1

MAA

Mid-America Apartment Communities, Inc.

MAA Capital Markets Update

November 2010

2

MAA

Focused Investor and Operator• Apartment Only• Market Rate Product• DisciplinedFull Cycle Performance• Long-Term Perspective• Upside Growth and Downside Protection• Solid Dividend SupportHigh Growth Region• Sunbelt Focus• Higher Job Growth• Higher Household FormationsCapital Allocation Strategy• Large and Secondary Markets• Value Investor• Primarily Acquirer versus DeveloperOperations Focused• Superior Asset Management and

Property Management Platform

Value Creation Strategy

3

MAA

Better full cycle performance, with lower volatility, drives stronger and more consistent long-term performance for MAA shareholders.

-8.0%-6.0%-4.0%-2.0%0.0%2.0%4.0%6.0%8.0%

2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 10 E

Secto r A verage M A A

Repositioned portfolioand strengthened

platform = stronger “up”cycle performance profile

4.6%1.6%Sector

3.7%2.0%MAA

Std DevNOI

2004-2010E

5.2%0.9%Sector

3.7%1.0%MAA

Std DevNOI

2000-2010E

Source: Green Street Residential REIT August ’10 Update.

Outperforming Sector Over The Full Cycle

4

MAA

MAA Annual Dividend

$1.50

$1.70

$1.90

$2.10

$2.30

$2.50

$2.70

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

Fcst

Unique full cycle strategy, strong operating platform & disciplined capital deployment have produced high quality earnings and cash flow

Stable and growing dividend for shareholders over last 15 years

Annual dividend growth 1.4% above sector average

15 Year Compounded Dividend Growth

2.1%

0.7%

0.0%

1.0%

2.0%

3.0%

MAA Sector

One of only three apartment REITs with no dividend cut in 15 years

FFO Payout (69%) below the apartment sector avg., despite never cutting dividend

Dividend represents approximately 60% of 18.4% total annual return to shareholders over last 10 years

Source: SNL Financial.

Full Cycle Performer – Dividend Stability

5

MAA

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

Jan'09

Feb'09

Mar'09

Apr'09

May'09

June'09

July'09

Aug'09

Sept'09

Oct'09

Nov'09

Dec'09

Jan'10

Feb'10

Mar'10

Apr'10

May'10

Jun'10

Jul'10

Aug'10

Sep'10

-5.0%

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

New Lease Rent Growth % Renewal Rent Growth % Blended Rent % Growth

New Lease &Renewal

Rent Growth

Blended Rent Growth

%

Sharp recovery in pricing is underway. Pricing for new residentsexceeded renewal pricing in August and September and will drive

meaningful recovery in overall pricing and revenues.

Lease Over Lease Rent Growth

Recovery Cycle Underway

6

MAA

Pro-Business Environment

Greater Access to Lower Cost Labor

Strong Distribution and Logistics Structure

Positive Demographic Flow

Lower Cost of Living

Expanding Import/Export Activities

Lower Taxes

Higher Job Growth and Household Formation Trends

Source: Moody’s Economy.com

Household formation trends in MAA markets exceed national outlook

Focus on High Growth Region

MAA Secondary Markets

All MAA Markets

National

MAA Large Markets

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

Market Segment

7

MAARecovery Cycle Underway

0.9%

2.4%

3.6% 3.6%

2.7%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

2010 2011 2012 2013 2014

Top 25 REIT Markets MAA Markets

Job growth in MAA markets is projected to exceed both the national average and the top 25 REIT markets (where 82% of Apt. REIT sector is positioned).

2.6%

2.1%

1.5%5 Yr Avg

Source: Moody’s Economy.com.

Job Growth Projections by Market5 Yr Projected

Growth

8

MAARecovery Cycle Underway

Dramatic fall-off in new construction permits support outlook for minimal new supply pressure next three + years; particularly in MAA’s markets.

Both large and secondary MAA markets are expected to drop below the national trends for new product delivery.

Source: U.S. Census Bureau.

-90.0%

-80.0%

-70.0%

-60.0%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

2004 2005 2006 2007 2008 2009 2010E

Total All MSAs MAA Markets Large MAA Markets Secondary MAA Markets

2005 peak of 122k permits in MAA markets, dropped to estimated 29k in 2010 (75% drop from peak to trough)

% Change in Building Permits Issued

MAA’s large markets are at a lower relative supply level than all other

market segments

Portfolio Stability

9

MAA

Sixteen year track record focused exclusively on sourcing, underwriting, financing and closing on apartment properties in the Sunbelt Region

Deal flow has significantly increased in past 60 days

Well established record of performance for sellers; MAA active with all transaction market participants in the region

MAA is in a very strong position to execute for sellers

Meaningful ‘relative’ opportunity for MAA external growth over the next few years

New Value Growth Opportunities

10

MAA

Joint-Venture program expands field of opportunityActive current deal flow with lenders, developers and distressed financing/liquidity needs$215MM acquisitions (2,233 units) year-to-dateAdditional $25MM in final contract stagesOf the combined deals closed and in final contract phases:• $173MM in distressed lease-up or

new construction, wholly owned • $67MM in distressed stabilized

properties, JV deals

New Value Growth Opportunities

11

MAA

Balance Sheet significantly strengthened over last ten yearsTotal leverage (Debt + Preferred) reduced 19% over last ten yearsDebt to EBITDA and fixed charge coverage better than sector median

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

MAA Sector

45.0%

50.0%

55.0%

60.0%

65.0%

70.0%

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010F

cst

Debt/Gross Assets Debt+Pref/Gross Assets

7.07.27.47.67.88.08.28.48.68.8

MAA Sector

Fixed Charge Coverage

Debt to EBITDA

Balance Sheet in Strong Position

Source: SNL Financial and RBC Capital Markets Update as of 11-9-10.

12

MAA

10.0

15.0

20.0

25.0

30.0

MAA Sector Avg.10.0

15.0

20.0

25.0

MAA Sector Avg.

MAA currently trades at a discount to sector average despite an established record of long-term out performance, solid prospects for strong performance from same store portfolio and growing opportunities for accelerating new growth.Current MAA pricing discounts long-term growth rate by 20% vs. sector.Perceived “defensive” performance profile of MAA creating a compelling buying opportunity for emerging recovery cycle.At sector FFO multiple average of 22.8, MAA share price would be $81.00; a 25%-30% premium to current trading range.

AFFO MultipleFFO Multiple

Source: BMO Capital Markets Update 11-8-2010.

Attractive Pricing Opportunity

13

MAA• MAA is currently priced at an implied cap rate discount to the sector average.• However, MAA’s historical long-term internal same store growth (and overall FFO growth)

performance exceeds the sector average; established record of exceeding regional ‘market’ performance levels and sector ‘averages’.

• Outlook for continued ‘out-performance’ is positive.

5.3% 5.7%

1.6%2.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

Sector Average MAA

Market Implied Cap Rate Same Store Growth

Source: Cap rate data from BMO Capital Markets Update (11/8/10) and same store data from Green Street Aug ’10 Residential REIT Update (last full cycle 2004-2010).

Total Implied Unleveraged ReturnImplied 10 Year IRR:• MAA outperforms by 80

bps on unleveraged basis with continued cap rate discount.

• MAA outperforms by 140 bps on a leveraged basis.

• MAA outperforms by 240 bps on a leveraged basis at the current peer average cap rate.

Attractive Pricing Opportunity

14

MAA

High-growth region, strong operating platform well positioned for recovery Solid prospects for robust internal growth over the next few years; demonstrated competitive ‘recovery cycle’ performanceStrong balance sheet and extensive deal flow; well positioned to capture meaningful new growthDividend pay-out ratio that is better than sector average

Implied cap rate pricing compared to sector that discounts long-term historical performance and near-term outlookFFO/AFFO multiple that discounts outlook for internal growth and new growth as compared to sector (20%)Meaningful upside opportunity associated with capturing ‘sector average’ pricing

Why Buy MAA

15

MAA

Certain matters in this presentation may constitute forward-looking statements within the meaning of Section 27-A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. Such statements include, but are not limited to, statements made about anticipated economic and market conditions, expectations for future demographics, the impact of competition, general changes in the apartment industry, expectations for acquisition and joint venture performance, ability to pay dividends and the ability to obtain financing at reasonable rates. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including a downturn in general economic conditions or the capital markets, competitive factors including overbuilding or other supply/demand imbalances in some or all of our markets, changes in interest rates and other items that are difficult to control such as the impact of legislation, as well as the other general risks inherent in the apartment and real estate businesses. Reference is hereby made to the filings of Mid-America Apartment Communities, Inc., with the Securities and Exchange Commission, including quarterly reports on Form 10-Q, reports on Form 8-K, and its annual report on Form 10-K, particularly including the risk factors contained in the latter filing.

End of Presentation

Eric Bolton, CEO901-248-4127eric.bolton@maac.net

Al Campbell, CFO901-248-4169al.campbell@maac.net

Leslie Wolfgang, External Reporting901-248-4126leslie.wolfgang@maac.net

Jennifer Patrick, Investor Relations901-435-5371jennifer.patrick@maac.net

http://ir.maac.net