ACCELERATING
PERFORMANCE
MAA / 2011 ANNUAL REPORT
MAA / 2011 ANNUAL REPORT
MAA I s A REAL E sTATE IN vEsTMENT TRU sT T hAT O wNs AN d MANAGE s MULTIFAMILy
APARTMENTs IN ThE sUNbELT REGION OF ThE UNITEd sTATEs. wE hAvE GROwN FROM 5,580
APARTMENT hOMEs AT ThE TIME OF OUR INITIAL PUbLIC OFFERING IN JANUARy 1994 TO
NEARLy 50,000 APARTMENT hOMEs TOdAy, INCLUdING OUR OwNERshIP ThROUGh TwO
JOINT-vENTURE FUNds wITh IN sTITUTIONAL IN vE sTORs. MAA’s COMMON shAREs ARE
TRAdEd ON ThE NEw yORk sTOCk ExChANGE UNdER ThE TICkER syMbOL MAA. MORE
INFORMATION A bOUT MAA MAy bE FOUN d ON OUR w EbsITE AT www. MAAC.COM.
ACCELERATING PERFORMANCE
COVER: HUE
RALEIGH, NORTH CAROLINA
THIS PAGE: BELLA CASITA
DALLAS, TEXAS
MAA / SHAREHOLDER LETTER
OUR APPROACH TO CREATING
VALUE FOR SHAREHOLDERS IS
CENTERED ON AN INVESTMENT
STRATEGY THAT WE BELIEVE WILL
DELIVER THE BEST PERFORMANCE
OVER THE FULL ECONOMIC CYCLE.
To My Fellow Shareholders:
The demand for apartment housing across our Sunbelt mar-
kets continues to grow. Fueled by an increasing number of
young adults choosing to rent their housing needs and enjoy
the amenities and flexibility that apartment living has to
offer, the outlook for the apartment industry is very positive.
The prime renter profile, those between 18 to 34 years of age,
represents one of the fastest growing segments of our popula-
tion. This growth in young households, coupled with a more
rational mortgage financing environment, is expected to gen-
erate a positive leasing environment for apartments over the
next several years.
In addition to capturing the benefits of the strong leasing
environment, we are working to ensure that MAA is posi-
tioned to continue providing strong and steady future per-
formance. As a publicly-owned company with an established
18 year history, we fully understand that the real estate and
capital markets will inevitably cycle again. We continue to
add high-quality new properties that we believe will provide
a strong contribution to our future earnings. We continue to
introduce new technologies and efficiencies to our operating
platform that will help ensure MAA is capturing full value
from the investments we own. We continue to position the
balance sheet for broader and favorable access to the capital
markets to support future growth and financing needs.
In 2011 we accelerated our performance and our team capi-
talized on the favorable market conditions. Our record results
last year were highlighted by:
V Funds from operations per share of $3.98, an all-time high
performance in our 18-year history as a publicly owned
company.
V We achieved strong physical occupancy averaging 95.9%
throughout the year.
V We acquired $387 million of upscale apartment communi-
ties positioning the portfolio for continued earnings growth.
V We started development of two new communities in 2011.
With another project already started in early 2012, our devel-
opment pipeline today totals approximately $150 million.
V Invested $13 million in the renovation and redevelopment of
several of our communities, positioning them for strong
future rent growth.
V We sold $24 million of existing properties capturing strong
pricing and investment returns.
PAGE 01
MAA / SHAREHOLDER LETTER
$45,000
$40,000
$35,000
$30,000
$25,000
$20,000
$15,000
$10,000
$43,156
MAA
INVESTMENT
$31,111
PEER GROUP
INVESTMENT
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
VALUABLE RETURN ON A $10,000 INVESTMENT
(SOURCE: SNL EQUITY RESEARCH)
We believe the results in 2012 will be even better. We com-
pleted a number of important actions last year to further
position MAA for even stronger future performance:
V We secured an initial investment-grade rating of “BBB”
from Fitch Ratings.
V Supported by our investment-grade rating, we successfully
completed our first unsecured issuance of $135 million in
senior unsecured notes.
V We ended the year with net-debt-to-gross assets at a historic
low of 46% and an unencumbered asset pool of 31% of total
gross assets.
V Several new web-based operating services were introduced
during the year to provide more responsive service to residents
and leasing prospects.
Our approach to creating value for shareholders centers on
building a portfolio of apartment real estate investments that
we believe will deliver the best cash flow performance over
the full economic and real estate market cycles. As a REIT
platform, we believe that, over the long haul, shareholders are
best rewarded by a secure and growing dividend through the
“up” cycles as well as through the “down” cycles.
We believe the best way to achieve this performance for
shareholders is to focus our efforts on the Sunbelt markets,
where we expect job growth, household formation trends
and the demand for rental housing will outpace national
trends. This region of the country offers many compelling
reasons for attracting new businesses and manufacturers. To
provide the best full cycle performance profile, we believe it
is also important to diversify investments across both large
and secondary markets within the region. Our objective is to
deliver strong revenue growth during the up cycles, stability
and protection during the down cycles and, as a result, cap-
ture outperformance over the full cycle.
PAGE 02
MAA / SHAREHOLDER LETTER
15.7%
13.8%
10.7%
10.5%
11.4%
11.0%
7.6%
7.0%
2.9%
3.1%
(0.2)%
(0.8)%
5-YR
10-YR
SINCE IPO
5-YR
10-YR
SINCE IPO
5-YR
10-YR
SINCE IPO
5-YR
10-YR
SINCE IPO
S&P 500
SNL US REIT EQUITY
SECTOR AVERAGE
MAA-US
TOTAL ANNUAL SHAREHOLDER RETURNS
(SOURCE: SNL EQUITY RESEARCH)
Our diversified market strategy focused in both large and
secondary markets across the Sunbelt region is unique within
the apartment REIT sector. We believe the region’s long
established record of outperforming national trends in gen-
erating demand for apartment housing more than offsets the
concerns surrounding excessive new apartment construction
or affordable single-family housing.
New apartment construction, at a level significant enough to
materially hinder rent growth performance, is generally
fueled by excessive construction financing. As a result of a
tougher regulatory environment for lending institutions and
disciplined construction financing practices, along with a
significant improvement in the timeliness and availability of
market data and underwriting information necessary to jus-
tify the need for new construction, we expect the delivery of
new apartment supply over the next couple of years to remain
depressed as compared to historical norms. Eventually, when
new development does return at a more robust pace, we
PAGE 03
15.7%
10-YEAR SHAREHOLDER RETURN ANNUALIZED
18yrs.
STABLE AND GROWING DIVIDEND
BBB
INITIAL INVESTMENT GRADE*
*RATING FROM FITCH RATINGS
MAA / SHAREHOLDER LETTER
believe that MAA’s sophisticated operating platform and the
efficiencies from operating almost 50,000 apartments, sup-
ported by experienced and well trained on-site staffs, will
provide MAA with a solid competitive advantage across
our markets.
Likewise, we do not believe the recovery of the single-family
home market is a near term threat. Leading up to the market
collapse in 2008, undisciplined mortgage financing spurred
excessive home buying that ultimately pulled demand away
from apartments. The affordability or pricing of single-
family homes was not the issue. It was the ability of our
renter to secure mortgage financing with very little to no
down payment, and often with income to mortgage payment
ratios that were generally weak. This drove renters into home
ownership at unsustainable and unhealthy levels. We expect
that the hardships created and lessons learned by excessive
mortgage financing will cause more disciplined and rational
lending practices in the future.
With well defined objectives and performance goals, a strat-
egy for value creation that has been tested and proven over
several cycles, and an operating platform and balance sheet
that supports a competitive advantage in the markets where
we deploy shareholders’ capital, we are very optimistic about
the outlook for MAA.
Our company’s success over the past 18 years is a direct
reflection of the hard work and the commitment of our
Associates. Their dedication and desire to exceed the expec-
tations of those we serve provide the differentiation and the
ability for MAA to thrive in a very competitive industry. I
truly appreciate their support, their hard work and their
commitment to serve those folks who depend on MAA.
Very truly yours,
ERIC BOLTON
CHAIRMAN & CEO
PAGE 04
MAA PORTFOLIO
Includes wholly owned and joint venture properties
167
TOTAL COMMUNITIEs
49,133
UNITs
13
sTATEs
AZ
2011 ACQUIsITIONs
UNITS ADDED BY MSA
OH
KY
AR
TN
MS
AL
TX
VA
NC
SC
GA
FL
AL
AR
FL
GA
TN
TX
VA
0
4
2
M
A
H
G
N
I
M
R
I
B
8
4
K 2
C
O
R
E
L
T
T
I
L
4
0
2
E
L
L
I
V
S
E
N
I
A
G
9
7
4
E
L
L
I
V
N
O
S
K
C
A
J
0
0
3
E
E
S
S
A
H
A
L
L
A
T
6
5
2
H
A
N
N
A
V
A
S
0
0
3
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L
L
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V
H
S
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6
5
4
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A
S
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R
2
3
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B
S
K
C
I
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E
D
E
R
F
TATTERSALL AT TAPESTRY PARK
JACKSONVILLE, FLORIDA
MAA / 2011 ANNUAL REPORT
ACCELERATING GROWTH
$387M
ACQUISITIONS
$110M
DEVELOPMENT PIPELINE
10%
AVERAGE IRR ON REDEVELOPMENT
Accelerating performance accretive to shareholder value involves
smartly growing and enhancing our portfolio. At MAA we employ a
variety of growth platforms aligned with this aim primarily through
transaction activity (acquisitions/dispositions), select development
and repositioning of our communities.
In 2011, guided by the experience and research-driven analysis of
our team as well as a strengthened balance sheet, MAA capitalized
on market conditions favoring apartment fundamentals. As part of
our growth strategy to selectively acquire assets in both large and
secondary markets of the Sunbelt region with superior rental growth
expectations, we successfully closed on $387 million of upscale
apartment communities adding 3,355 units in 12 communities to
our wholly owned and joint venture portfolio. Our acquisitions were
highlighted by our entrance into the Richmond and Fredericksburg,
Virginia MSAs.
Also in keeping with our overall strategy to align our portfolio with
our performance goals, we selectively dispose of assets that no longer
meet our ownership criteria. In 2011, we sold two properties located
in Houston and Dallas for combined proceeds of $24 million. At
year end, MAA had entered into sales agreements for two additional
properties, which subsequently sold in the first quarter of 2012.
We continue to expand our portfolio with select new projects. In 2011,
we had three developments underway in Charlotte, Nashville and
Little Rock totaling 950 units with a projected total investment of
$110 million and anticipated completion in 2012. We began a fourth
development in Charleston, South Carolina in the first quarter of 2012.
Our redevelopment program ramped up in 2011. At year end, we
had completed the renovation of 3,118 units at select communities
throughout our portfolio at an average cost of $3,700 per unit and
achieved rental rate increases averaging 10%.
PAGE 01
TATTERSALL AT TAPESTRY PARK
JACKSONVILLE, FLORIDA
MAA / 2011 ANNUAL REPORT
INCREASING RETURNS
$3.98
FFO/PER SHARE IS A RECORD PERFORMANCE
4.4%
YEAR OVER YEAR REVENUE INCREASE
95.9%
AVERAGE PHYSICAL OCCUPANCY
Our advances in growing shareholder value through a portfolio of
high quality properties are further propelled with strong and efficient
operations. In 2011, as the economic outlook and the fundamentals
for apartment leasing brightened, we were ready to move forward.
We achieved successive increases in same store effective rent over
the quarters of 2011. As pricing strengthened, we also maintained
strong average physical occupancy for the year of 95.9%. Turnover
remained at a historic low of 55.9% on an annualized basis. Overall
our same store revenues increased 4.4% for the year ended December
31, 2011 as compared to the same period in 2010. We ended the year
with a record performance, delivering $3.98 in funds from operations
per share.
Our efforts in delivering record results are focused on providing a
superior product to the market place. This starts with a quality
property in the right location within the Sunbelt region. Our award
winning landscapes not only provide beautiful homes for our current
residents, but also create curb appeal which enhances the communities
in which we are located and generates traffic. Our on-site leasing
professionals in partnership with our marketing team successfully
convert this interest into leases. Through disciplined lease approval
and yield management systems we are able to provide for the right
resident at the right price. Our first class maintenance helps us retain
these residents. We also employ customer service surveys and provide
online portals to make communication and responsive service easy
and convenient. Our lease renewal programs are highly automated
maximizing efficiency at the property.
Our efficiencies in operations and our responsiveness to market
conditions have created a competitive advantage in the submarkets
where we compete. We are intently focused on capitalizing on this
advantage to protect and increase the value of each property, gener-
ating superior returns for our shareholders’ capital.
PAGE 03
TIMES SQUARE AT CRAIG RANCH
DALLAS, TEXAS
MAA / 2011 ANNUAL REPORT
THINKING AHEAD
To best equip our professionals to more effectively serve our
customers and to efficiently extract value from our operations, we
continue to implement technological initiatives.
In 2011, we rolled out our STAR Service Program that measures service
performance and resident satisfaction on key customer interactions
through online resident surveys. Properties are rated on a five star
scale that is reflected on property websites.
To more effectively capture and manage leads, we also began
implementation of the Lead2Lease program, a customer relations
management tool aimed at tracking telephone, email and walk-in
leads for more timely response and improved lease conversion rates.
We continue to make use of real time and online systems to optimize
revenues, manage expenses, market to prospective residents and
enhance our residents’ overall experience.
From the lead to the lease to the revenue to the dividend, at the center
of all we do are our people. Our goal is to fully prepare our associates
for the objectives before them by equipping them with the tools that
they need to deliver record results.
Accelerated growth and operational advances are only possible with a
team of committed professionals at every level working together for the
benefit of our residents, our shareholders and each other. We believe an
informed and trained associate is not only more productive but
also empowered to take initiative, to be creative and to think ahead.
A majority of our property leaders are Certified Apartment
Managers, a National Apartment Association designation.
Additionally, we have developed our own in-house 18-month,
3-module leadership development program created with the assistance
of U.S. Learning, Inc. to further advance our Property and Support
Managers’ career objectives.
Our experienced senior management is strong. Many have worked
together for over 14 years. Together they have weathered multiple
market cycles successfully moving our company forward.
Culture is the glue that binds us together and leads us toward our
common goal. As the culmination of over a year’s effort, in February
2012, MA A unveiled our new culture statement entitled
“Our Brighter View”:
MAA is committed to remaining true to our rich tradition of service to
each other, to our residents, and to our shareholders. We respect the
privilege of providing value to those whose lives we touch.
We are proud to be people serving people by…
V Appreciating the uniqueness of each individual
V Communicating openly and with integrity
V Embracing opportunities
V Doing the right thing at the right time for the right reasons.
PAGE 05
ACCELERATING PERFORMANCE
3.8
MAA
3.0
SECTOR
FIXED CHARGE COVERAGE
(SOURCE: COMPANY DATA AND SNL EQUITY RESEARCH)
$2.44B
COMMON EQUITY 60%
$1.65B
DEBT 40%
MAA DEBT TO MARKET CAPITALIZATION 12/31/2011
(SOURCE: COMPANY DATA)
70%
65%
60%
55%
50%
45%
40%
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
DEBT+PREFERRED/GROSS ASSETS
(SOURCE: COMPANY DATA)
PAGE 06
PAGE 06
MAA / 2011 ANNUAL REPORT
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
Total assets
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Liabilities:
Secured notes payable
Unsecured 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:
Common stock, $0.01 par value per share, 50,000,000 shares authorized; 38,959,338 and 34,871,399 shares issued
and outstanding at December 31, 2011 and December 31, 2010, respectively 1
Additional paid-in capital
Accumulated distributions in excess of net income
Accumulated other comprehensive losses
Total MAA shareholders’ equity
Noncontrolling interest
Total equity
Total liabilities and equity
December 31,
2011
December 31,
2010
$ 333,846
2,879,289
92,170
53,790
3,359,095
(961,724)
2,397,371
1,306
8,125
17,006
2,423,808
57,317
1,362
14,680
29,195
4,106
$ 288,890
2,538,205
83,251
11,501
2,921,847
(863,936)
2,057,911
1,306
8,141
17,505
2,084,863
45,942
1,514
13,713
25,910
4,106
$2,530,468
$2,176,048
$1,514,755
135,000
2,091
33,095
91,718
6,310
—
1,782,969
4,037
389
1,375,623
(621,833)
(35,848)
718,331
25,131
743,462
$1,500,193
—
1,815
48,936
73,999
6,693
20
1,631,656
3,764
348
1,142,023
(575,021)
(48,847)
518,503
22,125
540,628
$2,530,468
$2,176,048
(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, 2011 and December 31, 2010 are 65,771 and 62,234, respectively.
PAGE 07
ACCELERATING PERFORMANCE
4.2%
MAA
3.1%
SECTOR
AVERAGE
DIVIDEND YIELD
(SOURCE: SNL EQUITY RESEARCH)
$3.98
$4.50
$4.00
$3.50
$3.00
$2.50
$2.00
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
FFO/SHARE*
*FFO/SHARE FOR 2003 AND 2010 EXCLUDES NON-ROUTINE ITEMS
(SOURCE: COMPANY DATA)
2.30
2.32
2.34
2.34
2.34
2.34
2.35
2.46
2.46
2.46
$2.51
2.42
2.38
2.20
2.14
2.04
2.00
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
ANNUAL CASH DIVIDENDS PAID
(SOURCE: COMPANY DATA)
PAGE 08
MAA / 2011 ANNUAL REPORT
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 and amortization
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
Asset impairment
Net casualty (loss) gains and other settlement proceeds
Gain on sale of non-depreciable or non-real estate assets
Gain on properties contributed to joint ventures
Income from continuing operations before loss from real estate joint ventures
Loss from real estate joint ventures
Income from continuing operations
Discontinued operations:
Income from discontinued operations before gain (loss) on sale
Net casualty loss and other settlement proceeds in discontinued operations
Gain (loss) on sale of discontinued operations
Consolidated net income
Net income attributable to noncontrolling interests
Net income attributable to MAA
Preferred dividend distributions
Premiums and original issuance costs associated with the redemption of preferred stock
Years ended December 31,
2010
2009
2011
$ 410,581
37,394
$ 365,754
31,571
$ 353,129
20,943
447,975
1,017
448,992
54,597
15,750
50,924
26,774
10,807
32,664
115,605
307,121
3,319
20,700
18,123
99,729
574
(58,612)
(755)
(2,902)
—
(619)
910
—
38,325
(593)
37,732
712
(12)
12,799
51,231
2,410
48,821
—
—
397,325
680
398,005
50,723
14,922
45,362
24,122
10,019
27,230
103,088
275,466
2,512
18,035
12,354
89,638
837
(55,895)
—
(2,627)
(1,914)
330
—
752
31,121
(1,149)
29,972
905
—
(2)
30,875
1,114
29,761
6,549
5,149
374,072
293
374,365
47,003
13,942
45,046
22,002
9,441
20,128
95,078
252,640
950
17,220
11,320
92,235
385
(56,994)
(140)
(2,374)
—
32
15
—
33,159
(816)
32,343
2,229
—
4,649
39,221
2,010
37,211
12,865
—
Net income available for common shareholders
$ 48,821
$ 18,063
$ 24,346
Earnings per common 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
$
$
$
$
0.95
0.37
1.32
0.97
0.34
1.31
$
$
$
$
0.54
0.03
0.57
0.54
0.02
0.56
$
$
$
$
0.61
0.24
0.85
0.61
0.24
0.85
$ 2.5425
$ 2.4725
$ 2.4600
PAGE 09
ACCELERATING PERFORMANCE
FINANCIAL HIGHLIGHTS
(Dollars and shares in thousands, except per share data)
Net income attributable to MAA
Preferred dividend distribution
Premiums and original issuance costs associated with the redemption of preferred stock
Net income available for common shareholders
Depreciation and amortization of real estate assets
Asset impairment
Net casualty (gains) loss and other settlement proceeds
Gain on properties contributed to joint ventures
Net casualty loss on insurance and other settlement proceeds of discontinued operations
Loss (gains) on sales of discontinued operations
Depreciation and amortization of real estate assets of discontinued operations
Depreciation and amortization of real estate assets of real estate joint ventures
Net income attributable to noncontrolling interests
Funds from operations
Non-routine items:
Premiums and original issuance costs associated with the redemption of preferred stock
Funds from operations before non-routine items
(1) In accordance with NAREIT’s current guidance, FFO has been updated to exclude asset impairment write downs.
Weighted average shares, diluted
Net income per share available for common shareholders, diluted
Weighted average shares and units, diluted
Funds from operations per share and unit, diluted
Funds from operations before non-routine items per share and unit, diluted
Dividends paid per share
Real estate owned, at cost
Capital improvements in progress
Investments in real estate joint ventures
Total debt
Shareholders’ equity, redeemable stock and minority interest
Market capitalization (shares and units) 2
Number of properties, including joint venture ownership interest
Number of apartment units, including joint venture ownership interest
Years ended December 31,
20101
2009
2011
$
48,821
—
—
$
29,761
6,549
5,149
$
48,821
113,395
—
619
—
12
(12,799)
822
2,262
2,410
18,063
101,024
1,914
(330)
(752)
—
2
976
1,896
1,114
37,211
12,865
—
24,346
93,079
—
(32)
—
—
(4,649)
941
970
2,010
$ 155,542
$ 123,907
$ 116,665
—
5,149
—
$ 155,542
$ 129,056
$ 116,665
$
39,086
1.31
39,087
3.98
$
3.98
$
$
2.51
$3,396,934
53,790
$
$
17,006
$1,649,755
$ 747,499
$2,558,107
167
49,133
$
31,977
0.56
34,219
3.62
$
3.77
$
$
2.46
$2,958,765
11,501
$
$
17,505
$1,500,193
$ 544,392
$2,353,115
157
46,310
$
28,417
0.85
30,802
3.79
$
3.79
$
$
2.46
$ 2,707,300
10,517
$
$
8,619
$1,399,596
$ 456,028
$1,671,036
147
43,604
(2) Market capitalization includes all series of preferred shares (value based on $25 per share liquidation preference) and common shares, regardless of classification on balance sheet, and partnership units
(value based on common stock equivalency).
PAGE 10
shAREhOLdER INFORMATION
CORPORATE hEAdQUARTERs
MAA
6584 Poplar Avenue
Memphis, TN 38138
901-682-6600
www.maac.com
GENERAL COUNsEL
Baker, Donelson, Bearman, Caldwell &
Berkowitz, PC, Memphis, TN
INdEPENdENT REGIsTEREd PUbLIC
ACCOUNTING FIRM
Ernst & Young LLP, Memphis, TN
ANNUAL MEETING
MAA will hold its 2012 Annual Meeting of
Shareholders on Thursday, May 24, 2012 at
11:00 a.m. CDT at their corporate head-
quarters located in Memphis, TN.
sTOCk LIsTING
MAA’s common stock is listed on the New
York Stock Exchange (NYSE) and is traded
under the stock symbol MAA.
TRANsFER AGENT ANd REGIsTRAR
American Stock Transfer & Trust Company
800-937-5449 or www.amstock.com
REGIsTEREd shAREhOLdERs who
have questions about their accounts or
who wish to change ownership or address of
stock; to report lost, stolen or destroyed cer-
tificates; or wish to enroll in our dividend
reinvestment plan or direct stock purchase
program should contact American Stock
Transfer & Trust Company at the shareholder
service number listed to the left or access their
account at the website listed to the left.
bENEFICIAL OwNERs who own shares
held in “street name” should contact their
broker or bank for all questions.
LIMITEd PARTNER s of Mid-America
Apartments, L.P. wishing to transfer their
units or convert units into shares of common
stock of MAA should contact MAA directly
at the corporate headquarters.
ANNUAL REPORT ANd FORM 10-k
A copy of MAA’s Annual Report and Form
10-K for the year ended December 31, 2011,
as filed with the Securities and Exchange
Commission (SEC) will be sent without
charge upon written request. Please address
requests to the corporate headquarters,
attention Investor Relations or email your
request to investor.relations@maac.com.
MAA SEC filings as well as corporate gover-
nance documents are on the For Investors
page of our website at www.maac.com.
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 MAA’s
Form 10-K.
ThE OPEN ARMs FOUNdATION
The Open Arms Foundation is MAA’s
award-winning corporate charity that
provides fully-furnished, two-bedroom
apartment homes free of charge to families
displaced from their own homes while seek-
ing medical treatment. In addition to rent,
The Open Arms Foundation also pays for
basic utilities including electricity/gas, phone,
cable and internet. At the time of printing of
this report, The Open Arms Foundation was
providing 41 homes to families in medical
crisis across 11 states. In its 18-year history,
the foundation has provided nearly 2,300
families with over 126,000 nights of rest
away from home. To find out more about
The Open Arms Foundation please visit
www.maac.com.
bOARd OF dIRECTORs
h. ERIC bOLTON, JR.
Chief Executive Officer and
Chairman of the Board of Directors
MAA
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
MAA
6584 POPLAR AvENUE
MEMPhIs, TN 38138
www.MAAC.COM