackson, TN	1987	1989	(22)	145	141,375	975	$	688.31	95.17	%	$	685.01	$3,360	(10)	0.908%	(10)	5/15/2031	(10)
Woods at Post House	Jackson, TN	1997	1995	(22)	122	118,706	973	$	709.48	95.08	%	$	707.48	$4,476		6.070%		9/1/2035
Greenbrook	Memphis, TN	1978	1988	(22)	1,037	944,707	911	$	646.51	96.43	%	$	640.64	$28,394		4.110%		9/1/2017
Kirby Station	Memphis, TN	1978	1994	(22)	371	309,043	833	$	786.66	95.96	%	$	786.17	$—	(1)		(1)		(1)
Lincoln on the Green	Memphis, TN	1992	1994	(22)	618	540,132	874	$	760.87	95.79	%	$	758.46	$—	(1)		(1)		(1)
Park Estate	Memphis, TN	1974	1977	(22)	82	106,764	1,302	$	1,077.76	97.56	%	$	1,077.18	$—
Reserve at Dexter Lake	Memphis, TN	2000	1998	(22)	740	807,340	1,091	$	881.89	95.54	%	$	881.27	$—
Paddock Club Murfreesboro	Murfreesboro, TN	1999	1998	(21)	240	281,760	1,174	$	945.02	90.83	%	$	941.75	$—
Aventura at Indian Lake Village	Nashville, TN	2010	2011	(23)	300	291,000	970	$	1,014.13	94.33	%	$	1,008.19	$—
Avondale at Kennesaw	Nashville, TN	2008	2010	(21)	288	283,392	984	$	917.94	93.06	%	$	912.18	$18,821		4.430%		10/1/2020
Brentwood Downs	Nashville, TN	1986	1994	(21)	286	220,220	770	$	867.88	98.95	%	$	863.63	$—
Grand View Nashville	Nashville, TN	2001	1999	(21)	433	523,497	1,209	$	1,014.17	91.69	%	$	992.87	$—
Monthaven Park	Nashville, TN	2000	2004	(21)	456	427,728	938	$	873.62	94.74	%	$	868.83	$—

Park at Hermitage	Nashville, TN	1987	1995	(21)	440	392,480	892	$	696.09	96.59	%	$	695.75	$6,645	(14)(17)	0.908%	(14)(17)	2/15/2034	(14)(17)
Venue at Cool Springs	Nashville, TN	2012	2010	(23)	428	457,960	1,070	$	1,423.84	76.64	%	$	1,422.55	$—
Verandas at Sam Ridley	Nashville, TN	2009	2010	(21)	336	391,104	1,164	$	926.07	98.81	%	$	926.07	$23,165		4.430%		10/1/2020
					7,663	7,461,918	974	$	838.76	94.31	%	$	834.83
Northwood	Arlington, TX	1980	1998	(21)	270	224,100	830	$	663.28	97.04	%	$	655.64	$—
Balcones Woods	Austin, TX	1983	1997	(21)	384	313,728	817	$	833.44	96.09	%	$	832.79	$—
Grand Reserve at Sunset Valley	Austin, TX	1996	2004	(21)	210	194,460	926	$	1,076.93	93.33	%	$	1,075.61	$—	(4)		(4)		(4)
Legacy at Western Oaks	Austin, TX	2002	2009	(23)	479	467,504	976	$	1,115.78	96.03	%	$	1,115.78	$32,461		3.510%		2/1/2017
Silverado	Austin, TX	2003	2006	(21)	312	303,264	972	$	931.81	96.79	%	$	931.32	$—	(4)		(4)		(4)
Stassney Woods	Austin, TX	1985	1995	(21)	288	248,832	864	$	771.99	98.96	%	$	769.39	$4,050	(15)(17)	0.908%	(15)(17)	2/15/2034	(15)(17)
Travis Station	Austin, TX	1987	1995	(21)	304	244,720	805	$	673.68	94.08	%	$	663.51	$3,585	(16)(17)	0.908%	(16)(17)	2/15/2034	(16)(17)
Woods, The	Austin, TX	1977	1997	(21)	278	214,060	770	$	1,108.35	95.68	%	$	1,105.65	$—
Courtyards at Campbell,	Dallas, TX	1986	1998	(21)	232	168,664	727	$	739.42	98.28	%	$	739.07	$—
Deer Run	Dallas, TX	1985	1998	(21)	304	206,720	680	$	644.73	96.38	%	$	644.73	$—
Grand Courtyard	Dallas, TX	2000	2006	(21)	390	343,980	882	$	904.54	93.59	%	$	901.15	$—	(4)		(4)		(4)
Legends at Lowe's Farm	Dallas, TX	2008	2011	(23)	456	425,904	934	$	1,036.11	94.96	%	$	1,034.46	$—
Watermark	Dallas, TX	2002	2004	(21)	240	205,200	855	$	883.98	95.42	%	$	879.03	$—	(5)		(5)		(5)
La Valencia at Starwood	Frisco, TX	2009	2010	(21)	270	267,840	992	$	1,169.54	95.56	%	$	1,169.54	$22,085		4.590%		3/10/2018
Legacy Pines	Houston, TX	2000	2003	(21)	308	283,360	920	$	938.34	96.75	%	$	936.72	$—	(5)		(5)		(5)
Park Place (Houston)	Houston, TX	1996	2007	(21)	229	207,016	904	$	1,003.34	99.13	%	$	998.71	$—
Ranchstone	Houston, TX	1996	2007	(21)	220	193,160	878	$	904.73	94.55	%	$	889.42	$—	(4)		(4)		(4)
Reserve at Woodwind Lakes	Houston, TX	1999	2006	(21)	328	316,192	964	$	858.96	96.34	%	$	851.80	$12,077		5.930%		6/15/2015
Cascade at Fall Creek	Humble, TX	2007	2008	(21)	246	227,796	926	$	959.69	92.68	%	$	948.86	$—
Chalet at Fall Creek	Humble, TX	2006	2007	(21)	268	260,228	971	$	936.72	91.04	%	$	923.98	$—	(4)		(4)		(4)
Bella Casita at Las Colinas	Irving, TX	2007	2010	(21)	268	258,352	964	$	1,084.09	97.01	%	$	1,079.64	$—	(5)		(5)		(5)
Lane at Towne Crossing	Mesquite, TX	1983	1994	(21)	384	277,632	723	$	646.24	94.53	%	$	636.42	$—
Times Square at Craig Ranch	McKinney, TX	2009	2010	(23)	313	320,512	1,024	$	1,120.45	93.93	%	$	1,118.42	$—
Highwood	Plano, TX	1983	1998	(21)	196	156,212	797	$	838.45	93.88	%	$	838.45	$—	(1)		(1)		(1)
Los Rios Park	Plano, TX	2000	2003	(21)	498	470,112	944	$	902.76	95.78	%	$	898.30	$—
Boulder Ridge	Roanoke, TX	1999	2005	(21)	494	442,624	896	$	928.12	94.53	%	$	904.79	$—
Copper Ridge	Roanoke, TX	2009	2008	(21)	245	229,810	938	$	1,045.57	97.96	%	$	1,029.68	$—
Alamo Ranch	San Antonio, TX	2009	2011	(23)	340	270,640	796	$	905.29	88.53	%	$	887.65	$—
Haven at Blanco	San Antonio, TX	2010	2012	(23)	436	463,468	1,063	$	1,103.16	93.58	%	$	1,099.28	$—
Stone Ranch at Westover Hills	San Antonio, TX	2008	2009	(22)	400	334,400	836	$	923.71	96.75	%	$	919.46	$19,319		5.490%		3/1/2020
Cypresswood Court	Spring, TX	1984	1994	(21)	208	160,576	772	$	691.72	96.63	%	$	686.97	$—	(5)		(5)		(5)
Villages at Kirkwood	Stafford, TX	1996	2004	(21)	274	244,682	893	$	925.16	92.70	%	$	924.25	$—	(4)		(4)		(4)
Green Tree Place	Woodlands, TX	1984	1994	(21)	200	152,200	761	$	767.13	96.00	%	$	767.13	$—	(5)		(5)		(5)
					10,272	9,097,948	886	$	917.07	95.22	%	$	911.43
Adalay Bay	Chesapeake, VA	2002	2012	(23)	240	246,240	1,026	$	1,242.53	95.42	%	$	1,242.53	$—
Seasons at Celebrate Virginia	Fredericksburg, VA	2011	2011	(23)	232	233,160	1,005	$	1,364.45	93.97	%	$	1,363.63	$—
Township	Hampton, VA	1987	1995	(22)	296	248,048	838	$	932.00	96.28	%	$	930.15	$10,748	(11)	1.048%	(11)	10/15/2032	(11)

Hamptons at Hunton Park	Richmond, VA	2003	2011	(23)	300	309,600	1,032	$	1,232.06	92.00	%	$	1,227.00	$—
					1,068	1,037,048	971	$	1,180.01	94.38	%	$	1,177.90
					42,659	41,393,958	970	$	877.53	94.94	%	$	867.16	$330,677
Milstead Village	Kennesaw, GA	1998	2008	(23)	310	356,190	1,149	$	929.33	96.45	%	$	921.95	$21,076
Greenwood Forest	Houston, TX	1994	2008	(23)	316	310,944	984	$	887.49	92.72	%	$	875.14	$18,252
Ansley Village	Macon, GA	2007	2009	(23)	294	324,282	1,103	$	791.13	92.52	%	$	783.68	$15,891
Grand Cypress	Cypress, TX	2008	2010	(23)	312	280,488	899	$	1,019.23	97.44	%	$	1,019.23	$16,969
Venue at Stonebridge Ranch	McKinney, TX	2000	2010	(23)	250	214,000	856	$	889.47	97.60	%	$	889.47	$12,289
Verandas at Southwood	Tallahassee, FL	2003	2011	(23)	300	341,700	1,139	$	980.63	95.67	%	$	936.76	$21,604
					1,782	1,827,604	1,026	$	917.89	95.34	%	$	905.81	$106,081
					44,441	43,221,562	973	$	879.15	94.96	%	$	868.71	$436,758

(1) Encumbered by a $691.8 million FNMA facility, with $495.8 million available and $495.8 million outstanding with a variable interest rate of 1.22% on which there exists in combination with the FNMA facility mentioned in note (2) nine interest rate swap agreements totaling $275 million at an average rate of 5.45% and six interest rate caps totalling $165 million at an average rate of 4.58% at December 31, 2012.

(2) Encumbered by a $83.2 million FNMA facility, with $0 million available and $0 outstanding with a variable interest rate of 0.00% on which there exists interest rate swaps and caps as mentioned in note (1) at December 31, 2012.

(3) Phase I of Paddock Park - Ocala is encumbered by $6.8 million in bonds on which there exists a $6.8 million interest rate cap of 6.00% which terminates on October 24, 2017.

(4) Encumbered by a $200 million Freddie Mac facility, with $198.2 million available and an outstanding balance of $198.2 million and a variable interest rate of 0.72% on which there exists eight interest rate swap agreements totaling $134 million at an average rate of 5.51% and a $15 million interest rate cap of 5% at December 31, 2012.

(5) Encumbered by a $128 million loan with an outstanding balance of $128 million and a fixed interest rate of 5.08% which matures on June 10, 2021.

(6) Encumbered by $8.4 million in bonds on which there exists a $8.4 million interest rate cap of 4.50% which terminates on March 1, 2014.

(7) Encumbered by $5.1 million in bonds on which there exists a $5.1 million interest rate cap of 4.50% which terminates on March 1, 2014.

(8) Encumbered by $5.9 million in bonds on which there exists a $5.9 million interest rate cap of 6.00% which terminates on October 31, 2017.

(9) Encumbered by $7.7 million in bonds on which there exists a $7.7 million interest rate cap of 6.00% which terminates on October 31, 2017.

(10) Encumbered by $3.4 million in bonds on which there exists a $3.4 million interest rate cap of 6.00% which terminates on October 31, 2017.

(11) Encumbered by $10.8 million in bonds on which there exists a $10.8 million interest rate cap of 6.00% and maturing on October 15, 2017.

(12) Encumbered by $3.5 million in bonds $0.5 million having a variable rate of 1.128% and $3.0 million with a variable rate of 0.908% on which there exists a $3.0 million interest rate cap of 6.00% which terminates on May 31, 2013.

(13) Encumbered by $5.5 million in bonds $0.5 million having a variable rate of 1.128% and $5.0 million with a variable rate of 0.908% on which there exists a $5.0 million interest rate cap of 6.00% which terminates on May 31, 2013.

(14) Encumbered by $6.6 million in bonds on which there exists a $6.6 million interest rate cap of 6.00% which terminates on November 15, 2016.

(15) Encumbered by $4.1 million in bonds on which there exists a $4.1 million interest rate cap of 6.00% which terminates on November 15, 2016.

(16) Encumbered by $3.6 million in bonds on which there exists a $3.6 million interest rate cap of 6.00% which terminates on November 15, 2016.

(17) Also encumbered by a $17.9 million FNMA facility maturing on March 1, 2014 with a variable interest rate of 0.84% on which there exists a $11.7 million interest rate cap of 5.00% which terminates on March 1, 2014, and a $6.2 million interest rate cap of 4.50% which terminates on March 1, 2014.

(18) Monthly average rent per unit represents the average of gross monthly rent amounts charged for occupied units plus prevalent market rates asked for unoccupied units in the property, divided by the total number of units in the property. This information is provided to represent average pricing for the period and does not represent actual rental revenue collected per unit.

(19) Average Occupancy is calculated by dividing the number of units occupied at each property by the total number of units at each property. One property, Venue at Cool Springs, is in lease-up.

(20) Effective rent per unit is equal to the average of gross rent amounts after the effect of leasing concessions for occupied units plus prevalent market rates asked for unoccupied units in the property, divided by the total number of units in the property. Leasing concessions represent discounts to the current market rate. These discounts may be offered from time-to-time by a property for various reasons, including to assist with the initial lease-up of a newly developed property or as a response to a property’s local market economics. Concessions are not part of our standard rent offering. Concessions for the year ended December 31, 2012 were $2.7 million. As of December 31, 2012 approximately 12.2% of total leases were subject to concessions. Effective rent is provided to represent average pricing for the period and does not represent actual rental revenue collected per unit.

(21) Large market same store reportable segment.

(22) Secondary market same store reportable segment.

(23) Non-same store reportable segment.

LEGAL PROCEEDINGS.

We are not presently subject to any material litigation nor, to our knowledge, are any material litigation threatened against us. We are presently subject to routine litigation arising in the ordinary course of business, some of which is expected to be covered by liability insurance and none of which is expected to have a material adverse effect on our business, financial condition, liquidity or results of operations.

MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

There is no established market for our OP Units. On February 28, 2013, there were approximately 138 holders of record of the OP Units. The following table sets forth the distributions declared by us with respect to the periods indicated. 

	Distributions Paid		Distributions Declared
2012:
First Quarter	$	0.6600	$	0.6600
Second Quarter	$	0.6600	$	0.6600
Third Quarter	$	0.6600	$	0.6600
Fourth Quarter	$	0.6600	$	0.6950	(1)
2011:
First Quarter	$	0.6275	$	0.6275
Second Quarter	$	0.6275	$	0.6275
Third Quarter	$	0.6275	$	0.6275
Fourth Quarter	$	0.6275	$	0.6600

⁽¹⁾ Generally, the Board of Directors declares distributions prior to the quarter in which they are paid. The distribution of $0.695 per OP Unit declared in the fourth quarter of 2012 was paid on January 31, 2013 to unitholders of record on January 15, 2013.

Our quarterly distribution rate is currently $0.695 per OP Unit. The Board of Directors reviews and declares our distribution rates and MAA's dividend rates quarterly. Actual distributions made by us will be affected by a number of factors, including, but not limited to, the gross revenues received from the apartment communities, our operating expenses, the interest expense incurred on borrowings and unanticipated capital expenditures.

We expect to make future quarterly distributions to unitholders; however, future distributions by us will be at the discretion of the Board of Directors and will depend on our actual funds from operations, our financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code and such other factors as the Board of Directors deems relevant. From time to time we may repurchase OP Units. During the year ended December 31, 2012, we repurchased 238,218 OP Units. During the year ended December 31, 2011 we repurchased 673,383 OP Units.

MAA has established the Direct Stock Purchase and Distribution Reinvestment Plan, or DRSPP, under which holders of common stock, preferred stock and OP Units can elect to automatically reinvest their distributions in additional shares of MAA's common stock. The plan also allows for the optional purchase of common stock of at least $250, but not more than $5,000 in any given month, free of brokerage commissions and charges. In MAA's absolute discretion, it may grant waivers to allow for optional cash payments in excess of $5,000. To fulfill its obligations under the DRSPP, it may either issue additional shares of common stock or repurchase common stock in the open market. MAA may elect to sell shares under the DRSPP at up to a 5% discount.

In 2010, MAA issued a total of 568,323 shares through its DRSPP and offered an average discount of 2.0% for optional cash purchases. In 2011, MAA issued a total of 509,116 shares through its DRSPP and offered an average discount of 2.0% for optional cash purchases. In 2012, MAA issued a total of 14,260 shares through its DRSPP and did not offer a discount for optional cash purchases. All funds received from these issuances were contributed to the Operating Partnership in exchange for a number of OP Units equal to the number of shares issued by MAA.

SELECTED FINANCIAL DATA.

The following table sets forth selected financial data on a historical basis for us. This data should be read in conjunction with the consolidated financial statements and notes thereto and “Management's Discussion and Analysis of Financial Condition and Results of Operations” included elsewhere in this Current Report on Form 8-K.

Mid-America Apartments, L.P.

Selected Financial Data

(Dollars in thousands, except per unit data)

	Year Ended December 31,
	2012			2011			2010			2009			2008
Operating Data:
Total operating revenues	$	446,549		$	385,620		$	336,918		$	315,722		$	307,885
Expenses:
Property operating expenses	183,058			164,354			146,009			133,550			129,546
Depreciation and amortization	114,139			100,648			88,651			81,062			75,988
Acquisition expenses	2,236			3,319			2,035			950			—
Property management and general and administrative expenses	31,240			32,924			27,157			25,230			25,779
Income from continuing operations before non-operating items	115,876			84,375			73,066			74,930			76,572
Interest and other non-property income	318			689			789			269			419
Interest expense	(52,249		)	(51,202		)	(53,803		)	(53,510		)	(51,650		)
Loss on debt extinguishment	(654		)	(754		)	—			(140		)	(116		)
Amortization of deferred financing costs	(3,097		)	(2,598		)	(2,300		)	(2,079		)	(2,023		)
Net casualty (loss) gains and other settlement proceeds	(13		)	(475		)	48			(400		)	(653		)
Gains (loss) on sale of non-depreciable and non-real estate assets	45			1,084			—			15			(3		)
Gain on properties contributed to joint ventures	—			—			752			—			—
Income from continuing operations before
investments in real estate joint ventures	60,226			31,119			18,552			19,085			22,546
(Loss) from real estate joint ventures	(223		)	(593		)	(1,149		)	(816		)	(844		)
Income from continuing operations	60,003			30,526			17,403			18,269			21,702
Discontinued operations:
Income from discontinued operations before gain (loss) on sale	625			3,613			2,051			5,255			3,129
Gains (loss) on sale of discontinued operations	41,635			12,799			(2		)	4,649			(120		)
Consolidated net income	102,263			46,938			19,452			28,173			24,711
Net income attributable to noncontrolling interests	3,525			421			473			451			461
Net income attributable to Mid-America Apartments, L.P.	98,738			46,517			18,979			27,722			24,250
Preferred distributions	—			—			6,549			12,865			12,865
Premiums and original issuance costs associated with the redemption
of preferred units	—			—			5,149			—			—
Net income available for common unitholders	$	98,738		$	46,517		$	7,281		$	14,857		$	11,385
Per Unit Data:
Weighted average units outstanding (in thousands):
Basic and diluted	40,412			37,280			32,502			29,156			27,826
Income from continuing operations	$	60,003		$	30,526		$	17,403		$	18,269		$	21,702
Income attributable to noncontrolling interests	(3,525		)	(421		)	(473		)	(451		)	(461		)
Preferred distributions	—			—			(6,549		)	(12,865		)	(12,865		)
Premiums and original issuance costs associated with the redemption of preferred units	—			—			(5,149		)	—			—
Income from discontinued operations	42,260			16,412			2,049			9,904			3,009
Net income available for common unitholders	$	98,738		$	46,517		$	7,281		$	14,857		$	11,385
Earnings per unit - basic and diluted:
Income from continuing operations available for common unitholders	$	1.43		$	0.81		$	0.16		$	0.18		$	0.30
Income from discontinued property operations available for common unitholders	1.01			0.44			0.06			0.33			0.11
Net income available for common unitholders	$	2.44		$	1.25		$	0.22		$	0.51		$	0.41
Distributions declared, per unit (1)	$	2.6750		$	2.5425		$	2.4725		$	2.4600		$	2.4600
Balance Sheet Data:
Real estate owned, at cost	$	3,389,849		$	3,075,482		$	2,688,814		$	2,438,787		$	2,277,657
Real estate assets, net	$	2,475,808		$	2,217,206		$	1,919,748		$	1,760,847		$	1,673,800
Total assets	$	2,529,871		$	2,321,535		$	2,008,392		$	1,813,250		$	1,744,464
Total debt	$	1,653,646		$	1,629,520		$	1,479,958		$	1,379,361		$	1,302,821
Noncontrolling interest	$	14,811		$	13,362		$	12,958		$	12,505		$	12,075
Total Operating Partnership capital and
redeemable units	$	715,121		$	532,810		$	371,199		$	289,871		$	285,382
Other Data (at end of period):
Number of properties, including joint venture ownership interest (2)	151			153			144			134			132
Number of apartment units, including joint venture ownership interest (2)	44,441			44,295			41,720			39,014			37,964

(1) Beginning in 2006, at their regularly scheduled meetings, the Board of Directors began routinely declaring distributions for payment in the following quarter. This can result in distributions declared during a calendar year being different from distributions paid during a calendar year.

(2) Property and apartment unit totals have not been adjusted to exclude properties held for sale.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Business Overview

MAA is a REIT whose most significant asset is its ownership interest in the Operating Partnership. MAA acts as the sole general partner of the Operating Partnership, owns and operates certain properties directly and through subsidiaries other than the Operating Partnership and its subsidiaries, and issues common stock and preferred stock. The Operating Partnership and its subsidiaries conduct the operations of a substantial majority of MAA's business, hold a substantial majority of MAA's consolidated assets and generate a substantial majority of MAA's revenues. As of December 31, 2012, MAA owned 39,721,461 OP Units, which represented approximately 95.82% of the partnership interests in the Operating Partnership. During the years ended December 31, 2012, 2011, and 2010, rental revenue of the Operating Partnership and its consolidated subsidiaries represented 89.8%, 89.5%, and 88.6% of the consolidated rental revenues of MAA, respectively and assets owned by the Operating Partnership and its consolidated subsidiaries represented 92.0%, 91.7%, and 92.3% of the consolidated assets of MAA, respectively.

MAA, as the sole general partner, has full, complete and exclusive discretion to manage and control the business of the Operating Partnership subject to the restrictions specifically contained within the Partnership Agreement. Unless otherwise stated in the Partnership Agreement, this power includes, but is not limited to, acquiring, leasing, or disposing of any real property; constructing buildings and making other improvements to properties owned; borrowing money, modifying or extinguishing current borrowings, issuing evidence of indebtedness, and securing such indebtedness by mortgage, deed of trust, pledge or other lien on the Operating Partnership's assets; and distribution of Partnership cash or other assets in accordance with the Operating Partnership Agreement. The general partner can generally, at its sole discretion, issue and redeem OP Units and determine the consideration to be received or the redemption price to be paid, as applicable. The general partner may delegate these and other powers granted if the general partner remains in supervision of the designee.

Under the Partnership Agreement, the Operating Partnership may issue Class A OP Units and Class B OP Units. Class A OP Units may only be held by limited partners who are not affiliated with MAA, in its capacity as general partner of the Operating Partnership, while Class B OP Units may only be held by MAA, in its capacity as general partner of the Operating Partnership, and as of December 31, 2012, a total of 1,731,672 Class A OP Units in the Operating Partnership were held by limited partners unaffiliated with MAA, while a total of 39,721,461 Class B OP Units were held by MAA. In general, the limited partners do not have the power to participate in the management or control of the Operating Partnership's business except in limited circumstances including changes in the general partner and protective rights if the general partner acts outside of the provisions provided in the Partnership Agreement. The transferability of Class A OP Units is also limited by the Partnership Agreement.

Net income is allocated to the general partner and limited partners based on their respective ownership percentages of the Operating Partnership. Issuance or redemption of additional Class A OP Units or Class B OP Units changes the relative ownership percentage of the partners. The issuance of Class B OP Units generally occurs when MAA issues common stock and the proceeds from that issuance are contributed to the Operating Partnership in exchange for the issuance of Class B Units to MAA of an equal number of the common stock shares issued. Likewise, if MAA repurchases or redeems outstanding shares of common stock, the Operating Partnership generally redeems an equal number of Class B OP Units with similar terms held by MAA for a redemption price equal to the purchase price of those shares of common stock. At each reporting period, the allocation between general partner capital and limited partner capital is adjusted to account for the change in the respective percentage ownership of the underlying capital of the Operating Partnership. Holders of the Class A OP Unit may require MAA to redeem their Class A OP Units, in which case MAA may, at its option, pay the redemption price either in cash (in an amount per Class A OP Unit equal, in general, to the average closing price of MAA's common stock on the New York Stock Exchange over a specified period prior to the redemption date) or by delivering one share of MAA common stock (subject to adjustment under specified circumstances) for each Class A OP Unit so redeemed.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The following discussion and analysis of financial condition and results of operations are based upon our consolidated financial statements and the notes thereto, which have been prepared in accordance with GAAP. The preparation of these consolidated financial statements requires us to make a number of estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. On an ongoing basis, we evaluate our estimates and assumptions based

upon historical experience and various other factors and circumstances. We believe that our estimates and assumptions are reasonable under the circumstances; however, actual results may differ from these estimates and assumptions.

We believe that the estimates and assumptions listed below are most important to the portrayal of our financial condition and results of operations because they require the greatest subjective determinations and form the basis of accounting policies deemed to be most critical. These critical accounting policies include revenue recognition, capitalization of expenditures and depreciation and amortization of assets, acquisition of real estate assets, impairment of long-lived assets, including goodwill, and fair value of derivative financial instruments.

Revenue Recognition and Real Estate Sales

We lease multifamily residential apartments under operating leases primarily with terms of one year or less. Rental revenues are recognized using a method that represents a straight-line basis over the term of the lease and other revenues are recorded when earned.

We record gains and losses on real estate sales in accordance with accounting standards governing the sale of real estate. For sale transactions meeting the requirements for the full accrual method, we remove the assets and liabilities from our Consolidated Balance Sheets and record the gain or loss in the period the transaction closes. For properties contributed to joint ventures, we record gains on the partial sale in proportion to the outside partners’ interest in the venture.

Capitalization of expenditures and depreciation and amortization of assets

We carry real estate assets at depreciated cost. Depreciation and amortization is computed on a straight-line basis over the estimated useful lives of the related assets, which range from 8 to 40 years for land improvements and buildings, 5 years for furniture, fixtures, and equipment, 3 to 5 years for computers and software, and 6 months for acquired leases, all of which are subjective determinations. Repairs and maintenance costs are expensed as incurred while significant improvements, renovations and replacements are capitalized. The cost to complete any deferred repairs and maintenance at properties acquired by us in order to elevate the condition of the property to our standards are capitalized as incurred.

Acquisition of real estate assets

We account for our acquisitions of investments in real estate in accordance with ASC 805-10, Business Combinations, which requires the fair value of the real estate acquired to be allocated to the acquired tangible assets, consisting of land, building and furniture, fixtures and equipment, and identified intangible assets, consisting of the value of in-place leases.

We allocate the purchase price to the fair value of the tangible assets of an acquired property, which includes the land, building, and furniture, fixtures, and equipment, determined by valuing the property as if it were vacant, based on management’s determination of the relative fair values of these assets. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. These methods include using stabilized NOI and market specific capitalization and discount rates.

In allocating the fair value of identified intangible assets of an acquired property, the in-place leases are valued based on current rent rates and time and cost to lease a unit. Management concluded that the residential leases acquired on each of its property acquisitions are approximately at market rates since the lease terms generally do not extend beyond one year.

Impairment of long-lived assets, including goodwill

We account for long-lived assets in accordance with the provisions of accounting standards for the impairment or disposal on long-lived assets and evaluate our goodwill for impairment under accounting standards for goodwill and other intangible assets. We evaluate goodwill for impairment on at least an annual basis, or more frequently if a goodwill impairment indicator is identified. We periodically evaluate long-lived assets, including investments in real estate and goodwill, for indicators that would suggest that the carrying amount of the assets may not be recoverable. The judgments regarding the existence of such indicators are based on factors such as operating performance, market conditions and legal factors.

Long-lived assets, such as real estate assets, equipment and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset

exceeds the fair value of the asset. Assets to be disposed of are separately presented on the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of properties classified as held for sale are presented separately in the appropriate asset and liability sections of the balance sheet.

Goodwill is tested annually for impairment, and is tested for impairment more frequently if events and circumstances indicate that the asset might be impaired. An impairment loss for goodwill is recognized to the extent that the carrying amount exceeds the implied fair value of goodwill. This determination is made at the reporting unit level and consists of two steps. First, we determine the fair value of a reporting unit and compare it to its carrying amount. In the apartment industry, the primary method used for determining fair value is to divide annual operating cash flows by an appropriate capitalization rate. We determine the appropriate capitalization rate by reviewing the prevailing rates in a property’s market or submarket. Second, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation in accordance with accounting standards for business combinations. The residual fair value after this allocation is the implied fair value of the reporting unit goodwill.

Fair value of derivative financial instruments

We utilize certain derivative financial instruments, primarily interest rate swaps and interest rate caps, during the normal course of business to manage, or hedge, the interest rate risk associated with our variable rate debt or as hedges in anticipation of future debt transactions to manage well-defined interest rate risk associated with the transaction.

In order for a derivative contract to be designated as a hedging instrument, changes in the hedging instrument must be highly effective at offsetting changes in the hedged item. The historical correlation of the hedging instruments and the underlying hedged items are assessed before entering into the hedging relationship and on a quarterly basis thereafter, and have been found to be highly effective.

We measure ineffectiveness using the change in the variable cash flows method or the hypothetical derivative method for interest rate swaps and the hypothetical derivative method for interest rate caps for each reporting period through the term of the hedging instruments. Any amounts determined to be ineffective are recorded in earnings if in an overhedged position. The change in fair value of the interest rate swaps and the intrinsic value or fair value of interest rate caps designated as cash flow hedges are recorded to accumulated other comprehensive income in the statement of shareholders’ equity.

The valuation of our derivative financial instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts.  The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves.  The fair values of interest rate caps are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the interest rate caps.  The variable interest rates used in the calculation of projected receipts on the interest rate cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities.Additionally, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Changes in the fair values of our derivatives are primarily the result of fluctuations in interest rates. See Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements, Notes 5 and 6 for further discussion.

OVERVIEW OF THE YEAR ENDED DECEMBER 31, 2012

We experienced an increase in income from continuing operations in 2012 as increases in revenues outpaced increases in expenses. The increases in revenues came from a 6.4% increase in our large market same store segment, a 3.5% increase in our secondary market same store segment and a 137.0% increase in our non-same store and other segment, which was primarily a result of acquisitions. The increase in expense came from a 3.1% increase in our large market same store segment, a 1.4% increase in our secondary market same store segment and a 115.2% increase in our non-same store and other segment, which was primarily the result of acquisitions. Our same store portfolio represents those communities that have been held and have been stabilized for at least 12 months. Communities excluded from the same store portfolio would include recent acquisitions, communities being developed or in lease-up, communities undergoing extensive renovations, and communities identified as discontinued operations.

We have grown externally during the past three years by following our acquisition strategy to invest in large and mid-sized growing markets in the Sunbelt region of the United States. We acquired eight properties for our 100% owned portfolio in 2010, ten in 2011 and seven in 2012. We also purchased two properties through one of our joint ventures in 2010 and one in 2011. We did not purchase any property through our joint ventures in 2012. Offsetting some of this increased revenue stream were two property dispositions in 2011 and nine dispositions in 2012. We did not dispose of any properties in 2010.

As of December 31, 2012, the total number of apartment units that we owned or had an ownership interest in was 44,441 apartment units in 151 communities as compared to 44,295 in 153 communities at December 31, 2011, and 41,720 apartment units in 144 communities at December 31, 2010. In addition to the units listed above, for the year ended December 31, 2012, we had an additional 774 units at development properties that have not yet been delivered. There were 638 such units at December 31, 2011 and 428 units at December 31, 2010 that had not yet been delivered. For communities owned 100% by us, the average effective monthly rent per apartment unit, excluding units in lease-up, increased to $868.07 at December 31, 2012 from $794.78 at December 31, 2011 and $735.93 at December 31, 2010. For these same units, overall occupancy at December 31, 2012, 2011, and 2010 was 95.7%, 95.1%, 95.7%, respectively.

Average effective monthly rent per unit is equal to the average of gross rent amounts after the effect of leasing concessions for occupied units plus prevalent market rates asked for unoccupied units, divided by the total number of units. Leasing concessions represent discounts to the current market rate. We believe average effective monthly rent is a helpful measurement in evaluating average pricing. It does not represent actual rental revenue collected per unit.

The following is a discussion of our consolidated financial condition and results of operations for the years ended December 31, 2012, 2011, and 2010. This discussion should be read in conjunction with all of the consolidated financial statements included in this Current Report on Form 8-K.

RESULTS OF OPERATIONS

Comparison of the Year Ended December 31, 2012, to the Year Ended December 31, 2011

Property revenues for the year ended December 31, 2012 were approximately $445.7 million, an increase of $61.0 million from the year ended December 31, 2011 due to (i) a $12.3 million increase in property revenues from our large market same store group primarily as a result of increased average monthly rent per unit, (ii) a $5.6 million increase in property revenues from our secondary market same store group primarily as a result of increased average monthly rent per unit, and (iii) a $43.1 million increase in property revenues from our non-same store and other group, mainly as a result of acquisitions. See further discussion on revenue growth in the Trends section below.

Property operating expenses include costs for property personnel, property personnel bonuses, building repairs and maintenance, real estate taxes and insurance, utilities, landscaping and depreciation and amortization. Property operating expenses, excluding depreciation and amortization, for the year ended December 31, 2012 were approximately $183.1 million, an increase of approximately $18.7 million from the year ended December 31, 2011 due primarily to increases in property operating expenses of (i) $2.5 million from our large market same store group, (ii) $1.0 million from our secondary market same store group, and (iii) $15.2 million from our non-same store and other group, mainly as a result of acquisitions. The increases in the large and secondary market same store groups are mainly the result of increases in employees' salaries and medical insurance. Other increases are the result of other normal operating cost increases.

Depreciation and amortization expense for the year ended December 31, 2012 was approximately $114.1 million, an increase of approximately $13.5 million from the year ended December 31, 2011 primarily due to the increases in depreciation and amortization expense of (i) $0.8 million from our large market same store group, (ii) $1.0 million from our secondary market same store group, and (iii) $11.7 million from our non-same store and other group, mainly as a result of acquisitions. Increases in depreciation and amortization expense from our large and secondary market same store groups resulted from asset additions made during the normal course of business.

General and Administrative expense for the year ended December 31, 2012 was approximately $11.5 million, a decrease of $3.0 million from the year ended December 31, 2011. The majority of the decrease was related to a reduction in stock incentives and employee medical insurance.

Interest expense for the year ended December 31, 2012 was approximately $52.2 million, an increase of $1.0 million from the year ended December 31, 2011. The increase was primarily the result of an increase in our average debt outstanding from December 31, 2011 to the year ended December 31, 2012 of approximately $98.0 million.

     We recorded a gain on sale of discontinued operations of $41.6 million and $12.8 million for the years ended December 31, 2012 and December 31, 2011, respectively.

Net income attributable to noncontrolling interests for the year ended December 31, 2012 was approximately $3.5 million, an increase of $3.1 million from the year ended December 31, 2011. The increase was primarily attributable to a property disposition which resulted in a gain on sale attributable to noncontrolling interest of $3.2 million.

Income from discontinued operations before gain (loss) on sale for the year ended December 31, 2012 was approximately $0.6 million, a decrease of $3.0 million from the year ended December 31, 2011.

Primarily as a result of the foregoing and other various increases in expenses, net income attributable to Mid-America Apartments, L.P. increased by approximately $52.2 million in the year ended December 31, 2012 from the year ended December 31, 2011.

Comparison of the Year Ended December 31, 2011, to the Year Ended December 31, 2010

Property revenues for the year ended December 31, 2011 increased by approximately $48.4 million from the year ended December 31, 2010 due to (i) a $17.1 million increase in property revenues from our large market same store group, (ii) a $8.1 million increase in property revenues from our secondary market same store group and (iii) a $23.2 million increase in property revenues from our non-same store and other group, mainly as a result of acquisitions.

Property operating expenses include costs for property personnel, building repairs and maintenance, real estate taxes and insurance, utilities, landscaping and other property related costs. Property operating expenses for the year ended December 31, 2011 increased by approximately $18.3 million from the year ended December 31, 2010, due primarily to increases of property operating expenses of (i) $7.5 million from our large market same store group, (ii) $3.1 million from our secondary market same store group, and (iii) $7.7 million from our non-same store and other group, mainly as a result of acquisitions. The increases in the large and secondary market same store groups are primarily due to an additional $1.7 million in bulk cable expense and a $0.9 million increase in expense due to our Level One call center program. Other increases are the result of normal operating costs.

Depreciation and amortization expense increased by approximately $12.0 million primarily due to the increases of depreciation and amortization expense of (i) $2.8 million from our large market same store group, (ii) $0.7 million from our secondary market same store group, and (iii) $8.5 million from our non-same store and other group, mainly as a result of acquisitions. Increases of depreciation and amortization expense from our large and secondary market same store groups resulted from asset additions made during the normal course of business.

Total general and administrative expense, including property management, for the year ended December 31, 2011 was approximately $32.9 million, an increase of $5.8 million from the year ended December 31, 2010. The majority of the increase was related to a $2.4 million increase in stock incentives, and a $1.3 million increase in employee medical insurance. The increase was also attributable to a $0.8 million increase in property acquisition expenses due to higher acquisition volume for the year ended December 31, 2011.

During the year ended December 31, 2010, we recorded an asset impairment charge of approximately $1.9 million related to one of our original initial public offering communities. This community was part of our secondary market same store segment.  Fair value of the community was determined by an offer that later resulted in a disposition.  No asset impairment charges were recorded during the year ended December 31, 2011.

For the year ended December 31, 2011, we recorded total gain on sale of discontinued operations of approximately $12.8 million. There was no material gain (loss) on sale of discontinued operations during the year ended December 31, 2010.

 Primarily as a result of the foregoing, net income attributable to Mid- America Apartments, L.P. increased by approximately $27.5 million in 2011 from 2010.

Funds from Operations

Funds from operations, or FFO, represents net income (computed in accordance with GAAP) excluding extraordinary items, net income attributable to noncontrolling interest, asset impairment, gains or losses on disposition of real estate assets, plus depreciation and amortization of real estate, and adjustments for joint ventures to reflect FFO on the same basis.

Disposition of real estate assets includes sales of discontinued operations as well as proceeds received from insurance and other settlements from property damage.

In response to the Securities and Exchange Commission’s Staff Policy Statement relating to EITF Topic D-42 concerning the calculation of earnings per share for the redemption of preferred stock, we have included the amount charged to retire preferred stock in excess of carrying values in our FFO calculation.

Our policy is to expense the cost of interior painting, vinyl flooring, and blinds as incurred for stabilized properties. During the stabilization period for acquisition properties, these items are capitalized as part of the total repositioning program of newly acquired properties, and, thus are not deducted in calculating FFO.

FFO should not be considered as an alternative to net income or any other GAAP measurement of performance, as an indicator of operating performance or as an alternative to cash flow from operating, investing, and financing activities as a measure of liquidity. We believe that FFO is helpful to investors in understanding our operating performance in that such calculation excludes depreciation and amortization expense on real estate assets. We believe that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies. Our calculation of FFO may differ from the methodology for calculating FFO utilized by other REITs and, accordingly, may not be comparable to such other REITs.

The following table is a reconciliation of FFO to consolidated net income for the years ended December 31, 2012, 2011, and 2010 (dollars in thousands): 

	Years ended December 31,
	2012			2011			2010 (1)
Net income attributable to Mid-America Apartments, L.P.	$	98,738		$	46,517		$	18,979
Depreciation and amortization of real estate assets	111,814			98,476			86,628
Asset impairment	—			—			1,914
Net casualty loss (gain) and other settlement proceeds	13			475			(64		)
Gain on properties acquired from joint ventures	—			—			(752		)
Net (gain) loss on insurance and other settlement proceeds of discontinued operations	(48		)	12			—
Depreciation and amortization of real estate assets of discontinued operations	2,507			5,557			5,680
(Gain) loss on sale of discontinued operations	(41,635		)	(12,799		)	2
Depreciation and amortization of real estate assets of real estate joint ventures	1,887			2,262			1,896
Preferred dividend distribution	—			—			(6,549		)
Net income attributable to noncontrolling interests	3,525			421			473
Premiums and original issuance costs associated with the redemption of preferred units	—			—			(5,149		)
Funds from operations	$	176,801		$	140,921		$	103,058

⁽¹⁾In accordance with NAREIT's current guidance, FFO has been updated to exclude asset impairment write downs.

FFO for the year ended December 31, 2012 increased approximately $35.9 million from the year ended December 31, 2011 primarily as a result of the increase in property revenues of approximately $61.0 million discussed above that was only partially offset by the $18.7 million increase in property operating expenses.

FFO for the year ended December 31, 2011 increased approximately $37.9 million from the year ended December 31, 2010 primarily as a result of the increase in property revenues of approximately $48.4 million discussed above that was only partially offset by the $18.3 million increase in property operating expenses.

Trends

During 2012, rental demand for apartments continued to be strong, as it was in 2011. This was evident through same store physical occupancy that was consistent with 2011, at nearly 96% on average for both years, combined with steady price increases on both new leases and renewals signed throughout the year. We have maintained this momentum despite job formation, one of the primary drivers of apartment demand, continuing to increase at a below average pace.

An important part of our portfolio strategy is to maintain a broad diversity of markets across the Sunbelt region of the United States. The diversity of markets tends to mitigate exposure to economic issues in any one geographic market or area. We believe that a well-diversified portfolio, including both large and select secondary markets, will perform well in “up” cycles as well as weather “down” cycles better. During 2012, we added an asset in the Kansas City, Missouri market to our portfolio and exited the Cincinnati, Ohio market. As of December 31, 2012, we were invested in approximately 50 markets, with 58% of our gross assets in large markets and 42% of our gross assets in select secondary markets.

We also continued to benefit in 2012 on the supply side. New supply entering the market was low, running below historical new supply delivery averages. Multifamily permitting did pick up in 2012 but remained below peak levels. We believe that this permitting will ultimately lead to an increase in supply. Competition from condominiums reverting back to rental units, or new condominiums being converted to rental, was not a major factor in our portfolio because most of our submarkets have not been primary areas for condominium development. We have found the same to be true for rental competition from single family homes. We have avoided committing a significant amount of capital to markets where most of the excessive inflation in house prices has occurred. We saw significant rental competition from condominiums or single family houses in only a few of our submarkets.

Our focus throughout 2012 was increasing pricing where possible through our revenue management system, while maintaining strong physical occupancy. Through these efforts, same store effective monthly rent per unit for the year was higher than 2011 by 5.2%. With strong occupancy in place heading into the typically slower winter leasing season, we were able to maintain pricing momentum in the fourth quarter of 2012 and expect seasonality to have less of an impact on pricing in the first quarter of 2013.

Overall same store revenues increased 5.1% for the year ended December 31, 2012 as compared to the year ended December 31, 2011. As expected, more robust revenue growth occurred in 2012 as rents continued the upward trend that began in the latter part of 2010. Although new multifamily development is occurring, the permitting data so far suggests that levels will remain below pre-recession deliveries, although there can be no assurance in this regard. Also, we believe that more sustainable credit terms for residential mortgages, as evidenced by the recently announced “Qualified Mortgage Rule”, should work to favor rental demand at existing multi-family properties. Long term, we expect demographic trends (including the growth of prime age groups for rentals and immigration and population movement to the southeast and southwest) will continue to build apartment rental demand for our markets.

Should the economy fall back into a recession, more disciplined mortgage financing for single family home buying should lessen the impact to the multifamily sector to some degree, but a weak economy and employment market would nevertheless limit rent growth prospects.

We continue to develop improved products, operating systems and procedures that enable us to capture more revenues. The continued benefit of ancillary services (such as our cable saver and deposit saver programs), improved collections and utility reimbursements enable us to capture increased revenue dollars. We also actively work on improving processes and products to reduce expenses, such as new web-sites and internet access for our residents that enable them to transact their business with us more simply and effectively.

Liquidity and Capital Resources

Net cash flow provided by operating activities increased to $191.8 million for the year ended December 31, 2012 from $152.1 million for the year ended December 31, 2011. This change was a result of various items, including higher revenue as discussed above.

Net cash used in investing activities was approximately $303.3 million during the year ended December 31, 2012 compared to $392.9 million during the year ended December 31, 2011 due to the following discussion. In the year ended December 31, 2012, we had acquisition cash outflows of $311.5 million compared to $334.7 million for the year ended December 31, 2011. During 2012, we had cash outflows of $74.0 million for development activities, compared to $38.2 million

for the year ended December 31, 2011. During 2012, we also had cash outflows of $11.9 million for improvements to existing real estate assets compared to $8.8 million for the year ended December 31, 2011. The decrease in cash outflows from investing activities was offset by an increase in cash inflows from disposition activity. During the year ended December 31, 2012, we had cash inflows of approximately $110.1 million, related to the sale of nine properties. In the year ended December 31, 2011, we had cash inflows of $23.8 million, related to the sale of two properties.

As of December 31, 2012, MAA owned 39,721,461 OP Units, representing a 95.82% general partnership interest in the Operating Partnership, while the remaining 1,731,672 outstanding OP Units were held by limited partners of the Operating Partnership. Unitholders (other than MAA and its affiliates) may require MAA to redeem their OP Units from time to time, in which case MAA may, at its option, pay the redemption price either in cash (in an amount per common unit equal, in general, to the average closing price of our common stock on the New York Stock Exchange over a specified period prior to the redemption date) or by delivering one share of MAA's common stock (subject to adjustment under specified circumstances) for each OP Unit so redeemed. In addition, MAA has registered the 1,731,672 shares of our common stock, which as of December 31, 2012, were issuable upon redemption of OP Units held by unitholders (other than MAA and its affiliates) under the Securities Act of 1933, as amended, so that those shares can be sold freely in the public markets. To the extent that additional OP Units are issued to unitholders (other than MAA and its affiliates), MAA will likely register the additional shares of common stock issuable upon redemption of those OP Units under the Securities Act of 1933, as amended, so that those shares can also be sold in the public markets. If MAA issues shares of its common stock upon the redemption of OP Units, sales of substantial amounts of such shares of MAA common stock, or the perception that these sales could occur, may adversely affect prevailing market prices for our or MAA securities or may impair our or MAA's ability to raise capital through the sale of securities.

Net cash provided by financing activities was approximately $63.2 million for the year ended December 31, 2012 compared to $252.2 million for the year ended December 31, 2011. In the year ended December 31, 2012, we had cash inflows of $325.0 million from proceeds of notes payable compared to cash outflows of $285.4 million for the year ended December 31, 2011. In the year ended December 31, 2012, we received proceeds of approximately $196.3 million primarily from the issuance of OP Units through proceeds received from MAA's at-the-market program, or ATM, a waiver through our Dividend and Distribution Reinvestment and Share Purchase Plan, or DRSPP, and units issued through a private offering. During the year ended December 31, 2011, we received proceeds of approximately $235.7 million from MAA primarily as a result of these same programs. In the year ended December 31, 2012, we had cash outflows of $320.1 million from the net change in credit lines compared to cash outflows of $121.5 million for the year ended December 31, 2011.

On March 2, 2012, MAA closed on an underwritten public offering of 1,955,000 shares of common stock. UBS Investment Bank and Jeffries & Company, Inc. acted as joint bookrunning managers. This transaction resulted in net proceeds of $120.1 million all of which was contributed to the Operating Partnership in exchange for a number of OP Units equal to the number of shares issued. No such issuances occurred during 2011 or 2010.

During 2012, MAA sold 1,155,511 shares of common stock for net proceeds of approximately $75.9 million through the ATM. This compares to 3,303,273 shares of common stock for net proceeds of approximately $204.5 million for 2011. As of December 31, 2012, there were 578,015 shares outstanding under the ATM. These proceeds were all contributed to the Operating Partnership in exchange for a number of OP Units equal to the number of shares issued by MAA.

During 2012, MAA issued 729 shares for net proceeds of $48,000 through the direct stock purchase feature of our DRSPP; however, no discount was offered. During 2011, MAA issued 495,645 shares at an average discount of 2% for net proceeds of $30.0 million through its DRSPP. During 2010, MAA issued 551,895 shares at an average discount of 2% through its DRSPP for net proceeds of $30.0 million. These proceeds were all contributed to the Operating Partnership in exchange for a number of OP Units equal to the number of shares issued by MAA.

On June 2, 2010, MAA redeemed 3,100,001 shares of the 6,200,000 shares of its Series H preferred stock for approximately $77.5 million. On August 5, 2010 MAA redeemed all of the remaining and outstanding shares of Series H for approximately $77.5 million, resulting in a combined write-off for the year ended December 31, 2010 of approximately $5.1 million on the consolidated statements of operations related to premiums and original issuance costs. The Operating Partnership simultaneously redeemed the corresponding OP Units for the same amounts above. There was no preferred stock or preferred units outstanding during 2011 or 2012.

MAALP has additional requirements related to $20.2 million of tax-free bonds issued by MAA but held within the FNMA facility. These amounts are not included in our debt discussion below or within our Consolidated Balance Sheets as MAALP is not the legal borrower of the bonds; however, because of MAALP's obligations under the FNMA facility, we could be required to pay related principal, interest, and other costs if MAA were to default on its payments.

The weighted average interest rate at December 31, 2012 for the $1.7 billion of debt outstanding was 3.8%, compared to the weighted average interest rate of 3.7% on $1.6 billion of debt outstanding at December 31, 2011. We utilize both conventional and tax exempt debt to help finance our activities. Borrowings are made through individual property mortgages as well as company-wide secured and unsecured credit facilities. We utilize fixed rate borrowings, interest rate swaps and interest rate caps to manage our current and future interest rate risk. More details on our borrowings can be found in the schedules presented later in this section.

At December 31, 2012, we had secured credit facility relationships with Prudential Mortgage Capital which are credit enhanced by the FNMA, Financial Federal which are credit enhanced by the Federal Home Loan Mortgage Corporation, or Freddie Mac, and a $325 million bank unsecured facility with a syndicate of banks. Together, these credit facilities provided a total line capacity of $1.4 billion with all but $282.3 million collateralized and available to borrow at December 31, 2012. We had total borrowings outstanding under these credit facilities of $806.1 million at December 31, 2012.

Approximately 35% of our outstanding obligations at December 31, 2012 were borrowed through credit facilities with/or credit enhanced by FNMA, also referred to as the FNMA Facilities. The FNMA Facilities have a combined line limit of $864.0 million, of which $584.8 million was collateralized and available to borrow at December 31, 2012. We had total borrowings outstanding under the FNMA Facilities of approximately $584.8 million at December 31, 2012. Various FNMA rate tranches of the FNMA Facilities mature from 2013 through 2018. The FNMA Facilities provide for both fixed and variable rate borrowings. The interest rate on the majority of the variable portion is based on the FNMA Discount Mortgage Backed Security, or DMBS, rate which are credit-enhanced by FNMA and are typically sold every 90 days by Prudential Mortgage Capital at interest rates approximating three-month LIBOR less a spread that has averaged 0.17% over the life of the FNMA Facilities, plus a credit enhancement fee of 0.49% to 0.67%. We have seen more volatility in the spread between the DMBS and three-month LIBOR since late 2007 than was historically prevalent.

Approximately 12% of our outstanding obligations at December 31, 2012 were borrowed through a credit facility with/or credit enhanced by Freddie Mac, also referred to as the Freddie Mac Facility. The Freddie Mac Facility has a combined line limit of $200.0 million, of which $198.2 million was collateralized and available to borrow at December 31, 2012. We had total borrowings outstanding under the Freddie Mac Facility of approximately $198.2 million at December 31, 2012. The Freddie Mac facility matures in 2014. The interest rate on the Freddie Mac Facility renews every 30 or 90 days and is based on the Freddie Mac Reference Bill Rate on the date of renewal, which has historically approximated the equivalent 30 or 90-day LIBOR, plus a credit enhancement fee of 0.65%. The Freddie Mac Reference Bill rate has traded consistently below LIBOR, and the historical average spread was 0.31% below LIBOR at December 31, 2012.

We also maintain a $325.0 million unsecured credit facility with nine banks led by KeyBank National Association (Key Bank). The Key Bank Credit Line bears an interest rate of LIBOR plus a spread of 1.05% to 1.85% based on an investment grade pricing grid. This credit line expires in November 2015 with a one year extension option. At December 31, 2012, we had $323.6 million available to be borrowed under the Key Bank Credit Line agreement with $23.0 million borrowed under this facility. Approximately $1.4 million of the facility is used to support letters of credit.

While we are a party to MAA’s credit facilities, all of the various covenants relate to MAA on a consolidated basis and not specifically to us. Each of our credit facilities is subject to various covenants and conditions on usage, and the secured facilities are subject to periodic re-evaluation of collateral. If MAA were to fail to satisfy a condition to borrowing, the available credit under one or more of the facilities could not be drawn, which could adversely affect our liquidity. In the event of a reduction in real estate values the amount of available credit could be reduced. Moreover, if MAA were to fail to make a payment or violate a covenant under a credit facility, after applicable cure periods, one or more of our lenders could declare a default, accelerate the due date for repayment of all amounts outstanding and/or foreclose on properties securing such facilities. A default on an obligation to repay outstanding debt could also create a cross default on a separate piece of debt, whereby one or more of our lenders could accelerate the due date for repayment of all amounts outstanding and/or foreclose on properties securing the related facilities. Any such event could have a material adverse effect.

On July 29, 2011, we issued $135 million of Senior Unsecured Notes. The notes were offered in a private placement with three maturity tranches: $50.00 million at 4.7% maturing on July 29, 2018, $72.75 million at 5.4% maturing on July 29, 2021, and $12.25 million at 5.6% maturing on July 29, 2023, all of which was outstanding at December 31, 2012.

On August 31, 2012, we issued $175 million of Senior Unsecured Notes. The notes were offered in a private placement with four tranches: $18.00 million at 3.15% maturing on November 30, 2017; $20.00 million at 3.61% maturing on November 30, 2019; $117.00 million at 4.17% maturing on November 30, 2022; and $20.00 million at 4.33% maturing on November 30, 2024, all of which was outstanding at December 31, 2012.

On March 1, 2012, we entered into a $150 million unsecured term loan agreement with a syndicate of banks led by Key Bank and J.P. Morgan at a rate of LIBOR plus a spread of 1.40% to 2.15% based on a leveraged based pricing grid and a maturity date of March 1, 2017. We had borrowings of $150 million outstanding under this agreement at December 31, 2012. In July 2012, MAA received an investment grade rating (Baa2) from Moody's pricing service, which reduced the variable rate to LIBOR plus a spread of 1.10% to 2.05% based on an investment grade ratings grid.

The following schedule details the line limits, collateralized availability and the outstanding balances of our various borrowings as of December 31, 2012 (dollars in thousands):

	Line Limit		Amount Collateralized		Amount Borrowed		Average Years to Contract Maturity
Fannie Mae Credit Facilities	$	864,011	$	584,817	$	584,817	5.2
Freddie Mac Credit Facilities	200,000		198,247		198,247		1.5
Other Secured Borrowings	387,582		387,582		387,582		6.5
Unsecured Credit Facility	325,000		323,637		23,000		2.8
Other Unsecured Borrowings	460,000		460,000		460,000		7.1
Total Debt	$	2,236,593	$	1,954,283	$	1,653,646	5.6

As of December 31, 2012, we had entered into interest rate swaps totaling a notional amount of $559.0 million. To date, these swaps have proven to be highly effective hedges. We had also entered into interest rate cap agreements totaling a notional amount of approximately $288.5 million as of December 31, 2012. These amounts include two caps that are designated as hedges of MAA debt and therefore do not show up in the debt schedules for the Operating Partnership. These two hedges will still be included in the derivative discussion as the actual derivative instruments belong to the Operating Partnership.

The following schedule outlines our variable versus fixed rate debt, including the impact of interest rate swaps and caps, outstanding as of December 31, 2012 (dollars in thousands):

	Principal Balance		Average Years to Rate Maturity	Effective Rate
SECURED DEBT
Conventional - Fixed Rate or Swapped	$	831,382	3.8	5.0	%
Conventional - Variable Rate - Capped (1)	213,136		3.1	1.0	%
Tax-free - Variable Rate - Capped (1)	70,280		3.4	0.9	%
Total Fixed or Hedged Rate Maturity	$	1,114,798	3.6	4.0	%
Conventional - Variable Rate (2)	55,848		0.2	0.7	%
Total Secured Rate Maturity	$	1,170,646	3.5	3.9	%
UNSECURED DEBT
Fixed Rate or Swapped	$	460,000	7.1	3.8	%
Variable Rate	23,000		—	1.5	%
Total Unsecured Rate Maturity	$	483,000	6.8	3.7	%
TOTAL DEBT RATE MATURITY	$	1,653,646	4.4	3.8	%
TOTAL FIXED OR HEDGED DEBT RATE MATURITY	$	1,574,798	4.7	4.0	%

(1) The effective rate represents the average rate on the underlying variable debt unless the cap rates are reached, which average 4.6% of LIBOR for conventional caps and 5.6% of SIFMA for tax-free caps.

(2) Includes a $15 million mortgage with an imbedded cap at a 7% all-in interest rate.

The following schedule outlines the contractual maturity dates of our outstanding debt as of December 31, 2012 (in thousands):

	Line Limit
	Credit Facilities
	Fannie Mae Secured		Freddie Mac Secured		Key Bank Unsecured		Other Secured		Other Unsecured		Total
2013	$	203,193	$	—	$	—	$	—	$	—	$	203,193
2014	229,721		200,000		—		16,312		—		446,033
2015	120,000		—		325,000		50,777		—		495,777
2016	80,000		—		—		—		—		80,000
2017	80,000		—		—		60,855		168,000		308,855
Thereafter	151,097		—		—		259,638		292,000		702,735
Total	$	864,011	$	200,000	$	325,000	$	387,582	$	460,000	$	2,236,593

The following schedule outlines the interest rate maturities of our outstanding debt as of December 31, 2012 (dollars in thousands):

	Fixed Rate Debt		Interest Rate Swaps		Total Fixed Rate Balances		Contract Rate		Interest Rate Caps (1)		Total Fixed or Hedged
2013	$	—	$	190,000	$	190,000	5.2	%	$	7,945	$	197,945
2014	16,312		144,000		160,312		5.7	%	46,396		206,708
2015	35,577		75,000		110,577		5.6	%	55,200		165,777
2016	—		—		—		—	%	89,280		89,280
2017	128,855		150,000		278,855		2.7	%	59,595		338,450
Thereafter	551,638		—		551,638		4.7	%	25,000		576,638
Total	$	732,382	$	559,000	$	1,291,382	4.5	%	$	283,416	$	1,574,798

⁽¹⁾ This table does not include $20.2 million of interest rate caps that are not designated as hedges for debt of the Operating Partnership.

We believe that we have adequate resources to fund our current operations, annual refurbishment of our properties, and incremental investment in new apartment properties. We rely on the efficient operation of the financial markets to refinance debt maturities, and on rate renewals for FNMA and Freddie Mac, or the Agencies. The Agencies provided credit enhancement for approximately $783.1 million of our outstanding debt through credit facilities as of December 31, 2012.

The interest rate markets for FNMA DMBS and Freddie Mac Reference Bills, which in our experience are highly liquid and highly correlated with three-month LIBOR interest rates, are also an important component of our liquidity and interest rate swap effectiveness. Prudential Mortgage Capital, a Delegated Underwriting and Servicing (DUS) lender for Fannie Mae, markets 90-day Fannie Mae Discount Mortgage Backed Securities monthly, and is obligated to advance funds to us at DMBS rates plus a credit spread under the terms of the credit agreements between Prudential and us. Financial Federal, a Freddie Mac Program Plus Lender and Servicer, is obligated to advance funds under the terms of credit agreements between Financial Federal and us.

For the year ended December 31, 2012, our net cash provided by operating activities was in excess of covering funding of normal capital improvements to existing real estate assets, distributions to common and preferred unitholders, and distributions to noncontrolling interest by approximately $58.2 million, as compared to $27.1 million and $9.9 million for the same periods in 2011 and 2010, respectively. While we believe we have sufficient liquidity to permit distributions at current rates through additional borrowings, if necessary, any significant deterioration in operations could result in our financial resources being insufficient to pay distributions to unitholders at the current rate, in which event we would be required to reduce the distribution rate.

The following table reflects our total contractual cash obligations which consist of our long-term debt, development fees and operating leases as of December 31, 2012 (dollars in thousands):

Contractual Obligations (1)	2013		2014		2015		2016		2017		Thereafter		Total
Long-Term Debt (2)	$	6,494	$	374,060	$	198,194	$	87,466	$	161,704	$	825,728	$	1,653,646
Fixed Rate or
Swapped Interest (3)	48,882		39,592		33,431		30,824		25,612		75,161		253,502
Purchase Obligations (4)	4,099		1,386		—		—		—		—		5,485
Operating Lease	9		10		7		6		6		—		38
Total	$	59,484	$	415,048	$	231,632	$	118,296	$	187,322	$	900,889	$	1,912,671

(1) Fixed rate and swapped interest are shown in this table. The average interest rates of variable rate debt are shown in preceding tables. 

(2) Represents principal payments. 

(3) Swapped interest is subject to the ineffective portion of cash flow hedges as described in Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements, Note 6. 

(4) Represents development fees

Off-Balance Sheet Arrangements

At December 31, 2012, and 2011, we did not have any relationships with unconsolidated entities or financial partnerships established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. Mid-America Multifamily Fund I, LLC, was established to acquire $500 million of apartment communities with redevelopment upside offering value creation opportunity through capital improvements, operating enhancements and restructuring in-place financing. As of December 31, 2012, Mid-America Multifamily Fund I, LLC owned two properties but does not expect to acquire any additional communities. Mid-America Multifamily Fund II, LLC, was established to acquire $250 million of apartment communities with redevelopment upside offering value creation opportunity through capital improvements, operating enhancements and restructuring in-place financing. As of December 31, 2012, Mid-America Multifamily Fund II, LLC owned four properties. In addition, we do not engage in trading activities involving non-exchange traded contracts. As such, we are not materially exposed to any financing, liquidity, market, or credit risk that could arise if we had engaged in such relationships. We do not have any relationships or transactions with persons or entities that derive benefits from their non-independent relationships with us or our related parties other than those disclosed under the heading "Financial Statements and Supplementary Data" set forth in this Current Report and the Notes to Consolidated Financial Statements, Note 12 set forth on Exhibit 99.2 to this Current Report.

Our investments in our real estate joint ventures are unconsolidated and are recorded using the equity method as we do not have a controlling interest.

Insurance

We renegotiated our insurance programs effective July 1, 2012. We believe that the property and casualty insurance program in place provides appropriate insurance coverage for financial protection against insurable risks such that any insurable loss experienced that can be reasonably anticipated would not have a significant impact on our liquidity, financial position or results of operation.

Inflation

Our resident leases at the apartment communities allow, at the time of renewal, for adjustments in the rent payable there under, and thus may enable us to seek rent increases. Almost all leases are for one year or less. The short-term nature of these leases generally serves to reduce our risk to adverse effects of inflation.

Impact of Recently Issued Accounting Standards

In February 2013, the FASB issued Accounting Standards Update (ASU) No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. Under ASU 2013-02, an entity is required to provide information about the amounts reclassified out of Accumulated other comprehensive income (AOCI) by component. In

addition, an entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. ASU 2013-02 does not change the current requirements for reporting net income or other comprehensive income in the financial statements. ASU 2013-02 is effective for interim and annual periods beginning after December 15, 2012 and early adoption is permitted. We have early adopted ASU 2013-02 for the annual period ended December 31, 2012.The adoption of ASU 2013-02 has not had a material impact on our consolidated financial condition or results of operations taken as a whole.

In June 2011, the FASB issued Accounting Standards Update (ASU) No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. This ASU allows an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. ASU 2011-05 eliminates the option to present the components of other comprehensive income as part of the statement of equity. The amendments do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. ASU 2011-05 is applied retrospectively. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, but allows for early adoption. We adopted ASU 2011-05 for the Annual Report for fiscal year 2011, and this changed the presentation of our financial statements but not our consolidated financial condition or results of operations taken as a whole.

In November 2011, the FASB issued Accounting Standards Update (ASU) No. 2011-12, Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05. This ASU supersedes certain paragraphs in ASU 2011-05 addressing reclassification adjustments out of accumulated other comprehensive income. The effective dates and expected changes to our presentation are the same as noted in ASU 2011-05 above.

In May 2011, the FASB issued Accounting Standards Update (ASU) No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS. The amendments change the wording, mainly for clarification, used to describe many of the requirements in GAAP for measuring fair value and for disclosing information about fair value measurements. For many of the requirements, the Board does not intend for the amendments in this update to result in a change in the application of the requirements in Topic 820. The amendments in this ASU are to be applied prospectively. The amendments are effective during interim and annual periods beginning after December 15, 2011. We have adopted ASU 2011-04 in the interim and annual periods of fiscal year 2012. The adoption of ASU 2011-04 has not had a material impact on our consolidated financial condition or results of operations taken as a whole.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Our primary market risk exposure is to changes in interest rates on our borrowings. Our interest rate risk objective is to limit the impact of interest rate fluctuations on earnings and cash flows and to lower our overall borrowing costs. To achieve this objective, MAA and the Operating Partnership manage our exposure to fluctuations in market interest rates for borrowings through the use of fixed rate debt instruments and interest rate swaps and caps, which mitigate our interest rate risk on a related financial instrument and effectively fix or cap the interest rate on a portion of our variable debt or on future refinancings. MAA and the Operating Partnership use their best efforts to ladder fixed rate maturities thereby limiting our exposure to interest rate changes in any one year. MAA and the Operating Partnership do not enter into derivative instruments for trading or other speculative purposes. Approximately 95% of our outstanding debt was subject to fixed or capped rates after considering related derivative instruments at December 31, 2012. We regularly review interest rate exposure on outstanding borrowings in an effort to minimize the risk of interest rate fluctuations.

The table below provides information about our financial instruments that are sensitive to changes in interest rates. For debt obligations, the table presents principal cash flows and related weighted average interest rates by expected maturity dates. For our interest rate swaps and caps, the table presents the notional amount of the swaps and caps and the years in which they expire. Weighted average variable rates are based on rates in effect at the reporting date (dollars in thousands).

	2013			2014			2015			2016			2017			Total Thereafter			Total			Fair Value
Long-term Debt
Fixed Rate (1)	$	5,217		$	20,303		$	38,012		$	5,138		$	79,223		$	584,489		$	732,382		$	777,847
Average interest rate	4.69		%	5.13		%	5.93		%	4.44		%	3.73		%	4.73		%	4.69		%
Variable Rate (1)	$	1,278		$	353,757		$	160,182		$	82,328		$	82,481		$	241,239		$	921,265		$	850,581
Average interest rate	0.94		%	0.77		%	1.18		%	0.83		%	0.83		%	1.31		%	1.00		%
Interest Rate Swaps
Variable to Fixed	$	190,000		$	144,000		$	75,000		$	—		$	150,000		$	—		$	559,000		$	(21,423	)
Average Pay Rate	4.58		%	4.95		%	4.41		%	—		%	1.06		%	—		%	3.71		%
Interest Rate Cap
Variable to Fixed	$	7,945		$	59,631		$	40,000		$	89,280		$	66,595		$	25,000		$	288,451		$	288
Average Pay Rate	6.00		%	4.72		%	4.50		%	4.88		%	5.44		%	4.50		%	4.92		%

⁽¹⁾ Excluding the effect of interest rate swap and cap agreements.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

The Report of our Independent Registered Public Accounting Firm, Consolidated Financial Statements and Selected Quarterly Financial Information are set forth in Exhibit 99.2 to this Current Report on Form 8-K.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

None. 

DIRECTORS, EXECUTIVE OFFICERS, COMPENSATION AND CORPORATE GOVERNANCE.

MAA conducts substantially all of its operations through MAALP and its subsidiaries. MAA is the sole general partner of MAALP. As such, MAA's executive officers and directors have substantial influence over MAALP and its subsidiaries. Therefore, we refer you to the information contained in MAA's 2012 Proxy Statement filed with the SEC on April 16, 2012 under the sections entitled “Information About The Board of Directors and Its Committees”, “Proposal 1 - Election of Directors”, “Executive Officers” and “Section 16(a) Beneficial Ownership Reporting Compliance,” and the information contained in MAA's 2013 Proxy Statement when filed with the SEC under the sections entitled “Information About The Board of Directors and Its Committees”, “Proposal 1 - Election of Directors”, “Executive Officers” and “Section 16(a) Beneficial Ownership Reporting Compliance”, which shall supersede and replace the information contained MAA's 2012 Proxy Statement.

The Board of Directors has adopted a Code of Business Conduct and Ethics applicable to all of its officers, directors and employees, which can be found on MAA's website at http://www.maac.com, on the For Investors page under Governance Documents. MAA will provide a copy of this document to any person, without charge, upon request, by writing to our Investor Relations Department, 6584 Poplar Avenue, Memphis, TN 38138. MAA intends to satisfy the disclosure requirement under Item 5.05 of Form 8-K regarding an amendment to, or waiver from, a provision of the Code of Business Conduct and Ethics by posting such information on its website at the address and the locations specified above.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following table sets forth the beneficial ownership of OP Units as of February 28, 2013 by (i) each person or entity known by MAALP to be the beneficial owner of five percent or more of the OP Units, (ii) each of MAA's directors and named executive officers, and (iii) all directors, nominees and executive officers as a group. Except as otherwise indicated, the address of MAA, each officer, director and/or nominee listed below is c/o 6584 Poplar Avenue, Memphis, Tennessee 38138.

Name of Beneficial Owner	Number of OP Units Beneficially Owned	Percentage of Outstanding OP Units
H. Eric Bolton, Jr.	110,000	0.27	%
Alan B. Graf, Jr.	—	—	%
John S. Grinalds	—	—	%
Ralph Horn	—	—	%
Phillip W. Norwood	—	—	%
W. Reid Sanders	107,000	0.26	%
William B. Sansom	—	—	%
Gary Shorb	—	—	%
Albert M. Campbell, III	—	—	%
Thomas L. Grimes Jr.	—	—	%
All MAA Directors and Executive Officers as a group	217,000	0.53	%

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.

MAALP is a Tennessee limited partnership, and MAA is our sole general partner. MAALP is MAA's only significant subsidiary, and MAA conducts substantially all of its business and operations through MAALP and its subsidiaries. Under the terms of the Partnership Agreement, MAALP assumes and pays when due, or reimburses MAA for payment of all expenses that MAA incurs relating to MAALP's ownership and operation, or for MAALP's benefit.

In 2012, none of MAA's executive officers or directors, security holders of more than five percent of MAA's outstanding common stock, or any affiliates thereof, had direct or indirect interests in transactions or potential transactions with MAA, MAALP or any other subsidiary of MAA. All transactions involving related parties must be approved by a majority of the disinterested members of MAA Board of Directors.

The Board of Directors has affirmatively determined that each of Messrs. Graf, Horn, Norwood, Sanders, Sansom and Shorb are independent. Each of these directors meet the independence standards of MAA's Corporate Governance Guidelines, the New York Stock Exchange, or the NYSE, listing standards and applicable SEC rules.

Report of Independent Registered Public Accounting Firm

The Partners

Mid-America Apartments, L.P.

We have audited the accompanying consolidated balance sheets of Mid-America Apartments, L.P. (the "Partnership") as of December 31, 2012 and 2011, and the related consolidated statements of operations, comprehensive income, changes in capital, and cash flows for each of the three years in the period ended December 31, 2012. Our audits also included the financial statement schedule - Schedule III Real Estate Accumulated Depreciation. These consolidated financial statements and schedule are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these consolidated financial statements and schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Mid-America Apartments, L.P. at December 31, 2012 and 2011, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2012, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly in all material respects the information set forth therein.

/s/ Ernst & Young LLP

Memphis, Tennessee

March 22, 2013

EX-99.2

Exhibit 99.2

Mid-America Apartments, L.P.

Consolidated Balance Sheets

December 31, 2012 and 2011

(Dollars in thousands, except unit data)

	December 31, 2012			December 31, 2011
Assets:
Real estate assets:
Land	$	359,943		$	307,596
Buildings and improvements	2,867,409			2,608,128
Furniture, fixtures and equipment	84,997			80,590
Development and capital improvements in progress	50,844			41,635
	3,363,193			3,037,949
Less accumulated depreciation	(901,485		)	(847,171		)
	2,461,708			2,190,778
Land held for future development	1,205			1,306
Commercial properties, net	8,058			8,116
Investments in real estate joint ventures	4,837			17,006
Real estate assets, net	2,475,808			2,217,206
Cash and cash equivalents	8,886			57,151
Restricted cash	809			1,362
Deferred financing costs, net	13,380			14,180
Other assets	26,882			27,530
Goodwill	4,106			4,106
Total assets	$	2,529,871		$	2,321,535
Liabilities and Capital:
Liabilities:
Secured notes payable	$	1,170,646		$	1,494,520
Unsecured notes payable	483,000			135,000
Accounts payable	3,889			1,673
Fair market value of interest rate swaps	21,423			33,095
Accrued expenses and other liabilities	90,559			85,136
Security deposits	6,167			5,795
Due to General Partner	24,255			20,144
Total liabilities	1,799,939			1,775,363
Redeemable units	4,713			4,037
Capital:
General partner: 39,721,461 OP Units outstanding at December 31, 2012 and 36,602,619 OP Units outstanding at December 31, 2011	706,296			538,623
Limited partners: 1,731,672 OP Units outstanding at December 31, 2012 and 1,937,669 OP Units outstanding at December 31, 2011	30,993			28,729
Accumulated other comprehensive losses	(26,881		)	(38,579		)
Total partners' capital	710,408			528,773
Noncontrolling interest	14,811			13,362
Total capital	725,219			542,135
Total liabilities and capital	$	2,529,871		$	2,321,535

Number of units outstanding represent total OP Units regardless of classification on the consolidated balance sheet. The number of units classified as redeemable units on the consolidated balance sheet for December 31, 2012 and 2011 are 72,786 and 65,771, respectively.

See accompanying notes to consolidated financial statements.

1

Mid-America Apartments, L.P.

Consolidated Statements of Operations

Years ended December 31, 2012, 2011 and 2010

(Dollars in thousands, except per unit data)

	2012			2011			2010
Operating revenues:
Rental revenues	$	409,263		$	351,879		$	309,046
Other property revenues	36,387			32,724			27,192
Total property revenues	445,650			384,603			336,238
Management fee income	899			1,017			680
Total operating revenues	446,549			385,620			336,918
Property operating expenses:
Personnel	50,999			46,164			42,389
Building repairs and maintenance	14,242			13,138			12,084
Real estate taxes and insurance	52,075			44,442			39,129
Utilities	24,407			22,604			20,046
Landscaping	9,941			9,201			8,462
Other operating	31,394			28,805			23,899
Depreciation and amortization	114,139			100,648			88,651
Total property operating expenses	297,197			265,002			234,660
Acquisition expenses	2,236			3,319			2,035
Property management expenses	19,761			18,436			15,968
General and administrative expenses	11,479			14,488			11,189
Income from continuing operations before non-operating items	115,876			84,375			73,066
Interest and other non-property income	318			689			789
Interest expense	(52,249		)	(51,202		)	(53,803		)
Loss on debt extinguishment/modification	(654		)	(754		)	—
Amortization of deferred financing costs	(3,097		)	(2,598		)	(2,300		)
Net casualty (loss) gain after insurance and other settlement proceeds	(13		)	(475		)	48
Gain on sale of non-depreciable assets	45			1,084			—
Gain on properties acquired from joint ventures	—			—			752
Income from continuing operations before loss from real estate joint ventures	60,226			31,119			18,552
Loss from real estate joint ventures	(223		)	(593		)	(1,149		)
Income from continuing operations	60,003			30,526			17,403
Discontinued operations:
Income from discontinued operations before gain (loss) on sale	577			3,625			2,051
Net casualty gain (loss) after insurance and other settlement proceeds on discontinued operations	48			(12		)	—
Gain (loss) on sale of discontinued operations	41,635			12,799			(2		)
Consolidated net income	102,263			46,938			19,452
Net income attributable to noncontrolling interests	3,525			421			473
Net income attributable to Mid-America Apartments, L.P.	98,738			46,517			18,979
Preferred distributions	—			—			6,549
Premiums and original issuance costs associated with the redemption of preferred units	—			—			5,149
Net income available for common unitholders	$	98,738		$	46,517		$	7,281
Earnings per common unit - basic and diluted:
Income from continuing operations available for common unitholders	$	1.43		$	0.81		$	0.16
Income from discontinued property operations available for common unitholders	1.01			0.44			0.06
Net income available for common unitholders	$	2.44		$	1.25		$	0.22
Distributions declared per common unit	$	2.6750		$	2.5425		$	2.4725

See accompanying notes to consolidated financial statements.

2

Mid-America Apartments, L.P.

Consolidated Statements of Comprehensive Income

Years ended December 31, 2012, 2011 and 2010

(Dollars in thousands)

	2012			2011			2010
Consolidated net income	$	102,263		$	46,938		$	19,452
Other Comprehensive Income:
Unrealized losses from the effective portion of derivative instruments	(8,409		)	(13,951		)	(35,538		)
Reclassification adjustment for losses included in net income for the effective portion of derivative instruments	20,107			27,639			34,021
Total Comprehensive Income	113,961			60,626			17,935
Less: comprehensive income attributable to noncontrolling interests	(3,525		)	(421		)	(473		)
Comprehensive income attributable to Mid-America Apartments, L.P.	$	110,436		$	60,205		$	17,462

See accompanying notes to consolidated financial statements.

3

Mid-America Apartments, L.P.

Consolidated Statements of Changes in Capital

Years ended December 31, 2012, 2011 and 2010

(Dollars in thousands, except per unit data)

	MAA LP Unitholders
										Accumulated Other Comprehensive Income (Loss)
													Noncontrolling Interest			Total Partnership Capital			Redeemable Units
	Limited Partner			General Partner			Preferred Units
CAPITAL BALANCE December 31, 2009	$	14,799		$	173,147		$	149,873		$	(50,750	)	$	12,505		$	299,574		$	2,802
Comprehensive income:
Net income	512			6,769			11,698						473			19,452
Other comprehensive loss - derivative instruments (cash flow hedges)										(1,517		)				(1,517		)
Issuance of units				305,344												305,344			387
Units repurchased and retired				(1,175		)										(1,175		)
Exercise of unit options				173												173
General partnership units issued in exchange for limited partnership units	(1,266		)	1,267												1
Units reclassified to liabilities																—			(269		)
Redeemable units fair market value				(844		)										(844		)	844
Adjustment for non-controlling interest ownership in subsidiaries	17,824			(17,804		)							(20		)	—
Amortization of unearned compensation				3,703												3,703
Distributions ($2.5425 per unit)	(5,641		)	(77,106		)	(6,549		)							(89,296		)
Redemption of preferred units							(155,022		)							(155,022		)
CAPITAL BALANCE DECEMBER 31, 2010	$	26,228		$	393,474		$	—		$	(52,267	)	$	12,958		$	380,393		$	3,764
Comprehensive income:
Net income	2,435			44,082			—						421			46,938
Other comprehensive income - derivative instruments (cash flow hedges)										13,688						13,688
Issuance of units				235,334												235,334			494
Units repurchased and retired				(42,243		)										(42,243		)
Exercise of unit options				407												407
General partner units issued in exchange for limited partner units	(3,069		)	3,069												—
Units reclassified to liabilities																—			(150		)
Redeemable units fair market value				71												71			(71		)
Adjustment for non-controlling interest ownership in subsidiaries	8,238			(8,221		)							(17		)	—
Amortization of unearned compensation				4,035												4,035
Distributions ($2.5425 per unit)	(5,103		)	(91,385		)										(96,488		)
CAPITAL BALANCE DECEMBER 31, 2011	$	28,729		$	538,623		$	—		$	(38,579	)	$	13,362		$	542,135		$	4,037
Comprehensive income:
Net income	4,487			94,251			—						3,525			102,263
Other comprehensive income - derivative instruments (cash flow hedges)										11,698						11,698
Issuance of units				196,326												196,326			546
Units repurchased and retired				(17,527		)										(17,527		)
General partner units issued in exchange for limited partner units	(3,459		)	3,459												—
Redeemable units fair market value				(130		)										(130		)	130
Adjustment for non-controlling interest ownership in subsidiaries	6,109			(6,090		)							(19		)	—
Amortization of unearned compensation				2,233												2,233
Distributions ($2.6750 per unit) (1)	(4,873		)	(104,849		)							(2,057		)	(111,779		)
CAPITAL BALANCE DECEMBER 31, 2012	$	30,993		$	706,296		$	—		$	(26,881	)	$	14,811		$	725,219		$	4,713

⁽¹⁾ The NCI balance includes a distribution related to the disposition of a property and is not done on a per unit basis.

See accompanying notes to consolidated financial statements.

4

Mid-America Apartments, L.P.

Consolidated Statements of Cash Flows

Years ended December 31, 2012, 2011 and 2010

(Dollars in thousands)

	2012			2011			2010
Cash flows from operating activities:
Consolidated net income	$	102,263		$	46,938		$	19,452
Adjustments to reconcile net income to net cash provided by operating activities:
Retail revenue accretion	(31		)	—			—
Depreciation and amortization	120,316			109,217			97,068
Stock compensation expense	1,999			3,609			3,290
Redeemable units issued	489			442			343
Amortization of debt premium	(767		)	(360		)	(360		)
Loss from investments in real estate joint ventures	223			593			1,150
Loss on debt extinguishment	1,012			755			—
Derivative interest expense	823			545			321
Gain on sale of non-depreciable assets	(45		)	(910		)	—
(Gain) loss on sale of discontinued operations	(41,635		)	(12,799		)	2
Asset impairment	—			—			1,914
Net casualty (gain) loss and other settlement proceeds	(35		)	475			688
Gain on properties contributed to joint ventures	—			—			(752		)
Changes in assets and liabilities:
Restricted cash	553			152			(954		)
Other assets	(520		)	(1,742		)	(4,279		)
Accounts payable	2,216			199			(54		)
Accrued expenses and other	4,586			5,276			886
Security deposits	372			(271		)	(1,781		)
Net cash provided by operating activities	191,819			152,119			116,934
Cash flows from investing activities:
Purchases of real estate and other assets	(311,524		)	(334,651		)	(284,486		)
Normal capital improvements	(25,164		)	(31,617		)	(20,751		)
Construction capital and other improvements	(2,789		)	(3,379		)	(2,405		)
Renovations to existing real estate assets	(11,862		)	(8,832		)	(7,079		)
Development	(73,991		)	(38,153		)	(16,394		)
Distributions from real estate joint ventures	12,164			1,402			1,735
Contributions to real estate joint ventures	(218		)	(1,510		)	(12,130		)
Proceeds from disposition of real estate assets	110,093			23,808			88,718
Net cash used in investing activities	(303,291		)	(392,932		)	(252,792		)
Cash flows from financing activities:
Advances from general partner	4,402			6,792			11,269
Net change in credit lines	(320,064		)	(121,533		)	(35,000		)
Proceeds from notes payable	325,000			285,350			137,881
Principal payments on notes payable	(12,911		)	(13,895		)	(1,924		)
Payment of deferred financing costs	(3,612		)	(4,633		)	(7,244		)
Repurchase of common units	(17,527		)	(42,243		)	(1,175		)
Proceeds from issuances of common units	196,325			235,739			305,517
Distributions to noncontrolling interests	(2,057		)	—			—
Distributions paid on common units	(106,349		)	(93,407		)	(78,699		)
Distributions paid on preferred units	—			—			(7,622		)
Redemption of preferred units	—			—			(155,022		)
Net cash provided by financing activities	63,207			252,170			167,981
Net (decrease) increase in cash and cash equivalents	(48,265		)	11,357			32,123
Cash and cash equivalents, beginning of period	57,151			45,794			13,671
Cash and cash equivalents, end of period	$	8,886		$	57,151		$	45,794
Supplemental disclosure of cash flow information:
Interest paid	$	54,096		$	51,196		$	55,837
Supplemental disclosure of noncash investing and financing activities:
Accrued construction in progress	$	3,449		$	5,807		$	3,070
Interest capitalized	$	1,905		$	1,156		$	66
Marked-to-market adjustment on derivative instruments	$	10,875		$	13,143		$	(1,838	)
Reclassification of redeemable units to liabilities	$	—		$	150		$	264
Fair value adjustment on debt assumed	$	2,578		$	—		$	—
Debt assumed	$	30,290		$	—		$	—

See accompanying notes to consolidated financial statements.

5

Mid-America Apartments, L.P.

Notes to Consolidated Financial Statements

Years ended December 31, 2012, 2011, and 2010

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization and Formation of Mid-America Apartments L.P.

Mid-America Apartments, L.P., or "MAALP", or "us", "we", "our", "the Company", or the "Operating Partnership", is a Memphis, Tennessee-based limited partnership formed in 1993 and currently operates pursuant to the provisions of the Second Amended and Restated Agreement of Limited Partnership (Partnership Agreement). MAALP's sole general partner is Mid-America Apartment Communities, Inc. (MAA), a Memphis, Tennessee-based self-administered and self-managed real estate investment trust, or REIT, that focuses on acquiring, owning and operating apartment communities mainly in the Sunbelt region of the United States. We owned and operated 145 apartment communities as of December 31, 2012 and four of our properties include retail components with approximately 108,000 square feet of gross leasable area. The Operating Partnership also owned a 33.33% interest in two real estate joint ventures, Mid-America Multifamily Fund I, LLC, or Fund I, and Mid-America Multifamily Fund II, LLC, or Fund II, at December 31, 2012. Through these joint ventures we owned interest in an additional 6 communities as of December 31, 2012. These apartment communities are located across 12 states.

We also had two development communities and a second phase to an existing community under construction totaling 774 units as of December 31, 2012. None of the units for the development projects were completed as of December 31, 2012. Total expected costs for the development projects are $101.1 million, of which $43.9 million has been incurred to date. We expect to complete construction on the three projects by the fourth quarter 2014.

Basis of Presentation and Principles of Consolidation

Interests in MAALP are represented by Operating Partnership Units, or OP Units. As of December 31, 2012, there were 41,453,133 OP Units outstanding, 39,721,461 or 95.8% of which were owned by MAA, our general partner. The remaining 1,731,672 OP Units were owned by non-affiliated limited partners, as defined in the Partnership Agreement. During the years ended December 31, 2012, 2011, and 2010, rental revenue of the Operating Partnership represented 89.8%, 89.5%, and 88.6% of the consolidated rental revenues of MAA, respectively.

The consolidated financial statements presented herein include the accounts of the Operating Partnership, and all other subsidiaries in which the Operating Partnership has a controlling financial interest. MAALP owns approximately 70% to 100% of all consolidated subsidiaries.

MAALP invests in entities which may qualify as variable interest entities (VIE). A VIE is a legal entity in which the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the power to direct the activities of a legal entity as well as the obligation to absorb its expected losses or the right to receive its expected residual returns. MAALP consolidates all VIEs for which we are the primary beneficiary and uses the equity method to account for investments that qualify as VIEs but for which we are not the primary beneficiary. In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including but not limited to, those activities that most significantly impact the VIE's economic performance and which party controls such activities.

MAALP uses the equity method of accounting for its investments in entities for which we exercise significant influence, but do not have the ability to exercise control. These entities are not variable interest entities. The factors considered in determining that MAALP does not have the ability to exercise control include ownership of voting interests and participatory rights of investors.

All significant intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

Management of the Operating Partnership has made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses to prepare these financial statements and notes in conformity with U.S. generally accepted accounting principles. Actual results could differ from those estimates.

6

Revenue Recognition and Real Estate Sales

MAALP leases multifamily residential apartments under operating leases primarily with terms of one year or less. Rental revenues are recognized using a method that represents a straight-line basis over the term of the lease and other revenues are recorded when earned.

MAALP records gains and losses on real estate sales in accordance with accounting standards governing the sale of real estate. For sale transactions meeting the requirements for the full accrual method, we remove the assets and liabilities from our Consolidated Balance Sheet and record the gain or loss in the period the transaction closes. For properties contributed to joint ventures, MAALP records gains on the partial sale in proportion to the outside partners’ interest in the venture.

Rental Costs

Costs associated with rental activities, including advertising costs, are expensed as incurred. Advertising expenses were approximately $7.9 million, $7.9 million, and $6.6 million for the years ended December 31, 2012, 2011, and 2010, respectively.

Allocation of General and Administrative Expense

General and Administrative expenses, such as marketing costs, corporate salaries, general overhead costs, and corporate depreciation expense that is incurred by MAA and its subsidiaries, including the Operating Partnership, are allocated to each subsidiary based on a pro-rata percentage of that subsidiary's revenue as compared to the total revenue of MAA.

Discontinued Operations

Properties sold during the year or those classified as held-for-sale at the end of a reporting period are classified as discontinued operations in accordance with accounting standards governing financial statement presentation. Once a property is classified as held-for-sale, depreciation is no longer recognized.

Earnings Per OP Unit

Basic earnings per OP Unit is computed by dividing net income available for common unitholders by the weighted average number of units outstanding during the period. Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units. For the years ended December 31, 2012, 2011, and 2010, there were no dilutive securities and therefore basic and diluted earnings per OP Unit are the same. 

7

A reconciliation of the numerators and denominators of the basic and diluted earnings per unit computations for the years ended December 31, 2012, 2011, and 2010 is presented below:

	For the years ended December 31,
	2012			2011			2010
Units Outstanding
Weighted average common units - basic and diluted	40,412			37,280			32,502
Calculation of Earnings per Unit - basic and diluted
Income from continuing operations	$	60,003		$	30,526		$	17,403
Income attributable to noncontrolling interests	(3,525		)	(421		)	(473		)
Preferred distributions	—			—			(6,549		)
Premiums and original issuance costs associated with the redemption of preferred units	—			—			(5,149		)
Income from discontinued operations	42,260			16,412			2,049
Net income available for common unitholders	$	98,738		$	46,517		$	7,281
Earnings per unit - basic and diluted:
Income from continuing operations available for common unitholders	$	1.43		$	0.81		$	0.16
Income from discontinued property operations available for common unitholders	1.01			0.44			0.06
Net income available for common unitholders	$	2.44		$	1.25		$	0.22

Real Estate Assets and Depreciation and Amortization

Real estate assets are carried at depreciated cost. Repairs and maintenance costs are expensed as incurred while significant improvements, renovations, and recurring capital replacements are capitalized. Recurring capital replacements typically include scheduled carpet replacement, new roofs, HVAC units, plumbing, concrete, masonry and other paving, pools and various exterior building improvements. In addition to these costs, we also capitalize salary costs directly identifiable with renovation work. These expenditures extend the useful life of the property and increase the property’s fair market value. The cost of interior painting, vinyl flooring and blinds are expensed as incurred.

In conjunction with acquisitions of properties, our policy is to provide in its acquisition budgets adequate funds to complete any deferred capital improvement items to bring the properties to the required standard, including the cost of replacement appliances, carpet, interior painting, vinyl flooring and blinds. These costs are capitalized.

Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which range from 8 to 40 years for land improvements and buildings, 5 years for furniture, fixtures and equipment, and 3 to 5 years for computers and software.

Development Costs

Development projects and the related carrying costs, including interest, property taxes, insurance and allocated direct development salary cost during the construction period, are capitalized and reported in the accompanying balance sheets as “Development and capital improvements in progress” during the construction period. Interest is capitalized in accordance with accounting standards governing the capitalization of interest. Upon completion and certification for occupancy of individual buildings within a development, amounts representing the completed building's portion of total estimated development costs for the project are transferred to land, buildings, and furniture, fixtures and equipment as real estate held for investment. Capitalization of interest, property taxes, insurance and allocated direct development salary costs cease upon the transfer. The assets are depreciated over their estimated useful lives. Total interest capitalized during 2012, 2011 and 2010 was approximately $1,905,000, $1,156,000, and $66,000, respectively.

8

Certain costs associated with the lease-up of development projects, including cost of model units, their furnishings, signs, and “grand openings” are capitalized and amortized over their respective estimated useful lives. All other costs relating to renting development projects are expensed as incurred.

Acquisition of Real Estate Assets

In accordance with accounting standards for business combinations, the fair value of the real estate acquired is allocated to the acquired tangible assets, consisting of land, building, furniture, fixtures and equipment, and identified intangible assets, consisting of the value of in-place leases.

MAALP allocates the purchase price to the fair value of the tangible assets of an acquired property determined by valuing the building as if it were vacant, based on management’s determination of the relative fair values of these assets. Management determines the as-if-vacant fair value of a building using methods similar to those used by independent appraisers. These methods include using stabilized net operating income, or NOI, and market specific capitalization and discount rates.

In allocating the fair value of identified intangible assets of an acquired property, the in-place leases are valued based on current rent rates and time and cost to lease a unit. Management concluded that the leases acquired on each of its property acquisitions are approximately at market rates since the lease terms generally do not extend beyond one year.

The fair value of the in-place leases and resident relationships is then amortized over 6 months, the estimated remaining term of the resident leases. The amount of resident lease intangibles included in Other assets totaled $1.6 million, $1.8 million, and $1.8 million as of December 31, 2012, 2011, and 2010, respectively. The amortization recorded as depreciation and amortization expense for residential leases was $3.4 million, $3.4 million, and $2.3 million for the years ended December 31, 2012, 2011, and 2010, respectively. Accumulated amortization for residential leases totaled $1.0 million, $0.7 million, and $1.0 million as of December 31, 2012, 2011 and 2010, respectively.

Impairment of Long-lived Assets, including Goodwill

We account for long-lived assets in accordance with the provisions of accounting standards for the impairment or disposal on long-lived assets and evaluate our goodwill for impairment under accounting standards for goodwill and other intangible assets. We evaluate goodwill for impairment on at least an annual basis, or more frequently if a goodwill impairment indicator is identified. We periodically evaluate long-lived assets, including investments in real estate and goodwill, for indicators that would suggest that the carrying amount of the assets may not be recoverable. The judgments regarding the existence of such indicators are based on factors such as operating performance, market conditions and legal factors.

Long-lived assets, such as real estate assets, equipment and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are separately presented on the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposed group/property classified as held for sale are presented separately in the appropriate asset and liability sections of the balance sheet.

During the year ended December 31, 2010, we received an offer to purchase our 276-unit Cedar Mill apartment community. As a result of the offer received and management’s reconsideration of its long-term intentions related to this property, we determined that an impairment indicator existed. As the estimated undiscounted future cash flows were no longer sufficient to recover the asset carrying amount, we recorded an impairment charge of $1,914,000 during the year ended December 31, 2010 to adjust the asset carrying value to estimated fair value. We sold Cedar Mill during 2012 and it is presented as part of discontinued operations.

Goodwill is tested annually for impairment and is tested for impairment more frequently if events and circumstances indicate that the asset might be impaired. An impairment loss for goodwill is recognized to the extent that the carrying amount exceeds the implied fair value of goodwill. This determination is made at the reporting unit level and consists of two steps. First, we determine the fair value of a reporting unit and compare it to its carrying amount. In the apartment industry, the primary method used for determining fair value is to divide annual operating cash flows by an appropriate capitalization rate. We determine the appropriate capitalization rate by reviewing the prevailing rates in a property’s market or submarket. Second, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation in accordance with accounting

9

standards for business combinations. The residual fair value after this allocation is the implied fair value of the reporting unit goodwill. There has been no impairment of goodwill in the three year period ended December 31, 2012.

Land Held for Future Development

Real estate held for future development are sites intended for future multifamily developments and are carried at the lower of cost or fair value in accordance with GAAP and any costs incurred prior to commencement of pre-development activities are expensed as incurred.

Investment in Real Estate Joint Ventures

MAALP's investments in our unconsolidated real estate joint ventures are recorded using the equity method as we are able to exert significant influence, but do not have a controlling interest in the joint venture.

Cash and Cash Equivalents

MAALP considers cash, investments in money market accounts, and certificates of deposit with original maturities of three months or less to be cash equivalents.

Restricted Cash

Restricted cash consists of escrow deposits held by lenders for property taxes, insurance, debt service and replacement reserves.

Deferred Financing Costs

Deferred financing costs are amortized over the terms of the related debt using a method which approximates the effective interest method. If the terms of renewed or modified debt instruments are deemed to be substantially different, all unamortized financing costs associated with the modified debt are charged to earnings in the current period. If the terms are not substantially different, the costs associated with the renewal are capitalized and amortized over the remaining term of the debt instrument. For modifications affecting a line of credit, fees paid to a creditor and any third party costs will be capitalized and amortized over the remaining term of the new arrangement. Any unamortized deferred financing costs associated with the old arrangement are either deferred and amortized over the life of the new arrangement or written off, depending upon the nature of the modification. The balance of any unamortized financing costs on extinguished debt is expensed upon extinguishment.

Other Assets

Other assets consist of deferred rental concessions which are recognized on a straight line basis over the life of the leases, receivables and deposits from residents, value of derivative contracts and other prepaid expenses including prepaid insurance and prepaid interest.

Accrued Expenses and Other Liabilities

Accrued expenses consist of accrued distributions payable, accrued real estate taxes, accrued interest payable, other accrued expenses payable, and unearned income. Significant accruals included accrued distributions payable of $28.8 million, $25.4 million and $22.4 million at December 31, 2012, 2011 and 2010, respectively and accrued real estate taxes of $26.9 million, $24.6 million and $19.3 million at December 31, 2012, 2011 and 2010, respectively.

Self Insurance

MAA is self-insured for workers' compensation claims up to $500,000 and for general liability claims up to $45,000. Claims exceeding these amounts are insured by a third party. We accrue for expected liabilities less than $500,000 for workers' compensation based on a third party actuarial estimate of ultimate losses and accrue for expected general liability claims less than $45,000 based on historical experience, adjusted as actual claims occur.

Recent Accounting Pronouncements

In February 2013, the FASB issued Accounting Standards Update (ASU) No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. Under ASU 2013-02, an entity is required to provide information about the

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amounts reclassified out of Accumulated other comprehensive income (AOCI) by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. ASU 2013-02 does not change the current requirements for reporting net income or other comprehensive income in the financial statements. ASU 2013-02 is effective for interim and annual periods beginning after December 15, 2012 and early adoption is permitted. We have early adopted ASU 2013-02 for the annual period ended December 31, 2012.The adoption of ASU 2013-02 has not had a material impact on our consolidated financial condition or results of operations taken as a whole.

In June 2011, the FASB issued Accounting Standards Update (ASU) No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. This ASU allows an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. ASU 2011-05 eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. The amendments do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. ASU 2011-05 is applied retrospectively. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. We adopted ASU 2011-05 during the reporting period ended December 31, 2011, and this changed the presentation of our financial statements but not our consolidated financial condition or results of operations taken as a whole.

In November 2011, the FASB issued Accounting Standards Update (ASU) No. 2011-12, Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05. This ASU supersedes certain paragraphs in ASU 2011-05 addressing reclassification adjustments out of accumulated other comprehensive income. The effective dates and changes to our presentation are the same as noted in ASU 2011-05 above.

In May 2011, the FASB issued Accounting Standards Update (ASU) No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The amendments change the wording, mainly for clarification, used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. For many of the requirements, the Board does not intend for the amendments in this update to result in a change in the application of the requirements in ASU 2011-04. The amendments in this ASU are to be applied prospectively. The amendments are effective during interim and annual periods beginning after December 15, 2011. We have adopted ASU 2011-04 for the interim and annual periods of fiscal year 2012. The

adoption of ASU 2011-04 has not had a material impact on our consolidated financial condition or results of operations taken as a whole.

2.    STOCK BASED COMPENSATION

MAALP accounts for stock based employee compensation plans in accordance with accounting standards governing stock based compensation. These standards require an entity to measure the cost of employee services received in exchange for an award of an equity instrument based on the award's fair value on the grant date and recognize the cost over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. Any liability awards issued are remeasured at each reporting period. Any common shares issued under MAA's stock based compensation plans result in MAALP issuing a corresponding OP Unit on a one-for-one basis. The Operating Partnership records its portion of the expenses presented below based on the allocation of General and Administrative expenses. See further discussion on allocation of General and Administrative expenses in Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements, Note 1.

Incentive Plans Overview and Summary

MAA’s stock compensation plans consist of an employee stock purchase plan and a number of incentives provided to attract and retain independent directors, executive officers and key employees. Incentives are currently granted under the 2004 Stock Plan which was approved at the May 24, 2004 Annual Meeting of Shareholders. This plan replaced the 1994 Restricted Stock and Stock Option Plan (collectively, the “Plans”) under which no further awards may be granted as of January 31, 2004. The 1994 Restricted Stock and Stock Option Plan allowed for the grant of restricted stock and stock options up to a total of 2.4

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million shares. The 2004 Stock Plan allows for the grant of restricted stock and stock options up to a total of 500,000 shares. MAA believes that such awards better align the interests of our employees with those of MAA's shareholders.

In general, restricted stock is earned based on either a service condition, performance condition, or a market condition, or a combination thereof, and vests ratably over multiple periods. Service based awards are earned when the employee remains employed over the requisite service period and are valued on the grant date based upon the market price of MAA common stock on the date of grant. Market based awards are earned when MAA reaches a specified stock price or specified return on the stock price (price appreciation plus dividends) and are valued on the grant date using a Monte Carlo simulation. Performance based awards are earned when MAA reaches certain operational goals such as EPS or FFO targets and are value based upon the market price of MAA common stock on the date of grant and considers the probability of reaching the stated targets. MAALP remeasures the fair value of the performance based awards each balance sheet date with adjustments made on a cumulative basis until the award is settled and the final compensation is known.

Compensation expense is generally recognized for service based awards using the straight-line method over the vesting period of the shares regardless of cliff or ratable vesting distinctions. Compensation expense for market and performance based awards is recognized using the accelerated amortization method with each vesting tranche valued as a separate award, with a separate vesting date, consistent with the estimated value of the award at each period end. Additionally, the Company adjusts compensation expense for estimated and actual forfeitures for all awards.

Awards that allow employees to sell shares of vested restricted stock back to MAA in excess of the amount required to cover the participant’s statutory minimum tax withholdings upon vesting of the shares require liability accounting and are marked to market each reporting period. Awards that do not allow for share repurchases are classified as equity and are generally valued based on grant date fair value and are not adjusted to market each reporting period.

Total compensation costs under the Plans were approximately $2,214,000, $4,038,000 and $3,731,000, of which $1,981,000, $3,612,000, and $3,306,000 was allocated to MAALP for the years ended December 31, 2012, 2011 and 2010, respectively. As of December 31, 2012, the total unrecognized compensation cost related to the Plans was approximately $2,513,000. This cost is expected to be recognized over the remaining weighted average period of 1.4 years and will be allocated to MAA subsidiaries including MAALP as part of the allocation of MAA General and administrative expenses. Any other unrecognized costs will be allocated in this same manner. Total cash paid for the settlement of plan shares totaled $995,000, $1,604,000, $321,000 for the years ended December 31, 2012, 2011, and 2010 respectively. Information concerning specific grants under the Plans is listed below.

Employee Stock Purchase Plan

The Mid-America Apartment Communities, Inc. Employee Stock Purchase Plan, or ESPP, provides a means for employees to purchase common stock of MAA at a discounted price. The Board of Directors has authorized the issuance of 150,000 shares for the plan. The ESPP is administered by the Compensation Committee of the Board of Directors who may annually grant options to employees to purchase up to an aggregate of 15,000 shares of common stock at a price equal to 85% of the market price of the common stock. Shares are purchased semi-annually on the last market day of June and December. The plan determines the purchase price using one of three measurement formulas based on the market activity during the measurement period. The variability caused by the combination of varying number of participants, market price fluctuations and potential changes in formula used each measurement period makes it not possible to reasonably estimate fair value at the grant date. During the years ended December 31, 2012, 2011 and 2010, 6,019 shares, 5,732 shares and 5,279 shares, respectively, were purchased through the ESPP. The plan does not meet the criteria to be a noncompensatory plan and therefore compensation cost of approximately $46,000, $59,000, and $44,000 was recognized for the years ended December 31, 2012, 2011 and 2010, respectively.

Options

All option awards made under the Plans have been granted with the exercise price equal to the market price on the date of grant. The options vest over five years of continuous service at a rate of 10%, 10%, 20%, 30% and 30%, and expire ten years from grant date. MAA issues new shares when options are exercised. Dividends are not paid on unexercised options.

The fair value of each option award is estimated on the grant date using the Black-Scholes method. Volatility is based on the historical volatility of MAA’s common stock. Expected life of the option is estimated using historical data to estimate option exercise and employee termination. MAA uses a U.S. constant-maturity Treasury close to the same expected life of the option to represent the risk-free rate. Turnover is based on the historical rate at which options are exercised. MAA uses its current

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dividend yield at the time of grant to estimate the dividend yield over the life of the option. No options were granted during 2012, 2011 or 2010.

No options were exercised or outstanding during the year ended December 31, 2012. Cash received from the exercise of options for the year ended December 31, 2011 and 2010 was approximately $407,000 and $174,000, respectively.

Key Management 2002 Restricted Stock Plan

In 2002, MAA issued 97,881 restricted shares of common stock to key managers and executive officers with a grant date fair value of $25.65 per share. The grant date fair value was determined by the closing trading price of MAA’s shares on the day prior to the date of the grant. These shares vest 20% on March 31 of each year for five consecutive years beginning in 2008. Recipients receive dividend payments on the shares of restricted stock prior to vesting. This plan was modified on August 2, 2011 recategorizing 7,316 of the shares previously categorized as a liability to equity due to the discontinuation of a practice allowing participants to sell shares of vested restricted stock back to MAA in excess of the amount required to cover the participant’s taxes upon vesting of the shares. No other plan terms were changed. The new grant date fair value for these shares is $69.37 per share.The grant date fair value was determined by the closing trading price of MAA’s shares on the modification date. All remaining shares were earned and issued by the modification date and therefore the valuation was calculated on issued plan shares adjusted for forfeitures based on the historical experience for turnover by the key managers and executive officers. No additional compensation cost was recognized as a result of this modification.

A summary of the status of the Key Management 2002 Restricted Stock Plan nonvested shares as of December 31, 2012, and the changes for the year ended December 31, 2012, is presented below:

Nonvested Shares	Shares		Weighted Average Grant Date Fair Value
Nonvested at January 1, 2012	16,379		$	45.17
Granted	—		—
Vested	(16,379	)	45.17
Forfeited	—		—
Nonvested at December 31, 2012	—		$	—

As of December 31, 2012, there was no unrecognized compensation cost related to nonvested shares granted. The total fair value of equity shares vesting plus the settlement of liabilities during the years ended December 31, 2012, 2011 and 2010 was approximately $740,000, $702,000 and $611,000, respectively.

Director Restricted Stock Plan

Non-employee Directors elected to the Board of Directors receive an annual grant of restricted shares of common stock. The annual grants were equivalent to $40,000 per non-employee Director in 2010, $50,000 per non-employee Director in 2011, and $60,000 per non-employee Director in 2012. Directors have the right to receive their grants either in restricted shares of common stock of MAA that will vest after one year of service on the Board of Directors or have them issued into a deferred compensation plan.

A summary of the status of the Director Restricted Stock Plan nonvested restricted shares of common stock as of December 31, 2012, and the changes for the year ended December 31, 2012, is presented below: 

Nonvested Shares	Shares		Weighted Average Grant-Date Fair Value
Nonvested at January 1, 2012	2,976		$	67.16
Granted and issued	5,340		67.36
Vested	(2,976	)	67.16
Forfeited	—		—
Nonvested at December 31, 2012	5,340		$	67.36

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As of December 31, 2012, there was approximately $166,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted. This cost is expected to be recognized over the remaining weighted average period of 0.2 years. The total fair value of shares vesting during the years ended December 31, 2012, 2011 and 2010, was approximately $200,000, $200,000 and $120,000, respectively.

Key Management 2008 Restricted Stock Plan

In 2008, the Board of Directors adopted the 2008 Key Management Restricted Stock Plan, or the 2008 Plan, a long-term incentive program for key managers and executive officers. The 2008 Plan consists of both an annual and three year program. Under the annual program participants can earn both service and market based shares of restricted stock. The service based shares are awarded at the beginning of the 2008 Plan with the timing of vesting dependent on employment and total shareholder return performance. The earning of restricted shares under the market based program is based on employment and total shareholder return performance. No shares were earned through the annual market program. Participation in the three year program is limited to the executive officers and awards shares of restricted stock based upon both MAA’s total shareholder return performance over a three year period and that performance in relation to that of MAA’s peers. Any shares earned through the three year program were issued on January 3, 2012 and will vest 25% annually beginning on January 1, 2013. Recipients will receive dividend payments on any restricted shares of common stock earned and issued during the restriction periods. On July 1, 2008, MAA issued 15,920 restricted shares of common stock under the annual service based program of the 2008 Plan. On January 3, 2012, MAA issued 17,343 restricted shares of common stock under the three year program of the 2008 Plan.

The fair value of the stock award was estimated on the grant date using a multifactor Monte Carlo simulation. The valuation used an interest rate term structure as of July 1, 2008 based on a zero coupon risk-free rate to represent the risk-free rate for the simulation which varied between 1.95% for 0.25 years to 3.24% for 4.00 years. The dividend yield assumption was 4.669% and was based on the closing stock price of $52.69 on July 1, 2008. Volatility for MAA and our peers was obtained by using a blend of both historical and implied volatility calculations. Historical volatility was based on the standard deviation of daily total continuous returns and implied volatility was based on the trailing month average of interpolating between the volatilities implied by stock call option contracts that were closest to the terms and closest to the money. Volatility for MAA was 34.87% for year 1, 30.92% for year 2, 29.63% for year 3, and 28.61% for year 4. Volatilities for our peers ranged from 25.05% to 49.94%. The requisite service period of the 2008 Plan is based on the criteria for the separate programs and is 5.5 years for the annual service based program, 2.5 years for the annual market based program and 7.5 years for the three-year program. Turnover is based on the historical experience for the key managers and executive officers.

This plan was modified on August 2, 2011, recategorizing 6,374 of the shares previously categorized as a liability to equity due to the discontinuation of a practice allowing participants to sell shares of vested restricted stock back to MAA in excess of the amount required to cover the participant’s taxes upon vesting of the shares. No other plan terms were changed. The new grant date fair value for these shares is $69.37 per share. The grant date fair value was determined by the closing trading price of MAA’s shares on the modification date as all market conditions had been determined at such time. The measurement period was completed and all earned shares were issued by the modification date and the valuation was calculated on issued plan shares adjusted for forfeitures based on the historical experience for turnover by the key managers and executive officers. No additional compensation cost was recognized as a result of this modification.

A summary of the status of the Key Management 2008 Restricted Stock Plan nonvested restricted shares of common stock as of December 31, 2012, and the changes for the year ended December 31, 2012, is presented below:

Nonvested Shares	Shares		Weighted Average Grant Date Fair Value
Nonvested at January 1, 2012	11,089		$	63.20
Issued	17,343		52.69
Vested	(11,492	)	56.56
Forfeited	(260	)	69.37
Nonvested at December 31, 2012	16,680		$	56.75

As of December 31, 2012, there was approximately $234,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted. The $234,000 unrecognized cost will be recognized accordingly over the remaining weighted average period of 1.0 years. The total fair value of equity shares vesting plus the settlement of liabilities

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during the years ended December 31, 2012 and 2011 was approximately $650,000 and $230,000, respectively. No shares vested or were settled during the years ended December 31, 2010.

Key Management 2010 Restricted Stock Plan

In 2010, the Board of Directors adopted the 2010 Key Management Restricted Stock Plan, or the 2010 Plan, a long-term incentive program for key managers and executive officers. Under the 2010 Plan participants can earn both service and market based shares of restricted stock. The service based shares are awarded at the beginning of the 2010 Plan with the timing of vesting dependent on employment and total shareholder return performance. The earning of restricted shares under the market program is based on employment and total shareholder return performance. Recipients receive dividend payments on any shares of restricted stock earned and issued during the restriction periods. On March 23, 2010, MAA issued 18,171 shares of restricted stock under the service based program of the 2010 Plan. On January 3, 2011, MAA issued 37,002 shares of restricted stock under the market program of the 2010 Plan. All shares, including service shares, vest 50% annually beginning on January 1, 2011.

The fair value of the stock award was estimated on the grant date using a Monte Carlo simulation. The valuation used an interest rate term structure as of March 23, 2010 based on a zero coupon risk-free rate to represent the risk-free rate for the simulation which varied between 0.14% for 0.25 years to 0.41% for 1.0 year. The dividend yield assumption was 4.52% and was based on the closing stock price of $54.38 on March 23, 2010. Volatility for MAA was obtained by using a blend of both historical and implied volatility calculations. Historical volatility was based on the standard deviation of daily total continuous returns and implied volatility was based on the trailing month average of interpolating between the volatilities implied by stock call option contracts that were closest to the terms and closest to the money. Volatility for MAA was 24.12% for 0.50 years, 27.14% for 0.75 years and 35.65% for 1.00 year. The requisite service period of the 2010 Plan is based on the criteria for the separate programs and is 1.79 years for the service and market based programs. Turnover is based on the historical experience for the key managers and executive officers.

This plan was modified on August 2, 2011 recategorizing 18,720 of the shares previously categorized as a liability to equity due to the discontinuation of a practice allowing participants to sell shares of vested restricted stock back to MAA in excess of the amount required to cover the participant’s taxes upon vesting of the shares. No other plan terms were changed. The new grant date fair value of these shares is $69.37 per share. The grant date fair value was determined by the closing trading price of MAA’s shares on the modification date. The measurement period was completed and all earned shares were issued by the modification date and the valuation was calculated on issued plan shares adjusted for forfeitures based on the historical experience for turnover by the key managers and executive officers. No additional compensation cost was recognized as a result of this modification.

A summary of the status of the Key Management 2010 Restricted Stock Plan nonvested restricted shares of common stock as of December 31, 2012, and the changes for the year ended December 31, 2012, is presented below:

Nonvested Shares	Shares		Weighted Average Grant Date Fair Value
Nonvested at January 1, 2012	26,712		$	64.88
Issued	—		—
Vested	(26,712	)	64.88
Forfeited	—		—
Nonvested at December 31, 2012	—		$	—

As of December 31, 2012, there was no unrecognized compensation cost related to nonvested share-based compensation arrangements granted. The total fair value of equity shares vesting plus the settlement of liabilities during the years ended December 31, 2012 and 2011 was approximately $1,733,000 and $1,689,000, respectively. No shares vested or were settled during the year ended December 31, 2010.

2010 Executive Restricted Stock Plan

In 2010, The Board of Directors of MAA approved a restricted stock grant for certain members of executive management. On March 23, 2010, MAA issued 2,710 shares of restricted common stock to those executive officers with a grant date fair value of

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$54.38 per share. The grant date fair value was determined by the closing trading price of MAA’s shares on the date of the grant. These shares vest 1/3^rd annually beginning on March 23, 2011. Recipients receive dividend payments on the shares of restricted stock prior to vesting.

A summary of the status of the 2010 Executive Restricted Stock Plan nonvested shares as of December 31, 2012, and the changes for the year ended December 31, 2012, is presented below:

Nonvested Shares	Shares		Weighted Average Grant-Date Fair Value
Nonvested at January 1, 2012	1,806		$	54.38
Issued	—		—
Vested	(1,172	)	54.38
Forfeited	—		—
Nonvested at December 31, 2012	634		$	54.38

As of December 31, 2012, there was approximately $8,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted. This cost is expected to be recognized over the remaining weighted average period of 0.1 years. The total fair value of shares vesting during the years ended December 31, 2012 and 2011 was approximately $64,000 and $49,000, respectively. No shares vested during the year ended December 31, 2010.

Key Management 2011 Restricted Stock Plan

In 2011, the Board of Directors adopted the 2011 Key Management Restricted Stock Plan, or the 2011 Plan, a long-term incentive program for key managers and executive officers. Under the 2011 Plan participants can earn both performance and market based shares of restricted stock. The earning of restricted shares under the performance program is based on employment and relative FFO per share performance. The earning of restricted shares under the market program is based on employment and both absolute and relative total shareholder return performance. On March 1, 2012 MAA issued 25,355 shares of restricted stock that vest 50% annually beginning on March 1, 2012. Recipients will receive dividend payments on any shares of restricted stock earned and issued during the restriction periods.

The fair value of the performance based stock award was estimated using the grant date stock price of $63.96 and the probability of MAA reaching the plan’s FFO targets. The fair value of the market based stock award was estimated on the grant date using a Monte Carlo simulation. The valuation used an interest rate term structure as of January 3, 2011 based on a zero coupon risk-free rate to represent the risk-free rate for the simulation which varied between 0.13% for 0.25 years to 0.28% for 1.0 year. The dividend yield assumption was 3.92% for MAA and was based on the closing stock price of $63.96 on January 3, 2011. Volatility for MAA was obtained by using a blend of both historical and implied volatility calculations. Historical volatility was based on the standard deviation of daily total continuous returns and implied volatility was based on the trailing month average of interpolating between the volatilities implied by stock call option contracts that were closest to the terms and closest to the money. Volatility for MAA was 22.56% for six months, 24.14% for nine months and 23.46% for twelve months. The requisite service period of the 2011 Plan is based on the criteria for the separate programs and is 2.2 years. Turnover is based on the historical experience for the key managers and executive officers.

This plan was modified on August 2, 2011 recategorizing shares for 52 participants previously categorized as a liability to equity due to the discontinuation of a practice allowing participants to sell shares of vested restricted stock back to MAA in excess of the amount required to cover the participant’s taxes upon vesting of the shares. No other plan terms were changed. The new grant date fair value is $69.37 per share. The grant date fair value was determined by the closing trading price of MAA’s shares on the modification date. The fair value of the modified performance based award was estimated using the grant date stock price of $69.37 and the probability of MAA reaching the plan’s FFO targets. The fair value of the modified market based award was estimated on the grant date using a Monte Carlo simulation. The valuation used an interest rate term structure as of August 2, 2011 based on a zero coupon risk-free rate to represent the risk-free rate for the simulation which varied between 0.06% for 0.25 years to 0.16% for 1.00 year. The dividend yield assumption was 3.618% for MAA and was based on the closing stock price of $69.37 on August 2, 2011. Volatility for MAA was obtained by using a blend of both historical and implied volatility calculations. Historical volatility was based on the standard deviation of daily total continuous returns and implied volatility was based on the trailing month average of interpolating between the volatilities implied by stock call option contracts that were closest to the terms and closest to the money. Volatility for MAA was 18.47% for six months, 18.16% for nine months and 18.71% for twelve months. The requisite service period of the modified 2011 Plan is based on the criteria for

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the separate programs and is 1.6 years. Turnover is based on the historical experience for the key managers and executive officers. No additional compensation cost was recognized as a result of this modification.

A summary of the status of the 2011 Plan nonvested shares as of December 31, 2012, and the changes for the year ended December 31, 2012, is presented below:

Nonvested Shares	Shares		Weighted Average Grant-Date Fair Value
Nonvested at January 1, 2012	—		$	—
Issued	25,355		68.68
Vested	(13,559	)	68.62
Forfeited	(775	)	69.37
Nonvested at December 31, 2012	11,021		$	68.72

As of December 31, 2012, there was approximately $89,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted. MAA’s policy is to recognize compensation cost over the requisite service period for each portion of an award which contains a market or performance condition. The $89,000 unrecognized cost will be recognized accordingly over the remaining weighted average period of 0.1 years. The total fair value of shares vesting during the year ended December 31, 2012 was approximately $930,000. No equity shares vested and no liabilities settled during the years ended December 31, 2011 and 2010.

Key Management 2012 Restricted Stock Plan

In 2012, the Board of Directors adopted the 2012 Key Management Restricted Stock Plan, or the 2012 Plan, a long-term incentive program for key managers and executive officers. Under the 2012 Plan participants can earn both service and market based shares of restricted stock. The earning of restricted shares under the market program is based on employment and both absolute and relative total shareholder return performance during 2012. Any market and service based shares earned will be issued on January 10, 2013 and will vest 25% annually beginning on January 10, 2014. Recipients will receive dividend payments on any shares of restricted stock earned and issued during the restriction periods.

The fair value of the market stock award was estimated on the January 3, 2012 grant date using a Monte Carlo simulation. The valuation used an interest rate term structure as of January 3, 2012 based on a zero coupon risk-free rate to represent the risk-free rate for the simulation which varied between 0.00% for 0.25 years to 0.17% for 1.0 year. The dividend yield assumption was 4.19% for MAA and was based on the closing stock price of $62.55 on December 30, 2011. Volatility for MAA was obtained by using a blend of both historical and implied volatility calculations. Historical volatility was based on the standard deviation of daily total continuous returns and implied volatility was based on the trailing month average of daily implied volatilities interpolating between the volatilities implied by stock call option contracts that were closest to the terms shown and closest to the money. Volatility for MAA was 31.17% for one year, and 29.65% for two years. The requisite service period of the 2012 Plan is based on the criteria for the separate programs according to the four year vesting schedule. Turnover is based on the historical experience for the key managers and executive officers.

As of December 31, 2012, there was approximately $2,017,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted. MAA's policy is to recognize compensation cost over the requisite service period for each portion of an award. The $2,017,000 unrecognized cost will be recognized accordingly over the remaining weighted average period of 1.6 years. No shares were issued or have vested as of December 31, 2012.

3.    REAL ESTATE JOINT VENTURES

In 2007, MAALP entered into a joint venture, Mid-America Multifamily Fund I, LLC, or Fund I, with institutional capital in which we own a 33.33% interest. As of December 31, 2012, Fund I owned two properties with a combined total of 626 units. MAALP does not expect to make further investments through Fund I.

In 2009, MAALP entered into a joint venture, Mid-America Multifamily Fund II, LLC, or Fund II, with institutional capital in which we also own a 33.33% interest. As of December 31, 2012, Fund II had owned four properties with a combined total of 1,156 units.

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In 2012, MAALP entered into a joint venture, Mid-America Multifamily Fund III, LLC, or Fund III, with institutional capital in which we also own a 33.33% interest. As of December 31, 2012, Fund III had not acquired any properties.

 The income, contributions, distributions and ending investment balances related to MAALP’s joint ventures consisted of the following for the years ended December 31, 2012, 2011, and 2010 (dollars in thousands): 

	2012
	Fund I			Fund II			Fund III			Total
Joint venture (loss) gain	$	(413	)	$	190		$	—		$	(223	)
Gain on joint venture asset dispositions	—			4,146			—			4,146
Management fee income	281			618			—			899
Asset and acquisition fees	225			121			—			346
Contributions to joint venture	(74		)	(139		)	(5		)	(218		)
Distributions from joint venture	183			12,167			—			12,350
Investment in at December 31	4,727			105			5			4,837
Advances to at December 31	—			—			—			—

	2011
	Fund I			Fund II			Fund III		Total
Joint venture (loss) gain	$	(419	)	$	(188	)	$	—	$	(607	)
Gain on joint venture asset dispositions	—			14			—		14
Management fee income	275			742			—		1,017
Asset and acquisition fees	231			322			—		553
Contributions to joint venture	(85		)	(1,425		)	—		(1,510		)
Distributions from joint venture	164			1,238			—		1,402
Investment in at December 31	5,249			11,757			—		17,006
Advances to at December 31	—			—			—		—

	2010
	Fund I			Fund II			Fund III		Total
Joint venture (loss) gain	$	(555	)	$	(594	)	$	—	$	(1,149	)
Gain (loss) on joint venture asset dispositions	1			(359		)	—		(358		)
Management fee income	259			421			—		680
Asset and acquisition fees	235			573			—		808
Contributions to joint venture	(88		)	(12,042		)	—		(12,130		)
Distributions from joint venture	93			1,642			—		1,735
Investment in at December 31	5,747			11,758			—		17,505
Advances to at December 31	—			—			—		—

4.    BORROWINGS

MAALP maintains a total of $864.0 million of secured credit facilities with Prudential Mortgage Capital, credit enhanced by FNMA, or FNMA Facilities. The FNMA Facilities provide for both fixed and variable rate borrowings and have FNMA rate

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tranches with maturities from 2013 through 2018. The interest rate on the majority of the variable portion renews every 90 days and is based on the FNMA discount mortgage backed security rate on the date of renewal, which, for MAALP, has historically approximated three-month LIBOR less an average of 0.17% over the life of the FNMA Facilities, plus a fee of 0.49% to 0.67%. Borrowings under the FNMA Facilities totaled $584.8 million at December 31, 2012, consisting of $50.0 million under a fixed portion at a rate of 4.7%, and the remaining $534.8 million under the variable rate portion of the facility at an average rate of 0.8%. The available borrowing capacity at December 31, 2012, was $584.8 million. Commitment fees related to our unused FNMA Facilities totaled $362,000 for the year ended December 31, 2012. MAALP has 9 interest rate swap agreements, totaling a notional amount of $275 million designed to fix the interest rate on a portion of the variable rate borrowings outstanding under the FNMA Facilities at approximately 4.5%. The interest rate swaps have maturities between 2013 and 2015. The swaps are highly effective and are designed as cash flow hedges. MAALP has also entered into 20 interest rate caps totaling a notional amount of $253 million which are designed to cap a portion of the FNMA Facilities. These interest rate caps have maturities between 2013 and 2018 and ten are set at 6.0%, eight set at 4.5%, and two set at 5.0%. The FNMA Facilities are subject to certain borrowing base calculations that can effectively reduce the amount that may be borrowed.

MAALP has a $200.0 million credit facility with Freddie MAC, or Freddie Mac Facility. At December 31, 2012, MAALP had $198.2 million borrowed against the Freddie Mac Facility at an interest rate of 0.7%. Commitment fees related to our Freddie Mac Facility totaled $3,000 for the year ended December 31, 2012. MAALP has 8 interest rate swap agreements, totaling a notional amount of $134.0 million designed to fix the interest rate on a portion of the variable rate borrowings outstanding under the Freddie Mac Facility at approximately 4.4%. The interest rate swaps expire in 2013 and 2014. MAALP has also entered into one interest rate cap totaling a notional amount of $15.0 million which is designated against the Freddie Mac Facility. This interest rate cap has a 2014 maturity and is set at 5.0%.

MAALP also maintains a $325.0 million unsecured credit facility with nine banks led by Key Bank National Association (Key Bank). The Key Bank Credit Line bears an interest rate of LIBOR plus a spread of 1.05% to 1.85% based on a leveraged based pricing grid. This credit line expires in November 2015 with a one year extension option. At December 31, 2012, MAALP had $323.6 million available to be borrowed under the Key Bank Line agreement with $23.0 million borrowed under this facility. Approximately $1.4 million of the facility is used to support letters of credit. Commitment fees related to this facility totaled $739,000 for the year ended December 31, 2012.

Each of MAALP’s credit facilities is subject to various covenants and conditions on usage. If MAA were to fail to satisfy a condition to borrowing, the available credit under one or more of the facilities could not be drawn, which could adversely affect our liquidity. Moreover, if MAA were to fail to make a payment or violate a covenant under a credit facility, after applicable cure periods, one or more of its lenders could declare a default, accelerate the due date for repayment of all amounts outstanding and/or foreclose on properties securing such facilities. Any such event could have a material adverse effect on MAALP. MAALP believes it was in compliance with these covenants and conditions on usage at December 31, 2012.

At December 31, 2012, MAALP had $372.4 million of fixed rate conventional property mortgages with an average interest rate of 4.8% and an average maturity of 2019 and a $15.2 million variable rate mortgage with an embedded cap rate of 7.0% at an interest rate of 3.6% with a maturity in 2015.

At December 31, 2012, MAALP had $55.8 million (after considering the impact of interest rate swap and cap agreements in effect) of conventional, secured variable rate debt outstanding at an average interest rate of 0.7%, $213.1 million of capped conventional, secured variable rate debt at an average interest rate of 1.0%, and $70.3 million of capped tax-free variable rate debt at an average rate of 0.9%. The interest rate on all other secured debt, totaling $831.4 million, was hedged or fixed at an average interest rate of 5.0%. Additionally, MAALP had $460.0 million of senior unsecured notes and term loans fixed at an average interest rate of 3.8% and a $23.0 million variable rate credit facility with an average interest rate of 1.5%.

As of December 31, 2012, the weighted average interest rate on MAALP’s debt was 3.8%.

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The following table summarizes MAALP’s indebtedness at December 31, 2012, (dollars in thousands): 

	Borrowed Balance		Effective Rate		Contract Maturity
Fixed Rate Secured Debt
Individual property mortgages	$	372,382	4.8	%	8/29/2019
FNMA conventional credit facilities	50,000		4.7	%	3/31/2017
Credit facility balances managed with interest rate swaps
LIBOR-based interest rate swaps	409,000		5.3	%	2/3/2014
Total fixed rate secured debt	831,382		5.0	%	10/10/2016
Variable Rate Secured Debt (1)
FNMA conventional credit facilities	189,721		0.8	%	4/20/2016
FNMA tax-free credit facilities	70,096		0.9	%	8/10/2031
Freddie Mac credit facilities	64,247		0.7	%	7/1/2014
Freddie Mac mortgage	15,200		3.6	%	12/10/2015
Total variable rate secured debt	339,264		0.9	%	2/8/2019
Total Secured Debt	$	1,170,646	3.9	%	6/14/2017
Unsecured Debt
Variable rate credit facility	23,000		1.5	%	11/1/2015
Term loan fixed with swaps	150,000		2.4	%	3/1/2017
Fixed rate senior private placement bonds	310,000		4.5	%	7/27/2021
Total Unsecured Debt	$	483,000	3.7	%	12/5/2019
Total Outstanding Debt	$	1,653,646	3.8	%	3/5/2018

(1) Includes capped balances

The following table summarizes interest rate ranges and maturity of MAALP’s indebtedness at December 31, 2012 and the balance of MAALP’s indebtedness at December 31, 2011 (dollars in millions):

	At December 31, 2012
	Actual Interest Rates	Current Average Interest Rate	Maturity	Balance		Balance at December 31, 2011
Fixed Rate:
Taxable Secured	3.51 - 6.21%	4.82%	2014-2035	$	422.4	$	403.0
Unsecured	3.15 - 5.57%	4.51%	2017-2024	310.0		135.0
Interest rate swaps	4.38 - 6.63%	5.57%	2013-2017	559.0		569.8
				$	1,291.4	$	1,107.8
Variable Rate: (1)
Taxable	0.66 - 1.13%	0.73%	2013-2033	71.0		264.3
Interest rate caps	0.72 - 0.94%	0.85%	2013-2033	268.2		257.4
Unsecured	1.46%	1.46%	2015	23.0		—
				$	362.2	$	521.7
				$	1,653.6	$	1,629.5

(1) Amounts are adjusted to reflect interest rate swap and cap agreements in effect at December 31, 2012, and 2011, respectively which results in MAALP paying fixed interest payments over the terms of the interest rate swaps and on changes in interest rates above the strike rate of the cap. Rates and maturities for capped balances are for the underlying debt, unless the strike rate has been reached.

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The following table includes scheduled principal repayments on the borrowings at December 31, 2012, as well as the amortization of the fair market value of debt assumed (dollars in thousands): 

Year	Amortization		Maturities		Total
2013	$	5,217	$	1,278	$	6,495
2014	4,868		369,192		374,060
2015	4,493		193,700		198,193
2016	5,138		82,328		87,466
2017	6,966		154,738		161,704
Thereafter	15,701		810,027		825,728
	$	42,383	$	1,611,263	$	1,653,646

MAALP has additional requirements related to $20.2 million of tax-free bonds issued by MAA but held within the FNMA facility. These amounts are not included in our debt discussion above or within our Consolidated Balance Sheets as MAALP is not the legal borrower of the bonds; however, because of MAALP's obligations under the FNMA facility, we could be required to pay related principal, interest, and other costs if MAA were to default on its payments.

5.   DERIVATIVES AND HEDGING ACTIVITIES

Risk Management Objective of Using Derivatives

We are exposed to certain risk arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of our debt funding and the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future contractual and forecasted cash amounts, principally related to our borrowings, the value of which are determined by changing interest rates.

Cash Flow Hedges of Interest Rate Risk

Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we use interest rate swaps and interest rate caps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an upfront premium.

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the years ended December 31, 2012, 2011 and 2010, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt.  The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the years ended December 31, 2012, 2011 and 2010, we recorded ineffectiveness of $39,000, $188,000 and $235,000, respectively, as an increase to interest expense attributable to a mismatch in the underlying indices of the derivatives and the hedged interest payments made on our variable-rate debt.

During the year ended December 31, 2012, we also had 6 interest rate caps with a total notional amount of $31.7 million, (four of these caps with a collective notional amount of $23.8 million matured during the fourth quarter of 2012), where only the changes in intrinsic value are recorded in Accumulated other comprehensive income.  Changes in fair value of these interest rate caps due to changes in time value (e.g. volatility, passage of time, etc.) are excluded from effectiveness testing and are recognized directly in earnings.  During the years ended December 31, 2012, 2011 and 2010, we recorded losses of less than $1,000, $7,000 and $34,000, respectively, due to changes in the time value of these interest rate caps.

Amounts reported in Accumulated other comprehensive income related to derivatives designated in qualifying cash flow hedges will be reclassified to Interest expense as interest payments are made on our variable-rate debt. During the next twelve months, we estimate that an additional $15.2 million will be reclassified to earnings as an increase to Interest expense, which

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primarily represents the difference between our fixed interest rate swap payments and the projected variable interest rate swap payments.

All interest rate cap discussions below include two caps that are designated as hedges of MAA debt and therefore do not show up in the debt schedules for the Operating Partnership. These two hedges will still be included in the derivative discussion as the actual derivative instruments belong to the Operating Partnership.

As of December 31, 2012 we had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:

Interest Rate Derivative	Number of Instruments	Notional
Interest Rate Caps	14	$232,576,000
Interest Rate Swaps	20	$559,000,000

Non-designated Hedges

Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of FASB ASC 815, Derivatives and Hedging. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in losses of $66,000 and $24,000 for the years ended December 31, 2012 and 2011, respectively. We did not have any derivatives not designated as hedges for the year ended December 31, 2010.

As of December 31, 2012 we had the following outstanding interest rate derivatives that were not designated as hedges:

Interest Rate Derivative	Number of Instruments	Notional
Interest Rate Caps	9	$55,875,000

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Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet

The table below presents the fair value of our derivative financial instruments as well as their classification on the Consolidated Balance Sheet as of December 31, 2012 and December 31, 2011, respectively: (dollars in thousands)

	Asset Derivatives					Liability Derivatives
		31-Dec-12		31-Dec-11			31-Dec-12		31-Dec-11
Derivatives designated as hedging instruments	Balance Sheet Location	Fair Value		Fair Value		Balance Sheet Location	Fair Value		Fair Value
Interest rate contracts	Other assets	$	245	$	975	Fair market value of interest rate swaps	$	21,423	$	33,095
Total derivatives designated as hedging instruments		$	245	$	975		$	21,423	$	33,095
Derivatives not designated as hedging instruments
Interest rate contracts	Other assets	$	43	$	43		$	—	$	—
Total derivatives not designated as hedging instruments		$	43	$	43		$	—	$	—

Tabular Disclosure of the Effect of Derivative Instruments on the Statement of Operations

The tables below present the effect of our derivative financial instruments on the Consolidated Statement of Operations for the years ended December 31, 2012, 2011 and 2010, respectively: (dollars in thousands)

Derivatives in Cash Flow Hedging Relationships	Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)									Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)									Location of Gain or (Loss Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Years ended December 31,	2012			2011			2010				2012			2011			2010				2012			2011			2010
Interest rate contracts	$	(8,409	)	$	(13,951	)	$	(35,538	)	Interest expense	$	(20,107	)	$	(27,639	)	$	(34,021	)	Interest expense	$	(39	)	$	(195	)	$	(269	)
Total derivatives in cash flow hedging relationships	$	(8,409	)	$	(13,951	)	$	(35,538	)		$	(20,107	)	$	(27,639	)	$	(34,021	)		$	(39	)	$	(195	)	$	(269	)

Derivatives Not Designated as Hedging Instruments	Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
For the year ended December 31,		2012			2011			2010
Interest rate products	Interest income/(expense)	$	(66	)	$	(24	)	$	—
Total		$	(66	)	$	(24	)	$	—

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Credit-risk-related Contingent Features

As of December 31, 2012, derivatives that were in a net liability position and subject to credit-risk-related contingent features had a termination value of $23.5 million, which includes accrued interest but excludes any adjustment for nonperformance risk. These derivatives had a fair value, gross of asset positions, of $21.4 million at December 31, 2012.

Certain of our derivative contracts contain a provision where if we default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then we could also be declared in default on our derivative obligations. As of December 31, 2012, we had not breached the provisions of these agreements.  If we had breached these provisions, we could have been required to settle our obligations under the agreements at their termination value of $12.3 million.

Certain of our derivative contracts contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness. As of December 31, 2012, we had not breached the provisions of these agreements.  If we had breached these provisions, we could have been required to settle our obligations under the agreements at their termination value of $3.2 million.

Certain of our derivative contracts are credit enhanced by either FNMA or Freddie Mac.  These derivative contracts require that our credit enhancing party maintain credit ratings above a certain level.  If our credit support providers were downgraded below Baa1 by Moody’s or BBB+ by Standard & Poor’s, or S&P, we may be required to either post 100 percent collateral or settle the obligations at their termination value of $20.3 million as of December 31, 2012.  Both FNMA and Freddie Mac are currently rated Aaa by Moody’s and AA+ by S&P, and therefore, the provisions of this agreement have not been breached and no collateral has been posted related to these agreements as of December 31, 2012.

Although our derivative contracts are subject to master netting arrangements, which serve as credit mitigants to both us and our counterparties under certain situations, we do not net our derivative fair values or any existing rights or obligations to cash collateral on the consolidated balance sheet.

Other Comprehensive Income

MAALP's other comprehensive income consists entirely of gains and losses attributable to the effective portion of our cash flow hedges. The chart below shows the change in the balance for the years ended December 31, 2012, 2011, and 2010:

Changes in Accumulated Other Comprehensive Income by Component	Affected Line Item in the Consolidated Statements Of Operations	Gains and Losses on Cash Flow Hedges
For the year ended December 31,		2012			2011			2010
Beginning balance		$	(38,579	)	$	(52,267	)	$	(50,750	)
Other comprehensive income before reclassifications		(8,409		)	(13,951		)	(35,538		)
Amounts reclassified from accumulated other comprehensive income (interest rate contracts)	Interest (income)/expense	20,107			27,639			34,021
Net current-period other comprehensive income attributable to Mid-America Apartments, L.P.		11,698			13,688			(1,517		)
Ending balance		$	(26,881	)	$	(38,579	)	$	(52,267	)

See also discussions in Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements, Note 6.

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6.  Fair Value Disclosure of Financial Instruments

Cash and cash equivalents, restricted cash, accounts payable, accrued expenses and other liabilities and security deposits are carried at amounts that reasonably approximate their fair value due to their short term nature.

On January 1, 2008, we adopted FASB ASC 820 Fair Value Measurements and Disclosures, or ASC 820.ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement.  ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

Fixed rate notes payable at December 31, 2012 and December 31, 2011, totaled $732.4 million and $538.0 million, respectively, and had estimated fair values of $777.8 million and $560.2 million (excluding prepayment penalties), respectively, based upon interest rates available for the issuance of debt with similar terms and remaining maturities as of December 31, 2012 and December 31, 2011. The carrying value of variable rate notes payable (excluding the effect of interest rate swap and cap agreements) at December 31, 2012 and December 31, 2011, totaled $921.3 million and $1,091.5 million, respectively, and had estimated fair values of $850.6 million and $1,036.6 million (excluding prepayment penalties), respectively, based upon interest rates available for the issuance of debt with similar terms and remaining maturities as of December 31, 2012 and December 31, 2011.

Currently, we use interest rate swaps and interest rate caps (options)to manage our interest raterisk. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves.

The fair values of interest rate options (caps) are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities.

To comply with the provisions of ASC 820, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees.

We have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, and as a result, all of our derivatives held as of December 31, 2012 and December 31, 2011 were classified as Level 2 of the fair value hierarchy.

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The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2012 and December 31, 2011, aggregated by the level in the fair value hierarchy within which those measurements fall.

Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2012

(dollars in thousands)

	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs  (Level 2)		Significant Unobservable Inputs  (Level 3)		Balance at December 31, 2012
Assets
Derivative financial instruments	$	—	$	288	$	—	$	288
Liabilities
Derivative financial instruments	$	—	$	21,423	$	—	$	21,423

Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2011

(dollars in thousands)

	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs  (Level 2)		Significant Unobservable Inputs  (Level 3)		Balance at December 31, 2011
Assets
Derivative financial instruments	$	—	$	1,018	$	—	$	1,018
Liabilities
Derivative financial instruments	$	—	$	33,095	$	—	$	33,095

 The fair value estimates presented herein are based on information available to management as of December 31, 2012 and December 31, 2011.  These estimates are not necessarily indicative of the amounts we could ultimately realize.  See also Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements, Note 5.

7.    COMMITMENTS AND CONTINGENCIES

MAALP is not presently subject to any material litigation nor, to management's knowledge, with advice of legal counsel, is any material litigation threatened against us. We are subject to routine litigation arising in the ordinary course of business, some of which is expected to be covered by liability insurance and none of which is expected to have a material adverse effect on our consolidated financial statements.

MAALP had operating lease expense of approximately $15,000, $18,000, and $18,000 for the years ended December 31, 2012, 2011 and 2010, respectively. MAALP has commitments of approximately $9,000 in 2013, $10,000 in 2014, and $19,000 thereafter under operating lease agreements outstanding at December 31, 2012. MAALP also has commitments of $4.1 million in 2013 and $1.4 million in 2014 under development contract agreements outstanding at December 31, 2012.

8.    INCOME TAXES

The taxable income or loss of MAALP is reported on the tax returns of the partners. Accordingly, no provision has been made in the accompanying financial statements for federal or state income taxes on income that is passed through to the partners.

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MAALP does record excise or franchise taxes on income that results from its operating results as well as real estate taxes on MAALP's property.

No provision for federal income taxes has been made in the accompanying consolidated financial statements. MAA has made an election to be taxed as a Real Estate Investment Trust, or REIT, under Sections 856 through 860 of the Internal Revenue Code. As a REIT, MAA is generally not subject to federal income tax to the extent that it distributes 100% of its taxable income to its shareholders. MAA must meet certain requirements, including the requirement to distribute at least 90% of its taxable income, to maintain REIT status. If MAA fails to qualify as a REIT in any taxable year, MAA will be subject to the federal income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate rates and MAALP will have to fund the payment of these taxes.

Net income for tax reporting purposes differs from net income reported for financial reporting purposes primarily because of differences in depreciable lives, the tax basis of certain assets and liabilities and in the timing of recognition of earnings upon disposition of properties.

ASC 740-10-50 prescribes a recognition threshold and measurement attribute for the recognition and measurement of tax positions taken in tax returns. We have identified and examined our tax positions for all open tax years through December 31, 2009, and concluded that the full benefit of each tax position taken should be recognized in the financial statements. There have been no significant changes in unrecognized tax benefits following the adoption date.

ASC 740-10-50 requires that an enterprise must calculate interest and penalties related to unrecognized tax benefits. The decision regarding where to classify interest and penalties on the income statement is an accounting policy decision that should be consistently applied. Interest and penalties calculated on any future uncertain tax positions will be presented as a component of income tax expense. No interest and penalties are accrued on our balance sheet as of December 31, 2012 and 2011.

MAALP’s tax years that remain subject to examination for U.S. federal purposes range from 2009 through 2011. Our tax years that remain open for state examination vary but range from 2008 through 2011.

9.    PARTNERS' CAPITAL

Operating Partnership Units

Interests in MAALP are represented by Operating Partnership Units, or OP Units. As of December 31, 2012, there were 41,453,133 OP Units outstanding, 39,721,461 or 95.8% of which were owned by MAA, our general partner. The remaining 1,731,672 OP Units were owned by non-affiliated limited partners ("Class A Limited Partners"). As of December 31, 2011, there were 38,540,288 OP Units outstanding, 36,602,619 or 95.0% of which were owned by MAA and 1,937,669 of which were owned by the Class A Limited Partners.

MAA, as the sole general partner, has full, complete and exclusive discretion to manage and control the business of the Operating Partnership subject to the restrictions specifically contained within the Partnership Agreement. Unless otherwise stated in the Operating Partnership Agreement, this power includes, but is not limited to, acquiring, leasing, or disposing of any real property; constructing buildings and making other improvements to properties owned; borrowing money, modifying or extinguishing current borrowings, issuing evidence of indebtedness, and securing such indebtedness by mortgage, deed of trust, pledge or other lien on the Operating Partnership's assets; and distribution of Operating Partnership cash or other assets in accordance with the Partnership Agreement. MAA can generally, at its sole discretion, issue and redeem OP Units and determine the consideration to be received or the redemption price to be paid, as applicable. The general partner may delegate these and other powers granted if the general partner remains in supervision of the designee.

Under the Partnership Agreement, the Operating Partnership may issue Class A OP Units and Class B OP Units. Class A OP Units may only be held by limited partners who are not affiliated with MAA, in its capacity as general partner of the Operating Partnership, while Class B OP Units may only be held by MAA, in its capacity as general partner of the Operating Partnership, and as of December 31, 2012, a total of 1,731,672 Class A OP Units in the Operating Partnership were held by limited partners unaffiliated with MAA, while a total of 39,721,461 Class B OP Units were held by MAA. In general, the limited partners do not have the power to participate in the management or control of the Operating Partnership's business except in limited circumstances including changes in the general partner and protective rights if the general partner acts outside of the provisions provided in the Partnership Agreement. The transferability of Class A OP Units is also limited by the Partnership Agreement.

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Net income is allocated to the general partner and limited partners based on their respective ownership percentages of the Operating Partnership. Issuance or redemption of additional Class A OP Units or Class B OP Units changes the relative ownership percentage of the partners. The issuance of Class B OP Units generally occurs when MAA issues common stock and the proceeds from that issuance are contributed to the Operating Partnership in exchange for the issuance to MAA of an equal number of common stock shares issued. Likewise, if MAA repurchases or redeems outstanding shares of common stock, the Operating Partnership generally redeems an equal number of Class B OP Units with similar terms held by MAA for a redemption price equal to the purchase price of those shares of common stock. At each reporting period, the allocation between general partner capital and limited partner capital is adjusted to account for the change in the respective percentage ownership of the underlying capital of the Operating Partnership. Holders of the Class A OP Unit may require MAA to redeem their Class A OP Units, in which case MAA may, at its option, pay the redemption price either in cash (in an amount per Class A OP Unit equal, in general, to the average closing price of MAA's common stock on the New York Stock Exchange over a specified period prior to the redemption date) or by delivering one share of MAA common stock (subject to adjustment under specified circumstances) for each Class A OP Unit so redeemed.

At December 31, 2012, a total of 1,731,672 Class A OP Units were outstanding and redeemable for 1,731,672 shares of MAA common stock or approximately $112,125,762, based on the closing price of MAA’s common stock on December 31, 2012 of $64.75 per share, at MAA’s option. At December 31, 2011, a total of 1,937,669 Class A OP Units were outstanding and redeemable for 1,937,669 shares of MAA common stock or approximately $121,201,000, based on the closing price of MAA’s common stock on December 31, 2011 of $62.55 per share, at MAA’s option.

The Operating Partnership pays the same per unit distribution in respect to the OP Units as the per share dividend MAA pays in respect to its common and preferred stock.

Series H Preferred Units

In 2003, MAA issued the Series H Preferred Stock with a $25.00 per share liquidation preference and a preferential cumulative annual distribution of $2.075 per share, payable quarterly. MAA issued 6,200,000 shares of Series H Preferred Stock for which it received net proceeds of $150.1 million. On and after August 11, 2008, the Series H Preferred Stock shares became redeemable for cash at the option of MAA, in whole or in part, at a redemption price equal to the liquidation preference plus dividends owed and unpaid to the redemption date. The Operating Partnership received the proceeds from these issuances in exchange for a number of OP Units equal to the number of preferred shares issued with terms substantially similar to the Series H Preferred Stock (the "Series H OP Units").

On June 2, 2010, MAA redeemed 3,100,001 units of the 6,200,000 units of the Series H Preferred Stock. Accordingly, MAALP redeemed 3,100,001 Series H OP Units. On August 5, 2010 MAA redeemed all of the remaining and outstanding shares of the Series H Preferred Stock and MAALP redeemed the remaining Series H OP Units, resulting in a combined write-off for the year ended December 31, 2010 of approximately $5.1 million on the Consolidated statement of operations related to premiums and original issuance costs. The Operating Partnership funded this redemption by contributing monies to MAA to fund MAA's redemption of the Series H Preferred Stock.

Direct Stock Purchase and Distribution Reinvestment Plan

MAA has a Dividend and Distribution Reinvestment and Share Purchase Plan, or DRSPP, pursuant to which MAA’s shareholders have the ability to reinvest all or part of their distributions from MAA’s common stock, preferred stock or OP Units in Mid-America Apartments, L.P. into MAA’s common stock. The plan also provides the opportunity to make optional cash investments in common shares of at least $250, but not more than $5,000 in any given month, free of brokerage commissions and charges. MAA, in its absolute discretion, may grant waivers to allow for optional cash payments in excess of $5,000. To fulfill its obligations under the DRSPP, MAA may either issue additional shares of common stock or repurchase common stock in the open market. MAA has registered with the Securities and Exchange Commission the offer and sale of up to 7,600,000 shares of common stock pursuant to the DRSPP. MAA may elect to sell shares under the DRSPP at up to a 5% discount.

Common stock shares totaling 14,260 in 2012, 509,116 in 2011 and 568,323 in 2010 were acquired by shareholders under the DRSPP. MAA did not offer a discount for optional cash purchases in 2012; however, an average discount of 2.0% was offered for optional cash purchases in 2011 and 2010. All funds received from these issuances were contributed to the Operating Partnership in exchange for a number of OP Units equal to the number of shares issued by MAA.

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At the Market Offering

On November 5, 2009, MAA entered into a sales agreement with Cantor Fitzgerald & Co. to sell up to 4,000,000 shares of its common stock, from time to time in at-the-market offerings or negotiated transactions through a controlled equity offering program, or ATM.

On August 26, 2010, MAA entered into sales agreements with Cantor Fitzgerald & Co., Raymond James & Associates, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated to sell up to a combined total of 6,000,000 shares of its common stock, from time to time in at-the-market offerings or negotiated transactions through a controlled equity offering program. These agreements had materially similar terms to MAA's previous ATM agreements.

During the years ended December 31, 2012, 2011 and 2010, MAA sold 1,155,511 shares, 3,303,273 shares and 5,077,201 shares, respectively, of common stock for net proceeds of $75.9 million, $204.5 million and $274.6 million, respectively, through its ATM programs. The gross proceeds for these issuances were $77.0 million, $207.7 million and $278.5 million, respectively, for the years ended December 31, 2012, 2011 and 2010. As of December 31, 2012, there were 578,015 shares outstanding under the ATM. All proceeds from these transactions were received by MAALP in exchange for a number of OP Units equal to the number of shares issued by MAA.

On March 2, 2012, MAA closed on an underwritten public offering of 1,955,000 shares of common stock. UBS Investment Bank and Jeffries & Company, Inc. acted as joint bookrunning managers. This transaction resulted in net proceeds of $120.1 million. No such issuances occurred during 2011 or 2010. Proceeds from this transaction were received by MAALP in exchange for OP Units equal to the number of shares issued.

Share Repurchase Plan

In 1999, MAA’s Board of Directors approved an increase in the number of shares of common stock authorized to be repurchased to 4.0 million shares. As of December 31, 2012, MAA had repurchased approximately 1.9 million shares (8% of the shares of common stock and common units outstanding as of the beginning of the repurchase program). From time-to-time, MAA intends to repurchase shares when MAA believes that shareholder value is enhanced. Factors affecting this determination include, among others, the share price, financing agreements and rates of return. No shares were repurchased from 2002 through 2012 under this plan. In general, share repurchases will be funded by the Operating Partnership, resulting in a decrease in the number of OP Units held by MAA equal to the number of shares repurchased.

10.     EMPLOYEE BENEFIT PLANS

Following are details of employee benefit plans not previously discussed in Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements, Note 2. In general, the Operating Partnership has recorded its portion of any expenses associated with the plans below based on the allocation of General and Administrative expenses. See further discussion on allocation of General and Administrative expenses in Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements, Note 1.

401(k) Savings Plan

The MAA 401(k) Savings Plan, or 401(k) Plan, is a defined contribution plan that satisfies the requirements of Section 401(a) and 401(k) of the Code. Our Board of Directors has the discretion to approve matching contributions. Our contribution to this plan was approximately $668,000, $597,000 and $507,000 in 2012, 2011 and 2010, respectively.

Non-Qualified Deferred Compensation Retirement Plan

MAALP has adopted a non-qualified deferred compensation retirement plan for key employees who are not qualified for participation in the Company’s 401(k) Plan. Under the terms of the plan, employees may elect to defer a percentage of their compensation and MAALP may, but is not obligated to, match a portion of their salary deferral. The plan is designed so that the employees’ investment earnings under the non-qualified plan should be the same as the earning assets in the Company’s 401(k) Plan. MAALP’s match to this plan in 2012, 2011 and 2010 was approximately $45,000, $51,000 and $57,000, respectively.

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Non-Qualified Deferred Compensation Plan for Outside Company Directors

In 1998, MAA established the Non-Qualified Deferred Compensation Plan for Outside Company Directors, or the Directors Deferred Compensation Plan, which allows non-employee directors to defer their director fees by having the fees held by MAA as shares of MAA common stock. Directors can also choose to have their annual restricted stock grants issued into the Directors Deferred Compensation Plan. Amounts deferred through the Directors Deferred Compensation Plan are distributed to the directors in two annual installments beginning in the first 90 days of the year following the director’s departure from the board. Participating directors may choose to have the amount issued to them in shares of MAA common stock or paid to them as cash at the market value as of the end of the year the director ceases to serve on the board.

During 2012, 2011 and 2010, directors deferred 5,549 shares, 5,328 shares and 4,422 shares of common stock, respectively, with weighted-average grant date fair values of $66.12, $64.55 and $56.90, respectively, into the Directors Deferred Compensation Plan. When Director Deferred Compensation Plan shares are issued, a number of OP Units are issued equal to the number of shares issued by MAA.

The OP Units held in the Directors Deferred Compensation Plan are classified outside of permanent equity in redeemable units with changes in redemption amount recorded immediately to Capital because the directors have redemption rights not solely within the control of MAALP. Additionally, any units that become mandatorily redeemable because a departed director has elected to receive a cash payout are recorded as a liability. MAALP did not record a liability related to mandatorily redeemable shares in 2012 as no director elected to receive a cash payout; however, approximately $78,000 and $143,000 was recorded in accrued expenses and other liabilities at 2011 and 2010, respectively.

Employee Stock Ownership Plan

The Mid-America Apartment Communities, Inc. Employee Stock Ownership Plan, or ESOP, is a non-contributory stock bonus plan that satisfies the requirements of Section 401(a) of the Internal Revenue Code. Each employee of MAALP is eligible to participate in the ESOP after completing one year of service with MAALP. Participants' ESOP accounts will be 100% vested after three years of continuous service, with no vesting prior to that time. MAALP contributed 22,500 units of OP Units to the ESOP upon conclusion of the initial offering. MAALP did not contribute to the ESOP during 2012, 2011 or 2010. As of December 31, 2012, there were 198,732 units outstanding with a fair value of $12.9 million.

11.    EARNINGS FROM DISCONTINUED OPERATIONS

The nine communities that MAALP sold in 2012 as well as the two properties sold by MAALP during 2011 have been classified as discontinued operations in the Consolidated Statements of Operations.

The following table lists the communities that MAALP sold in 2012:

Community	Number of Units	Date Sold	Operating Segment
Kenwood Club	320	January 12, 2012	Large market same store
Cedar Mill	276	February 9, 2012	Secondary market same store
Celery Stalk	410	June 7, 2012	Large market same store
Hidden Lake	320	July 25, 2012	Large market same store
Westbury Springs	150	July 25, 2012	Secondary market same store
Park Walk	124	July 26, 2012	Large market same store
TPC Florence	200	August 1, 2012	Secondary market same store
Fairways at Royal Oak	214	August 7, 2012	Secondary market same store
Walden Run	240	November 8, 2012	Large market same store

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The following is a summary of earnings from discontinued operations for the years ended December 31, 2012, 2011 and 2010 (dollars in thousands):

	2012		2011			2010
Revenues:
Rental revenues	$	8,054	$	20,578		$	21,025
Other revenues	974		2,507			2,423
Total revenues	9,028		23,085			23,448
Expenses:
Property operating expenses	5,299		12,662			14,353
Depreciation and amortization	2,507		5,557			5,680
Interest expense	645		1,241			1,364
Total expenses	8,451		19,460			21,397
Income from discontinued operations before gain (loss) on sale	577		3,625			2,051
Net gain (loss) on insurance and other settlement proceeds on discontinued operations	48		(12		)	—
Gain (loss) on sale of discontinued operations	41,635		12,799			(2		)
Income from discontinued operations	$	42,260	$	16,412		$	2,049

12.    RELATED PARTY TRANSACTIONS

Pursuant to management contracts with MAALP’s joint ventures, MAALP manages the operations of the joint venture apartment communities for a fee of 4.00% to 4.25% of the revenues of the joint venture. MAALP received approximately $899,000, $1,017,000 and $680,000 as management fees from the joint ventures in 2012, 2011 and 2010, respectively. MAALP also received approximately $346,000, $426,000 and $360,000 in asset management fees in 2012, 2011 and 2010, respectively, and $3,000, $3,000 and $6,000 in construction management fees in 2012, 2011 and 2010, respectively, from our joint ventures. MAALP had receivables from joint ventures totaling $3,100,000, $400,000, and $800,000 as of December 31, 2012, 2011, and 2010, respectively.

All cash management of MAA is managed by MAALP. In general, cash receipts are remitted to the Operating Partnership and all cash disbursements are funded by the Operating Partnership. As a result of these transactions, MAALP had a payable to our General Partner (MAA) of $24.3 million and $20.1 million at December 31, 2012 and 2011 respectively. The Partnership Agreement does not require that this due to/due from be settled in cash until liquidation of the Operating Partnership and therefore there is no regular settlement schedule for these amounts.

13.     SEGMENT INFORMATION

As of December 31, 2012, MAALP owned or had an ownership interest in 151 multifamily apartment communities in 12 different states from which we derived all significant sources of earnings and operating cash flows. Senior management evaluates performance and determines resource allocations by reviewing apartment communities individually and in the following reportable operating segments:

• Large market same store communities are generally communities in markets with a population of at least 1 million and at least 1% of the total public multifamily REIT units that we have owned and have been stabilized for at least a full 12 months and have not been classified as held for sale.

• Secondary market same store communities are generally communities in markets with populations of more than 1 million but less than 1% of the total public multifamily REIT units or markets with populations of less than 1 million that we have owned and have been stabilized for at least a full 12 months and have not been classified as held for sale.

• Non same store communities and other includes recent acquisitions, communities in development or lease-up and communities that have been classified as held for sale. Also included in non same store communities are non multifamily activities which represent less than 1% of our portfolio.

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On the first day of each calendar year, we determine the composition of our same store operating segments for that year, which allows us to evaluate full period-over-period operating comparisons. We utilize NOI, in evaluating the performance. Total NOI represents total property revenues less total property operating expenses, excluding depreciation and amortization, for all properties held during the period regardless of their status as held for sale. We believe NOI is a helpful tool in evaluating the operating performance of our segments because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

Revenues and NOI for each reportable segment for the years ended December 31, 2012, 2011 and 2010, were as follows (dollars in thousands):

	2012			2011			2010
Revenues
Large Market Same Store	$	205,191		$	192,858		$	175,725
Secondary Market Same Store	165,867			160,274			152,194
Non-Same Store and Other	74,592			31,471			8,319
Total property revenues	445,650			384,603			336,238
Management fee income	899			1,017			680
Total operating revenues	$	446,549		$	385,620		$	336,918
NOI
Large Market Same Store	$	119,964		$	110,154		$	100,529
Secondary Market Same Store	96,480			91,844			86,879
Non-Same Store and Other	50,285			29,163			13,806
Total NOI	266,729			231,161			201,214
Discontinued operations NOI included above	(4,137		)	(10,912		)	(10,985		)
Management fee income	899			1,017			680
Depreciation and amortization	(114,139		)	(100,648		)	(88,651		)
Acquisition expense	(2,236		)	(3,319		)	(2,035		)
Property management expense	(19,761		)	(18,436		)	(15,968		)
General and administrative expense	(11,479		)	(14,488		)	(11,189		)
Interest and other non-property income	318			689			789
Interest expense	(52,249		)	(51,202		)	(53,803		)
Loss on debt extinguishment	(654		)	(754		)	—
Amortization of deferred financing costs	(3,097		)	(2,598		)	(2,300		)
Net casualty (loss) gain and other settlement proceeds	(13		)	(475		)	48
Gain on sale of non-depreciable assets	45			1,084			—
Gain on properties contributed to joint ventures	—			—			752
Loss from real estate joint ventures	(223		)	(593		)	(1,149		)
Discontinued operations	42,260			16,412			2,049
Net income attributable to noncontrolling interests	(3,525		)	(421		)	(473		)
Net income attributable to Mid-America Apartments, L.P.	$	98,738		$	46,517		$	18,979

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Assets for each reportable segment as of December 31, 2012 and 2011 were as follows (dollars in thousands):

	December 31, 2012		December 31, 2011
Assets
Large Market Same Store	$	1,108,827	$	1,140,317
Secondary Market Same Store	654,315		673,620
Non-Same Store and Other	728,209		407,629
Corporate assets	38,520		99,969
Total assets	$	2,529,871	$	2,321,535

14.     BUSINESS COMBINATIONS

During 2012 we acquired properties totaling 2,452 units for a total purchase price of $312.0 million, paid in cash, which does not include land acquired for future development. These acquisitions included $58.0 million recorded to Land, $285.6 million recorded to Buildings and improvements, $0.6 million recorded to Furniture, fixtures, and equipment, $0.5 million of intangibles recorded in Other assets, $2.9 million of fair market value of residential leases recorded in Other assets and $30.3 million liability assumed recorded in Secured notes payable for a total net addition of assets of $317.3 million. These acquisitions account for $17.6 million of consolidated revenue as reported and $3.1 million of consolidated net income as reported for 2012. The unaudited pro forma information set forth below is based on MAALP’s historical Consolidated Statements of Operations for the years ended December 31, 2012 and 2011, adjusted to give effect to these transactions as though they occurred at the beginning of the earliest year presented. Pro forma results are not necessarily indicative of future results.

	Pro forma (Unaudited) Period Ended December 31, (in thousands, except per unit data)
	2012		2011
Total Revenue (1)	$	463,662	$	418,593
Net Income available to common unitholders (1)	$	107,128	$	47,175
Earnings per unit, diluted (1)	$	2.54	$	1.21

(1) Pro forma adjustments for certain acquisitions are excluded as they had no pre-acquisition operating activity in 2011 or 2012.

15.     SUBSEQUENT EVENTS

Acquisitions

On February 1, 2013, we closed on the purchase of the 310-unit Milstead Village apartment community located in Kennesaw (Atlanta), Georgia. This property was previously a part of our Fund I Joint Venture.

Financings

On February 25, 2013, MAA and MAALP entered into distribution agreements with each of JP Morgan Securities, LLC, BMO Capital Markets Corp, KeyBanc Capital Markets Inc. and UBS Securities, LLC to sell up to 4,500,000 shares, in the aggregate, under the distribution agreements pursuant to MAA's at the market offering program.

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16. SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

(Dollars in thousands except per unit data)

	Year Ended December 31, 2012
	First			Second			Third			Fourth
Total operating revenues	$	104,129		$	109,644		$	114,519		$	118,257
Income from continuing operations before non-operating items	$	25,979		$	28,433		$	28,625		$	32,839
Interest expense	$	(12,792	)	$	(12,674	)	$	(12,921	)	$	(13,862	)
(Loss) from real estate joint ventures	$	(31	)	$	(69	)	$	(70	)	$	(53	)
Discontinued operations:
Income (loss) from discontinued operations before gain on sale	$	484		$	467		$	(451	)	$	77
Gain on sale of discontinued operations	$	9,500		$	12,953		$	16,021		$	3,161
Consolidated net income	$	22,484		$	28,421		$	30,604		$	20,754
Net income attributable to noncontrolling interest	$	148		$	135		$	3,138		$	104
Net income available for common unitholders	$	22,336		$	28,286		$	27,466		$	20,650
Per unit:
Net income available for common unitholders per common unit - basic and diluted	$	0.57		$	0.70		$	0.67		$	0.50
Distribution paid per unit	$	0.6600		$	0.6600		$	0.6600		$	0.6600

	Year Ended December 31, 2011
	First			Second			Third			Fourth
Total operating revenues	$	90,627		$	94,214		$	99,302		$	101,477
Income from continuing operations before non-operating items	$	19,353		$	20,186		$	20,405		$	24,431
Interest expense	$	(13,469	)	$	(13,626	)	$	(14,867	)	$	(9,240	)
Loss from real estate joint ventures	$	(245	)	$	(178	)	$	(107	)	$	(63	)
Discontinued operations:
Income from discontinued operations before gain on sale	$	981		$	987		$	791		$	866
Gain on sale of discontinued operations	$	—		$	—		$	4,927		$	7,872
Consolidated net income	$	6,149		$	6,531		$	10,549		$	23,709
Net income attributable to noncontrolling interest	$	76		$	135		$	118		$	92
Net income available for common unitholders	$	6,073		$	6,396		$	10,431		$	23,617
Per unit:
Net income available for common unitholders per common unit- basic and diluted	$	0.17		$	0.18		$	0.28		$	0.62
Distribution paid per unit	$	0.6275		$	0.6275		$	0.6275		$	0.6275

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Mid-America Apartments, L.P.

Schedule III

Real Estate and Accumulated Depreciation

December 31, 2012

(Dollars in thousands)

																										Life used to compute depreciation in latest income statement (17)
					Initial Cost				Costs Capitalized subsequent to Acquisition					Gross Amount carried at December 31, 2012  (19)
Property	Location	Encumbrances			Land		Buildings and Fixtures		Land			Buildings and Fixtures		Land		Buildings and Fixtures		Total		Accumulated Depreciation			Net		Date of Construction
Birchall at Ross Bridge	Birmingham, AL	—			$	2,640	$	28,842	$	—		$	447	$	2,640	$	29,289	$	31,929	$	(1,324	)	$	30,605	2009	1 - 40
Eagle Ridge	Birmingham, AL	—	(1	)	851		7,667		—			3,485		851		11,152		12,003		(5,931		)	6,072		1986	1 - 40
Abbington Place	Huntsville, AL	—	(1	)	524		4,724		—			2,561		524		7,285		7,809		(3,898		)	3,911		1987	1 - 40
Paddock Club Huntsville	Huntsville, AL	—			909		10,152		830			12,552		1,739		22,704		24,443		(10,546		)	13,897		1993	1 - 40
Edge at Lyon's Gate	Phoenix, AZ	—			7,901		27,182		—			674		7,901		27,856		35,757		(4,280		)	31,477		2007	1 - 40
Sky View Ranch	Gilbert, AZ	—			2,668		14,577		—			554		2,668		15,131		17,799		(1,924		)	15,875		2007	1 - 40
Talus Ranch	Phoenix, AZ	—			12,741		47,701		—			1,522		12,741		49,223		61,964		(10,572		)	51,392		2005	1 - 40
Tiffany Oaks	Altamonte Springs, FL	—	(1	)	1,024		9,219		—			5,264		1,024		14,483		15,507		(8,651		)	6,856		1985	1 - 40
Marsh Oaks	Atlantic Beach, FL	—			244		2,829		—			1,815		244		4,644		4,888		(3,001		)	1,887		1986	1 - 40
Indigo Point	Brandon, FL	—			1,167		10,500		—			3,083		1,167		13,583		14,750		(6,462		)	8,288		1989	1 - 40
Paddock Club Brandon	Brandon, FL	—			2,896		26,111		—			3,322		2,896		29,433		32,329		(14,327		)	18,002		1998	1 - 40
Preserve at Coral Square	Coral Springs, FL	—	(4	)	9,600		40,004		—			5,947		9,600		45,951		55,551		(13,341		)	42,210		1996	1 - 40
The Retreat at Magnolia Parke	Gainesville, FL	—			2,040		16,338		—			112		2,040		16,450		18,490		(932		)	17,558		2009	1 - 40
Atlantic Crossing	Jacksonville, FL	—			4,000		19,495		—			986		4,000		20,481		24,481		(1,185		)	23,296		2008	1 - 40
Hunter's Ridge at Deerwood	Jacksonville, FL	—			1,533		13,835		—			6,209		1,533		20,044		21,577		(10,293		)	11,284		1987	1 - 40
Lakeside	Jacksonville, FL	—			1,430		12,883		—			8,667		1,430		21,550		22,980		(13,408		)	9,572		1985	1 - 40
Lighthouse at Fleming Island	Jacksonville, FL	—	(1	)	4,047		35,052		—			3,319		4,047		38,371		42,418		(12,487		)	29,931		2003	1 - 40
Paddock Club Jacksonville	Jacksonville, FL	—			2,292		20,750		—			3,776		2,292		24,526		26,818		(12,382		)	14,436		1993	1 - 40
Tattersall at Tapestry Park	Jacksonville, FL	—			6,417		36,069		—			314		6,417		36,383		42,800		(1,865		)	40,935		2009	1 - 40
Woodbridge at the Lake	Jacksonville, FL	—			645		5,804		—			4,364		645		10,168		10,813		(6,495		)	4,318		1985	1 - 40
Woodhollow	Jacksonville, FL	—	(1	)	1,686		15,179		(8		)	8,325		1,678		23,504		25,182		(13,180		)	12,002		1986	1 - 40
Paddock Club Lakeland	Lakeland, FL	—	(1	)	2,254		20,452		(1,033		)	7,473		1,221		27,925		29,146		(14,364		)	14,782		1989	1 - 40
Paddock Park Ocala	Ocala, FL	6,772	(3	)	2,284		21,970		—			4,477		2,284		26,447		28,731		(14,192		)	14,539		1987	1 - 40
Retreat at Lake Nona	Orlando, FL	—			7,880		41,175		—			189		7,880		41,364		49,244		(467		)	48,777		2006	1 - 40
The Club at Panama Beach	Panama City, FL	—			898		14,276		(5		)	2,791		893		17,067		17,960		(7,591		)	10,369		2000	1 - 40
Paddock Club Tallahassee	Tallahassee, FL	—			530		4,805		950			13,193		1,480		17,998		19,478		(9,193		)	10,285		1992	1 - 40

35

Belmere	Tampa, FL	—	(1	)	852	7,667	—		4,965		852	12,632	13,484	(8,138	)	5,346	1984	1 - 40
Links at Carrollwood	Tampa, FL	—			817	7,355	110		4,869		927	12,224	13,151	(6,501	)	6,650	1980	1 - 40
Village Oaks	Tampa, FL	—			2,738	19,055	84		1,185		2,822	20,240	23,062	(2,987	)	20,075	2007	1 - 40
Park Crest at Innisbrook	Palm Harbor, FL	30,114			6,900	26,613	—		(895	)	6,900	25,718	32,618	(3,116	)	29,502	2000	1 - 40
High Ridge	Athens, GA	—	(1	)	884	7,958	—		2,434		884	10,392	11,276	(5,406	)	5,870	1987	1 - 40
Allure at Brookwood	Atlanta, GA	—			11,168	52,758	—		102		11,168	52,862	64,030	(745	)	63,285	2008	1 - 40
Allure in Buckhead Village Residential	Atlanta, GA	—			8,633	19,844	—		370		8,633	20,214	28,847	(454	)	28,393	2002	1 - 40
Sanctuary at Oglethorpe	Atlanta, GA	23,500			6,875	31,441	—		2,321		6,875	33,762	40,637	(5,361	)	35,276	1994	1 - 40
Bradford Pointe	Augusta, GA	—			772	6,949	—		2,943		772	9,892	10,664	(5,120	)	5,544	1986	1 - 40
Shenandoah Ridge	Augusta, GA	—	(1	)	650	5,850	8		4,517		658	10,367	11,025	(6,829	)	4,196	1982	1 - 40
Westbury Creek	Augusta, GA	3,480	(12	)	400	3,626	—		1,712		400	5,338	5,738	(2,858	)	2,880	1984	1 - 40
Fountain Lake	Brunswick, GA	—			502	4,551	—		2,824		502	7,375	7,877	(3,782	)	4,095	1983	1 - 40
Willow Creek	Columbus, GA	—			614	5,523	—		4,746		614	10,269	10,883	(5,658	)	5,225	1974	1 - 40
Prescott	Duluth, GA	—	(5	)	3,840	24,011	—		1,888		3,840	25,899	29,739	(7,759	)	21,980	2001	1 - 40
Lanier	Gainesville, GA	16,312			3,560	22,611	—		2,411		3,560	25,022	28,582	(7,109	)	21,473	1998	1 - 40
Lake Club	Gainesville, GA	—	(5	)	3,150	18,383	—		1,172		3,150	19,555	22,705	(5,424	)	17,281	2001	1 - 40
Whispering Pines	LaGrange, GA	—			823	7,470	(2	)	2,668		821	10,138	10,959	(5,527	)	5,432	1983	1 - 40
Austin Chase	Macon, GA	—			1,409	12,687	—		2,612		1,409	15,299	16,708	(7,518	)	9,190	1996	1 - 40
The Vistas	Macon, GA	—			595	5,403	—		1,937		595	7,340	7,935	(4,011	)	3,924	1985	1 - 40
Avala at Savannah Quarters	Savannah, GA	—			1,500	24,862	—		475		1,500	25,337	26,837	(1,372	)	25,465	2009	1 - 40
Georgetown Grove	Savannah, GA	—			1,288	11,579	—		2,424		1,288	14,003	15,291	(6,951	)	8,340	1997	1 - 40
Oaks at Wilmington Island	Savannah, GA	—	(4	)	2,910	25,315	—		1,819		2,910	27,134	30,044	(6,051	)	23,993	1999	1 - 40
Wildwood	Thomasville, GA	—			438	3,971	371		5,848		809	9,819	10,628	(5,349	)	5,279	1982	1 - 40
Three Oaks	Valdosta, GA	—			462	4,188	459		7,148		921	11,336	12,257	(6,214	)	6,043	1984	1 - 40
Huntington Chase	Warner Robins, GA	—	(4	)	1,160	10,437	—		2,308		1,160	12,745	13,905	(5,628	)	8,277	1997	1 - 40
Southland Station	Warner Robins, GA	—			1,470	13,284	—		3,449		1,470	16,733	18,203	(8,998	)	9,205	1988	1 - 40
Fairways at Hartland	Bowling Green, KY	—			1,038	9,342	—		3,161		1,038	12,503	13,541	(6,737	)	6,804	1996	1 - 40
Grand Reserve Lexington	Lexington, KY	—	(1	)	2,024	31,525	—		1,665		2,024	33,190	35,214	(11,862	)	23,352	2000	1 - 40
Lakepointe	Lexington, KY	—	(1	)	411	3,699	—		2,188		411	5,887	6,298	(3,631	)	2,667	1986	1 - 40
Mansion, The	Lexington, KY	—	(1	)	694	6,242	—		3,065		694	9,307	10,001	(5,689	)	4,312	1989	1 - 40
Village, The	Lexington, KY	—	(1	)	900	8,097	—		4,232		900	12,329	13,229	(7,551	)	5,678	1989	1 - 40
Stonemill Village	Louisville, KY	—			1,169	10,518	—		8,103		1,169	18,621	19,790	(10,861	)	8,929	1985	1 - 40
Crosswinds	Jackson, MS	—	(1	)	1,535	13,826	—		4,587		1,535	18,413	19,948	(10,554	)	9,394	1989	1 - 40
Pear Orchard	Jackson, MS	—	(1	)	1,351	12,168	—		7,500		1,351	19,668	21,019	(11,676	)	9,343	1985	1 - 40

36

Reflection Pointe	Jackson, MS	5,854	(8	)	710	8,770	138		6,857	848	15,627	16,475	(8,915	)	7,560	1986	1 - 40
Lakeshore Landing	Ridgeland, MS	—	(1	)	676	6,284	—		2,131	676	8,415	9,091	(2,807	)	6,284	1974	1 - 40
Savannah Creek	Southaven, MS	—	(1	)	778	7,013	—		2,864	778	9,877	10,655	(5,816	)	4,839	1989	1 - 40
Sutton Place	Southaven, MS	—	(1	)	894	8,053	—		3,504	894	11,557	12,451	(6,774	)	5,677	1991	1 - 40
Market Station	Kansas City, MO	—			5,814	46,241	—		41	5,814	46,282	52,096	(359	)	51,737	2010	1 - 40
Hermitage at Beechtree	Cary, NC	—			900	8,099	—		4,619	900	12,718	13,618	(6,700	)	6,918	1988	1 - 40
Waterford Forest	Cary, NC	—	(5	)	4,000	20,250	—		2,149	4,000	22,399	26,399	(6,167	)	20,232	1996	1 - 40
1225 South Church I	Charlotte, NC	—			4,780	22,342	—		162	4,780	22,504	27,284	(1,254	)	26,030	2010	1 - 40
Hue	Raleigh, NC	—			3,690	29,910	—		1,250	3,690	31,160	34,850	(2,086	)	32,764	2009	1 - 40
Preserve at Brier Creek	Raleigh, NC	—			5,850	21,980	(19	)	22,471	5,831	44,451	50,282	(8,610	)	41,672	2004	1 - 40
Providence at Brier Creek	Raleigh, NC	—			4,695	29,007	—		702	4,695	29,709	34,404	(4,630	)	29,774	2007	1 - 40
Corners, The	Winston-Salem, NC	—			685	6,165	—		2,793	685	8,958	9,643	(5,907	)	3,736	1982	1 - 40
Colony at South Park	Aiken, SC	—	(1	)	862	7,867	—		1,610	862	9,477	10,339	(3,285	)	7,054	1982	1 - 40
Woodwinds	Aiken, SC	—	(1	)	503	4,540	—		2,197	503	6,737	7,240	(3,601	)	3,639	1988	1 - 40
Tanglewood	Anderson, SC	—			427	3,853	—		3,103	427	6,956	7,383	(4,221	)	3,162	1980	1 - 40
Fairways, The	Columbia, SC	7,701	(9	)	910	8,207	—		2,819	910	11,026	11,936	(6,565	)	5,371	1992	1 - 40
Paddock Club Columbia	Columbia, SC	—	(1	)	1,840	16,560	—		3,666	1,840	20,226	22,066	(10,682	)	11,384	1991	1 - 40
Highland Ridge	Greenville, SC	—	(1	)	482	4,337	—		2,251	482	6,588	7,070	(3,648	)	3,422	1984	1 - 40
Howell Commons	Greenville, SC	—	(1	)	1,304	11,740	—		3,511	1,304	15,251	16,555	(8,691	)	7,864	1987	1 - 40
Paddock Club Greenville	Greenville, SC	—	(1	)	1,200	10,800	—		1,846	1,200	12,646	13,846	(6,699	)	7,147	1996	1 - 40

Park Haywood	Greenville, SC	—	(1	)	325	2,925	35		4,534	360	7,459	7,819	(4,795	)	3,024	1983	1 - 40
Spring Creek	Greenville, SC	—	(1	)	597	5,374	(14	)	2,808	583	8,182	8,765	(4,968	)	3,797	1985	1 - 40
Runaway Bay	Mt. Pleasant, SC	8,365	(6) (18)		1,085	7,269	(2	)	5,858	1,083	13,127	14,210	(7,705	)	6,505	1988	1 - 40
535 Brookwood	Simpsonville, SC	13,657			1,216	18,666	—		423	1,216	19,089	20,305	(1,660	)	18,645	2008	1 - 40
Park Place	Spartanburg, SC	—	(1	)	723	6,504	—		2,852	723	9,356	10,079	(5,113	)	4,966	1987	1 - 40
Farmington Village	Summerville, SC	15,200			2,800	26,295	—		564	2,800	26,859	29,659	(4,813	)	24,846	2007	1 - 40
Hamilton Pointe	Chattanooga, TN	—	(1	)	1,131	10,632	—		2,386	1,131	13,018	14,149	(4,644	)	9,505	1989	1 - 40
Hidden Creek	Chattanooga, TN	—	(1	)	972	8,954	—		2,020	972	10,974	11,946	(3,903	)	8,043	1987	1 - 40
Steeplechase	Chattanooga, TN	—	(1	)	217	1,957	—		2,979	217	4,936	5,153	(3,083	)	2,070	1986	1 - 40
Windridge	Chattanooga, TN	5,465	(13	)	817	7,416	—		3,602	817	11,018	11,835	(5,772	)	6,063	1984	1 - 40
Oaks, The	Jackson, TN	—	(1	)	177	1,594	12		2,105	189	3,699	3,888	(2,343	)	1,545	1978	1 - 40
Post House Jackson	Jackson, TN	5,071	(7	)	443	5,078	—		4,009	443	9,087	9,530	(4,854	)	4,676	1987	1 - 40
Post House North	Jackson, TN	3,360	(10	)	381	4,299	(57	)	2,627	324	6,926	7,250	(4,222	)	3,028	1987	1 - 40
Bradford Chase	Jackson, TN	—	(1	)	523	4,711	—		1,904	523	6,615	7,138	(4,084	)	3,054	1987	1 - 40

37

Woods at Post House	Jackson, TN	4,476			240	6,839	—		2,468	240	9,307	9,547	(5,955	)	3,592	1997	1 - 40
Greenbrook	Memphis, TN	28,394			2,100	24,468	25		25,446	2,125	49,914	52,039	(33,027	)	19,012	1978	1 - 40
Kirby Station	Memphis, TN	—	(1	)	1,148	10,337	—		8,730	1,148	19,067	20,215	(10,200	)	10,015	1978	1 - 40
Lincoln on the Green	Memphis, TN	—	(1	)	1,498	20,483	—		13,570	1,498	34,053	35,551	(19,266	)	16,285	1992	1 - 40
Park Estate	Memphis, TN	—			178	1,141	—		4,583	178	5,724	5,902	(4,163	)	1,739	1974	1 - 40
Reserve at Dexter Lake	Memphis, TN	—			1,260	16,043	2,147		36,255	3,407	52,298	55,705	(17,789	)	37,916	2000	1 - 40
Paddock Club Murfreesboro	Murfreesboro, TN	—			915	14,774	—		2,027	915	16,801	17,716	(6,479	)	11,237	1999	1 - 40
Aventura at Indian Lake Village	Nashville, TN	—			4,950	28,053	—		542	4,950	28,595	33,545	(1,151	)	32,394	2010	1 - 40
Avondale at Kennesaw	Nashville, TN	18,821			3,456	22,443	—		450	3,456	22,893	26,349	(1,961	)	24,388	2008	1 - 40
Brentwood Downs	Nashville, TN	—			1,193	10,739	(2	)	6,504	1,191	17,243	18,434	(9,893	)	8,541	1986	1 - 40
Grand View Nashville	Nashville, TN	—			2,963	33,673	—		4,009	2,963	37,682	40,645	(12,846	)	27,799	2001	1 - 40
Monthaven Park	Nashville, TN	—			2,736	28,902	—		3,647	2,736	32,549	35,285	(10,716	)	24,569	2000	1 - 40
Park at Hermitage	Nashville, TN	6,645	(14)(18)		1,524	14,800	—		7,168	1,524	21,968	23,492	(12,960	)	10,532	1987	1 - 40
Venue at Cool Springs	Nashville, TN	—			6,670	—	—		49,672	6,670	49,672	56,342	(480	)	55,862	2012	1 - 40
Verandas at Sam Ridley	Nashville, TN	23,165			3,350	28,308	—		500	3,350	28,808	32,158	(2,384	)	29,774	2009	1 - 40
Northwood	Arlington, TX	—			886	8,051	—		1,720	886	9,771	10,657	(3,457	)	7,200	1980	1 - 40
Balcones Woods	Austin, TX	—			1,598	14,398	—		9,769	1,598	24,167	25,765	(13,652	)	12,113	1983	1 - 40
Grand Reserve at Sunset Valley	Austin, TX	—	(4	)	3,150	11,393	—		2,448	3,150	13,841	16,991	(4,259	)	12,732	1996	1 - 40
Legacy at Western Oaks	Austin, TX	32,461			9,100	49,339	—		413	9,100	49,752	58,852	(1,247	)	57,605	2001	1 - 40
Silverado	Austin, TX	—			2,900	24,009	—		1,402	2,900	25,411	28,311	(6,109	)	22,202	2003	1 - 40
Stassney Woods	Austin, TX	4,050	(15)(18)		1,621	7,501	—		5,502	1,621	13,003	14,624	(7,971	)	6,653	1985	1 - 40
Travis Station	Austin, TX	3,585	(16)(18)		2,281	6,169	—		6,245	2,281	12,414	14,695	(6,955	)	7,740	1987	1 - 40
Woods, The	Austin, TX	—			1,405	12,769	—		5,036	1,405	17,805	19,210	(6,065	)	13,145	1977	1 - 40
Courtyards at Campbell	Dallas, TX	—			988	8,893	—		3,241	988	12,134	13,122	(6,213	)	6,909	1986	1 - 40
Deer Run	Dallas, TX	—			1,252	11,271	—		4,026	1,252	15,297	16,549	(8,011	)	8,538	1985	1 - 40
Grand Courtyard	Dallas, TX	—	(4	)	2,730	22,240	—		1,640	2,730	23,880	26,610	(5,729	)	20,881	2000	1 - 40
Legends at Lowe's Farm	Dallas, TX	—			5,016	41,091	—		679	5,016	41,770	46,786	(1,791	)	44,995	2008	1 - 40
Watermark	Dallas, TX	—	(5	)	960	14,438	—		1,220	960	15,658	16,618	(4,792	)	11,826	2002	1 - 40
La Valencia at Starwood	Frisco, TX	22,085			3,240	26,069	—		407	3,240	26,476	29,716	(2,134	)	27,582	2009	1 - 40
Legacy Pines	Houston, TX	—			2,157	19,066	(15	)	2,987	2,142	22,053	24,195	(7,930	)	16,265	1999	1 - 40
Reserve at Woodwind Lakes	Houston, TX	12,077			1,968	19,928	—		2,562	1,968	22,490	24,458	(5,237	)	19,221	1999	1 - 40
Park Place (Houston)	Houston, TX	—			2,061	15,830	—		2,681	2,061	18,511	20,572	(4,121	)	16,451	1996	1 - 40
Ranchstone	Houston, TX	—	(4	)	1,480	14,807	—		1,865	1,480	16,672	18,152	(3,499	)	14,653	1996	1 - 40
Cascade at Fall Creek	Humble, TX	—			3,230	19,926	—		791	3,230	20,717	23,947	(3,681	)	20,266	2007	1 - 40

38

Chalet at Fall Creek	Humble, TX	—		(4	)	2,755		20,085		—			560		2,755		20,645		23,400		(4,076		)	19,324		2006	1 - 40
Bella Casita at Las Colinas	Irving, TX	—		(5	)	2,521		26,432		—			570		2,521		27,002		29,523		(1,922		)	27,601		2007	1 - 40
Lane at Towne Crossing	Mesquite, TX	—		(2	)	1,311		11,867		(8		)	2,376		1,303		14,243		15,546		(4,962		)	10,584		1983	1 - 40
Times Square at Craig Ranch	McKinney, TX	—				1,130		28,058		—			1,902		1,130		29,960		31,090		(2,459		)	28,631		2009	1 - 40
Highwood	Plano, TX	—				864		7,783		—			3,451		864		11,234		12,098		(6,033		)	6,065		1983	1 - 40
Los Rios Park	Plano, TX	—		(2	)	3,273		28,823		—			3,227		3,273		32,050		35,323		(10,861		)	24,462		2000	1 - 40
Boulder Ridge	Roanoke, TX	—		(2	)	3,382		26,930		—			4,378		3,382		31,308		34,690		(8,350		)	26,340		1999	1 - 40
Copper Ridge	Roanoke, TX	—				4,166		—		—			20,991		4,166		20,991		25,157		(2,151		)	23,006		2009	1 - 40
Alamo Ranch	San Antonio, TX	—				2,380		26,982		—			923		2,380		27,905		30,285		(1,912		)	28,373		2009	1 - 40
Haven at Blanco	San Antonio, TX	—				5,450		45,958		—			76		5,450		46,034		51,484		(519		)	50,965		2010	1 - 40
Stone Ranch at Westover Hills	San Antonio, TX	19,319				4,000		24,992		—			994		4,000		25,986		29,986		(2,760		)	27,226		2009	1 - 40
Cypresswood Court	Spring, TX	—		(5	)	576		5,190		—			3,083		576		8,273		8,849		(5,152		)	3,697		1984	1 - 40
Villages at Kirkwood	Stafford, TX	—		(4	)	1,918		15,846		—			1,849		1,918		17,695		19,613		(5,418		)	14,195		1996	1 - 40
Green Tree Place	Woodlands, TX	—		(5	)	539		4,850		—			2,800		539		7,650		8,189		(4,712		)	3,477		1984	1 - 40
Adalay Bay	Chesapeake, VA	—				5,280		31,341		—			461		5,280		31,802		37,082		(805		)	36,277		2002	1 - 40
Seasons at Celebrate Virginia	Fredericksburg, VA	—				6,960		32,083		—			172		6,960		32,255		39,215		(1,188		)	38,027		2011	1 - 40
Township	Hampton, VA	10,748		(11	)	1,509		8,189		—			8,342		1,509		16,531		18,040		(8,751		)	9,289		1987	1 - 40
Hamptons at Hunton Park	Richmond, VA	—				4,930		35,598		—			1,446		4,930		37,044		41,974		(2,002		)	39,972		2003	1 - 40
Total Residential Properties		$	330,677			342,188		2,369,289		4,004			595,197		346,192		2,964,488		3,310,680		(901,250		)	2,409,430
Times Square at Craig Ranch						253		1,310		—			375		253		1,685		1,938		(58		)	1,880		2009	1 - 40
Bella Casita at Las Colinas						46		186		—			126		46		312		358		(16		)	342		2007	1 - 40
Allure at Buckhead						867		3,465		—			—		867		3,465		4,332		(77		)	4,255		2002	1 - 40
1225 South Church						43		199		9			131		52		330		382		(17		)	365		2010	1 - 40
Retail Properties	Various					1,209		5,160		9			632		1,218		5,792		7,010		(168		)	6,842		Various	1 - 40
South Church Phase II Development						4,832		—		—			19,358		4,832		19,358		24,190		(64		)	24,126		N/A	N/A
River's Walk						5,200		—		—			11,526		5,200		11,526		16,726		—			16,726		N/A	N/A
220 Riverside						2,500		—		—			2,084		2,500		2,084		4,584		—			4,584		N/A	N/A
Development Properties						12,532		—		—			32,968		12,532		32,968		45,500		(64		)	45,436
Total Properties						355,929		2,374,449		4,013			628,797		359,942		3,003,248		3,363,190		(901,482		)	2,461,708
Land Held for Future Developments	Various					1,306		—		(101		)	—		1,205		—		1,205		—			1,205		N/A	N/A
Commercial Properties	Various					—		—		—			20,614		—		20,614		20,614		(12,556		)	8,058		Various	1 - 40
Total Other						1,306		—		(101		)	20,614		1,205		20,614		21,819		(12,556		)	9,263
	Total Real Estate Assets, net of Joint Ventures					$	357,235	$	2,374,449	$	3,912		$	649,411	$	361,147	$	3,023,862	$	3,385,009	$	(914,038	)	$	2,470,971

39

(1) Encumbered by a $691.8 million FNMA facility, with $495.8 million available and $495.8 million outstanding with a variable interest rate of 1.22% on which there exists in combination with the FNMA facility mentioned in note (2) nine interest rate swap agreements totaling $275 million at an average rate of 5.45% and six interest rate caps totalling $165 million at an average rate of 4.58% at December 31, 2012.

(2) Encumbered by a $83.2 million FNMA facility, with $0 million available and $0 outstanding with a variable interest rate of 0.00% on which there exists interest rate swaps and caps as mentioned in note (1) at December 31, 2012.

(3) Phase I of Paddock Park - Ocala is encumbered by $6.8 million in bonds on which there exists a $6.8 million interest rate cap of 6.00% which terminates on October 24, 2017.

(4) Encumbered by a $200 million Freddie Mac facility, with $198.2 million available and an outstanding balance of $198.2 million and a variable interest rate of 0.72% on which there exists eight interest rate swap agreements totaling $134 million at an average rate of 5.51% and a $15 million interest rate cap of 5% at December 31, 2012.

(5) Encumbered by a $128 million loan with an outstanding balance of $128 million and a fixed interest rate of 5.08% which matures on June 10, 2021.

(6) Encumbered by $8.4 million in bonds on which there exists a $8.4 million interest rate cap of 4.50% which terminates on March 1, 2014.

(7) Encumbered by $5.1 million in bonds on which there exists a $5.1 million interest rate cap of 4.50% which terminates on March 1, 2014.

(8) Encumbered by $5.9 million in bonds on which there exists a $5.9 million interest rate cap of 6.00% which terminates on October 31, 2017.

(9) Encumbered by $7.7 million in bonds on which there exists a $7.7 million interest rate cap of 6.00% which terminates on October 31, 2017.

(10) Encumbered by $3.4 million in bonds on which there exists a $3.4 million interest rate cap of 6.00% which terminates on October 31, 2017.

(11) Encumbered by $10.8 million in bonds on which there exists a $10.8 million interest rate cap of 6.00% and maturing on October 15, 2017.

(12) Encumbered by $3.5 million in bonds $0.5 million having a variable rate of 1.128% and $3.0 million with a variable rate of 0.908% on which there exists a $3.0 million interest rate cap of 6.00% which terminates on May 31, 2013.

(13) Encumbered by $5.5 million in bonds $0.5 million having a variable rate of 1.128% and $5.0 million with a variable rate of 0.908% on which there exists a $5.0 million interest rate cap of 6.00% which terminates on May 31, 2013.

(14) Encumbered by $6.6 million in bonds on which there exists a $6.6 million interest rate cap of 6.00% which terminates on November 15, 2016.

(15) Encumbered by $4.1 million in bonds on which there exists a $4.1 million interest rate cap of 6.00% which terminates on November 15, 2016.

(16) Encumbered by $3.6 million in bonds on which there exists a $3.6 million interest rate cap of 6.00% which terminates on November 15, 2016.

(17) Depreciation is on a straight line basis over the estimated useful asset life which ranges from 8 to 40 years for land improvements and buildings, 5 years for furniture, fixtures and equipment, and 6 months for fair market value of residential leases.

(18) Also encumbered by a $17.9 million FNMA facility maturing on March 1, 2014 with a variable interest rate of 0.84% on which there exists a $11.7 million interest rate cap of 5.00% which terminates on March 1, 2014, and a $6.2 million interest rate cap of 4.50% which terminates on March 1, 2014.

(19) The aggregate cost for Federal income tax purposes was approximately $3.8 million at December 31, 2012. The aggregate cost for book purposes exceeds the total gross amount of real estate assets for Federal income tax purposes, principally due to purchase accounting adjustments recorded under accounting principles generally accepted in the United States of America.

40

Mid-America Apartments, L.P.

Schedule III

Real Estate and Accumulated Depreciation

A summary of activity for real estate investments and accumulated depreciation is as follows (dollars in thousands):

	Year Ended December 31,
	2012			2011			2010
Real estate investments:
Balance at beginning of year	$	3,057,999		$	2,670,832		$	2,433,526
Acquisitions (1)	344,869			334,650			284,486
Less:  FMV of Leases included in Acquisitions	(3,144		)	(3,522		)	(1,764		)
Improvement and development	111,354			80,993			45,544
Disposition of real estate assets (2)	(126,066		)	(24,954		)	(90,960		)
Balance at end of year	$	3,385,012		$	3,057,999		$	2,670,832
Accumulated depreciation:
Balance at beginning of year	$	858,276		$	769,066		$	675,679
Depreciation	113,110			102,713			94,138
Disposition of real estate assets (2)	(57,345		)	(13,503		)	(751		)
Balance at end of year	$	914,041		$	858,276		$	769,066

MAALP's consolidated balance sheet at December 31, 2012, 2011, and 2010, includes accumulated depreciation of $12,556,000, $11,105,000, and $9,967,000, respectively, in the caption "Commercial properties, net".

(1) Includes $32 million of non-cash activity related to fair market value of debt assumed.

(2) Includes assets sold, casualty losses, and removal of certain fully depreciated assets.

See accompanying report of independent registered public accounting firm.

41

XML

Organization and Summary of Significant Accounting Policies (Textual) (Details) (USD $)	12 Months Ended								12 Months Ended																		12 Months Ended
	Dec. 31, 2012 Property Communities States	Dec. 31, 2011	Dec. 31, 2010		Dec. 31, 2012 Development Properties [Member] Apartments Communities	Dec. 31, 2007 Mid-America Multifamily Fund I, LLC [Member]	Dec. 31, 2012 Real Estate Investment [Member] Property	Dec. 31, 2012 Mid-America Multifamily Fund II, LLC [Member]	Dec. 31, 2012 Retail [Member] sqft Property	Dec. 31, 2012 Land improvements and buildings [Member] Y	Dec. 31, 2012 Land improvements and buildings [Member] Year	Dec. 31, 2012 Furniture, fixtures and equipment [Member] Year	Dec. 31, 2012 Furniture, fixtures and equipment [Member] Y	Dec. 31, 2012 Computer and software [Member] Y	Dec. 31, 2012 Leases, Acquired-in-Place [Member]	Dec. 31, 2011 Leases, Acquired-in-Place [Member]	Dec. 31, 2010 Leases, Acquired-in-Place [Member]	Dec. 31, 2012 Dividend Declared [Member]	Dec. 31, 2011 Dividend Declared [Member]	Dec. 31, 2010 Dividend Declared [Member]	Dec. 31, 2012 Real Estate Taxes [Member]	Dec. 31, 2011 Real Estate Taxes [Member]	Dec. 31, 2010 Real Estate Taxes [Member]	Dec. 31, 2012 Minimum [Member]	Dec. 31, 2012 Maximum [Member]	Dec. 31, 2010 Cedar Mill [Member] Property	Dec. 31, 2012 Out Of Period Adjustment [Member]
Real Estate Properties [Line Items]
Operating partnership units outstanding	41,453,000	38,540,000
General Partners' Capital Account, Units Outstanding	39,721,461	36,603,000
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	95.80%	95.00%
Limited Partners' Capital Account, Units Outstanding	1,731,672	1,937,669
Percentage of Consolidated Rental Revenue Generated by the Operating Partnership	89.80%	89.50%	88.60%
Number of apartment communities owned (properties)	145
Interest in real estate joint ventures (percent)	33.33%					33.33%		33.33%
Number of operating apartment communities owned (properties)							6
Number of States in which Entity Operates	12
Number of development communities (communities)					2
Number of units under development community					774
Expected cumulative development costs					$ 101,100,000
Development costs incurred to date					43,900,000
Number of properties with retail components (properties)									4
Square footage of real estate property (square foot)									108,000
Percentage of ownership interests of all consolidated subsidiaries (percent)																								70.00%	100.00%
Advertising expenses	7,900,000	7,900,000	6,600,000
Minimum estimated useful lives										8	8			3
Maximum estimated useful lives										40	40			5
Estimated useful lives												5	5
Total interest capitalized during period	1,905,000	1,156,000	66,000
Amortization period of in-place leases and residential relationships (months)															6 months
Gross real estate assets	3,363,193,000	3,037,949,000													1,600,000	1,800,000	1,800,000
Depreciation and amortization	114,139,000	100,648,000	88,651,000	[1]											3,400,000	3,400,000	2,300,000
Accumulated amortization	901,485,000	847,171,000													1,000,000	700,000	1,000,000
Number of impaired units in a community as a result of purchase offer received and long term considerations (units)																										276
Asset impairment	0	0	1,914,000
Accrued expenses and other liabilities	90,559,000	85,136,000																28,800,000	25,400,000	22,400,000	26,900,000	24,600,000	19,300,000
Development and capital improvements in progress	50,844,000	41,635,000
Maximum self insurance reserve for general liability claims																									45,000
Maximum self insurance reserve for workers' compensation claims																									$ 500,000
Description of prior period adjustments																											In the twelve months ended December 31, 2011, we recorded a $1.8 million non-cash adjustment to general and administrative expenses related to restricted stock grants issued to certain employees. This adjustment was made during the second quarter of 2011. This error correction represents a cumulative adjustment for the 3.5 year period ended June 30, 2011, required by Accounting Standards Codification, or ASC, 718to record expense under certain of our restricted stock grant based incentive plans using liability accounting rather than treating these grants as equity awards.

[1]

XML

Derivatives and Hedging Activities (Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk) (Details) (Designated as Hedging Instrument [Member], USD $)	Dec. 31, 2012 Contract
Interest Rate Cap [Member]
Derivative [Line Items]
Number of Instruments	14
Notional amounts of interest rate contracts	$ 232,576,000
Interest Rate Swap [Member]
Derivative [Line Items]
Number of Instruments	20
Notional amounts of interest rate contracts	$ 559,000,000

XML

Real Estate Joint Ventures (Textual) (Details)	12 Months Ended				12 Months Ended
	Dec. 31, 2012 Apartments	Dec. 31, 2008 Mid-America Multifamily Fund I, LLC [Member] Apartments Property	Dec. 31, 2007 Mid-America Multifamily Fund I, LLC [Member]	Dec. 31, 2012 Mid America Multifamily Fund III LLC [Domain]	Dec. 31, 2012 Mid-America Multifamily Fund II, LLC [Member] Apartments Property
Real Estate Properties [Line Items]
Interest in real estate joint ventures (percent)	33.33%		33.33%	33.33%	33.33%
Number of properties acquired (properties)		2			4
Number of real estate units acquired (apartments)	2,452	626			1,156

XML

Segment Information (Revenues and NOI for Reportable Segment) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Revenues
Total property revenues									$ 445,650	$ 384,603	$ 336,238	[1]
Management fee income									899	1,017	680	[1]
Total operating revenues									446,549	385,620	336,918	[1]
Net Operating Income									266,729	231,161	201,214	[1]
Discontinued operations NOI included above									(4,137)	(10,912)	(10,985)	[1]
Depreciation and amortization									(114,139)	(100,648)	(88,651)	[1]
Acquisition expense									(2,236)	(3,319)	(2,035)	[1]
Property management expense									(19,761)	(18,436)	(15,968)	[1]
General and administrative expense									(11,479)	(14,488)	(11,189)	[1]
Interest and other non-property income									318	689	789	[1]
Interest expense	(13,862)	(12,921)	(12,674)	(12,792)	(9,240)	(14,867)	(13,626)	(13,469)	(52,249)	(51,202)	(53,803)	[1]
Loss on debt extinguishment									(654)	(754)	0	[1]
Amortization of deferred financing costs									(3,097)	(2,598)	(2,300)	[1]
Net casualty gains (loss) and other settlement proceeds									(13)	(475)	48	[1]
Gain (loss) on sale of non-depreciable assets									45	1,084	0	[1]
Gain on properties contributed to joint ventures									0	0	752	[1]
Loss from real estate joint ventures	(53)	(70)	(69)	(31)	(63)	(107)	(178)	(245)	(223)	(593)	(1,149)	[1]
Discontinued operations									42,260	16,412	2,049	[1]
Net Income (Loss) Attributable to Noncontrolling Interest	(104)	(3,138)	(135)	(148)	(92)	(118)	(135)	(76)	(3,525)	(421)	(473)	[1]
Net income attributable to MAA									98,738	46,517	18,979	[1]
Large Market Same Store
Revenues
Total property revenues									205,191	192,858	175,725	[1]
Net Operating Income									119,964	110,154	100,529	[1]
Secondary Market Same Store
Revenues
Total property revenues									165,867	160,274	152,194	[1]
Net Operating Income									96,480	91,844	86,879	[1]
Non Same Store And Other
Revenues
Total property revenues									74,592	31,471	8,319	[1]
Net Operating Income									$ 50,285	$ 29,163	$ 13,806	[1]

[1]

XML

Derivatives and Hedging Activities (Outstanding Interest Rate Derivatives Not Designated as Hedges) (Details) (Not Designated as Hedging Instrument [Member], Interest Rate Cap [Member], USD $)	Dec. 31, 2012 Contract
Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member]
Derivative [Line Items]
Number of Instruments	9
Notional amounts of interest rate contracts	$ 55,875,000

XML

Activity for Real Estate Investments and Accumulated Depreciation (Details) (USD $)	12 Months Ended
	Dec. 31, 2012		Dec. 31, 2011		Dec. 31, 2010
Real Estate Investments [Abstract]
Balance at beginning of year	$ 3,057,999,000		$ 2,670,832,000		$ 2,433,526,000
Acquisitions	344,869,000	[1]	334,650,000	[1]	284,486,000	[1]
Less: FMV of Leases included in Acquisitions	(3,144,000)		(3,522,000)		(1,764,000)
Improvement and development	111,354,000		80,993,000		45,544,000
Disposition of real estate assets	(126,066,000)	[2]	(24,954,000)	[2]	(90,960,000)	[2]
Balance at end of year	3,385,012,000		3,057,999,000		2,670,832,000
Real Estate and Accumulated Depreciation Disclosure [Abstract]
Balance at beginning of year	858,276,000		769,066,000		675,679,000
Depreciation	113,110,000		102,713,000		94,138,000
Disposition of real estate assets	(57,345,000)	[2]	(13,503,000)	[2]	(751,000)	[2]
Balance at end of year	914,038,000		858,276,000		769,066,000
Accumulated depreciation	901,485,000		847,171,000
Fair value of debt assumed	32,000,000
Real Estate Accumulated Depreciation	914,041,000
Commercial Real Estate [Member]
Real Estate and Accumulated Depreciation Disclosure [Abstract]
Balance at end of year	12,556,000
Accumulated depreciation	$ 12,556,000		$ 11,105,000		$ 9,967,000

[1] Includes $32 million of non-cash activity related to fair market value of debt assumed.

[2] Includes assets sold, casualty losses, and removal of certain fully depreciated assets.

XML

Stock Based Compensation (Changes and Status of 2011 Restricted Stock Nonvested Shares) (Details) (USD $)	1 Months Ended		12 Months Ended
	Aug. 02, 2011	Jan. 03, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Weighted Average Fair value
Granted, weighted average grant date fair value (dollars per share)				$ 0
Key Management 2011 Restricted Stock Plan [Member]
Nonvested Shares
Beginning Balance (shares)			0
Issued (shares)			25,355
Vested (shares)			(13,559)	0	0
Forfeited (shares)			(775)
Ending Balance (shares)			11,021	0
Weighted Average Fair value
Beginning Balance, weighted average grant date fair value (dollars per share)			$ 0.00
Granted, weighted average grant date fair value (dollars per share)	$ 69.37	$ 63.96	$ 68.68
Vested, weighted average grant date fair value (dollars per share)			$ 68.62
Forfeited, weighted average grant date fair value (dollars per share)			$ 69.37
Ending Balance, weighted average grant date fair value (dollars per share)			$ 68.72	$ 0.00

XML

Derivatives and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2012

Notes To Financial Statements [Abstract]

Outstanding Interest Rate Derivatives

As of December 31, 2012 we had the following outstanding interest rate derivatives that were not designated as hedges:

Interest Rate Derivative	Number of Instruments	Notional
Interest Rate Caps	9	$55,875,000

As of December 31, 2012 we had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:

Interest Rate Derivative	Number of Instruments	Notional
Interest Rate Caps	14	$232,576,000
Interest Rate Swaps	20	$559,000,000

Fair Values of Derivative Instruments on Condensed Consolidated Balance Sheet

The table below presents the fair value of our derivative financial instruments as well as their classification on the Consolidated Balance Sheet as of December 31, 2012 and December 31, 2011, respectively: (dollars in thousands)

	Asset Derivatives					Liability Derivatives
		31-Dec-12		31-Dec-11			31-Dec-12		31-Dec-11
Derivatives designated as hedging instruments	Balance Sheet Location	Fair Value		Fair Value		Balance Sheet Location	Fair Value		Fair Value
Interest rate contracts	Other assets	$	245	$	975	Fair market value of interest rate swaps	$	21,423	$	33,095
Total derivatives designated as hedging instruments		$	245	$	975		$	21,423	$	33,095
Derivatives not designated as hedging instruments
Interest rate contracts	Other assets	$	43	$	43		$	—	$	—
Total derivatives not designated as hedging instruments		$	43	$	43		$	—	$	—

Effect of Derivative Instruments on Consolidated Statement of Operations

The tables below present the effect of our derivative financial instruments on the Consolidated Statement of Operations for the years ended December 31, 2012, 2011 and 2010, respectively: (dollars in thousands)

Derivatives in Cash Flow Hedging Relationships	Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)									Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)									Location of Gain or (Loss Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Years ended December 31,	2012			2011			2010				2012			2011			2010				2012			2011			2010
Interest rate contracts	$	(8,409	)	$	(13,951	)	$	(35,538	)	Interest expense	$	(20,107	)	$	(27,639	)	$	(34,021	)	Interest expense	$	(39	)	$	(195	)	$	(269	)
Total derivatives in cash flow hedging relationships	$	(8,409	)	$	(13,951	)	$	(35,538	)		$	(20,107	)	$	(27,639	)	$	(34,021	)		$	(39	)	$	(195	)	$	(269	)

Derivatives Not Designated as Hedging Instruments	Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
For the year ended December 31,		2012			2011			2010
Interest rate products	Interest income/(expense)	$	(66	)	$	(24	)	$	—
Total		$	(66	)	$	(24	)	$	—

XML

Business Combinations (Textual) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2012 Apartments
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land	$ 58.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings and Improvements	285.6
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Furniture, Fixtures, and Equipment	0.6
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangibles	0.5
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Residential Leases, Fair Value	2.9
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Senior Notes	30.3
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	317.3
Number of real estate units acquired (apartments)	2,452
Acquired properties, purchase price	312.0
Revenue from acquired properties	17.6
Net income from acquired property	$ 3.1

XML

Derivatives and Hedging Activities (Effect of Derivative Instruments on Consolidated Statement of Operations) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Derivative [Line Items]
Amount of Gain or (Loss) Recognized in OCI on Derivatvie (Effective Portion)	$ (8,409)	$ (13,951)	$ (35,538)
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	20,107	27,639	34,021
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	(39)	(195)	(269)
Interest Rate Contract [Member]
Derivative [Line Items]
Amount of Gain or (Loss) Recognized in OCI on Derivatvie (Effective Portion)	(8,409)	(13,951)	(35,538)
Interest Rate Contract [Member] | Interest Expense [Member]
Derivative [Line Items]
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	20,107	27,639	34,021
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	(39)	(195)	(269)
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Net	(66)	(24)	0
Not Designated as Hedging Instrument [Member] | Interest Expense [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Net	$ (66)	$ (24)	$ 0

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Schedule III Real Estate and Accumulated Depreciation (Details) (USD $)						12 Months Ended								12 Months Ended																																																																																																																																12 Months Ended																																										12 Months Ended																		12 Months Ended				12 Months Ended
	Dec. 31, 2012		Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2012 Beginning of Period [Member] Y		Dec. 31, 2012 End of Period [Member] Y		Dec. 31, 2012 Land [Member]	Dec. 31, 2012 Buildings and Fixtures [Member]	Dec. 31, 2012 Total Residential Properties [Member]		Dec. 31, 2012 Total Residential Properties [Member] Birchall at Ross Bridge [Member]		Dec. 31, 2012 Total Residential Properties [Member] Birchall at Ross Bridge [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Birchall at Ross Bridge [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Eagle Ridge [Member]		Dec. 31, 2012 Total Residential Properties [Member] Eagle Ridge [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Eagle Ridge [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Abbington Place [Member]		Dec. 31, 2012 Total Residential Properties [Member] Abbington Place [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Abbington Place [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Paddock Club Huntsville [Member]		Dec. 31, 2012 Total Residential Properties [Member] Paddock Club Huntsville [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Paddock Club Huntsville [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Paddock Club Montgomery [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Paddock Club Montgomery [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Calais Forest [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Calais Forest [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Napa Valley [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Napa Valley [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Palisades at Chenal Valley [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Palisades at Chenal Valley [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Ridge at Chenal Valley [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Ridge at Chenal Valley [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Westside Creek I & II [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Westside Creek I & II [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Edge at Lyon's Gate [Member]		Dec. 31, 2012 Total Residential Properties [Member] Edge at Lyon's Gate [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Edge at Lyon's Gate [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Sky View Ranch [Member]		Dec. 31, 2012 Total Residential Properties [Member] Sky View Ranch [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Sky View Ranch [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Talus Ranch [Member]		Dec. 31, 2012 Total Residential Properties [Member] Talus Ranch [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Talus Ranch [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Tiffany Oaks [Member]		Dec. 31, 2012 Total Residential Properties [Member] Tiffany Oaks [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Tiffany Oaks [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Marsh Oaks [Member]		Dec. 31, 2012 Total Residential Properties [Member] Marsh Oaks [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Marsh Oaks [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Indigo Point [Member]		Dec. 31, 2012 Total Residential Properties [Member] Indigo Point [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Indigo Point [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Paddock Club Brandon [Member]		Dec. 31, 2012 Total Residential Properties [Member] Paddock Club Brandon [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Paddock Club Brandon [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Preserve at Coral Square [Member]		Dec. 31, 2012 Total Residential Properties [Member] Preserve at Coral Square [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Preserve at Coral Square [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Anatole [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Anatole [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Paddock Club Gainesville [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Paddock Club Gainesville [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] The Retreat at Magnolia Parke [Member]		Dec. 31, 2012 Total Residential Properties [Member] The Retreat at Magnolia Parke [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] The Retreat at Magnolia Parke [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Atlantic Crossing [Member]		Dec. 31, 2012 Total Residential Properties [Member] Atlantic Crossing [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Atlantic Crossing [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Cooper's Hawk [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Cooper's Hawk [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Hunter's Ridge at Deerwood [Member]		Dec. 31, 2012 Total Residential Properties [Member] Hunter's Ridge at Deerwood [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Hunter's Ridge at Deerwood [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Lakeside [Member]		Dec. 31, 2012 Total Residential Properties [Member] Lakeside [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Lakeside [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Lighthouse at Fleming Island [Member]		Dec. 31, 2012 Total Residential Properties [Member] Lighthouse at Fleming Island [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Lighthouse at Fleming Island [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Paddock Club Jacksonville [Member]		Dec. 31, 2012 Total Residential Properties [Member] Paddock Club Jacksonville [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Paddock Club Jacksonville [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Paddock Club Mandarin [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Paddock Club Mandarin [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] St Augustine [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] St Augustine [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Tattersall at Tapestry Park [Member]		Dec. 31, 2012 Total Residential Properties [Member] Tattersall at Tapestry Park [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Tattersall at Tapestry Park [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Woodbridge at the Lake [Member]		Dec. 31, 2012 Total Residential Properties [Member] Woodbridge at the Lake [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Woodbridge at the Lake [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Woodhollow [Member]		Dec. 31, 2012 Total Residential Properties [Member] Woodhollow [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Woodhollow [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Paddock Club Lakeland [Member]		Dec. 31, 2012 Total Residential Properties [Member] Paddock Club Lakeland [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Paddock Club Lakeland [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Savannahs at James Landing [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Savannahs at James Landing [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Paddock Park Ocala [Member]		Dec. 31, 2012 Total Residential Properties [Member] Paddock Park Ocala [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Paddock Park Ocala [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Retreat at Lake Nona [Member]		Dec. 31, 2012 Total Residential Properties [Member] Retreat at Lake Nona [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Retreat at Lake Nona [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] The Club at Panama Beach [Member]		Dec. 31, 2012 Total Residential Properties [Member] The Club at Panama Beach [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] The Club at Panama Beach [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Paddock Club Tallahassee [Member]		Dec. 31, 2012 Total Residential Properties [Member] Paddock Club Tallahassee [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Paddock Club Tallahassee [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Belmere [Member]		Dec. 31, 2012 Total Residential Properties [Member] Belmere [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Belmere [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Links at Carrollwood [Member]		Dec. 31, 2012 Total Residential Properties [Member] Links at Carrollwood [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Links at Carrollwood [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Village Oaks [Member]		Dec. 31, 2012 Total Residential Properties [Member] Village Oaks [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Village Oaks [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Park Crest At Innisbrook [Member]		Dec. 31, 2012 Total Residential Properties [Member] Park Crest At Innisbrook [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Park Crest At Innisbrook [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] High Ridge [Member]		Dec. 31, 2012 Total Residential Properties [Member] High Ridge [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] High Ridge [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Allure at Brookwood [Member]		Dec. 31, 2012 Total Residential Properties [Member] Allure at Brookwood [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Allure at Brookwood [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Allure in Buckhead Village Residential [Member]		Dec. 31, 2012 Total Residential Properties [Member] Allure in Buckhead Village Residential [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Allure in Buckhead Village Residential [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Sanctuary at Oglethorpe [Member]		Dec. 31, 2012 Total Residential Properties [Member] Sanctuary at Oglethorpe [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Sanctuary at Oglethorpe [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Bradford Pointe [Member]		Dec. 31, 2012 Total Residential Properties [Member] Bradford Pointe [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Bradford Pointe [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Shenandoah Ridge [Member]		Dec. 31, 2012 Total Residential Properties [Member] Shenandoah Ridge [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Shenandoah Ridge [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Westbury Creek [Member]		Dec. 31, 2012 Total Residential Properties [Member] Westbury Creek [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Westbury Creek [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Fountain Lake [Member]		Dec. 31, 2012 Total Residential Properties [Member] Fountain Lake [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Fountain Lake [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Whisperwood [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Whisperwood [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Willow Creek [Member]		Dec. 31, 2012 Total Residential Properties [Member] Willow Creek [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Willow Creek [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Terraces at Fieldstone [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Terraces at Fieldstone [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Prescott [Member]		Dec. 31, 2012 Total Residential Properties [Member] Prescott [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Prescott [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Lanier [Member]		Dec. 31, 2012 Total Residential Properties [Member] Lanier [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Lanier [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Lake Club [Member]		Dec. 31, 2012 Total Residential Properties [Member] Lake Club [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Lake Club [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Whispering Pines [Member]		Dec. 31, 2012 Total Residential Properties [Member] Whispering Pines [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Whispering Pines [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Austin Chase [Member]		Dec. 31, 2012 Total Residential Properties [Member] Austin Chase [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Austin Chase [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] The Vistas [Member]		Dec. 31, 2012 Total Residential Properties [Member] The Vistas [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] The Vistas [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Avala at Savannah Quarters [Member]		Dec. 31, 2012 Total Residential Properties [Member] Avala at Savannah Quarters [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Avala at Savannah Quarters [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Georgetown Grove [Member]		Dec. 31, 2012 Total Residential Properties [Member] Georgetown Grove [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Georgetown Grove [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Oaks at Wilmington Island [Member]		Dec. 31, 2012 Total Residential Properties [Member] Oaks at Wilmington Island [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Oaks at Wilmington Island [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Wildwood [Member]		Dec. 31, 2012 Total Residential Properties [Member] Wildwood [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Wildwood [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Three Oaks [Member]		Dec. 31, 2012 Total Residential Properties [Member] Three Oaks [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Three Oaks [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Huntington Chase [Member]		Dec. 31, 2012 Total Residential Properties [Member] Huntington Chase [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Huntington Chase [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Southland Station [Member]		Dec. 31, 2012 Total Residential Properties [Member] Southland Station [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Southland Station [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Terraces at Townelake [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Terraces at Townelake [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Fairways at Hartland [Member]		Dec. 31, 2012 Total Residential Properties [Member] Fairways at Hartland [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Fairways at Hartland [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Grand Reserve Lexington [Member]		Dec. 31, 2012 Total Residential Properties [Member] Grand Reserve Lexington [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Grand Reserve Lexington [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Lakepointe [Member]		Dec. 31, 2012 Total Residential Properties [Member] Lakepointe [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Lakepointe [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Mansion, The [Member]		Dec. 31, 2012 Total Residential Properties [Member] Mansion, The [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Mansion, The [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Village, The [Member]		Dec. 31, 2012 Total Residential Properties [Member] Village, The [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Village, The [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Stonemill Village [Member]		Dec. 31, 2012 Total Residential Properties [Member] Stonemill Village [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Stonemill Village [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Crosswinds [Member]		Dec. 31, 2012 Total Residential Properties [Member] Crosswinds [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Crosswinds [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Pear Orchard [Member]		Dec. 31, 2012 Total Residential Properties [Member] Pear Orchard [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Pear Orchard [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Reflection Pointe [Member]		Dec. 31, 2012 Total Residential Properties [Member] Reflection Pointe [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Reflection Pointe [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Lakeshore Landing [Member]		Dec. 31, 2012 Total Residential Properties [Member] Lakeshore Landing [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Lakeshore Landing [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Savannah Creek [Member]		Dec. 31, 2012 Total Residential Properties [Member] Savannah Creek [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Savannah Creek [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Sutton Place [Member]		Dec. 31, 2012 Total Residential Properties [Member] Sutton Place [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Sutton Place [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Market Station [Member]		Dec. 31, 2012 Total Residential Properties [Member] Market Station [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Market Station [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Hermitage at Beechtree [Member]		Dec. 31, 2012 Total Residential Properties [Member] Hermitage at Beechtree [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Hermitage at Beechtree [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Waterford Forest [Member]		Dec. 31, 2012 Total Residential Properties [Member] Waterford Forest [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Waterford Forest [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] 1225 South Church I [Member]		Dec. 31, 2012 Total Residential Properties [Member] 1225 South Church I [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] 1225 South Church I [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Hue [Member]		Dec. 31, 2012 Total Residential Properties [Member] Hue [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Hue [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Preserve at Brier Creek [Member]		Dec. 31, 2012 Total Residential Properties [Member] Preserve at Brier Creek [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Preserve at Brier Creek [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Providence at Brier Creek [Member]		Dec. 31, 2012 Total Residential Properties [Member] Providence at Brier Creek [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Providence at Brier Creek [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Corners, The [Member]		Dec. 31, 2012 Total Residential Properties [Member] Corners, The [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Corners, The [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Colony at South Park [Member]		Dec. 31, 2012 Total Residential Properties [Member] Colony at South Park [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Colony at South Park [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Woodwinds [Member]		Dec. 31, 2012 Total Residential Properties [Member] Woodwinds [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Woodwinds [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Tanglewood [Member]		Dec. 31, 2012 Total Residential Properties [Member] Tanglewood [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Tanglewood [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Fairways, The [Member]		Dec. 31, 2012 Total Residential Properties [Member] Fairways, The [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Fairways, The [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Paddock Club Columbia [Member]		Dec. 31, 2012 Total Residential Properties [Member] Paddock Club Columbia [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Paddock Club Columbia [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Highland Ridge [Member]		Dec. 31, 2012 Total Residential Properties [Member] Highland Ridge [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Highland Ridge [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Howell Commons [Member]		Dec. 31, 2012 Total Residential Properties [Member] Howell Commons [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Howell Commons [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Paddock Club Greenville [Member]		Dec. 31, 2012 Total Residential Properties [Member] Paddock Club Greenville [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Paddock Club Greenville [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Park Haywood [Member]		Dec. 31, 2012 Total Residential Properties [Member] Park Haywood [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Park Haywood [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Spring Creek [Member]		Dec. 31, 2012 Total Residential Properties [Member] Spring Creek [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Spring Creek [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Runaway Bay [Member]		Dec. 31, 2012 Total Residential Properties [Member] Runaway Bay [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Runaway Bay [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] 535 Brookwood [Member]		Dec. 31, 2012 Total Residential Properties [Member] 535 Brookwood [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] 535 Brookwood [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Park Place [Member]		Dec. 31, 2012 Total Residential Properties [Member] Park Place [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Park Place [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Farmington Village [Member]		Dec. 31, 2012 Total Residential Properties [Member] Farmington Village [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Farmington Village [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Hamilton Pointe [Member]		Dec. 31, 2012 Total Residential Properties [Member] Hamilton Pointe [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Hamilton Pointe [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Hidden Creek [Member]		Dec. 31, 2012 Total Residential Properties [Member] Hidden Creek [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Hidden Creek [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Steeplechase [Member]		Dec. 31, 2012 Total Residential Properties [Member] Steeplechase [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Steeplechase [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Windridge [Member]		Dec. 31, 2012 Total Residential Properties [Member] Windridge [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Windridge [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Oaks, The [Member]		Dec. 31, 2012 Total Residential Properties [Member] Oaks, The [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Oaks, The [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Post House Jackson [Member]		Dec. 31, 2012 Total Residential Properties [Member] Post House Jackson [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Post House Jackson [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Post House North [Member]		Dec. 31, 2012 Total Residential Properties [Member] Post House North [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Post House North [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Bradford Chase [Member]		Dec. 31, 2012 Total Residential Properties [Member] Bradford Chase [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Bradford Chase [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Woods at Post House [Member]		Dec. 31, 2012 Total Residential Properties [Member] Woods at Post House [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Woods at Post House [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Greenbrook [Member]		Dec. 31, 2012 Total Residential Properties [Member] Greenbrook [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Greenbrook [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Kirby Station [Member]		Dec. 31, 2012 Total Residential Properties [Member] Kirby Station [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Kirby Station [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Lincoln on the Green [Member]		Dec. 31, 2012 Total Residential Properties [Member] Lincoln on the Green [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Lincoln on the Green [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Park Estate [Member]		Dec. 31, 2012 Total Residential Properties [Member] Park Estate [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Park Estate [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Reserve at Dexter Lake [Member]		Dec. 31, 2012 Total Residential Properties [Member] Reserve at Dexter Lake [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Reserve at Dexter Lake [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Paddock Club Murfreesboro [Member]		Dec. 31, 2012 Total Residential Properties [Member] Paddock Club Murfreesboro [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Paddock Club Murfreesboro [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Aventura at Indian Lake Village [Member]		Dec. 31, 2012 Total Residential Properties [Member] Aventura at Indian Lake Village [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Aventura at Indian Lake Village [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Avondale at Kennesaw [Member]		Dec. 31, 2012 Total Residential Properties [Member] Avondale at Kennesaw [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Avondale at Kennesaw [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Brentwood Downs [Member]		Dec. 31, 2012 Total Residential Properties [Member] Brentwood Downs [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Brentwood Downs [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Grand View Nashville [Member]		Dec. 31, 2012 Total Residential Properties [Member] Grand View Nashville [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Grand View Nashville [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Monthaven Park [Member]		Dec. 31, 2012 Total Residential Properties [Member] Monthaven Park [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Monthaven Park [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Park at Hermitage [Member]		Dec. 31, 2012 Total Residential Properties [Member] Park at Hermitage [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Park at Hermitage [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Venue at Cool Springs [Member]		Dec. 31, 2012 Total Residential Properties [Member] Venue at Cool Springs [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Venue at Cool Springs [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Verandas at Sam Ridley [Member]		Dec. 31, 2012 Total Residential Properties [Member] Verandas at Sam Ridley [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Verandas at Sam Ridley [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Northwood [Member]		Dec. 31, 2012 Total Residential Properties [Member] Northwood [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Northwood [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Balcones Woods [Member]		Dec. 31, 2012 Total Residential Properties [Member] Balcones Woods [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Balcones Woods [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Grand Reserve at Sunset Valley [Member]		Dec. 31, 2012 Total Residential Properties [Member] Grand Reserve at Sunset Valley [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Grand Reserve at Sunset Valley [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Legacy at Western Oaks [Member]		Dec. 31, 2012 Total Residential Properties [Member] Legacy at Western Oaks [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Legacy at Western Oaks [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Silverado [Member]		Dec. 31, 2012 Total Residential Properties [Member] Silverado [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Silverado [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Stassney Woods [Member]		Dec. 31, 2012 Total Residential Properties [Member] Stassney Woods [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Stassney Woods [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Travis Station [Member]		Dec. 31, 2012 Total Residential Properties [Member] Travis Station [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Travis Station [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Woods, The [Member]		Dec. 31, 2012 Total Residential Properties [Member] Woods, The [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Woods, The [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Courtyards at Campbell [Member]		Dec. 31, 2012 Total Residential Properties [Member] Courtyards at Campbell [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Courtyards at Campbell [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Deer Run [Member]		Dec. 31, 2012 Total Residential Properties [Member] Deer Run [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Deer Run [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Grand Courtyard [Member]		Dec. 31, 2012 Total Residential Properties [Member] Grand Courtyard [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Grand Courtyard [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Legends at Lowe's Farm [Member]		Dec. 31, 2012 Total Residential Properties [Member] Legends at Lowe's Farm [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Legends at Lowe's Farm [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Watermark [Member]		Dec. 31, 2012 Total Residential Properties [Member] Watermark [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Watermark [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] La Valencia at Starwood [Member]		Dec. 31, 2012 Total Residential Properties [Member] La Valencia at Starwood [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] La Valencia at Starwood [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Legacy Pines [Member]		Dec. 31, 2012 Total Residential Properties [Member] Legacy Pines [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Legacy Pines [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Reserve at Woodwind Lakes [Member]		Dec. 31, 2012 Total Residential Properties [Member] Reserve at Woodwind Lakes [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Reserve at Woodwind Lakes [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Park Place (Houston) [Member]		Dec. 31, 2012 Total Residential Properties [Member] Park Place (Houston) [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Park Place (Houston) [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Ranchstone [Member]		Dec. 31, 2012 Total Residential Properties [Member] Ranchstone [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Ranchstone [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Cascade at Fall Creek [Member]		Dec. 31, 2012 Total Residential Properties [Member] Cascade at Fall Creek [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Cascade at Fall Creek [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Chalet at Fall Creek [Member]		Dec. 31, 2012 Total Residential Properties [Member] Chalet at Fall Creek [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Chalet at Fall Creek [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Bella Casita at Las Colinas [Member]		Dec. 31, 2012 Total Residential Properties [Member] Bella Casita at Las Colinas [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Bella Casita at Las Colinas [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Lane at Towne Crossing [Member]		Dec. 31, 2012 Total Residential Properties [Member] Lane at Towne Crossing [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Lane at Towne Crossing [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Times Square at Craig Ranch [Member]		Dec. 31, 2012 Total Residential Properties [Member] Times Square at Craig Ranch [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Times Square at Craig Ranch [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Highwood [Member]		Dec. 31, 2012 Total Residential Properties [Member] Highwood [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Highwood [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Los Rios Park [Member]		Dec. 31, 2012 Total Residential Properties [Member] Los Rios Park [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Los Rios Park [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Boulder Ridge [Member]		Dec. 31, 2012 Total Residential Properties [Member] Boulder Ridge [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Boulder Ridge [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Copper Ridge [Member]		Dec. 31, 2012 Total Residential Properties [Member] Copper Ridge [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Copper Ridge [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Alamo Ranch [Member]		Dec. 31, 2012 Total Residential Properties [Member] Alamo Ranch [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Alamo Ranch [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Haven at Blanco [Member]		Dec. 31, 2012 Total Residential Properties [Member] Haven at Blanco [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Haven at Blanco [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Stone Ranch at Westover Hills [Member]		Dec. 31, 2012 Total Residential Properties [Member] Stone Ranch at Westover Hills [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Stone Ranch at Westover Hills [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Cypresswood Court [Member]		Dec. 31, 2012 Total Residential Properties [Member] Cypresswood Court [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Cypresswood Court [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Villages at Kirkwood [Member]		Dec. 31, 2012 Total Residential Properties [Member] Villages at Kirkwood [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Villages at Kirkwood [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Green Tree Place [Member]		Dec. 31, 2012 Total Residential Properties [Member] Green Tree Place [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Green Tree Place [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Adalay Bay [Member]		Dec. 31, 2012 Total Residential Properties [Member] Adalay Bay [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Adalay Bay [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Seasons at Celebrate Virginia [Member]		Dec. 31, 2012 Total Residential Properties [Member] Seasons at Celebrate Virginia [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Seasons at Celebrate Virginia [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Township [Member]		Dec. 31, 2012 Total Residential Properties [Member] Township [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Township [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Hamptons at Hunton Park [Member]		Dec. 31, 2012 Total Residential Properties [Member] Hamptons at Hunton Park [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Hamptons at Hunton Park [Member] End of Period [Member] Y		Dec. 31, 2012 Total Residential Properties [Member] Land [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Birchall at Ross Bridge [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Eagle Ridge [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Abbington Place [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Paddock Club Huntsville [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Edge at Lyon's Gate [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Sky View Ranch [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Talus Ranch [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Tiffany Oaks [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Marsh Oaks [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Indigo Point [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Paddock Club Brandon [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Preserve at Coral Square [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] The Retreat at Magnolia Parke [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Atlantic Crossing [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Hunter's Ridge at Deerwood [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Lakeside [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Lighthouse at Fleming Island [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Paddock Club Jacksonville [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Tattersall at Tapestry Park [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Woodbridge at the Lake [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Woodhollow [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Paddock Club Lakeland [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Paddock Park Ocala [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Retreat at Lake Nona [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] The Club at Panama Beach [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Paddock Club Tallahassee [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Belmere [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Links at Carrollwood [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Village Oaks [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Park Crest At Innisbrook [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] High Ridge [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Allure at Brookwood [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Allure in Buckhead Village Residential [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Sanctuary at Oglethorpe [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Bradford Pointe [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Shenandoah Ridge [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Westbury Creek [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Fountain Lake [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Willow Creek [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Prescott [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Lanier [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Lake Club [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Whispering Pines [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Austin Chase [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] The Vistas [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Avala at Savannah Quarters [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Georgetown Grove [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Oaks at Wilmington Island [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Wildwood [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Three Oaks [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Huntington Chase [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Southland Station [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Fairways at Hartland [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Grand Reserve Lexington [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Lakepointe [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Mansion, The [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Village, The [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Stonemill Village [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Crosswinds [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Pear Orchard [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Reflection Pointe [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Lakeshore Landing [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Savannah Creek [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Sutton Place [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Market Station [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Hermitage at Beechtree [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Waterford Forest [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] 1225 South Church I [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Hue [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Preserve at Brier Creek [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Providence at Brier Creek [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Corners, The [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Colony at South Park [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Woodwinds [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Tanglewood [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Fairways, The [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Paddock Club Columbia [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Highland Ridge [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Howell Commons [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Paddock Club Greenville [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Park Haywood [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Spring Creek [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Runaway Bay [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] 535 Brookwood [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Park Place [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Farmington Village [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Hamilton Pointe [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Hidden Creek [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Steeplechase [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Windridge [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Oaks, The [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Post House Jackson [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Post House North [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Bradford Chase [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Woods at Post House [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Greenbrook [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Kirby Station [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Lincoln on the Green [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Park Estate [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Reserve at Dexter Lake [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Paddock Club Murfreesboro [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Aventura at Indian Lake Village [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Avondale at Kennesaw [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Brentwood Downs [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Grand View Nashville [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Monthaven Park [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Park at Hermitage [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Venue at Cool Springs [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Verandas at Sam Ridley [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Northwood [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Balcones Woods [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Grand Reserve at Sunset Valley [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Legacy at Western Oaks [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Silverado [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Stassney Woods [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Travis Station [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Woods, The [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Courtyards at Campbell [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Deer Run [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Grand Courtyard [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Legends at Lowe's Farm [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Watermark [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] La Valencia at Starwood [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Legacy Pines [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Reserve at Woodwind Lakes [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Park Place (Houston) [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Ranchstone [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Cascade at Fall Creek [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Chalet at Fall Creek [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Bella Casita at Las Colinas [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Lane at Towne Crossing [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Times Square at Craig Ranch [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Highwood [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Los Rios Park [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Boulder Ridge [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Copper Ridge [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Alamo Ranch [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Haven at Blanco [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Stone Ranch at Westover Hills [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Cypresswood Court [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Villages at Kirkwood [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Green Tree Place [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Adalay Bay [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Seasons at Celebrate Virginia [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Township [Member]	Dec. 31, 2012 Total Residential Properties [Member] Land [Member] Hamptons at Hunton Park [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Birchall at Ross Bridge [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Eagle Ridge [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Abbington Place [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Paddock Club Huntsville [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Edge at Lyon's Gate [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Sky View Ranch [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Talus Ranch [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Tiffany Oaks [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Marsh Oaks [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Indigo Point [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Paddock Club Brandon [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Preserve at Coral Square [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] The Retreat at Magnolia Parke [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Atlantic Crossing [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Hunter's Ridge at Deerwood [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Lakeside [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Lighthouse at Fleming Island [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Paddock Club Jacksonville [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Tattersall at Tapestry Park [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Woodbridge at the Lake [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Woodhollow [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Paddock Club Lakeland [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Paddock Park Ocala [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Retreat at Lake Nona [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] The Club at Panama Beach [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Paddock Club Tallahassee [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Belmere [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Links at Carrollwood [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Village Oaks [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Park Crest At Innisbrook [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] High Ridge [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Allure at Brookwood [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Allure in Buckhead Village Residential [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Sanctuary at Oglethorpe [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Bradford Pointe [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Shenandoah Ridge [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Westbury Creek [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Fountain Lake [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Willow Creek [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Prescott [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Lanier [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Lake Club [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Whispering Pines [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Austin Chase [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] The Vistas [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Avala at Savannah Quarters [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Georgetown Grove [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Oaks at Wilmington Island [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Wildwood [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Three Oaks [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Huntington Chase [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Southland Station [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Fairways at Hartland [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Grand Reserve Lexington [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Lakepointe [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Mansion, The [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Village, The [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Stonemill Village [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Crosswinds [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Pear Orchard [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Reflection Pointe [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Lakeshore Landing [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Savannah Creek [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Sutton Place [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Market Station [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Hermitage at Beechtree [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Waterford Forest [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] 1225 South Church I [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Hue [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Preserve at Brier Creek [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Providence at Brier Creek [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Corners, The [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Colony at South Park [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Woodwinds [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Tanglewood [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Fairways, The [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Paddock Club Columbia [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Highland Ridge [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Howell Commons [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Paddock Club Greenville [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Park Haywood [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Spring Creek [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Runaway Bay [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] 535 Brookwood [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Park Place [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Farmington Village [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Hamilton Pointe [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Hidden Creek [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Steeplechase [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Windridge [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Oaks, The [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Post House Jackson [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Post House North [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Bradford Chase [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Woods at Post House [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Greenbrook [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Kirby Station [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Lincoln on the Green [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Park Estate [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Reserve at Dexter Lake [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Paddock Club Murfreesboro [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Aventura at Indian Lake Village [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Avondale at Kennesaw [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Brentwood Downs [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Grand View Nashville [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Monthaven Park [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Park at Hermitage [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Venue at Cool Springs [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Verandas at Sam Ridley [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Northwood [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Balcones Woods [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Grand Reserve at Sunset Valley [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Legacy at Western Oaks [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Silverado [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Stassney Woods [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Travis Station [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Woods, The [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Courtyards at Campbell [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Deer Run [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Grand Courtyard [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Legends at Lowe's Farm [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Watermark [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] La Valencia at Starwood [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Legacy Pines [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Reserve at Woodwind Lakes [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Park Place (Houston) [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Ranchstone [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Cascade at Fall Creek [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Chalet at Fall Creek [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Bella Casita at Las Colinas [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Lane at Towne Crossing [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Times Square at Craig Ranch [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Highwood [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Los Rios Park [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Boulder Ridge [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Copper Ridge [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Alamo Ranch [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Haven at Blanco [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Stone Ranch at Westover Hills [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Cypresswood Court [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Villages at Kirkwood [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Green Tree Place [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Adalay Bay [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Seasons at Celebrate Virginia [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Township [Member]	Dec. 31, 2012 Total Residential Properties [Member] Buildings and Fixtures [Member] Hamptons at Hunton Park [Member]	Dec. 31, 2012 Retail Properties [Member]		Dec. 31, 2012 Retail Properties [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Retail Properties [Member] End of Period [Member] Y		Dec. 31, 2012 Retail Properties [Member] Allure at Brookwood [Member]		Dec. 31, 2012 Retail Properties [Member] Allure at Brookwood [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Retail Properties [Member] Allure at Brookwood [Member] End of Period [Member] Y		Dec. 31, 2012 Retail Properties [Member] Bella Casita at Las Colinas [Member]		Dec. 31, 2012 Retail Properties [Member] Bella Casita at Las Colinas [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Retail Properties [Member] Bella Casita at Las Colinas [Member] End of Period [Member] Y		Dec. 31, 2012 Retail Properties [Member] Times Square at Craig Ranch [Member]		Dec. 31, 2012 Retail Properties [Member] Times Square at Craig Ranch [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Retail Properties [Member] Times Square at Craig Ranch [Member] End of Period [Member] Y		Dec. 31, 2012 Retail Properties [Member] 1225 South Church [Member]		Dec. 31, 2012 Retail Properties [Member] 1225 South Church [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Retail Properties [Member] 1225 South Church [Member] End of Period [Member] Y		Dec. 31, 2012 Retail Properties [Member] Land [Member]	Dec. 31, 2012 Retail Properties [Member] Land [Member] Allure at Brookwood [Member]	Dec. 31, 2012 Retail Properties [Member] Land [Member] Bella Casita at Las Colinas [Member]	Dec. 31, 2012 Retail Properties [Member] Land [Member] Times Square at Craig Ranch [Member]	Dec. 31, 2012 Retail Properties [Member] Land [Member] 1225 South Church [Member]	Dec. 31, 2012 Retail Properties [Member] Buildings and Fixtures [Member]	Dec. 31, 2012 Retail Properties [Member] Buildings and Fixtures [Member] Allure at Brookwood [Member]	Dec. 31, 2012 Retail Properties [Member] Buildings and Fixtures [Member] Bella Casita at Las Colinas [Member]	Dec. 31, 2012 Retail Properties [Member] Buildings and Fixtures [Member] Times Square at Craig Ranch [Member]	Dec. 31, 2012 Retail Properties [Member] Buildings and Fixtures [Member] 1225 South Church [Member]	Dec. 31, 2012 Development Properties [Member]		Dec. 31, 2012 Development Properties [Member] South Church Phase II Development [Member]		Dec. 31, 2012 Development Properties [Member] River's Walk [Member]		Dec. 31, 2012 Development Properties [Member] 220 Riverside [Member]		Dec. 31, 2012 Development Properties [Member] Land [Member]	Dec. 31, 2012 Development Properties [Member] Land [Member] South Church Phase II Development [Member]	Dec. 31, 2012 Development Properties [Member] Land [Member] River's Walk [Member]	Dec. 31, 2012 Development Properties [Member] Land [Member] 220 Riverside [Member]	Dec. 31, 2012 Development Properties [Member] Buildings and Fixtures [Member]	Dec. 31, 2012 Development Properties [Member] Buildings and Fixtures [Member] South Church Phase II Development [Member]	Dec. 31, 2012 Development Properties [Member] Buildings and Fixtures [Member] River's Walk [Member]	Dec. 31, 2012 Development Properties [Member] Buildings and Fixtures [Member] 220 Riverside [Member]	Dec. 31, 2012 Total Properties [Member]		Dec. 31, 2012 Total Properties [Member] Land [Member]	Dec. 31, 2012 Total Properties [Member] Buildings and Fixtures [Member]	Dec. 31, 2012 Land Held for Future Developments [Member]		Dec. 31, 2012 Land Held for Future Developments [Member] Land [Member]	Dec. 31, 2012 Land Held for Future Developments [Member] Buildings and Fixtures [Member]	Dec. 31, 2012 Commercial Properties [Member]		Dec. 31, 2012 Commercial Properties [Member] Beginning of Period [Member] Y		Dec. 31, 2012 Commercial Properties [Member] End of Period [Member] Y		Dec. 31, 2012 Commercial Properties [Member] Land [Member]	Dec. 31, 2012 Commercial Properties [Member] Buildings and Fixtures [Member]	Dec. 31, 2012 Total Other [Member]		Dec. 31, 2012 Total Other [Member] Land [Member]	Dec. 31, 2012 Total Other [Member] Buildings and Fixtures [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location														Birmingham, AL						Birmingham, AL						Huntsville, AL						Huntsville, AL																														Phoenix, AZ						Gilbert, AZ						Phoenix, AZ						Altamonte Springs, FL						Atlantic Beach, FL						Brandon, FL						Brandon, FL						Coral Springs, FL														Gainesville, FL						Jacksonville, FL										Jacksonville, FL						Jacksonville, FL						Jacksonville, FL						Jacksonville, FL														Jacksonville, FL						Jacksonville, FL						Jacksonville, FL						Lakeland, FL										Ocala, FL						Orlando, FL						Panama City, FL						Tallahassee, FL						Tampa, FL						Tampa, FL						Tampa, FL						Palm Harbor, FL						Athens, GA						Atlanta, GA						Atlanta, GA						Atlanta, GA						Augusta, GA						Augusta, GA						Augusta, GA						Brunswick, GA										Columbus, GA										Duluth, GA						Gainesville, GA						Gainesville, GA						LaGrange, GA						Macon, GA						Macon, GA						Savannah, GA						Savannah, GA						Savannah, GA						Thomasville, GA						Valdosta, GA						Warner Robins, GA						Warner Robins, GA										Bowling Green, KY						Lexington, KY						Lexington, KY						Lexington, KY						Lexington, KY						Louisville, KY						Jackson, MS						Jackson, MS						Jackson, MS						Ridgeland, MS						Southaven, MS						Southaven, MS						Kansas City, MO						Cary, NC						Cary, NC						Charlotte, NC						Raleigh, NC						Raleigh, NC						Raleigh, NC						Winston-Salem, NC						Aiken, SC						Aiken, SC						Anderson, SC						Columbia, SC						Columbia, SC						Greenville, SC						Greenville, SC						Greenville, SC						Greenville, SC						Greenville, SC						Mt. Pleasant, SC						Simpsonville, SC						Spartanburg, SC						Summerville, SC						Chattanooga, TN						Chattanooga, TN						Chattanooga, TN						Chattanooga, TN						Jackson, TN						Jackson, TN						Jackson, TN						Jackson, TN						Jackson, TN						Memphis, TN						Memphis, TN						Memphis, TN						Memphis, TN						Memphis, TN						Murfreesboro, TN						Nashville, TN						Nashville, TN						Nashville, TN						Nashville, TN						Nashville, TN						Nashville, TN						Nashville, TN						Nashville, TN						Arlington, TX						Austin, TX						Austin, TX						Austin, TX						Austin, TX						Austin, TX						Austin, TX						Austin, TX						Dallas, TX						Dallas, TX						Dallas, TX						Dallas, TX						Dallas, TX						Frisco, TX						Houston, TX						Houston, TX						Houston, TX						Houston, TX						Humble, TX						Humble, TX						Irving, TX						Mesquite, TX						McKinney, TX						Plano, TX						Plano, TX						Roanoke, TX						Roanoke, TX						San Antonio, TX						San Antonio, TX						San Antonio, TX						Spring, TX						Stafford, TX						Woodlands, TX						Chesapeake, VA						Fredericksburg, VA						Hampton, VA						Richmond, VA																																																																																																																																																																																																																																																																																																												Various																																																												Various				Various
Encumbrances												$ 330,677,000		$ 0						$ 0	[1]					$ 0	[1]					$ 0																														$ 0						$ 0						$ 0						$ 0	[1]					$ 0						$ 0						$ 0						$ 0	[2]													$ 0						$ 0										$ 0						$ 0						$ 0	[1]					$ 0														$ 0						$ 0						$ 0	[1]					$ 0	[1]									$ 6,772,000	[3]					$ 0						$ 0						$ 0						$ 0	[1]					$ 0						$ 0						$ 30,114,000						$ 0	[1]					$ 0						$ 0						$ 23,500,000						$ 0						$ 0	[1]					$ 3,480,000	[4]					$ 0										$ 0										$ 0	[5]					$ 16,312,000						$ 0	[5]					$ 0						$ 0						$ 0						$ 0						$ 0						$ 0	[2]					$ 0						$ 0						$ 0	[2]					$ 0										$ 0						$ 0	[1]					$ 0	[1]					$ 0	[1]					$ 0	[1]					$ 0						$ 0	[1]					$ 0	[1]					$ 5,854,000	[6]					$ 0	[1]					$ 0	[1]					$ 0	[1]					$ 0						$ 0						$ 0	[5]					$ 0						$ 0						$ 0						$ 0						$ 0						$ 0	[1]					$ 0	[1]					$ 0						$ 7,701,000	[7]					$ 0	[1]					$ 0	[1]					$ 0	[1]					$ 0	[1]					$ 0	[1]					$ 0	[1]					$ 8,365,000	[8],[9]					$ 13,657,000						$ 0	[1]					$ 15,200,000						$ 0	[1]					$ 0	[1]					$ 0	[1]					$ 5,465,000	[10]					$ 0	[1]					$ 5,071,000	[11]					$ 3,360,000	[12]					$ 0	[1]					$ 4,476,000						$ 28,394,000						$ 0	[1]					$ 0	[1]					$ 0						$ 0						$ 0						$ 0						$ 18,821,000						$ 0						$ 0						$ 0						$ 6,645,000	[13],[8]					$ 0						$ 23,165,000						$ 0						$ 0						$ 0	[2]					$ 32,461,000						$ 0						$ 4,050,000	[14],[8]					$ 3,585,000	[15],[8]					$ 0						$ 0						$ 0						$ 0	[2]					$ 0						$ 0	[5]					$ 22,085,000						$ 0						$ 12,077,000						$ 0						$ 0	[2]					$ 0						$ 0	[2]					$ 0	[5]					$ 0	[16]					$ 0						$ 0						$ 0	[16]					$ 0	[16]					$ 0						$ 0						$ 0						$ 19,319,000						$ 0	[5]					$ 0	[2]					$ 0	[5]					$ 0						$ 0						$ 10,748,000	[17]					$ 0
Initial Cost Land	357,235,000											342,188,000		2,640,000						851,000						524,000						909,000																														7,901,000						2,668,000						12,741,000						1,024,000						244,000						1,167,000						2,896,000						9,600,000														2,040,000						4,000,000										1,533,000						1,430,000						4,047,000						2,292,000														6,417,000						645,000						1,686,000						2,254,000										2,284,000						7,880,000						898,000						530,000						852,000						817,000						2,738,000						6,900,000						884,000						11,168,000						8,633,000						6,875,000						772,000						650,000						400,000						502,000										614,000										3,840,000						3,560,000						3,150,000						823,000						1,409,000						595,000						1,500,000						1,288,000						2,910,000						438,000						462,000						1,160,000						1,470,000										1,038,000						2,024,000						411,000						694,000						900,000						1,169,000						1,535,000						1,351,000						710,000						676,000						778,000						894,000						5,814,000						900,000						4,000,000						4,780,000						3,690,000						5,850,000						4,695,000						685,000						862,000						503,000						427,000						910,000						1,840,000						482,000						1,304,000						1,200,000						325,000						597,000						1,085,000						1,216,000						723,000						2,800,000						1,131,000						972,000						217,000						817,000						177,000						443,000						381,000						523,000						240,000						2,100,000						1,148,000						1,498,000						178,000						1,260,000						915,000						4,950,000						3,456,000						1,193,000						2,963,000						2,736,000						1,524,000						6,670,000						3,350,000						886,000						1,598,000						3,150,000						9,100,000						2,900,000						1,621,000						2,281,000						1,405,000						988,000						1,252,000						2,730,000						5,016,000						960,000						3,240,000						2,157,000						1,968,000						2,061,000						1,480,000						3,230,000						2,755,000						2,521,000						1,311,000						1,130,000						864,000						3,273,000						3,382,000						4,166,000						2,380,000						5,450,000						4,000,000						576,000						1,918,000						539,000						5,280,000						6,960,000						1,509,000						4,930,000																																																																																																																																																																																																																																																																																																												1,209,000						867,000						46,000						253,000						43,000																12,532,000		4,832,000		5,200,000		2,500,000										355,929,000				1,306,000				0								1,306,000
Initial Cost Buildings and Fixtures	2,374,449,000											2,369,289,000		28,842,000						7,667,000						4,724,000						10,152,000																														27,182,000						14,577,000						47,701,000						9,219,000						2,829,000						10,500,000						26,111,000						40,004,000														16,338,000						19,495,000										13,835,000						12,883,000						35,052,000						20,750,000														36,069,000						5,804,000						15,179,000						20,452,000										21,970,000						41,175,000						14,276,000						4,805,000						7,667,000						7,355,000						19,055,000						26,613,000						7,958,000						52,758,000						19,844,000						31,441,000						6,949,000						5,850,000						3,626,000						4,551,000										5,523,000										24,011,000						22,611,000						18,383,000						7,470,000						12,687,000						5,403,000						24,862,000						11,579,000						25,315,000						3,971,000						4,188,000						10,437,000						13,284,000										9,342,000						31,525,000						3,699,000						6,242,000						8,097,000						10,518,000						13,826,000						12,168,000						8,770,000						6,284,000						7,013,000						8,053,000						46,241,000						8,099,000						20,250,000						22,342,000						29,910,000						21,980,000						29,007,000						6,165,000						7,867,000						4,540,000						3,853,000						8,207,000						16,560,000						4,337,000						11,740,000						10,800,000						2,925,000						5,374,000						7,269,000						18,666,000						6,504,000						26,295,000						10,632,000						8,954,000						1,957,000						7,416,000						1,594,000						5,078,000						4,299,000						4,711,000						6,839,000						24,468,000						10,337,000						20,483,000						1,141,000						16,043,000						14,774,000						28,053,000						22,443,000						10,739,000						33,673,000						28,902,000						14,800,000						0						28,308,000						8,051,000						14,398,000						11,393,000						49,339,000						24,009,000						7,501,000						6,169,000						12,769,000						8,893,000						11,271,000						22,240,000						41,091,000						14,438,000						26,069,000						19,066,000						19,928,000						15,830,000						14,807,000						19,926,000						20,085,000						26,432,000						11,867,000						28,058,000						7,783,000						28,823,000						26,930,000						0						26,982,000						45,958,000						24,992,000						5,190,000						15,846,000						4,850,000						31,341,000						32,083,000						8,189,000						35,598,000																																																																																																																																																																																																																																																																																																												5,160,000						3,465,000						186,000						1,310,000						199,000																0		0		0		0										2,374,449,000				0				0								0
Cost Capitalized subsequent to Acquisition										3,912,000	649,411,000																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																											4,004,000	0	0	0	830,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(8,000)	(1,033,000)	0	0	(5,000)	950,000	0	110,000	84,000	0	0	0	0	0	0	8,000	0	0	0	0	0	0	(2,000)	0	0	0	0	0	371,000	459,000	0	0	0	0	0	0	0	0	0	0	138,000	0	0	0	0	0	0	0	0	(19,000)	0	0	0	0	0	0	0	0	0	0	35,000	(14,000)	(2,000)	0	0	0	0	0	0	0	12,000	0	(57,000)	0	0	25,000	0	0	0	2,147,000	0	0	0	(2,000)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(15,000)	0	0	0	0	0	0	(8,000)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	595,197,000	447,000	3,485,000	2,561,000	12,552,000	674,000	554,000	1,522,000	5,264,000	1,815,000	3,083,000	3,322,000	5,947,000	112,000	986,000	6,209,000	8,667,000	3,319,000	3,776,000	314,000	4,364,000	8,325,000	7,473,000	4,477,000	189,000	2,791,000	13,193,000	4,965,000	4,869,000	1,185,000	(895,000)	2,434,000	102,000	370,000	2,321,000	2,943,000	4,517,000	1,712,000	2,824,000	4,746,000	1,888,000	2,411,000	1,172,000	2,668,000	2,612,000	1,937,000	475,000	2,424,000	1,819,000	5,848,000	7,148,000	2,308,000	3,449,000	3,161,000	1,665,000	2,188,000	3,065,000	4,232,000	8,103,000	4,587,000	7,500,000	6,857,000	2,131,000	2,864,000	3,504,000	41,000	4,619,000	2,149,000	162,000	1,250,000	22,471,000	702,000	2,793,000	1,610,000	2,197,000	3,103,000	2,819,000	3,666,000	2,251,000	3,511,000	1,846,000	4,534,000	2,808,000	5,858,000	423,000	2,852,000	564,000	2,386,000	2,020,000	2,979,000	3,602,000	2,105,000	4,009,000	2,627,000	1,904,000	2,468,000	25,446,000	8,730,000	13,570,000	4,583,000	36,255,000	2,027,000	542,000	450,000	6,504,000	4,009,000	3,647,000	7,168,000	49,672,000	500,000	1,720,000	9,769,000	2,448,000	413,000	1,402,000	5,502,000	6,245,000	5,036,000	3,241,000	4,026,000	1,640,000	679,000	1,220,000	407,000	2,987,000	2,562,000	2,681,000	1,865,000	791,000	560,000	570,000	2,376,000	1,902,000	3,451,000	3,227,000	4,378,000	20,991,000	923,000	76,000	994,000	3,083,000	1,849,000	2,800,000	461,000	172,000	8,342,000	1,446,000																															9,000	0	0	0	9,000	632,000	0	126,000	375,000	131,000									0	0	0	0	32,968,000	19,358,000	11,526,000	2,084,000			4,013,000	628,797,000			(101,000)	0							0	20,614,000			(101,000)	20,614,000
Gross Amount, Land	361,147,000	[18]										346,192,000	[18]	2,640,000	[18]					851,000	[18]					524,000	[18]					1,739,000	[18]																													7,901,000	[18]					2,668,000	[18]					12,741,000	[18]					1,024,000	[18]					244,000	[18]					1,167,000	[18]					2,896,000	[18]					9,600,000	[18]													2,040,000	[18]					4,000,000	[18]									1,533,000	[18]					1,430,000	[18]					4,047,000	[18]					2,292,000	[18]													6,417,000	[18]					645,000	[18]					1,678,000	[18]					1,221,000	[18]									2,284,000	[18]					7,880,000	[18]					893,000	[18]					1,480,000	[18]					852,000	[18]					927,000	[18]					2,822,000	[18]					6,900,000	[18]					884,000	[18]					11,168,000	[18]					8,633,000	[18]					6,875,000	[18]					772,000	[18]					658,000	[18]					400,000	[18]					502,000	[18]									614,000	[18]									3,840,000	[18]					3,560,000	[18]					3,150,000	[18]					821,000	[18]					1,409,000	[18]					595,000	[18]					1,500,000	[18]					1,288,000	[18]					2,910,000	[18]					809,000	[18]					921,000	[18]					1,160,000	[18]					1,470,000	[18]									1,038,000	[18]					2,024,000	[18]					411,000	[18]					694,000	[18]					900,000	[18]					1,169,000	[18]					1,535,000	[18]					1,351,000	[18]					848,000	[18]					676,000	[18]					778,000	[18]					894,000	[18]					5,814,000	[18]					900,000	[18]					4,000,000	[18]					4,780,000	[18]					3,690,000	[18]					5,831,000	[18]					4,695,000	[18]					685,000	[18]					862,000	[18]					503,000	[18]					427,000	[18]					910,000	[18]					1,840,000	[18]					482,000	[18]					1,304,000	[18]					1,200,000	[18]					360,000	[18]					583,000	[18]					1,083,000	[18]					1,216,000	[18]					723,000	[18]					2,800,000	[18]					1,131,000	[18]					972,000	[18]					217,000	[18]					817,000	[18]					189,000	[18]					443,000	[18]					324,000	[18]					523,000	[18]					240,000	[18]					2,125,000	[18]					1,148,000	[18]					1,498,000	[18]					178,000	[18]					3,407,000	[18]					915,000	[18]					4,950,000	[18]					3,456,000	[18]					1,191,000	[18]					2,963,000	[18]					2,736,000	[18]					1,524,000	[18]					6,670,000	[18]					3,350,000	[18]					886,000	[18]					1,598,000	[18]					3,150,000	[18]					9,100,000	[18]					2,900,000	[18]					1,621,000	[18]					2,281,000	[18]					1,405,000	[18]					988,000	[18]					1,252,000	[18]					2,730,000	[18]					5,016,000	[18]					960,000	[18]					3,240,000	[18]					2,142,000	[18]					1,968,000	[18]					2,061,000	[18]					1,480,000	[18]					3,230,000	[18]					2,755,000	[18]					2,521,000	[18]					1,303,000	[18]					1,130,000	[18]					864,000	[18]					3,273,000	[18]					3,382,000	[18]					4,166,000	[18]					2,380,000	[18]					5,450,000	[18]					4,000,000	[18]					576,000	[18]					1,918,000	[18]					539,000	[18]					5,280,000	[18]					6,960,000	[18]					1,509,000	[18]					4,930,000	[18]																																																																																																																																																																																																																																																																																																											1,218,000	[18]					867,000	[18]					46,000	[18]					253,000	[18]					52,000	[18]															12,532,000	[18]	4,832,000	[18]	5,200,000	[18]	2,500,000	[18]									359,942,000	[18]			1,205,000	[18]			0	[18]							1,205,000	[18]
Gross Amount, Buildings and Fixtures	3,023,862,000	[18]										2,964,488,000	[18]	29,289,000	[18]					11,152,000	[18]					7,285,000	[18]					22,704,000	[18]																													27,856,000	[18]					15,131,000	[18]					49,223,000	[18]					14,483,000	[18]					4,644,000	[18]					13,583,000	[18]					29,433,000	[18]					45,951,000	[18]													16,450,000	[18]					20,481,000	[18]									20,044,000	[18]					21,550,000	[18]					38,371,000	[18]					24,526,000	[18]													36,383,000	[18]					10,168,000	[18]					23,504,000	[18]					27,925,000	[18]									26,447,000	[18]					41,364,000	[18]					17,067,000	[18]					17,998,000	[18]					12,632,000	[18]					12,224,000	[18]					20,240,000	[18]					25,718,000	[18]					10,392,000	[18]					52,862,000	[18]					20,214,000	[18]					33,762,000	[18]					9,892,000	[18]					10,367,000	[18]					5,338,000	[18]					7,375,000	[18]									10,269,000	[18]									25,899,000	[18]					25,022,000	[18]					19,555,000	[18]					10,138,000	[18]					15,299,000	[18]					7,340,000	[18]					25,337,000	[18]					14,003,000	[18]					27,134,000	[18]					9,819,000	[18]					11,336,000	[18]					12,745,000	[18]					16,733,000	[18]									12,503,000	[18]					33,190,000	[18]					5,887,000	[18]					9,307,000	[18]					12,329,000	[18]					18,621,000	[18]					18,413,000	[18]					19,668,000	[18]					15,627,000	[18]					8,415,000	[18]					9,877,000	[18]					11,557,000	[18]					46,282,000	[18]					12,718,000	[18]					22,399,000	[18]					22,504,000	[18]					31,160,000	[18]					44,451,000	[18]					29,709,000	[18]					8,958,000	[18]					9,477,000	[18]					6,737,000	[18]					6,956,000	[18]					11,026,000	[18]					20,226,000	[18]					6,588,000	[18]					15,251,000	[18]					12,646,000	[18]					7,459,000	[18]					8,182,000	[18]					13,127,000	[18]					19,089,000	[18]					9,356,000	[18]					26,859,000	[18]					13,018,000	[18]					10,974,000	[18]					4,936,000	[18]					11,018,000	[18]					3,699,000	[18]					9,087,000	[18]					6,926,000	[18]					6,615,000	[18]					9,307,000	[18]					49,914,000	[18]					19,067,000	[18]					34,053,000	[18]					5,724,000	[18]					52,298,000	[18]					16,801,000	[18]					28,595,000	[18]					22,893,000	[18]					17,243,000	[18]					37,682,000	[18]					32,549,000	[18]					21,968,000	[18]					49,672,000	[18]					28,808,000	[18]					9,771,000	[18]					24,167,000	[18]					13,841,000	[18]					49,752,000	[18]					25,411,000	[18]					13,003,000	[18]					12,414,000	[18]					17,805,000	[18]					12,134,000	[18]					15,297,000	[18]					23,880,000	[18]					41,770,000	[18]					15,658,000	[18]					26,476,000	[18]					22,053,000	[18]					22,490,000	[18]					18,511,000	[18]					16,672,000	[18]					20,717,000	[18]					20,645,000	[18]					27,002,000	[18]					14,243,000	[18]					29,960,000	[18]					11,234,000	[18]					32,050,000	[18]					31,308,000	[18]					20,991,000	[18]					27,905,000	[18]					46,034,000	[18]					25,986,000	[18]					8,273,000	[18]					17,695,000	[18]					7,650,000	[18]					31,802,000	[18]					32,255,000	[18]					16,531,000	[18]					37,044,000	[18]																																																																																																																																																																																																																																																																																																											5,792,000	[18]					3,465,000	[18]					312,000	[18]					1,685,000	[18]					330,000	[18]															32,968,000	[18]	19,358,000	[18]	11,526,000	[18]	2,084,000	[18]									3,003,248,000	[18]			0	[18]			20,614,000	[18]							20,614,000	[18]
Total	3,385,009,000											3,310,680,000		31,929,000						12,003,000						7,809,000						24,443,000																														35,757,000						17,799,000						61,964,000						15,507,000						4,888,000						14,750,000						32,329,000						55,551,000														18,490,000						24,481,000										21,577,000						22,980,000						42,418,000						26,818,000														42,800,000						10,813,000						25,182,000						29,146,000										28,731,000						49,244,000						17,960,000						19,478,000						13,484,000						13,151,000						23,062,000						32,618,000						11,276,000						64,030,000						28,847,000						40,637,000						10,664,000						11,025,000						5,738,000						7,877,000										10,883,000										29,739,000						28,582,000						22,705,000						10,959,000						16,708,000						7,935,000						26,837,000						15,291,000						30,044,000						10,628,000						12,257,000						13,905,000						18,203,000										13,541,000						35,214,000						6,298,000						10,001,000						13,229,000						19,790,000						19,948,000						21,019,000						16,475,000						9,091,000						10,655,000						12,451,000						52,096,000						13,618,000						26,399,000						27,284,000						34,850,000						50,282,000						34,404,000						9,643,000						10,339,000						7,240,000						7,383,000						11,936,000						22,066,000						7,070,000						16,555,000						13,846,000						7,819,000						8,765,000						14,210,000						20,305,000						10,079,000						29,659,000						14,149,000						11,946,000						5,153,000						11,835,000						3,888,000						9,530,000						7,250,000						7,138,000						9,547,000						52,039,000						20,215,000						35,551,000						5,902,000						55,705,000						17,716,000						33,545,000						26,349,000						18,434,000						40,645,000						35,285,000						23,492,000						56,342,000						32,158,000						10,657,000						25,765,000						16,991,000						58,852,000						28,311,000						14,624,000						14,695,000						19,210,000						13,122,000						16,549,000						26,610,000						46,786,000						16,618,000						29,716,000						24,195,000						24,458,000						20,572,000						18,152,000						23,947,000						23,400,000						29,523,000						15,546,000						31,090,000						12,098,000						35,323,000						34,690,000						25,157,000						30,285,000						51,484,000						29,986,000						8,849,000						19,613,000						8,189,000						37,082,000						39,215,000						18,040,000						41,974,000																																																																																																																																																																																																																																																																																																												7,010,000						4,332,000						358,000						1,938,000						382,000																45,500,000		24,190,000		16,726,000		4,584,000										3,363,190,000				1,205,000				20,614,000								21,819,000
Accumulated Depreciation	(914,038,000)		(858,276,000)	(769,066,000)	(675,679,000)							(901,250,000)		(1,324,000)						(5,931,000)						(3,898,000)						(10,546,000)																														(4,280,000)						(1,924,000)						(10,572,000)						(8,651,000)						(3,001,000)						(6,462,000)						(14,327,000)						(13,341,000)														(932,000)						(1,185,000)										(10,293,000)						(13,408,000)						(12,487,000)						(12,382,000)														(1,865,000)						(6,495,000)						(13,180,000)						(14,364,000)										(14,192,000)						(467,000)						(7,591,000)						(9,193,000)						(8,138,000)						(6,501,000)						(2,987,000)						(3,116,000)						(5,406,000)						(745,000)						(454,000)						(5,361,000)						(5,120,000)						(6,829,000)						(2,858,000)						(3,782,000)										(5,658,000)										(7,759,000)						(7,109,000)						(5,424,000)						(5,527,000)						(7,518,000)						(4,011,000)						(1,372,000)						(6,951,000)						(6,051,000)						(5,349,000)						(6,214,000)						(5,628,000)						(8,998,000)										(6,737,000)						(11,862,000)						(3,631,000)						(5,689,000)						(7,551,000)						(10,861,000)						(10,554,000)						(11,676,000)						(8,915,000)						(2,807,000)						(5,816,000)						(6,774,000)						(359,000)						(6,700,000)						(6,167,000)						(1,254,000)						(2,086,000)						(8,610,000)						(4,630,000)						(5,907,000)						(3,285,000)						(3,601,000)						(4,221,000)						(6,565,000)						(10,682,000)						(3,648,000)						(8,691,000)						(6,699,000)						(4,795,000)						(4,968,000)						(7,705,000)						(1,660,000)						(5,113,000)						(4,813,000)						(4,644,000)						(3,903,000)						(3,083,000)						(5,772,000)						(2,343,000)						(4,854,000)						(4,222,000)						(4,084,000)						(5,955,000)						(33,027,000)						(10,200,000)						(19,266,000)						(4,163,000)						(17,789,000)						(6,479,000)						(1,151,000)						(1,961,000)						(9,893,000)						(12,846,000)						(10,716,000)						(12,960,000)						(480,000)						(2,384,000)						(3,457,000)						(13,652,000)						(4,259,000)						(1,247,000)						(6,109,000)						(7,971,000)						(6,955,000)						(6,065,000)						(6,213,000)						(8,011,000)						(5,729,000)						(1,791,000)						(4,792,000)						(2,134,000)						(7,930,000)						(5,237,000)						(4,121,000)						(3,499,000)						(3,681,000)						(4,076,000)						(1,922,000)						(4,962,000)						(2,459,000)						(6,033,000)						(10,861,000)						(8,350,000)						(2,151,000)						(1,912,000)						(519,000)						(2,760,000)						(5,152,000)						(5,418,000)						(4,712,000)						(805,000)						(1,188,000)						(8,751,000)						(2,002,000)																																																																																																																																																																																																																																																																																																												(168,000)						(77,000)						(16,000)						(58,000)						(17,000)																(64,000)		(64,000)		0		0										(901,482,000)				0				(12,556,000)								(12,556,000)
Net	$ 2,470,971,000											$ 2,409,430,000		$ 30,605,000						$ 6,072,000						$ 3,911,000						$ 13,897,000																														$ 31,477,000						$ 15,875,000						$ 51,392,000						$ 6,856,000						$ 1,887,000						$ 8,288,000						$ 18,002,000						$ 42,210,000														$ 17,558,000						$ 23,296,000										$ 11,284,000						$ 9,572,000						$ 29,931,000						$ 14,436,000														$ 40,935,000						$ 4,318,000						$ 12,002,000						$ 14,782,000										$ 14,539,000						$ 48,777,000						$ 10,369,000						$ 10,285,000						$ 5,346,000						$ 6,650,000						$ 20,075,000						$ 29,502,000						$ 5,870,000						$ 63,285,000						$ 28,393,000						$ 35,276,000						$ 5,544,000						$ 4,196,000						$ 2,880,000						$ 4,095,000										$ 5,225,000										$ 21,980,000						$ 21,473,000						$ 17,281,000						$ 5,432,000						$ 9,190,000						$ 3,924,000						$ 25,465,000						$ 8,340,000						$ 23,993,000						$ 5,279,000						$ 6,043,000						$ 8,277,000						$ 9,205,000										$ 6,804,000						$ 23,352,000						$ 2,667,000						$ 4,312,000						$ 5,678,000						$ 8,929,000						$ 9,394,000						$ 9,343,000						$ 7,560,000						$ 6,284,000						$ 4,839,000						$ 5,677,000						$ 51,737,000						$ 6,918,000						$ 20,232,000						$ 26,030,000						$ 32,764,000						$ 41,672,000						$ 29,774,000						$ 3,736,000						$ 7,054,000						$ 3,639,000						$ 3,162,000						$ 5,371,000						$ 11,384,000						$ 3,422,000						$ 7,864,000						$ 7,147,000						$ 3,024,000						$ 3,797,000						$ 6,505,000						$ 18,645,000						$ 4,966,000						$ 24,846,000						$ 9,505,000						$ 8,043,000						$ 2,070,000						$ 6,063,000						$ 1,545,000						$ 4,676,000						$ 3,028,000						$ 3,054,000						$ 3,592,000						$ 19,012,000						$ 10,015,000						$ 16,285,000						$ 1,739,000						$ 37,916,000						$ 11,237,000						$ 32,394,000						$ 24,388,000						$ 8,541,000						$ 27,799,000						$ 24,569,000						$ 10,532,000						$ 55,862,000						$ 29,774,000						$ 7,200,000						$ 12,113,000						$ 12,732,000						$ 57,605,000						$ 22,202,000						$ 6,653,000						$ 7,740,000						$ 13,145,000						$ 6,909,000						$ 8,538,000						$ 20,881,000						$ 44,995,000						$ 11,826,000						$ 27,582,000						$ 16,265,000						$ 19,221,000						$ 16,451,000						$ 14,653,000						$ 20,266,000						$ 19,324,000						$ 27,601,000						$ 10,584,000						$ 28,631,000						$ 6,065,000						$ 24,462,000						$ 26,340,000						$ 23,006,000						$ 28,373,000						$ 50,965,000						$ 27,226,000						$ 3,697,000						$ 14,195,000						$ 3,477,000						$ 36,277,000						$ 38,027,000						$ 9,289,000						$ 39,972,000																																																																																																																																																																																																																																																																																																												$ 6,842,000						$ 4,255,000						$ 342,000						$ 1,880,000						$ 365,000																$ 45,436,000		$ 24,126,000		$ 16,726,000		$ 4,584,000										$ 2,461,708,000				$ 1,205,000				$ 8,058,000								$ 9,263,000
Date of Construction														2009						1986						1987						1993																														2007						2007						2005						1985						1986						1989						1998						1996														2009						2008										1987						1985						2003						1993														2009						1985						1986						1989										1987						2006						2000						1992						1984						1980						2007						2000						1987						2008						2002						1994						1986						1982						1984						1983										1974										2001						1998						2001						1983						1996						1985						2009						1997						1999						1982						1984						1997						1988										1996						2000						1986						1989						1989						1985						1989						1985						1986						1974						1989						1991						2010						1988						1996						2010						2009						2004						2007						1982						1982						1988						1980						1992						1991						1984						1987						1996						1983						1985						1988						2008						1987						2007						1989						1987						1986						1984						1978						1987						1987						1987						1997						1978						1978						1992						1974						2000						1999						2010						2008						1986						2001						2000						1987						2012						2009						1980						1983						1996						2001						2003						1985						1987						1977						1986						1985						2000						2008						2002						2009						1999						1999						1996						1996						2007						2006						2007						1983						2009						1983						2000						1999						2009						2009						2010						2009						1984						1996						1984						2002						2011						1987						2003																																																																																																																																																																																																																																																																																																												Various						2002						2007						2009						2010																		N/A		N/A		N/A														N/A				Various
Life used to compute depreciation in latest income statement						1	[11]	40	[11]							1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]	1	[11]	40	[11]	1	[11]	40	[11]	1	[11]	40	[11]	1	[11]	40	[11]	1	[11]	40	[11]	1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]	1	[11]	40	[11]	1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]	1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]	1	[11]	40	[11]	1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]	1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]	1	[11]	40	[11]			1	[11]	40	[11]	1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]	1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]																																																																																																																																																																																																																																																																																																									1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]			1	[11]	40	[11]																																					1	[11]	40	[11]

[1] Encumbered by a $691.8 million FNMA facility, with $495.8 million available and $495.8 million outstanding with a variable interest rate of 1.22% on which there exists in combination with the FNMA facility mentioned in note (2) nine interest rate swap agreements totaling $275 million at an average rate of 5.45% and six interest rate caps totalling $165 million at an average rate of 4.58% at December 31, 2012.

[2] Encumbered by a $200 million Freddie Mac facility, with $198.2 million available and an outstanding balance of $198.2 million and a variable interest rate of 0.72% on which there exists eight interest rate swap agreements totaling $134 million at an average rate of 5.51% and a $15 million interest rate cap of 5% at December 31, 2012.

[3] Phase I of Paddock Park - Ocala is encumbered by $6.8 million in bonds on which there exists a $6.8 million interest rate cap of 6.00% which terminates on October 24, 2017.

[4] Encumbered by $3.5 million in bonds $0.5 million having a variable rate of 1.128% and $3.0 million with a variable rate of 0.908% on which there exists a $3.0 million interest rate cap of 6.00% which terminates on May 31, 2013.

[5] Encumbered by a $128 million loan with an outstanding balance of $128 million and a fixed interest rate of 5.08% which matures on June 10, 2021.

[6] Encumbered by $5.9 million in bonds on which there exists a $5.9 million interest rate cap of 6.00% which terminates on October 31, 2017.

[7] Encumbered by $7.7 million in bonds on which there exists a $7.7 million interest rate cap of 6.00% which terminates on October 31, 2017.

[8] Also encumbered by a $17.9 million FNMA facility maturing on March 1, 2014 with a variable interest rate of 0.84% on which there exists a $11.7 million interest rate cap of 5.00% which terminates on March 1, 2014, and a $6.2 million interest rate cap of 4.50% which terminates on March 1, 2014.

[9] Encumbered by $8.4 million in bonds on which there exists a $8.4 million interest rate cap of 4.50% which terminates on March 1, 2014.

[10] Encumbered by $5.5 million in bonds $0.5 million having a variable rate of 1.128% and $5.0 million with a variable rate of 0.908% on which there exists a $5.0 million interest rate cap of 6.00% which terminates on May 31, 2013.

[11]

[12] Encumbered by $3.4 million in bonds on which there exists a $3.4 million interest rate cap of 6.00% which terminates on October 31, 2017.

[13] Encumbered by $6.6 million in bonds on which there exists a $6.6 million interest rate cap of 6.00% which terminates on November 15, 2016.

[14] Encumbered by $4.1 million in bonds on which there exists a $4.1 million interest rate cap of 6.00% which terminates on November 15, 2016.

[15] Encumbered by $3.6 million in bonds on which there exists a $3.6 million interest rate cap of 6.00% which terminates on November 15, 2016.

[16] Encumbered by a $83.2 million FNMA facility, with $0 million available and $0 outstanding with a variable interest rate of 0.00% on which there exists interest rate swaps and caps as mentioned in note (1) at December 31, 2012.

[17] Encumbered by $10.8 million in bonds on which there exists a $10.8 million interest rate cap of 6.00% and maturing on October 15, 2017.

[18] The aggregate cost for Federal income tax purposes was approximately $3.8 million at December 31, 2012. The aggregate cost for book purposes exceeds the total gross amount of real estate assets for Federal income tax purposes, principally due to purchase accounting adjustments recorded under accounting principles generally accepted in the United States of America.

XML

Schedule III Real Estate and Accumulated Depreciation (Parenthetical) (Details) (USD $)	12 Months Ended
	Dec. 31, 2012
Real Estate and Accumulated Depreciation [Line Items]
Aggregate cost basis for federal income tax purposes	$ 3,800,000
FNMA [Member]
Real Estate and Accumulated Depreciation [Line Items]
Secured credit facilities, outstanding amount	584,800,000
Variable interest rate (percent)	0.80%
Freddie Mac [Member]
Real Estate and Accumulated Depreciation [Line Items]
Secured credit facilities, amount available	200,000,000
Secured credit facilities, outstanding amount	198,200,000
Encumbrance 1 [Member] | FNMA [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	691,800,000.0
Secured credit facilities, amount available	495,800,000
Secured credit facilities, outstanding amount	495,800,000
Variable interest rate (percent)	1.22%
Encumbrance 1 [Member] | FNMA [Member] | Interest Rate Swap [Member]
Real Estate and Accumulated Depreciation [Line Items]
Number of Interest rate derivatives held (contracts)	9
Notional amounts of interest rate contracts	275,000,000
Variable rate borrowings after interest rate swaps (percent)	5.45%
Encumbrance 1 [Member] | FNMA [Member] | Interest Rate Cap [Member]
Real Estate and Accumulated Depreciation [Line Items]
Number of Interest rate derivatives held (contracts)	6
Notional amounts of interest rate contracts	165,000,000
Derivative cap interest rate (percent)	4.58%
Encumbrance 2 [Member] | FNMA [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	83,200,000.0
Secured credit facilities, amount available	0
Secured credit facilities, outstanding amount	0
Variable interest rate (percent)	0.00%
Encumbrance 3 [Member] | Bonds [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of bond used as encumbrance	6,800,000.0
Encumbrance 3 [Member] | Bonds [Member] | Interest Rate Cap [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notional amounts of interest rate contracts	6,800,000
Derivative cap interest rate (percent)	6.00%
Derivative termination date	Oct. 24, 2012
Encumbrance 4 [Member] | Freddie Mac [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	200,000,000
Secured credit facilities, amount available	198,200,000
Secured credit facilities, outstanding amount	198,200,000
Variable interest rate (percent)	0.72%
Encumbrance 4 [Member] | Freddie Mac [Member] | Interest Rate Swap [Member]
Real Estate and Accumulated Depreciation [Line Items]
Number of Interest rate derivatives held (contracts)	8
Notional amounts of interest rate contracts	134,000,000
Variable rate borrowings after interest rate swaps (percent)	5.51%
Encumbrance 4 [Member] | Freddie Mac [Member] | Interest Rate Cap [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notional amounts of interest rate contracts	15,000,000
Derivative cap interest rate (percent)	5.00%
Encumbrance 5 [Member] | Fixed Rate Debt [Member] | Loan [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of bond used as encumbrance	128,000,000
Notional amounts of interest rate contracts	128,000,000
Derivative cap interest rate (percent)	5.08%
Derivative termination date	Jun. 10, 2021
Encumbrance 6 [Member] | Bonds [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of bond used as encumbrance	8,400,000.0
Encumbrance 6 [Member] | Bonds [Member] | Interest Rate Cap [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notional amounts of interest rate contracts	8,400,000
Derivative cap interest rate (percent)	4.50%
Derivative termination date	Mar. 01, 2014
Encumbrance 7 [Member] | Bonds [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of bond used as encumbrance	7,000,000.0
Encumbrance 7 [Member] | Bonds [Member] | Interest Rate Swap [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notional amounts of interest rate contracts	7,000,000.0
Variable rate borrowings after interest rate swaps (percent)	6.00%
Derivative termination date	Oct. 15, 2017
Encumbrance 8 [Member] | Bonds [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of bond used as encumbrance	5,900,000.0
Encumbrance 8 [Member] | Bonds [Member] | Interest Rate Cap [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notional amounts of interest rate contracts	5,900,000
Derivative cap interest rate (percent)	6.00%
Derivative termination date	Oct. 31, 2017
Encumbrance 9 [Member] | Bonds [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of bond used as encumbrance	7,700,000.0
Encumbrance 9 [Member] | Bonds [Member] | Interest Rate Cap [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notional amounts of interest rate contracts	7,700,000.0
Derivative cap interest rate (percent)	6.00%
Derivative termination date	Oct. 31, 2017
Encumbrance 10 [Member] | Bonds [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of bond used as encumbrance	3,400,000.0
Encumbrance 10 [Member] | Bonds [Member] | Interest Rate Cap [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notional amounts of interest rate contracts	3,400,000.0
Derivative cap interest rate (percent)	6.00%
Derivative termination date	Oct. 31, 2017
Encumbrance 11 [Member] | Bonds [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of bond used as encumbrance	10,800,000.0
Encumbrance 11 [Member] | Bonds [Member] | Interest Rate Swap [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notional amounts of interest rate contracts	10,800,000.0
Variable rate borrowings after interest rate swaps (percent)	6.00%
Derivative termination date	Oct. 15, 2017
Encumbrance 12 [Member] | Bonds [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of bond used as encumbrance	3,500,000.0
Encumbrance 12 [Member] | Variable Rate Debt 1 [Member] | Bonds [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of bond used as encumbrance	500,000.0
Variable interest rate (percent)	1.128%
Encumbrance 12 [Member] | Variable Rate Debt 2 [Member] | Bonds [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of bond used as encumbrance	3,000,000.0
Variable interest rate (percent)	0.908%
Encumbrance 12 [Member] | Variable Rate Debt 2 [Member] | Bonds [Member] | Interest Rate Cap [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notional amounts of interest rate contracts	3,000,000.0
Derivative cap interest rate (percent)	6.00%
Derivative termination date	May 31, 2013
Encumbrance 13 [Member] | Bonds [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of bond used as encumbrance	5,500,000.0
Encumbrance 13 [Member] | Variable Rate Debt 1 [Member] | Bonds [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of bond used as encumbrance	500,000.0
Variable interest rate (percent)	1.128%
Encumbrance 13 [Member] | Variable Rate Debt 2 [Member] | Bonds [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of bond used as encumbrance	5,000,000
Variable interest rate (percent)	0.908%
Encumbrance 13 [Member] | Variable Rate Debt 2 [Member] | Bonds [Member] | Interest Rate Cap [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notional amounts of interest rate contracts	5,000,000.0
Derivative cap interest rate (percent)	6.00%
Derivative termination date	May 31, 2013
Encumbrance 14 [Member] | Bonds [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of bond used as encumbrance	6,600,000.0
Encumbrance 14 [Member] | Bonds [Member] | Interest Rate Cap [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notional amounts of interest rate contracts	6,600,000.0
Derivative cap interest rate (percent)	6.00%
Derivative termination date	Nov. 15, 2016
Encumbrance 15 [Member] | Bonds [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of bond used as encumbrance	4,100,000.0
Encumbrance 15 [Member] | Bonds [Member] | Interest Rate Cap [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notional amounts of interest rate contracts	4,100,000.0
Variable interest rate (percent)	6.00%
Derivative termination date	Nov. 15, 2016
Encumbrance 16 [Member] | Bonds [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of bond used as encumbrance	3,600,000.0
Encumbrance 16 [Member] | Bonds [Member] | Interest Rate Cap [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of bond used as encumbrance	3,600,000.0
Variable interest rate (percent)	6.00%
Derivative termination date	Nov. 15, 2016
Encumbrance 17 [Member] | Bonds [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of bond used as encumbrance	13,200,000.0
Encumbrance 17 [Member] | Bonds [Member] | Interest Rate Cap [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notional amounts of interest rate contracts	13,200,000.0
Derivative cap interest rate (percent)	4.50%
Derivative termination date	Mar. 01, 2014
Encumbrance 18 [Member] | FNMA [Member]
Real Estate and Accumulated Depreciation [Line Items]
Secured credit facilities, amount available	17,900,000.0
Variable interest rate (percent)	0.84%
Derivative termination date	Mar. 01, 2014
Encumbrance 21 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,100,000.0
Encumbrance 21 [Member] | FNMA [Member] | Interest Rate Cap [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notional amounts of interest rate contracts	5,100,000.0
Derivative cap interest rate (percent)	4.50%
Derivative termination date	Mar. 01, 2014
Land improvements and buildings [Member]
Real Estate and Accumulated Depreciation [Line Items]
Estimated useful lives, minimum	8
Maximum estimated useful lives	40
Furniture, fixtures and equipment [Member]
Real Estate and Accumulated Depreciation [Line Items]
Estimated useful lives	5
Real Estate Leases [Member]
Real Estate and Accumulated Depreciation [Line Items]
Estimated useful lives	6
Interest Rate Cap 1 [Member] | Encumbrance 18 [Member] | FNMA [Member] | Interest Rate Cap [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notional amounts of interest rate contracts	11,700,000.0
Derivative cap interest rate (percent)	5.00%
Derivative termination date	Mar. 01, 2014
Interest Rate Cap 2 [Member] | Encumbrance 18 [Member] | FNMA [Member] | Interest Rate Cap [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notional amounts of interest rate contracts	$ 6,200,000.0
Derivative cap interest rate (percent)	4.50%
Derivative termination date	Mar. 01, 2014

XML

Segment Information (Assets for Reportable Segments) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 2,529,871	$ 2,321,535
Large Market Same Store
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	1,108,827	1,140,317
Secondary Market Same Store
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	654,315	673,620
Non Same Store And Other
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	728,209	407,629
Corporate assets
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 38,520	$ 99,969

XML

Selected Quarterly Financial Information

12 Months Ended

Dec. 31, 2012

Other Income and Expenses [Abstract]

SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

(Dollars in thousands except per unit data)

	Year Ended December 31, 2012
	First			Second			Third			Fourth
Total operating revenues	$	104,129		$	109,644		$	114,519		$	118,257
Income from continuing operations before non-operating items	$	25,979		$	28,433		$	28,625		$	32,839
Interest expense	$	(12,792	)	$	(12,674	)	$	(12,921	)	$	(13,862	)
(Loss) from real estate joint ventures	$	(31	)	$	(69	)	$	(70	)	$	(53	)
Discontinued operations:
Income (loss) from discontinued operations before gain on sale	$	484		$	467		$	(451	)	$	77
Gain on sale of discontinued operations	$	9,500		$	12,953		$	16,021		$	3,161
Consolidated net income	$	22,484		$	28,421		$	30,604		$	20,754
Net income attributable to noncontrolling interest	$	148		$	135		$	3,138		$	104
Net income available for common unitholders	$	22,336		$	28,286		$	27,466		$	20,650
Per unit:
Net income available for common unitholders per common unit - basic and diluted	$	0.57		$	0.70		$	0.67		$	0.50
Distribution paid per unit	$	0.6600		$	0.6600		$	0.6600		$	0.6600

	Year Ended December 31, 2011
	First			Second			Third			Fourth
Total operating revenues	$	90,627		$	94,214		$	99,302		$	101,477
Income from continuing operations before non-operating items	$	19,353		$	20,186		$	20,405		$	24,431
Interest expense	$	(13,469	)	$	(13,626	)	$	(14,867	)	$	(9,240	)
Loss from real estate joint ventures	$	(245	)	$	(178	)	$	(107	)	$	(63	)
Discontinued operations:
Income from discontinued operations before gain on sale	$	981		$	987		$	791		$	866
Gain on sale of discontinued operations	$	—		$	—		$	4,927		$	7,872
Consolidated net income	$	6,149		$	6,531		$	10,549		$	23,709
Net income attributable to noncontrolling interest	$	76		$	135		$	118		$	92
Net income available for common unitholders	$	6,073		$	6,396		$	10,431		$	23,617
Per unit:
Net income available for common unitholders per common unit- basic and diluted	$	0.17		$	0.18		$	0.28		$	0.62
Distribution paid per unit	$	0.6275		$	0.6275		$	0.6275		$	0.6275

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Borrowings (Indebtedness) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012		Dec. 31, 2011
Debt Instrument [Line Items]
Total Outstanding Debt	$ 1,653,646		$ 1,629,500
Effective Rate (percentage)	3.80%
Contract Maturity	Mar. 05, 2018
Secured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	1,170,646
Effective Rate (percentage)	3.90%
Contract Maturity	Jun. 14, 2017
Unsecured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	483,000
Effective Rate (percentage)	3.70%
Contract Maturity	Dec. 05, 2019
Fixed Rate Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	1,291,400		1,107,800
Fixed Rate Debt [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	831,382
Effective Rate (percentage)	5.00%
Contract Maturity	Oct. 10, 2016
Fixed Rate Debt [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	310,000		135,000
Effective Rate (percentage)	2.40%
Contract Maturity	Mar. 01, 2017
Fixed Rate Debt [Member] | Individual Property Mortgages [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	372,382
Effective Rate (percentage)	4.80%
Contract Maturity	Aug. 29, 2019
Fixed Rate Debt [Member] | LIBOR-based interest rate swaps [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	409,000
Effective Rate (percentage)	5.30%
Contract Maturity	Feb. 03, 2014
Fixed Rate Debt [Member] | Term Fixed Loan With Swaps [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	150,000
Fixed Rate Debt [Member] | Senior Guaranteed Notes [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	310,000
Effective Rate (percentage)	4.50%
Contract Maturity	Jul. 27, 2021
Variable Rate Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	362,200		521,700
Variable Rate Debt [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	339,264	[1]	0	[2]
Effective Rate (percentage)	0.90%	[1]
Contract Maturity	Feb. 08, 2019	[1]
Variable Rate Debt [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	23,000	[2]
Effective Rate (percentage)	1.50%
Contract Maturity	Nov. 01, 2015
Variable Rate Debt [Member] | Mortgages [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	15,200	[1]
Effective Rate (percentage)	3.60%	[1]
FNMA [Member] | Fixed Rate Debt [Member] | Conventional Credit Facility [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	50,000
Effective Rate (percentage)	4.70%
Contract Maturity	Mar. 31, 2017
FNMA [Member] | Variable Rate Debt [Member] | Conventional Credit Facility [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	189,721	[1]
Effective Rate (percentage)	0.80%	[1]
Contract Maturity	Apr. 20, 2016	[1]
FNMA [Member] | Variable Rate Debt [Member] | Tax Free Credit Facility [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	70,096	[1]
Effective Rate (percentage)	0.90%	[1]
Contract Maturity	Aug. 10, 2031	[1]
Freddie Mac [Member] | Variable Rate Debt [Member] | Conventional Credit Facility [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	$ 64,247	[1]
Effective Rate (percentage)	0.70%	[1]
Contract Maturity	Jul. 01, 2014	[1]
Freddie Mac [Member] | Variable Rate Debt [Member] | Mortgages [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Contract Maturity	Dec. 10, 2015	[1]

[1] Includes capped balances

[2] Amounts are adjusted to reflect interest rate swap and cap agreements in effect at December 31, 2012, and 2011, respectively which results in MAALP paying fixed interest payments over the terms of the interest rate swaps and on changes in interest rates above the strike rate of the cap.

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Stock Based Compensation (Changes and Status of Director Restricted Stock Nonvested Shares) (Details) (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2012 Director Restricted Stock Plan [Member]
Nonvested Shares
Beginning Balance (shares)		2,976
Granted (shares)		5,340
Vested (shares)		(2,976)
Forfeited (shares)		0
Ending Balance (shares)		5,340
Weighted Average Fair value
Beginning Balance, weighted average grant date fair value (dollars per share)		$ 67.16
Granted, weighted average grant date fair value (dollars per share)	$ 0	$ 67.36
Vested, weighted average grant date fair value (dollars per share)		$ 67.16
Forfeited, weighted average grant date fair value (dollars per share)		$ 0.00
Ending Balance, weighted average grant date fair value (dollars per share)		$ 67.36

XML

Selected Quarterly Financial Information (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Disclosure Quarterly Financial Information [Abstract]
Total operating revenues	$ 118,257	$ 114,519	$ 109,644	$ 104,129	$ 101,477	$ 99,302	$ 94,214	$ 90,627	$ 446,549	$ 385,620	$ 336,918
Income from continuing operations before non-operating items	32,839	28,625	28,433	25,979	24,431	20,405	20,186	19,353	115,876	84,375	73,066
Interest expense	(13,862)	(12,921)	(12,674)	(12,792)	(9,240)	(14,867)	(13,626)	(13,469)	(52,249)	(51,202)	(53,803)	[1]
Loss from real estate joint ventures	(53)	(70)	(69)	(31)	(63)	(107)	(178)	(245)	(223)	(593)	(1,149)	[1]
Discontinued operations:
Income from discontinued operations before gain (loss) on sale	77	(451)	467	484	866	791	987	981	577	3,625	2,051
Gain (loss) on sale of discontinued operations	3,161	16,021	12,953	9,500	7,872	4,927	0	0	41,635	12,799	(2)
Consolidated net income	20,754	30,604	28,421	22,484	23,709	10,549	6,531	6,149	102,263	46,938	19,452
Net Income (Loss) Attributable to Noncontrolling Interest	104	3,138	135	148	92	118	135	76	3,525	421	473	[1]
Net income attributable to Mid-America Apartment Communities, Inc.									98,738	46,517	18,979	[1]
Net Income (Loss) Available to Common Unitholders	$ 20,650	$ 27,466	$ 28,286	$ 22,336	$ 23,617	$ 10,431	$ 6,396	$ 6,073	$ 98,738	$ 46,517	$ 7,281
Earnings Per Share, Basic and Diluted	$ 0.50	$ 0.67	$ 0.70	$ 0.57	$ 0.62	$ 0.28	$ 0.18	$ 0.17	$ 2.44	$ 1.25	$ 0.22
Per share:
Distribution Made to Member or Limited Partner, Distributions Declared, Per Unit	$ 0.6600	$ 0.6600	$ 0.6600	$ 0.6600	$ 0.6275	$ 0.6275	$ 0.6275	$ 0.6275

[1]

XML

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2012

Business Combinations [Abstract]

Unaudited Pro Forma Information Based on MAA's Historical Consolidated Statement of Operations

The unaudited pro forma information set forth below is based on MAALP’s historical Consolidated Statements of Operations for the years ended December 31, 2012 and 2011, adjusted to give effect to these transactions as though they occurred at the beginning of the earliest year presented. Pro forma results are not necessarily indicative of future results.

	Pro forma (Unaudited) Period Ended December 31, (in thousands, except per unit data)
	2012		2011
Total Revenue (1)	$	463,662	$	418,593
Net Income available to common unitholders (1)	$	107,128	$	47,175
Earnings per unit, diluted (1)	$	2.54	$	1.21

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Borrowings (Scheduled Principal Repayments on Borrowings) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Debt Instrument [Line Items]
2013	$ 6,495
2014	374,060
2015	198,193
2016	87,466
2017	161,704
Thereafter	825,728
Total Outstanding Debt	1,653,646	1,629,500
Amortization
Debt Instrument [Line Items]
2013	5,217
2014	4,868
2015	4,493
2016	5,138
2017	6,966
Thereafter	15,701
Total Outstanding Debt	42,383
Maturities
Debt Instrument [Line Items]
2013	1,278
2014	369,192
2015	193,700
2016	82,328
2017	154,738
Thereafter	810,027
Total Outstanding Debt	$ 1,611,263

XML

Earnings from Discontinued Operations (Summary of Discontinued Operations) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012 Property	Dec. 31, 2011 Property	Dec. 31, 2010
Revenues
Rental revenues									$ 409,263	$ 351,879	$ 309,046
Other revenues									36,387	32,724	27,192
Total operating revenues	118,257	114,519	109,644	104,129	101,477	99,302	94,214	90,627	446,549	385,620	336,918
Expenses
Property operating expenses									297,197	265,002	234,660
Interest expense	13,862	12,921	12,674	12,792	9,240	14,867	13,626	13,469	52,249	51,202	53,803	[1]
Income from discontinued operations before gain on sale	77	(451)	467	484	866	791	987	981	577	3,625	2,051
Net gain (loss) on insurance and other settlement proceeds on discontinued operations									48	(12)	0
Gain (loss) on sale of discontinued operations	3,161	16,021	12,953	9,500	7,872	4,927	0	0	41,635	12,799	(2)
Income from discontinued operations									42,260	16,412	2,049	[1]
Number of properties sold (properties)									9	2
Discontinued Operation
Revenues
Rental revenues									8,054	20,578	21,025
Other revenues									974	2,507	2,423
Total operating revenues									9,028	23,085	23,448
Expenses
Property operating expenses									5,299	12,662	14,353
Depreciation and amortization									2,507	5,557	5,680
Interest expense									645	1,241	1,364
Total expense									$ 8,451	$ 19,460	$ 21,397

[1]

XML

Fair Value Disclosure of Financial Instruments (Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) (Fair Value, Measurements, Recurring [Member], USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Asset	$ 288	$ 1,018
Derivative financial instruments, Liability	21,423	33,095
Quoted Prices inActive Marketsfor Identical Assets and Liabilities (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Asset	0	0
Derivative financial instruments, Liability	0	0
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Asset	288	1,018
Derivative financial instruments, Liability	21,423	33,095
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Asset	0	0
Derivative financial instruments, Liability	$ 0	$ 0

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Stock Based Compensation (Textual) (Details) (USD $)	12 Months Ended				12 Months Ended				12 Months Ended						1 Months Ended	12 Months Ended										0 Months Ended	1 Months Ended	3 Months Ended	12 Months Ended			1 Months Ended	3 Months Ended	12 Months Ended	3 Months Ended		12 Months Ended	3 Months Ended	12 Months Ended	3 Months Ended					0 Months Ended	1 Months Ended		12 Months Ended					1 Months Ended		12 Months Ended						0 Months Ended	1 Months Ended	12 Months Ended			1 Months Ended		12 Months Ended				1 Months Ended		12 Months Ended	1 Months Ended		12 Months Ended		1 Months Ended						3 Months Ended		12 Months Ended	3 Months Ended	12 Months Ended	3 Months Ended		12 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2012 Stock Option And Incentive Plan 1994 [Member] Maximum [Member]	Dec. 31, 2012 Stock Incentive Plan 2004 [Member]	Dec. 31, 2011 Stock Incentive Plan 2004 [Member]	Dec. 31, 2010 Stock Incentive Plan 2004 [Member]	Dec. 31, 2012 Stock Incentive Plan 2004 [Member] Maximum [Member]	Dec. 31, 2012 Employee Stock Purchase Plan [Member]	Dec. 31, 2011 Employee Stock Purchase Plan [Member]	Dec. 31, 2010 Employee Stock Purchase Plan [Member]	Dec. 31, 2012 Stock Options [Member]	Dec. 31, 2011 Stock Options [Member]	Dec. 31, 2010 Stock Options [Member]	Aug. 02, 2011 Key Management 2002 Restricted Stock Plan [Member]	Dec. 31, 2012 Key Management 2002 Restricted Stock Plan [Member]	Dec. 31, 2011 Key Management 2002 Restricted Stock Plan [Member]	Dec. 31, 2010 Key Management 2002 Restricted Stock Plan [Member]	Dec. 31, 2002 Key Management 2002 Restricted Stock Plan [Member]	Dec. 31, 2012 Director Restricted Stock Plan [Member]	Dec. 31, 2011 Director Restricted Stock Plan [Member]	Dec. 31, 2010 Director Restricted Stock Plan [Member]	Dec. 31, 2012 Director Restricted Stock Plan [Member] Annual Grant	Dec. 31, 2011 Director Restricted Stock Plan [Member] Annual Grant	Dec. 31, 2010 Director Restricted Stock Plan [Member] Annual Grant	Aug. 02, 2011 Key Management 2008 Restricted Stock Plan [Member]	Aug. 02, 2011 Key Management 2008 Restricted Stock Plan [Member]	Sep. 30, 2008 Key Management 2008 Restricted Stock Plan [Member]	Dec. 31, 2012 Key Management 2008 Restricted Stock Plan [Member]	Dec. 31, 2011 Key Management 2008 Restricted Stock Plan [Member]	Dec. 31, 2010 Key Management 2008 Restricted Stock Plan [Member]	Jan. 03, 2012 Key Management 2008 Restricted Stock Plan [Member] Three-year Program	Sep. 30, 2008 Key Management 2008 Restricted Stock Plan [Member] Three-year Program Year	Dec. 31, 2012 Key Management 2008 Restricted Stock Plan [Member] Three-year Program	Sep. 30, 2008 Key Management 2008 Restricted Stock Plan [Member] Service Based Awards Year	Sep. 30, 2008 Key Management 2008 Restricted Stock Plan [Member] For 0.25 years	Dec. 31, 2012 Key Management 2008 Restricted Stock Plan [Member] For 0.25 years	Sep. 30, 2008 Key Management 2008 Restricted Stock Plan [Member] For 4.00 years	Dec. 31, 2012 Key Management 2008 Restricted Stock Plan [Member] For 4.00 years	Sep. 30, 2008 Key Management 2008 Restricted Stock Plan [Member] For 1 year	Sep. 30, 2008 Key Management 2008 Restricted Stock Plan [Member] More than One and within Two Years from Balance Sheet Date	Sep. 30, 2008 Key Management 2008 Restricted Stock Plan [Member] More than Two and within Three Years from Balance Sheet Date	Sep. 30, 2008 Key Management 2008 Restricted Stock Plan [Member] More than Three and within Four Years from Balance Sheet Date	Sep. 30, 2008 Key Management 2008 Restricted Stock Plan [Member] Market Based Restricted Stock Year	Aug. 02, 2011 Key Management 2010 Restricted Stock Plan [Member]	Aug. 02, 2011 Key Management 2010 Restricted Stock Plan [Member]	Mar. 23, 2010 Key Management 2010 Restricted Stock Plan [Member]	Dec. 31, 2012 Key Management 2010 Restricted Stock Plan [Member]	Dec. 31, 2011 Key Management 2010 Restricted Stock Plan [Member]	Dec. 31, 2010 Key Management 2010 Restricted Stock Plan [Member]	Dec. 31, 2012 Key Management 2010 Restricted Stock Plan [Member] Service Based Awards Year	Mar. 23, 2010 Key Management 2010 Restricted Stock Plan [Member] Service Based Awards	Mar. 23, 2010 Key Management 2010 Restricted Stock Plan [Member] For 0.25 years	Mar. 23, 2010 Key Management 2010 Restricted Stock Plan [Member] For 1 year	Dec. 31, 2012 Key Management 2010 Restricted Stock Plan [Member] For 1 year Y	Jan. 31, 2011 Key Management 2010 Restricted Stock Plan [Member] Market Based Restricted Stock	Dec. 31, 2012 Key Management 2010 Restricted Stock Plan [Member] For 0.50 years Y	Dec. 31, 2012 Key Management 2010 Restricted Stock Plan [Member] For 0.75 years Y	Dec. 31, 2012 Key Management 2010 Restricted Stock Plan [Member] Maximum [Member] Three-year Program	Dec. 31, 2012 Key Management 2010 Restricted Stock Plan [Member] Minimum [Member] Three-year Program	Mar. 23, 2010 2010 Executive Restricted Stock Plan [Member]	Mar. 23, 2010 2010 Executive Restricted Stock Plan [Member]	Dec. 31, 2012 2010 Executive Restricted Stock Plan [Member]	Dec. 31, 2011 2010 Executive Restricted Stock Plan [Member]	Dec. 31, 2010 2010 Executive Restricted Stock Plan [Member]	Aug. 02, 2011 Key Management 2011 Restricted Stock Plan [Member] Person	Jan. 03, 2011 Key Management 2011 Restricted Stock Plan [Member]	Dec. 31, 2012 Key Management 2011 Restricted Stock Plan [Member]	Dec. 31, 2011 Key Management 2011 Restricted Stock Plan [Member]	Dec. 31, 2010 Key Management 2011 Restricted Stock Plan [Member]	Dec. 31, 2012 Key Management 2011 Restricted Stock Plan [Member] Three-year Program	Aug. 02, 2011 Key Management 2011 Restricted Stock Plan [Member] For 0.25 years	Jan. 03, 2011 Key Management 2011 Restricted Stock Plan [Member] For 0.25 years	Dec. 31, 2012 Key Management 2011 Restricted Stock Plan [Member] For 0.25 years	Aug. 02, 2011 Key Management 2011 Restricted Stock Plan [Member] For 1 year	Jan. 03, 2011 Key Management 2011 Restricted Stock Plan [Member] For 1 year	Dec. 31, 2012 Key Management 2011 Restricted Stock Plan [Member] For 1 year	Dec. 31, 2012 Key Management 2011 Restricted Stock Plan [Member] Market Based Restricted Stock	Aug. 02, 2011 Key Management 2011 Restricted Stock Plan [Member] For 0.50 years	Jan. 03, 2011 Key Management 2011 Restricted Stock Plan [Member] For 0.50 years	Aug. 02, 2011 Key Management 2011 Restricted Stock Plan [Member] For 0.75 years	Jan. 03, 2011 Key Management 2011 Restricted Stock Plan [Member] For 0.75 years	Aug. 02, 2011 Key Management 2011 Restricted Stock Plan [Member] Performance Based Awards Year	Jan. 03, 2011 Key Management 2011 Restricted Stock Plan [Member] Performance Based Awards Year	Mar. 31, 2012 Key Management 2012 Restricted Stock Plan [Member]	Dec. 31, 2011 Key Management 2012 Restricted Stock Plan [Member]	Dec. 31, 2012 Key Management 2012 Restricted Stock Plan [Member]	Mar. 31, 2012 Key Management 2012 Restricted Stock Plan [Member] For 0.25 years	Dec. 31, 2012 Key Management 2012 Restricted Stock Plan [Member] For 0.25 years	Dec. 31, 2012 Key Management 2012 Restricted Stock Plan [Member] For 1 year	Mar. 31, 2012 Key Management 2012 Restricted Stock Plan [Member] For 1 year	Dec. 31, 2012 Key Management 2012 Restricted Stock Plan [Member] For 1 year	Mar. 31, 2012 Key Management 2012 Restricted Stock Plan [Member] More than One and within Two Years from Balance Sheet Date	Dec. 31, 2012 Key Management 2012 Restricted Stock Plan [Member] More than One and within Two Years from Balance Sheet Date	Dec. 31, 2012 Key Management 2012 Restricted Stock Plan [Member] Market Based Restricted Stock	Dec. 31, 2012 Mid-America Apartment Communities, Inc. [Domain] Stock Incentive Plan 2004 [Member]	Dec. 31, 2011 Mid-America Apartment Communities, Inc. [Domain] Stock Incentive Plan 2004 [Member]	Dec. 31, 2010 Mid-America Apartment Communities, Inc. [Domain] Stock Incentive Plan 2004 [Member]	Dec. 31, 2012 Mid-America Apartments, L.P. [Domain] Stock Incentive Plan 2004 [Member]	Dec. 31, 2011 Mid-America Apartments, L.P. [Domain] Stock Incentive Plan 2004 [Member]	Dec. 31, 2010 Mid-America Apartments, L.P. [Domain] Stock Incentive Plan 2004 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock and stock option granted under the plan (shares)				2,400,000.0
Restricted stock and stock option to be granted under the plan (shares)								500,000
Total compensation costs									$ 46,000	$ 59,000	$ 44,000																																																																																					$ 2,214,000	$ 4,038,000	$ 3,731,000	$ 1,981,000	$ 3,612,000	$ 3,306,000
Total unrecognized compensation costs					2,513,000											0				166,000									234,000																			0															8,000					89,000																			2,017,000
Weighted average period of recognition (years)					1 year 4 months 24 days															2 months 12 days									1 year																																		1 month 6 days					1 month 6 days																			1 year 7 months 6 days
Total cash paid for settlement of plan shares					995,000	1,604,000	321,000
Shares authorized for issuance under employee stock purchase plan (shares)									150,000
Maximum number of shares that can be purchased under employee stock purchase plan (shares)									15,000
Common stock price as percentage of the market price (percent)									85.00%
Shares purchased under employee stock purchase plan (shares)									6,019	5,732	5,279
Vesting period (years)												5 years				5 years																		3 years			3 months		4 years																				1 year	3 months											0.25			3 months	1.00		1 year												0.25	one		1.00		two
Shares Recategorized from Liabilities to Equity															7,316												6,374																			18,720
Percentage option vested in year one (percent)												10.00%
Percentage option vested in year two (percent)												10.00%
Percentage option vested in year three (percent)												20.00%
Percentage option vested in year four (percent)												30.00%
Percentage option in year five (percent)												30.00%
Expiration period (years)												10 years
Options granted (shares)	0
Exercised (shares)	0
Total intrinsic value of option exercised													407,000	174,000
Issuance of restricted stock (shares)																			97,881													17,343			15,920																	18,171				37,002						2,710
Restricted stock fair values at the grant date (dollars per share)		$ 0													$ 69.37	$ 0.00			$ 25.65	$ 67.36						$ 69.37			$ 52.69																$ 69.37			$ 0.00													$ 54.38		$ 0.00		$ 0	$ 69.37	$ 63.96	$ 68.68																		$ 62.55
Annual vesting percentage (percent)																20.00%																		25.00%														50.00%														33.33%																50.00%																	25.00%
Fair value of shares vested																740,000	702,000	611,000		200,000	200,000	120,000							650,000	230,000																		1,733,000	1,689,000														64,000	49,000				930,000
Stock incentive nonemployee directors restricted share units granted, value																							60,000	50,000	40,000
Requisite service period to receive grants in restricted shares of common stock (years)																				1 year
Restricted common stock vesting rights description																													0																																	These shares vest 1/3rd annually beginning on March 23, 2011
Shares vest beginning date																																		Jan. 01, 2013																												Mar. 23, 2011																Mar. 01, 2012																	Jan. 10, 2014
Risk-free rate (percent)																																				1.95%		3.24%															0.14%	0.41%																		0.06%	0.13%		0.16%	0.28%												0.00%			0.17%
Dividend yield (percent)																												4.669%																			4.52%																			3.618%	3.92%																		4.19%
Options granted, fair value per share (dollars per share)																												$ 52.69																			$ 54.38																			$ 69.37		$ 63.96
Volatility (percent)																																								34.87%	30.92%	29.63%	28.61%												35.65%		24.12%	27.14%																	18.71%	23.46%			18.47%	22.56%	18.16%	24.14%									31.17%		29.65%
Volatilities for peers, minimum																												25.05%
Volatilities for peers, maximum																												49.94%
Expected life in years																																	7.5		5.5									2.5							1.79				1.00		0.50	0.75																									1.6	2.2
Issued (shares)																0				5,340									17,343																			0															0					25,355										25,355
Restricted stock plan modification, number of participants																																																																		52
Stock vested during period (shares)																16,379				2,976									11,492		0																	26,712		0													1,172					13,559	0	0
Liabilities settled		$ 0	$ 0

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Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Cash flows from operating activities:
Consolidated net income	$ 102,263	$ 46,938	$ 19,452
Adjustments to reconcile net income to net cash provided by operating activities:
Retail revenue accretion	(31)	0	0
Depreciation and amortization	120,316	109,217	97,068
Stock compensation expense	1,999	3,609	3,290
Redeemable Units Issued	489	442	343
Amortization of debt premium	(767)	(360)	(360)
Loss from investments in real estate joint ventures	223	593	1,150
Loss on debt extinguishment	1,012	755	0
Derivative interest expense	823	545	321
Gain on Sale of Non-Depreciable Assets, Including Discontinued Operations	45	910	0
(Gain) loss on sale of discontinued operations	(41,635)	(12,799)	2
Asset impairment	0	0	1,914
Net casualty (gain) loss and other settlement proceeds	(35)	475	688
Gain on properties contributed to joint ventures	0	0	(752)	[1]
Changes in assets and liabilities:
Restricted cash	553	152	(954)
Other assets	(520)	(1,742)	(4,279)
Accounts payable	2,216	199	(54)
Accrued expenses and other	4,586	5,276	886
Security deposits	372	(271)	(1,781)
Net cash provided by operating activities	191,819	152,119	116,934
Cash flows from investing activities:
Purchases of real estate and other assets	(311,524)	(334,651)	(284,486)
Normal capital improvements	(25,164)	(31,617)	(20,751)
Construction capital and other improvements	(2,789)	(3,379)	(2,405)
Renovations to existing real estate assets	(11,862)	(8,832)	(7,079)
Development	(73,991)	(38,153)	(16,394)
Distributions from real estate joint ventures	12,164	1,402	1,735
Contributions to real estate joint ventures	(218)	(1,510)	(12,130)
Proceeds from disposition of real estate assets	110,093	23,808	88,718
Net cash used in investing activities	(303,291)	(392,932)	(252,792)
Advances from General Partner	4,402	6,792	11,269
Cash flows from financing activities:
Net change in credit lines	(320,064)	(121,533)	(35,000)
Proceeds from notes payable	325,000	285,350	137,881
Principal payments on notes payable	(12,911)	(13,895)	(1,924)
Payment of deferred financing costs	(3,612)	(4,633)	(7,244)
Payments for Repurchase of Common Units	17,527	42,243	1,175
Proceeds from Issuance of Common Limited Partners Units	196,325	235,739	305,517
Distributions to noncontrolling interests	(2,057)	0	0
Dividends, Common Units	106,349	93,407	78,699
Distributions Paid on Preferred Units	0	0	7,622
Payments for Repurchase of Redeemable Preferred Units	0	0	155,022
Net cash provided by financing activities	63,207	252,170	167,981
Net (decrease) increase in cash and cash equivalents	(48,265)	11,357	32,123
Cash and cash equivalents, beginning of period	57,151	45,794	13,671
Cash and cash equivalents, end of period	8,886	57,151	45,794
Supplemental disclosure of cash flow information:
Interest paid	54,096	51,196	55,837
Supplemental disclosure of noncash investing and financing activities:
Accrued construction in progress	3,449	5,807	3,070
Interest capitalized	1,905	1,156	66
Marked-to-market adjustment on derivative instruments	10,875	13,143	(1,838)
Reclassification of Redeemable Units from Equity to Liabilities	0	150	264
Fair value adjustment on debt assumed	2,578	0	0
Debt assumed	$ 30,290	$ 0	$ 0

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Commitments and Contingencies (Details) (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Disclosure Commitments And Contingencies Additional Information [Abstract]
Operating lease expense	$ 15,000	$ 18,000	$ 18,000
Commitments under operating lease agreements in 2013	9,000
Commitments under operating lease agreements in 2014	10,000
Commitments under operating lease agreements thereafter	19,000
Commitments under development contract agreements in 2013	4,100,000
Commitments under development contract agreements in 2014	$ 1,400,000

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Stock Based Compensation (Changes and Status of Key Management 2008 Restricted Stock Nonvested Shares) (Details) (USD $)	12 Months Ended	0 Months Ended	12 Months Ended
	Dec. 31, 2011	Aug. 02, 2011 Key Management 2008 Restricted Stock Plan [Member]	Dec. 31, 2012 Key Management 2008 Restricted Stock Plan [Member]	Dec. 31, 2010 Key Management 2008 Restricted Stock Plan [Member]
Nonvested Shares
Beginning Balance (shares)			11,089
Issued (shares)			17,343
Vested (shares)			(11,492)	0
Forfeited (shares)			(260)
Ending Balance (shares)			16,680.00
Weighted Average Fair value
Beginning Balance, weighted average grant date fair value (dollars per share)			$ 63.20
Granted, weighted average grant date fair value (dollars per share)	$ 0	$ 69.37	$ 52.69
Vested, weighted average grant date fair value (dollars per share)			$ 56.56
Forfeited, weighted average grant date fair value (dollars per share)			$ 69.37
Ending Balance, weighted average grant date fair value (dollars per share)			$ 56.75

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Organization and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2012

Notes To Financial Statements [Abstract]

Reconciliation of the Numerators and Denominators of the Basic and Diluted Earnings Per Share Computations

A reconciliation of the numerators and denominators of the basic and diluted earnings per unit computations for the years ended December 31, 2012, 2011, and 2010 is presented below:

	For the years ended December 31,
	2012			2011			2010
Units Outstanding
Weighted average common units - basic and diluted	40,412			37,280			32,502
Calculation of Earnings per Unit - basic and diluted
Income from continuing operations	$	60,003		$	30,526		$	17,403
Income attributable to noncontrolling interests	(3,525		)	(421		)	(473		)
Preferred distributions	—			—			(6,549		)
Premiums and original issuance costs associated with the redemption of preferred units	—			—			(5,149		)
Income from discontinued operations	42,260			16,412			2,049
Net income available for common unitholders	$	98,738		$	46,517		$	7,281
Earnings per unit - basic and diluted:
Income from continuing operations available for common unitholders	$	1.43		$	0.81		$	0.16
Income from discontinued property operations available for common unitholders	1.01			0.44			0.06
Net income available for common unitholders	$	2.44		$	1.25		$	0.22

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Organization and Summary of Significant Accounting Policies Organization and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2012

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Basis of Presentation and Principles of Consolidation

Interests in MAALP are represented by Operating Partnership Units, or OP Units. As of December 31, 2012, there were 41,453,133 OP Units outstanding, 39,721,461 or 95.8% of which were owned by MAA, our general partner. The remaining 1,731,672 OP Units were owned by non-affiliated limited partners, as defined in the Partnership Agreement. During the years ended December 31, 2012, 2011, and 2010, rental revenue of the Operating Partnership represented 89.8%, 89.5%, and 88.6% of the consolidated rental revenues of MAA, respectively.

The consolidated financial statements presented herein include the accounts of the Operating Partnership, and all other subsidiaries in which the Operating Partnership has a controlling financial interest. MAALP owns approximately 70% to 100% of all consolidated subsidiaries.

MAALP invests in entities which may qualify as variable interest entities (VIE). A VIE is a legal entity in which the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the power to direct the activities of a legal entity as well as the obligation to absorb its expected losses or the right to receive its expected residual returns. MAALP consolidates all VIEs for which we are the primary beneficiary and uses the equity method to account for investments that qualify as VIEs but for which we are not the primary beneficiary. In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including but not limited to, those activities that most significantly impact the VIE's economic performance and which party controls such activities.

MAALP uses the equity method of accounting for its investments in entities for which we exercise significant influence, but do not have the ability to exercise control. These entities are not variable interest entities. The factors considered in determining that MAALP does not have the ability to exercise control include ownership of voting interests and participatory rights of investors.

All significant intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

Use of Estimates

Management of the Operating Partnership has made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses to prepare these financial statements and notes in conformity with U.S. generally accepted accounting principles. Actual results could differ from those estimates.

Revenue Recognition and Real Estate Sales

Revenue Recognition and Real Estate Sales

MAALP leases multifamily residential apartments under operating leases primarily with terms of one year or less. Rental revenues are recognized using a method that represents a straight-line basis over the term of the lease and other revenues are recorded when earned.

MAALP records gains and losses on real estate sales in accordance with accounting standards governing the sale of real estate. For sale transactions meeting the requirements for the full accrual method, we remove the assets and liabilities from our Consolidated Balance Sheet and record the gain or loss in the period the transaction closes. For properties contributed to joint ventures, MAALP records gains on the partial sale in proportion to the outside partners’ interest in the venture.

Rental Costs

Rental Costs

Costs associated with rental activities, including advertising costs, are expensed as incurred. Advertising expenses were approximately $7.9 million, $7.9 million, and $6.6 million for the years ended December 31, 2012, 2011, and 2010, respectively.

Discontinued Operations

Discontinued Operations

Properties sold during the year or those classified as held-for-sale at the end of a reporting period are classified as discontinued operations in accordance with accounting standards governing financial statement presentation. Once a property is classified as held-for-sale, depreciation is no longer recognized.

Earnings Per Share

Earnings Per OP Unit

Basic earnings per OP Unit is computed by dividing net income available for common unitholders by the weighted average number of units outstanding during the period. Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units. For the years ended December 31, 2012, 2011, and 2010, there were no dilutive securities and therefore basic and diluted earnings per OP Unit are the same. 

A reconciliation of the numerators and denominators of the basic and diluted earnings per unit computations for the years ended December 31, 2012, 2011, and 2010 is presented below:

	For the years ended December 31,
	2012			2011			2010
Units Outstanding
Weighted average common units - basic and diluted	40,412			37,280			32,502
Calculation of Earnings per Unit - basic and diluted
Income from continuing operations	$	60,003		$	30,526		$	17,403
Income attributable to noncontrolling interests	(3,525		)	(421		)	(473		)
Preferred distributions	—			—			(6,549		)
Premiums and original issuance costs associated with the redemption of preferred units	—			—			(5,149		)
Income from discontinued operations	42,260			16,412			2,049
Net income available for common unitholders	$	98,738		$	46,517		$	7,281
Earnings per unit - basic and diluted:
Income from continuing operations available for common unitholders	$	1.43		$	0.81		$	0.16
Income from discontinued property operations available for common unitholders	1.01			0.44			0.06
Net income available for common unitholders	$	2.44		$	1.25		$	0.22

Development Costs

Real Estate Assets and Depreciation and Amortization

Real estate assets are carried at depreciated cost. Repairs and maintenance costs are expensed as incurred while significant improvements, renovations, and recurring capital replacements are capitalized. Recurring capital replacements typically include scheduled carpet replacement, new roofs, HVAC units, plumbing, concrete, masonry and other paving, pools and various exterior building improvements. In addition to these costs, we also capitalize salary costs directly identifiable with renovation work. These expenditures extend the useful life of the property and increase the property’s fair market value. The cost of interior painting, vinyl flooring and blinds are expensed as incurred.

In conjunction with acquisitions of properties, our policy is to provide in its acquisition budgets adequate funds to complete any deferred capital improvement items to bring the properties to the required standard, including the cost of replacement appliances, carpet, interior painting, vinyl flooring and blinds. These costs are capitalized.

Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which range from 8 to 40 years for land improvements and buildings, 5 years for furniture, fixtures and equipment, and 3 to 5 years for computers and software.

Development Costs

Development projects and the related carrying costs, including interest, property taxes, insurance and allocated direct development salary cost during the construction period, are capitalized and reported in the accompanying balance sheets as “Development and capital improvements in progress” during the construction period. Interest is capitalized in accordance with accounting standards governing the capitalization of interest. Upon completion and certification for occupancy of individual buildings within a development, amounts representing the completed building's portion of total estimated development costs for the project are transferred to land, buildings, and furniture, fixtures and equipment as real estate held for investment. Capitalization of interest, property taxes, insurance and allocated direct development salary costs cease upon the transfer. The assets are depreciated over their estimated useful lives. Total interest capitalized during 2012, 2011 and 2010 was approximately $1,905,000, $1,156,000, and $66,000, respectively.

Certain costs associated with the lease-up of development projects, including cost of model units, their furnishings, signs, and “grand openings” are capitalized and amortized over their respective estimated useful lives. All other costs relating to renting development projects are expensed as incurred.

Acquisition of Real Estate Assets

Acquisition of Real Estate Assets

In accordance with accounting standards for business combinations, the fair value of the real estate acquired is allocated to the acquired tangible assets, consisting of land, building, furniture, fixtures and equipment, and identified intangible assets, consisting of the value of in-place leases.

MAALP allocates the purchase price to the fair value of the tangible assets of an acquired property determined by valuing the building as if it were vacant, based on management’s determination of the relative fair values of these assets. Management determines the as-if-vacant fair value of a building using methods similar to those used by independent appraisers. These methods include using stabilized net operating income, or NOI, and market specific capitalization and discount rates.

In allocating the fair value of identified intangible assets of an acquired property, the in-place leases are valued based on current rent rates and time and cost to lease a unit. Management concluded that the leases acquired on each of its property acquisitions are approximately at market rates since the lease terms generally do not extend beyond one year.

The fair value of the in-place leases and resident relationships is then amortized over 6 months, the estimated remaining term of the resident leases. The amount of resident lease intangibles included in Other assets totaled $1.6 million, $1.8 million, and $1.8 million as of December 31, 2012, 2011, and 2010, respectively. The amortization recorded as depreciation and amortization expense for residential leases was $3.4 million, $3.4 million, and $2.3 million for the years ended December 31, 2012, 2011, and 2010, respectively. Accumulated amortization for residential leases totaled $1.0 million, $0.7 million, and $1.0 million as of December 31, 2012, 2011 and 2010, respectively.

Impairment of Long-lived Assets, including Goodwill

Impairment of Long-lived Assets, including Goodwill

We account for long-lived assets in accordance with the provisions of accounting standards for the impairment or disposal on long-lived assets and evaluate our goodwill for impairment under accounting standards for goodwill and other intangible assets. We evaluate goodwill for impairment on at least an annual basis, or more frequently if a goodwill impairment indicator is identified. We periodically evaluate long-lived assets, including investments in real estate and goodwill, for indicators that would suggest that the carrying amount of the assets may not be recoverable. The judgments regarding the existence of such indicators are based on factors such as operating performance, market conditions and legal factors.

Long-lived assets, such as real estate assets, equipment and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are separately presented on the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposed group/property classified as held for sale are presented separately in the appropriate asset and liability sections of the balance sheet.

During the year ended December 31, 2010, we received an offer to purchase our 276-unit Cedar Mill apartment community. As a result of the offer received and management’s reconsideration of its long-term intentions related to this property, we determined that an impairment indicator existed. As the estimated undiscounted future cash flows were no longer sufficient to recover the asset carrying amount, we recorded an impairment charge of $1,914,000 during the year ended December 31, 2010 to adjust the asset carrying value to estimated fair value. We sold Cedar Mill during 2012 and it is presented as part of discontinued operations.

Goodwill is tested annually for impairment and is tested for impairment more frequently if events and circumstances indicate that the asset might be impaired. An impairment loss for goodwill is recognized to the extent that the carrying amount exceeds the implied fair value of goodwill. This determination is made at the reporting unit level and consists of two steps. First, we determine the fair value of a reporting unit and compare it to its carrying amount. In the apartment industry, the primary method used for determining fair value is to divide annual operating cash flows by an appropriate capitalization rate. We determine the appropriate capitalization rate by reviewing the prevailing rates in a property’s market or submarket. Second, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation in accordance with accounting standards for business combinations. The residual fair value after this allocation is the implied fair value of the reporting unit goodwill. There has been no impairment of goodwill in the three year period ended December 31, 2012.

Land Held for Future Development

Land Held for Future Development

Real estate held for future development are sites intended for future multifamily developments and are carried at the lower of cost or fair value in accordance with GAAP and any costs incurred prior to commencement of pre-development activities are expensed as incurred.

Investment in Real Estate Joint Ventures

Investment in Real Estate Joint Ventures

MAALP's investments in our unconsolidated real estate joint ventures are recorded using the equity method as we are able to exert significant influence, but do not have a controlling interest in the joint venture.

Cash and Cash Equivalents

Cash and Cash Equivalents

MAALP considers cash, investments in money market accounts, and certificates of deposit with original maturities of three months or less to be cash equivalents.

Restricted Cash

Restricted Cash

Restricted cash consists of escrow deposits held by lenders for property taxes, insurance, debt service and replacement reserves.

Deferred Financing Costs

Deferred Financing Costs

Deferred financing costs are amortized over the terms of the related debt using a method which approximates the effective interest method. If the terms of renewed or modified debt instruments are deemed to be substantially different, all unamortized financing costs associated with the modified debt are charged to earnings in the current period. If the terms are not substantially different, the costs associated with the renewal are capitalized and amortized over the remaining term of the debt instrument. For modifications affecting a line of credit, fees paid to a creditor and any third party costs will be capitalized and amortized over the remaining term of the new arrangement. Any unamortized deferred financing costs associated with the old arrangement are either deferred and amortized over the life of the new arrangement or written off, depending upon the nature of the modification. The balance of any unamortized financing costs on extinguished debt is expensed upon extinguishment.

Other Assets

Other Assets

Other assets consist of deferred rental concessions which are recognized on a straight line basis over the life of the leases, receivables and deposits from residents, value of derivative contracts and other prepaid expenses including prepaid insurance and prepaid interest.

Accrued Expenses and Other Liabilities

Accrued Expenses and Other Liabilities

Accrued expenses consist of accrued distributions payable, accrued real estate taxes, accrued interest payable, other accrued expenses payable, and unearned income. Significant accruals included accrued distributions payable of $28.8 million, $25.4 million and $22.4 million at December 31, 2012, 2011 and 2010, respectively and accrued real estate taxes of $26.9 million, $24.6 million and $19.3 million at December 31, 2012, 2011 and 2010, respectively.

Self Insurance

Self Insurance

MAA is self-insured for workers' compensation claims up to $500,000 and for general liability claims up to $45,000. Claims exceeding these amounts are insured by a third party. We accrue for expected liabilities less than $500,000 for workers' compensation based on a third party actuarial estimate of ultimate losses and accrue for expected general liability claims less than $45,000 based on historical experience, adjusted as actual claims occur.

Out of Period Adjustments

Reclassifications

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In February 2013, the FASB issued Accounting Standards Update (ASU) No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. Under ASU 2013-02, an entity is required to provide information about the amounts reclassified out of Accumulated other comprehensive income (AOCI) by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. ASU 2013-02 does not change the current requirements for reporting net income or other comprehensive income in the financial statements. ASU 2013-02 is effective for interim and annual periods beginning after December 15, 2012 and early adoption is permitted. We have early adopted ASU 2013-02 for the annual period ended December 31, 2012.The adoption of ASU 2013-02 has not had a material impact on our consolidated financial condition or results of operations taken as a whole.

In June 2011, the FASB issued Accounting Standards Update (ASU) No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. This ASU allows an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. ASU 2011-05 eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. The amendments do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. ASU 2011-05 is applied retrospectively. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. We adopted ASU 2011-05 during the reporting period ended December 31, 2011, and this changed the presentation of our financial statements but not our consolidated financial condition or results of operations taken as a whole.

In November 2011, the FASB issued Accounting Standards Update (ASU) No. 2011-12, Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05. This ASU supersedes certain paragraphs in ASU 2011-05 addressing reclassification adjustments out of accumulated other comprehensive income. The effective dates and changes to our presentation are the same as noted in ASU 2011-05 above.

In May 2011, the FASB issued Accounting Standards Update (ASU) No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The amendments change the wording, mainly for clarification, used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. For many of the requirements, the Board does not intend for the amendments in this update to result in a change in the application of the requirements in ASU 2011-04. The amendments in this ASU are to be applied prospectively. The amendments are effective during interim and annual periods beginning after December 15, 2011. We have adopted ASU 2011-04 for the interim and annual periods of fiscal year 2012. The

adoption of ASU 2011-04 has not had a material impact on our consolidated financial condition or results of operations taken as a whole.

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Derivatives and Hedging Activities (Fair Values of Derivative Instruments on Condensed Consolidated Balance Sheet) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Derivatives, Fair Value [Line Items]
Asset Derivatives, Fair Value	$ 245	$ 975
Liability Derivatives, Fair Value	21,423	33,095
Derivatives not designated as hedging instruments, Asset at Fair Value	43	43
Derivatives not designated as hedging instruments, Liability at Fair Value	0	0
Other Assets [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives, Fair Value	245	975
Derivatives not designated as hedging instruments, Asset at Fair Value	43	43
Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives, Fair Value	21,423	33,095
Derivatives not designated as hedging instruments, Liability at Fair Value	$ 0	$ 0

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Stock Based Compensation (Changes and Status of Key Management 2010 Restricted Stock Nonvested Shares) (Details) (USD $)	12 Months Ended	0 Months Ended	12 Months Ended
	Dec. 31, 2011	Aug. 02, 2011 Key Management 2010 Restricted Stock Plan [Member]	Dec. 31, 2012 Key Management 2010 Restricted Stock Plan [Member]	Dec. 31, 2010 Key Management 2010 Restricted Stock Plan [Member]
Nonvested Shares
Beginning Balance (shares)			26,712
Issued (shares)			0
Vested (shares)			(26,712)	0
Forfeited (shares)			0
Ending Balance (shares)			0
Weighted Average Fair value
Beginning Balance, weighted average grant date fair value (dollars per share)			$ 64.88
Granted, weighted average grant date fair value (dollars per share)	$ 0	$ 69.37	$ 0.00
Vested, weighted average grant date fair value (dollars per share)			$ 64.88
Forfeited, weighted average grant date fair value (dollars per share)			$ 0.00
Ending Balance, weighted average grant date fair value (dollars per share)			$ 0.00

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Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2012

Stock Based Compensation [Abstract]

Changes and Status of Nonvested Shares

A summary of the status of the Key Management 2008 Restricted Stock Plan nonvested restricted shares of common stock as of December 31, 2012, and the changes for the year ended December 31, 2012, is presented below:

Nonvested Shares	Shares		Weighted Average Grant Date Fair Value
Nonvested at January 1, 2012	11,089		$	63.20
Issued	17,343		52.69
Vested	(11,492	)	56.56
Forfeited	(260	)	69.37
Nonvested at December 31, 2012	16,680		$	56.75

summary of the status of the Director Restricted Stock Plan nonvested restricted shares of common stock as of December 31, 2012, and the changes for the year ended December 31, 2012, is presented below: 

Nonvested Shares	Shares		Weighted Average Grant-Date Fair Value
Nonvested at January 1, 2012	2,976		$	67.16
Granted and issued	5,340		67.36
Vested	(2,976	)	67.16
Forfeited	—		—
Nonvested at December 31, 2012	5,340		$	67.36

A summary of the status of the 2010 Executive Restricted Stock Plan nonvested shares as of December 31, 2012, and the changes for the year ended December 31, 2012, is presented below:

Nonvested Shares	Shares		Weighted Average Grant-Date Fair Value
Nonvested at January 1, 2012	1,806		$	54.38
Issued	—		—
Vested	(1,172	)	54.38
Forfeited	—		—
Nonvested at December 31, 2012	634		$	54.38

A summary of the status of the Key Management 2010 Restricted Stock Plan nonvested restricted shares of common stock as of December 31, 2012, and the changes for the year ended December 31, 2012, is presented below:

Nonvested Shares	Shares		Weighted Average Grant Date Fair Value
Nonvested at January 1, 2012	26,712		$	64.88
Issued	—		—
Vested	(26,712	)	64.88
Forfeited	—		—
Nonvested at December 31, 2012	—		$	—

A summary of the status of the Key Management 2002 Restricted Stock Plan nonvested shares as of December 31, 2012, and the changes for the year ended December 31, 2012, is presented below:

Nonvested Shares	Shares		Weighted Average Grant Date Fair Value
Nonvested at January 1, 2012	16,379		$	45.17
Granted	—		—
Vested	(16,379	)	45.17
Forfeited	—		—
Nonvested at December 31, 2012	—		$	—

A summary of the status of the 2011 Plan nonvested shares as of December 31, 2012, and the changes for the year ended December 31, 2012, is presented below:

Nonvested Shares	Shares		Weighted Average Grant-Date Fair Value
Nonvested at January 1, 2012	—		$	—
Issued	25,355		68.68
Vested	(13,559	)	68.62
Forfeited	(775	)	69.37
Nonvested at December 31, 2012	11,021		$	68.72

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Real Estate Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2012

Real Estate Joint Ventures [Abstract]

Schedule of income, contributions, distributions and ending investment balances in joint ventures

The income, contributions, distributions and ending investment balances related to MAALP’s joint ventures consisted of the following for the years ended December 31, 2012, 2011, and 2010 (dollars in thousands): 

	2012
	Fund I			Fund II			Fund III			Total
Joint venture (loss) gain	$	(413	)	$	190		$	—		$	(223	)
Gain on joint venture asset dispositions	—			4,146			—			4,146
Management fee income	281			618			—			899
Asset and acquisition fees	225			121			—			346
Contributions to joint venture	(74		)	(139		)	(5		)	(218		)
Distributions from joint venture	183			12,167			—			12,350
Investment in at December 31	4,727			105			5			4,837
Advances to at December 31	—			—			—			—

	2011
	Fund I			Fund II			Fund III		Total
Joint venture (loss) gain	$	(419	)	$	(188	)	$	—	$	(607	)
Gain on joint venture asset dispositions	—			14			—		14
Management fee income	275			742			—		1,017
Asset and acquisition fees	231			322			—		553
Contributions to joint venture	(85		)	(1,425		)	—		(1,510		)
Distributions from joint venture	164			1,238			—		1,402
Investment in at December 31	5,249			11,757			—		17,006
Advances to at December 31	—			—			—		—

	2010
	Fund I			Fund II			Fund III		Total
Joint venture (loss) gain	$	(555	)	$	(594	)	$	—	$	(1,149	)
Gain (loss) on joint venture asset dispositions	1			(359		)	—		(358		)
Management fee income	259			421			—		680
Asset and acquisition fees	235			573			—		808
Contributions to joint venture	(88		)	(12,042		)	—		(12,130		)
Distributions from joint venture	93			1,642			—		1,735
Investment in at December 31	5,747			11,758			—		17,505
Advances to at December 31	—			—			—		—

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Consolidated Statements of Equity (Parenthetical) (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Dividends declared per common share (dollars per share)	$ 2.675	$ 2.5425	$ 2.4725
Distribution Made to Member or Limited Partner, Distributions Declared, Per Unit	$ 2.6750	$ 2.5425	$ 2.4725

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Borrowings (Tables)

12 Months Ended

Dec. 31, 2012

Borrowings [Abstract]

Indebtedness

The following table summarizes MAALP’s indebtedness at December 31, 2012, (dollars in thousands): 

	Borrowed Balance		Effective Rate		Contract Maturity
Fixed Rate Secured Debt
Individual property mortgages	$	372,382	4.8	%	8/29/2019
FNMA conventional credit facilities	50,000		4.7	%	3/31/2017
Credit facility balances managed with interest rate swaps
LIBOR-based interest rate swaps	409,000		5.3	%	2/3/2014
Total fixed rate secured debt	831,382		5.0	%	10/10/2016
Variable Rate Secured Debt (1)
FNMA conventional credit facilities	189,721		0.8	%	4/20/2016
FNMA tax-free credit facilities	70,096		0.9	%	8/10/2031
Freddie Mac credit facilities	64,247		0.7	%	7/1/2014
Freddie Mac mortgage	15,200		3.6	%	12/10/2015
Total variable rate secured debt	339,264		0.9	%	2/8/2019
Total Secured Debt	$	1,170,646	3.9	%	6/14/2017
Unsecured Debt
Variable rate credit facility	23,000		1.5	%	11/1/2015
Term loan fixed with swaps	150,000		2.4	%	3/1/2017
Fixed rate senior private placement bonds	310,000		4.5	%	7/27/2021
Total Unsecured Debt	$	483,000	3.7	%	12/5/2019
Total Outstanding Debt	$	1,653,646	3.8	%	3/5/2018

(1) Includes capped balances

Interest Rate Ranges, Maturity and Balance of Indebtedness

The following table summarizes interest rate ranges and maturity of MAALP’s indebtedness at December 31, 2012 and the balance of MAALP’s indebtedness at December 31, 2011 (dollars in millions):

	At December 31, 2012
	Actual Interest Rates	Current Average Interest Rate	Maturity	Balance		Balance at December 31, 2011
Fixed Rate:
Taxable Secured	3.51 - 6.21%	4.82%	2014-2035	$	422.4	$	403.0
Unsecured	3.15 - 5.57%	4.51%	2017-2024	310.0		135.0
Interest rate swaps	4.38 - 6.63%	5.57%	2013-2017	559.0		569.8
				$	1,291.4	$	1,107.8
Variable Rate: (1)
Taxable	0.66 - 1.13%	0.73%	2013-2033	71.0		264.3
Interest rate caps	0.72 - 0.94%	0.85%	2013-2033	268.2		257.4
Unsecured	1.46%	1.46%	2015	23.0		—
				$	362.2	$	521.7
				$	1,653.6	$	1,629.5

(1) Amounts are adjusted to reflect interest rate swap and cap agreements in effect at December 31, 2012, and 2011, respectively which results in MAALP paying fixed interest payments over the terms of the interest rate swaps and on changes in interest rates above the strike rate of the cap. Rates and maturities for capped balances are for the underlying debt, unless the strike rate has been reached.

Scheduled Principal Repayments on Borrowings

The following table includes scheduled principal repayments on the borrowings at December 31, 2012, as well as the amortization of the fair market value of debt assumed (dollars in thousands): 

Year	Amortization		Maturities		Total
2013	$	5,217	$	1,278	$	6,495
2014	4,868		369,192		374,060
2015	4,493		193,700		198,193
2016	5,138		82,328		87,466
2017	6,966		154,738		161,704
Thereafter	15,701		810,027		825,728
	$	42,383	$	1,611,263	$	1,653,646

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Organization and Summary of Significant Accounting Policies (Earnings Per Share) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Earnings Per Share [Abstract]
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest									$ 60,003	$ 30,526	$ 17,403
Net Income (Loss) Attributable to Noncontrolling Interest	(104)	(3,138)	(135)	(148)	(92)	(118)	(135)	(76)	(3,525)	(421)	(473)	[1]
Dividends, Preferred Units									0	0	(6,549)
Preferred Units Redemption Premium									0	0	(5,149)
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest									42,260	16,412	2,049	[1]
Net Income (Loss) Available to Common Unitholders	$ 20,650	$ 27,466	$ 28,286	$ 22,336	$ 23,617	$ 10,431	$ 6,396	$ 6,073	$ 98,738	$ 46,517	$ 7,281
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted									40,412	37,280	32,502
Income (Loss) from Continuing Operations, Per Basic and Diluted Share									$ 1.43	$ 0.81	$ 0.16
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic and Diluted Share									$ 1.01	$ 0.44	$ 0.06
Earnings Per Share, Basic and Diluted	$ 0.50	$ 0.67	$ 0.70	$ 0.57	$ 0.62	$ 0.28	$ 0.18	$ 0.17	$ 2.44	$ 1.25	$ 0.22

[1]

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Borrowings (Textual) (Details) (USD $)	12 Months Ended
	Dec. 31, 2012		Dec. 31, 2011
Debt Instrument [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 20,000,000
Description of variable rate basis	LIBOR
Notes payable	1,653,646,000		1,629,500,000
Effective Rate (percentage)	3.80%
Unsecured Debt	483,000,000		135,000,000
Weighted average interest rate (percent)	3.80%
FNMA [Member]
Debt Instrument [Line Items]
Credit facilities, outstanding amount	584,800,000
Variable interest rate (percent)	0.80%
Credit facilities, commitment fees	362,000
Interest rate description	The interest rate on the majority of the variable portion renews every 90 days and is based on the FNMA discount mortgage backed security rate on the date of renewal, which, for the Operating Partnership, has historically approximated three-month LIBOR less an average of 0.17% over the life of the FNMA Facilities, plus a fee of 0.49% to 0.67%.
Freddie Mac [Member]
Debt Instrument [Line Items]
Credit facilities, outstanding amount	198,200,000
Credit Facility, maximum borrowing capacity	200,000,000
Credit facilities, commitment fees	3,000
Credit facility interest rate (percent)	0.722%
Bank Borrowings [Member]
Debt Instrument [Line Items]
Credit Facility, maximum borrowing capacity	323,600,000
Debt instruments maturity date	2015-11
Interest rate terms	The Key Bank Credit Line bears an interest rate of LIBOR plus a spread of 1.05% to 1.85% based on a leveraged based pricing grid.
Fixed Rate Debt [Member]
Debt Instrument [Line Items]
Notes payable	1,291,400,000		1,107,800,000
Conventional Variable Rate Debt [Member]
Debt Instrument [Line Items]
Variable interest rate (percent)	0.70%
Long-term Debt	55,800,000
Floating Rate Debt [Member]
Debt Instrument [Line Items]
Notes payable	362,200,000		521,700,000
Variable interest rate (percent)	1.50%
Unsecured Debt	23,000,000
Capped Conventional Variable Rate Debt [Member]
Debt Instrument [Line Items]
Variable interest rate (percent)	1.00%
Long-term Debt	213,100,000
Capped Tax Free Variable Rate Debt [Member]
Debt Instrument [Line Items]
Variable interest rate (percent)	0.90%
Long-term Debt	70,300,000
Other Than Conventional Variable Rate Debt [Member]
Debt Instrument [Line Items]
Long-term Debt	831,400,000
Average interest rates (percent)	5.00%
Fixed Rate Senior Notes [Member]
Debt Instrument [Line Items]
Unsecured Debt	460,000,000
Long-term debt fixed interest rate (percent)	3.80%
Minimum [Member] | FNMA [Member]
Debt Instrument [Line Items]
Secured credit facilities, commitment fee percentage (percent)	0.49%
Minimum [Member] | Bank Borrowings [Member]
Debt Instrument [Line Items]
Unsecured credit facilities with bank, interest rate above LIBOR (percent)	1.05%
Maximum [Member] | FNMA [Member]
Debt Instrument [Line Items]
Secured credit facilities, commitment fee percentage (percent)	0.67%
Maximum [Member] | Bank Borrowings [Member]
Debt Instrument [Line Items]
Unsecured credit facilities with bank, interest rate above LIBOR (percent)	1.85%
Scenario 1 [Member] | FNMA [Member]
Debt Instrument [Line Items]
Number of instruments held	10
Derivative cap interest rate (percent)	6.00%
Scenario 2 [Member] | FNMA [Member]
Debt Instrument [Line Items]
Number of instruments held	8
Derivative cap interest rate (percent)	4.50%
FNMA [Member] | FNMA [Member]
Debt Instrument [Line Items]
Secured credit facilities, interest rate below three-month LIBOR	0.17%
Floating Rate Debt [Member] | FNMA [Member]
Debt Instrument [Line Items]
Credit facilities, outstanding amount	534,800,000
Floating Rate Debt [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Maturity date	2015
Floating Rate Debt [Member] | Maximum [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Variable interest rate (percent)	7.00%
Unsecured Debt [Member]
Debt Instrument [Line Items]
Notes payable	483,000,000
Effective Rate (percentage)	3.70%
Unsecured Debt [Member] | Bank Borrowings [Member]
Debt Instrument [Line Items]
Credit facilities, outstanding amount	23,000,000
Credit Facility, maximum borrowing capacity	325,000,000
Credit facilities, commitment fees	739,000
Debt instrument potential term extension period (years)	1 year
Letters of credit outstanding amount	1,400,000
Unsecured Debt [Member] | Fixed Rate Debt [Member]
Debt Instrument [Line Items]
Notes payable	310,000,000		135,000,000
Effective Rate (percentage)	2.40%
Average interest rates (percent)	4.51%
Unsecured Debt [Member] | Floating Rate Debt [Member]
Debt Instrument [Line Items]
Notes payable	23,000,000	[1]
Effective Rate (percentage)	1.50%
Unsecured Debt [Member] | Minimum [Member] | Fixed Rate Debt [Member]
Debt Instrument [Line Items]
Maturity date	2017
Unsecured Debt [Member] | Maximum [Member] | Fixed Rate Debt [Member]
Debt Instrument [Line Items]
Maturity date	2024
Secured Debt [Member]
Debt Instrument [Line Items]
Notes payable	1,170,646,000
Effective Rate (percentage)	3.90%
Secured Debt [Member] | FNMA [Member]
Debt Instrument [Line Items]
Credit facilities, total amount	864,000,000
Debt renewal period (days)	90 days
Credit Facility, maximum borrowing capacity	584,800,000
Secured Debt [Member] | Fixed Rate Debt [Member]
Debt Instrument [Line Items]
Notes payable	831,382,000
Effective Rate (percentage)	5.00%
Secured Debt [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Average maturity year	2019
Secured Debt [Member] | Floating Rate Debt [Member]
Debt Instrument [Line Items]
Notes payable	339,264,000	[2]	0	[1]
Effective Rate (percentage)	0.90%	[2]
Maturity date	2015	[1]
Average interest rates (percent)	1.46%	[1]
Interest Rate Swap [Member] | FNMA [Member]
Debt Instrument [Line Items]
Number of Interest rate derivatives held (contracts)	9
Notional amounts of interest rate contracts	275,000,000
Variable rate borrowings after interest rate swaps (percent)	4.50%
Interest Rate Swap [Member] | Freddie Mac [Member]
Debt Instrument [Line Items]
Number of Interest rate derivatives held (contracts)	8
Notional amounts of interest rate contracts	134,000,000
Variable rate borrowings after interest rate swaps (percent)	4.40%
Interest Rate Swap [Member] | Minimum [Member] | FNMA [Member]
Debt Instrument [Line Items]
Maturity of derivative	2013
Interest Rate Swap [Member] | Minimum [Member] | Freddie Mac [Member]
Debt Instrument [Line Items]
Maturity of derivative	2013
Interest Rate Swap [Member] | Maximum [Member] | FNMA [Member]
Debt Instrument [Line Items]
Maturity of derivative	2015
Interest Rate Swap [Member] | Maximum [Member] | Freddie Mac [Member]
Debt Instrument [Line Items]
Maturity of derivative	2014
Interest Rate Cap [Member] | FNMA [Member]
Debt Instrument [Line Items]
Number of Interest rate derivatives held (contracts)	20
Notional amounts of interest rate contracts	253,000,000
Interest Rate Cap [Member] | Freddie Mac [Member]
Debt Instrument [Line Items]
Number of Interest rate derivatives held (contracts)	1
Notional amounts of interest rate contracts	$ 15,000,000
Maturity of derivative	2014
Derivative cap interest rate (percent)	5.00%
Interest Rate Cap [Member] | Minimum [Member] | FNMA [Member]
Debt Instrument [Line Items]
Maturity of derivative	2013
Interest Rate Cap [Member] | Maximum [Member] | FNMA [Member]
Debt Instrument [Line Items]
Maturity of derivative	2018
Two Interest Rate Caps [Member] | FNMA [Member]
Debt Instrument [Line Items]
Number of instruments held	2
Derivative cap interest rate (percent)	5.00%

[1] Amounts are adjusted to reflect interest rate swap and cap agreements in effect at December 31, 2012, and 2011, respectively which results in MAALP paying fixed interest payments over the terms of the interest rate swaps and on changes in interest rates above the strike rate of the cap.

[2] Includes capped balances

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Business Combinations (Unaudited Pro forma Information) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2012		Dec. 31, 2011
Disclosure - Unaudited Pro forma Information [Abstract]
Total Revenue	$ 463,662	[1]	$ 418,593	[1]
Net Income available to common shareholders	$ 107,128	[1]	$ 47,175	[1]
Earnings per share, diluted (dollars per share)	$ 2.54	[1]	$ 1.21	[1]

[1] Pro forma adjustments for certain acquisitions are excluded as they had no pre-acquisition operating activity in 2011 or 2012.

XML

Document and Entity Information Document	12 Months Ended
	Dec. 31, 2012
Entity Information [Line Items]
Amendment Flag	false
Document Period End Date	Dec. 31, 2012
Document Type	8-K
Entity Registrant Name	MID AMERICA APARTMENT COMMUNITIES INC
Entity Central Index Key	0000912595

XML

Stock Based Compensation (Changes and Status of 2010 Executive Restricted Stock Nonvested Shares) (Details) (USD $)	12 Months Ended	0 Months Ended	12 Months Ended
	Dec. 31, 2011	Mar. 23, 2010 2010 Executive Restricted Stock Plan [Member]	Dec. 31, 2012 2010 Executive Restricted Stock Plan [Member]	Dec. 31, 2010 2010 Executive Restricted Stock Plan [Member]
Nonvested Shares
Beginning Balance (shares)			1,806
Issued (shares)			0
Vested (shares)			(1,172)
Forfeited (shares)			0
Ending Balance (shares)			634
Weighted Average Fair value
Beginning Balance, weighted average grant date fair value (dollars per share)			$ 54.38
Granted, weighted average grant date fair value (dollars per share)	$ 0	$ 54.38	$ 0.00	$ 0
Vested, weighted average grant date fair value (dollars per share)			$ 54.38
Forfeited, weighted average grant date fair value (dollars per share)			$ 0.00
Ending Balance, weighted average grant date fair value (dollars per share)			$ 54.38

XML

Consolidated Statements of Comprehensive Income (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Consolidated net income	$ 102,263,000	$ 46,938,000	$ 19,452,000
Other Comprehensive Income:
Unrealized losses from the effective portion of derivative instruments	(8,409,000)	(13,951,000)	(35,538,000)
Reclassification adjustment for losses included in net income for the effective portion of derivative instruments	20,107,000	27,639,000	34,021,000
Total Comprehensive Income	113,961,000	60,626,000	17,935,000
Less: comprehensive income attributable to noncontrolling interests	(3,525,000)	(421,000)	(473,000)
Comprehensive income attributable to MAA	110,436,000	60,205,000	17,462,000
Interest Rate Contract [Member]
Other Comprehensive Income:
Unrealized losses from the effective portion of derivative instruments	$ (8,409,000)	$ (13,951,000)	$ (35,538,000)

XML

Derivatives and Hedging Activities (Textual) (Details) (USD $)	3 Months Ended	12 Months Ended
	Dec. 31, 2012 Contract	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Derivative [Line Items]
Loss in fair value of derivatives not designated in hedging relationships		$ 66,000	$ 24,000
Credit risk related contingent features termination value	20,300,000	20,300,000
Percentage of collateral required to be posted (percent)	100.00%	100.00%
cross acceleration [Member]
Derivative [Line Items]
Credit risk related contingent features termination value	12,300,000	12,300,000
Other Credit Enhancemenets [Member]
Derivative [Line Items]
Credit risk related contingent features termination value	3,200,000	3,200,000
Cash Flow Hedges of Interest Rate Risk [Member] | Interest Rate Cap [Member]
Derivative [Line Items]
Number of Interest rate derivatives held (contracts)	6	6
Notional amount of hedged interest rate caps	31,700,000	31,700,000
Number of interest rate derivatives maturing (contracts)	4
Notional value of interest rate swap derivatives maturing	23,800,000	23,800,000
Gain (loss) in time value of hedged interest rate caps		1,000	7,000	34,000
Termination [Member]
Derivative [Line Items]
Fair value of credit risk derivatives	21,400,000	21,400,000
Net liability position [Member]
Derivative [Line Items]
Credit risk related contingent features termination value	23,500,000	23,500,000
Interest Expense [Member]
Derivative [Line Items]
Change in fair value of derivatives, ineffective portion		39,000	188,000	235,000
Interest Expense [Member] | Cash Flow Hedges of Interest Rate Risk [Member] | Interest Rate Cap [Member]
Derivative [Line Items]
Change in fair value of interest rate derivatives included in AOCI and expected to be reclassified in the next 12 months		$ 15,200,000

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Earnings from Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2012

Notes To Financial Statements [Abstract]

Schedule of discontinued operation properties sold

The following table lists the communities that MAALP sold in 2012:

Community	Number of Units	Date Sold	Operating Segment
Kenwood Club	320	January 12, 2012	Large market same store
Cedar Mill	276	February 9, 2012	Secondary market same store
Celery Stalk	410	June 7, 2012	Large market same store
Hidden Lake	320	July 25, 2012	Large market same store
Westbury Springs	150	July 25, 2012	Secondary market same store
Park Walk	124	July 26, 2012	Large market same store
TPC Florence	200	August 1, 2012	Secondary market same store
Fairways at Royal Oak	214	August 7, 2012	Secondary market same store
Walden Run	240	November 8, 2012	Large market same store

Summary of Discontinued Operations

The following is a summary of earnings from discontinued operations for the years ended December 31, 2012, 2011 and 2010 (dollars in thousands):

	2012		2011			2010
Revenues:
Rental revenues	$	8,054	$	20,578		$	21,025
Other revenues	974		2,507			2,423
Total revenues	9,028		23,085			23,448
Expenses:
Property operating expenses	5,299		12,662			14,353
Depreciation and amortization	2,507		5,557			5,680
Interest expense	645		1,241			1,364
Total expenses	8,451		19,460			21,397
Income from discontinued operations before gain (loss) on sale	577		3,625			2,051
Net gain (loss) on insurance and other settlement proceeds on discontinued operations	48		(12		)	—
Gain (loss) on sale of discontinued operations	41,635		12,799			(2		)
Income from discontinued operations	$	42,260	$	16,412		$	2,049

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Employee Benefit Plans (Details) (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2012 Nonqualified Deferred Compensation Plan [Member] installment	Dec. 31, 2011 Nonqualified Deferred Compensation Plan [Member]	Dec. 31, 2010 Nonqualified Deferred Compensation Plan [Member]	Dec. 31, 2012 Outside Directors [Member]	Dec. 31, 2011 Outside Directors [Member]	Dec. 31, 2010 Outside Directors [Member]	Dec. 31, 2012 Employee Stock Ownership Plan ESOP Plan [Member]	Dec. 31, 2008 Initial Public Offering [Member]	Dec. 31, 2012 Stock Option And Incentive Plan 1994 [Member]
Defined Benefit Plan Disclosure [Line Items]
Employer contribution for defined contribution plan	$ 668,000	$ 597,000	$ 507,000
Deferred compensation expense				45,000	51,000	57,000
Number of annual installments of deferred compensation (installment)				2
Number of days after departure from board of directors for payment of deferred compensation (days)				90 days
Number of deferred common stock (shares)							5,549	5,328	4,422
Weighted-average grant date fair values of deferred common stock (dollars per share)							$ 66.12	$ 64.55	$ 56.90
Directors Deferred Compensation Plan, cash payout liability								78,000	143,000
Employee Stock Ownership Plan, service period eligible to participate (years)										1 year
Participants vesting percentage after three years of continuous service (percent)										100.00%
Employee Stock Ownership Plan, vesting period (years)										3 years
Contribution to Employee Stock Ownership Plan, common stock (shares)											22,500
Employee Stock Ownership Plan, common stock, shares outstanding (shares)	198,732
Employee Stock Ownership Plan, common stock, fair value	$ 12,900,000
Description of bonus												Under the terms of the supplemental bonus agreements, MAA will pay bonuses to these employees equal to 3% of the original note balance on each anniversary date of the advance, limited to 15% of the aggregate purchase price of the shares and units.

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Segment Information

12 Months Ended

Dec. 31, 2012

Notes To Financial Statements [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

As of December 31, 2012, MAALP owned or had an ownership interest in 151 multifamily apartment communities in 12 different states from which we derived all significant sources of earnings and operating cash flows. Senior management evaluates performance and determines resource allocations by reviewing apartment communities individually and in the following reportable operating segments:

• Large market same store communities are generally communities in markets with a population of at least 1 million and at least 1% of the total public multifamily REIT units that we have owned and have been stabilized for at least a full 12 months and have not been classified as held for sale.

• Secondary market same store communities are generally communities in markets with populations of more than 1 million but less than 1% of the total public multifamily REIT units or markets with populations of less than 1 million that we have owned and have been stabilized for at least a full 12 months and have not been classified as held for sale.

• Non same store communities and other includes recent acquisitions, communities in development or lease-up and communities that have been classified as held for sale. Also included in non same store communities are non multifamily activities which represent less than 1% of our portfolio.

On the first day of each calendar year, we determine the composition of our same store operating segments for that year, which allows us to evaluate full period-over-period operating comparisons. We utilize NOI, in evaluating the performance. Total NOI represents total property revenues less total property operating expenses, excluding depreciation and amortization, for all properties held during the period regardless of their status as held for sale. We believe NOI is a helpful tool in evaluating the operating performance of our segments because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

Revenues and NOI for each reportable segment for the years ended December 31, 2012, 2011 and 2010, were as follows (dollars in thousands):

	2012			2011			2010
Revenues
Large Market Same Store	$	205,191		$	192,858		$	175,725
Secondary Market Same Store	165,867			160,274			152,194
Non-Same Store and Other	74,592			31,471			8,319
Total property revenues	445,650			384,603			336,238
Management fee income	899			1,017			680
Total operating revenues	$	446,549		$	385,620		$	336,918
NOI
Large Market Same Store	$	119,964		$	110,154		$	100,529
Secondary Market Same Store	96,480			91,844			86,879
Non-Same Store and Other	50,285			29,163			13,806
Total NOI	266,729			231,161			201,214
Discontinued operations NOI included above	(4,137		)	(10,912		)	(10,985		)
Management fee income	899			1,017			680
Depreciation and amortization	(114,139		)	(100,648		)	(88,651		)
Acquisition expense	(2,236		)	(3,319		)	(2,035		)
Property management expense	(19,761		)	(18,436		)	(15,968		)
General and administrative expense	(11,479		)	(14,488		)	(11,189		)
Interest and other non-property income	318			689			789
Interest expense	(52,249		)	(51,202		)	(53,803		)
Loss on debt extinguishment	(654		)	(754		)	—
Amortization of deferred financing costs	(3,097		)	(2,598		)	(2,300		)
Net casualty (loss) gain and other settlement proceeds	(13		)	(475		)	48
Gain on sale of non-depreciable assets	45			1,084			—
Gain on properties contributed to joint ventures	—			—			752
Loss from real estate joint ventures	(223		)	(593		)	(1,149		)
Discontinued operations	42,260			16,412			2,049
Net income attributable to noncontrolling interests	(3,525		)	(421		)	(473		)
Net income attributable to Mid-America Apartments, L.P.	$	98,738		$	46,517		$	18,979

Assets for each reportable segment as of December 31, 2012 and 2011 were as follows (dollars in thousands):

	December 31, 2012		December 31, 2011
Assets
Large Market Same Store	$	1,108,827	$	1,140,317
Secondary Market Same Store	654,315		673,620
Non-Same Store and Other	728,209		407,629
Corporate assets	38,520		99,969
Total assets	$	2,529,871	$	2,321,535

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Segment Information (Tables)

12 Months Ended

Dec. 31, 2012

Notes To Financial Statements [Abstract]

Revenues and NOI for each reportable segment

Revenues and NOI for each reportable segment for the years ended December 31, 2012, 2011 and 2010, were as follows (dollars in thousands):

	2012			2011			2010
Revenues
Large Market Same Store	$	205,191		$	192,858		$	175,725
Secondary Market Same Store	165,867			160,274			152,194
Non-Same Store and Other	74,592			31,471			8,319
Total property revenues	445,650			384,603			336,238
Management fee income	899			1,017			680
Total operating revenues	$	446,549		$	385,620		$	336,918
NOI
Large Market Same Store	$	119,964		$	110,154		$	100,529
Secondary Market Same Store	96,480			91,844			86,879
Non-Same Store and Other	50,285			29,163			13,806
Total NOI	266,729			231,161			201,214
Discontinued operations NOI included above	(4,137		)	(10,912		)	(10,985		)
Management fee income	899			1,017			680
Depreciation and amortization	(114,139		)	(100,648		)	(88,651		)
Acquisition expense	(2,236		)	(3,319		)	(2,035		)
Property management expense	(19,761		)	(18,436		)	(15,968		)
General and administrative expense	(11,479		)	(14,488		)	(11,189		)
Interest and other non-property income	318			689			789
Interest expense	(52,249		)	(51,202		)	(53,803		)
Loss on debt extinguishment	(654		)	(754		)	—
Amortization of deferred financing costs	(3,097		)	(2,598		)	(2,300		)
Net casualty (loss) gain and other settlement proceeds	(13		)	(475		)	48
Gain on sale of non-depreciable assets	45			1,084			—
Gain on properties contributed to joint ventures	—			—			752
Loss from real estate joint ventures	(223		)	(593		)	(1,149		)
Discontinued operations	42,260			16,412			2,049
Net income attributable to noncontrolling interests	(3,525		)	(421		)	(473		)
Net income attributable to Mid-America Apartments, L.P.	$	98,738		$	46,517		$	18,979

Assets for each reportable segment

Assets for each reportable segment as of December 31, 2012 and 2011 were as follows (dollars in thousands):

	December 31, 2012		December 31, 2011
Assets
Large Market Same Store	$	1,108,827	$	1,140,317
Secondary Market Same Store	654,315		673,620
Non-Same Store and Other	728,209		407,629
Corporate assets	38,520		99,969
Total assets	$	2,529,871	$	2,321,535

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Subsequent Events

12 Months Ended

Dec. 31, 2012

Notes To Financial Statements [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Acquisitions

On February 1, 2013, we closed on the purchase of the 310-unit Milstead Village apartment community located in Kennesaw (Atlanta), Georgia. This property was previously a part of our Fund I Joint Venture.

Financings

On February 25, 2013, MAA and MAALP entered into distribution agreements with each of JP Morgan Securities, LLC, BMO Capital Markets Corp, KeyBanc Capital Markets Inc. and UBS Securities, LLC to sell up to 4,500,000 shares, in the aggregate, under the distribution agreements pursuant to MAA's at the market offering program.

XML

Related Party Transactions (Details) (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Related Party Transaction [Line Items]
Management fees income	$ 899,000	$ 1,017,000	$ 680,000	[1]
Due to Related Parties	24,000,000	20,100,000
Joint Venture Apartment Communities [Member]
Related Party Transaction [Line Items]
Asset management fees	346,000	426,000	360,000
Construction management fees	3,000	3,000	6,000
Due from Related Parties	$ 3,100,000	$ 400,000	$ 800,000
Minimum [Member] | Joint Venture Apartment Communities [Member]
Related Party Transaction [Line Items]
Joint venture property managment fee (percentage)	4.00%
Maximum [Member] | Joint Venture Apartment Communities [Member]
Related Party Transaction [Line Items]
Joint venture property managment fee (percentage)	4.25%

[1]

XML

Consolidated Statements of Equity (USD $) Share data in Thousands, unless otherwise specified	Total	Total Partnership Capital [Domain]	Redeemable Preferred Stock [Member]	Noncontrolling Interest [Member]	General Partners' Capital Account, Class [Domain]	Preferred Units, Class [Domain]	Accumulated Other Comprehensive Income (Loss) [Member]
Beginning balance, Redeemable Stock at Dec. 31, 2009			$ 2,802,000
Income (Loss), Including Portion Attributable to Noncontrolling Interest	512,000
Partners' Capital, Including Portion Attributable to Noncontrolling Interest	26,228,000	380,393,000		12,958,000	393,474,000	0	(52,267,000)
Comprehensive income:
Net income	19,452,000	19,452,000		473,000	6,769,000	11,698,000
Other comprehensive income - derivative instruments (cash flow hedges)		(1,517,000)					(1,517,000)
Units Issued During Period, Value, New Issues		305,344,000	387,000		305,344,000
Units Repurchased and Retired During Period, Value		1,175,000			1,175,000
Units Issued During Period, Value, Unit Options Exercised		173,000			173,000
General Partnership Units Issued in Exchange for Limited Partnership Units	(1,266,000)	1,000			1,267,000
Units Reclassified to Liabilities		0	269,000
Redeemable stock fair market value		(844,000)	844,000		844,000
Adjustment for Noncontrolling Interest Ownership in operating partnership	17,824,000	0		(20,000)	(17,804,000)
Amortization of unearned compensation		3,703,000			3,703,000
Distributions	(5,641,000)	89,296,000			(77,106,000)	(6,549,000)
Redemption of Preferred Units		155,022,000				155,022,000
Ending balance, Redeemable Stock at Dec. 31, 2010			3,764,000
Income (Loss), Including Portion Attributable to Noncontrolling Interest	2,435,000
Partners' Capital, Including Portion Attributable to Noncontrolling Interest	28,729,000	542,135,000		13,362,000	538,623,000	0	(38,579,000)
Comprehensive income:
Net income	46,938,000	46,938,000		421,000	44,082,000	0
Other comprehensive income - derivative instruments (cash flow hedges)		13,688,000					13,688,000
Units Issued During Period, Value, New Issues		235,334,000	494,000		235,334,000
Units Repurchased and Retired During Period, Value		42,243,000			(42,243,000)
Units Issued During Period, Value, Unit Options Exercised		407,000			407,000
General Partnership Units Issued in Exchange for Limited Partnership Units	(3,069,000)	0			3,069,000
Units Reclassified to Liabilities		0	150,000
Redeemable stock fair market value		71,000	(71,000)		(71,000)
Adjustment for Noncontrolling Interest Ownership in operating partnership	8,238,000	0		(17,000)	(8,221,000)
Amortization of unearned compensation		4,035,000			4,035,000
Distributions	(5,103,000)	96,488,000			(91,385,000)
Ending balance, Redeemable Stock at Dec. 31, 2011	4,037,000		4,037,000
Income (Loss), Including Portion Attributable to Noncontrolling Interest	4,487,000
Partners' Capital, Including Portion Attributable to Noncontrolling Interest	30,993,000	725,219,000		14,811,000	706,296,000	0	(26,881,000)
Comprehensive income:
Net income	102,263,000	102,263,000		3,525,000	94,251,000	0
Other comprehensive income - derivative instruments (cash flow hedges)		11,698,000					11,698,000
Units Issued During Period, Value, New Issues		196,326,000	546,000		196,326,000
Units Repurchased and Retired During Period, Value		17,527,000			17,527,000
Exercised (shares)	0
General Partnership Units Issued in Exchange for Limited Partnership Units	(3,459,000)	0			3,459,000
Redeemable stock fair market value		(130,000)	130,000		130,000
Adjustment for Noncontrolling Interest Ownership in operating partnership	6,109,000	0		(19,000)	(6,090,000)
Amortization of unearned compensation		2,233,000			2,233,000
Distributions	(4,873,000)	111,779,000		2,057,000	(104,849,000)
Ending balance, Redeemable Stock at Dec. 31, 2012	$ 4,713,000		$ 4,713,000

XML

Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Real estate assets:
Land	$ 359,943	$ 307,596
Buildings and improvements	2,867,409	2,608,128
Furniture, fixtures and equipment	84,997	80,590
Development and capital improvements in progress	50,844	41,635
Real Estate Investment Property, at Cost, Total	3,363,193	3,037,949
Less accumulated depreciation	(901,485)	(847,171)
Real Estate Investment Property, Net, Total	2,461,708	2,190,778
Land held for future development	1,205	1,306
Commercial properties, net	8,058	8,116
Investments in real estate joint ventures	4,837	17,006
Real estate assets, net	2,475,808	2,217,206
Cash and cash equivalents	8,886	57,151
Restricted cash	809	1,362
Deferred financing costs, net	13,380	14,180
Other assets	26,882	27,530
Goodwill	4,106	4,106
Total assets	2,529,871	2,321,535
Liabilities:
Secured notes payable	1,170,646	1,494,520
Unsecured notes payable	483,000	135,000
Accounts payable	3,889	1,673
Fair market value of interest rate swaps	21,423	33,095
Accrued expenses and other liabilities	90,559	85,136
Security deposits	6,167	5,795
Total liabilities	1,799,939	1,775,363
Redeemable stock	4,713	4,037
Shareholders' equity:
General Partners' Capital Account	706,296	538,623
Limited Partners' Capital Account	30,993	28,729
Accumulated other comprehensive losses	(26,881)	(38,579)
Partners' Capital	710,408	528,773
Noncontrolling interest	14,811	13,362
Capital	725,219	542,135
Total liabilities and equity	$ 2,529,871	$ 2,321,535

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Income Taxes

12 Months Ended

Dec. 31, 2012

Income Taxes [Abstract]

INCOME TAXES

INCOME TAXES

The taxable income or loss of MAALP is reported on the tax returns of the partners. Accordingly, no provision has been made in the accompanying financial statements for federal or state income taxes on income that is passed through to the partners. MAALP does record excise or franchise taxes on income that results from its operating results as well as real estate taxes on MAALP's property.

No provision for federal income taxes has been made in the accompanying consolidated financial statements. MAA has made an election to be taxed as a Real Estate Investment Trust, or REIT, under Sections 856 through 860 of the Internal Revenue Code. As a REIT, MAA is generally not subject to federal income tax to the extent that it distributes 100% of its taxable income to its shareholders. MAA must meet certain requirements, including the requirement to distribute at least 90% of its taxable income, to maintain REIT status. If MAA fails to qualify as a REIT in any taxable year, MAA will be subject to the federal income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate rates and MAALP will have to fund the payment of these taxes.

Net income for tax reporting purposes differs from net income reported for financial reporting purposes primarily because of differences in depreciable lives, the tax basis of certain assets and liabilities and in the timing of recognition of earnings upon disposition of properties.

ASC 740-10-50 prescribes a recognition threshold and measurement attribute for the recognition and measurement of tax positions taken in tax returns. We have identified and examined our tax positions for all open tax years through December 31, 2009, and concluded that the full benefit of each tax position taken should be recognized in the financial statements. There have been no significant changes in unrecognized tax benefits following the adoption date.

ASC 740-10-50 requires that an enterprise must calculate interest and penalties related to unrecognized tax benefits. The decision regarding where to classify interest and penalties on the income statement is an accounting policy decision that should be consistently applied. Interest and penalties calculated on any future uncertain tax positions will be presented as a component of income tax expense. No interest and penalties are accrued on our balance sheet as of December 31, 2012 and 2011.

MAALP’s tax years that remain subject to examination for U.S. federal purposes range from 2009 through 2011. Our tax years that remain open for state examination vary but range from 2008 through 2011.

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Document and Entity Information	12 Months Ended
	Dec. 31, 2012
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2012
Entity Registrant Name	MID AMERICA APARTMENT COMMUNITIES INC
Entity Central Index Key	0000912595

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Shareholder's Equity

12 Months Ended

Dec. 31, 2012

Notes To Financial Statements [Abstract]

SHAREHOLDER’S EQUITY

Operating Partnership Units

Interests in MAALP are represented by Operating Partnership Units, or OP Units. As of December 31, 2012, there were 41,453,133 OP Units outstanding, 39,721,461 or 95.8% of which were owned by MAA, our general partner. The remaining 1,731,672 OP Units were owned by non-affiliated limited partners ("Class A Limited Partners"). As of December 31, 2011, there were 38,540,288 OP Units outstanding, 36,602,619 or 95.0% of which were owned by MAA and 1,937,669 of which were owned by the Class A Limited Partners.

MAA, as the sole general partner, has full, complete and exclusive discretion to manage and control the business of the Operating Partnership subject to the restrictions specifically contained within the Partnership Agreement. Unless otherwise stated in the Operating Partnership Agreement, this power includes, but is not limited to, acquiring, leasing, or disposing of any real property; constructing buildings and making other improvements to properties owned; borrowing money, modifying or extinguishing current borrowings, issuing evidence of indebtedness, and securing such indebtedness by mortgage, deed of trust, pledge or other lien on the Operating Partnership's assets; and distribution of Operating Partnership cash or other assets in accordance with the Partnership Agreement. MAA can generally, at its sole discretion, issue and redeem OP Units and determine the consideration to be received or the redemption price to be paid, as applicable. The general partner may delegate these and other powers granted if the general partner remains in supervision of the designee.

Under the Partnership Agreement, the Operating Partnership may issue Class A OP Units and Class B OP Units. Class A OP Units may only be held by limited partners who are not affiliated with MAA, in its capacity as general partner of the Operating Partnership, while Class B OP Units may only be held by MAA, in its capacity as general partner of the Operating Partnership, and as of December 31, 2012, a total of 1,731,672 Class A OP Units in the Operating Partnership were held by limited partners unaffiliated with MAA, while a total of 39,721,461 Class B OP Units were held by MAA. In general, the limited partners do not have the power to participate in the management or control of the Operating Partnership's business except in limited circumstances including changes in the general partner and protective rights if the general partner acts outside of the provisions provided in the Partnership Agreement. The transferability of Class A OP Units is also limited by the Partnership Agreement.

Net income is allocated to the general partner and limited partners based on their respective ownership percentages of the Operating Partnership. Issuance or redemption of additional Class A OP Units or Class B OP Units changes the relative ownership percentage of the partners. The issuance of Class B OP Units generally occurs when MAA issues common stock and the proceeds from that issuance are contributed to the Operating Partnership in exchange for the issuance to MAA of an equal number of common stock shares issued. Likewise, if MAA repurchases or redeems outstanding shares of common stock, the Operating Partnership generally redeems an equal number of Class B OP Units with similar terms held by MAA for a redemption price equal to the purchase price of those shares of common stock. At each reporting period, the allocation between general partner capital and limited partner capital is adjusted to account for the change in the respective percentage ownership of the underlying capital of the Operating Partnership. Holders of the Class A OP Unit may require MAA to redeem their Class A OP Units, in which case MAA may, at its option, pay the redemption price either in cash (in an amount per Class A OP Unit equal, in general, to the average closing price of MAA's common stock on the New York Stock Exchange over a specified period prior to the redemption date) or by delivering one share of MAA common stock (subject to adjustment under specified circumstances) for each Class A OP Unit so redeemed.

At December 31, 2012, a total of 1,731,672 Class A OP Units were outstanding and redeemable for 1,731,672 shares of MAA common stock or approximately $112,125,762, based on the closing price of MAA’s common stock on December 31, 2012 of $64.75 per share, at MAA’s option. At December 31, 2011, a total of 1,937,669 Class A OP Units were outstanding and redeemable for 1,937,669 shares of MAA common stock or approximately $121,201,000, based on the closing price of MAA’s common stock on December 31, 2011 of $62.55 per share, at MAA’s option.

The Operating Partnership pays the same per unit distribution in respect to the OP Units as the per share dividend MAA pays in respect to its common and preferred stock.

Series H Preferred Units

In 2003, MAA issued the Series H Preferred Stock with a $25.00 per share liquidation preference and a preferential cumulative annual distribution of $2.075 per share, payable quarterly. MAA issued 6,200,000 shares of Series H Preferred Stock for which it received net proceeds of $150.1 million. On and after August 11, 2008, the Series H Preferred Stock shares became redeemable for cash at the option of MAA, in whole or in part, at a redemption price equal to the liquidation preference plus dividends owed and unpaid to the redemption date. The Operating Partnership received the proceeds from these issuances in exchange for a number of OP Units equal to the number of preferred shares issued with terms substantially similar to the Series H Preferred Stock (the "Series H OP Units").

On June 2, 2010, MAA redeemed 3,100,001 units of the 6,200,000 units of the Series H Preferred Stock. Accordingly, MAALP redeemed 3,100,001 Series H OP Units. On August 5, 2010 MAA redeemed all of the remaining and outstanding shares of the Series H Preferred Stock and MAALP redeemed the remaining Series H OP Units, resulting in a combined write-off for the year ended December 31, 2010 of approximately $5.1 million on the Consolidated statement of operations related to premiums and original issuance costs. The Operating Partnership funded this redemption by contributing monies to MAA to fund MAA's redemption of the Series H Preferred Stock.

Direct Stock Purchase and Distribution Reinvestment Plan

MAA has a Dividend and Distribution Reinvestment and Share Purchase Plan, or DRSPP, pursuant to which MAA’s shareholders have the ability to reinvest all or part of their distributions from MAA’s common stock, preferred stock or OP Units in Mid-America Apartments, L.P. into MAA’s common stock. The plan also provides the opportunity to make optional cash investments in common shares of at least $250, but not more than $5,000 in any given month, free of brokerage commissions and charges. MAA, in its absolute discretion, may grant waivers to allow for optional cash payments in excess of $5,000. To fulfill its obligations under the DRSPP, MAA may either issue additional shares of common stock or repurchase common stock in the open market. MAA has registered with the Securities and Exchange Commission the offer and sale of up to 7,600,000 shares of common stock pursuant to the DRSPP. MAA may elect to sell shares under the DRSPP at up to a 5% discount.

Common stock shares totaling 14,260 in 2012, 509,116 in 2011 and 568,323 in 2010 were acquired by shareholders under the DRSPP. MAA did not offer a discount for optional cash purchases in 2012; however, an average discount of 2.0% was offered for optional cash purchases in 2011 and 2010. All funds received from these issuances were contributed to the Operating Partnership in exchange for a number of OP Units equal to the number of shares issued by MAA.

At the Market Offering

On November 5, 2009, MAA entered into a sales agreement with Cantor Fitzgerald & Co. to sell up to 4,000,000 shares of its common stock, from time to time in at-the-market offerings or negotiated transactions through a controlled equity offering program, or ATM.

On August 26, 2010, MAA entered into sales agreements with Cantor Fitzgerald & Co., Raymond James & Associates, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated to sell up to a combined total of 6,000,000 shares of its common stock, from time to time in at-the-market offerings or negotiated transactions through a controlled equity offering program. These agreements had materially similar terms to MAA's previous ATM agreements.

During the years ended December 31, 2012, 2011 and 2010, MAA sold 1,155,511 shares, 3,303,273 shares and 5,077,201 shares, respectively, of common stock for net proceeds of $75.9 million, $204.5 million and $274.6 million, respectively, through its ATM programs. The gross proceeds for these issuances were $77.0 million, $207.7 million and $278.5 million, respectively, for the years ended December 31, 2012, 2011 and 2010. As of December 31, 2012, there were 578,015 shares outstanding under the ATM. All proceeds from these transactions were received by MAALP in exchange for a number of OP Units equal to the number of shares issued by MAA.

On March 2, 2012, MAA closed on an underwritten public offering of 1,955,000 shares of common stock. UBS Investment Bank and Jeffries & Company, Inc. acted as joint bookrunning managers. This transaction resulted in net proceeds of $120.1 million. No such issuances occurred during 2011 or 2010. Proceeds from this transaction were received by MAALP in exchange for OP Units equal to the number of shares issued.

Share Repurchase Plan

In 1999, MAA’s Board of Directors approved an increase in the number of shares of common stock authorized to be repurchased to 4.0 million shares. As of December 31, 2012, MAA had repurchased approximately 1.9 million shares (8% of the shares of common stock and common units outstanding as of the beginning of the repurchase program). From time-to-time, MAA intends to repurchase shares when MAA believes that shareholder value is enhanced. Factors affecting this determination include, among others, the share price, financing agreements and rates of return. No shares were repurchased from 2002 through 2012 under this plan. In general, share repurchases will be funded by the Operating Partnership, resulting in a decrease in the number of OP Units held by MAA equal to the number of shares repurchased.

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Condensed Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Operating revenues:
Rental revenues	$ 409,263	$ 351,879	$ 309,046
Other property revenues	36,387	32,724	27,192
Total property revenues	445,650	384,603	336,238
Management fee income	899	1,017	680	[1]
Total operating revenues	446,549	385,620	336,918
Property operating expenses:
Personnel	50,999	46,164	42,389
Building repairs and maintenance	14,242	13,138	12,084
Real estate taxes and insurance	52,075	44,442	39,129
Utilities	24,407	22,604	20,046
Landscaping	9,941	9,201	8,462
Other operating	31,394	28,805	23,899
Depreciation and amortization	114,139	100,648	88,651	[1]
Total property operating expenses	297,197	265,002	234,660
Acquisition expenses	2,236	3,319	2,035	[1]
Property management expenses	19,761	18,436	15,968	[1]
General and administrative expenses	11,479	14,488	11,189	[1]
Income from continuing operations before non-operating items	115,876	84,375	73,066
Interest and other non-property income	318	689	789	[1]
Interest expense	(52,249)	(51,202)	(53,803)	[1]
Loss on debt extinguishment/modification	(654)	(754)	0	[1]
Amortization of deferred financing costs	(3,097)	(2,598)	(2,300)	[1]
Net casualty (loss) gain after insurance and other settlement proceeds	(13)	(475)	48	[1]
Gain on sale of non-depreciable assets	45	1,084	0	[1]
Gain on properties acquired from joint ventures	0	0	752	[1]
Income from continuing operations before loss from real estate joint ventures	60,226	31,119	18,552
Loss from real estate joint ventures	(223)	(593)	(1,149)	[1]
Income from continuing operations	60,003	30,526	17,403
Discontinued operations:
Income from discontinued operations before gain (loss) on sale	577	3,625	2,051
Net casualty loss on insurance and other settlement proceeds on discontinued operations	48	(12)	0
Gain (loss) on sale of discontinued operations	41,635	12,799	(2)
Consolidated net income	102,263	46,938	19,452
Net Income (Loss) Attributable to Noncontrolling Interest	3,525	421	473	[1]
Net income attributable to MAA	98,738	46,517	18,979	[1]
Dividends, Preferred Units	0	0	6,549
Preferred Units Redemption Premium	0	0	5,149
Net Income (Loss) Available to Common Unitholders	$ 98,738	$ 46,517	$ 7,281
Income (Loss) from Continuing Operations, Per Basic and Diluted Share	$ 1.43	$ 0.81	$ 0.16
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic and Diluted Share	$ 1.01	$ 0.44	$ 0.06
Earnings Per Share, Basic and Diluted	$ 2.44	$ 1.25	$ 0.22
Distribution Made to Member or Limited Partner, Distributions Declared, Per Unit	$ 2.6750	$ 2.5425	$ 2.4725

[1]

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Real Estate Joint Ventures

12 Months Ended

Dec. 31, 2012

Real Estate Joint Ventures [Abstract]

REAL ESTATE JOINT VENTURES

REAL ESTATE JOINT VENTURES

In 2007, MAALP entered into a joint venture, Mid-America Multifamily Fund I, LLC, or Fund I, with institutional capital in which we own a 33.33% interest. As of December 31, 2012, Fund I owned two properties with a combined total of 626 units. MAALP does not expect to make further investments through Fund I.

In 2009, MAALP entered into a joint venture, Mid-America Multifamily Fund II, LLC, or Fund II, with institutional capital in which we also own a 33.33% interest. As of December 31, 2012, Fund II had owned four properties with a combined total of 1,156 units.

In 2012, MAALP entered into a joint venture, Mid-America Multifamily Fund III, LLC, or Fund III, with institutional capital in which we also own a 33.33% interest. As of December 31, 2012, Fund III had not acquired any properties.

 The income, contributions, distributions and ending investment balances related to MAALP’s joint ventures consisted of the following for the years ended December 31, 2012, 2011, and 2010 (dollars in thousands): 

	2012
	Fund I			Fund II			Fund III			Total
Joint venture (loss) gain	$	(413	)	$	190		$	—		$	(223	)
Gain on joint venture asset dispositions	—			4,146			—			4,146
Management fee income	281			618			—			899
Asset and acquisition fees	225			121			—			346
Contributions to joint venture	(74		)	(139		)	(5		)	(218		)
Distributions from joint venture	183			12,167			—			12,350
Investment in at December 31	4,727			105			5			4,837
Advances to at December 31	—			—			—			—

	2011
	Fund I			Fund II			Fund III		Total
Joint venture (loss) gain	$	(419	)	$	(188	)	$	—	$	(607	)
Gain on joint venture asset dispositions	—			14			—		14
Management fee income	275			742			—		1,017
Asset and acquisition fees	231			322			—		553
Contributions to joint venture	(85		)	(1,425		)	—		(1,510		)
Distributions from joint venture	164			1,238			—		1,402
Investment in at December 31	5,249			11,757			—		17,006
Advances to at December 31	—			—			—		—

	2010
	Fund I			Fund II			Fund III		Total
Joint venture (loss) gain	$	(555	)	$	(594	)	$	—	$	(1,149	)
Gain (loss) on joint venture asset dispositions	1			(359		)	—		(358		)
Management fee income	259			421			—		680
Asset and acquisition fees	235			573			—		808
Contributions to joint venture	(88		)	(12,042		)	—		(12,130		)
Distributions from joint venture	93			1,642			—		1,735
Investment in at December 31	5,747			11,758			—		17,505
Advances to at December 31	—			—			—		—

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Stock Based Compensation

12 Months Ended

Dec. 31, 2012

Stock Based Compensation [Abstract]

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION

MAALP accounts for stock based employee compensation plans in accordance with accounting standards governing stock based compensation. These standards require an entity to measure the cost of employee services received in exchange for an award of an equity instrument based on the award's fair value on the grant date and recognize the cost over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. Any liability awards issued are remeasured at each reporting period. Any common shares issued under MAA's stock based compensation plans result in MAALP issuing a corresponding OP Unit on a one-for-one basis. The Operating Partnership records its portion of the expenses presented below based on the allocation of General and Administrative expenses. See further discussion on allocation of General and Administrative expenses in Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements, Note 1.

Incentive Plans Overview and Summary

MAA’s stock compensation plans consist of an employee stock purchase plan and a number of incentives provided to attract and retain independent directors, executive officers and key employees. Incentives are currently granted under the 2004 Stock Plan which was approved at the May 24, 2004 Annual Meeting of Shareholders. This plan replaced the 1994 Restricted Stock and Stock Option Plan (collectively, the “Plans”) under which no further awards may be granted as of January 31, 2004. The 1994 Restricted Stock and Stock Option Plan allowed for the grant of restricted stock and stock options up to a total of 2.4 million shares. The 2004 Stock Plan allows for the grant of restricted stock and stock options up to a total of 500,000 shares. MAA believes that such awards better align the interests of our employees with those of MAA's shareholders.

In general, restricted stock is earned based on either a service condition, performance condition, or a market condition, or a combination thereof, and vests ratably over multiple periods. Service based awards are earned when the employee remains employed over the requisite service period and are valued on the grant date based upon the market price of MAA common stock on the date of grant. Market based awards are earned when MAA reaches a specified stock price or specified return on the stock price (price appreciation plus dividends) and are valued on the grant date using a Monte Carlo simulation. Performance based awards are earned when MAA reaches certain operational goals such as EPS or FFO targets and are value based upon the market price of MAA common stock on the date of grant and considers the probability of reaching the stated targets. MAALP remeasures the fair value of the performance based awards each balance sheet date with adjustments made on a cumulative basis until the award is settled and the final compensation is known.

Compensation expense is generally recognized for service based awards using the straight-line method over the vesting period of the shares regardless of cliff or ratable vesting distinctions. Compensation expense for market and performance based awards is recognized using the accelerated amortization method with each vesting tranche valued as a separate award, with a separate vesting date, consistent with the estimated value of the award at each period end. Additionally, the Company adjusts compensation expense for estimated and actual forfeitures for all awards.

Awards that allow employees to sell shares of vested restricted stock back to MAA in excess of the amount required to cover the participant’s statutory minimum tax withholdings upon vesting of the shares require liability accounting and are marked to market each reporting period. Awards that do not allow for share repurchases are classified as equity and are generally valued based on grant date fair value and are not adjusted to market each reporting period.

Total compensation costs under the Plans were approximately $2,214,000, $4,038,000 and $3,731,000, of which $1,981,000, $3,612,000, and $3,306,000 was allocated to MAALP for the years ended December 31, 2012, 2011 and 2010, respectively. As of December 31, 2012, the total unrecognized compensation cost related to the Plans was approximately $2,513,000. This cost is expected to be recognized over the remaining weighted average period of 1.4 years and will be allocated to MAA subsidiaries including MAALP as part of the allocation of MAA General and administrative expenses. Any other unrecognized costs will be allocated in this same manner. Total cash paid for the settlement of plan shares totaled $995,000, $1,604,000, $321,000 for the years ended December 31, 2012, 2011, and 2010 respectively. Information concerning specific grants under the Plans is listed below.

Employee Stock Purchase Plan

The Mid-America Apartment Communities, Inc. Employee Stock Purchase Plan, or ESPP, provides a means for employees to purchase common stock of MAA at a discounted price. The Board of Directors has authorized the issuance of 150,000 shares for the plan. The ESPP is administered by the Compensation Committee of the Board of Directors who may annually grant options to employees to purchase up to an aggregate of 15,000 shares of common stock at a price equal to 85% of the market price of the common stock. Shares are purchased semi-annually on the last market day of June and December. The plan determines the purchase price using one of three measurement formulas based on the market activity during the measurement period. The variability caused by the combination of varying number of participants, market price fluctuations and potential changes in formula used each measurement period makes it not possible to reasonably estimate fair value at the grant date. During the years ended December 31, 2012, 2011 and 2010, 6,019 shares, 5,732 shares and 5,279 shares, respectively, were purchased through the ESPP. The plan does not meet the criteria to be a noncompensatory plan and therefore compensation cost of approximately $46,000, $59,000, and $44,000 was recognized for the years ended December 31, 2012, 2011 and 2010, respectively.

Options

All option awards made under the Plans have been granted with the exercise price equal to the market price on the date of grant. The options vest over five years of continuous service at a rate of 10%, 10%, 20%, 30% and 30%, and expire ten years from grant date. MAA issues new shares when options are exercised. Dividends are not paid on unexercised options.

The fair value of each option award is estimated on the grant date using the Black-Scholes method. Volatility is based on the historical volatility of MAA’s common stock. Expected life of the option is estimated using historical data to estimate option exercise and employee termination. MAA uses a U.S. constant-maturity Treasury close to the same expected life of the option to represent the risk-free rate. Turnover is based on the historical rate at which options are exercised. MAA uses its current dividend yield at the time of grant to estimate the dividend yield over the life of the option. No options were granted during 2012, 2011 or 2010.

No options were exercised or outstanding during the year ended December 31, 2012. Cash received from the exercise of options for the year ended December 31, 2011 and 2010 was approximately $407,000 and $174,000, respectively.

Key Management 2002 Restricted Stock Plan

In 2002, MAA issued 97,881 restricted shares of common stock to key managers and executive officers with a grant date fair value of $25.65 per share. The grant date fair value was determined by the closing trading price of MAA’s shares on the day prior to the date of the grant. These shares vest 20% on March 31 of each year for five consecutive years beginning in 2008. Recipients receive dividend payments on the shares of restricted stock prior to vesting. This plan was modified on August 2, 2011 recategorizing 7,316 of the shares previously categorized as a liability to equity due to the discontinuation of a practice allowing participants to sell shares of vested restricted stock back to MAA in excess of the amount required to cover the participant’s taxes upon vesting of the shares. No other plan terms were changed. The new grant date fair value for these shares is $69.37 per share.The grant date fair value was determined by the closing trading price of MAA’s shares on the modification date. All remaining shares were earned and issued by the modification date and therefore the valuation was calculated on issued plan shares adjusted for forfeitures based on the historical experience for turnover by the key managers and executive officers. No additional compensation cost was recognized as a result of this modification.

A summary of the status of the Key Management 2002 Restricted Stock Plan nonvested shares as of December 31, 2012, and the changes for the year ended December 31, 2012, is presented below:

Nonvested Shares	Shares		Weighted Average Grant Date Fair Value
Nonvested at January 1, 2012	16,379		$	45.17
Granted	—		—
Vested	(16,379	)	45.17
Forfeited	—		—
Nonvested at December 31, 2012	—		$	—

As of December 31, 2012, there was no unrecognized compensation cost related to nonvested shares granted. The total fair value of equity shares vesting plus the settlement of liabilities during the years ended December 31, 2012, 2011 and 2010 was approximately $740,000, $702,000 and $611,000, respectively.

Director Restricted Stock Plan

Non-employee Directors elected to the Board of Directors receive an annual grant of restricted shares of common stock. The annual grants were equivalent to $40,000 per non-employee Director in 2010, $50,000 per non-employee Director in 2011, and $60,000 per non-employee Director in 2012. Directors have the right to receive their grants either in restricted shares of common stock of MAA that will vest after one year of service on the Board of Directors or have them issued into a deferred compensation plan.

A summary of the status of the Director Restricted Stock Plan nonvested restricted shares of common stock as of December 31, 2012, and the changes for the year ended December 31, 2012, is presented below: 

Nonvested Shares	Shares		Weighted Average Grant-Date Fair Value
Nonvested at January 1, 2012	2,976		$	67.16
Granted and issued	5,340		67.36
Vested	(2,976	)	67.16
Forfeited	—		—
Nonvested at December 31, 2012	5,340		$	67.36

As of December 31, 2012, there was approximately $166,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted. This cost is expected to be recognized over the remaining weighted average period of 0.2 years. The total fair value of shares vesting during the years ended December 31, 2012, 2011 and 2010, was approximately $200,000, $200,000 and $120,000, respectively.

Key Management 2008 Restricted Stock Plan

In 2008, the Board of Directors adopted the 2008 Key Management Restricted Stock Plan, or the 2008 Plan, a long-term incentive program for key managers and executive officers. The 2008 Plan consists of both an annual and three year program. Under the annual program participants can earn both service and market based shares of restricted stock. The service based shares are awarded at the beginning of the 2008 Plan with the timing of vesting dependent on employment and total shareholder return performance. The earning of restricted shares under the market based program is based on employment and total shareholder return performance. No shares were earned through the annual market program. Participation in the three year program is limited to the executive officers and awards shares of restricted stock based upon both MAA’s total shareholder return performance over a three year period and that performance in relation to that of MAA’s peers. Any shares earned through the three year program were issued on January 3, 2012 and will vest 25% annually beginning on January 1, 2013. Recipients will receive dividend payments on any restricted shares of common stock earned and issued during the restriction periods. On July 1, 2008, MAA issued 15,920 restricted shares of common stock under the annual service based program of the 2008 Plan. On January 3, 2012, MAA issued 17,343 restricted shares of common stock under the three year program of the 2008 Plan.

The fair value of the stock award was estimated on the grant date using a multifactor Monte Carlo simulation. The valuation used an interest rate term structure as of July 1, 2008 based on a zero coupon risk-free rate to represent the risk-free rate for the simulation which varied between 1.95% for 0.25 years to 3.24% for 4.00 years. The dividend yield assumption was 4.669% and was based on the closing stock price of $52.69 on July 1, 2008. Volatility for MAA and our peers was obtained by using a blend of both historical and implied volatility calculations. Historical volatility was based on the standard deviation of daily total continuous returns and implied volatility was based on the trailing month average of interpolating between the volatilities implied by stock call option contracts that were closest to the terms and closest to the money. Volatility for MAA was 34.87% for year 1, 30.92% for year 2, 29.63% for year 3, and 28.61% for year 4. Volatilities for our peers ranged from 25.05% to 49.94%. The requisite service period of the 2008 Plan is based on the criteria for the separate programs and is 5.5 years for the annual service based program, 2.5 years for the annual market based program and 7.5 years for the three-year program. Turnover is based on the historical experience for the key managers and executive officers.

This plan was modified on August 2, 2011, recategorizing 6,374 of the shares previously categorized as a liability to equity due to the discontinuation of a practice allowing participants to sell shares of vested restricted stock back to MAA in excess of the amount required to cover the participant’s taxes upon vesting of the shares. No other plan terms were changed. The new grant date fair value for these shares is $69.37 per share. The grant date fair value was determined by the closing trading price of MAA’s shares on the modification date as all market conditions had been determined at such time. The measurement period was completed and all earned shares were issued by the modification date and the valuation was calculated on issued plan shares adjusted for forfeitures based on the historical experience for turnover by the key managers and executive officers. No additional compensation cost was recognized as a result of this modification.

A summary of the status of the Key Management 2008 Restricted Stock Plan nonvested restricted shares of common stock as of December 31, 2012, and the changes for the year ended December 31, 2012, is presented below:

Nonvested Shares	Shares		Weighted Average Grant Date Fair Value
Nonvested at January 1, 2012	11,089		$	63.20
Issued	17,343		52.69
Vested	(11,492	)	56.56
Forfeited	(260	)	69.37
Nonvested at December 31, 2012	16,680		$	56.75

As of December 31, 2012, there was approximately $234,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted. The $234,000 unrecognized cost will be recognized accordingly over the remaining weighted average period of 1.0 years. The total fair value of equity shares vesting plus the settlement of liabilities during the years ended December 31, 2012 and 2011 was approximately $650,000 and $230,000, respectively. No shares vested or were settled during the years ended December 31, 2010.

Key Management 2010 Restricted Stock Plan

In 2010, the Board of Directors adopted the 2010 Key Management Restricted Stock Plan, or the 2010 Plan, a long-term incentive program for key managers and executive officers. Under the 2010 Plan participants can earn both service and market based shares of restricted stock. The service based shares are awarded at the beginning of the 2010 Plan with the timing of vesting dependent on employment and total shareholder return performance. The earning of restricted shares under the market program is based on employment and total shareholder return performance. Recipients receive dividend payments on any shares of restricted stock earned and issued during the restriction periods. On March 23, 2010, MAA issued 18,171 shares of restricted stock under the service based program of the 2010 Plan. On January 3, 2011, MAA issued 37,002 shares of restricted stock under the market program of the 2010 Plan. All shares, including service shares, vest 50% annually beginning on January 1, 2011.

The fair value of the stock award was estimated on the grant date using a Monte Carlo simulation. The valuation used an interest rate term structure as of March 23, 2010 based on a zero coupon risk-free rate to represent the risk-free rate for the simulation which varied between 0.14% for 0.25 years to 0.41% for 1.0 year. The dividend yield assumption was 4.52% and was based on the closing stock price of $54.38 on March 23, 2010. Volatility for MAA was obtained by using a blend of both historical and implied volatility calculations. Historical volatility was based on the standard deviation of daily total continuous returns and implied volatility was based on the trailing month average of interpolating between the volatilities implied by stock call option contracts that were closest to the terms and closest to the money. Volatility for MAA was 24.12% for 0.50 years, 27.14% for 0.75 years and 35.65% for 1.00 year. The requisite service period of the 2010 Plan is based on the criteria for the separate programs and is 1.79 years for the service and market based programs. Turnover is based on the historical experience for the key managers and executive officers.

This plan was modified on August 2, 2011 recategorizing 18,720 of the shares previously categorized as a liability to equity due to the discontinuation of a practice allowing participants to sell shares of vested restricted stock back to MAA in excess of the amount required to cover the participant’s taxes upon vesting of the shares. No other plan terms were changed. The new grant date fair value of these shares is $69.37 per share. The grant date fair value was determined by the closing trading price of MAA’s shares on the modification date. The measurement period was completed and all earned shares were issued by the modification date and the valuation was calculated on issued plan shares adjusted for forfeitures based on the historical experience for turnover by the key managers and executive officers. No additional compensation cost was recognized as a result of this modification.

A summary of the status of the Key Management 2010 Restricted Stock Plan nonvested restricted shares of common stock as of December 31, 2012, and the changes for the year ended December 31, 2012, is presented below:

Nonvested Shares	Shares		Weighted Average Grant Date Fair Value
Nonvested at January 1, 2012	26,712		$	64.88
Issued	—		—
Vested	(26,712	)	64.88
Forfeited	—		—
Nonvested at December 31, 2012	—		$	—

As of December 31, 2012, there was no unrecognized compensation cost related to nonvested share-based compensation arrangements granted. The total fair value of equity shares vesting plus the settlement of liabilities during the years ended December 31, 2012 and 2011 was approximately $1,733,000 and $1,689,000, respectively. No shares vested or were settled during the year ended December 31, 2010.

2010 Executive Restricted Stock Plan

In 2010, The Board of Directors of MAA approved a restricted stock grant for certain members of executive management. On March 23, 2010, MAA issued 2,710 shares of restricted common stock to those executive officers with a grant date fair value of $54.38 per share. The grant date fair value was determined by the closing trading price of MAA’s shares on the date of the grant. These shares vest 1/3^rd annually beginning on March 23, 2011. Recipients receive dividend payments on the shares of restricted stock prior to vesting.

A summary of the status of the 2010 Executive Restricted Stock Plan nonvested shares as of December 31, 2012, and the changes for the year ended December 31, 2012, is presented below:

Nonvested Shares	Shares		Weighted Average Grant-Date Fair Value
Nonvested at January 1, 2012	1,806		$	54.38
Issued	—		—
Vested	(1,172	)	54.38
Forfeited	—		—
Nonvested at December 31, 2012	634		$	54.38

As of December 31, 2012, there was approximately $8,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted. This cost is expected to be recognized over the remaining weighted average period of 0.1 years. The total fair value of shares vesting during the years ended December 31, 2012 and 2011 was approximately $64,000 and $49,000, respectively. No shares vested during the year ended December 31, 2010.

Key Management 2011 Restricted Stock Plan

In 2011, the Board of Directors adopted the 2011 Key Management Restricted Stock Plan, or the 2011 Plan, a long-term incentive program for key managers and executive officers. Under the 2011 Plan participants can earn both performance and market based shares of restricted stock. The earning of restricted shares under the performance program is based on employment and relative FFO per share performance. The earning of restricted shares under the market program is based on employment and both absolute and relative total shareholder return performance. On March 1, 2012 MAA issued 25,355 shares of restricted stock that vest 50% annually beginning on March 1, 2012. Recipients will receive dividend payments on any shares of restricted stock earned and issued during the restriction periods.

The fair value of the performance based stock award was estimated using the grant date stock price of $63.96 and the probability of MAA reaching the plan’s FFO targets. The fair value of the market based stock award was estimated on the grant date using a Monte Carlo simulation. The valuation used an interest rate term structure as of January 3, 2011 based on a zero coupon risk-free rate to represent the risk-free rate for the simulation which varied between 0.13% for 0.25 years to 0.28% for 1.0 year. The dividend yield assumption was 3.92% for MAA and was based on the closing stock price of $63.96 on January 3, 2011. Volatility for MAA was obtained by using a blend of both historical and implied volatility calculations. Historical volatility was based on the standard deviation of daily total continuous returns and implied volatility was based on the trailing month average of interpolating between the volatilities implied by stock call option contracts that were closest to the terms and closest to the money. Volatility for MAA was 22.56% for six months, 24.14% for nine months and 23.46% for twelve months. The requisite service period of the 2011 Plan is based on the criteria for the separate programs and is 2.2 years. Turnover is based on the historical experience for the key managers and executive officers.

This plan was modified on August 2, 2011 recategorizing shares for 52 participants previously categorized as a liability to equity due to the discontinuation of a practice allowing participants to sell shares of vested restricted stock back to MAA in excess of the amount required to cover the participant’s taxes upon vesting of the shares. No other plan terms were changed. The new grant date fair value is $69.37 per share. The grant date fair value was determined by the closing trading price of MAA’s shares on the modification date. The fair value of the modified performance based award was estimated using the grant date stock price of $69.37 and the probability of MAA reaching the plan’s FFO targets. The fair value of the modified market based award was estimated on the grant date using a Monte Carlo simulation. The valuation used an interest rate term structure as of August 2, 2011 based on a zero coupon risk-free rate to represent the risk-free rate for the simulation which varied between 0.06% for 0.25 years to 0.16% for 1.00 year. The dividend yield assumption was 3.618% for MAA and was based on the closing stock price of $69.37 on August 2, 2011. Volatility for MAA was obtained by using a blend of both historical and implied volatility calculations. Historical volatility was based on the standard deviation of daily total continuous returns and implied volatility was based on the trailing month average of interpolating between the volatilities implied by stock call option contracts that were closest to the terms and closest to the money. Volatility for MAA was 18.47% for six months, 18.16% for nine months and 18.71% for twelve months. The requisite service period of the modified 2011 Plan is based on the criteria for the separate programs and is 1.6 years. Turnover is based on the historical experience for the key managers and executive officers. No additional compensation cost was recognized as a result of this modification.

A summary of the status of the 2011 Plan nonvested shares as of December 31, 2012, and the changes for the year ended December 31, 2012, is presented below:

Nonvested Shares	Shares		Weighted Average Grant-Date Fair Value
Nonvested at January 1, 2012	—		$	—
Issued	25,355		68.68
Vested	(13,559	)	68.62
Forfeited	(775	)	69.37
Nonvested at December 31, 2012	11,021		$	68.72

As of December 31, 2012, there was approximately $89,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted. MAA’s policy is to recognize compensation cost over the requisite service period for each portion of an award which contains a market or performance condition. The $89,000 unrecognized cost will be recognized accordingly over the remaining weighted average period of 0.1 years. The total fair value of shares vesting during the year ended December 31, 2012 was approximately $930,000. No equity shares vested and no liabilities settled during the years ended December 31, 2011 and 2010.

Key Management 2012 Restricted Stock Plan

In 2012, the Board of Directors adopted the 2012 Key Management Restricted Stock Plan, or the 2012 Plan, a long-term incentive program for key managers and executive officers. Under the 2012 Plan participants can earn both service and market based shares of restricted stock. The earning of restricted shares under the market program is based on employment and both absolute and relative total shareholder return performance during 2012. Any market and service based shares earned will be issued on January 10, 2013 and will vest 25% annually beginning on January 10, 2014. Recipients will receive dividend payments on any shares of restricted stock earned and issued during the restriction periods.

The fair value of the market stock award was estimated on the January 3, 2012 grant date using a Monte Carlo simulation. The valuation used an interest rate term structure as of January 3, 2012 based on a zero coupon risk-free rate to represent the risk-free rate for the simulation which varied between 0.00% for 0.25 years to 0.17% for 1.0 year. The dividend yield assumption was 4.19% for MAA and was based on the closing stock price of $62.55 on December 30, 2011. Volatility for MAA was obtained by using a blend of both historical and implied volatility calculations. Historical volatility was based on the standard deviation of daily total continuous returns and implied volatility was based on the trailing month average of daily implied volatilities interpolating between the volatilities implied by stock call option contracts that were closest to the terms shown and closest to the money. Volatility for MAA was 31.17% for one year, and 29.65% for two years. The requisite service period of the 2012 Plan is based on the criteria for the separate programs according to the four year vesting schedule. Turnover is based on the historical experience for the key managers and executive officers.

As of December 31, 2012, there was approximately $2,017,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted. MAA's policy is to recognize compensation cost over the requisite service period for each portion of an award. The $2,017,000 unrecognized cost will be recognized accordingly over the remaining weighted average period of 1.6 years. No shares were issued or have vested as of December 31, 2012.

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Business Combinations

12 Months Ended

Dec. 31, 2012

Business Combinations [Abstract]

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS

During 2012 we acquired properties totaling 2,452 units for a total purchase price of $312.0 million, paid in cash, which does not include land acquired for future development. These acquisitions included $58.0 million recorded to Land, $285.6 million recorded to Buildings and improvements, $0.6 million recorded to Furniture, fixtures, and equipment, $0.5 million of intangibles recorded in Other assets, $2.9 million of fair market value of residential leases recorded in Other assets and $30.3 million liability assumed recorded in Secured notes payable for a total net addition of assets of $317.3 million. These acquisitions account for $17.6 million of consolidated revenue as reported and $3.1 million of consolidated net income as reported for 2012. The unaudited pro forma information set forth below is based on MAALP’s historical Consolidated Statements of Operations for the years ended December 31, 2012 and 2011, adjusted to give effect to these transactions as though they occurred at the beginning of the earliest year presented. Pro forma results are not necessarily indicative of future results.

	Pro forma (Unaudited) Period Ended December 31, (in thousands, except per unit data)
	2012		2011
Total Revenue (1)	$	463,662	$	418,593
Net Income available to common unitholders (1)	$	107,128	$	47,175
Earnings per unit, diluted (1)	$	2.54	$	1.21

(1) Pro forma adjustments for certain acquisitions are excluded as they had no pre-acquisition operating activity in 2011 or 2012.

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Employee Benefit Plans

12 Months Ended

Dec. 31, 2012

Employee Benefit Plans [Abstract]

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS

Following are details of employee benefit plans not previously discussed in Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements, Note 2. In general, the Operating Partnership has recorded its portion of any expenses associated with the plans below based on the allocation of General and Administrative expenses. See further discussion on allocation of General and Administrative expenses in Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements, Note 1.

401(k) Savings Plan

The MAA 401(k) Savings Plan, or 401(k) Plan, is a defined contribution plan that satisfies the requirements of Section 401(a) and 401(k) of the Code. Our Board of Directors has the discretion to approve matching contributions. Our contribution to this plan was approximately $668,000, $597,000 and $507,000 in 2012, 2011 and 2010, respectively.

Non-Qualified Deferred Compensation Retirement Plan

MAALP has adopted a non-qualified deferred compensation retirement plan for key employees who are not qualified for participation in the Company’s 401(k) Plan. Under the terms of the plan, employees may elect to defer a percentage of their compensation and MAALP may, but is not obligated to, match a portion of their salary deferral. The plan is designed so that the employees’ investment earnings under the non-qualified plan should be the same as the earning assets in the Company’s 401(k) Plan. MAALP’s match to this plan in 2012, 2011 and 2010 was approximately $45,000, $51,000 and $57,000, respectively.

Non-Qualified Deferred Compensation Plan for Outside Company Directors

In 1998, MAA established the Non-Qualified Deferred Compensation Plan for Outside Company Directors, or the Directors Deferred Compensation Plan, which allows non-employee directors to defer their director fees by having the fees held by MAA as shares of MAA common stock. Directors can also choose to have their annual restricted stock grants issued into the Directors Deferred Compensation Plan. Amounts deferred through the Directors Deferred Compensation Plan are distributed to the directors in two annual installments beginning in the first 90 days of the year following the director’s departure from the board. Participating directors may choose to have the amount issued to them in shares of MAA common stock or paid to them as cash at the market value as of the end of the year the director ceases to serve on the board.

During 2012, 2011 and 2010, directors deferred 5,549 shares, 5,328 shares and 4,422 shares of common stock, respectively, with weighted-average grant date fair values of $66.12, $64.55 and $56.90, respectively, into the Directors Deferred Compensation Plan. When Director Deferred Compensation Plan shares are issued, a number of OP Units are issued equal to the number of shares issued by MAA.

The OP Units held in the Directors Deferred Compensation Plan are classified outside of permanent equity in redeemable units with changes in redemption amount recorded immediately to Capital because the directors have redemption rights not solely within the control of MAALP. Additionally, any units that become mandatorily redeemable because a departed director has elected to receive a cash payout are recorded as a liability. MAALP did not record a liability related to mandatorily redeemable shares in 2012 as no director elected to receive a cash payout; however, approximately $78,000 and $143,000 was recorded in accrued expenses and other liabilities at 2011 and 2010, respectively.

Employee Stock Ownership Plan

The Mid-America Apartment Communities, Inc. Employee Stock Ownership Plan, or ESOP, is a non-contributory stock bonus plan that satisfies the requirements of Section 401(a) of the Internal Revenue Code. Each employee of MAALP is eligible to participate in the ESOP after completing one year of service with MAALP. Participants' ESOP accounts will be 100% vested after three years of continuous service, with no vesting prior to that time. MAALP contributed 22,500 units of OP Units to the ESOP upon conclusion of the initial offering. MAALP did not contribute to the ESOP during 2012, 2011 or 2010. As of December 31, 2012, there were 198,732 units outstanding with a fair value of $12.9 million.

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Fair Value Disclosure of Financial Instruments

12 Months Ended

Dec. 31, 2012

Notes To Financial Statements [Abstract]

Fair Value Disclosure of Financial Instruments

Fair Value Disclosure of Financial Instruments

Cash and cash equivalents, restricted cash, accounts payable, accrued expenses and other liabilities and security deposits are carried at amounts that reasonably approximate their fair value due to their short term nature.

On January 1, 2008, we adopted FASB ASC 820 Fair Value Measurements and Disclosures, or ASC 820.ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement.  ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

Fixed rate notes payable at December 31, 2012 and December 31, 2011, totaled $732.4 million and $538.0 million, respectively, and had estimated fair values of $777.8 million and $560.2 million (excluding prepayment penalties), respectively, based upon interest rates available for the issuance of debt with similar terms and remaining maturities as of December 31, 2012 and December 31, 2011. The carrying value of variable rate notes payable (excluding the effect of interest rate swap and cap agreements) at December 31, 2012 and December 31, 2011, totaled $921.3 million and $1,091.5 million, respectively, and had estimated fair values of $850.6 million and $1,036.6 million (excluding prepayment penalties), respectively, based upon interest rates available for the issuance of debt with similar terms and remaining maturities as of December 31, 2012 and December 31, 2011.

Currently, we use interest rate swaps and interest rate caps (options)to manage our interest raterisk. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves.

The fair values of interest rate options (caps) are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities.

To comply with the provisions of ASC 820, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees.

We have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, and as a result, all of our derivatives held as of December 31, 2012 and December 31, 2011 were classified as Level 2 of the fair value hierarchy.

The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2012 and December 31, 2011, aggregated by the level in the fair value hierarchy within which those measurements fall.

Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2012

(dollars in thousands)

	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs  (Level 2)		Significant Unobservable Inputs  (Level 3)		Balance at December 31, 2012
Assets
Derivative financial instruments	$	—	$	288	$	—	$	288
Liabilities
Derivative financial instruments	$	—	$	21,423	$	—	$	21,423

Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2011

(dollars in thousands)

	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs  (Level 2)		Significant Unobservable Inputs  (Level 3)		Balance at December 31, 2011
Assets
Derivative financial instruments	$	—	$	1,018	$	—	$	1,018
Liabilities
Derivative financial instruments	$	—	$	33,095	$	—	$	33,095

 The fair value estimates presented herein are based on information available to management as of December 31, 2012 and December 31, 2011.  These estimates are not necessarily indicative of the amounts we could ultimately realize.  See also Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements, Note 5.

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Fair Value Disclosure of Financial Instruments (Textual) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Fixed Rate Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	$ 732.4	$ 538.0
Notes payable at fair value	777.8	560.2
Variable Rate Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	921.3	1,091.5
Notes payable at fair value	$ 850.6	$ 1,036.6

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Borrowings

12 Months Ended

Dec. 31, 2012

Borrowings [Abstract]

BORROWINGS

BORROWINGS

MAALP maintains a total of $864.0 million of secured credit facilities with Prudential Mortgage Capital, credit enhanced by FNMA, or FNMA Facilities. The FNMA Facilities provide for both fixed and variable rate borrowings and have FNMA rate tranches with maturities from 2013 through 2018. The interest rate on the majority of the variable portion renews every 90 days and is based on the FNMA discount mortgage backed security rate on the date of renewal, which, for MAALP, has historically approximated three-month LIBOR less an average of 0.17% over the life of the FNMA Facilities, plus a fee of 0.49% to 0.67%. Borrowings under the FNMA Facilities totaled $584.8 million at December 31, 2012, consisting of $50.0 million under a fixed portion at a rate of 4.7%, and the remaining $534.8 million under the variable rate portion of the facility at an average rate of 0.8%. The available borrowing capacity at December 31, 2012, was $584.8 million. Commitment fees related to our unused FNMA Facilities totaled $362,000 for the year ended December 31, 2012. MAALP has 9 interest rate swap agreements, totaling a notional amount of $275 million designed to fix the interest rate on a portion of the variable rate borrowings outstanding under the FNMA Facilities at approximately 4.5%. The interest rate swaps have maturities between 2013 and 2015. The swaps are highly effective and are designed as cash flow hedges. MAALP has also entered into 20 interest rate caps totaling a notional amount of $253 million which are designed to cap a portion of the FNMA Facilities. These interest rate caps have maturities between 2013 and 2018 and ten are set at 6.0%, eight set at 4.5%, and two set at 5.0%. The FNMA Facilities are subject to certain borrowing base calculations that can effectively reduce the amount that may be borrowed.

MAALP has a $200.0 million credit facility with Freddie MAC, or Freddie Mac Facility. At December 31, 2012, MAALP had $198.2 million borrowed against the Freddie Mac Facility at an interest rate of 0.7%. Commitment fees related to our Freddie Mac Facility totaled $3,000 for the year ended December 31, 2012. MAALP has 8 interest rate swap agreements, totaling a notional amount of $134.0 million designed to fix the interest rate on a portion of the variable rate borrowings outstanding under the Freddie Mac Facility at approximately 4.4%. The interest rate swaps expire in 2013 and 2014. MAALP has also entered into one interest rate cap totaling a notional amount of $15.0 million which is designated against the Freddie Mac Facility. This interest rate cap has a 2014 maturity and is set at 5.0%.

MAALP also maintains a $325.0 million unsecured credit facility with nine banks led by Key Bank National Association (Key Bank). The Key Bank Credit Line bears an interest rate of LIBOR plus a spread of 1.05% to 1.85% based on a leveraged based pricing grid. This credit line expires in November 2015 with a one year extension option. At December 31, 2012, MAALP had $323.6 million available to be borrowed under the Key Bank Line agreement with $23.0 million borrowed under this facility. Approximately $1.4 million of the facility is used to support letters of credit. Commitment fees related to this facility totaled $739,000 for the year ended December 31, 2012.

Each of MAALP’s credit facilities is subject to various covenants and conditions on usage. If MAA were to fail to satisfy a condition to borrowing, the available credit under one or more of the facilities could not be drawn, which could adversely affect our liquidity. Moreover, if MAA were to fail to make a payment or violate a covenant under a credit facility, after applicable cure periods, one or more of its lenders could declare a default, accelerate the due date for repayment of all amounts outstanding and/or foreclose on properties securing such facilities. Any such event could have a material adverse effect on MAALP. MAALP believes it was in compliance with these covenants and conditions on usage at December 31, 2012.

At December 31, 2012, MAALP had $372.4 million of fixed rate conventional property mortgages with an average interest rate of 4.8% and an average maturity of 2019 and a $15.2 million variable rate mortgage with an embedded cap rate of 7.0% at an interest rate of 3.6% with a maturity in 2015.

At December 31, 2012, MAALP had $55.8 million (after considering the impact of interest rate swap and cap agreements in effect) of conventional, secured variable rate debt outstanding at an average interest rate of 0.7%, $213.1 million of capped conventional, secured variable rate debt at an average interest rate of 1.0%, and $70.3 million of capped tax-free variable rate debt at an average rate of 0.9%. The interest rate on all other secured debt, totaling $831.4 million, was hedged or fixed at an average interest rate of 5.0%. Additionally, MAALP had $460.0 million of senior unsecured notes and term loans fixed at an average interest rate of 3.8% and a $23.0 million variable rate credit facility with an average interest rate of 1.5%.

As of December 31, 2012, the weighted average interest rate on MAALP’s debt was 3.8%.

The following table summarizes MAALP’s indebtedness at December 31, 2012, (dollars in thousands): 

	Borrowed Balance		Effective Rate		Contract Maturity
Fixed Rate Secured Debt
Individual property mortgages	$	372,382	4.8	%	8/29/2019
FNMA conventional credit facilities	50,000		4.7	%	3/31/2017
Credit facility balances managed with interest rate swaps
LIBOR-based interest rate swaps	409,000		5.3	%	2/3/2014
Total fixed rate secured debt	831,382		5.0	%	10/10/2016
Variable Rate Secured Debt (1)
FNMA conventional credit facilities	189,721		0.8	%	4/20/2016
FNMA tax-free credit facilities	70,096		0.9	%	8/10/2031
Freddie Mac credit facilities	64,247		0.7	%	7/1/2014
Freddie Mac mortgage	15,200		3.6	%	12/10/2015
Total variable rate secured debt	339,264		0.9	%	2/8/2019
Total Secured Debt	$	1,170,646	3.9	%	6/14/2017
Unsecured Debt
Variable rate credit facility	23,000		1.5	%	11/1/2015
Term loan fixed with swaps	150,000		2.4	%	3/1/2017
Fixed rate senior private placement bonds	310,000		4.5	%	7/27/2021
Total Unsecured Debt	$	483,000	3.7	%	12/5/2019
Total Outstanding Debt	$	1,653,646	3.8	%	3/5/2018

(1) Includes capped balances

The following table summarizes interest rate ranges and maturity of MAALP’s indebtedness at December 31, 2012 and the balance of MAALP’s indebtedness at December 31, 2011 (dollars in millions):

	At December 31, 2012
	Actual Interest Rates	Current Average Interest Rate	Maturity	Balance		Balance at December 31, 2011
Fixed Rate:
Taxable Secured	3.51 - 6.21%	4.82%	2014-2035	$	422.4	$	403.0
Unsecured	3.15 - 5.57%	4.51%	2017-2024	310.0		135.0
Interest rate swaps	4.38 - 6.63%	5.57%	2013-2017	559.0		569.8
				$	1,291.4	$	1,107.8
Variable Rate: (1)
Taxable	0.66 - 1.13%	0.73%	2013-2033	71.0		264.3
Interest rate caps	0.72 - 0.94%	0.85%	2013-2033	268.2		257.4
Unsecured	1.46%	1.46%	2015	23.0		—
				$	362.2	$	521.7
				$	1,653.6	$	1,629.5

(1) Amounts are adjusted to reflect interest rate swap and cap agreements in effect at December 31, 2012, and 2011, respectively which results in MAALP paying fixed interest payments over the terms of the interest rate swaps and on changes in interest rates above the strike rate of the cap. Rates and maturities for capped balances are for the underlying debt, unless the strike rate has been reached.

The following table includes scheduled principal repayments on the borrowings at December 31, 2012, as well as the amortization of the fair market value of debt assumed (dollars in thousands): 

Year	Amortization		Maturities		Total
2013	$	5,217	$	1,278	$	6,495
2014	4,868		369,192		374,060
2015	4,493		193,700		198,193
2016	5,138		82,328		87,466
2017	6,966		154,738		161,704
Thereafter	15,701		810,027		825,728
	$	42,383	$	1,611,263	$	1,653,646

MAALP has additional requirements related to $20.2 million of tax-free bonds issued by MAA but held within the FNMA facility. These amounts are not included in our debt discussion above or within our Consolidated Balance Sheets as MAALP is not the legal borrower of the bonds; however, because of MAALP's obligations under the FNMA facility, we could be required to pay related principal, interest, and other costs if MAA were to default on its payments.

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Derivatives and Hedging Activities

12 Months Ended

Dec. 31, 2012

Notes To Financial Statements [Abstract]

DERIVATIVES AND HEDGING ACTIVITIES

DERIVATIVES AND HEDGING ACTIVITIES

Risk Management Objective of Using Derivatives

We are exposed to certain risk arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of our debt funding and the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future contractual and forecasted cash amounts, principally related to our borrowings, the value of which are determined by changing interest rates.

Cash Flow Hedges of Interest Rate Risk

Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we use interest rate swaps and interest rate caps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an upfront premium.

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the years ended December 31, 2012, 2011 and 2010, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt.  The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the years ended December 31, 2012, 2011 and 2010, we recorded ineffectiveness of $39,000, $188,000 and $235,000, respectively, as an increase to interest expense attributable to a mismatch in the underlying indices of the derivatives and the hedged interest payments made on our variable-rate debt.

During the year ended December 31, 2012, we also had 6 interest rate caps with a total notional amount of $31.7 million, (four of these caps with a collective notional amount of $23.8 million matured during the fourth quarter of 2012), where only the changes in intrinsic value are recorded in Accumulated other comprehensive income.  Changes in fair value of these interest rate caps due to changes in time value (e.g. volatility, passage of time, etc.) are excluded from effectiveness testing and are recognized directly in earnings.  During the years ended December 31, 2012, 2011 and 2010, we recorded losses of less than $1,000, $7,000 and $34,000, respectively, due to changes in the time value of these interest rate caps.

Amounts reported in Accumulated other comprehensive income related to derivatives designated in qualifying cash flow hedges will be reclassified to Interest expense as interest payments are made on our variable-rate debt. During the next twelve months, we estimate that an additional $15.2 million will be reclassified to earnings as an increase to Interest expense, which primarily represents the difference between our fixed interest rate swap payments and the projected variable interest rate swap payments.

All interest rate cap discussions below include two caps that are designated as hedges of MAA debt and therefore do not show up in the debt schedules for the Operating Partnership. These two hedges will still be included in the derivative discussion as the actual derivative instruments belong to the Operating Partnership.

As of December 31, 2012 we had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:

Interest Rate Derivative	Number of Instruments	Notional
Interest Rate Caps	14	$232,576,000
Interest Rate Swaps	20	$559,000,000

Non-designated Hedges

Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of FASB ASC 815, Derivatives and Hedging. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in losses of $66,000 and $24,000 for the years ended December 31, 2012 and 2011, respectively. We did not have any derivatives not designated as hedges for the year ended December 31, 2010.

As of December 31, 2012 we had the following outstanding interest rate derivatives that were not designated as hedges:

Interest Rate Derivative	Number of Instruments	Notional
Interest Rate Caps	9	$55,875,000

Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet

The table below presents the fair value of our derivative financial instruments as well as their classification on the Consolidated Balance Sheet as of December 31, 2012 and December 31, 2011, respectively: (dollars in thousands)

	Asset Derivatives					Liability Derivatives
		31-Dec-12		31-Dec-11			31-Dec-12		31-Dec-11
Derivatives designated as hedging instruments	Balance Sheet Location	Fair Value		Fair Value		Balance Sheet Location	Fair Value		Fair Value
Interest rate contracts	Other assets	$	245	$	975	Fair market value of interest rate swaps	$	21,423	$	33,095
Total derivatives designated as hedging instruments		$	245	$	975		$	21,423	$	33,095
Derivatives not designated as hedging instruments
Interest rate contracts	Other assets	$	43	$	43		$	—	$	—
Total derivatives not designated as hedging instruments		$	43	$	43		$	—	$	—

Tabular Disclosure of the Effect of Derivative Instruments on the Statement of Operations

The tables below present the effect of our derivative financial instruments on the Consolidated Statement of Operations for the years ended December 31, 2012, 2011 and 2010, respectively: (dollars in thousands)

Derivatives in Cash Flow Hedging Relationships	Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)									Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)									Location of Gain or (Loss Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Years ended December 31,	2012			2011			2010				2012			2011			2010				2012			2011			2010
Interest rate contracts	$	(8,409	)	$	(13,951	)	$	(35,538	)	Interest expense	$	(20,107	)	$	(27,639	)	$	(34,021	)	Interest expense	$	(39	)	$	(195	)	$	(269	)
Total derivatives in cash flow hedging relationships	$	(8,409	)	$	(13,951	)	$	(35,538	)		$	(20,107	)	$	(27,639	)	$	(34,021	)		$	(39	)	$	(195	)	$	(269	)

Derivatives Not Designated as Hedging Instruments	Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
For the year ended December 31,		2012			2011			2010
Interest rate products	Interest income/(expense)	$	(66	)	$	(24	)	$	—
Total		$	(66	)	$	(24	)	$	—

Credit-risk-related Contingent Features

As of December 31, 2012, derivatives that were in a net liability position and subject to credit-risk-related contingent features had a termination value of $23.5 million, which includes accrued interest but excludes any adjustment for nonperformance risk. These derivatives had a fair value, gross of asset positions, of $21.4 million at December 31, 2012.

Certain of our derivative contracts contain a provision where if we default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then we could also be declared in default on our derivative obligations. As of December 31, 2012, we had not breached the provisions of these agreements.  If we had breached these provisions, we could have been required to settle our obligations under the agreements at their termination value of $12.3 million.

Certain of our derivative contracts contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness. As of December 31, 2012, we had not breached the provisions of these agreements.  If we had breached these provisions, we could have been required to settle our obligations under the agreements at their termination value of $3.2 million.

Certain of our derivative contracts are credit enhanced by either FNMA or Freddie Mac.  These derivative contracts require that our credit enhancing party maintain credit ratings above a certain level.  If our credit support providers were downgraded below Baa1 by Moody’s or BBB+ by Standard & Poor’s, or S&P, we may be required to either post 100 percent collateral or settle the obligations at their termination value of $20.3 million as of December 31, 2012.  Both FNMA and Freddie Mac are currently rated Aaa by Moody’s and AA+ by S&P, and therefore, the provisions of this agreement have not been breached and no collateral has been posted related to these agreements as of December 31, 2012.

Although our derivative contracts are subject to master netting arrangements, which serve as credit mitigants to both us and our counterparties under certain situations, we do not net our derivative fair values or any existing rights or obligations to cash collateral on the consolidated balance sheet.

Other Comprehensive Income

MAALP's other comprehensive income consists entirely of gains and losses attributable to the effective portion of our cash flow hedges. The chart below shows the change in the balance for the years ended December 31, 2012, 2011, and 2010:

Changes in Accumulated Other Comprehensive Income by Component	Affected Line Item in the Consolidated Statements Of Operations	Gains and Losses on Cash Flow Hedges
For the year ended December 31,		2012			2011			2010
Beginning balance		$	(38,579	)	$	(52,267	)	$	(50,750	)
Other comprehensive income before reclassifications		(8,409		)	(13,951		)	(35,538		)
Amounts reclassified from accumulated other comprehensive income (interest rate contracts)	Interest (income)/expense	20,107			27,639			34,021
Net current-period other comprehensive income attributable to Mid-America Apartments, L.P.		11,698			13,688			(1,517		)
Ending balance		$	(26,881	)	$	(38,579	)	$	(52,267	)

See also discussions in Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements, Note 6.

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2012

Commitments and Contingencies [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

MAALP is not presently subject to any material litigation nor, to management's knowledge, with advice of legal counsel, is any material litigation threatened against us. We are subject to routine litigation arising in the ordinary course of business, some of which is expected to be covered by liability insurance and none of which is expected to have a material adverse effect on our consolidated financial statements.

MAALP had operating lease expense of approximately $15,000, $18,000, and $18,000 for the years ended December 31, 2012, 2011 and 2010, respectively. MAALP has commitments of approximately $9,000 in 2013, $10,000 in 2014, and $19,000 thereafter under operating lease agreements outstanding at December 31, 2012. MAALP also has commitments of $4.1 million in 2013 and $1.4 million in 2014 under development contract agreements outstanding at December 31, 2012.

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Shareholder's Equity (Details) (USD $)	12 Months Ended			12 Months Ended						6 Months Ended				12 Months Ended	1 Months Ended	12 Months Ended			12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Mar. 02, 2012	Dec. 31, 2012 At The Market (ATM) Programs	Dec. 31, 2011 At The Market (ATM) Programs	Dec. 31, 2010 At The Market (ATM) Programs	Dec. 31, 2012 At The Market ATM Programs [Member]	Dec. 31, 2011 At The Market ATM Programs [Member]	Dec. 31, 2010 At The Market ATM Programs [Member]	Jun. 30, 2012 Initial Public Offering [Member]	Aug. 26, 2010 Maximum [Member]	Nov. 05, 2009 Maximum [Member]	Dec. 31, 1999 Maximum [Member]	Dec. 31, 2012 Period Covered from 1999 to 2011	Jun. 30, 2010 Redeemable Preferred Stock [Member]	Dec. 31, 2010 Redeemable Preferred Stock [Member]	Dec. 31, 2003 Redeemable Preferred Stock [Member]	Jun. 02, 2003 Redeemable Preferred Stock [Member]	Dec. 31, 2012 Dividend and Distribution Reinvestment and Share Purchase Plan	Dec. 31, 2011 Dividend and Distribution Reinvestment and Share Purchase Plan	Dec. 31, 2010 Dividend and Distribution Reinvestment and Share Purchase Plan	Dec. 31, 2012 Dividend and Distribution Reinvestment and Share Purchase Plan Minimum [Member]	Dec. 31, 2012 Dividend and Distribution Reinvestment and Share Purchase Plan Maximum [Member]	Dec. 31, 2012 Noncontrolling Interest [Member]	Dec. 31, 2011 Noncontrolling Interest [Member]
Stockholders Equity Note [Line Items]
Operating partnership units outstanding	41,453,000	38,540,000
General Partners' Capital Account, Units Outstanding	39,721,461	36,603,000
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	95.80%	95.00%
Limited Partners' Capital Account, Units Outstanding	1,731,672	1,937,669																							1,937,669
Number of common shares issuable upon conversion of operating partnership units (shares)																									1,937,669
Limited Partners' Capital Account	$ 30,993,000	$ 28,729,000																						$ 112,125,762	$ 121,201,000
Redeem shares, par or stated value per share (dollars per share)																								$ 64.75	$ 62.55
Preferred stock, per share liquidation preference (dollars per share)																	$ 25.00
Preferential cumulative annual distribution (dollars per share)																	$ 2.075
Preferred stock, shares issued (shares)																	6,200,000
Net proceeds from issuance of Preferred Stock																	150,100,000
Redemption of preferred stock (shares)															3,100,001
Preferred Stock, Units Issued																		6,200,000
Redemption of preferred stock, write-off related to premiums and original issuance costs																5,100,000
Optional cash investments in common shares																						250	5,000
Common stock registered for Dividend and Distribution Reinvestment and Share Purchase Plan (shares)	100,000,000	100,000,000																					7,600,000
Discount rate on sale of common stock (percent)																							5.00%
Common stock issued for shareholders to reinvest distributions (shares)																			14,260	509,116	568,323
Discount rate for optional cash purchases (percent)																			2.00%	2.00%	2.00%
Shares Subject To Issuance Pursuant To Sales Agreement											6,000,000	4,000,000
Common stock shares issued (shares)				1,155,511	3,303,273	5,077,201	578,015
Shares sold on underwritten public offering			1,955,000
Proceeds from issuance of common stock, net of applicable fees							75,900,000	204,500,000	274,600,000	120,100,000
Proceeds from issuance of common stock							$ 77,000,000	$ 207,700,000	$ 278,500,000
Common stock authorized for repurchase plan (shares)													4,000,000.0
Common stock repurchased and retired (shares)														1,900,000

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Earnings from Discontinued Operations (Summary of Communities Sold) (Details)	Dec. 31, 2012 Apartments
Kenwood Club [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of units in real estate property	320
Cedar Mill [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of units in real estate property	276
Celery Stalk [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of units in real estate property	410
Hidden Lake [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of units in real estate property	320
Westbury Springs [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of units in real estate property	150
Park Walk [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of units in real estate property	124
TPC Florence [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of units in real estate property	200
Fairways At Royal Oak [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of units in real estate property	214
Walden Run [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of units in real estate property	240

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Income Taxes (Textual) (Details)	12 Months Ended
	Dec. 31, 2012
Disclosure Income Taxes Additional Information [Abstract]
Income tax description	No provision for federal income taxes has been made in the accompanying consolidated financial statements. MAA has made an election to be taxed as a Real Estate Investment Trust, or REIT, under Sections 856 through 860 of the Internal Revenue Code. As a REIT, MAA is generally not subject to federal income tax to the extent that we distribute 100% of our taxable income to our shareholders. We must meet certain requirements, including the requirement to distribute at least 90% of our taxable income, to maintain REIT status. If we fail to qualify as a REIT in any taxable year, MAA will be subject to the federal income tax (including any applicable alternative minimum tax) on our taxable income at regular corporate rates. Even though we qualify for taxation as a REIT, MAA may be subject to certain federal, state and local taxes on our income and property and to federal income and excise tax on our undistributed income
Income Tax Examination Year	MAALP’s tax years that remain subject to examination for U.S. federal purposes range from 2009 through 2011. Our tax years that remain open for state examination vary but range from 2008 through 2011.

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Fair Value Disclosure of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2012

Notes To Financial Statements [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2012 and December 31, 2011, aggregated by the level in the fair value hierarchy within which those measurements fall.

Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2012

(dollars in thousands)

	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs  (Level 2)		Significant Unobservable Inputs  (Level 3)		Balance at December 31, 2012
Assets
Derivative financial instruments	$	—	$	288	$	—	$	288
Liabilities
Derivative financial instruments	$	—	$	21,423	$	—	$	21,423

Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2011

(dollars in thousands)

	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs  (Level 2)		Significant Unobservable Inputs  (Level 3)		Balance at December 31, 2011
Assets
Derivative financial instruments	$	—	$	1,018	$	—	$	1,018
Liabilities
Derivative financial instruments	$	—	$	33,095	$	—	$	33,095

 Th

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Borrowings (Interest Rate Ranges, Maturity and Balance of Indebtedness) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012		Dec. 31, 2011
Debt Instrument [Line Items]
Total Outstanding Debt	$ 1,653,646		$ 1,629,500
Unsecured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	483,000
Secured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	1,170,646
Fixed Rate Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	1,291,400		1,107,800
Fixed Rate Debt [Member] | Taxable Secured [Member]
Debt Instrument [Line Items]
Actual Interest Rates, Minimum	4.11%
Actual Interest Rates, Maximum	6.21%
Average Interest Rates	4.82%
Total Outstanding Debt	422,400		403,000
Fixed Rate Debt [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Actual Interest Rates, Minimum	3.15%
Actual Interest Rates, Maximum	5.57%
Average Interest Rates	4.51%
Total Outstanding Debt	310,000		135,000
Fixed Rate Debt [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Actual Interest Rates, Minimum	4.38%
Actual Interest Rates, Maximum	6.63%
Average Interest Rates	5.57%
Total Outstanding Debt	559,000		569,800
Fixed Rate Debt [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	831,382
Fixed Rate Debt [Member] | Minimum [Member] | Taxable Secured [Member]
Debt Instrument [Line Items]
Maturity date	2014
Fixed Rate Debt [Member] | Minimum [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Maturity date	2017
Fixed Rate Debt [Member] | Minimum [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Maturity date	2013
Fixed Rate Debt [Member] | Maximum [Member] | Taxable Secured [Member]
Debt Instrument [Line Items]
Maturity date	2035
Fixed Rate Debt [Member] | Maximum [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Maturity date	2024
Fixed Rate Debt [Member] | Maximum [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Maturity date	2017
Variable Rate Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	362,200		521,700
Variable Rate Debt [Member] | Taxable Secured [Member]
Debt Instrument [Line Items]
Actual Interest Rates, Minimum	0.66%	[1]
Actual Interest Rates, Maximum	1.13%	[1]
Average Interest Rates	0.73%	[1]
Total Outstanding Debt	71,000	[1]	264,300	[1]
Variable Rate Debt [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	23,000	[1]
Variable Rate Debt [Member] | Interest Rate Cap [Member]
Debt Instrument [Line Items]
Actual Interest Rates, Minimum	0.72%	[1]
Actual Interest Rates, Maximum	1.06%	[1]
Average Interest Rates	0.85%	[1]
Total Outstanding Debt	268,200	[1]	257,400	[1]
Variable Rate Debt [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Actual Interest Rates, Minimum	1.46%	[1]
Actual Interest Rates, Maximum	2.56%	[1]
Average Interest Rates	1.46%	[1]
Maturity date	2015	[1]
Total Outstanding Debt	$ 339,264	[2]	$ 0	[1]
Variable Rate Debt [Member] | Minimum [Member] | Taxable Secured [Member]
Debt Instrument [Line Items]
Maturity date	2013	[1]
Variable Rate Debt [Member] | Minimum [Member] | Interest Rate Cap [Member]
Debt Instrument [Line Items]
Maturity date	2013	[1]
Variable Rate Debt [Member] | Maximum [Member] | Taxable Secured [Member]
Debt Instrument [Line Items]
Maturity date	2033	[1]
Variable Rate Debt [Member] | Maximum [Member] | Interest Rate Cap [Member]
Debt Instrument [Line Items]
Maturity date	2033	[1]

[1] Amounts are adjusted to reflect interest rate swap and cap agreements in effect at December 31, 2012, and 2011, respectively which results in MAALP paying fixed interest payments over the terms of the interest rate swaps and on changes in interest rates above the strike rate of the cap.

[2] Includes capped balances

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Related Party Transactions

12 Months Ended

Dec. 31, 2012

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

Pursuant to management contracts with MAALP’s joint ventures, MAALP manages the operations of the joint venture apartment communities for a fee of 4.00% to 4.25% of the revenues of the joint venture. MAALP received approximately $899,000, $1,017,000 and $680,000 as management fees from the joint ventures in 2012, 2011 and 2010, respectively. MAALP also received approximately $346,000, $426,000 and $360,000 in asset management fees in 2012, 2011 and 2010, respectively, and $3,000, $3,000 and $6,000 in construction management fees in 2012, 2011 and 2010, respectively, from our joint ventures. MAALP had receivables from joint ventures totaling $3,100,000, $400,000, and $800,000 as of December 31, 2012, 2011, and 2010, respectively.

All cash management of MAA is managed by MAALP. In general, cash receipts are remitted to the Operating Partnership and all cash disbursements are funded by the Operating Partnership. As a result of these transactions, MAALP had a payable to our General Partner (MAA) of $24.3 million and $20.1 million at December 31, 2012 and 2011 respectively. The Partnership Agreement does not require that this due to/due from be settled in cash until liquidation of the Operating Partnership and therefore there is no regular settlement schedule for these amounts.

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Schedule III Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2012

Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III Real Estate and Accumulated Depreciation

																										Life used to compute depreciation in latest income statement (17)
					Initial Cost				Costs Capitalized subsequent to Acquisition					Gross Amount carried at December 31, 2012  (19)
Property	Location	Encumbrances			Land		Buildings and Fixtures		Land			Buildings and Fixtures		Land		Buildings and Fixtures		Total		Accumulated Depreciation			Net		Date of Construction
Birchall at Ross Bridge	Birmingham, AL	—			$	2,640	$	28,842	$	—		$	447	$	2,640	$	29,289	$	31,929	$	(1,324	)	$	30,605	2009	1 - 40
Eagle Ridge	Birmingham, AL	—	(1	)	851		7,667		—			3,485		851		11,152		12,003		(5,931		)	6,072		1986	1 - 40
Abbington Place	Huntsville, AL	—	(1	)	524		4,724		—			2,561		524		7,285		7,809		(3,898		)	3,911		1987	1 - 40
Paddock Club Huntsville	Huntsville, AL	—			909		10,152		830			12,552		1,739		22,704		24,443		(10,546		)	13,897		1993	1 - 40
Edge at Lyon's Gate	Phoenix, AZ	—			7,901		27,182		—			674		7,901		27,856		35,757		(4,280		)	31,477		2007	1 - 40
Sky View Ranch	Gilbert, AZ	—			2,668		14,577		—			554		2,668		15,131		17,799		(1,924		)	15,875		2007	1 - 40
Talus Ranch	Phoenix, AZ	—			12,741		47,701		—			1,522		12,741		49,223		61,964		(10,572		)	51,392		2005	1 - 40
Tiffany Oaks	Altamonte Springs, FL	—	(1	)	1,024		9,219		—			5,264		1,024		14,483		15,507		(8,651		)	6,856		1985	1 - 40
Marsh Oaks	Atlantic Beach, FL	—			244		2,829		—			1,815		244		4,644		4,888		(3,001		)	1,887		1986	1 - 40
Indigo Point	Brandon, FL	—			1,167		10,500		—			3,083		1,167		13,583		14,750		(6,462		)	8,288		1989	1 - 40
Paddock Club Brandon	Brandon, FL	—			2,896		26,111		—			3,322		2,896		29,433		32,329		(14,327		)	18,002		1998	1 - 40
Preserve at Coral Square	Coral Springs, FL	—	(4	)	9,600		40,004		—			5,947		9,600		45,951		55,551		(13,341		)	42,210		1996	1 - 40
The Retreat at Magnolia Parke	Gainesville, FL	—			2,040		16,338		—			112		2,040		16,450		18,490		(932		)	17,558		2009	1 - 40
Atlantic Crossing	Jacksonville, FL	—			4,000		19,495		—			986		4,000		20,481		24,481		(1,185		)	23,296		2008	1 - 40
Hunter's Ridge at Deerwood	Jacksonville, FL	—			1,533		13,835		—			6,209		1,533		20,044		21,577		(10,293		)	11,284		1987	1 - 40
Lakeside	Jacksonville, FL	—			1,430		12,883		—			8,667		1,430		21,550		22,980		(13,408		)	9,572		1985	1 - 40
Lighthouse at Fleming Island	Jacksonville, FL	—	(1	)	4,047		35,052		—			3,319		4,047		38,371		42,418		(12,487		)	29,931		2003	1 - 40
Paddock Club Jacksonville	Jacksonville, FL	—			2,292		20,750		—			3,776		2,292		24,526		26,818		(12,382		)	14,436		1993	1 - 40
Tattersall at Tapestry Park	Jacksonville, FL	—			6,417		36,069		—			314		6,417		36,383		42,800		(1,865		)	40,935		2009	1 - 40
Woodbridge at the Lake	Jacksonville, FL	—			645		5,804		—			4,364		645		10,168		10,813		(6,495		)	4,318		1985	1 - 40
Woodhollow	Jacksonville, FL	—	(1	)	1,686		15,179		(8		)	8,325		1,678		23,504		25,182		(13,180		)	12,002		1986	1 - 40
Paddock Club Lakeland	Lakeland, FL	—	(1	)	2,254		20,452		(1,033		)	7,473		1,221		27,925		29,146		(14,364		)	14,782		1989	1 - 40
Paddock Park Ocala	Ocala, FL	6,772	(3	)	2,284		21,970		—			4,477		2,284		26,447		28,731		(14,192		)	14,539		1987	1 - 40
Retreat at Lake Nona	Orlando, FL	—			7,880		41,175		—			189		7,880		41,364		49,244		(467		)	48,777		2006	1 - 40
The Club at Panama Beach	Panama City, FL	—			898		14,276		(5		)	2,791		893		17,067		17,960		(7,591		)	10,369		2000	1 - 40
Paddock Club Tallahassee	Tallahassee, FL	—			530		4,805		950			13,193		1,480		17,998		19,478		(9,193		)	10,285		1992	1 - 40

Belmere	Tampa, FL	—	(1	)	852	7,667	—		4,965		852	12,632	13,484	(8,138	)	5,346	1984	1 - 40
Links at Carrollwood	Tampa, FL	—			817	7,355	110		4,869		927	12,224	13,151	(6,501	)	6,650	1980	1 - 40
Village Oaks	Tampa, FL	—			2,738	19,055	84		1,185		2,822	20,240	23,062	(2,987	)	20,075	2007	1 - 40
Park Crest at Innisbrook	Palm Harbor, FL	30,114			6,900	26,613	—		(895	)	6,900	25,718	32,618	(3,116	)	29,502	2000	1 - 40
High Ridge	Athens, GA	—	(1	)	884	7,958	—		2,434		884	10,392	11,276	(5,406	)	5,870	1987	1 - 40
Allure at Brookwood	Atlanta, GA	—			11,168	52,758	—		102		11,168	52,862	64,030	(745	)	63,285	2008	1 - 40
Allure in Buckhead Village Residential	Atlanta, GA	—			8,633	19,844	—		370		8,633	20,214	28,847	(454	)	28,393	2002	1 - 40
Sanctuary at Oglethorpe	Atlanta, GA	23,500			6,875	31,441	—		2,321		6,875	33,762	40,637	(5,361	)	35,276	1994	1 - 40
Bradford Pointe	Augusta, GA	—			772	6,949	—		2,943		772	9,892	10,664	(5,120	)	5,544	1986	1 - 40
Shenandoah Ridge	Augusta, GA	—	(1	)	650	5,850	8		4,517		658	10,367	11,025	(6,829	)	4,196	1982	1 - 40
Westbury Creek	Augusta, GA	3,480	(12	)	400	3,626	—		1,712		400	5,338	5,738	(2,858	)	2,880	1984	1 - 40
Fountain Lake	Brunswick, GA	—			502	4,551	—		2,824		502	7,375	7,877	(3,782	)	4,095	1983	1 - 40
Willow Creek	Columbus, GA	—			614	5,523	—		4,746		614	10,269	10,883	(5,658	)	5,225	1974	1 - 40
Prescott	Duluth, GA	—	(5	)	3,840	24,011	—		1,888		3,840	25,899	29,739	(7,759	)	21,980	2001	1 - 40
Lanier	Gainesville, GA	16,312			3,560	22,611	—		2,411		3,560	25,022	28,582	(7,109	)	21,473	1998	1 - 40
Lake Club	Gainesville, GA	—	(5	)	3,150	18,383	—		1,172		3,150	19,555	22,705	(5,424	)	17,281	2001	1 - 40
Whispering Pines	LaGrange, GA	—			823	7,470	(2	)	2,668		821	10,138	10,959	(5,527	)	5,432	1983	1 - 40
Austin Chase	Macon, GA	—			1,409	12,687	—		2,612		1,409	15,299	16,708	(7,518	)	9,190	1996	1 - 40
The Vistas	Macon, GA	—			595	5,403	—		1,937		595	7,340	7,935	(4,011	)	3,924	1985	1 - 40
Avala at Savannah Quarters	Savannah, GA	—			1,500	24,862	—		475		1,500	25,337	26,837	(1,372	)	25,465	2009	1 - 40
Georgetown Grove	Savannah, GA	—			1,288	11,579	—		2,424		1,288	14,003	15,291	(6,951	)	8,340	1997	1 - 40
Oaks at Wilmington Island	Savannah, GA	—	(4	)	2,910	25,315	—		1,819		2,910	27,134	30,044	(6,051	)	23,993	1999	1 - 40
Wildwood	Thomasville, GA	—			438	3,971	371		5,848		809	9,819	10,628	(5,349	)	5,279	1982	1 - 40
Three Oaks	Valdosta, GA	—			462	4,188	459		7,148		921	11,336	12,257	(6,214	)	6,043	1984	1 - 40
Huntington Chase	Warner Robins, GA	—	(4	)	1,160	10,437	—		2,308		1,160	12,745	13,905	(5,628	)	8,277	1997	1 - 40
Southland Station	Warner Robins, GA	—			1,470	13,284	—		3,449		1,470	16,733	18,203	(8,998	)	9,205	1988	1 - 40
Fairways at Hartland	Bowling Green, KY	—			1,038	9,342	—		3,161		1,038	12,503	13,541	(6,737	)	6,804	1996	1 - 40
Grand Reserve Lexington	Lexington, KY	—	(1	)	2,024	31,525	—		1,665		2,024	33,190	35,214	(11,862	)	23,352	2000	1 - 40
Lakepointe	Lexington, KY	—	(1	)	411	3,699	—		2,188		411	5,887	6,298	(3,631	)	2,667	1986	1 - 40
Mansion, The	Lexington, KY	—	(1	)	694	6,242	—		3,065		694	9,307	10,001	(5,689	)	4,312	1989	1 - 40
Village, The	Lexington, KY	—	(1	)	900	8,097	—		4,232		900	12,329	13,229	(7,551	)	5,678	1989	1 - 40
Stonemill Village	Louisville, KY	—			1,169	10,518	—		8,103		1,169	18,621	19,790	(10,861	)	8,929	1985	1 - 40
Crosswinds	Jackson, MS	—	(1	)	1,535	13,826	—		4,587		1,535	18,413	19,948	(10,554	)	9,394	1989	1 - 40
Pear Orchard	Jackson, MS	—	(1	)	1,351	12,168	—		7,500		1,351	19,668	21,019	(11,676	)	9,343	1985	1 - 40

Reflection Pointe	Jackson, MS	5,854	(8	)	710	8,770	138		6,857	848	15,627	16,475	(8,915	)	7,560	1986	1 - 40
Lakeshore Landing	Ridgeland, MS	—	(1	)	676	6,284	—		2,131	676	8,415	9,091	(2,807	)	6,284	1974	1 - 40
Savannah Creek	Southaven, MS	—	(1	)	778	7,013	—		2,864	778	9,877	10,655	(5,816	)	4,839	1989	1 - 40
Sutton Place	Southaven, MS	—	(1	)	894	8,053	—		3,504	894	11,557	12,451	(6,774	)	5,677	1991	1 - 40
Market Station	Kansas City, MO	—			5,814	46,241	—		41	5,814	46,282	52,096	(359	)	51,737	2010	1 - 40
Hermitage at Beechtree	Cary, NC	—			900	8,099	—		4,619	900	12,718	13,618	(6,700	)	6,918	1988	1 - 40
Waterford Forest	Cary, NC	—	(5	)	4,000	20,250	—		2,149	4,000	22,399	26,399	(6,167	)	20,232	1996	1 - 40
1225 South Church I	Charlotte, NC	—			4,780	22,342	—		162	4,780	22,504	27,284	(1,254	)	26,030	2010	1 - 40
Hue	Raleigh, NC	—			3,690	29,910	—		1,250	3,690	31,160	34,850	(2,086	)	32,764	2009	1 - 40
Preserve at Brier Creek	Raleigh, NC	—			5,850	21,980	(19	)	22,471	5,831	44,451	50,282	(8,610	)	41,672	2004	1 - 40
Providence at Brier Creek	Raleigh, NC	—			4,695	29,007	—		702	4,695	29,709	34,404	(4,630	)	29,774	2007	1 - 40
Corners, The	Winston-Salem, NC	—			685	6,165	—		2,793	685	8,958	9,643	(5,907	)	3,736	1982	1 - 40
Colony at South Park	Aiken, SC	—	(1	)	862	7,867	—		1,610	862	9,477	10,339	(3,285	)	7,054	1982	1 - 40
Woodwinds	Aiken, SC	—	(1	)	503	4,540	—		2,197	503	6,737	7,240	(3,601	)	3,639	1988	1 - 40
Tanglewood	Anderson, SC	—			427	3,853	—		3,103	427	6,956	7,383	(4,221	)	3,162	1980	1 - 40
Fairways, The	Columbia, SC	7,701	(9	)	910	8,207	—		2,819	910	11,026	11,936	(6,565	)	5,371	1992	1 - 40
Paddock Club Columbia	Columbia, SC	—	(1	)	1,840	16,560	—		3,666	1,840	20,226	22,066	(10,682	)	11,384	1991	1 - 40
Highland Ridge	Greenville, SC	—	(1	)	482	4,337	—		2,251	482	6,588	7,070	(3,648	)	3,422	1984	1 - 40
Howell Commons	Greenville, SC	—	(1	)	1,304	11,740	—		3,511	1,304	15,251	16,555	(8,691	)	7,864	1987	1 - 40
Paddock Club Greenville	Greenville, SC	—	(1	)	1,200	10,800	—		1,846	1,200	12,646	13,846	(6,699	)	7,147	1996	1 - 40

XML

Real Estate Joint Ventures (Income, Contributions, Distributions and Ending Investment Balances Related to MAA's Joint Ventures) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Real Estate Properties [Line Items]
Joint venture (loss) gain	$ (223)	$ (607)	$ (1,149)
Gain on joint venture asset dispositions	4,146	14	(358)
Management fee income	899	1,017	680	[1]
Asset and acquisition fees	346	553	808
Contributions to joint venture	(218)	(1,510)	(12,130)
Distributions from joint venture	12,350	1,402	1,735
Investment in at December 31	4,837	17,006	17,505
Advances to at December 31	0	0	0
Mid-America Multifamily Fund I, LLC [Member]
Real Estate Properties [Line Items]
Joint venture (loss) gain	(413)	(419)	(555)
Gain on joint venture asset dispositions	0	0	1
Management fee income	281	275	259
Asset and acquisition fees	225	231	235
Contributions to joint venture	(74)	(85)	(88)
Distributions from joint venture	183	164	93
Investment in at December 31	4,727	5,249	5,747
Advances to at December 31	0	0	0
Mid-America Multifamily Fund II, LLC [Member]
Real Estate Properties [Line Items]
Joint venture (loss) gain	190	(188)	(594)
Gain on joint venture asset dispositions	4,146	14	(359)
Management fee income	618	742	421
Asset and acquisition fees	121	322	573
Contributions to joint venture	(139)	(1,425)	(12,042)
Distributions from joint venture	12,167	1,238	1,642
Investment in at December 31	105	11,757	11,758
Advances to at December 31	0	0	0
Mid America Multifamily Fund III LLC [Domain]
Real Estate Properties [Line Items]
Joint venture (loss) gain	0	0	0
Gain on joint venture asset dispositions	0	0	0
Management fee income	0	0	0
Asset and acquisition fees	0	0	0
Contributions to joint venture	(5)	0	0
Distributions from joint venture	0	0	0
Investment in at December 31	5	0	0
Advances to at December 31	$ 0	$ 0	$ 0

[1]

XML

Stock Based Compensation (Changes and Status of Key Management 2002 Restricted Stock Nonvested Shares) (Details) (USD $)	12 Months Ended	1 Months Ended	12 Months Ended
	Dec. 31, 2011	Aug. 02, 2011 Key Management 2002 Restricted Stock Plan [Member]	Dec. 31, 2012 Key Management 2002 Restricted Stock Plan [Member]	Dec. 31, 2002 Key Management 2002 Restricted Stock Plan [Member]
Nonvested Shares
Beginning Balance (shares)			16,379
Granted (shares)			0
Vested (shares)			(16,379)
Forfeited (shares)			0
Ending Balance (shares)			0
Weighted Average Fair value
Beginning Balance, weighted average grant date fair value (dollars per share)			$ 45.17
Granted, weighted average grant date fair value (dollars per share)	$ 0	$ 69.37	$ 0.00	$ 25.65
Vested, weighted average grant date fair value (dollars per share)			$ 45.17
Forfeited, weighted average grant date fair value (dollars per share)			$ 0.00
Ending Balance, weighted average grant date fair value (dollars per share)			$ 0.00

XML

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2012	Dec. 31, 2011
Common stock, par value per share	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	42,316,398	38,959,338
Common stock, shares outstanding	42,316,398	38,959,338
Redeemable stock, shares issued and outstanding	72,786	65,771

XML

Organization and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2012

Consolidation and Basis of Presentation and Significant Accounting Policies [Abstract]

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization and Formation of Mid-America Apartments L.P.

Mid-America Apartments, L.P., or "MAALP", or "us", "we", "our", "the Company", or the "Operating Partnership", is a Memphis, Tennessee-based limited partnership formed in 1993 and currently operates pursuant to the provisions of the Second Amended and Restated Agreement of Limited Partnership (Partnership Agreement). MAALP's sole general partner is Mid-America Apartment Communities, Inc. (MAA), a Memphis, Tennessee-based self-administered and self-managed real estate investment trust, or REIT, that focuses on acquiring, owning and operating apartment communities mainly in the Sunbelt region of the United States. We owned and operated 145 apartment communities as of December 31, 2012 and four of our properties include retail components with approximately 108,000 square feet of gross leasable area. The Operating Partnership also owned a 33.33% interest in two real estate joint ventures, Mid-America Multifamily Fund I, LLC, or Fund I, and Mid-America Multifamily Fund II, LLC, or Fund II, at December 31, 2012. Through these joint ventures we owned interest in an additional 6 communities as of December 31, 2012. These apartment communities are located across 12 states.

We also had two development communities and a second phase to an existing community under construction totaling 774 units as of December 31, 2012. None of the units for the development projects were completed as of December 31, 2012. Total expected costs for the development projects are $101.1 million, of which $43.9 million has been incurred to date. We expect to complete construction on the three projects by the fourth quarter 2014.

Basis of Presentation and Principles of Consolidation

Interests in MAALP are represented by Operating Partnership Units, or OP Units. As of December 31, 2012, there were 41,453,133 OP Units outstanding, 39,721,461 or 95.8% of which were owned by MAA, our general partner. The remaining 1,731,672 OP Units were owned by non-affiliated limited partners, as defined in the Partnership Agreement. During the years ended December 31, 2012, 2011, and 2010, rental revenue of the Operating Partnership represented 89.8%, 89.5%, and 88.6% of the consolidated rental revenues of MAA, respectively.

The consolidated financial statements presented herein include the accounts of the Operating Partnership, and all other subsidiaries in which the Operating Partnership has a controlling financial interest. MAALP owns approximately 70% to 100% of all consolidated subsidiaries.

MAALP invests in entities which may qualify as variable interest entities (VIE). A VIE is a legal entity in which the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the power to direct the activities of a legal entity as well as the obligation to absorb its expected losses or the right to receive its expected residual returns. MAALP consolidates all VIEs for which we are the primary beneficiary and uses the equity method to account for investments that qualify as VIEs but for which we are not the primary beneficiary. In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including but not limited to, those activities that most significantly impact the VIE's economic performance and which party controls such activities.

MAALP uses the equity method of accounting for its investments in entities for which we exercise significant influence, but do not have the ability to exercise control. These entities are not variable interest entities. The factors considered in determining that MAALP does not have the ability to exercise control include ownership of voting interests and participatory rights of investors.

All significant intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

Management of the Operating Partnership has made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses to prepare these financial statements and notes in conformity with U.S. generally accepted accounting principles. Actual results could differ from those estimates.

Revenue Recognition and Real Estate Sales

MAALP leases multifamily residential apartments under operating leases primarily with terms of one year or less. Rental revenues are recognized using a method that represents a straight-line basis over the term of the lease and other revenues are recorded when earned.

MAALP records gains and losses on real estate sales in accordance with accounting standards governing the sale of real estate. For sale transactions meeting the requirements for the full accrual method, we remove the assets and liabilities from our Consolidated Balance Sheet and record the gain or loss in the period the transaction closes. For properties contributed to joint ventures, MAALP records gains on the partial sale in proportion to the outside partners’ interest in the venture.

Rental Costs

Costs associated with rental activities, including advertising costs, are expensed as incurred. Advertising expenses were approximately $7.9 million, $7.9 million, and $6.6 million for the years ended December 31, 2012, 2011, and 2010, respectively.

Allocation of General and Administrative Expense

General and Administrative expenses, such as marketing costs, corporate salaries, general overhead costs, and corporate depreciation expense that is incurred by MAA and its subsidiaries, including the Operating Partnership, are allocated to each subsidiary based on a pro-rata percentage of that subsidiary's revenue as compared to the total revenue of MAA.

Discontinued Operations

Properties sold during the year or those classified as held-for-sale at the end of a reporting period are classified as discontinued operations in accordance with accounting standards governing financial statement presentation. Once a property is classified as held-for-sale, depreciation is no longer recognized.

Earnings Per OP Unit

Basic earnings per OP Unit is computed by dividing net income available for common unitholders by the weighted average number of units outstanding during the period. Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units. For the years ended December 31, 2012, 2011, and 2010, there were no dilutive securities and therefore basic and diluted earnings per OP Unit are the same. 

A reconciliation of the numerators and denominators of the basic and diluted earnings per unit computations for the years ended December 31, 2012, 2011, and 2010 is presented below:

	For the years ended December 31,
	2012			2011			2010
Units Outstanding
Weighted average common units - basic and diluted	40,412			37,280			32,502
Calculation of Earnings per Unit - basic and diluted
Income from continuing operations	$	60,003		$	30,526		$	17,403
Income attributable to noncontrolling interests	(3,525		)	(421		)	(473		)
Preferred distributions	—			—			(6,549		)
Premiums and original issuance costs associated with the redemption of preferred units	—			—			(5,149		)
Income from discontinued operations	42,260			16,412			2,049
Net income available for common unitholders	$	98,738		$	46,517		$	7,281
Earnings per unit - basic and diluted:
Income from continuing operations available for common unitholders	$	1.43		$	0.81		$	0.16
Income from discontinued property operations available for common unitholders	1.01			0.44			0.06
Net income available for common unitholders	$	2.44		$	1.25		$	0.22

Real Estate Assets and Depreciation and Amortization

Real estate assets are carried at depreciated cost. Repairs and maintenance costs are expensed as incurred while significant improvements, renovations, and recurring capital replacements are capitalized. Recurring capital replacements typically include scheduled carpet replacement, new roofs, HVAC units, plumbing, concrete, masonry and other paving, pools and various exterior building improvements. In addition to these costs, we also capitalize salary costs directly identifiable with renovation work. These expenditures extend the useful life of the property and increase the property’s fair market value. The cost of interior painting, vinyl flooring and blinds are expensed as incurred.

In conjunction with acquisitions of properties, our policy is to provide in its acquisition budgets adequate funds to complete any deferred capital improvement items to bring the properties to the required standard, including the cost of replacement appliances, carpet, interior painting, vinyl flooring and blinds. These costs are capitalized.

Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which range from 8 to 40 years for land improvements and buildings, 5 years for furniture, fixtures and equipment, and 3 to 5 years for computers and software.

Development Costs

Development projects and the related carrying costs, including interest, property taxes, insurance and allocated direct development salary cost during the construction period, are capitalized and reported in the accompanying balance sheets as “Development and capital improvements in progress” during the construction period. Interest is capitalized in accordance with accounting standards governing the capitalization of interest. Upon completion and certification for occupancy of individual buildings within a development, amounts representing the completed building's portion of total estimated development costs for the project are transferred to land, buildings, and furniture, fixtures and equipment as real estate held for investment. Capitalization of interest, property taxes, insurance and allocated direct development salary costs cease upon the transfer. The assets are depreciated over their estimated useful lives. Total interest capitalized during 2012, 2011 and 2010 was approximately $1,905,000, $1,156,000, and $66,000, respectively.

Certain costs associated with the lease-up of development projects, including cost of model units, their furnishings, signs, and “grand openings” are capitalized and amortized over their respective estimated useful lives. All other costs relating to renting development projects are expensed as incurred.

Acquisition of Real Estate Assets

In accordance with accounting standards for business combinations, the fair value of the real estate acquired is allocated to the acquired tangible assets, consisting of land, building, furniture, fixtures and equipment, and identified intangible assets, consisting of the value of in-place leases.

MAALP allocates the purchase price to the fair value of the tangible assets of an acquired property determined by valuing the building as if it were vacant, based on management’s determination of the relative fair values of these assets. Management determines the as-if-vacant fair value of a building using methods similar to those used by independent appraisers. These methods include using stabilized net operating income, or NOI, and market specific capitalization and discount rates.

In allocating the fair value of identified intangible assets of an acquired property, the in-place leases are valued based on current rent rates and time and cost to lease a unit. Management concluded that the leases acquired on each of its property acquisitions are approximately at market rates since the lease terms generally do not extend beyond one year.

The fair value of the in-place leases and resident relationships is then amortized over 6 months, the estimated remaining term of the resident leases. The amount of resident lease intangibles included in Other assets totaled $1.6 million, $1.8 million, and $1.8 million as of December 31, 2012, 2011, and 2010, respectively. The amortization recorded as depreciation and amortization expense for residential leases was $3.4 million, $3.4 million, and $2.3 million for the years ended December 31, 2012, 2011, and 2010, respectively. Accumulated amortization for residential leases totaled $1.0 million, $0.7 million, and $1.0 million as of December 31, 2012, 2011 and 2010, respectively.

Impairment of Long-lived Assets, including Goodwill

We account for long-lived assets in accordance with the provisions of accounting standards for the impairment or disposal on long-lived assets and evaluate our goodwill for impairment under accounting standards for goodwill and other intangible assets. We evaluate goodwill for impairment on at least an annual basis, or more frequently if a goodwill impairment indicator is identified. We periodically evaluate long-lived assets, including investments in real estate and goodwill, for indicators that would suggest that the carrying amount of the assets may not be recoverable. The judgments regarding the existence of such indicators are based on factors such as operating performance, market conditions and legal factors.

Long-lived assets, such as real estate assets, equipment and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are separately presented on the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposed group/property classified as held for sale are presented separately in the appropriate asset and liability sections of the balance sheet.

During the year ended December 31, 2010, we received an offer to purchase our 276-unit Cedar Mill apartment community. As a result of the offer received and management’s reconsideration of its long-term intentions related to this property, we determined that an impairment indicator existed. As the estimated undiscounted future cash flows were no longer sufficient to recover the asset carrying amount, we recorded an impairment charge of $1,914,000 during the year ended December 31, 2010 to adjust the asset carrying value to estimated fair value. We sold Cedar Mill during 2012 and it is presented as part of discontinued operations.

Goodwill is tested annually for impairment and is tested for impairment more frequently if events and circumstances indicate that the asset might be impaired. An impairment loss for goodwill is recognized to the extent that the carrying amount exceeds the implied fair value of goodwill. This determination is made at the reporting unit level and consists of two steps. First, we determine the fair value of a reporting unit and compare it to its carrying amount. In the apartment industry, the primary method used for determining fair value is to divide annual operating cash flows by an appropriate capitalization rate. We determine the appropriate capitalization rate by reviewing the prevailing rates in a property’s market or submarket. Second, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation in accordance with accounting standards for business combinations. The residual fair value after this allocation is the implied fair value of the reporting unit goodwill. There has been no impairment of goodwill in the three year period ended December 31, 2012.

Land Held for Future Development

Real estate held for future development are sites intended for future multifamily developments and are carried at the lower of cost or fair value in accordance with GAAP and any costs incurred prior to commencement of pre-development activities are expensed as incurred.

Investment in Real Estate Joint Ventures

MAALP's investments in our unconsolidated real estate joint ventures are recorded using the equity method as we are able to exert significant influence, but do not have a controlling interest in the joint venture.

Cash and Cash Equivalents

MAALP considers cash, investments in money market accounts, and certificates of deposit with original maturities of three months or less to be cash equivalents.

Restricted Cash

Restricted cash consists of escrow deposits held by lenders for property taxes, insurance, debt service and replacement reserves.

Deferred Financing Costs

Deferred financing costs are amortized over the terms of the related debt using a method which approximates the effective interest method. If the terms of renewed or modified debt instruments are deemed to be substantially different, all unamortized financing costs associated with the modified debt are charged to earnings in the current period. If the terms are not substantially different, the costs associated with the renewal are capitalized and amortized over the remaining term of the debt instrument. For modifications affecting a line of credit, fees paid to a creditor and any third party costs will be capitalized and amortized over the remaining term of the new arrangement. Any unamortized deferred financing costs associated with the old arrangement are either deferred and amortized over the life of the new arrangement or written off, depending upon the nature of the modification. The balance of any unamortized financing costs on extinguished debt is expensed upon extinguishment.

Other Assets

Other assets consist of deferred rental concessions which are recognized on a straight line basis over the life of the leases, receivables and deposits from residents, value of derivative contracts and other prepaid expenses including prepaid insurance and prepaid interest.

Accrued Expenses and Other Liabilities

Accrued expenses consist of accrued distributions payable, accrued real estate taxes, accrued interest payable, other accrued expenses payable, and unearned income. Significant accruals included accrued distributions payable of $28.8 million, $25.4 million and $22.4 million at December 31, 2012, 2011 and 2010, respectively and accrued real estate taxes of $26.9 million, $24.6 million and $19.3 million at December 31, 2012, 2011 and 2010, respectively.

Self Insurance

MAA is self-insured for workers' compensation claims up to $500,000 and for general liability claims up to $45,000. Claims exceeding these amounts are insured by a third party. We accrue for expected liabilities less than $500,000 for workers' compensation based on a third party actuarial estimate of ultimate losses and accrue for expected general liability claims less than $45,000 based on historical experience, adjusted as actual claims occur.

Recent Accounting Pronouncements

In February 2013, the FASB issued Accounting Standards Update (ASU) No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. Under ASU 2013-02, an entity is required to provide information about the amounts reclassified out of Accumulated other comprehensive income (AOCI) by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. ASU 2013-02 does not change the current requirements for reporting net income or other comprehensive income in the financial statements. ASU 2013-02 is effective for interim and annual periods beginning after December 15, 2012 and early adoption is permitted. We have early adopted ASU 2013-02 for the annual period ended December 31, 2012.The adoption of ASU 2013-02 has not had a material impact on our consolidated financial condition or results of operations taken as a whole.

In June 2011, the FASB issued Accounting Standards Update (ASU) No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. This ASU allows an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. ASU 2011-05 eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. The amendments do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. ASU 2011-05 is applied retrospectively. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. We adopted ASU 2011-05 during the reporting period ended December 31, 2011, and this changed the presentation of our financial statements but not our consolidated financial condition or results of operations taken as a whole.

In November 2011, the FASB issued Accounting Standards Update (ASU) No. 2011-12, Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05. This ASU supersedes certain paragraphs in ASU 2011-05 addressing reclassification adjustments out of accumulated other comprehensive income. The effective dates and changes to our presentation are the same as noted in ASU 2011-05 above.

In May 2011, the FASB issued Accounting Standards Update (ASU) No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The amendments change the wording, mainly for clarification, used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. For many of the requirements, the Board does not intend for the amendments in this update to result in a change in the application of the requirements in ASU 2011-04. The amendments in this ASU are to be applied prospectively. The amendments are effective during interim and annual periods beginning after December 15, 2011. We have adopted ASU 2011-04 for the interim and annual periods of fiscal year 2012. The

adoption of ASU 2011-04 has not had a material impact on our consolidated financial condition or results of operations taken as a whole.

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Derivatives and Hedging Activities (Other Comprehensive Income) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Beginning balance	$ (38,579)	$ (52,267)
Unrealized losses from the effective portion of derivative instruments	(8,409)	(13,951)	(35,538)
Amounts reclassified from accumulated other comprehensive income (interest rate contracts)	(20,107)	(27,639)	(34,021)
Net current-period other comprehensive income attributable to MAA	11,698	13,688	(1,517)
Ending balance	$ (26,881)	$ (38,579)	$ (52,267)

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Segment Information (Textual) (Details)	12 Months Ended
	Dec. 31, 2012 individual Communities Property States
Segment Reporting Information [Line Items]
Number of owned or owned interests of apartment communities (properties)	151
Number of States in which Entity Operates	12
Apartment community population (individuals)	1,000,000
Percentage of Total Public Multifamily REIT Units	1.00%
Period properties owned and stabilized (months)	12 months
Large Market Same Store
Segment Reporting Information [Line Items]
Apartment communities in reportable operating segments	communities in markets with a population of at least 1 million and at least 1% of the total public multifamily REIT units that we have owned and have been stabilized for at least a full 12 months and have not been classified as held for sale.
Secondary Market Same Store
Segment Reporting Information [Line Items]
Apartment communities in reportable operating segments	communities in markets with populations of more than 1 million but less than 1% of the total public multifamily REIT units or markets with populations of less than 1 million that we have owned and have been stabilized for at least a full 12 months and have not been classified as held for sale.
Non Same Store And Other
Segment Reporting Information [Line Items]
Apartment communities in reportable operating segments	recent acquisitions, communities in development or lease-up and communities that have been classified as held for sale. Also included in non same store communities are non multifamily activities which represent less than 1% of our portfolio.

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Activity for Real Estate Investments and Accumulated Depreciation

12 Months Ended

Dec. 31, 2012

Real Estate and Accumulated Depreciation Disclosure [Abstract]

Summary and rollforward of real estate investments and accumulated depreciation

Mid-America Apartments, L.P.

Schedule III

Real Estate and Accumulated Depreciation

A summary of activity for real estate investments and accumulated depreciation is as follows (dollars in thousands):

	Year Ended December 31,
	2012			2011			2010
Real estate investments:
Balance at beginning of year	$	3,057,999		$	2,670,832		$	2,433,526
Acquisitions (1)	344,869			334,650			284,486
Less:  FMV of Leases included in Acquisitions	(3,144		)	(3,522		)	(1,764		)
Improvement and development	111,354			80,993			45,544
Disposition of real estate assets (2)	(126,066		)	(24,954		)	(90,960		)
Balance at end of year	$	3,385,012		$	3,057,999		$	2,670,832
Accumulated depreciation:
Balance at beginning of year	$	858,276		$	769,066		$	675,679
Depreciation	113,110			102,713			94,138
Disposition of real estate assets (2)	(57,345		)	(13,503		)	(751		)
Balance at end of year	$	914,041		$	858,276		$	769,066

MAALP's consolidated balance sheet at December 31, 2012, 2011, and 2010, includes accumulated depreciation of $12,556,000, $11,105,000, and $9,967,000, respectively, in the caption "Commercial properties, net".

(1) Includes $32 million of non-cash activity related to fair market value of debt assumed.

(2) Includes assets sold, casualty losses, and removal of certain fully depreciated assets.

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Subsequent Events (Details)	Feb. 01, 2013 Milstead Village [Member] Acquisition [Member] Apartments	Aug. 26, 2010 Maximum [Member]	Nov. 05, 2009 Maximum [Member]
Subsequent Event [Line Items]
Number of units in real estate property	310
Shares Subject To Issuance Pursuant To Sales Agreement		6,000,000	4,000,000

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Selected Quarterly Financial Information (Tables)

12 Months Ended

Dec. 31, 2012

Notes To Financial Statements [Abstract]

Schedule of Quarterly Financial Information

	Year Ended December 31, 2012
	First			Second			Third			Fourth
Total operating revenues	$	104,129		$	109,644		$	114,519		$	118,257
Income from continuing operations before non-operating items	$	25,979		$	28,433		$	28,625		$	32,839
Interest expense	$	(12,792	)	$	(12,674	)	$	(12,921	)	$	(13,862	)
(Loss) from real estate joint ventures	$	(31	)	$	(69	)	$	(70	)	$	(53	)
Discontinued operations:
Income (loss) from discontinued operations before gain on sale	$	484		$	467		$	(451	)	$	77
Gain on sale of discontinued operations	$	9,500		$	12,953		$	16,021		$	3,161
Consolidated net income	$	22,484		$	28,421		$	30,604		$	20,754
Net income attributable to noncontrolling interest	$	148		$	135		$	3,138		$	104
Net income available for common unitholders	$	22,336		$	28,286		$	27,466		$	20,650
Per unit:
Net income available for common unitholders per common unit - basic and diluted	$	0.57		$	0.70		$	0.67		$	0.50
Distribution paid per unit	$	0.6600		$	0.6600		$	0.6600		$	0.6600

	Year Ended December 31, 2011
	First			Second			Third			Fourth
Total operating revenues	$	90,627		$	94,214		$	99,302		$	101,477
Income from continuing operations before non-operating items	$	19,353		$	20,186		$	20,405		$	24,431
Interest expense	$	(13,469	)	$	(13,626	)	$	(14,867	)	$	(9,240	)
Loss from real estate joint ventures	$	(245	)	$	(178	)	$	(107	)	$	(63	)
Discontinued operations:
Income from discontinued operations before gain on sale	$	981		$	987		$	791		$	866
Gain on sale of discontinued operations	$	—		$	—		$	4,927		$	7,872
Consolidated net income	$	6,149		$	6,531		$	10,549		$	23,709
Net income attributable to noncontrolling interest	$	76		$	135		$	118		$	92
Net income available for common unitholders	$	6,073		$	6,396		$	10,431		$	23,617
Per unit:
Net income available for common unitholders per common unit- basic and diluted	$	0.17		$	0.18		$	0.28		$	0.62
Distribution paid per unit	$	0.6275		$	0.6275		$	0.6275		$	0.6275

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Earnings from Discontinued Operations

12 Months Ended

Dec. 31, 2012

Notes To Financial Statements [Abstract]

EARNINGS FROM DISCONTINUED OPERATIONS

EARNINGS FROM DISCONTINUED OPERATIONS

The nine communities that MAALP sold in 2012 as well as the two properties sold by MAALP during 2011 have been classified as discontinued operations in the Consolidated Statements of Operations.

The following table lists the communities that MAALP sold in 2012:

Community	Number of Units	Date Sold	Operating Segment
Kenwood Club	320	January 12, 2012	Large market same store
Cedar Mill	276	February 9, 2012	Secondary market same store
Celery Stalk	410	June 7, 2012	Large market same store
Hidden Lake	320	July 25, 2012	Large market same store
Westbury Springs	150	July 25, 2012	Secondary market same store
Park Walk	124	July 26, 2012	Large market same store
TPC Florence	200	August 1, 2012	Secondary market same store
Fairways at Royal Oak	214	August 7, 2012	Secondary market same store
Walden Run	240	November 8, 2012	Large market same store

The following is a summary of earnings from discontinued operations for the years ended December 31, 2012, 2011 and 2010 (dollars in thousands):

	2012		2011			2010
Revenues:
Rental revenues	$	8,054	$	20,578		$	21,025
Other revenues	974		2,507			2,423
Total revenues	9,028		23,085			23,448
Expenses:
Property operating expenses	5,299		12,662			14,353
Depreciation and amortization	2,507		5,557			5,680
Interest expense	645		1,241			1,364
Total expenses	8,451		19,460			21,397
Income from discontinued operations before gain (loss) on sale	577		3,625			2,051
Net gain (loss) on insurance and other settlement proceeds on discontinued operations	48		(12		)	—
Gain (loss) on sale of discontinued operations	41,635		12,799			(2		)
Income from discontinued operations	$	42,260	$	16,412		$	2,049