BUILDING OPPORTUNITY 2 0 1 6 A N N U A L R E P O R T 2 2 0 R I V E R S I D E J A C K S O N V I L L E , F L WE HAVE WORKED HARD TO CREATE THE COMPANY WE ARE TODAY, AND IN 2016, WE CONTINUED TO BUILD MEANINGFUL OPPORTUNITIES FOR OUR SHAREHOLDERS, OUR EMPLOYEES, AND OUR RESIDENTS. M A A 2 0 1 6 A N N U A L R E P O R T | P A G E O N E BUILDING VALUE A S T R E N G T H E N E D P L AT F O R M F O R C O N T I N U E D G R O W T H Over the past 23 years, MAA has built a company that has provided consistent and superior value to our stakeholders through disciplined growth while successfully navigating the cyclicality of the market. We believe our commitment to our strategy of investing in high-quality apartment homes in markets where both job growth remains strong and the demographics are favorable for our industry has us well positioned for the future. In 2016, we completed our $4 billion merger with Post Properties, Inc. adding over 22,000 apartments to our portfolio in key existing markets, as well as in Washington, D.C. and Denver, Colorado. The combination brought proven development capabilities to our platform and provides us with another tool for opportunistic growth under MAA’s disciplined approach to deploying capital. At the end of 2016, we had nine projects in development – five of which were expansions of existing communities – totaling $561.8 million. Our redevelopment program allows us to create value for our residents and shareholders by enhancing units and amenities at our existing communities. Units are updated upon resident turnover in an average of 13 days, providing minimal disruption to operations and occupancy. In 2016, 6,812 apartments were renovated – our highest number yet – achieving an average incremental rental rate increase of 9.8%. In line with our goal to provide high quality and top performing communities in key growth markets, in 2016, MAA was able to recycle the sale proceeds from 12 multifamily communities containing 3,263 units with an average age of 24 years into five upscale properties containing 1,626 units averaging two years in age. Since 2011, in addition to our mergers with Post Properties, Inc. and Colonial Properties Trust, MAA’s other transactions have exceeded $3.3 billion, continuing to transform our portfolio and position for steady long-term performance and value capture. P A G E T W O | M A A 2 0 1 6 A N N U A L R E P O R T P O S T M I L L E N N I U M M I D T O W N A T L A N T A , G A $334M A C Q U I S I T I O N S $562M D E V E L O P M E N T P I P E L I N E 6,812 U N I T S R E D E V E L O P E D M A A 2 0 1 6 A N N U A L R E P O R T | P A G E T H R E E R E S I D E N C E S AT F O U N T A I N H E A D P H O E N I X , A Z P A G E F O U R | M A A 2 0 1 6 A N N U A L R E P O R T R E S I D E N C E S AT F O U N T A I N H E A D P H O E N I X , A Z M A A 2 0 1 6 A N N U A L R E P O R T | P A G E F I V E BUILDING COMMUNITIES A S T O R I E D C U LT U R E O F S E R V I C E T O O T H E R S The strength of our platform and our continued success would not be possible without the commitment and care of our people. Our properties are well-located and maintained to the highest standards, and they have award- winning curb appeal and high-end amenities – but it is our dedicated and talented team of real estate professionals that transforms these properties into communities and makes them places our residents want to call home. We train our employees well and provide them with the right tools so that they can achieve service excellence for our residents. We saw the results of this in 2016, when our team again received top-tier scores among the public apartment REITs for online reputation management in the J. Turner Research ORA© Power Rankings. This long-held culture of service to others not only translates into a better resident experience, but we believe, ultimately, results in better overall performance as a company. Our team’s dedication to our residents, our shareholders and to each other provides the foundation for our success and the results of our team’s efforts in 2016 demonstrate this. In addition to closing on our merger with Post Properties, Inc., we captured 4.2% higher average rents over the prior year and had occupancy of 96.1% at year end, resulting in an increase of Same Store NOI of 5.1% over the prior year. P A G E S I X | M A A 2 0 1 6 A N N U A L R E P O R T T H E H I G H R I S E AT P O S T A L E X A N D E R A T L A N T A , G A M A A 2 0 1 6 A N N U A L R E P O R T | P A G E S E V E N IN 2016 MAA FURTHER STRENGTHENED OUR POSITION IN KEY HIGH-GROWTH MARKETS THROUGHOUT THE SUNBELT REGION T H E H I G H R I S E AT P O S T A L E X A N D E R A T L A N T A , G A P A G E E I G H T | M A A 2 0 1 6 A N N U A L R E P O R T MAA MARKETS 101,509 306 17 U N I T S C O M M U N I T I E S S T A T E S A N D T H E D I S T R I C T O F C O L U M B I A 2 0 1 6 A C Q U I S I T I O N S EXISITING MA A MARKETS NEW MA A MARKETS 2 0 1 6 U N I T S A D D E D B Y M A R K E T ATL ANTA , G A . . . . . . . . . . . . . . 6,175 DENVER, CO . . . . . . . . . . . . . . . 358 R ALEIGH, NC . . . . . . . . . . . . . . 803 AUSTIN , T X . . . . . . . . . . . . . . . . 1,279 GREENVILLE , SC . . . . . . . . . . . . . 336 TA MPA , FL . . . . . . . . . . . . . . . . 2,342 CHARLESTON , SC . . . . . . . . . . . . 302 HOUSTON , T X . . . . . . . . . . . . . 1,635 WA SHINGTON , DC . . . . . . . . . 3,228 CHARLOT TE , NC . . . . . . . . . . . . 1,748 ORL ANDO, FL . . . . . . . . . . . . . 1,308 DALL A S , T X . . . . . . . . . . . . . . . 4,726 PHOENIX , A Z . . . . . . . . . . . . . . . 322 Total MAA apartment units presented including those under development and held in joint venture. M A A 2 0 1 6 A N N U A L R E P O R T | P A G E N I N E BUILDING FINANCIAL STRENGTH H I G H B A L A N C E S H E E T P R O D U C T I V I T Y F O R S U P E R I O R S H A R E H O L D E R V A L U E $3.55 $2.89 $3.73 $3.79 $2.99 $3.08 $2.88 $3.57 $3.30 $4.57 $4.35 $4.38 $3.98 $3.96 $3.74 $5.69 $5.59 $5.09 $4.97 $4.96 2007 2008 2009 2010 2011 2012 2013* 2014* 2015 2016* MAA has consistently built value for our shareholders by also focusing on steadily enhancing our balance sheet and financial strength. Our strategic initiatives aimed at lowering leverage, raising fixed charge coverage and increasing our unencumbered asset base have positioned us well to be able to manage the volatility of the market cycle, which we believe results in greater stability in performance and value protection. Further, our strengthened position gives us even greater access to capital markets and added flexibility in our investment decisions. In 2016, MAA delivered FFO per share of $5.59. Our 2016 Core FFO per share, which excludes non-recurring items including merger and integration expenses, was $5.91 – 7% higher than the previous year. MAA’s strong balance sheet and performance continues to support a growing dividend and superior risk adjusted returns to our shareholders. In 2016, we paid our 91st consecutive cash dividend at an annual rate of $3.28 per share, an increase of 6% over the prior year. Total shareholder return for the year was 11.6%, which was well above the peer average of 5.1%. As a result of the merger with Post Properties, Inc. and our improved credit metrics (notably our reduction of leverage by 720 basis points) MAA was upgraded by all three ratings agencies. At year end, MAA had $1.6 billion in unsecured publicly-traded bonds outstanding and our total debt was $4.5 billion with an average interest rate of 3.5% and weighted average maturity of 3.9 years. The higher ratings allow for improved pricing on both our existing financing and our future capital needs. Following the merger with Post Properties, Inc., MAA was added to the benchmark S&P 500 Index and ended the year with a total enterprise value of $16 billion. P A G E T E N | M A A 2 0 1 6 A N N U A L R E P O R T 80.3% 30.5% 2011 2016 SUPERIOR LONG-TERM PERFORMANCE STRONG COMPOUNDED FFO GROW TH OF 5% | STRONGER COMPOUNDED AFFO GROW TH OF 6% $3.55 $2.89 $3.73 $3.79 $2.99 $3.08 $2.88 $3.57 $3.30 $4.57 $4.35 $4.38 $3.98 $3.96 $3.74 $5.69 $5.59 $5.09 $4.97 $4.96 2007 2008 2009 2010 2011 2012 2013* 2014* 2015 2016* AFFO/SHARE FFO/SHARE *Includes non-recurring merger and integration expenses per diluted common share and unit of $0.71, $0.14 and $0.49 in each of the respective years of 2013, 2014 and 2016. A SOUND FINANCIAL STRATEGY 80.3% 30.5% 2011 2016 UNENCUMBERED A SSE TS TO GROSS A SSE TS at December 31 3.13x December 31, 2011 4.14x December 31, 2016 FIXED CHARGE COVER AGE* 47.1% December 31, 2011 33.9% December 31, 2016 TOTAL DEBT TO GROSS A SSE TS * Calculations as specifically defined in Mid-America Apartments, L.P.’s debt agreements. Fixed charge coverage represents Recurring EBITDA divided by interest expense, capitalized interest, preferred dividends and adjusted for mark-to-market debt adjustment. M A A 2 0 1 6 A N N U A L R E P O R T | P A G E E L E V E N R E S I D E N C E S AT F O U N T A I N H E A D P H O E N I X , A Z STANDARD & POOR’S R ATING SERVICES 1 BBB+ OUTLOOK STABLE MOODY ’S INVESTORS SERVICE 2 Baa1 OUTLOOK STABLE FITCH R ATINGS 1 BBB+ OUTLOOK STABLE CREDIT R ATINGS 1 Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P. 2 Mid-America Apartments, L.P. only P A G E T W E L V E | M A A 2 0 1 6 A N N U A L R E P O R T $11.60B M ARKE T EQUIT Y 71.7% $4.50B DEBT 28.0% $0.04B PREFERRED EQUIT Y 0.3% TOTAL C APITALIZ ATION* AT DECEMBER 31, 2016 * Total Capitalization equals the total number of shares of common stock and units at period end times the closing stock price (Market Equity) plus total debt outstanding and preferred equity. $2.30 $2.32 $2.34 $2.34 $2.34 $2.34 $2.35 $2.38 $2.42 $2.46 $2.46 $2.46 $2.51 $2.04 $2.14 $2.20 $3.28 $3.08 $2.92 $2.78 $2.64 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TOTAL ANNUAL SHAREHOLDER RETURNS 21.9% 20.0% 12.6% 8.9% 10.4% 7.4% 6.9% 5.5% 15.1% 12.0% 11.2% 6.7% 3-YEAR 10-YEAR 15-YEAR MA A MULTIFAMILY PEERS* SNL US REIT EQUITY S&P 500 *Multifamily Peers: AIV, AVB, CPT, EQR, ESS, UDR Source: S&P Global Market Intelligence ANNUAL DIVIDENDS PAID 91 CONSECUTIVE QUARTERLY C A SH DIVIDENDS PAID $2.30 $2.32 $2.34 $2.34 $2.34 $2.34 $2.35 $2.38 $2.42 $2.46 $2.46 $2.46 $2.51 $2.04 $2.14 $2.20 $3.28 $3.08 $2.92 $2.78 $2.64 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Source: Company Data M A A 2 0 1 6 A N N U A L R E P O R T | P A G E T H I R T E E N I N N O VAT I O N A P A R T M E N T H O M E S G R E E N V I L L E , S C P A G E F O U R T E E N | M A A 2 0 1 6 A N N U A L R E P O R T T O M Y F E L L O W S H A R E H O L D E R S , OVER THE COURSE OF THE PAST YEAR, OUR STEADY FOCUS ON DELIVERING VALUE TODAY WHILE BUILDING FOR TOMORROW WAS ON DISPLAY. During 2016, MAA delivered another year of record FFO performance. The dividend paid to our shareholders continued to grow and strengthen. And while our team was delivering strong performance during the year, we also took big steps towards enhancing our future capabilities through our merger with Post Properties, Inc. The motivation behind this merger was driven by the long-term opportunity we see in strengthening the MAA platform and the significant value proposition we believe will come from the combination of the two companies. In a highly competitive industry such as the apartment business, long-term value creation is largely tied to building organizational strength with capabilities and competitive advantages associated M A A 2 0 1 6 A N N U A L R E P O R T | P A G E F I F T E E N “IN A HIGHLY COMPETITIVE INDUSTRY SUCH AS THE APARTMENT BUSINESS, LONG-TERM VALUE CREATION IS LARGELY TIED TO BUILDING ORGANIZATIONAL STRENGTH.” RETURN ON INVESTMENT VALUE OF $10,000 INVESTMENT AT DECEMBER 31, $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $82,493 $56,984 $48,985 $26,428 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 MA A INVESTMENT MULTIFAMILY PEERS* SNL US REIT EQUITY S&P 500 *Multifamily Peers: AIV, AVB, CPT, EQR, ESS, UDR Source: S&P Global Market Intelligence P A G E S I X T E E N | M A A 2 0 1 6 A N N U A L R E P O R T with capital deployment, financing and operations. Over the past 23 years, MAA has remained committed to our core strategy of investing capital across the high- growth Sunbelt region to support our goal of capturing superior demand dynamics across the full real estate market cycle. This focused approach, supported by our constant work at building platform strength and competitive advantages, ultimately supports what we believe is a compelling long-term value proposition for our shareholder’s capital. MAA’s ability to deliver annual compounded total shareholder return of 15.1% over the past 15 years is a testament to this committed focus and strategy. During the past six years, we have taken advantage of the tremendous investor interest in apartment real estate and sold 61 properties representing over 16,000 apartment units with an average age of 26 years. In selling these properties, we have generated a combined leveraged internal rate of return for our shareholders’ capital in excess of 15%. This capital has been reinvested through our acquisition of 41 new investment properties representing over 12,000 units with an average age of only three years. Our disciplined approach of recycling capital continues to replenish our investment portfolio with properties that we believe will drive stronger operating margins and earnings trajectory. In addition to our capital recycling, we also executed on two large merger transactions: Colonial Properties Trust in 2013 and Post Properties, Inc. in 2016. These transactions further supported our strategy geared towards maintaining a well-diversified and balanced portfolio of properties serving a range of submarkets and price points across high-growth markets. We believe the meaningful transformation of MAA’s investment portfolio over the past few years has significantly strengthened our earnings platform for the future. As we have worked to actively recycle capital, capture a higher growth investment portfolio and strengthen our platform with new technologies, scale and efficiencies, we have also been focused on strengthening MAA’s balance sheet. Over the past five years, MAA has deleveraged the balance sheet (defined as debt to gross assets) by 1,320 basis points and improved coverage ratios, resulting in stronger investment-grade ratings from all three of the major credit rating agencies. These improvements lower our cost of capital and bolster our capacity to move opportunistically when compelling growth opportunities emerge. We are excited about the opportunities to leverage the strength of the platform we have created and to take advantage of what we believe is a long-term positive outlook for the apartment housing industry. The demand for apartment housing continues to grow as favorable demographics and social trends converge to present an increasing level of demand for the lifestyle and benefits associated with the appealing high-end apartment communities of MAA. And while competition has increased over the past year due to more newly developed properties coming to market, we believe that MAA’s focus on the high-growth markets of the Sunbelt region, diversified across submarkets, price points and supported by a strong operating platform with solid competitive advantages, provides an ability to outperform through this part of the cycle and ultimately outperform over the full real estate market cycle. Effective with our shareholder meeting this year, Bill Sansom will retire from our Board of Directors after 11 years of service. Bill has been a great mentor to me and our management team, and has provided wise leadership and guidance during his tenure on our board. One of the many strengths of our overall company platform is the tremendous experience and skill of our Board of Directors and I appreciate their counsel and oversight. The MAA team remains committed and focused on executing our strategy. Creating value today, while at the same time building for tomorrow, takes a strong and supportive culture. The nature of our business and the importance of the product and service that we provide to our residents makes the “people component” hugely critical to our long-term success. Our team of associates, the service philosophy they embrace and the culture they embody are the real secret to our long-term success, and I very much appreciate their dedicated approach to our responsibilities. H. Eric Bolton, Jr. Chairman and Chief Executive Officer M A A 2 0 1 6 A N N U A L R E P O R T | P A G E S E V E N T E E N $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $82,493 $56,984 $48,985 $26,428 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 FINANCIAL HIGHLIGHTS Dollars and shares in thousands, except per share data Net income available for MAA common shareholders Depreciation and amortization of real estate assets Depreciation and amortization of real estate assets of discontinued operations Gain on sales of discontinued operations Gain on sale of depreciable real estate assets excluded from discontinued operations Loss (gain) on disposition within unconsolidated entities Depreciation and amortization of real estate assets of real estate joint ventures Net income attributable to noncontrolling interests $ Funds from operations attributable to the Company Acquisition expenses Merger related expenses Integration related expenses Gain on sale of non-depreciable real estate assets Mark-to-market debt adjustment Loss on debt extinguishment Years ended December 31, 2016 211,915 319,528 — — (80,397) 98 61 12,180 463,385 2,928 39,033 1,790 (2,300) (14,610) 83 2015 2014 $ 332,287 291,572 — — (189,958) (12) 25 18,458 452,372 2,777 — — (172) (19,955) 3,602 $ 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) Core funds from operations $ 490,309 $ 438,624 $ 395,719 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 and redeemable stock 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 $ 78,800 2.69 82,918 5.59 $ 5.91 $ 3.28 $ $ 13,016,663 231,224 $ 44,493 $ $ 4,499,712 $ 6,413,892 $ 11,528,965 303 99,393 $ 75,176 4.41 79,551 5.69 $ 5.51 $ $ 3.08 $ 8,217,579 44,355 $ $ 1,811 $ 3,427,568 $ 3,000,347 $ 7,225,894 254 79,496 $ 74,982 1.97 79,370 5.09 $ 4.99 $ $ 2.92 $ 8,071,187 80,772 $ $ 1,791 $ 3,512,699 $ 2,896,435 $ 5,933,985 268 82,316 (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, Fund II. (3) Market capitalization includes all shares of common stock, regardless of classification on the balance sheet, as well as partnership units (value based on common stock equivalency). P A G E E I G H T E E N | M A A 2 0 1 6 A N N U A L R E P O R T CONSOLIDATED BALANCE SHEETS Dollars in thousands, except share and per share data A SSE TS: REAL ESTATE ASSE TS: 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 Total assets L I A B I L I T I E S A N D E Q U I T Y: LIABILITES: Unsecured notes payable Secured notes payable Accounts payable Fair market value of interest rate swaps Accrued expenses and other liabilities Security deposits Total liabilities Redeemable common stock SHAREHOLDERS’ EQUIT Y: Preferred stock, $0.01 par value per share, 20,000,000 shares authorized; 8.50% Series I Cumulative Redeemable Shares, liquidation preference $50 per share, 867,846 and 0 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively Common stock, $0.01 par value per share, 145,000,000 shares authorized; 113,518,212 and 75,408,571 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively(1) Additional paid-in capital Accumulated distributions in excess of net income Accumulated other comprehensive income (loss) Total MAA shareholders’ equity Noncontrolling interests - operating partnership units Total Company’s shareholders’ equity Noncontrolling interests - consolidated real estate entity Total equity Total liabilities and equity December 31, 2016 2015 $ 1,816,008 10,523,762 298,204 231,224 $ 926,532 6,939,288 228,157 44,355 12,869,198 (1,656,071) 8,138,332 (1,482,368) 11,213,127 71,464 12,778 44,493 11,341,862 33,536 88,264 5,065 134,525 1,239 6,655,964 51,779 8,812 1,811 6,718,366 37,559 26,082 5,232 58,935 1,607 $ 11,604,491 $ 6,847,781 $ 3,180,624 1,319,088 11,970 7,562 414,244 18,829 4,952,317 10,073 $ 2,141,332 1,286,236 5,922 10,358 226,237 11,623 3,681,708 8,250 9 — 1,133 7,109,012 (707,479) 1,144 6,403,819 235,976 6,639,795 2,306 753 3,627,074 (634,141) (1,589) 2,992,097 165,726 3,157,823 — 6,642,101 3,157,823 $ 11,604,491 $ 6,847,781 (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 common stock on the consolidated balance sheet for December 31, 2016 and December 31, 2015 are 103,578 and 90,844, respectively. M A A 2 0 1 6 A N N U A L R E P O R T | P A G E N I N E T E E N 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 PROPERT Y 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 (expense) Interest expense Loss on debt extinguishment Net casualty gain (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 operation before joint venture activity Gain (loss) from real estate joint ventures Income from continuing operations DISCONTINUED OPERATIONS: Loss from discontinued operations before gain on sale Gain on sale of discontinued operations Net income Net income attributable to noncontrolling interests Net income available for shareholders Dividends to MAA Series I preferred sharreholders Years ended December 31, 2016 2015 2014 $ 1,033,609 91,739 $ 952,196 90,583 $ 902,177 90,001 1,125,348 — 1,042,779 — 992,178 154 1,125,348 1,042,779 992,332 106,745 31,296 142,784 93,000 19,816 29,715 322,958 746,314 2,928 34,093 29,040 39,033 1,790 272,150 724 (129,947) (83) 448 80,397 2,171 225,860 (1,699) 224,161 241 103,000 30,524 129,618 89,769 19,458 28,276 294,520 695,165 2,777 30,990 25,716 — — 288,131 (368) (122,344) (3,602) 473 189,958 172 352,420 (1,673) 350,747 (2) 101,591 30,715 123,419 89,150 20,113 28,360 301,812 695,160 2,388 32,095 20,909 3,152 8,395 230,233 770 (123,953) (2,586) (476) 42,649 350 146,987 (2,050) 144,937 6,009 224,402 350,745 150,946 — — — — (63) 5,394 224,402 12,180 212,222 307 350,745 18,458 332,287 — 156,277 8,297 147,980 — Net income available for MAA common shareholders $ 211,915 $ 332,287 $ 147,980 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 P A G E T W E N T Y | M A A 2 0 1 6 A N N U A L R E P O R T $ $ $ $ $ 2.69 — $ 4.41 — 1.90 0.07 2.69 $ 4.41 $ 1.97 $ 2.69 — $ 4.41 — 1.90 0.07 2.69 $ 4.41 $ 1.97 BOARD OF DIRECTORS H. ERIC BOLTON, JR. Chairman of the Board of Directors and Chief Executive Officer, MAA Committee: Real Estate Investment (Chairman) RUSSELL R. FRENCH Special Limited Partner, Moseley & Co. VI, LLC; Class B Partner, Moseley & Co. VII, LLC and Moseley & Co. SBIC, LLC Committee: Audit ALAN B. GRAF, JR. Executive Vice President and Chief Financial Officer, FedEx Corporation Committee: Audit (Chairman) Lead Independent Director TONI JENNINGS Chairman of the Board of Directors, Jack Jennings & Sons, Inc. Committees: Compensation; Nominating and Corporate Governance JAMES K. LOWDER Chairman of the Board of Directors, The Colonial Company Committee: Nominating and Corporate Governance W. REID SANDERS President, Sanders Properties, LLC and Sanders Investments, LLC Committees: Audit; Real Estate Investment WILLIAM B. SANSOM Chairman of the Board of Directors, President and Chief Executive Officer, H.T. Hackney Co. Committees: Compensation; Nominating and Corporate Governance GARY SHORB Past President and Chief Executive Officer, Methodist Le Bonheur Healthcare Committee: Audit DAVID P. STOCKERT Past Chief Executive Officer and President, Post Properties, Inc. Committee: Real Estate Investment THOM A S H . LOWDE R Past Chairman of the Board of Trustees and Chief Executive Officer, Colonial Properties Trust Committee: Real Estate Investment M O N I C A M c G U R K Chief Growth Officer, Tyson Foods, Inc. Committees: Compensation; Nominating and Corporate Governance CLAUDE B. NIELSEN Chairman of the Board of Directors, Coca-Cola Bottling Company United, Inc. Committees: Compensation; Nominating and Corporate Governance (Chairman) PHILIP W. NORWOOD Past President and Chief Executive Officer, Faison Enterprises, Inc. Committees: Compensation (Chairman); Nominating and Corporate Governance; Real Estate Investment SHAREHOLDER INFORMATION CORPORATE HEADQUARTERS MAA 6584 Poplar Avenue Memphis, TN 38138 901-682-6600 www.maac.com INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP, Memphis, TN ANNUAL SHAREHOLDERS MEETING MAA will hold its 2017 Annual Meeting of Shareholders on Tuesday, May 23, 2017 at 11:00 a.m. CDT at their corporate headquarters located in Memphis, TN. STOCK LISTING MAA’s stock is listed on the New York Stock Exchange (NYSE). MAA’s common stock is traded under the stock symbol MAA. MAA’s preferred stock is traded under the stock symbol MAApI. SEC FILINGS 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. TRANSFER AGENT AND REGISTRAR American Stock Transfer & Trust Company 800-937-5449 or www.amstock.com governance documents are also on the “For Investors” page of our website at www.maac.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 800-937-5449 or www.amstock.com. 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. ANNUAL REPORT AND FORM 10-K A copy of MAA’s Annual Report and Form 10-K for the year ended December 31, 2016, 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. Other MAA SEC filings as well as corporate 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. 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 seeking medical treatment. In addition to rent, the Open Arms Foundation also pays for 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 12 states. Since its formation, the foundation has helped approximately 2,700 families by providing nearly 194,000 nights of rest. To find out more about the Open Arms Foundation, please visit www.maac.com. COVER: T H E H I G H R I S E AT P O S T A L E X A N D E R A T L A N T A , G A 6584 POPL AR AVENUE MEMPHIS, TN 38138 WWW.MA AC.COM