WeLL
positioned
Mid-America Apartment communities, inc.
2009 Annual Report
our portfolio of high-quality properties
across the sunbelt region of the country
generated record FFo results in 2009.
A disciplined strategy focused on the
high-grow th sunbelt region, a portfolio
of quality apartment homes, a strong
technology-based operating platform
and a strong balance sheet has our
company well positioned for the coming
recovery cycle.
WELL POSITIONED
IN PHOENIX, AZ
MID - A MERIC A
A PA R T MEN T
C OMMUNI T IE S, INC.
is a publicly-traded real estate
investment trust which owned or
had an ownership interest in 147
multifamily apartment communities
with 43,604 apartment homes
throughout the Sunbelt region of
the United States at year end.
our AnnuAl ToTAl reTurn
To shAreholDers over The
lAsT Ten yeArs WAs 15.8%
AnD represenTeD The highesT
Ten-ye A r shA reholDer
perforMAnce AMong All
ApArTMenT reAl esTATe
invesTMenT TrusTs.
well positioned
in nAsHVille, tn
well positioned
in AUstin, tX
well positioned
in RAleiGH, nC
well positioned
in AtlAntA, GA
well positioned
in dAllAs, tX
well positioned
in HoUston, tX
well positioned
in tAMpA, Fl
1
MAA
Dallas, Texas
Annual Cash
Dividends Paid
Annual Cash Dividends Paid
(per Common Share)
(per Common Share)
6
4
.
2
$
6
4
.
2
$
2
4
.
2
$
8
3
.
2
$
5
3
.
2
$
'99
'20
'01
'02
'03
'04
'05
'06
'07
'08
2005
'09
2006 2007 2008
2009
MAA
2.500
2.375
2.250
2.125
2.000
$14,441
45000
40000
35000
30000
25000
20000
15000
10000
45000
40000
35000
30000
25000
20000
15000
10000
Return on Investment
Value of $10,000 Investment
$43,274
$28,327
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
MAA Investment
Peer Group Investment
Source: SNL Equity Research
Source: SNL Equity Research
2
$45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
45000
40000
35000
30000
25000
20000
15000
10000
'99
'20
'01
'02
'03
'04
'05
'06
'07
'08
'09
'99
'20
'01
'02
'03
'04
'05
'06
'07
'08
'09
To My felloW shAreholDers:
At the beginning of 2009 the U.S. economy was facing
a worrisome and uncertain future. Unemployment was
rising, capital markets were under stress and asset
values were declining. All of this combined to create a
challenging environment for the apartment business
and our company. We took a number of actions early
in the year to best position the company for this period
of uncertainty and significant economic weakness. As
a result of these actions together with the solid foun-
dation we built over the past several years through
disciplined investing and strengthening of our balance
sheet, Mid-America Apartment Communities, or MAAC,
delivered superior results in 2009 that were well ahead
of expectations:
• Funds from Operations per diluted share and
unit for the year 2009 were $3.79, an all-time
high for our company.
• Same store occupancy throughout last year
averaged 95.6% and was well ahead of the
performance captured in 2008.
• Resident move-outs in 2009 were at the low-
est level ever incurred in our company’s history
with same store unit turnover at 58%.
Employment growth projections:
2010
2011
2012
2013
Dallas
National
0.5%
2.7%
3.8%
4.0%
(0.7)%
1.6%
3.2%
2.9%
Source: Economy.com
3
letter to shareholders
We Are well positioned WiTh A unique AnD
DiversifieD porTfolio sTrATegy DesigneD To conTinue
To experTly exTrAcT vAlue froM MArkeTs Across
The sunbelT region.
nashville, Tennessee
• Same store collection loss as a percent of
potential rent was only 0.36%, the lowest in our
company history.
• Our balance sheet remained in a strong position
with year-end debt to gross assets at 50% and
our fixed-charge coverage ratio at 2.68 times.
• We acquired $141 million of new properties in
2009 on a very attractive basis that will help drive
higher shareholder value in the coming years.
• And, notably, total shareholder return for the
year 2009 was 39.3%, well ahead of the apart-
ment REIT sector average.
Most economists suggest that it will be 2011 or later
before recovery in the employment markets gets
underway. As a result, 2010 will be another challeng-
ing year for apartment leasing. We expect continued
revenue pressure as a consequence of both the pricing
actions taken during 2009, and the continued weak-
ness in the leasing environment. Our focus remains
centered on protecting occupancy, aggressively
controlling expenses, keeping our balance sheet strong
and serving our residents at the high standards that
define our apartment communities and company.
MAA
4
Employment growth projections:
2010
2011
2012
2013
Nashville
National
(0.3)%
(0.7)%
2.1%
3.2%
3.1%
1.6%
3.2%
2.9%
Source: Economy.com
Despite the expected challenges in 2010, the long-
term outlook for the apartment business is arguably
stronger than at any time in our company history.
Demographic trends for the U.S. population suggest
that the prime apartment rental age group, those
between the ages of 21–35, is growing both in
absolute numbers and as a percent of the overall pop-
ulation such that we will see significantly higher
demand for apartment housing over the next 5 to 7
years. The leading edge of this demographic wave is
already emerging but has been somewhat restrained
over the past couple of years as the weak employment
market has driven many recent college graduates to
return home, double up with a roommate, or otherwise
delay establishing their own household. As the econ-
omy and employ ment markets improve, this pent-up
demand is expected to help fuel a strong recovery for
apartment leasing.
Another significant shift underway continues to be the
return to a more normal and sustainable mix of house-
holds that rent versus own their home. Over the last
5
letter to shareholders
phoenix, Arizona
few years, the aggressive financing market for single-
family housing served to artificially depress the demand
for apartment rentals. As the U.S. returns to an
appro priate and sustainable level of allocation between
owner-occupied and rental housing, we will see
continued growth and recovery in the demand for
apartment housing.
Against this backdrop of growing demand, we are
experiencing an unprecedented level of decline in the
construction of new apartment properties. The lack of
financing available for new apartment construction,
coupled with the weaker leasing environment and
MAA
6
Technology, such As our Access 24/7 Web
porTAl, hAs us well positioned To cApiTAliZe
on operATionAl efficiencies AnD Deliver convenienT
service To our resiDenTs.
decline in rent levels, simply doesn’t support construc-
tion. The expectation is that it will be this way for a
couple of years.
These evolving supply and demand trends for apart-
ment housing create an environment for apartment
leasing that should be very strong over the next
few years.
What does all this mean for our company and why are
we so optimistic about our future? Why do we believe
MAAC is particularly well positioned for the coming
recovery cycle for the apartment industry? Let me
tell you…
• The southeast and southwest regions of the
U.S., where MAAC is focused, are poised to
capture the strongest job growth trends in the
country over the next ten years. Employers are
drawn to the afford ability of the region…lower
costs for land, labor, housing and taxes.
• MAAC has a portfolio of high-quality properties
that are generally newer and higher-end than many
of the properties we compete against in our local
Employment growth projections:
2010
2011
2012
2013
Phoenix
National
(1.7)%
(0.7)%
0.8%
3.2%
3.9%
1.6%
3.2%
2.9%
Source: Economy.com
7
letter to shareholders
markets. We strive to serve a broad segment of
the apartment market where demand is high.
• Unlike past recovery cycles where unbridled
new apart ment construction has sometimes led
to an over supply of apartment housing in our
region, we believe this particular recovery cycle
will be different due to a difficult financing envi-
ronment. As compared to past recovery cycles,
annual new construction deliveries in the south-
east and southwest are expected to be at levels
significantly below anything we’ve experienced in
the past 30 years.
• MAAC has one of the strongest operating
platforms in the region with new web-based tech-
nologies and systems that create capabilities
and competitive advantages that enable our
property teams to drive performance in excess
of market norms for the regions, particularly in
our secondary markets.
70000
68000
66000
64000
Propensity to Rent by Age Group
Propensity to Rent by Age Group
62000
58%
32%
25%
19%
'90
'91
'92
'93
'94
'95
'96
'97
'00
'01
'02
'03
'04
'05
'06
'07
'08
20%
'98
'99
'10E
'12E
'14E
'16E
'18E
'20E
'11E
'13E
'15E
'17E
'19E
'09
Population Aged 20–30
70
68
66
64
62
60
58
56
54
)
s
0
0
0
(
l
n
o
i
t
a
u
p
o
P
1990
1995
2000
2005
2010E
2015E
2020E
Source: U.S. Census Bureau
Source: U.S. Census Bureau
Source: U.S. Census Bureau, JCHS–
Source: U.S. Census Bureau, JCHS–
Harvard University
Harvard University
8
70000
68000
66000
64000
62000
60000
58000
56000
54000
<35
60000
35–44
58000
45–54
56000
55–64
>65
54000
MAA
A
B
C
D
E
9%
11%
8%
70000
9%
68000
66000
8%
11%
64000
62000
60000
58000
56000
54000
0
10
20
30
40
50
60
'90
'91
'92
'93
'94
'95
'96
'97
'98
'99
'00
'01
'02
'03
'04
'05
'06
'07
'08
'10E
'12E
'14E
'16E
'11E
'13E
'15E
'09
'18E
'20E
'17E
'19E
'90
'91
'92
'93
'94
'95
'96
'97
'98
'99
'00
'01
'02
'03
'04
'05
'06
'07
'08
'10E
'12E
'14E
'16E
'18E
'20E
'11E
'13E
'15E
'17E
'19E
'09
0
10
20
30
40
50
60
Source: U.S. Census Bureau, Green
The high quAliT y of our AsseTs hAs us
well positioned To ouT-perforM The coMpeTiTion
in our MArkeTs.
• As a result of our regional focus on markets in
the southeast and southwest, we have a strong
track record of success in capturing new growth
opportunities in a disciplined fashion. We have an
active deal flow and expect to execute on these
opportunities over the next few years as the
weak operating environment continues to create
more stress for over-leveraged properties.
• Our balance sheet is in terrific shape. The
company is well positioned to support steady
recovery from our exist ing properties and
actively pursue new deals as well.
Taken together, these factors work to create a strong
recovery opportunity for MAAC as the overall economy
and employment markets begin to improve.
Austin, Texas
4
3
2
1
0
Austin
National
1.5%
2.5%
3.9%
4.4%
(0.7)%
1.6%
3.2%
2.9%
Employment growth projections:
2010
2011
2012
2013
FFO Per Share/Unit
FFO Per Share/Unit
3
7
.
3
$
9
7
.
3
$
5
5
.
3
$
0
2
.
3
$
3
3
.
3
$
Source: Economy.com
2005
2006
2007
2008
2009
9
letter to shareholders
Our goal is to provide an investment return to share-
holders that outperforms the apartment REIT sector
over the long haul. Importantly, we aim to deliver this
performance with lower levels of volatility and risk than
are inherent in other company strategies. Our strategy
is built around a practice of disciplined capital allocation
and careful underwriting, with a culture and focus
directed at property operations. We like to be out at
the properties and we believe in supporting our on-site
folks in every way we can. While a disciplined strategy,
high-quality properties and superior operating capabili-
ties provide a solid foundation for our performance,
it’s our MAAC associates that work directly with our
residents and those that support our on-site team
members that really make it all come together
Management Team (from left) James Andrew Taylor,
EVP and Director of Asset Management; Albert M. Campbell,
III, EVP and CFO; H. Eric Bolton, Jr., CEO and Chairman of
successfully.
the Board; Thomas L. Grimes, Jr., EVP and Director of
Property Management Operations.
Employment growth projections:
2010
2011
2012
2013
Raleigh
National
0.6%
2.6%
3.9%
3.5%
(0.7)%
1.6%
3.2%
2.9%
Source: Economy.com
MAA
10
raleigh, north carolina
our sTrong bAlAnce sheeT hAs us well positioned
To cApTure groW Th opporTuniTies in The
recovering econoMy.
Though the economy continues to face uncertainty
and a long road to recovery, we believe MAAC remains
well positioned to weather this down cycle. As we
begin to look towards the future, I’m more excited
about our company’s prospects than I’ve ever been in
my sixteen years here at MAAC. The outlook for the
apartment business is bright and we believe our
company is particularly well positioned to capitalize
on the coming recovery.
We take our responsibilities to serve and perform for
our shareholders seriously. Thank you for the trust
you place in our team and for your investment in
Mid-America.
Sincerely,
H. Eric Bolton, Jr.
chairman and ceo
11
letter to shareholders
40
30
20
10
0
-10
2009 finAnciAl highlighTs
Total Annual Investment Returns
1-YEAR
3-YEAR
5-YEAR
10-YEAR
%
3
.
9
3
%
9
.
3
3
%
5
.
6
2
MAA
PEER GROUP AVERAGE
S&P 500
%
2
.
9
%
0
.
2
%
6
.
0
%
8
.
8
%
7
.
1
%
4
.
0
%
8
.
5
1
%
0
.
0
1
%
0
.
1
-
recorD high ffo per shAre of $3.79
yeAr-enD physicAl occupAncy 95.1%
sAMe sTore uniT Turnover 58%
yeAr-enD DebT To gross AsseTs 50%
yeAr-enD fixeD chArge coverAge 2.68 TiMes
MAA
12
finAnciAl highlighTs
(Dollars and shares in thousands, except per share data)
2009
2008
2007
years ended December 31,
Net income attributable to Mid-America Apartment Communities, Inc.
$
37,211
$
30,249
$
39,946
Preferred dividend distribution
12,865
12,865
13,688
Premiums and original issuance costs associated with the redemption
of preferred stock
Net income available for common shareholders
Depreciation of real estate assets
Net casualty (gains) loss and other settlement proceeds
Gains on dispositions within real estate joint ventures
Depreciation of real estate assets of discontinued operations
(Gains) loss on sales of discontinued operations
Depreciation of real estate assets of real estate joint ventures
Net income attributable to noncontrolling interests
—
24,346
94,020
(32)
—
—
(4,649)
970
2,010
—
589
17,384
88,555
247
(38)
706
120
953
1,822
25,669
83,532
(589)
(5,388)
1,517
(9,164)
15
3,510
Funds from operations
$ 116,665
$ 109,749
$
99,102
Weighted average shares, diluted
Net income available for common shareholders, diluted
Weighted average shares and units, diluted
Funds from operations per share and unit, diluted
Dividends paid per share
Real estate owned, at cost
Capital improvements in progress
Investments in and advances to real estate joint ventures
Total debt
Total equity and redeemable stock
Market capitalization (shares and units) (1)
28,348
27,084
25,503
0.85
$
0.64
$
1.01
30,802
29,459
27,943
3.79
$
3.73
$
3.55
2.46
$
2.46
$
2.42
$
$
$
$ 2,732,218
$ 2,552,808
$ 2,343,130
$
$
10,517
8,619
$
$
25,268
6,824
$
$
12,886
168
$ 1,399,596
$ 1,323,056
$ 1,264,620
$ 456,028
$ 444,422
$ 432,398
$ 1,671,036
$ 1,293,145
$ 1,358,100
Number of properties, including joint venture ownership interest (2)
Number of apartment units, including joint venture ownership interest (2)
147
43,604
145
42,554
137
40,248
(1) Market capitalization includes all series of preferred shares (value based on $25 per share liquidation preference) and common shares, regardless of classifica-
tion on balance sheet, and partnership units (value based on common stock equivalency).
(2) Property and apartment unit totals have not been adjusted to exclude properties held for sale.
13
financials
consoliDATeD bAlAnce sheeTs
(Dollars in thousands, except per share data)
Assets:
Real estate assets:
Land
Buildings and improvements
Furniture, fixtures and equipment
Capital improvements in progress
Less accumulated depreciation
Land held for future development
Commercial properties, net
Investments in real estate joint ventures
Real estate assets, net
Cash and cash equivalents
Restricted cash
Deferred financing costs, net
Other assets
Goodwill
Assets held for sale
Total assets
Liabilities and Shareholders’ Equity:
Liabilities:
Notes payable
Accounts payable
Fair market value of interest rate swaps
Accrued expenses and other liabilities
Security deposits
Liabilities associated with assets held for sale
Total liabilities
Redeemable stock
Shareholders’ equity:
Preferred stock, $0.01 par value per share, 20,000,000 shares authorized,
$155,000 or $25 per share liquidation preference;
8.30% Series H Cumulative Redeemable Preferred Stock, 6,200,000 shares
authorized, 6,200,000 shares issued and outstanding
Common stock, $0.01 par value per share, 50,000,000 shares authorized; 29,095,251 and
28,224,708 shares issued and outstanding at December 31, 2009 and 2008, respectively (1)
Additional paid-in capital
Accumulated distributions in excess of net income
Accumulated other comprehensive income
Total Mid-America Apartment Communities, Inc. shareholders’ equity
Noncontrolling interest
Total equity
Total liabilities and equity
December 31,
2009
2008
$ 255,425
$ 240,426
2,364,918
2,198,063
73,975
10,517
65,540
25,268
2,704,835
2,529,297
(788,260)
(694,054)
1,916,575
1,835,243
1,306
8,721
8,619
1,306
7,958
6,824
1,935,221
1,851,331
13,819
561
13,369
19,731
4,106
19
9,426
414
15,681
16,840
4,106
24,157
$ 1,986,826
$ 1,921,955
$ 1,399,596
$ 1,323,056
1,702
51,160
69,528
8,789
1,234
76,961
66,982
8,705
23
595
1,530,798
1,477,533
2,802
1,805
62
290
62
282
988,642
954,127
(510,993)
(464,617)
(47,435)
(72,885)
430,566
22,660
416,969
25,648
453,226
442,617
$ 1,986,826 $ 1,921,955
(1) Number of shares issued and outstanding represent total shares of common stock regardless of classification on the consolidated balance sheet. The number of
shares classified as redeemable stock on the consolidated balance sheet for December 31, 2009, 2008 and 2007, are 58,038, 48,579 and 60,212, respectively.
MAA
14
consoliDATeD sTATeMenTs of operATions
(Dollars in thousands, except per share data)
Operating revenues:
Rental revenues
Other property revenues
Total property revenues
Management fee income
Total operating revenues
Property operating expenses:
Personnel
Building repairs and maintenance
Real estate taxes and insurance
Utilities
Landscaping
Other operating
Depreciation
Total property operating expenses
Acquisition expenses
Property management expenses
General and administrative expenses
Income from continuing operations before non-operating items
Interest and other non-property income
Interest expense
Loss on debt extinguishment
Amortization of deferred financing costs
Incentive fees from real estate joint ventures
Net casualty (loss) gains and other settlement proceeds
Gain (loss) on sale of non-depreciable assets
Income from continuing operations before loss from real estate joint ventures
(Loss) gain from real estate joint ventures
Income from continuing operations
Discontinued operations:
Income from discontinued operations before gain (loss) on sale
Gain (loss) on sale of discontinued operations
Consolidated net income
Net income attributable to noncontrolling interests
Net income attributable to Mid-America Apartment Communities, Inc.
Preferred dividend distributions
Premiums and original issuance costs associated with the
redemption of preferred stock
Net income available for common shareholders
Weighted average shares outstanding (in thousands):
Basic
Effect of dilutive securities
Diluted
Net income available for common shareholders
Discontinued property operations
years ended December 31,
2009
2008
2007
$ 357,008
21,243
$ 352,414
17,391
$ 331,640
15,770
378,251
293
369,805
206
347,410
34
378,544
370,011
347,444
47,633
14,161
45,572
22,334
9,548
20,457
96,019
255,724
950
17,220
11,320
93,330
385
(57,094)
(140)
(2,374)
—
32
15
34,154
(816)
33,338
1,234
4,649
39,221
2,010
37,211
12,865
46,139
13,688
45,652
21,908
9,146
18,777
90,168
245,478
—
16,799
11,837
95,897
509
(62,010)
(116)
(2,307)
—
(247)
(3)
31,723
(844)
30,879
1,312
(120)
32,071
1,822
30,249
12,865
42,102
12,900
42,639
20,009
8,594
16,137
84,789
227,170
—
17,918
10,808
91,548
195
(63,639)
(123)
(2,407)
1,019
589
534
27,716
5,330
33,046
1,246
9,164
43,456
3,510
39,946
13,688
—
—
589
$ 24,346
$ 17,384 $ 25,669
28,341
7
26,943
141
25,296
207
28,348
27,084
25,503
$ 24,346
(5,883)
$ 17,384
(1,192)
$ 25,669
(10,410)
Income from continuing operations available for common shareholders
$ 18,463
$ 16,192 $ 15,259
Earnings per share—basic:
Income from continuing operations available for common shareholders
Discontinued property operations
Net income available for common shareholders
Earnings per share—diluted:
Income from continuing operations available for common shareholders
Discontinued property operations
Net income available for common shareholders
Dividends declared per common share (1)
$
0.65
0.20
$
0.60
0.04
$
0.60
0.41
$
0.85
$
0.64 $
1.01
$
0.65
0.20
$
0.60
0.04
$
0.60
0.41
$
0.85
$
0.64 $
1.01
$ 2.460
$ 2.460
$ 2.430
(1) Beginning in 2006, at their regularly scheduled meetings, the Board of Directors began routinely declaring dividends for payment in the following quarter. This can
result in dividends declared during a calendar year being different from dividends paid during a calendar year. Mid-America paid dividends of $2.46, $2.46 and
$2.42 in 2009, 2008 and 2007, respectively.
15
financials
2009 civic AnD inDusTry AWArDs
MID-AMERICA APARTMENT COMMUNITIES, INC.: BusinessTN Magazine—BusinessTN Best Places to Work in TN (6th year)
MID-AMERICA APARTMENT COMMUNITIES, INC.: The Greater Lexington Apartment Assoc.—Property Management Company of the Year
ABBINGTON PLACE: The City of Huntsville—Beautification Award
ANSLEY VILLAGE: Middle Georgia Apartment Assoc.—Beautification Award (for age group)
BRENTWOOD DOWNS: Nashville Apartment Assoc.—2nd Place Flowers
CALAIS FOREST: Arkansas Apartment Assoc.—Property of the Year (201+ units)
CROSSWINDS: State of MS Apartment Assoc. Awards—Property of the Year (for age group)
CROSSWINDS/ANGELA SNOW: State of MS Apartment Assoc. Awards—Property Manager of the Year
CROSSWINDS/CRYSTAL MCCORMICk: State of MS Apartment Assoc. Awards—Assistant Manager of the Year—State of MS
GEORGETOWN GROVE : Savannah Apartment Assoc.—Landscape Beautification Award
GLENN EVERS: First Coast Apartment Assoc.—Regional Manager of the Year
GRAND RESERVE: Greater Lexington Apartment Assoc.—Service Team of the Year
GRAND RESERVE: Greater Lexington Apartment Assoc.—2nd Place Beautification Award
GRAND RESERVE/MARCUS ALExANDER: Greater Lexington Apartment Assoc.—Groundskeeper of the Year
GRANDE VIEW: Nashville Apartment Assoc.—Best Flowers
GREENBROOk/SAMMY BRADDOCk: Apartment Assoc. of Greater Memphis—Maintenance Tech of the Year (300+ units)
HOWELL COMMONS: Upper State Apartment Assoc.—Best Landscape and Floral Design
kIRBY STATION: Apartment Assoc. of Greater Memphis—Best Landscape (for group)
kIRBY STATION: Apartment Assoc. of Greater Memphis—Renovation Under $1 million
LAkESHORE LANDING: State of MS Apartment Assoc. Awards—Property of the Year (for age group)
LAkESHORE LANDING: Mississippi Multifamily Council—Beautification Showcase Winner (for group)
LAkESIDE: First Coast Apartment Assoc.—Conventional Community of the Year
LAkESIDE/kRIS MILLERSCHONE: First Coast Apartment Assoc.—Maintenance Supervisor of the Year
LAkESIDE/PAUL VAN VLIET: First Coast Apartment Assoc.—Groundskeeper of the Year
OAkS AT WILMINGTON ISLAND: Savannah Apartment Assoc.—Platinum Award Best Overall Landscaping
PARk AT HERMITAGE: Nashville Apartment Assoc.—3rd Place
PARk ESTATE: Apartment Assoc. of Greater Memphis—Best Landscape (for group)
PARk PLACE: Spartanburg Chamber of Commerce—2nd Place
PEAR ORCHARD: Mississippi Multifamily Council—Beautification Showcase Winner (for group)
PRESCOTT: Metro Atlanta Landscape and Turf Assoc.—Distinction award for seasonal color
REFLECTION POINTE: Mississippi Multifamily Council—Best Entrance
RESERVE AT DExTER LAkE: Apartment Assoc. of Greater Memphis—Best Landscape (for group)
RESERVE AT DExTER LAkE: Apartment Assoc. of Greater Memphis—Outstanding Maintenance Team (300+ units)
RESERVE AT DExTER LAkE/TONYA ANDERSON: Apartment Assoc. of Greater Memphis—Leasing Professional of the Year (300+ units)
SILVERADO AT BRUSHY CREEk: PLANET—Environmental Improvement Award
ST. AUGUSTINE: USSC—United States Sign Council—Overall Best of Show
ST. AUGUSTINE/BRIAN CRON: First Coast Apartment Assoc.—Leasing Consultant of the Year
TERRACES AT TOWNE LAkE: Metro Atlanta Landscape and Turf Assoc.—Distinction Award for Seasonal Color
THE COLONY AT SOUTH PARk: The Apartment Assoc. of Greater Augusta—Property of the Year Beautification Award (for age group)
THE CORNERS AT CRYSTAL LAkE/JAMIE CARROL: Triangle Apartment Assoc.—Leasing Professional of the Year
THE CORNERS AT CRYSTAL LAkE/MICHAEL WEAVER: Triangle Apartment Assoc.—Service Technician of the Year
THE FAIRWAYS/TERRY BACkMON: Columbia Apartment Assoc.—Maintenance Supervisor of the Year
THE MANSION/JEFF MCkINNEY: Greater Lexington Apartment Assoc.—Maintenance Supervisor of the Year
THE VILLAGE: Greater Lexington Apartment Assoc.—2nd Place Beautification Award
THE VILLAGE/LANA MARIC: Greater Lexington Apartment Assoc.—Support Manager of the Year
TPC COLUMBIA: Columbia Apartment Assoc.—Property of the Year (for age group)
TPC GREENVILLE: Upper State Apartment Assoc.—Best Landscape and Floral Design
TPC MURFREESBORO: Nashville Apartment Assoc.—1st Place
WOODS OF POST HOUSE: City of Jackson, TN—Civic Pride Award
WOODWINDS: The Apartment Assoc. of Greater Augusta—Property of the Year Beautification Award (for age group)
MAA
16
corporAte inForMAtion
Corporate Headquarters
Mid-America Apartment Communities, Inc.
6584 Poplar Avenue
Memphis, TN 38138
901-682-6600
www.maac.net
Independent Registered
Public Accounting Firm
Ernst & Young LLP, Memphis, TN
General Counsel
Baker, Donelson, Bearman, Caldwell &
Berkowitz, PC, Memphis, TN
Annual Shareholders Meeting
Mid-America Apartment Communities, Inc.
will hold its 2010 Annual Meeting of
Shareholders on Thursday, May 27, 2010,
at 1:00 p.m. CDT at the Reserve at Dexter
Lake apartments in Memphis, TN.
Stock Listings
Mid-America’s stock is listed on the New
York Stock Exchange (NYSE). Our common
stock is traded under the stock symbol
MAA. We have one outstanding series of
publicly traded preferred stock which is
traded under the stock symbol MAA Pr H.
Transfer Agent and Registrar
American Stock Transfer & Trust Company
866-668-6550 shareholder toll-free line
www.amstock.com
Shareholders who have questions about
their accounts or who wish to change own-
ership or address of stock; to report lost,
stolen or destroyed certificates; or wish
to sign up for our dividend reinvestment
plan or direct stock purchase plan should
contact American Stock Transfer & Trust
Company at the share holder service num-
ber listed above or access their account at
the web-site listed above. Limited partners
of Mid-America Apartments, L.P. wishing
to transfer their units or convert units into
shares of common stock of Mid-America
Apartment Communities, Inc. should con-
tact Mid-America directly at the corporate
headquarters.
Annual Report and Form 10-K
A copy of Mid-America’s Annual Report and
Form 10-K for the year ended December 31,
2009, as filed with the Securities and
Exchange Commission (SEC) will be sent
without charge upon written request to the
corporate headquarters address, attention
Investor Relations, and is also available on
the Investor Relations page of our web-site
at www.maac.net. Mid-America’s other SEC
filings as well as our corporate governance
documents are also available.
CEO and CFO Certifications
As is required by Section 303A.12(a) of the
NYSE’s corporate governance standards,
the CEO Certification has been previously
filed without qualification with the NYSE.
Certifications of the CEO and CFO pursuant
to Section 302 of the Sarbanes-Oxley Act
of 2002 have been filed as exhibits to
Mid-America’s Form 10-K.
The Open Arms Foundation
The Open Arms Foundation is Mid-America’s
award-winning corporate charity that pro-
vides fully-furnished, two-bedroom apart-
ment homes free of charge to families
displaced from their own homes by long-
term medical care needs. At the time of
printing of this report, The Open Arms
Foundation was providing 39 homes to
families in medical crisis. In its 16-year
history, the foundation has provided over
2,000 families with 100,000 nights of rest
away from home. To find out more about
The Open Arms Foundation please visit
www.openarmshomes.com
BoArd oF directors
H. Eric Bolton, Jr.
Chief Executive Officer and
Chairman of the Board of Directors
Mid-America Apartment Communities, Inc.
Alan B. Graf, Jr.
Executive Vice President and
Chief Financial Officer
FedEx Corporation
Committees: Audit (chairman)
Major General John S. Grinalds,
USMC (Ret.)
Past President
The Citadel
Committees: Audit
Ralph Horn
Past President, Chief Executive Officer and
Chairman of the Board of Directors
First Horizon National Corporation
Committees: Compensation, Nominating
and Corporate Governance (chairman)
Philip W. Norwood
President and Chief Executive Officer
Faison Enterprises, Inc.
Committees: Compensation (chairman),
Nominating and Corporate Governance
W. Reid Sanders
Managing Partner
Chickasaw Partners
Committees: Audit
William B. Sansom
President, Chief Executive Officer and
Chairman of the Board of Directors
H.T. Hackney Co.
Committees: Compensation, Nominating
and Corporate Governance
Simon R.C. Wadsworth
Past Executive Vice President and
Chief Financial Officer
Mid-America Apartment Communities, Inc.
Designed by Curran & Connors, Inc. / www.curran-connors.com
MAA
Mid-AMericA ApArtMent coMMunities, inc.
6584 Poplar Avenue
Memphis, TN 38138
901-682-6600
www.maac.net
10%
Cert no. SGS-COC-2420