THE VALUE OF... 2 0 1 4 A N N U A L R E P O R T O N C O V E R : 2 0 14 A C Q U I S I T I O N H I G H L A N D S O F W E S T V I L L A G E / AT L A N TA , G A M A A — 2 0 1 4 A N N U A L R E P O R T THE VALUE OF OUR SERVICE At MAA, the bedrock of our operation is a culture based on servant leadership with a goal of delivering superior service and value creation to our residents, to our shareholders and to each other. For our residents, this means providing outstanding communities that they are proud to call home and ensuring responsive action when needs arise. For our shareholders, it is being a good steward of our resources through disciplined capital deployment, financial strength and solid returns. And for our employees, it is equipping them to do the best job possible through ongoing training, the latest technology and proven systems and rewarding hard work with competitive compensation packages, recognition programs and opportuni- ties for growth. Service to our stakeholders drives us each year to improve and the strong results for 2014 support this. MAA is a real estate investment trust (REIT) that acquires, owns and operates apartment communities in the Sunbelt region of the United States. At December 31, 2014, MAA had ownership interest in and operated 82,316 units in 268 communities in 14 states. MAA’s common shares are traded on the New York Stock Exchange under the ticker symbol MAA. For more information about MAA, please visit www.maac.com. pages T W O / T H R E E C I T Y S C A P E AT M A R K E T C E N T E R / D A L L A S , T X 2 0 14 A C Q U I S I T I O N M A A — 2 0 1 4 A N N U A L R E P O R T THE VALUE OF OPERATIONAL STRENGTH Maintaining a superior resident experience is at the heart of our operations. Our properties are well located and balanced across both suburban and inner loop locations in growth markets throughout the Sunbelt region. Our properties are young—our portfolio age averages only 13.6 years. Our properties are attractive, exceptionally maintained and cater to the lifestyles of our residents—they are loaded with curb appeal and high-end amenities. But most importantly, our properties are communities. We never lose sight that we are home to over 80,000 people. Our operations platform is built on our dedication to providing value and service excellence to each of these residents. As a result, MAA’s online reputation ranked first of 11 public multifamily REITs included in J Turner Research’s ORA© Power Rankings. Achieving this milestone is no accident. We have assembled the brightest group of experienced apartment real estate professionals—our average tenure of VP level and above is 11 years with an average of 15 years of experience in their field. We employ practices that we’ve fine-tuned over the past 21 years, while utilizing the latest technologies from customer engagement to revenue and expense management in order to drive efficiencies and reduce turnover. We go where the people are— online. Prospective residents can browse apartments and apply online on their PC or mobile device and then manage their accounts and make requests through their resident portal at myMAA.com. We work smarter and stay connected to maintain our advantage in the markets we operate. As a result, in 2014, we had over 50,000 new residents move into MAA communities, resident turnover remained at historic low levels at 54% and MAA captured a record high performance in Core Funds from Operations of $4.99 per share. p a g e s F O U R / F I V E H I G H L A N D S O F W E S T V I L L A G E / AT L A N TA , G A 2 0 14 A C Q U I S I T I O N M A A — 2 0 1 4 A N N U A L R E P O R T p a g e s S I X / S E V E N C I T Y S C A P E AT M A R K E T C E N T E R / D A L L A S , T X 2 0 14 A C Q U I S I T I O N M A A — 2 0 1 4 A N N U A L R E P O R T THE VALUE OF EXTERNAL GROWTH MAA is committed to growing value for our stakeholders in a thoughtful and disciplined manner. With a focus on optimizing superior long-term performance over full market cycles, we seek to opportunistically deploy capital across the high-growth Sunbelt region in both large and secondary markets. Our long-established relationships and strong record of performance with regional brokers, developers and owners ensures a preferred status allowing us to quickly close on deals that meet our investment hurdles and divestment goals. In an increasingly competitive transaction environment, this is an important advantage. During the year, we completed the disposition of 8 properties, 3,063 units, for total proceeds of $158 million and additionally disposed of our interest in 2 joint venture properties with a total of 582 units for $9 million. We were able to recycle this capital by successfully acquiring 5 multifamily communities totaling $310 million and 1,836 units. We also purchased our partner’s interests in 3 joint venture communities for a com- bined $60 million (total units of 862). This recycling effort replaced properties averaging 30 years in age with properties averaging only 3 years. We also continue to strategically invest in development projects primarily through the pre-purchase of communities to be built or expansion of existing communities. During 2014, we successfully leased up 4 newly developed communities totaling 1,198 units. At year end, 2 new multifamily construction projects were ongoing—a 294 unit urban in-fill project located in Jacksonville, Florida and a 220 unit Phase II construction in Nashville, Tennessee. Additional growth opportunities continue to be captured through our redevelopment program. Our unique approach of redeveloping units at the time of resident move-out results in minimized downtime and provides a side by side evaluation of the effectiveness of the program by comparing price premiums of redeveloped units against standard units. In 2014, our redevelopment of 4,549 units at an average cost of $3,649 per unit resulted in an average rent increase of 9.3% above non-renovated units capturing a very attractive return on invested capital. p a g e s E I G H T / N I N E 2 0 14 P H A S E I I I D E V E L O P M E N T C O L O N I A L G R A N D AT L A K E M A R Y / O R L A N D O , F L M A A — 2 0 1 4 A N N U A L R E P O R T THE VALUE OF FINANCIAL DISCIPLINE Over the past several years, we have worked on a number of initiatives aimed at strengthening our balance sheet—we decreased our leverage, increased our fixed charge coverage and became fully investment grade rated. This strengthened position allows us to better weather economic cycles and provides greater access to capital markets. Utilizing this enhanced flexibility enables us to make superior investment decisions fully executing our recycling efforts and resulting in a stronger portfolio with greater earning potential. Ultimately, our strong balance sheet productivity provides us with the ability to offer a strong and growing dividend and greater returns for our shareholders. At year end, we paid our 83rd consecutive cash dividend at an annual rate of $2.92—a 5.4% increase over prior year and delivered a 12 month total shareholder return of 28.4%. p a g e s T E N / E L E V E N 2 0 14 P H A S E I I I D E V E L O P M E N T C O L O N I A L G R A N D AT L A K E M A R Y / O R L A N D O , F L M A A — 2 0 1 4 A N N U A L R E P O R T FULL REAL ESTATE CYCLE PORTFOLIO STRATEGY DIVERSIFYING INVESTMENT CAPITAL ACROSS THE HIGH-GROWTH SUNBELT REGION, IN BOTH LARGE AND SECONDARY MARKETS, SUPPORTS SUPERIOR PERFORMANCE OVER THE FULL REAL ESTATE CYCLE. L A R G E M A R K E T S S E C O N D A R Y M A R K E T S * *NOTE: Same store markets with >1.3% NOI shown. pages T W E L V E / T H I R T E E N 82,316 U NI T S 268 C O MM U NI T IE S 14 S TAT E S T O P 10 L A R G E M A R K E T S Atlanta, GA Austin, TX Raleigh/Durham, NC Fort Worth, TX Charlotte, NC Dallas, TX Nashville, TN Tampa, FL Orlando, FL Houston, TX % O F T O TA L 2 0 14 S A M E S T O R E N O I 7.6% 7.5% 7.0% 6.0% 6.0% 5.4% 4.9% 4.2% 3.8% 3.1% 60.1% of total1 T O P 10 S E C O N D A R Y M A R K E T S % O F T O TA L 2 0 14 S A M E S T O R E N O I Jacksonville, FL Charleston, SC Savannah, GA Richmond, VA Memphis, TN Birmingham, AL Greenville, SC San Antonio, TX Huntsville, AL Norfolk/Hampton/Virginia Beach, VA 4.3% 3.4% 3.3% 2.5% 2.3% 2.1% 1.9% 1.7% 1.6% 1.5% 39.9% of total2 1Not listed, large markets comprising 4.6% of total same store NOI. 2Not listed, secondary markets comprising 15.3% of total same store NOI. M A A — 2 0 1 4 A N N U A L R E P O R T STRONG JOB GROWTH IN MAA MARKETS SUPPORTS CONTINUED FAVORABLE LEASING TRENDS 2.8% 2.2% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0 2.9% 3.0% NATIONAL AVERAGE MAA MARKETS 2015F 2016F 2 0 14 J O B G R O W T H Source: Bureau of Labor Statistics pages F O U R T E E N / F I F T E E N P R O J E C T E D J O B G R O W T H Source: Moody’s Economy.com M A A M A R K E T S C I T Y S C A P E AT M A R K E T C E N T E R / D A L L A S , T X 2 0 14 A C Q U I S I T I O N M A A — 2 0 1 4 A N N U A L R E P O R T pages S I X T E E N / S E V E N T E E N WE HAD A VERY BUSY AND PRODUCTIVE YEAR IN 2014. T O M Y F E L L O W S H A R E H O L D E R S , As we closed on our merger with Colonial Properties Trust, the MAA team was heavily focused on the conversion and integration activities associated with combining the two com panies, while also remaining focused on delivering superior service to our residents and strong performance for our shareholders. The result—all merger and integration activities were successfully completed and MAA generated Core FFO per share of $4.99 in 2014, an all-time high performance for our company. It was a terrific year of progress and strong performance. V A L U E I N E X P E R I E N C E NAME Seated TITLE H. Eric Bolton, Jr. Chairman and Chief Executive Officer Standing from Left to Right Leslie B.C. Wolfgang Robert J. DelPriore Melanie M. Carpenter Thomas L. Grimes, Jr. Edward T. Wright Albert M. Campbell, III Thomas G. Cowens Donald G. Aldridge SVP, Chief Ethics and Compliance Officer and Corporate Secretary EVP, General Counsel SVP, Director of Human Resources EVP, Chief Operations Officer EVP, Director of New Development EVP, Chief Financial Officer EVP, Transactions Director of Transactions MAA SERVICE 21 years 15 years 20 years 15 years 20 years 18 years 17 years 7 years 21 years M A A — 2 0 1 4 A N N U A L R E P O R T Upon closing the merger, we initially focused on various system con versions, on retooling a number of operational processes and on the many activities required to position the newly consolidated operating platform for effective execution during the busy summer leasing season. Through introducing enhanced asset management practices, coupled with the benefits surround- ing the expanded scale of our operating platform, the value generated by the merger became increasingly evident as the year progressed. For the full year, the MAA team captured an 80 basis point increase in the operating margin on the legacy Colonial property portfolio and a 30 basis point increase in the operating margin on the legacy MAA portfolio. By incorpo- rating best practices from both companies and taking advantage of our increased scale, we clearly raised the performance bar for MAA. In addition to the accomplishments in improving and strengthening the operating platform, we also made significant progress in leasing the $360 million new development and lease-up pipeline that was carried on our balance sheet at the beginning of the year. By year-end, our teams fully stabilized and leased 83% of these newly built apartment homes. We expect these new investments to provide solid earnings and cash flow contribu- tions for many years to come. Our redevelopment program also made progress during the year by reno- vating 4,549 apartment homes, a significant increase from the 2,592 homes redeveloped during 2013. In 2014, these renovated units captured an average incremental increase in rents of 9.3% on top of the normal market level rent growth. During the year we sold $96 million of commercial properties that were acquired as part of the merger. The funds generated from these sales, along with funds generated from the sale of $158 million of older apartment properties, were reinvested in the acquisition of $370 million of newer apartment communities. We expect this capital recycling effort will provide both steady improvement in the quality of our apartment real estate and generate higher growth in cash flow on this reinvested capital. And finally, during 2014 we further strengthened our balance sheet with an expanded presence in the publicly-traded bond market through our second public bond offering of $400 million. This offering increased our unencumbered asset base to 67% of our total asset base and further bolstered earnings coverage ratios. pages E I G H T E E N / N I N E T E E N At the time we announced our merger we identified a number of value propositions that we believed would come from merging MAA and Colonial. As we wrapped up a number of retooling and conversion activities during the first half of the year, the improvement in operating margin from the consolidated portfolio became increasingly evident as net operating income performance accelerated over the back half of the year. By the end of 2014, the various general & administrative expense synergies that we expected from the merger were also being fully realized. As we continue our efforts surrounding capital recycling and repositioning the portfolio towards a more robust earnings profile, we are confident that the antici- pated overall benefits and value creation opportunities surrounding our merger transaction will be fully captured. The apartment business remains in a strong position with expectations that the demand for apartment housing will continue to grow. Favorable demo- graphics associated with the growth of the Millennial Generation, which has a much higher propensity to rent their housing, coupled with a steady improvement in the employment markets, fuels this growing demand. While new apartment construction continues at a brisk pace, growing demand continues to provide net positive market absorption. We continue to believe in the merits of focusing our investment and operating activities across the high-growth Sunbelt markets of the southeast and southwest United States. This strong growth region, coupled with our now larger operating platform, provides MAA a unique ability to drive attractive long-term investment returns for shareholder capital. I want to express my deep appreciation and admiration to all of our MAA associates who invest so much of their time, energy and passion into serving our residents and shareholders. Our success over the past year is a meaning- ful statement of their professionalism and capabilities. Additionally, I want to thank our board of directors for their wise counsel and oversight during this past year. I’m excited with the progress that we’ve made. 2014 was indeed a busy year and much was accomplished. With our combined operating platform positioned to perform at a high level, with our investment-grade balance sheet in a very strong position, and with our portfolio of high-quality apartment real estate well diversified and balanced across the high growth Sunbelt region, our MAA team expects to generate even higher value for our residents and shareholders in 2015 and beyond. Thank you for your support and trust in our team and company. H. Eric Bolton, Jr. Chairman and Chief Executive Officer M A A — 2 0 1 4 A N N U A L R E P O R T RETURN ON INVESTMENT VALUE OF $10,000 INVESTMENT AT DECEMBER 31 $84,000 $72,000 $60,000 $48,000 $36,000 $24,000 $12,000 $0 1999 2000 2001 2002 2003 2004 2005 2006 M A A I N V E S T M E N T P E E R G R O U P I N V E S T M E N T * S N L U S R E I T E Q U I T Y S & P 5 0 0 pages T W E N T Y / T W E N T Y - O N E $82,725 $69,976 $62,723 $18,648 2007 2008 2009 2010 2011 2012 2013 2014 *Peer Group includes: AEC, AIV, AVB, CPT, EQR, ESS, HME, PPS and UDR. Source: SNL Equity Research M A A — 2 0 1 4 A N N U A L R E P O R T 83 CONSECUTIVE CASH DIVIDENDS PAID $2.32 $2.34 $2.34 $2.34 $2.34 $2.35 $2.38 $2.42 $2.46 $2.46 $2.46 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 A N N U A L C A S H D I V I D E N D S PA I D Source: Company Data pages T W E N T Y - T W O / T W E N T Y - T H R E E F I N A N C I A L H I G H L I G H T S (Dollars and shares in thousands, except per share data) 2014 2013 2012 Years ended December 31, Net income available for common shareholders Depreciation and amortization of real estate assets Depreciation and amortization of real estate assets of discontinued operations Gain on sale of discontinued operations Gain on sale of depreciable real estate assets excluded from discontinued operations Gain on disposition within unconsolidated entities Depreciation and amortization of real estate assets of real estate joint ventures Net income attributable to noncontrolling interests $2.92 $2.78 Funds from operations Acquisition expense Merger related expenses Integration related expenses Gain on sale of non-depreciable real estate assets Mark-to-market debt adjustment Loss on debt extinguishment $ 147,980 299,421 42 (5,394) (42,649) (4,007)(1) 397 8,297 404,087 2,388 3,152 8,395 (350) (25,079) 3,126(2) $ 115,281 184,857 2,703 (76,844) — — 1,030 3,998 231,025 1,393 32,403 5,102 — (7,992) 426 $ 105,223 118,835 7,398 (41,635) — — 1,886 4,602 196,309 1,581 — — (45) (767) 654 Core funds from operations $ 395,719 $ 262,357 $ 197,732 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 Core funds from operations per share and unit, diluted Dividends paid per share Real estate owned, at cost Development and capital improvements in progress Investments in real estate joint ventures Total debt Shareholders’ equity, redeemable stock and minority interest Market capitalization (shares and units)(3) Number of multifamily properties, including joint venture ownership interest Number of multifamily apartment units, including joint venture ownership interest $ 74,982 1.97 79,370 5.09 $ 4.99 $ 2.92 $ $ 8,037,498 80,772 $ $ 1,791 $ 3,524,515 $ 3,057,722 $ 5,933,985 268 82,316 $ 53,116 2.25 53,108 4.35 $ 4.94 $ 2.78 $ $ 7,694,618 $ 166,048 $ 5,499 $ 3,472,718 $ 3,118,587 $ 4,801,990 275 83,641 $ 42,937 2.56 42,911 4.57 $ 4.61 $ 2.64 $ $ 3,734,544 52,455 $ $ 4,837 $ 1,673,848 $ 949,823 $ 2,852,113 166 49,591 (1) Gain on disposition within unconsolidated entities excludes the promote fee recognized with the final liquidation of Mid-America Multifamily Fund II (Fund II) (2) The loss on debt extinguishment for the year ended December 31, 2014 includes MAA’s share of debt extinguishment costs incurred by our joint venture, Mid- America Multifamily Fund II. (3) Market capitalization includes common shares, regardless of classification on balance sheet, and partnership units (value based on common stock equivalency). $2.64 $2.51 2011 2012 2013 2014 M A A — 2 0 1 4 A N N U A L R E P O R T A SOUND FINANCIAL STRATEGY IMPROVING BALANCE SHEET METRICS ENABLED MAA TO BECOME INVESTMENT GRADE RATED IN 2013 AND ENTER THE PUBLIC BOND MARKET. AS A RESULT OF OUR 2014 BOND OFFERING, AT YEAR END WE HAD IN EXCESS OF $1 BILLION IN PUBLIC DEBT OUTSTANDING. 4.0x 3.4x 66.9% 70% 60% 50% 40% 30% 20% 10% 0 14.9% 4.2 3.6 3.0 2.4 1.8 1.2 0.6 0 2010 2014 2010 2014 U N E N C U M B E R E D A S S E T S T O G R O S S R E A L E S TAT E A S S E T S At December 31 F I X E D C H A R G E C O V E R A G E At December 31 pages T W E N T Y - F O U R / T W E N T Y - F I V E C O N S O L I D AT E D B A L A N C E S H E E T S Dollars in thousands, except per share data A S S E T S : Real estate assets: Land Buildings and improvements Furniture, fixtures and equipment Development and capital improvements in progress Less accumulated depreciation Undeveloped land Corporate 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 L I A B I L I T I E S A N D S H A R E H O L D E R S ’ E Q U I T Y : Liabilities: Secured notes payable Unsecured notes payable Accounts payable Fair market value of interest rate swaps Accrued expenses and other liabilities Security deposits Total liabilities Redeemable stock Shareholders’ equity: Common stock, $0.01 par value per share, 100,000,000 shares authorized; 75,267,675 and 74,830,726 shares issued and outstanding at December 31, 2014 and 2013, respectively(1) Additional paid-in capital Accumulated distributions in excess of net income Accumulated other comprehensive income (losses) Total MAA shareholders’ equity Noncontrolling interest Total equity Total liabilities and equity December 31, 2014 2013 $ 907,598 6,763,978 212,850 80,772 $ 871,316 6,366,701 199,573 166,048 7,965,198 (1,358,399) 7,603,638 (1,124,207) 6,606,799 47,242 7,988 1,791 6,663,820 25,401 28,181 17,812 57,041 2,321 36,452 6,479,431 63,850 7,523 5,499 6,556,303 89,333 44,361 17,424 91,637 4,106 38,761 $ 6,831,028 $ 6,841,925 $ 1,592,116 1,932,399 8,395 13,392 216,478 10,526 3,773,306 5,911 $ 1,790,935 1,681,783 15,067 20,015 206,268 9,270 3,723,338 5,050 752 3,619,270 (729,086) (412) 2,890,524 161,287 747 3,599,549 (653,593) 108 2,946,811 166,726 3,051,811 3,113,537 $ 6,831,028 $ 6,841,925 (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, 2014 and December 31, 2013 are 87,818 and 83,139 respectively. $5.93B C O M M O N E Q U I T Y 6 3 % $3.52B D E B T 3 7 % M A A T O TA L C A P I TA L I Z AT I O N * 12 / 3 1/ 2 0 14 *Total Capitalization equals the total number of shares of common stock and units at period end times the closing stock price plus total debt outstanding. STANDARD & POOR’S RATINGS SERVICES1 MOODY’S INVESTORS SERVICE2 FITCH RATINGS1 BBB Baa2 BBB STABLE STABLE POSITIVE C R E D I T R AT I N G S 1 Mid-America Apartments Communities, Inc. and Mid-America Apartments L.P. 2 Mid-America Apartments L.P. Only M A A — 2 0 1 4 A N N U A L R E P O R T SUPERIOR LONG-TERM PERFORMANCE STRONG LONG-TERM FFO GROWTH AVERAGE OF 5% STRONGER LONG-TERM AFFO GROWTH AVERAGE OF 6% $4.99 $4.94 $4.61 $4.33 $4.28 $3.98 $3.99 $3.73 $3.79 $3.77 $3.55 $3.20 $3.33 $3.30 $2.91 $2.99 $3.08 $3.09 $2.55 $2.59 $5.50 $5.00 $4.50 $4.00 $3.50 $3.00 $2.50 $2.00 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 A F F O / S H A R E 1 F F O / S H A R E 2 12010 AFFO/Share excludes non-routine and non-cash charges; 2012–2014 represents Core AFFO/Share. Core AFFO/Share is composed of Core FFO less recurring capital expenditures. 22010 FFO/Share excludes non-routine and non-cash charges; 2012–2014 represents Core FFO/Share. Core FFO/Share represents FFO excluding certain non-cash or non-routine items such as acquisition, merger and integration expenses, mark-to-market debt adjustments, loss or gain on debt extinguishment, and loss or gain on sale of non-depreciable assets. pages T W E N T Y - S I X / T W E N T Y - S E V E N TOTAL ANNUAL SHAREHOLDER RETURNS 11. 3 % 10 . 8 % 8 . 8 % 7.7 % 10 –Y E A R 15 .1% 13 . 5 % 13 . 0 % 4 . 2 % 15 –Y E A R 13 . 3 % 11. 3 %* 11. 3 % 9. 3 % M A A - U S M U LT I F A M I LY P E E R S S N L U S R E I T E Q U I T Y S & P 5 0 0 M A A - U S M U LT I F A M I LY P E E R S S N L U S R E I T E Q U I T Y S & P 5 0 0 M A A - U S M U LT I F A M I LY P E E R S S N L U S R E I T E Q U I T Y S & P 5 0 0 S I N C E I P O *Multifamily TSR average at IPO includes only those companies public at MAA’s IPO date of January 28, 1994. Source: SNL Equity Research C O N S O L I D AT E D S TAT E M E N T S O F O P E R AT I O N S 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 Merger related expenses Integration related expenses Income from continuing operations before non-operating items Interest and other non-property income Interest expense Loss on debt extinguishment/modification Amortization of deferred financing costs Net casualty loss after insurance and other settlement proceeds Gain on sale of depreciable real estate assets excluded from discontinued operations Gain on sale of non-depreciable real estate assets Income before income tax expense Income tax expense Income from continuing operations before joint venture activity Gain (loss) from real estate joint ventures Income from continuing operations Discontinued operations: Income from discontinued operations before gain on sale Net casualty gain after insurance and other settlement proceeds on discontinued operations Gain on sale of discontinued operations Consolidated net income Net income attributable to noncontrolling interests Year ended December 31, 2014 2013 2012 $ 899,124 90,003 989,127 169 $ 580,207 53,880 634,087 647 $ 436,658 38,331 474,989 899 989,296 634,734 475,888 101,550 29,313 122,920 55,245 19,889 63,412 301,811 694,140 2,388 32,095 20,909 3,152 8,395 228,217 908 (119,464) (2,586) (4,489) (476) 42,649 350 145,109 (2,050) 143,059 6,009 149,068 1,815 — 5,394 156,277 8,297 68,246 19,439 76,771 34,085 13,245 41,528 186,979 440,293 1,393 23,083 15,569 32,403 5,102 116,891 488 (75,915) (426) (3,063) (143) — — 37,832 (893) 36,939 338 37,277 54,355 15,029 55,024 25,941 10,447 33,353 121,211 315,360 1,581 21,281 13,762 — — 123,904 430 (57,937) (654) (3,552) (6) — 45 62,230 (803) 61,427 (223) 61,204 5,065 6,938 93 76,844 119,279 3,998 48 41,635 109,825 4,602 Net income available for MAA common shareholders $ 147,980 $ 115,281 $ 105,223 Earnings per common share—basic: Income from continuing operations available for common shareholders Discontinued property operations Net income available for common shareholders Earnings per common share—diluted: Income from continuing operations available for common shareholders Discontinued property operations Net income available for common shareholders $ $ $ $ 1.88 0.09 1.97 1.88 0.09 1.97 $ 0.71 1.56 $ 1.43 1.13 $ 2.27 $ 2.56 $ 0.70 1.55 $ 1.43 1.13 $ 2.25 $ 2.56 M A A — 2 0 1 4 A N N U A L R E P O R T page T W E N T Y - E I G H T A L L U R E I N B U C K H E A D V I L L A G E / AT L A N TA , G A 2 0 14 R E D E V E L O P M E N T S H A R E H O L D E R I N F O R M AT I O N C O R P O R AT E H E A D Q U A R T E R S MAA 6584 Poplar Avenue Memphis, TN 38138 901-682-6600 www.maac.com G E N E R A L C O U N S E L Baker, Donelson, Bearman, Caldwell & Berkowitz, PC, Memphis, TN I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M Ernst & Young LLP, Memphis, TN A N N U A L S H A R E H O L D E R S M E E T I N G MAA will hold its 2015 Annual Meeting of Shareholders on Tuesday, May 19, 2015 at 11:00 a.m. CDT at their corporate headquarters located in Memphis, TN. S T O C K L I S T I N G MAA’s common stock is listed on the New York Stock Exchange (NYSE) and is traded under the stock symbol MAA. S E C F I L I N G S MAA’s filings with the Securities and Exchange Commission are filed under the registrant names of Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P. B O A R D O F D I R E C T O R S H . E R I C B O LT O N , J R . Chairman of the Board of Directors and Chief Executive Officer MAA Committee: Real Estate Investment (Chairman) A L A N B . G R A F, J R . Co-lead Independent Director MAA Executive Vice President and Chief Financial Officer FedEx Corporation Committee: Audit (Chairman) D . R A L P H H O R N Co-lead Independent Director MAA Past Chairman of the Board of Directors, President and Chief Executive Officer First Horizon National Corporation Committees: Compensation; Nominating and Corporate Governance (Chairman) T R A N S F E R A G E N T A N D R E G I S T R A R 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 certificates; 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 above or access their account at the website listed above. Beneficial owners who own shares held in “street name” should contact their broker or bank for all questions. Limited partners 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. A N N U A L R E P O R T A N D F O R M 10 - K A copy of MAA’s Annual Report and Form 10-K for the year ended December 31, 2014, as filed with the Securities and Exchange Commis- sion (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. Other MAA SEC filings as well as corporate governance documents are also on the “For Investors” page of our website at www.maac.com. C E O A N D C F O C E R T I F I C AT I O N S As is required by Section 303A.12(a) of the NYSE’s corporate gov- ernance 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. T H E O P E N A R M S F O U N D AT I O N 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 seeking 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 provided 47 homes to families in medical crisis across 11 states. In its 21-year history, the foundation has helped over 2,400 families. To find out more about The Open Arms Foundation please visit www.maac.com. J A M E S K . L O W D E R Chairman of the Board of Directors The Colonial Company T H O M A S H . L O W D E R Past Chairman of the Board of Trustees and Chief Executive Officer Colonial Properties Trust Committee: Real Estate Investment C L A U D E B . N I E L S E N Chairman of the Board of Directors and Chief Executive Officer Coca-Cola Bottling Company United, Inc. Committee: Compensation P H I L I P W. N O R W O O D Past President and Chief Executive Officer Faison Enterprises, Inc. Committees: Compensation (Chairman); Nominating and Corporate Governance; Real Estate Investment H A R O L D W. R I P P S Chief Executive Officer The Rime Companies Committee: Nominating and Corporate Governance W. R E I D S A N D E R S President Sanders Properties, LLC and Sanders Investments, LLC Committees: Audit; Real Estate Investment W I L L I A M B . S A N S O M Chairman of the Board of Directors, President and Chief Executive Officer H.T. Hackney Co. Committees: Compensation; Nominating and Corporate Governance G A R Y S H O R B Chief Executive Officer Methodist Le Bonheur Healthcare Committee: Audit J O H N W. S P I E G E L Past Vice Chairman and Chief Financial Officer SunTrust Banks, Inc. Committee: Audit Annual Report Design by Curran & Connors, Inc. / www.curran-connors.com W W W. M A A C . C O M