Mid-America Apartment Communities, Inc
(NYSE:MAA)

MAA, an S&P 500 company, is a real estate investment trust, or REIT, focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities in the Southeast, Southwest, and M...

Website: http://www.maac.com

Founded: 1977

Full Time Employees: 2,476

Sector: Real Estate

Industry: REIT-Residential

Real Estate REIT

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At a glance:

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Quarterly

Annual

Unit: USD	2026-03-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-09-30	2016-06-30	2016-03-31	2015-09-30	2015-06-30	2015-03-31	2014-09-30	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-11-05	2009-08-06	2009-06-30	2009-05-07	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-09-30	2003-12-31	2002-12-31

revenues:
rental and other property revenues	553,725,000	554,373,000	549,902,000	549,295,000	549,832,000	551,126,000	546,435,000	543,622,000	542,247,000	542,042,000	535,146,000	529,033,000	527,965,000	520,783,000	495,040,000	476,078,000	463,575,000	452,575,000	436,927,000	425,005,000	423,661,000	423,199,000	413,026,000	418,098,000	416,817,000	415,632,000	407,390,000	401,178,000	398,148,000	397,108,000	390,073,000	386,017,000
expenses:
operating expenses, excluding real estate taxes and insurance	127,613,000	137,235,000	132,465,000	124,955,000	123,848,000	134,475,000	126,213,000	118,199,000	113,672,000	122,660,000	116,604,000	108,604,000	106,594,000	117,390,000	110,007,000	101,117,000	100,164,000	106,412,000	101,751,000	95,961,000	95,935,000	105,108,000	95,555,000
real estate taxes and insurance	77,959,000	78,829,000	82,189,000	76,398,000	81,085,000	77,086,000	79,583,000	79,603,000	78,110,000	76,563,000	77,729,000	74,199,000	74,580,000	74,033,000	71,670,000	68,303,000	66,934,000	66,426,000	67,010,000	66,507,000	64,079,000	64,706,000	61,916,000	61,804,000	58,618,000	59,220,000	57,970,000	59,584,000	55,450,000	57,037,000	55,750,000	55,256,000	51,808,000	52,597,000	54,163,000	53,973,000	34,282,000	34,729,000	35,172,000	31,699,000	32,805,000	33,192,000	30,918,000	30,686,000	31,131,000	16,811,000	16,094,000	15,987,000	14,595,000	14,420,000	13,886,000	12,955,000	12,968,000	12,562,000	12,498,000	11,563,000	11,068,000	11,321,000	11,898,000	11,161,000	11,368,000	11,059,000	11,059,000	11,984,000	11,984,000	11,657,000	11,235,000	11,726,000	11,441,000	43,342,564	10,436	11,624,000	11,098,000	10,720,000	10,653,000	9,950,000	9,641,000	9,428,000
depreciation and amortization	161,870,000	156,650,000	153,521,000	152,350,000	150,852,000	146,722,000	145,022,000	143,020,000	140,888,000	146,702,000	138,972,000	138,501,000	138,237,000	136,879,000	134,144,000	133,738,000	135,495,000	134,611,000	131,824,000	131,503,000	129,585,000	127,679,000	127,190,000	126,388,000	125,426,000	124,684,000	123,944,000	122,789,000	121,541,000	124,549,000	122,925,000	120,744,000	119,423,000	117,928,000	126,360,000	129,997,000	76,959,000	75,742,000	75,127,000	73,098,000	74,396,000	73,112,000	70,222,000	69,631,000	90,013,000	33,000,000	32,730,000	33,433,000	31,984,000	31,549,000	30,643,000	30,633,000	29,343,000
total property operating expenses	367,442,000	372,714,000	368,175,000	353,703,000	355,785,000	358,283,000	350,818,000	340,822,000	332,670,000	345,925,000	333,305,000	321,304,000	319,411,000	328,302,000	315,821,000	303,158,000	302,593,000	307,449,000	300,585,000	293,971,000	289,599,000	297,493,000	284,661,000	279,560,000	275,213,000	284,223,000	278,086,000	272,166,000	268,255,000	279,289,000	271,655,000	265,148,000	259,733,000	267,107,000	272,329,000	271,270,000	183,605,000	178,697,000	176,008,000	174,697,000	175,252,000	173,506,000	170,855,000	167,253,000	187,376,000	89,153,000	86,482,000	86,210,000	84,816,000	82,457,000	80,485,000	78,504,000	80,261,000	75,434,000	73,341,000	72,852,000	71,606,000	67,595,000	66,631,000	65,722,000	65,575,000	62,611,000	62,611,000	61,816,000	61,816,000	63,651,000	63,360,000	61,100,000	59,884,000	231,119,814	59,186	57,204,000	55,943,000	56,835,000	54,724,000	52,183,000	50,430,000	51,481,000
property management expenses	22,461,000	18,183,000	17,511,000	20,578,000	17,579,000	17,265,000	17,201,000	19,995,000	17,467,000	16,298,000	16,091,000	17,928,000	17,034,000	16,262,000	15,630,000	16,537,000	15,210,000	13,831,000	13,752,000	12,939,000	13,236,000	12,691,000	11,730,000	14,643,000	13,816,000	13,899,000	13,454,000	13,842,000	12,054,000	11,303,000	11,396,000	12,880,000	11,581,000	10,281,000	10,745,000	10,981,000	7,908,000	8,310,000	9,004,000	7,628,000	6,986,000	8,493,000	7,429,000	9,579,000	7,011,000	5,193,000	5,446,000	5,331,000	5,460,000	5,570,000	5,454,000	5,458,000	4,904,000	5,194,000	5,144,000	4,732,000	4,547,000	4,479,000	4,277,000	4,469,000	4,007,000	4,503,000	4,503,000	4,241,000	4,241,000	3,924,000	4,230,000	4,387,000	4,258,000	17,913,643	4,357	4,431,000	4,449,000	3,486,000	3,616,000	3,464,000	2,511,000	2,749,000
general and administrative expenses	16,716,000	12,525,000	12,813,000	15,619,000	14,072,000	12,728,000	12,671,000	17,045,000	15,249,000	13,524,000	13,882,000	15,923,000	14,742,000	12,188,000	15,580,000	16,323,000	14,121,000	12,670,000	13,114,000	12,979,000	11,677,000	11,360,000	10,557,000	13,264,000	10,885,000	11,485,000	10,598,000	13,153,000	9,063,000	6,380,000	9,211,000	10,132,000	9,459,000	8,361,000	9,534,000	12,840,000	6,661,000	7,014,000	6,582,000	5,879,000	6,657,000	6,566,000	6,511,000	5,212,000	4,342,000	3,976,000	3,389,000	3,239,000	3,527,000	3,462,000	3,447,000	4,078,000	3,996,000	5,439,000	4,610,000	3,476,000	2,957,000	3,110,000	2,811,000	3,014,000	3,163,000	2,686,000	2,686,000	2,459,000	2,459,000	3,090,000	2,996,000	2,831,000	2,920,000	10,805,599	2,401	2,882,000	2,930,000	3,178,000	2,665,000	2,682,000	3,361,000	2,329,000
interest expense	51,409,000	46,277,000	45,111,000	45,161,000	44,192,000	42,726,000	41,265,000	40,361,000	38,579,000	36,651,000	36,723,000	37,281,000	38,084,000	38,637,000	38,905,000	39,121,000	39,108,000	39,234,000	38,867,000	39,672,000	40,952,000	41,010,000	42,118,000	43,482,000	43,698,000	44,513,000	45,936,000	45,700,000	302,734,000	-44,650,000	-43,585,000	-40,905,000	-39,746,000	-39,940,000	-38,481,000	-36,584,000	-32,168,000	-32,039,000	-32,211,000	-29,342,000	-29,528,000	-29,931,000	-28,251,000	-30,163,000	-30,676,000	-14,941,000	-15,271,000	-15,716,000	-14,698,000	-14,270,000	-14,350,000	-14,997,000	-15,487,000	-14,149,000	-13,990,000	-14,514,000	-13,598,000	-13,993,000	-13,891,000	-14,022,000	-14,371,000	-14,472,000	-14,472,000	-14,229,000	-14,229,000	-15,826,000	-15,004,000	-15,145,000	-16,334,000	-64,435,853	-16,147	-16,034,000	-16,014,000	-16,473,000	-15,505,000	-15,833,000	-15,803,000	-15,332,000
gain on sale of depreciable real estate assets	-20,164,000														-131,965,000														60,000	-23,000	2,000		68,341,000	58,844,000	274,000	-73,000	47,749,000	68,000	755,000
other non-operating income	-16,005,000			-834,000				-23,526,000				-3,467,000													495,000	-20,060,000	-4,775,000		-11,499,000	374,000	8,032,000	-2,341,000
income before income tax expense	131,866,000	103,421,000	110,945,000	186,979,000			105,213,000	148,923,000								111,756,000	198,410,000	89,592,000	225,595,000	49,531,000	86,746,000	62,273,000	78,610,000	38,212,000	155,498,000	82,572,000	64,388,000	66,202,000	63,726,000	54,918,000	62,195,000	50,962,000	128,367,000	119,264,000	50,444,000	43,710,000	89,360,000	48,188,000	45,968,000	97,341,000	144,294,000	64,735,000	67,649,000	26,906,000	6,992,000
income tax expense	-5,521,000	-1,766,000	-600,000	-1,038,000			-1,020,000	-1,795,000									-7,790,000	-2,803,000	-2,045,000	-999,000	-795,000	-665,000	-1,200,000	-667,000	-882,000	-1,491,000	-682,000	-641,000	-785,000	-616,000	-570,000	-640,000	-709,000	-641,000	-618,000	-651,000	-454,000	-457,000	-288,000	-512,000	-398,000	-510,000	-442,000	-523,000	-270,000
income from continuing operations before real estate joint venture activity	126,345,000	101,655,000	110,345,000	185,941,000	170,528,000	117,776,000	104,193,000	147,128,000	164,352,000	113,285,000	149,275,000	139,189,000	198,486,000	125,362,000	216,151,000	113,198,000	190,620,000	86,789,000	223,550,000	48,532,000	85,951,000	61,608,000	77,410,000	37,545,000	154,616,000	81,081,000	63,706,000	65,561,000	62,941,000	54,302,000	61,625,000	50,322,000
income from real estate joint venture	266,000	389,000	530,000	465,000	546,000	454,000	469,000	482,000	516,000	447,000	382,000	385,000	450,000	341,000	409,000	379,000	296,000	258,000	325,000	332,000	348,000	428,000	318,000	407,000	444,000	378,000	435,000	397,000	576,000	402,000	356,000	498,000
net income	126,611,000	102,044,000	110,875,000	186,406,000	171,074,000	118,230,000	104,662,000	147,610,000	164,868,000	113,732,000	149,657,000	139,574,000	198,936,000	125,703,000	216,560,000	113,577,000	190,916,000	87,047,000	223,875,000	48,864,000	86,299,000	62,036,000	77,728,000	37,952,000	155,060,000	81,459,000	64,141,000	65,958,000	63,517,000	54,704,000	61,981,000	50,820,000	128,007,000	118,958,000	50,155,000	43,416,000																														7,733,000	6,193,000	8,644,000	7,679,000	39,934,100	11,900	9,118,000	11,324,000	4,297,000	5,630,000	5,892,000	5,126,000	3,615,000
yoy	-25.99%	-13.69%	5.94%	26.28%	3.76%	3.95%	-30.07%	5.76%	-17.13%	-9.52%	-30.89%	22.89%	4.20%	44.41%	-3.27%	132.43%	121.23%	40.32%	188.02%	28.75%	-44.34%	-23.84%	21.18%	-42.46%	144.12%	48.91%	3.48%	29.79%	-50.38%	-54.01%	23.58%	17.05%																																		-80.64%	51942.02%	-5.20%	-32.19%	829.35%	-99.79%	54.75%	120.91%	18.87%
qoq	24.07%	-7.96%	-40.52%	8.96%	44.70%	12.96%	-29.10%	-10.47%	44.96%	-24.00%	7.22%	-29.84%	58.26%	-41.95%	90.67%	-40.51%	119.33%	-61.12%	358.16%	-43.38%	39.11%	-20.19%	104.81%	-75.52%	90.35%	27.00%	-2.75%	3.84%	16.11%	-11.74%	21.96%	-60.30%	7.61%	137.18%	15.52%																															24.87%	-28.35%	12.57%	-80.77%	335480.67%	-99.87%	-19.48%	163.53%	-23.68%	-4.45%	14.94%	41.80%
net income attributable to noncontrolling interests	2,252,000	2,506,000	2,748,000	4,733,000	4,428,000	3,035,000	2,709,000	3,861,000	4,392,000	3,000,000	3,969,000	3,664,000	5,315,000	3,392,000	5,858,000	2,775,000	5,275,000	2,568,000	7,397,000	1,671,000	2,957,000	2,126,000	2,666,000	1,304,000	5,471,000	2,814,000	2,224,000	2,298,000	2,235,000	1,913,000	2,174,000	1,801,000	4,557,000	4,249,000	1,840,000	1,511,000	4,627,000	2,486,000	2,395,000	5,094,000	7,574,000	3,410,000	3,743,000	1,773,000	848,000	1,772,000	1,939,000	825,000	1,212,000	1,312,000	1,178,000	1,187,000	660,000	252,000	311,000	225,000	224,000	228,000	437,000	474,000	260,000	570,000	570,000	706,000	706,000
net income available for shareholders	124,359,000	99,538,000	108,127,000	181,673,000	166,646,000	115,195,000	101,953,000	143,749,000	160,476,000	110,732,000	145,688,000	135,910,000	193,621,000	122,311,000	210,702,000	110,802,000	185,641,000	84,479,000	216,478,000	47,193,000	83,342,000	59,910,000	75,062,000	36,648,000	149,589,000	78,645,000	61,917,000	63,660,000	61,282,000	52,791,000	59,807,000	49,019,000	123,450,000	114,709,000	48,315,000	41,905,000
dividends to maa series i preferred shareholders	922,000	922,000	922,000	922,000	922,000	922,000	922,000	922,000	922,000	922,000	922,000	922,000	922,000	922,000	922,000	922,000	922,000	922,000	922,000	922,000	922,000	922,000	922,000	922,000	922,000	922,000	922,000	922,000	922,000	922,000	922,000	922,000	922,000	922,000	922,000	922,000
net income available for maa common shareholders	123,437,000	98,616,000	107,205,000	180,751,000	165,724,000	114,273,000	101,031,000	142,827,000	159,554,000	109,810,000	144,766,000	134,988,000	192,699,000	121,389,000	209,780,000	109,880,000	184,719,000	83,557,000	215,556,000	46,271,000	82,420,000	58,988,000	74,140,000	35,726,000	148,667,000	77,723,000	60,995,000	62,738,000	60,360,000	51,869,000	58,885,000	48,097,000	122,528,000	113,787,000	47,393,000	40,983,000	84,279,000	45,144,000	43,413,000	91,734,000	136,299,000	61,267,000	66,976,000	31,613,000	14,866,000	44,284,000	59,089,000	21,180,000
earnings per common share - basic:
earnings per common share - diluted:
loss on sale of depreciable real estate assets			69,000	-71,911,000	-55,028,000		23,000	2,000	15,250	75,000	1,000	-15,000	-32,990,750	1,000		1,000	-33,628,750	313,000	-134,828,000		1,750	-20,000	-2,000	29,000	-246,750	-1,000,000		13,000
other non-operating expense		1,253,000	-4,722,000		949,000	1,678,000	19,244,000		-991,500	16,493,000	-16,992,000		23,465,000	1,718,000	28,325,000	-10,795,000	-3,639,250	-10,344,000	-20,126,000	15,913,000	3,411,750	-242,000	-14,643,000	28,532,000				-935,000
gain on sale of non-depreciable real estate assets												-54,000		-431,000	-355,000	-23,000	-609,000	-170,000			-29,000	-1,366,000			-2,787,000		-297,000	-8,963,000	-8,402,000	959,000	2,761,000	150,000	-21,000	-6,000	48,000			543,000	1,627,000		172,000			-22,000
income before income tax benefit					172,283,000	118,446,000			165,500,000	113,076,000	152,136,000	140,133,000	198,028,000	124,106,000	213,099,000
income tax benefit					-1,755,000	-670,000			-1,148,000	209,000	-2,861,000	-944,000	458,000	1,256,000	3,052,000	1,442,000
loss on sale of non-depreciable real estate assets																			-32,000				-5,000	376,000
operating expense, excluding real estate taxes and insurance																								91,368,000	91,169,000	100,319,000	96,172,000	89,793,000	91,264,000	97,703,000	92,980,000	89,148,000
merger and integration related expenses																													609,000	1,878,000	2,826,000	3,799,000
income before non-operating items																													71,825,250	98,258,000	94,985,000	94,058,000
net income available for common shareholders																													350	460	520	420	1,080	1,000	420	360	1,120	600	580	1,220	1,810	810	890	420	200	1,040	1,380	500	740	28,160,000	23,890,000	18,758,000	13,791,000	7,428,000	8,844,000	6,940,000	3,544,000	1,383,000	6,196,000	6,090,000	3,402,000	6,931,000	6,931,000	7,923,000	7,923,000	4,517,000	2,977,000	5,427,000	4,463,000	25,660,591	8,409	5,628,000	7,833,000	807,000	2,139,000	2,401,000	1,636,000	125,000
dividends declared per common share																													691.875	922.5	922.5	922.5	922.5	870	870	870	820	820	820	770	770	770	730	730	730	0.695	0.695	0.695	0.66	0.66	0.66	0.66	0.628	0.628	0.628	0.628	0.615	0.615	0.615	0.615	0.615	0.615	0.615	0.615	0.615	0.615	0.615	0.615	0.615	1.825	0.605	0.605	0.605	0.605	0.595	0.595	1.19
operating revenues:
rental revenues																																	266,157,000	357,619,000	355,832,000	351,177,000	254,161,000	249,326,000	245,665,000	239,670,000	236,165,000	234,199,000	225,789,000	222,610,000	220,988,000	125,522,000	123,204,000	122,711,000	116,968,000	113,783,000	109,617,000	106,299,000	105,913,000	100,924,000	97,881,000	95,348,000	92,842,000	91,049,000	90,308,000	88,098,000	89,903,000	89,723,000	89,723,000	89,284,000	89,284,000	90,280,000	89,047,000	88,608,000	87,929,000	337,062,828	86,172	82,875,000	81,212,000	81,128,000	79,132,000	76,842,000	75,045,000	72,703,000
other property revenues																																	20,405,250	26,931,000	26,959,000	27,731,000	22,737,000	22,910,000	23,351,000	22,328,000	22,726,000	23,612,000	22,981,000	21,883,000	22,402,000	10,772,000	10,766,000	10,479,000	9,933,000	9,930,000	9,745,000	9,261,000	9,649,000	9,302,000	9,234,000	8,929,000	8,356,000	7,697,000	7,020,000	7,801,000	4,543,000	4,647,000	4,647,000	4,252,000	4,252,000	4,499,000	4,368,000	4,165,000	4,187,000	15,770,008	3,992	3,904,000	3,745,000	3,707,000	3,564,000	3,470,000	3,549,000	2,401,000
total operating revenues																																	286,562,250	384,550,000	382,791,000	378,908,000	276,898,000	272,236,000	269,016,000	261,998,000	258,891,000	257,811,000	248,781,000	244,554,000	243,487,000	136,440,000	134,112,000	133,367,000	127,110,000	123,922,000	119,631,000	115,826,000	115,827,000	110,489,000	107,338,000	104,480,000	101,384,000	98,901,000	97,464,000	95,987,000	94,524,000	94,433,000	94,433,000	93,600,000	93,600,000	94,838,000	93,473,000	92,834,000	92,144,000	352,866,836	90,164	86,779,000	84,991,000	84,888,000	82,749,000	80,364,000	78,646,000	75,155,000
property operating expenses:
personnel																																	25,913,750	35,640,000	34,642,000	33,373,000	27,236,000	25,858,000	25,197,000	26,500,000	25,872,000	25,653,000	26,355,000	25,183,000	24,909,000	15,085,000	14,735,000	14,682,000	14,714,000	14,322,000	14,500,000	13,739,000	14,195,000	13,581,000	13,165,000	13,252,000	13,036,000	12,717,000	12,358,000	12,063,000	12,244,000	11,962,000	11,962,000	11,364,000	11,364,000	11,669,000	11,972,000	11,578,000	11,248,000	42,426,048	10,952	10,099,000	9,723,000	9,792,000	9,774,000	9,437,000	9,108,000	9,322,000
building repairs and maintenance																																	8,571,750	12,663,000	11,811,000	9,813,000	9,377,000	7,680,000	6,099,000	8,793,000	7,778,000	6,622,000	8,703,000	7,184,000	6,399,000	4,595,000	3,953,000	3,335,000	4,503,000	4,014,000	3,928,000	3,882,000	4,733,000	3,809,000	3,356,000	3,787,000	4,375,000	3,661,000	3,327,000	3,752,000	4,310,000	3,287,000	3,287,000	2,812,000	2,812,000	3,215,000	4,138,000	3,548,000	3,113,000	13,266,403	3,597	3,188,000	3,056,000	3,335,000	3,354,000	2,947,000	2,470,000	3,236,000
utilities																																	21,149,750	30,175,000	27,527,000	26,897,000	24,690,000	22,244,000	22,136,000	23,769,000	21,596,000	22,028,000	14,874,000	13,182,000	13,478,000	7,580,000	6,974,000	6,867,000	7,658,000	6,933,000	6,344,000	6,688,000	7,579,000	6,372,000	6,168,000	6,506,000	6,671,000	5,671,000	5,599,000	5,460,000	6,135,000	5,231,000	5,231,000	5,508,000	5,508,000	5,746,000	6,162,000	5,050,000	5,164,000	20,340,351	5,649	4,761,000	4,787,000	4,978,000	5,468,000	4,573,000	4,720,000	4,465,000
landscaping																																	4,594,000	4,809,000	7,045,000	6,522,000	4,021,000	5,673,000	5,321,000	3,900,000	5,687,000	5,392,000	4,002,000	5,981,000	5,408,000	2,922,000	2,898,000	3,041,000	2,781,000	2,760,000	2,905,000	2,652,000	2,771,000	2,702,000	2,701,000	2,535,000	2,561,000	2,518,000	2,515,000	2,303,000	2,451,000	2,490,000	2,490,000	2,304,000	2,304,000	2,332,000	2,277,000	2,420,000	2,443,000	9,262,598	2,402	2,296,000	2,272,000	2,220,000	2,207,000	2,132,000	2,113,000	2,073,000
other operating																																	8,692,750	13,295,000	10,781,000	10,695,000	7,040,000	6,771,000	6,956,000	6,938,000	7,118,000	7,507,000	15,781,000	15,406,000	16,038,000	9,160,000	9,098,000	8,865,000	8,581,000	8,459,000	8,279,000	7,955,000	8,672,000	8,387,000	7,712,000	7,634,000	7,429,000	6,764,000	5,854,000	6,280,000	5,154,000	4,764,000	4,764,000	4,259,000	4,259,000	5,237,000	5,018,000	4,358,000	4,207,000	16,330,809	4,191	4,128,000	3,719,000	4,301,000	3,655,000	3,629,000	3,448,000	3,781,000
acquisition expenses																																					1,033,000												1,343,000	865,000		988,000	592,000	1,520,000	219,000	1,061,000	989,000	486,000	-24,000	811,000	30,000	107,000	107,000
merger related expenses																																	994,250	128,000	978,000	2,871,000							331,000	795,000	2,076,000	5,561,000	5,737,000
integration related expenses																																	2,630,250	4,002,000	3,229,000	3,290,000							147,000	3,151,000	3,842,000	35,000
income from continuing operations before non-operating items																																	64,575,750	94,671,000	85,976,000	77,656,000	73,790,000	77,794,000	76,709,000	73,138,000	68,837,000	68,907,000	63,495,000	57,617,000	38,829,000	32,522,000	32,569,000	38,577,000	31,964,000	31,568,000	30,879,000	26,798,000	26,074,000	22,902,000	24,024,000	22,359,000	21,285,000	23,231,000	23,769,000	21,971,000	21,749,000	24,526,000	24,526,000	25,084,000	25,084,000	24,173,000	22,887,000	24,516,000	25,082,000	93,027,780	24,220	22,262,000	21,669,000	21,389,000	21,744,000	22,035,000	22,344,000	18,596,000
interest and other non-property income																																	1,908,000	4,303,000	650,000	2,679,000	64,000	62,000	32,000	-179,000	29,000	-157,000	85,000	921,000	160,000	16,000	23,000	47,000	89,000	112,000	108,000	117,000	108,000	114,000	235,000	219,000	217,000	86,000	315,000	76,000	161,000	68,000	68,000	80,000	80,000	170,000	115,000	116,000	108,000	195,996	4	51,000	94,000	179,000	162,000	215,000	117,000	70,000
gain on debt extinguishment																																	792,000	828,000	2,217,000	123,000			3,000											-15,000	20,000													3,000	3,000													12,000
net casualty gain after insurance and other settlement proceeds																																	58,250	564,000	-240,000		-75,000	1,760,000		-5,000	510,000		-126,000	-295,000	-10,000		439,000	16,000		2,000
income from continuing operations before joint venture activity																																	127,658,000	118,623,000	49,826,000	43,059,000	88,906,000	47,731,000	45,680,000	96,829,000	143,896,000	64,225,000	67,207,000	26,383,000
gain from real estate joint ventures																																	349,000	335,000	329,000	357,000		-101,000	128,000	-1,000	-23,000	19,000	3,124,000	2,919,000	-24,000	60,000	47,000	54,000
net casualty loss after insurance and other settlement proceeds																																				-91,000			-947,000			-19,000							-22,000
merger-related expenses																																					3,901,000
consolidated net income																																					88,906,000	47,630,000	45,808,000	96,828,000	143,873,000	64,677,000	70,719,000	33,386,000	15,714,000	46,056,000	61,028,000	22,005,000	32,078,000	29,472,000	25,068,000	19,945,000	14,451,000	7,680,000	9,155,000	7,165,000	6,973,000	6,888,000	9,849,000	9,780,000	6,878,000	10,718,000	10,718,000	11,845,000	11,845,000
acquisition expense																																						421,000	713,000	656,000	1,159,000	339,000	13,000	947,000	11,000		489,000	10,000
total property revenues																																								261,998,000	258,891,000	257,811,000	248,770,000	244,493,000	243,390,000	136,294,000	133,970,000	133,190,000	126,901,000	123,713,000	119,362,000	115,560,000	115,562,000	110,226,000	107,115,000	104,277,000	101,198,000	98,746,000	97,328,000	95,899,000	94,446,000	94,370,000	94,370,000	93,536,000	93,536,000	94,779,000	93,415,000	92,773,000	92,116,000	352,832,836	90,164	86,779,000	84,957,000	84,835,000	82,696,000	80,312,000	78,594,000	75,104,000
management fee income																																											11,000	61,000	97,000	146,000	142,000	177,000	209,000	209,000	269,000	266,000	265,000	263,000	223,000	203,000	186,000	155,000	136,000	88,000	78,000	63,000	63,000	64,000	64,000	59,000	58,000	61,000	28,000	34,053	-53		34,000	53,000	53,000	52,000	52,000	51,000
loss on debt extinguishment																																								-5,000	-3,000	-3,376,000										-644,000	-63,000	-48,000								-141,000	-141,000							-122,929	-71	-52,000				-1,000	-550,000
amortization of deferred financing costs																																								-887,000	-905,000	-917,000	-1,000,000	-1,174,000	-1,311,000	-820,000	-803,000	-804,000	-971,000	-869,000	-771,000	-756,000	-724,000	-707,000	-715,000	-709,000	-675,000	-648,000	-595,000	-593,000	-587,000	-588,000	-588,000	-606,000	-606,000	-607,000	-586,000	-486,000	-628,000	-2,406,386	-614	-574,000	-561,000	-528,000	-519,000	-504,000	-485,000	-462,000
gain on sale of depreciable real estate assets excluded from discontinued operations																																								54,621,000	105,182,000	30,228,000	36,032,000	3,658,000
income from continuing operations																																								96,828,000	143,873,000	64,244,000	70,331,000	29,302,000	6,698,000	16,619,000	17,004,000	22,005,000	16,338,000	16,458,000	15,851,000	11,444,000	9,515,000	7,669,000		7,165,000	6,973,000	6,890,000	9,849,000	7,555,000	6,554,000	9,237,000	9,237,000	9,992,000	9,992,000	7,393,000	5,683,000	8,705,000	7,738,000	30,221,809	6,191	5,397,000	11,059,000	4,125,000	5,469,000	5,694,000	5,126,000	3,615,000
discontinued operations:
loss from discontinued operations before gain on sale
net casualty gain after insurance and other settlement proceeds on discontinued operations																																											3,000			-1,000			99,000
gain on sale of discontinued operations																																											-103,000		5,481,000	28,788,000	43,121,000		16,092,000	12,953,000	9,500,000	7,872,000	4,927,000					-2,000				1,155,000	1,155,000	1,432,000	1,432,000					1,428.5	5,714	3,443,000
income from continuing operations available for common shareholders																																								1,220	1,810	810	890	420	120	380	380	500	360	370	370	170	240		250	6,940,000	3,544,000	1,385,000	6,196,000	3,865,000	3,078,000	5,450,000	5,450,000	6,070,000	6,070,000	3,003,750	2,467,000	5,488,000	4,522,000	15,948,300	2,700	1,907,000	7,568,000	635,000	1,978,000	2,203,000	1,636,000	125,000
discontinued property operations																																													80	660	1,000		380	320	230	230	130					2,000		-2,225,000	-324,000	-1,481,000	-1,481,000	-1,853,000	-1,853,000	-340,000	-510,000	61,000	59,000	-9,712,291	-5,709	-3,721,000	-265,000	-172,000	-161,000	-198,000
net casualty loss after insurance and other settlement proceeds on discontinued operations																																												-1,000	-2,000		-4,000			-2,000
income from discontinued operations before gain on sale																																										433,000	488,000	449,000	416,000	650,000	907,000		-451,000	63,000	-158,000									176,000	311,000	326,000	326,000	421,000	421,000	340,000	510,000
loss on debt extinguishment/modification																																											-2,586,000
income before gain on sale of properties																																												29,750,000	12,593,000
income from continuing operations before gain from real estate joint ventures																																													6,722,000	16,559,000	16,957,000	21,951,000
gain on sale of depreciable assets excluded from discontinued operations																																													2,564,000
gain on sale of non-depreciable assets																																													557,000				48,000	-3,000																				7.25	29	226,000		18,000	32,000
gain on debt extinguishment/modification																																														-218,000		-169,000
earnings per share - diluted:
loss on sale of non-depreciable assets																																																				-1,500			-6,000
income from continuing operations before loss from real estate joint ventures																																																	16,410,000	16,525,000	15,882,000	6,704,500	9,622,000		9,400,000
loss from real estate joint ventures																																																	-72,000	-67,000	-31,000	38,855,000	-107,000	7,847,000	-245,000					6,605,750	6,842,000	9,393,000		10,188,000
net income available for maa and common shareholders																																																	30,866,000
asset impairment on discontinued operations																																																			-71,000
net income attributable to maa																																																		28,160,000	23,890,000	18,758,000	13,791,000	7,428,000	8,844,000
acquisition (credit) expenses																																																			-634,000
asset impairment																																																									-324,000	-1,590,000
net casualty loss and other settlement proceeds																																																			-4,000									285,000	-109,000
net casualty loss on insurance and other settlement proceeds on discontinued operations																																																			-54,000
net casualty gains and other settlement proceeds																																																				73,000	-286,000	-265,000	-148,000									-144,000	-144,000	340,000	-1,131,000
gain on properties contributed to joint ventures
income from discontinued operations before loss on sale																																																				19,500	9,000	11,000
net loss on insurance and other settlement proceeds on discontinued operations																																																				-1,750
preferred dividend distributions																																																									629,000	2,704,000	3,216,000	3,216,000	3,216,000	3,217,000	3,217,000	3,216,000	3,216,000	3,216,000	3,216,000	3,217,000	3,216,000
premiums and original issuance costs associated with the redemption of preferred stock																																																									2,576,000	2,573,000
depreciation																																																						28,021,000	27,741,000	27,575,000	26,466,000	24,943,000	25,080,000	24,703,000	23,913,000	23,818,000	23,818,000	23,585,000	23,585,000	23,795,000	22,558,000	22,420,000	22,268,000	86,151,041	21,959	21,108,000	21,288,000	21,489,000	19,613,000	19,515,000	18,930,000	19,176,000
income from continuing operations before
net loss on insurance and other settlement proceeds on
discontinued operations
loss on sale of discontinued operations																																																																					-59,000
premiums and original issuance costs associated with the
redemption of preferred stock
available for common shareholders																																																						200						0.128	0.11	0.2	0.2	0.21	0.21	0.15	0.09	0.2	0.18	0.52	0.11	0.07		0.063	0.08	0.09	0.07	0.01
net casualty gains (loss) and other settlement proceeds																																																								-649,000	350,000
income from continuing operations before income from real estate joint ventures																																																								6,142,000	7,255,000	7,188,000	10,125,000
income from real estate joint ventures																																																								-214,000	-282,000	-298,000	-276,000				9,393,000		10,188,000
net income attributable to mid-america apartment communities, inc.																																																								6,940,000	6,749,000	6,660,000	9,412,000	9,306,000	6,618,000	10,148,000	10,148,000	11,139,000	11,139,000
weighted-average shares outstanding
basic																																																								31,856,000	33,312,000	30,628,000	29,130,000	28,341,000		28,105,000	28,105,000	28,085,000	28,085,000	26,943,000				25,296,000				23,474,000				21,548,000
effect of dilutive securities																																																								20,000	101,000	108,000	74,000	1,000	77,000
diluted																																																								837,000	33,413,000	30,736,000	29,204,000	156,000	28,441,000	28,184,000	28,184,000	28,165,000	28,165,000	361,000	27,562,000	26,727,000	25,756,000	25,436,486	25,514	25,464,000	25,289,000	373,000	24,215,000	23,374,000	22,366,000	21,844,000
earnings per share - basic:
net casualty gain and other settlement proceeds																																																										102,000	527,000
gain (loss) on sale of non-depreciable assets																																																												250	1,000
gain (loss) on sale of discontinued operations																																																												650,000	13,000
weighted average shares outstanding
basic																																																													28,364,000						27,474,000	26,599,000	25,628,000		25,362	25,288,000	25,087,000		23,990,000	23,152,000	22,134,000
see accompanying notes to consolidated financial statements.
effect of dilutive stock options																																																														79,000	79,000	80,000	80,000	-12,000	88,000	128,000	128,000	165,848	152	176,000	202,000	-2,000	225,000	222,000	232,000	296,000
diluted																																																								837,000	33,413,000	30,736,000	29,204,000	156,000	28,441,000	28,184,000	28,184,000	28,165,000	28,165,000	361,000	27,562,000	26,727,000	25,756,000	25,436,486	25,514	25,464,000	25,289,000	373,000	24,215,000	23,374,000	22,366,000	21,844,000
incentive fees from real estate joint ventures
income from continuing operations before minority interest and																																																																				9,417,000	8,353,000
investments in real estate joint ventures																																																																		8,137,000	6,278,000
minority interest in operating partnership income																																																																		-456,000	-321,000	-513,000	-532,000	-3,508,966	-1,034	-763,000	-1,038,000	-394,000	-375,000	-408,000	-413,000	-91,000
(loss) income from real estate joint ventures																																																																		-139,000	-274,000
gains (loss) on sale of discontinued operations																																																																		-30,000
see accompanying notes to condensed consolidated financial statements.
net gains on insurance and other settlement proceeds																																																																				416,000	128,000
(loss) gains from real estate joint ventures																																																																				-199,000	-83,000
(loss) gains on sale of discontinued operations																																																																				-61,000
income from discontinued operations before
loss from investments in real estate joint ventures																																																																								-51,000	-7,000
incentive fee from real estate joint ventures																																																																									1,019,000
net gain on insurance and other settlement proceeds																																																																						-49.25	-197	332,000	510,000	-87,000	-54,000	225,000		874,000
gain on dispositions within real estate joint ventures																																																																						0.25	1
(loss) income from discontinued operations before
preferred dividend distribution																																																																						872.75	3,491	3,490,000	3,491,000	3,490,000	3,491,000	3,491,000	3,490,000	3,490,000
asset impairment, settlement proceeds and gain on sale																																																																								278,000		109,250	161,000	198,000
gain on disposition within real estate joint ventures																																																																									5,387,000
income from discontinued operations before asset impairment, settlement proceeds and gain on sale																																																																									265,000
the company declared and paid 0.595 per common share during the three months ended march 31, 2006. during that same period the company also declared an additional 0.595 per common share that was not paid until april 29, 2006.
gain (loss) on debt extinguishment																																																																										-137,750
(loss) income from investments in real estate joint ventures																																																																										-33,750	-16,000	-35,000
the company declared and paid 1.785 per common share during the nine months ended september 30, 2006.
during this same period the company also declared an additional 0.595 per common share that will not be paid until october 31, 2006.
the company declared and paid 1.755 per common share during the nine months ended september 30, 2005.
during this same period the company also declared an additional 0.595 per common share that was not paid until october 31, 2005.
gain from discontinued operations before
the company declared and paid 1.19 per common share during the six months ended june 30, 2006.
during this same period the company also declared an additional 0.595 per common share that will not be paid until july 31, 2006.
(loss) income from investments in unconsolidated entities																																																																													-84,000
loss from discontinued operations before
income from investments in unconsolidated entities																																																																														-52,000
incentive fee from unconsolidated entity
gain on disposition within unconsolidated entities
net gain on insurance and other settlement proceeds on

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-09-30	2016-06-30	2016-03-31	2015-09-30	2015-06-30	2015-03-31	2014-09-30	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-11-05	2009-09-30	2009-08-06	2009-06-30	2009-05-07	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-09-30	2005-06-30	2003-12-31	2002-12-31

assets
real estate assets:
land	2,157,019,000	2,112,192,000	2,105,602,000	2,096,912,000	2,096,912,000	2,085,464,000	2,050,760,000	2,031,406,000	2,031,403,000	2,008,523,000	2,008,523,000	2,008,523,000	2,008,364,000	1,991,472,000	1,971,660,000	1,978,661,000	1,977,813,000	1,977,813,000	1,987,412,000	1,955,627,000	1,929,181,000	1,909,343,000	1,910,655,000	1,910,637,000	1,905,757,000	1,898,509,000	1,883,960,000	1,878,209,000	1,868,828,000	1,868,828,000	1,868,828,000	1,836,417,000	1,836,417,000	1,828,637,000	1,821,016,000	1,825,223,000	943,320,000	943,179,000	931,667,000	913,045,000	904,504,000	889,912,000	872,786,000	877,368,000	862,833,000	394,848,000	396,734,000	389,839,000	388,007,000	358,429,000	337,220,000	333,846,000	320,055,000	312,384,000	291,695,000	288,890,000	270,980,000	258,394,000	251,051,000	255,425,000	243,147,000	243,147,000	243,119,000	243,119,000	240,445,000	240,445,000	240,426,000	239,786,000	222,669,000	217,974,000	214,743,000	214,748,000	209,146,000	205,663,000	206,635,000	204,569,000	190,862,000	189,150,000	177,472,000	170,103,000	142,416,000	124,130,000
buildings and improvements and other	15,052,435,000	14,746,047,000	14,468,733,000	14,286,757,000	14,160,799,000	13,956,601,000	13,846,434,000	13,623,207,000	13,515,949,000	13,252,746,000	13,076,345,000	12,924,101,000	12,841,947,000	12,787,864,000	12,613,378,000	12,589,537,000	12,454,439,000	12,369,733,000	12,246,988,000	12,176,205,000	12,065,244,000	12,037,042,000	11,960,028,000	11,897,869,000	11,841,978,000	11,825,934,000	11,775,716,000	11,730,705,000	11,670,216,000	11,636,424,000	11,555,677,000	11,363,738,000	11,281,504,000
development and capital improvements in progress	369,883,000	449,390,000	484,955,000	485,254,000	470,282,000	499,619,000	391,366,000	380,087,000	385,405,000	338,864,000	394,798,000	391,439,000	332,035,000	297,416,000	267,691,000	215,055,000	247,970,000	236,339,000	295,645,000	295,933,000	283,477,000	220,685,000	196,824,000	158,893,000	116,424,000	101,469,000	97,526,000	57,396,000	59,506,000	53,739,000	68,784,000	93,089,000	116,833,000	156,938,000	258,047,000	242,286,000	51,277,000	53,509,000	49,476,000	44,645,000	69,975,000	71,119,000	59,161,000	84,502,000	103,100,000	31,595,000	47,662,000	51,625,000	61,801,000	75,552,000
real estate assets: - sum	17,579,337,000	17,307,629,000	17,059,290,000	16,868,923,000	16,727,993,000	16,541,684,000	16,288,560,000	16,034,700,000		15,600,133,000	15,479,666,000	15,324,063,000	15,182,346,000	15,076,752,000	14,852,729,000	14,783,253,000	14,680,222,000	14,583,885,000	14,530,045,000	14,427,765,000		14,167,070,000	14,067,507,000	13,967,399,000		13,825,912,000	13,757,202,000	13,666,310,000		13,558,991,000	13,493,289,000	13,293,244,000		13,126,477,000	13,043,221,000	13,011,232,000	8,390,461,000	8,338,727,000	8,216,012,000	8,023,538,000	7,895,149,000	7,723,008,000	7,736,150,000	7,771,607,000	7,635,008,000	3,776,330,000	3,782,190,000	3,766,004,000	3,679,391,000	3,495,269,000	3,371,414,000	3,359,095,000	3,240,997,000	3,163,619,000	2,998,358,000	2,948,529,000	2,865,209,000		2,672,232,000	2,704,835,000	2,588,803,000		2,575,133,000		2,544,475,000		2,529,297,000	2,505,749,000	2,430,293,000	2,371,315,000	2,327,611,000	2,315,192,000	2,249,311,000	2,202,070,000	2,200,160,000	2,153,233,000	2,055,353,000	2,030,795,000	1,961,108,000	1,897,433,000	1,670,417,000	1,452,362,000
less: accumulated depreciation	-6,074,082,000	-5,787,596,000	-5,631,399,000	-5,478,208,000	-5,327,584,000	-5,217,893,000	-5,149,781,000	-5,006,226,000	-4,864,690,000	-4,725,099,000	-4,579,117,000	-4,440,520,000	-4,302,747,000	-4,180,694,000	-4,089,694,000	-3,981,778,000	-3,848,161,000	-3,722,917,000	-3,625,627,000	-3,544,517,000	-3,415,105,000	-3,316,710,000	-3,206,943,000	-3,080,449,000	-2,955,253,000	-2,906,677,000	-2,791,606,000	-2,668,708,000	-2,549,287,000	-2,439,418,000	-2,316,195,000	-2,194,915,000	-2,075,071,000
undeveloped land	73,359,000	73,359,000	73,359,000	73,359,000	73,359,000	73,861,000	73,861,000	73,861,000	73,861,000	73,861,000	73,861,000	73,861,000	64,312,000	64,312,000	41,298,000	29,279,000	24,015,000	29,115,000	35,050,000	34,548,000	60,993,000	34,548,000	34,548,000	34,548,000	34,548,000	41,149,000	58,257,000	58,257,000	58,257,000	31,849,000	41,149,000	50,198,000	57,285,000	57,285,000	64,790,000	71,464,000	40,514,000	40,514,000	43,034,000	51,779,000	52,629,000	47,242,000	58,700,000	59,195,000	59,191,000
investment in real estate joint venture	41,578,000	41,870,000	41,662,000	41,790,000	41,650,000	41,693,000	41,753,000	41,877,000	41,977,000	42,290,000	42,347,000	42,333,000	42,290,000	42,442,000	42,476,000	42,732,000	42,827,000	42,842,000	42,933,000	43,211,000	43,325,000	43,467,000	43,590,000	43,686,000	43,674,000	43,816,000	43,997,000	44,138,000	44,181,000	44,619,000	44,770,000	45,000,000	44,956,000
real estate assets	11,620,192,000	11,635,262,000	11,542,912,000	11,505,864,000	11,515,418,000	11,439,345,000	11,254,393,000	11,144,212,000	11,183,905,000	10,991,185,000	11,016,757,000	10,999,737,000	10,986,201,000	11,002,812,000	10,846,809,000	10,873,486,000	10,898,903,000	10,932,925,000	10,982,401,000	10,961,007,000	10,967,115,000	10,928,375,000	10,938,702,000	10,965,184,000	10,987,128,000	11,004,200,000	11,067,850,000	11,099,997,000	11,151,701,000	11,196,041,000	11,263,013,000	11,193,527,000	11,261,924,000	11,279,059,000	11,344,375,000	11,371,148,000	6,759,821,000	6,759,790,000	6,714,366,000	6,675,575,000	6,683,457,000	6,687,578,000	6,516,541,000	6,583,828,000	6,513,985,000	2,723,808,000	2,746,897,000	2,716,270,000	2,698,112,000	2,519,706,000	2,417,265,000	2,423,808,000	2,329,781,000	2,253,435,000	2,109,186,000	2,085,640,000	2,027,587,000	1,936,344,000	1,883,201,000	1,935,221,000							1,851,331,000				1,720,553,000		1,685,369,000	1,652,042,000	1,669,539,000	1,643,677,000	1,564,008,000	1,551,629,000	1,519,639,000		1,351,849,000	1,192,223,000
cash and cash equivalents	71,529,000	32,249,000	54,482,000	55,776,000	43,018,000	50,232,000	62,831,000	54,601,000	41,314,000	161,897,000	150,155,000	142,411,000	38,659,000	38,996,000	60,568,000	60,371,000	54,302,000	29,811,000	31,881,000	32,620,000	25,198,000	18,407,000	19,667,000	34,508,000	20,476,000	25,826,000	40,972,000	44,623,000	34,259,000	46,139,000	32,610,000	59,706,000	10,750,000	47,851,000	39,659,000	33,959,000	27,817,000	26,279,000	28,184,000	44,876,000	30,030,000	18,331,000	87,766,000	26,318,000	121,901,000	181,105,000	8,792,000	8,224,000	13,422,000	22,341,000	41,826,000	57,317,000	24,254,000	12,838,000	47,222,000	45,942,000	100,091,000	25,245,000	32,329,000	13,819,000	16,489,000	16,489,000	6,080,000	6,080,000	47,666,000	47,666,000	9,426,000	43,669,000	9,977,000	7,059,000	17,192,000	4,041,000	4,292,000	6,375,000	5,545,000	7,689,000	11,366,000	11,073,000	10,093,000	6,616,000	10,152,000	10,594,000
restricted cash	13,336,000	13,683,000	13,634,000	13,678,000	13,743,000	13,829,000	13,669,000	13,475,000	13,777,000	13,440,000	13,570,000	13,606,000	22,412,000	14,558,000	161,134,000	12,253,000	76,296,000	11,710,000	11,123,000	10,755,000	10,417,000	9,182,000	15,927,000	14,539,000	50,065,000	16,856,000	16,712,000	14,764,000	17,414,000	33,261,000	28,193,000	22,404,000	78,117,000	80,253,000	27,859,000	24,540,000	31,037,000	25,131,000	21,640,000	89,321,000	53,406,000	26,951,000	59,786,000	64,683,000	37,876,000	58,579,000	12,989,000	649,000	1,299,000	1,038,000	22,740,000	1,362,000	12,946,000	1,627,000	1,377,000	1,514,000	2,426,000	730,000	844,000	561,000	1,101,000	1,101,000	687,000	687,000	763,000	763,000	414,000	4,274,000	3,833,000	3,521,000	3,724,000	5,095,000	4,149,000	4,085,000	4,145,000	5,186,000	4,586,000	4,402,000	8,282,000	7,266,000	10,728,000	7,463,000
other assets	262,382,000	245,391,000	224,569,000	236,639,000	232,426,000	237,525,000	231,974,000	258,444,000	245,507,000	215,800,000	210,688,000	196,557,000	193,893,000	215,347,000	211,890,000	252,965,000	255,681,000	237,245,000	216,715,000	187,996,000	192,061,000	172,740,000	157,017,000	141,746,000	172,781,000	178,352,000	149,296,000	144,378,000	120,407,000	134,246,000	122,563,000	135,039,000	135,807,000	120,493,000	116,705,000	124,134,000	56,771,000	51,987,000	57,208,000	64,061,000	62,149,000	50,863,000	62,996,000	51,789,000	57,356,000	47,030,000	43,060,000	32,770,000	33,484,000	28,542,000	26,167,000	29,195,000	26,806,000	21,752,000	26,506,000	25,133,000	22,519,000	17,961,000	21,642,000	19,731,000	19,311,000	19,311,000	14,508,000	14,508,000	13,610,000	13,610,000	16,840,000	24,084,000	20,554,000	18,730,000	23,028,000	31,164,000	38,445,000	33,938,000	38,865,000	38,730,000	22,645,000	29,580,000	16,432,000	10,914,000	14,857,000	18,891,000
assets held for sale	27,063,000				7,764,000	15,321,000								66,514,000				42,441,000								22,520,000				9,300,000	750,000	6,700,000	5,321,000	5,315,000	31,366,000						64,265,000	175,292,000	35,734,000	34,135,000	34,135,000		5,881,000		10,160,000	8,496,000				5,855,000			18,793,000			19,000	13,193,000	13,193,000	13,085,000	13,085,000	14,379,000	14,379,000	24,157,000	29,366,000					8,573,000	16,550,000	7,468,000	7,435,000	7,328,000
total assets	11,994,502,000	11,926,585,000	11,835,597,000	11,811,957,000	11,812,369,000	11,756,252,000	11,562,867,000	11,470,732,000	11,484,503,000	11,382,322,000	11,391,170,000	11,352,311,000	11,241,165,000	11,338,227,000	11,280,401,000	11,199,075,000	11,285,182,000	11,254,132,000	11,242,120,000	11,192,378,000	11,194,791,000	11,128,704,000	11,131,313,000	11,155,977,000	11,230,450,000	11,247,754,000	11,274,830,000	11,303,762,000	11,323,781,000	11,418,987,000	11,447,129,000	11,417,376,000	11,491,919,000	11,532,801,000	11,534,129,000	11,559,699,000	6,881,313,000	6,869,381,000	6,827,921,000	6,887,341,000	6,843,413,000	6,799,682,000	6,783,014,000	6,783,121,000	6,785,663,000	3,028,257,000	2,834,217,000	2,775,008,000	2,775,835,000	2,599,088,000	2,527,410,000	2,530,468,000	2,412,027,000	2,313,521,000	2,201,747,000	2,176,048,000	2,189,851,000	1,998,044,000	1,955,991,000	1,986,826,000							1,921,955,000				1,783,822,000		1,761,108,000	1,733,113,000	1,746,646,000	1,723,483,000	1,630,919,000	1,617,244,000	1,575,168,000		1,406,533,000	1,239,467,000
liabilities and equity
liabilities:
unsecured notes payable	5,296,096,000	4,836,998,000	4,687,813,000	4,681,868,000	4,620,690,000	4,515,733,000	4,340,660,000	4,264,290,000	4,180,084,000	4,034,153,000	4,033,091,000	4,032,000,000	4,050,910,000	4,154,820,000	4,153,650,000	4,172,513,000	4,151,375,000	4,175,256,000	4,187,292,000	4,291,332,000	4,077,373,000	3,939,425,000	3,849,784,000	3,859,040,000	3,828,201,000	3,830,708,000	3,879,526,000	3,886,236,000	4,053,302,000	3,582,624,000	3,621,824,000	3,566,664,000	3,525,765,000	3,382,861,000	3,443,056,000	3,260,686,000	2,195,989,000	2,246,227,000	2,196,214,000	2,051,481,000	2,028,451,000	2,050,424,000	1,875,422,000	1,912,399,000	1,677,898,000	810,000,000	585,000,000	577,000,000	514,000,000	363,000,000	187,000,000	135,000,000	135,000,000
secured notes payable	360,424,000	360,361,000	360,330,000	360,298,000	360,267,000	360,235,000	360,204,000	360,173,000	360,141,000	360,110,000	363,302,000	363,650,000	363,993,000	364,331,000	364,664,000	364,992,000	365,315,000	365,631,000	365,945,000	366,253,000	485,339,000	486,169,000	622,824,000	624,653,000	626,397,000	645,406,000	660,463,000	661,862,000	475,026,000	921,399,000	926,811,000	932,187,000	976,292,000	1,109,973,000	1,129,996,000	1,296,498,000	1,238,168,000	1,243,198,000	1,247,749,000	1,373,654,000	1,413,793,000	1,429,069,000	1,554,592,000	1,563,014,000	1,785,161,000	1,050,202,000	1,106,541,000	1,114,253,000	1,192,258,000	1,226,421,000	1,353,056,000	1,514,755,000	1,452,889,000
accrued expenses and other liabilities	629,486,000	714,924,000	697,054,000	611,896,000	683,748,000	726,172,000	655,984,000	569,790,000	645,156,000	666,437,000	623,714,000	566,075,000	615,843,000	647,176,000	571,568,000	531,351,000	584,400,000	598,592,000	546,524,000	497,432,000	528,274,000	570,014,000	473,795,000	445,452,000	472,262,000	521,374,000	450,212,000	419,320,000	413,850,000	473,803,000	409,604,000	390,380,000	405,560,000	439,662,000	381,232,000	368,785,000	259,965,000	218,658,000	206,781,000	243,711,000	215,134,000	195,222,000	238,849,000	201,997,000	197,997,000	109,282,000	96,284,000	86,436,000	101,075,000	89,941,000	79,437,000	91,718,000	93,379,000	82,451,000	72,332,000	73,999,000	80,030,000	67,608,000	65,355,000	69,528,000	76,459,000	76,459,000	67,568,000	67,568,000	63,380,000	63,380,000	66,982,000	96,731,000	85,499,000	102,522,000	77,252,000	72,927,000	63,882,000	53,455,000	57,919,000	50,827,000	29,012,000	28,352,000	50,828,000	44,402,000	54,547,000	55,372,000
total liabilities	6,286,006,000	5,912,283,000	5,745,197,000	5,654,062,000	5,664,705,000	5,602,140,000	5,356,848,000	5,194,253,000	5,185,381,000	5,060,700,000	5,020,107,000	4,961,725,000	5,030,746,000	5,166,327,000	5,089,882,000	5,068,856,000	5,101,090,000	5,139,479,000	5,099,761,000	5,155,017,000	5,090,986,000	4,995,608,000	4,946,403,000	4,929,145,000	4,926,860,000	4,997,488,000	4,990,201,000	4,967,418,000	4,942,178,000	4,977,826,000	4,958,239,000	4,889,231,000	4,907,617,000	4,971,371,000	4,991,479,000	4,963,735,000	3,724,373,000	3,739,693,000	3,683,275,000	3,708,754,000	3,694,830,000	3,739,976,000	3,702,054,000	3,720,512,000	3,703,689,000	1,993,197,000	1,816,899,000	1,807,504,000	1,845,830,000	1,728,428,000	1,659,246,000	1,782,969,000	1,729,940,000	1,669,079,000	1,574,725,000	1,631,656,000	1,701,000,000	1,497,240,000	1,486,779,000	1,530,798,000							1,477,533,000				1,351,424,000		1,268,679,000	1,247,205,000	1,264,980,000	1,261,433,000	1,167,732,000	1,218,932,000
redeemable common stock	18,186,000	20,223,000	21,135,000	24,425,000	22,230,000	22,518,000	19,787,000	19,089,000	19,167,000	18,033,000	20,991,000	19,590,000	20,671,000	20,145,000	22,403,000	26,857,000	30,185,000	24,323,000	21,692,000	17,828,000	15,397,000	13,841,000	13,333,000	11,267,000	14,131,000	13,656,000	12,103,000	11,045,000	9,414,000	9,607,000	9,410,000	7,782,000	10,408,000	10,804,000	10,408,000	9,132,000
shareholders’ equity:
preferred stock, 0.01 par value per share...	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000																						31,000	62,000	62,000
common stock, 0.01 par value per share...	1,161,000	1,168,000	1,168,000	1,166,000	1,166,000	1,166,000	1,166,000	1,168,000	1,168,000	1,168,000	1,168,000	1,167,000	1,152,000	1,152,000	1,152,000	1,151,000	1,151,000	1,149,000	1,147,000	1,142,000	1,141,000	1,140,000	1,140,000	1,140,000	1,140,000	1,138,000	1,138,000	1,137,000	1,136,000	1,136,000	1,136,000	1,135,000	1,134,000	1,134,000	1,134,000	1,134,000	754,000	754,000	754,000	754,000	754,000	753,000	752,000	751,000	749,000	427,000	427,000	426,000	419,000	410,000	409,000		378,000		365,000	348,000	338,000	322,000	296,000	290,000
additional paid-in capital	7,331,507,000	7,435,697,000	7,431,627,000	7,422,913,000	7,417,453,000	7,413,674,000	7,409,258,000	7,406,189,000	7,399,921,000	7,410,109,000	7,405,572,000	7,408,307,000	7,202,834,000	7,196,504,000	7,191,920,000	7,198,474,000	7,230,956,000	7,216,885,000	7,201,885,000	7,182,771,000	7,176,793,000	7,173,391,000	7,168,886,000	7,170,148,000	7,166,073,000	7,149,889,000	7,146,076,000	7,141,544,000	7,138,170,000	7,135,479,000	7,130,902,000	7,127,740,000	7,121,112,000	7,117,829,000	7,114,079,000	7,111,445,000	3,632,013,000	3,630,094,000	3,627,707,000	3,623,834,000	3,622,323,000	3,619,976,000	3,616,847,000	3,613,221,000	3,604,117,000	1,562,211,000	1,569,090,000	1,565,755,000	1,520,250,000	1,494,172,000	1,491,183,000	1,375,623,000	1,310,469,000	1,264,853,000	1,230,470,000	1,142,023,000	1,085,697,000	1,074,147,000	1,017,163,000	988,642,000	979,260,000	979,260,000	955,267,000	955,267,000	954,807,000	954,807,000	954,127,000	947,923,000	920,762,000	853,334,000	832,511,000	827,466,000	835,930,000	828,828,000	815,941,000	782,249,000	757,581,000	691,429,000	662,868,000	654,320,000	622,406,000	558,479,000
accumulated distributions in excess of net income	-1,787,111,000	-1,612,912,000	-1,535,340,000	-1,467,858,000	-1,469,557,000	-1,458,816,000	-1,398,993,000	-1,326,654,000	-1,298,263,000	-1,285,428,000	-1,235,118,000	-1,216,325,000	-1,188,854,000	-1,219,599,000	-1,199,216,000	-1,268,827,000	-1,255,807,000	-1,309,511,000	-1,272,694,000	-1,367,347,000	-1,294,182,000	-1,258,072,000	-1,202,536,000	-1,160,944,000	-1,085,479,000	-1,119,714,000	-1,086,665,000	-1,037,268,000	-989,263,000	-940,773,000	-887,672,000	-840,642,000	-784,500,000	-802,835,000	-817,616,000	-765,749,000	-647,390,000	-670,954,000	-653,756,000	-614,500,000	-647,413,000	-726,062,000	-705,022,000	-717,642,000	-694,150,000	-567,662,000	-582,884,000	-612,128,000	-596,027,000	-624,304,000	-625,266,000	-621,833,000	-614,762,000	-605,316,000	-589,191,000	-575,021,000	-559,610,000	-541,725,000	-523,298,000	-510,993,000	-499,040,000	-499,040,000	-484,312,000	-484,312,000	-473,661,000	-473,661,000	-464,617,000	-452,420,000	-438,251,000	-426,789,000	-414,966,000	-403,481,000	-396,652,000	-387,020,000	-378,090,000	-363,717,000	-351,269,000	-339,311,000	-314,459,000	-289,036,000	-232,224,000
accumulated other comprehensive loss	-4,928,000	-5,692,000	-6,110,000	-6,522,000	-6,940,000	-7,359,000	-7,775,000	-8,263,000	-8,764,000	-9,244,000	-9,514,000	-9,791,000	-10,052,000	-10,321,000	-10,591,000	-10,860,000	-11,132,000	-11,384,000	-11,632,000	-11,859,000	-12,128,000	-12,396,000	-12,665,000	-12,934,000	-13,178,000	-14,870,000	-9,092,000	-3,300,000									-2,045,000	-4,150,000	-3,976,000	-6,306,000		-2,453,000																																						-12,429,000	-25,448,000
total maa shareholders’ equity	5,540,638,000	5,818,270,000	5,891,354,000	5,949,708,000	5,942,131,000	5,948,674,000	6,003,665,000	6,072,449,000	6,094,071,000	6,116,614,000	6,162,117,000	6,183,367,000	6,005,089,000	5,967,745,000	5,983,274,000	5,919,947,000	5,965,177,000	5,897,148,000	5,918,715,000	5,804,716,000	5,871,633,000	5,904,072,000	5,954,834,000	5,997,419,000
noncontrolling interests - op units	138,537,000	145,165,000	147,439,000	154,810,000	155,409,000	155,562,000	157,905,000	161,909,000	163,128,000	163,950,000	165,626,000	166,309,000	163,595,000	164,230,000	165,062,000	163,566,000	165,116,000	173,366,000	185,340,000
total company’s shareholders’ equity	5,679,175,000	5,963,435,000	6,038,793,000	6,104,518,000	6,097,540,000	6,104,236,000	6,161,570,000	6,234,358,000	6,257,199,000	6,280,564,000	6,327,743,000	6,349,676,000	6,168,684,000	6,131,975,000	6,148,336,000	6,083,513,000	6,130,293,000	6,070,514,000	6,104,055,000	6,009,052,000	6,078,560,000	6,112,144,000	6,164,728,000
noncontrolling interests - consolidated real estate entities	11,135,000	30,644,000	30,472,000	28,952,000	27,894,000	27,358,000	24,662,000	23,032,000	22,756,000	23,025,000	22,329,000	21,320,000	21,064,000	19,780,000	19,780,000	19,849,000	23,614,000	19,816,000	16,612,000	10,481,000	9,848,000	7,111,000	6,849,000	6,648,000	6,247,000	6,611,000	5,656,000	5,166,000
total equity	5,690,310,000	5,994,079,000	6,069,265,000	6,133,470,000	6,125,434,000	6,131,594,000	6,186,232,000	6,257,390,000	6,279,955,000	6,303,589,000	6,350,072,000	6,370,996,000	6,189,748,000	6,151,755,000	6,168,116,000	6,103,362,000	6,153,907,000	6,090,330,000	6,120,667,000	6,019,533,000	6,088,408,000	6,119,255,000	6,171,577,000	6,215,565,000	6,289,459,000	6,236,610,000	6,272,526,000	6,325,299,000	6,372,189,000	6,431,554,000	6,479,480,000	6,520,363,000	6,573,894,000	6,550,626,000	6,532,242,000	6,586,832,000	3,147,582,000	3,119,319,000	3,135,233,000	3,171,321,000	3,142,285,000	3,053,397,000	3,075,932,000	3,057,202,000	3,077,146,000	1,030,021,000	1,011,797,000	962,313,000	925,372,000	865,963,000	863,718,000	743,462,000	678,299,000	640,300,000	623,268,000	540,628,000	485,483,000	497,904,000	466,407,000	453,226,000
total liabilities and equity	11,994,502,000	11,926,585,000	11,835,597,000	11,811,957,000	11,812,369,000	11,756,252,000	11,562,867,000	11,470,732,000	11,484,503,000	11,382,322,000	11,391,170,000	11,352,311,000	11,241,165,000	11,338,227,000	11,280,401,000	11,199,075,000	11,285,182,000	11,254,132,000	11,242,120,000	11,192,378,000	11,194,791,000	11,128,704,000	11,131,313,000	11,155,977,000	11,230,450,000	11,247,754,000	11,274,830,000	11,303,762,000	11,323,781,000	11,418,987,000	11,447,129,000	11,417,376,000	11,491,919,000	11,532,801,000	11,534,129,000	11,559,699,000	6,881,313,000	6,869,381,000	6,827,921,000	6,887,341,000	6,843,413,000	6,799,682,000	6,783,014,000	6,783,121,000	6,785,663,000	3,028,257,000	2,834,217,000	2,775,008,000	2,775,835,000	2,599,088,000	2,527,410,000	2,530,468,000	2,412,027,000	2,313,521,000	2,201,747,000	2,176,048,000	2,189,851,000	1,998,044,000	1,955,991,000	1,986,826,000
noncontrolling interests - operating partnership units																				204,336,000	206,927,000	208,072,000	209,894,000	211,498,000	214,647,000	213,547,000	215,404,000	218,011,000	220,043,000	221,841,000	224,813,000	226,815,000		231,393,000	231,595,000	233,464,000
total company's shareholders’ equity																								6,208,917,000
shareholders' equity:
total maa shareholders' equity																									6,068,565,000	6,016,452,000	6,051,466,000	6,102,122,000	6,149,840,000	6,207,407,000	6,252,361,000	6,291,242,000	6,339,912,000	6,316,927,000	6,298,341,000	6,351,062,000	2,983,332,000	2,955,744,000	2,970,729,000	3,003,782,000	2,976,616,000	2,892,214,000	2,912,973,000	2,894,935,000	2,913,407,000	990,377,000	980,297,000	932,184,000	894,175,000	839,387,000	834,526,000	718,331,000	654,501,000	617,640,000	600,005,000
total company's shareholders' equity																									6,283,212,000	6,229,999,000	6,266,870,000	6,320,133,000	6,369,883,000	6,429,248,000	6,477,174,000	6,518,057,000	6,571,588,000	6,548,320,000	6,529,936,000	6,584,526,000
accumulated other comprehensive income																													-212,000	11,556,000	7,986,000	3,000,000	2,157,000	790,000	735,000	4,223,000					952,000		396,000	-1,395,000	2,691,000													-56,836,000	-50,713,000	-47,435,000	-55,090,000	-55,090,000	-50,218,000	-50,218,000	-67,754,000	-67,754,000	-77,708,000	-19,629,000	-14,932,000	-42,488,000	-16,908,000	1,676,000	17,842,000	7,971,000	10,897,000	10,999,000	24,633,000	17,545,000	1,292,000
noncontrolling interest - consolidated real estate entity																													2,306,000	2,306,000	2,306,000	2,306,000	2,306,000
noncontrolling interest - operating partnership units																																	231,676,000
assets:
buildings and improvements																																		10,801,863,000	10,641,003,000	10,636,260,000	7,142,278,000	7,096,432,000	6,999,815,000	6,842,089,000	6,705,727,000	6,558,169,000	6,595,550,000	6,602,860,000	6,467,714,000	3,247,874,000	3,237,281,000	3,223,326,000	3,133,211,000	2,966,313,000	2,865,981,000	2,879,289,000	2,794,902,000	2,733,279,000	2,601,033,000	2,564,887,000	2,509,193,000	2,410,202,000	2,337,178,000	2,364,918,000	2,262,685,000	2,262,685,000	2,250,935,000	2,250,935,000	2,223,728,000	2,223,728,000	2,198,063,000	2,167,951,000	2,113,992,000	2,074,804,000	2,044,380,000	2,023,609,000	1,961,618,000	1,917,577,000	1,921,462,000	1,888,083,000	1,813,395,000	1,793,119,000	1,735,162,000	1,681,448,000	1,481,854,000	1,290,478,000
furniture, fixtures and equipment																																		339,039,000	323,155,000	307,463,000	253,586,000	245,607,000	235,054,000	223,759,000	214,943,000	203,808,000	208,653,000	206,877,000	201,361,000	102,013,000	100,513,000	101,214,000	96,372,000	94,975,000	93,919,000	92,170,000	90,708,000	86,519,000	85,142,000	83,251,000	81,301,000	78,577,000	75,851,000	73,975,000	72,585,000	72,585,000	70,511,000	70,511,000	68,157,000	68,157,000	65,540,000	62,658,000	60,694,000	58,350,000	55,602,000	53,111,000	51,376,000	52,714,000	51,374,000	50,032,000	48,115,000	47,499,000	45,407,000	44,021,000	38,812,000	34,531,000
less accumulated depreciation																																		-1,967,481,000	-1,851,913,000	-1,768,527,000	-1,680,431,000	-1,628,891,000	-1,554,195,000	-1,410,155,000	-1,338,726,000	-1,268,103,000	-1,288,374,000	-1,258,554,000	-1,191,115,000	-1,068,873,000	-1,051,801,000	-1,059,563,000	-995,479,000	-990,936,000	-980,036,000	-961,724,000	-937,989,000	-937,334,000	-917,126,000	-889,841,000	-862,662,000	-836,933,000	-812,614,000	-788,260,000	-763,949,000	-763,949,000	-740,383,000	-740,383,000	-717,115,000	-717,115,000	-694,054,000	-667,867,000	-660,053,000	-638,039,000	-616,364,000	-594,870,000	-573,473,000	-559,398,000	-543,802,000	-522,721,000	-503,793,000	-491,810,000	-454,346,000	-435,505,000	-339,704,000
corporate properties																																		12,367,000	12,072,000	12,350,000	9,257,000	9,390,000	8,989,000	8,606,000	8,331,000	8,337,000	8,263,000	8,285,000	7,919,000
investments in real estate joint ventures																																		45,096,000	44,839,000	44,629,000	20,000	50,000	526,000	1,807,000	1,809,000	1,802,000	1,802,000	3,295,000	2,982,000	3,237,000	3,178,000	749,000	5,160,000	6,202,000	16,567,000	17,006,000	17,190,000	17,613,000	18,253,000	17,505,000	15,571,000	12,385,000	14,077,000	8,619,000	8,805,000	8,805,000	6,572,000	6,572,000	6,699,000	6,699,000	6,824,000	6,897,000
deferred financing costs																																		3,906,000	4,292,000	4,679,000	4,260,000	4,587,000	4,916,000	11,901,000	12,764,000	13,638,000	17,870,000	18,262,000	16,304,000	13,629,000	12,492,000	12,989,000	15,252,000	14,859,000	15,306,000	14,680,000	14,134,000	13,908,000	13,350,000	13,713,000	14,329,000	13,658,000	13,869,000	13,369,000	13,943,000	13,943,000	14,513,000	14,513,000	15,210,000	15,210,000	15,681,000	15,689,000	15,698,000	15,924,000	15,219,000	15,695,000	16,175,000	16,018,000	16,033,000	15,715,000	15,935,000	15,509,000	15,671,000	15,837,000	13,185,000	10,296,000
goodwill																																		1,239,000	1,239,000	1,239,000	1,607,000	1,607,000	1,607,000	1,607,000	1,607,000	2,321,000	2,321,000	4,106,000	4,106,000	4,106,000	4,106,000	4,106,000	4,106,000	4,106,000	4,106,000	4,106,000	4,106,000	4,106,000	4,106,000	4,106,000	4,106,000	4,106,000	4,106,000	4,106,000	4,106,000	4,106,000	4,106,000	4,106,000	4,106,000	4,106,000	4,106,000	4,106,000	4,106,000	4,106,000	4,106,000	4,106,000	4,105,000	4,105,000	5,051,000	5,051,000	5,051,000	5,051,000	5,051,000	5,051,000	5,762,000
liabilities and equity:
accounts payable																																		17,275,000	13,932,000	13,346,000	9,080,000	7,464,000	8,222,000	10,509,000	11,884,000	7,680,000	10,089,000	15,297,000	15,174,000	6,963,000	10,085,000	5,672,000	5,637,000	5,582,000	4,001,000	2,091,000	3,088,000	2,826,000	2,615,000	1,815,000	2,099,000	1,483,000	1,158,000	1,702,000	1,175,000	1,175,000	1,916,000	1,916,000	1,448,000	1,448,000	1,234,000	2,395,000	1,552,000	1,569,000	1,099,000	1,931,000	647,000	1,690,000	2,773,000	678,000	5,986,000	2,663,000	2,592,000	2,439,000	1,696,000	464,000
fair market value of interest rate swaps																																		2,602,000	3,626,000	5,001,000	8,950,000	11,760,000	12,257,000	17,953,000	13,071,000	15,007,000	13,132,000	17,997,000	17,937,000	9,858,000	11,907,000	17,313,000	25,816,000	27,648,000	29,360,000	33,095,000	39,156,000	41,086,000	41,443,000	48,936,000	60,070,000	56,862,000	52,691,000	51,160,000							76,961,000
security deposits																																		18,998,000	19,637,000	19,419,000	12,221,000	12,386,000	12,052,000	11,446,000	11,281,000	10,490,000	9,970,000	9,808,000	9,522,000	6,892,000	6,934,000	6,830,000	6,745,000	6,586,000	6,392,000	6,310,000	6,428,000	6,604,000	6,553,000	6,693,000	7,181,000	8,092,000	8,842,000	8,789,000	8,758,000	8,758,000	8,966,000	8,966,000	8,994,000	8,994,000	8,705,000	8,831,000	8,851,000	8,734,000	8,453,000	8,535,000	8,345,000	7,961,000		7,498,000	7,209,000	6,871,000	6,398,000	6,274,000	5,036,000	4,406,000
noncontrolling interests - consolidated real estate entity																																		2,306,000	2,306,000	2,306,000
redeemable stock																																					9,358,000	10,369,000	9,413,000	7,266,000	6,298,000	6,309,000	5,028,000	5,407,000	4,828,000	5,039,000	5,521,000	5,191,000	4,633,000	4,697,000	4,446,000	4,037,000	3,788,000	4,142,000	3,754,000	3,764,000	3,368,000	2,900,000	2,805,000	2,802,000	2,523,000	2,523,000	1,976,000	1,976,000	1,588,000	1,588,000	1,805,000	2,250,000	2,238,000	2,068,000	2,574,000	2,920,000	2,901,000	3,017,000
noncontrolling interests																																					164,250,000
noncontrolling interest																																						163,575,000	164,504,000	167,539,000	165,669,000	161,183,000	162,959,000	162,267,000	163,739,000	39,644,000	31,500,000	30,129,000	31,197,000	26,576,000	29,192,000	25,131,000	23,798,000	22,660,000	23,263,000	22,125,000	20,033,000	21,965,000	22,897,000	22,660,000	24,035,000	24,035,000	24,551,000	24,551,000	24,820,000	24,820,000
liabilities associated with assets held for sale																																									1,216,000	32,084,000					148,000		299,000	9,250,000				178,000		20,000	417,000			23,000	304,000	304,000	373,000	373,000	328,000	328,000	595,000	803,000					235,000	411,000	269,000	213,000	290,000
liabilities and shareholders' equity:
land held for future development																																														5,450,000	5,450,000	1,205,000	1,205,000	1,306,000	1,306,000	1,306,000	1,306,000	1,306,000	1,306,000	1,306,000	1,306,000	1,306,000	1,306,000	1,306,000	1,306,000	1,306,000	1,306,000	1,306,000	1,306,000	1,306,000	1,306,000	1,306,000	2,300,000	2,300,000	2,360,000	2,360,000	2,360,000	2,360,000	2,360,000	2,360,000	1,366,000	1,366,000	1,366,000	1,366,000	1,366,000	1,366,000
commercial properties																																														7,664,000	7,880,000	7,875,000	7,835,000	7,865,000	8,014,000	8,125,000	8,277,000	8,231,000	8,395,000	8,141,000	8,163,000	8,157,000	8,200,000	8,721,000	8,764,000	8,764,000	8,527,000	8,527,000	8,716,000	8,716,000	7,958,000	7,762,000	7,910,000	8,121,000	6,778,000	7,163,000	7,120,000	7,010,000	7,103,000	6,966,000	7,156,000	7,257,000	7,197,000	7,137,000	7,150,000	7,088,000
accumulated other comprehensive losses																																														-4,599,000	-6,336,000	-21,869,000	-30,467,000	-30,891,000	-31,800,000	-35,848,000	-41,584,000	-42,268,000	-41,639,000	-48,847,000	-60,975,000
capital improvements in progress																																																			74,294,000	53,790,000	35,332,000	31,437,000	20,488,000	11,501,000	3,735,000	4,256,000	8,152,000	10,517,000	10,386,000	10,386,000	10,568,000	10,568,000	12,145,000	12,145,000	25,268,000	35,354,000	32,938,000	20,187,000	12,886,000	23,724,000	27,171,000	26,116,000	20,689,000	10,549,000	2,981,000	1,027,000	3,067,000	1,861,000	7,335,000
38,959,338 and 34,871,399 shares issued and outstanding at
december 31, 2011 and december 31, 2010, respectively																																																				389,000
notes payable																																																						1,535,934,000	1,451,782,000	1,500,193,000	1,551,203,000	1,363,195,000	1,358,733,000	1,399,596,000	1,314,157,000	1,314,157,000	1,323,648,000	1,323,648,000	1,354,246,000	1,354,246,000	1,323,056,000	1,356,200,000	1,243,827,000	1,271,773,000	1,264,620,000	1,247,545,000	1,195,570,000	1,183,688,000	1,196,349,000	1,202,217,000	1,125,235,000	1,181,046,000	1,140,196,000	1,086,647,000	951,941,000	803,703,000
37,142,477 and 34,871,399 shares issued and outstanding at
june 30, 2011 and december 31, 2010, respectively																																																						371,000
total mid-america apartment communities, inc. shareholders' equity																																																								518,503,000	465,450,000	475,939,000	443,510,000	430,566,000
155,000 or 25 per share liquidation preference;
number of shares issued and outstanding represent total shares of common stock regardless of classification on the consolidated balance sheet.
are 55,900 and 48,579, respectively.
see accompanying notes to consolidated financial statements.
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
minority interest																																																																			30,471,000	31,609,000	31,481,000	28,838,000	28,868,000	30,161,000	32,086,000	32,792,000	32,600,000	32,207,000	31,935,000	28,356,000	28,660,000	31,305,000	32,019,000	33,405,000
8.30% series h cumulative redeemable preferred stock, 6,200,000
shares authorized, 6,200,000 shares issued and outstanding																																																																			62,000				62,000
28,224,708 and 25,718,880 shares issued and outstanding at
december 31, 2008, and december 31, 2007, respectively																																																																			282,000
total shareholders' equity																																																																			412,146,000				400,956,000		457,442,000	450,099,000		429,843,000	431,252,000	369,956,000
total liabilities and shareholders' equity																																																																			1,921,955,000				1,783,822,000		1,761,108,000	1,733,113,000		1,723,483,000	1,630,919,000	1,617,244,000
see accompanying notes to condensed consolidated financial statements.
investments in and advances to real estate joint ventures																																																																					6,745,000	6,847,000	168,000	51,000						4,021,000	4,314,000	4,416,000
166,863 or 25 per share liquidation preference;
9 1/4% series f cumulative redeemable preferred stock,
3,000,000 shares authorized, 0 and 474,500 shares
issued and outstanding at december 31, 2007,
and december 31, 2006, respectively
25,718,880 and 25,093,156 shares issued and outstanding at
december 31, 2007, and december 31, 2006, respectively																																																																							257,000
condensed consolidated balance sheet.
investments in and advances to real estate joint venture																																																																									51,000		3,718,000	3,839,000	3,926,000
preferred stock, .01 par value per share...
3,000,000 shares authorized, 474,500 shares issued and outstanding																																																																									5,000	5,000		5,000	5,000	5,000
8.30% series h cumulative redeemable preferred stock,
6,200,000 shares authorized, 6,200,000 shares issued and outstanding																																																																									62,000	62,000		62,000	62,000	62,000
common stock, .01 par value per share...
25,511,314 and 25,093,156 shares issued and outstanding at
25,361,962 and 25,093,156 shares issued and outstanding at
march 31, 2007, and december 31, 2006, respectively																																																																										253,000
number of shares issued and outstanding represent total shares of common stock regardless of classification on the condensed consolidated balance sheet. see notes to condensed consolidated financial statements note 7 for further details.
liabilities and shareholders’ equity:
security deposits.																																																																											7,670,000
9 1/4% series f cumulative redeemable preferred stock, 3,000,000 shares
authorized, 474,500 shares issued and outstanding																																																																											5,000
8.30% series h cumulative redeemable preferred stock, 6,200,000 shares
authorized, 6,200,000 shares issued and outstanding																																																																											62,000
and 22,048,372 shares issued and outstanding at december 31, 2006, and 2005,
respectively																																																																											251,000
other																																																																															-3,491,000	-3,673,000	-3,711,000
total shareholders’ equity																																																																											449,066,000						361,294,000	338,171,000
total liabilities and shareholders’ equity																																																																											1,746,646,000						1,406,533,000	1,239,467,000
preferred stock, .01 par value...
166,863 or 25 per share liquidation preference:
24,489,874 and 22,048,372 shares issued and outstanding at
september 30, 2006, and december 31, 2005, respectively																																																																												245,000
24,025,183 and 22,048,372 shares issued and outstanding at
june 30, 2006, and december 31, 2005, respectively																																																																													240,000
22,623,529 and 22,048,372 shares issued and outstanding at
march 31, 2006, and december 31, 2005, respectively																																																																														226,000
8.625% series g cumulative redeemable preferred stock,
400,000 shares authorized, 400,000 shares issued and outstanding
166,827 or 25 per share liquidation preference:
176,862,500 or 25 per share liquidation preference:
investment in and advances to real estate joint venture																																																																																	12,620,000
deferred gain on disposition of properties																																																																																		3,946,000
total liabilities and deferred gain																																																																																	1,013,220,000	867,891,000
474,500 shares at 9.25% series f cumulative																																																																																	5,000	5,000
400,000 shares at 8.625% series g cumulative																																																																																	4,000	4,000
common stock																																																																																	200,000
construction in progress																																																																																		3,223,000
investment in and advances to real estate joint ventures																																																																																		15,000,000
170,333,250 or 25 per share liquidation preference:
2,000,000 shares at 9.5% series a cumulative																																																																																		20,000
1,938,830 shares at 8.875% series b cumulative																																																																																		19,000
2,000,000 shares at 9.375% series c cumulative																																																																																		20,000
9.5% series e cumulative, 0 and 1,000,000 shares at december 31, 2001,and december 31, 2002, respectively
issued 17,840,183 and 17,452,678 shares at
december 31, 2002 and december 31, 2001, respectively)																																																																																		178,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-09-30	2016-06-30	2016-03-31	2015-09-30	2015-06-30	2015-03-31	2014-09-30	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-09-30	2011-06-30	2011-03-31	2010-09-30	2010-06-30	2009-12-31	2009-09-30	2009-06-30	2009-05-07	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-03-31

net income	126,611,000	102,044,000	110,875,000	186,406,000	171,074,000	118,230,000	104,662,000	147,610,000	164,868,000	113,732,000	149,657,000	139,574,000	198,936,000	125,703,000	216,560,000	113,577,000	190,916,000	87,047,000	223,875,000	48,864,000	86,299,000	62,036,000	77,728,000	37,952,000	155,060,000	81,459,000	64,141,000	65,958,000	63,517,000	54,704,000	61,981,000	50,820,000	128,007,000	118,958,000	50,155,000	43,416,000																										7,733,000	6,193,000	8,644,000	7,679,000	7,604,000	11,900,000	9,118,000	11,324,000	4,297,000	5,630,000	5,892,000	5,126,000	4,326,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	162,040,000	156,819,000	153,688,000	152,520,000	151,060,000	146,907,000	145,177,000	143,258,000	141,060,000	146,863,000	139,176,000	138,758,000	138,592,000	137,023,000	134,403,000	133,986,000	135,737,000	134,766,000	132,092,000	131,820,000	129,740,000	127,833,000	127,448,000	126,657,000	125,580,000	124,944,000	124,184,000	123,082,000	121,772,000	124,702,000	123,160,000	121,361,000	119,593,000	118,075,000	126,790,000	130,082,000	76,959,000	75,966,000	75,148,000	74,064,000	75,553,000	74,034,000	71,213,000	70,630,000	91,469,000	33,922,000	33,999,000	34,237,000	33,350,000	32,792,000	31,549,000	87,475,000
gain on sale of depreciable real estate assets	-20,164,000												-82,799,000	1,000																			-68,341,000	-58,844,000			-47,749,000	-68,000	-755,000
loss on embedded derivative in preferred shares	1,574,000			410,000	4,300,000					11,250,000			10,743,000	425,000	21,835,000	-11,896,000		-13,432,000	-13,168,000	15,108,000		-1,342,000	-11,693,000	27,638,000
stock compensation expense	5,822,000	3,416,000	3,466,000	5,261,000	3,393,000	3,123,000	3,404,000	5,869,000	3,403,000	3,543,000	3,175,000	5,578,000	4,183,000	3,875,000	4,100,000	6,640,000	3,861,000	3,592,000	3,843,000	5,369,000	1,797,000	4,382,000	2,862,000	5,288,000	2,104,000	3,313,000	3,452,000	4,785,000	2,567,000	2,890,000	2,963,000	4,024,000	2,139,000	2,813,000	2,600,000	3,018,000	2,019,000	2,073,000	1,885,000	1,675,000	1,474,000	1,289,000	1,135,000	1,097,000	948,000	558,000	541,000	630,000	499,000	417,000	814,000	4,445,000	1,686,000	844,000	1,915,000	1,131,000	389,000									206,000	68,000	193,000	297,000	377,000	363,000	401,000	245,000
amortization of debt issuance costs, discounts and premiums	1,758,000	1,624,000	1,626,000	1,616,000	1,468,000	1,513,000	1,526,000	1,529,000	1,372,000	1,501,000	1,519,000	1,517,000	1,517,000	1,529,000	1,508,000	1,510,000	1,510,000	1,468,000	1,330,000	1,344,000	1,365,000	1,305,000	1,133,000	1,157,000
gain on investments	-21,894,000	-5,357,000	397,000	-810,000		648,000
change in accrued expenses and other liabilities	-100,880,000
net change in other operating accounts and operating activities	-5,223,000
net cash from operating activities	149,644,000	266,436,000	353,449,000	196,618,000	239,127,000	309,538,000	349,370,000	200,257,000	264,931,000	318,173,000	335,773,000	218,310,000	251,164,000	343,408,000	284,284,000	179,623,000	216,717,000	280,932,000	249,207,000	148,111,000	180,064,000	254,270,000	229,013,000	160,602,000	159,882,000	253,071,000	213,789,000	154,678,000	133,236,000	237,051,000	211,301,000	152,704,000	105,405,000	231,320,000	183,772,000	138,016,000	151,006,000	134,131,000	104,085,000	135,006,000	125,673,000	100,857,000	98,680,000	110,573,000	113,832,000	59,395,000	67,265,000	42,117,000	57,157,000	63,024,000	37,840,000	129,211,000	83,551,000	31,302,000	106,668,000	66,916,000	29,199,000									26,839,000	32,204,000	38,740,000	20,107,000		16,623,000	39,002,000	21,535,000
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0									0	0	0	0		0	0	0
free cash flows	149,644,000	266,436,000	353,449,000	196,618,000	239,127,000	309,538,000	349,370,000	200,257,000	264,931,000	318,173,000	335,773,000	218,310,000	251,164,000	343,408,000	284,284,000	179,623,000	216,717,000	280,932,000	249,207,000	148,111,000	180,064,000	254,270,000	229,013,000	160,602,000	159,882,000	253,071,000	213,789,000	154,678,000	133,236,000	237,051,000	211,301,000	152,704,000	105,405,000	231,320,000	183,772,000	138,016,000	151,006,000	134,131,000	104,085,000	135,006,000	125,673,000	100,857,000	98,680,000	110,573,000	113,832,000	59,395,000	67,265,000	42,117,000	57,157,000	63,024,000	37,840,000	129,211,000	83,551,000	31,302,000	106,668,000	66,916,000	29,199,000									26,839,000	32,204,000	38,740,000	20,107,000		16,623,000	39,002,000	21,535,000
cash flows from investing activities:
purchases of real estate and other assets	-28,984,000	-96,190,000			-111,967,000	-97,258,000	-91,826,000	-20,000	-211,003,000	0	0	-12,450,000	-18,800,000	-235,390,000	-12,006,000	-5,232,000	0	0			-51,961,000	0	0	-5,004,000	-82,246,000	-3,264,000	-6,001,000	-13,595,000	-16,831,000	-2,226,000			-72,291,000	-957,000	0	-62,817,000	-131,671,000	-68,667,000	-61,930,000	-86,776,000	-113,207,000	-48,685,000	-13,884,000	-116,938,000	-49,450,000	5,000	-57,310,000	-32,561,000	-218,003,000			-261,948,000	-185,901,000	-30,000,000	-215,068,000	-69,718,000	-107,350,000									0	-53,376,000			-29,247,000	-83,510,000	-25,948,000	-56,265,000
capital improvements and other	-58,369,000	-95,622,000	-88,905,000	-72,636,000	-86,516,000	-94,081,000	-89,674,000	-52,101,000	-80,155,000	-86,726,000	-98,721,000	-75,622,000	-76,955,000	-86,372,000	-94,637,000	-38,212,000
development costs	-75,256,000	-61,937,000	-79,136,000	-66,222,000	-58,672,000	-144,108,000	-65,596,000	-45,512,000	-47,007,000	-47,027,000	-51,267,000	-52,851,000	-47,862,000	-39,626,000	-41,856,000	-42,780,000
contributions to affiliates	-750,000	-750,000	-3,750,000	-3,675,000	-1,000,000	-750,000	-374,000	-750,000	-9,131,000	-1,875,000	-4,380,000	-1,250,000	-2,749,000	-1,800,000	-1,800,000	-7,500,000	-2,698,000	-857,000			-1,899,000	-1,725,000	-825,000	-900,000	-891,000	-1,800,000
proceeds from real estate asset dispositions	40,801,000	0	0	81,128,000					-2,000	-76,000	0	3,024,000	154,664,000	626,000
net cash from investing activities	-122,558,000	-254,371,000	-176,917,000	-61,405,000	-173,911,000	-321,760,000	-236,816,000	-93,012,000	-346,721,000	-135,720,000	-154,436,000	-138,385,000	9,377,000	-356,818,000	25,737,000	-83,532,000	16,069,000	-137,117,000	-20,039,000	-112,499,000	-191,579,000	-95,317,000	-107,846,000	-89,989,000	-7,592,000	-89,855,000	-87,942,000	-52,884,000	-78,592,000	-66,396,000	-174,697,000	-46,665,000	-51,119,000	-42,937,000	-98,704,000	-90,675,000	-30,722,000	-119,466,000	-65,917,000	-46,735,000	3,025,000	-32,176,000	71,335,000	-165,001,000	12,264,000	-23,136,000	-19,988,000	-51,241,000	-197,743,000	-79,197,000	-34,042,000	-321,185,000	-226,570,000	-47,287,000	-188,264,000	-51,622,000	-102,093,000									-14,026,000	-53,814,000	-39,273,000	-992,000	-46,660,000	-94,899,000	-38,515,000	-60,274,000
cash flows from financing activities:
net proceeds from commercial paper	51,300,000															20,000,000									-130,000,000	-167,000,000
proceeds from notes payable	200,474,000				347,095,000	0	397,984,000	346,567,000									0				0				299,286,000	269,568,000	0	490,435,000	472,018,000	0			0	0									352,000	395,836,000	344,000				121,000,000	100,000,000	50,000,000	285,350,000	150,350,000	22,350,000	137,881,000	19,500,000														0	14,607,000	0	13,235,000
payment of deferred financing costs	-1,882,000				-3,167,000	0	-3,700,000	-3,450,000					-43,000				-18,000				-21,000	-4,165,000			-2,744,000	-2,482,000	-4,343,000	-4,705,000	-2,319,000	-270,000			-3,000	-98,000			0	-2,000	-139,000	0	-6,000	-172,000	-761,000	-3,250,000	-145,000	-2,229,000	-306,000	-120,000	-1,580,000	-600,000	-1,397,000	-2,650,000	-1,700,000	-420,000	-7,122,000	-5,731,000	-1,190,000									-182,000	-170,000	-752,000	-546,000	-846,000	-299,000	-931,000	-974,000
repurchase of common shares	-72,780,000
distributions to noncontrolling interests	-4,506,000	-4,469,000	-4,637,000	-4,660,000	-4,521,000	-4,548,000	-4,570,000	-4,621,000	-4,405,000	-4,418,000	-4,419,000	-4,429,000	-3,959,000	-4,003,000	-3,481,000	-3,484,000	-3,488,000	-3,707,000	-4,143,000	-4,159,000	-4,250,000	-3,867,000	-4,059,000	-4,067,000	-4,126,000	-3,927,000	-3,939,000	-3,947,000	-3,793,000	-3,601,000	-3,820,000	-3,865,000	-3,655,000	-3,667,000	-3,665,000	-3,667,000	-3,411,000	-3,410,000	-3,413,000	-3,233,000	-3,220,000	-3,223,000	-3,069,000	-3,072,000	-3,086,000	-1,183,000	-1,187,000	-1,204,000	-1,216,000	-1,279,000	-1,280,000	-3,980,000	-2,719,000	-1,422,000	-4,284,000	-2,927,000	-1,524,000
dividends paid on common shares	-178,854,000	-177,361,000	-177,177,000	-177,107,000	-171,815,000	-171,781,000	-171,734,000	-171,570,000	-163,363,000	-163,348,000	-163,323,000	-161,683,000	-144,347,000	-144,298,000	-125,528,000	-125,432,000	-118,017,000	-117,793,000	-117,349,000	-117,242,000	-114,372,000	-114,365,000	-114,348,000	-114,270,000	-109,504,000	-109,481,000	-109,434,000	-109,324,000	-105,015,000	-104,991,000	-104,967,000	-104,876,000	-98,853,000	-98,839,000	-98,811,000	-98,791,000	-61,930,000	-61,917,000	-61,857,000	-58,310,000	-57,886,000	-57,840,000	-54,884,000	-54,753,000	-54,661,000	-29,699,000	-29,697,000	-29,418,000	-27,123,000	-27,009,000	-25,723,000	-68,331,000	-45,064,000	-22,076,000	-56,172,000	-36,198,000	-17,669,000									-15,360,000	-15,331,000	-15,390,000	-15,176,000	-14,605,000	-14,316,000	-14,973,000	-11,646,000
dividends paid on preferred shares	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000	-922,000																			-7,622,000	-6,467,000	-3,216,000									-3,307,000	-3,491,000	-3,490,000	-3,491,000	-3,490,000	-3,491,000	-3,491,000	-3,490,000
proceeds from issuances of common shares	378,000	360,000	354,000	375,000	275,000	339,000	313,000	303,000	327,000	352,000	314,000	204,077,000																	97,000	52,000	237,000	199,000	550,000	224,000	716,000	67,000	-844,000	538,000	90,000	142,000	176,000	8,000	153,000	348,000	227,000	70,000	2,910,000	22,058,000	53,812,000	13,000	120,135,000	170,515,000	125,737,000	91,443,000
acquisition of noncontrolling interest	-11,034,000
net change in other financing activities	1,630,000	143,000	-488,000	-206,000	539,000	2,695,000	-2,501,000	-567,000	666,000	626,000	-4,911,000	-1,660,000	1,605,000	310,000	-10,664,000	-814,000	4,072,000	-9,041,000	-1,798,000	625,000	2,992,000	507,000	-3,517,000	-1,108,000	12,563,000	989,000	913,000	1,230,000
net cash from financing activities	-16,196,000	-34,249,000	-177,870,000	-122,520,000	-72,516,000	-217,000	-104,130,000	-94,260,000	-38,456,000	-170,841,000	-173,629,000	15,021,000	-253,024,000	-154,738,000	-160,943,000	-154,065,000	-143,709,000	-145,298,000	-229,539,000	-27,852,000	19,541,000	-166,958,000	-134,620,000	-92,107,000	-124,431,000	-178,218,000	-127,550,000	-94,080,000	-82,371,000	-152,058,000	-57,911,000	-112,796,000	-91,387,000	-180,191,000	-79,368,000	-46,918,000	-118,746,000	-16,570,000	-47,543,000	-73,425,000	-118,251,000	-75,751,000	-108,567,000	-41,155,000	-93,528,000	136,054,000	-46,709,000	8,273,000	131,667,000	-3,312,000	-19,289,000	170,286,000	109,915,000	17,265,000	167,868,000	-3,868,000	70,224,000									338,000				20,350,000	74,599,000	-194,000	35,748,000
net increase in cash, cash equivalents and restricted cash	10,890,000	-22,184,000	-1,338,000	12,693,000	-7,300,000	-12,439,000	8,424,000	12,985,000	-120,246,000	11,612,000	7,708,000	94,946,000	7,517,000	-168,148,000	149,078,000	-57,974,000	89,077,000	-1,483,000	-371,000	7,760,000			-13,453,000	-21,494,000			-1,703,000	7,714,000	-27,727,000
cash, cash equivalents and restricted cash, beginning of period	73,975,000	0	0	56,761,000	0	0	0	55,091,000	0	0	0	61,071,000	0	0	0	130,598,000	0	0	0	35,615,000	0	0	0	70,541,000	0	0	0	51,673,000	0	0	0	88,867,000
cash, cash equivalents and restricted cash, end of period	84,865,000	-22,184,000	-1,338,000	69,454,000	-7,300,000	-12,439,000	8,424,000	68,076,000	-120,246,000	11,612,000	7,708,000	156,017,000	7,517,000	-168,148,000	149,078,000	72,624,000	89,077,000	-1,483,000	-371,000	43,375,000	8,026,000	-8,005,000	-13,453,000	49,047,000	27,859,000	-15,002,000	-1,703,000	59,387,000	-27,727,000	18,597,000	-21,307,000	82,110,000
loss on sale of depreciable real estate assets		0	69,000	-71,911,000	-55,028,000	0	23,000	2,000				-15,000				1,000		313,000				-20,000	-2,000	29,000		-1,000,000	0	13,000								73,000
gain on consolidation of third-party development					-206,000
net change in operating accounts and other operating activities		9,899,000	85,021,000	-76,874,000	-32,791,000	31,893,000	84,434,000	-79,747,000	-21,678,000	34,662,000	55,513,000	-63,637,000	-26,075,000	67,086,000	17,338,000	-74,405,000	6,876,000	67,348,000	36,095,000	-54,394,000	-21,927,000	61,442,000	31,542,000	-38,495,000
distributions from real estate joint venture					43,000	60,000	124,000	100,000					152,000	34,000	257,000	95,000	14,000	91,000																																																							77,000
proceeds from sale of marketable equity securities						3,246,000
net proceeds from insurance recoveries		128,000			-8,000	11,131,000	3,801,000	5,271,000	265,000	-16,000	-68,000	764,000
net proceeds from (payments of) commercial paper		148,000,000	5,000,000	60,000,000									-105,000,000
principal payments on notes payable					0	0			-350,000,000	-3,131,000	-368,000	-362,000	-358,000	-125,352,000	-348,000	-343,000	-336,000	-347,336,000	-327,000	-119,154,000	-886,000	-436,739,000	-1,743,000	-1,740,000	-188,984,000	-164,963,000	-301,825,000	-1,847,000	-532,371,000	-302,617,000	-2,580,000	-41,042,000	-68,504,000	-166,889,000	-159,293,000	-18,871,000	-77,492,000	-1,767,000	-35,494,000	-37,012,000	-37,727,000	-17,472,000	-27,153,000	-212,966,000	-17,986,000	-5,896,000	-1,429,000	-1,370,000	-10,003,000	-950,000	-807,000	-102,384,000	-101,612,000	-671,000	-1,004,000	-721,000	-434,000									-864,000	-694,000	-775,000	-10,558,000	-673,000	-452,000	-15,052,000	-13,685,000
gain on embedded derivative in preferred shares							9,286,000	-13,092,000				-4,435,000
cash flows from operating activities:
gain on sale of non-depreciable real estate assets									0	0	0	-54,000	0	-431,000	-355,000	-23,000	-609,000				-29,000				-2,787,000	0	-297,000	-8,963,000	-662,000	-959,000	-2,761,000	-150,000	21,000	6,000			0	-543,000	-1,627,000	0			0
loss on investments								-5,172,000		6,547,000	-8,316,000	1,024,000	6,067,000	8,197,000	20,860,000	10,233,000
proceeds from sale of markable equity securities
net (payments of) proceeds from commercial paper												-20,000,000
acquisition of noncontrolling interests													0	0	0	-43,070,000
the following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheets:
reconciliation of cash, cash equivalents and restricted cash at period end:
cash and cash equivalents																												44,623,000	-11,880,000	13,529,000	-27,096,000	59,706,000
restricted cash																												14,764,000	-15,847,000	5,068,000	5,789,000	22,404,000		-4,726,000	-3,319,000	5,465,000	-5,906,000	-3,491,000	4,442,000	-3,253,000	-5,671,000	7,391,000	-6,256,000	4,535,000	16,783,000	-112,000	-438,000	159,000	-39,000	-105,000	207,000	-669,000	-113,000	137,000	-1,865,000	-169,000	540,000									1,371,000	-946,000	-64,000	60,000	1,300,000	-600,000	-184,000	873,000
total cash, cash equivalents and restricted cash																												59,387,000	-27,727,000	18,597,000	-21,307,000	82,110,000
supplemental information:
interest paid																												18,322,000	73,395,000	23,567,000	62,983,000	24,889,000	43,022,000	43,754,000	55,196,000	24,785,000	25,179,000	45,978,000	25,114,000	26,202,000	44,579,000	27,017,000	25,434,000	45,410,000	30,408,000	14,924,000	17,210,000	16,400,000	17,294,000	13,530,000	16,911,000	43,230,000	28,034,000	13,518,000	41,718,000	28,458,000	14,525,000	13,922,000	14,450,000	12,682,000	12,682,000	16,499,000	15,889,000	15,340,000	15,994,000	16,918,000	16,618,000	16,806,000	17,003,000	17,309,000	15,930,000			14,128,000
income taxes paid																												59,000	-196,000	76,000	148,000	2,522,000	110,000	30,000	2,216,000	10,000	27,000	1,525,000	19,000	44,000			793,000
non-cash transactions:
distributions on common shares/ units declared and accrued
accrued construction in progress																												15,155,000	-10,895,000	-2,633,000	7,469,000	14,640,000	-7,935,000	-3,573,000	-2,450,000	21,810,000	-2,039,000	-1,526,000	12,307,000	-2,832,000	2,773,000	8,392,000	-1,919,000	-1,513,000	9,971,000	-2,936,000	0	7,126,000	-426,000	-3,209,000	10,027,000	8,864,000	6,775,000	7,467,000	2,165,000	2,139,000	-1,267,000	-2,052,000	-1,459,000	5,987,000	5,987,000
interest capitalized																												388,000	407,000	357,000	488,000	795,000	1,354,000	1,657,000	2,207,000	2,020,000	387,000	328,000	380,000	349,000	490,000	474,000	403,000	337,000	513,000	246,000	424,000	448,000	555,000	651,000	638,000	720,000	459,000	167,000			79,000	64,000	47,000	62,000	62,000	230,000	268,000	214,000	114,000	75,000	200,000	256,000	264,000	182,000
conversion of op units to shares of common stock																												336,000	161,000	1,164,000	338,000	2,780,000	469,000	868,000	98,000	167,000
net payments of commercial paper						174,000,000	81,000,000	-260,000,000
(gain) loss on embedded derivative in preferred shares
(gain) loss on investments
proceeds from insurance recoveries													927,000	5,710,000
proceeds from revolving credit facility																						65,000,000	50,000,000	130,000,000
repayments of revolving credit facility																						-65,000,000	-150,000,000	-30,000,000
proceeds from real estate asset dispositions and insurance recoveries																10,097,000
gain from unconsolidated limited partnerships, net of distributions received
proceeds from disposition of real estate assets																	141,657,000	4,478,000	160,858,000	898,000	897,000	2,618,000	135,000	525,000	158,830,000	1,344,000	758,000	13,882,000	1,064,000	2,767,000	10,291,000	5,860,000	97,389,000	88,489,000			149,424,000	5,520,000	32,481,000	119,168,000	186,079,000	52,770,000	116,051,000	32,513,000	93,127,000	45,694,000	73,013,000	76,000	45,980,000	22,098,000	29,035,000	10,934,000	320,000		71,421,000	48,074,000	15,560,000									907,000	14,651,000	13,181,000	597,000	25,000	950,000	288,000	801,000
capital improvements, development and other																		-140,829,000	-134,033,000	-113,511,000	-138,758,000	-96,333,000	-107,240,000	-84,610,000	-83,427,000	-86,316,000	-80,140,000	-53,214,000	-62,195,000	-66,187,000	-74,558,000	-51,775,000
net payments on commercial paper
loss on sale of non-depreciable real estate assets																							-5,000	376,000
distributions from real estate joint ventures																				114,000	142,000	123,000			142,000	181,000	141,000	43,000								221,000	30,000	375,000	1,418,000	0	0	6,000	4,423,000	2,676,000	8,865,000	114,000	3,233,000	4,964,000	1,101,000	10,320,000	459,000	1,158,000	828,000	362,000	1,607,000	1,481,000	12,000									0	0	0	9,855,000	142,000	71,000
net proceeds from (repayments of) commercial paper																				213,000,000
(gain) loss on sale of depreciable real estate assets
proceeds from lines of credit																									0	20,000,000	400,000,000	145,000,000	760,000,000	425,000,000	205,000,000	150,000,000
repayments of lines of credit																									0	-20,000,000	-475,000,000	-610,000,000	-670,000,000	-165,000,000	-545,000,000	-110,000,000
net (repayments of) proceeds from commercial paper
net decrease in cash, cash equivalents and restricted cash																															-21,307,000	-6,757,000
net repayments of commercial paper																								-70,000,000
amortization of debt discounts, premiums and issuance costs
net change in operating accounts and other																										43,117,000	20,588,000	-31,944,000	-53,304,000	57,040,000	27,360,000	-21,782,000
amortization of debt premium and debt issuance costs																											1,721,000	1,747,000	-672,000	-1,349,000	-1,400,000	-1,569,000	-1,775,000	-2,012,000	-2,876,000	-3,147,000	-2,450,000	-2,440,000	-2,656,000
the following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the condensed consolidated balance sheets:
reconciliation of cash, cash equivalents and restricted cash:
supplemental disclosure of cash flow information:
supplemental disclosure of noncash investing and financing activities:
mark-to-market adjustment on derivative instruments																												3,633,000	-14,392,000	3,359,000	5,960,000	-1,363,000	5,771,000	5,278,000	14,000	6,743,000
acquisition of post properties, net of cash acquired
repurchase of common stock																													-9,000	0	0	-2,912,000	0	0	-48,000	-4,734,000	-69,000	-12,000	-1,730,000	-12,000	-8,000	-937,000	-120,000	-51,000	-285,000	-9,000	0	-673,000	-223,000	-225,000	-1,415,000	-2,471,000	-2,260,000	-1,939,000	-891,000	-813,000	-131,000
debt prepayment and extinguishment costs																													-57,000	0	0	-3,000
exercise of stock options																													0	291,000	0	625,000	0	0						0			2,372,000	7,769,000	1,775,000
fair value adjustment on debt assumed from the post properties merger
loan assumption from the post properties merger
purchase price for the post properties merger
contributions to affiliates, including joint ventures																														-750,000	0	-750,000
return (funding) of escrow for future acquisitions
net change in credit lines																																	80,000,000	90,000,000	-410,000,000	80,000,000	25,000,000	50,000,000	55,000,000	25,000,000	-20,000,000	3,885,000	-35,001,000	-163,247,000	-17,936,000	175,000,000	-17,000,000	19,000,000	-3,000,000	-73,262,000	-158,802,000	-95,000,000	-12,817,000	-70,000,000	15,000,000	-55,000,000	85,963,000									30,311,000	41,316,000	13,166,000	-1,594,000	-4,688,000	61,715,000	-40,256,000	41,915,000
net increase in cash and cash equivalents																																	-37,101,000	8,192,000	5,700,000	423,000	1,538,000			14,846,000	10,447,000	-7,070,000			32,568,000						-15,491,000	-21,688,000	-33,104,000	1,280,000	86,272,000	11,426,000	-2,670,000											-2,083,000	830,000
cash and cash equivalents, beginning of period																																	0	0	0	33,536,000	0	0	37,559,000	0	1,252,000	25,401,000	0	0	89,333,000	0	0	9,075,000	0	0	57,317,000	45,942,000	45,942,000	45,942,000	13,819,000	13,819,000		0	0	9,426,000	9,426,000		0	0	17,192,000	0	0	0	5,545,000	0	0	0	14,064,000	9,133,000
cash and cash equivalents, end of period																																	-37,101,000	8,192,000	5,700,000	33,959,000	1,538,000	-1,905,000	28,184,000	14,846,000	11,699,000	18,331,000	61,448,000	-95,583,000	121,901,000	172,313,000	568,000	8,224,000	-8,919,000	-19,485,000	41,826,000	24,254,000	12,838,000	47,222,000	100,091,000	25,245,000		10,409,000	-41,586,000	47,666,000	47,666,000		33,692,000	2,918,000	7,059,000	13,151,000	-251,000	-2,083,000	6,375,000	-2,144,000	-3,677,000	293,000	11,073,000	6,009,000
retail revenue accretion																																		-96,000	-98,000	-98,000	-20,000	-19,000	-91,000	-132,000	-791,000	-29,000	-5,000	-6,000	-6,000	-9,000	-10,000	-10,000
redeemable stock expense																																		159,000	87,000	243,000	130,000
gain from investments in real estate joint ventures																																		-335,000	-329,000	-357,000			-128,000				-281,000
gain on debt extinguishment																																		-832,000	-3,797,000	-124,000															-20,000
derivative interest credit																																		-5,234,000	-513,000	-3,551,000	-588,000	-679,000	-616,000
settlement of forward swaps																																		0									0
net casualty gain and other settlement proceeds																																					75,000
changes in assets and liabilities:
other assets																																		-187,000	-6,252,000	175,000	-4,631,000	5,796,000	-1,666,000	-2,635,000	6,121,000	2,441,000	-16,150,000	5,470,000	5,664,000	-4,435,000	290,000	-3,466,000	-4,506,000	-2,508,000	2,445,000	-3,276,000	1,943,000	-1,470,000	-4,351,000	1,447,000	793,000									1,783,000	-4,703,000	2,811,000	2,668,000	-163,000	-8,909,000	2,761,000	-20,000
accounts payable																																		3,297,000	632,000	1,376,000	1,616,000	-758,000	2,300,000	-1,555,000	775,000	-431,000	-1,894,000	123,000	106,000	-3,150,000	4,441,000	1,086,000	74,000	1,588,000	1,910,000	1,262,000	1,012,000	789,000	399,000	-234,000	536,000									-832,000	1,282,000	-1,061,000	-1,063,000	1,971,000	-5,350,000	3,489,000	-615,000
accrued expenses and other																																		61,484,000	21,990,000	-39,121,000	42,750,000	11,929,000	-19,496,000	30,081,000	14,856,000	-16,060,000	31,036,000	4,059,000	-3,465,000	15,190,000	10,746,000	-12,985,000	11,158,000	13,876,000	-14,994,000	12,007,000	3,714,000	-6,922,000	7,775,000	-4,436,000	-5,985,000									-5,741,000	6,794,000	9,320,000	-9,094,000	-6,444,000	5,303,000	7,087,000	-4,513,000
security deposits																																		-642,000	331,000	475,000	-105,000	298,000	404,000	37,000	644,000	465,000	162,000	286,000	240,000	-54,000	116,000	161,000	140,000	223,000	82,000	-265,000	-62,000	-140,000	-1,546,000	-696,000	-81,000									-82,000	126,000	285,000	367,000	259,000	289,000	338,000	442,000
normal capital improvements																																		-31,140,000	-35,040,000	-15,850,000	-20,934,000	-28,227,000	-16,190,000	-24,687,000	-31,600,000	-16,499,000	-27,964,000	-32,674,000	-10,502,000	-12,918,000	-13,793,000	-8,701,000	-10,609,000
construction capital and other improvements																																		-1,718,000	-2,126,000	-3,327,000	-2,281,000	-2,304,000	-984,000	-1,606,000	-720,000	-3,153,000	-1,036,000	-1,577,000	-1,843,000	-1,736,000	-1,561,000	-576,000	-257,000
renovations to existing real estate assets																																		-16,383,000	-12,978,000	-7,331,000	-11,835,000	-10,027,000	-7,692,000	-9,723,000	-7,597,000	-5,150,000	-6,049,000	-4,545,000	-1,356,000	-3,504,000	-2,925,000	-2,187,000	-4,174,000	-3,962,000	-2,934,000	-9,586,000	-6,005,000	-2,416,000	-4,763,000	-2,858,000	-1,618,000									-3,426,000	-3,188,000	-2,691,000	-2,018,000
development																																		-32,810,000	-49,890,000	-59,830,000	-13,455,000	-16,136,000	-13,020,000	-10,450,000	-9,386,000	-5,034,000	-11,359,000	-13,114,000	-16,279,000	-5,313,000	-8,576,000	-12,240,000	-11,650,000	-15,847,000	-26,745,000	-21,921,000	-8,658,000	-3,569,000			-1,473,000									-2,784,000	-1,821,000	-3,740,000	-6,210,000
contributions to joint ventures
return of escrow for future acquisitions																																		-47,668,000	0	58,259,000
net casualty loss and other settlement proceeds																																			240,000	91,000			947,000	5,000	-509,000	19,000	123,000	296,000	12,000		-435,000	-16,000		0	58,000						-285,000
consolidated net income																																					88,906,000	47,630,000	45,808,000	96,828,000	143,873,000	64,677,000	70,719,000	33,386,000	15,714,000	46,056,000	61,028,000	22,005,000	32,078,000	29,472,000	25,068,000	31,286,000	16,835,000	9,155,000	23,710,000	16,737,000	9,780,000	6,878,000	10,718,000	11,845,000	11,845,000
loss from investments in real estate joint ventures																																					0			0	23,000	-17,000			24,000	-60,000	-47,000	-54,000	72,000	67,000	31,000	530,000	423,000	245,000	856,000	574,000	176,000
loss on debt extinguishment																																								3,000	-2,000	2,787,000				218,000	0	169,000	327,000			111,000	48,000				0									0	71,000			0	0
contributions to real estate joint ventures																																								1,000						0	-167,000	-16,000	-131,000	-22,000	-51,000	-1,387,000	-1,373,000	-1,369,000	-9,739,000	-6,006,000	-2,000									-117,000	-28,000
funding of escrow for future acquisitions																																								-32,662,000			11,153,000	-31,342,000	-10,298,000						-21,585,000
conversion of units to shares of common stock																																						125,000	33,000	52,000	138,000	46,000	193,000	55,000	744,000	106,000	1,000	443,000	156,000	2,488,000	28,000	3,004,000	2,878,000	2,071,000
marked-to-market adjustment on derivative instruments																																						496,000	-1,903,000	-7,116,000	4,143,000	-1,659,000	4,838,000	-667,000	2,300,000	1,451,000	15,820,000	4,096,000	1,680,000	757,000	4,084,000	7,120,000	6,587,000	7,414,000	-14,444,000	-10,063,000	7,950,000	-5,132,000	17,509,000	5,852,000	5,852,000	-57,889,000	-4,794,000	27,556,000	-25,580,000	-18,584,000	-16,166,000	9,871,000	-2,926,000	-102,000	-13,634,000			11,301,000
redeemable stock issued																																							186,000	181,000	371,000	189,000	183,000	362,000	145,000	158,000	218,000	159,000	143,000	169,000	116,000	397,000	293,000	97,000	296,000	213,000										86,000	164,000	92,000	92,000
net decrease in cash and cash equivalents																																							-9,375,000								568,000	-851,000	-8,919,000																					-2,144,000	-3,677,000	293,000	-2,991,000
amortization of debt premium																																								-5,126,000	-5,142,000	-5,197,000	-5,473,000	-7,246,000	-7,402,000	-443,000	-280,000	-225,000	-225,000	-226,000	-90,000	-270,000	-180,000	-90,000	-270,000	-180,000	-90,000									-509,000	-510,000	-509,000	-509,000	-509,000	-477,000	-465,000	-465,000
gain on sale of depreciable real estate assets excluded from discontinued operations																																								-54,621,000	-105,182,000	-30,228,000	-36,032,000
gain on sale of discontinued operations																																											103,000	0	-5,481,000	-28,788,000			-16,021,000	-12,953,000	-9,500,000																-5,714,000
fair value adjustment on debt assumed																																											1,069,000	0	1,651,000	0			0																					0
loan assumption																																											20,829,000	0	31,692,000
derivative interest (credit) expense																																									-548,000	-473,000
(funding) return of escrow for future acquisitions																																										-6,431,000
derivative interest expense																																												-25,000	427,000	343,000	217,000	267,000	232,000	194,000	164,000	407,000	222,000	47,000	405,000	300,000										-163,000	-332,000	68,000	30,000	17,000
gain on sale of non-depreciable assets																																													-557,000																						-29,000			-18,000
gain on sale of depreciable assets																																													-2,564,000
funding of escrow for exchange acquisitions																																														-45,478,000
debt assumed																																														0			0
loss on sale of non-depreciable assets																																																	-48,000			6,000	6,000	6,000
net casualty (gains) loss and other settlement proceeds																																																							-979,000	-629,000
funding of escrow for future principal payments on notes payable																																																				-10,763,000
reclassification of redeemable stock to liabilities																																																				152,000	151,000	151,000	271,000
improvements to existing real estate assets																																																			-12,221,000	-38,435,000	-25,781,000	-10,295,000	-31,722,000	-22,595,000	-7,222,000									-8,606,000	-10,052,000	-10,700,000	-3,216,000	-584,000	-12,410,000	-12,915,000	-4,887,000
gain on sale of non-depreciable and non-real estate assets
loss on sale of discontinued operations																																																				-4,927,000
asset impairment																																																							1,914,000	1,590,000
net casualty loss (gains) and other settlement proceeds																																																				692,000	406,000	148,000
gain on properties contributed to joint ventures
redemption of preferred stock																																																							-155,022,000	-77,510,000
depreciation and amortization of deferred financing costs																																																					57,318,000	28,456,000	78,407,000	51,266,000	25,296,000									22,476,000	22,573,000	21,682,000	21,849,000	22,017,000	20,132,000	19,860,000	19,415,000
stock issued to employee stock ownership plan																																																																		218,000	218,000	218,000	222,000
gains on disposition within real estate joint ventures
proceeds from issuances of common shares and units																																																							247,104,000	161,999,000	8,425,000									3,219,000	1,329,000	7,197,000	14,586,000	46,137,000	18,257,000	74,508,000	13,384,000
cash and cash equivalents, beginning of year
cash and cash equivalents, end of year
conversion of units to share of common stock																																																							1,219,000
loss (gain) on sale of discontinued operations																																																							2,000	2,000
conversion of units to common shares																																																								1,190,000						37,000				673,000	6,000			54,000	194,000			20,000
reclass of redeemable stock to liabilities																																																								269,000
income from investments in real estate joint ventures																																																																			0	51,000	7,000
reclass of redeemable stock from equity and redeemable stock to liabilities
compensation expense/redeemable stock issued																																																									98,000
ineffectiveness of derivative contracts																																																									95,000
incentive fees from real estate joint ventures
reclass of redeemable stock from equity to liabilities																																																														5,000	2,000	3,000	472,000	3,000	3,000	2,000	440,000
(gain) loss on sale of non-depreciable assets
(gain) loss on sale of discontinued operations
see accompanying notes to consolidated financial statements.
minority interest in operating partnership income																																																																		675,000	1,034,000	763,000	1,038,000	394,000	375,000	408,000	413,000
distributions to unitholders																																																																		-1,609,000	-1,600,000	-1,506,000	-1,506,000	-1,485,000	-1,422,000	1,000	-2,991,000
see accompanying notes to condensed consolidated financial statements.
reclass of preferred stock from equity to liabilities
adjustments to reconcile net income to net cash from operating activities
income from discontinued operations before asset impairment, settlement
proceeds and gain on sale																																																																		-23,000	12,000			-172,000	-161,000
gains on sale of non-depreciable assets
gains on sale of discontinued operations
net loss on insurance and other settlement proceeds on discontinued
operations
asset impairment on discontinued operations
net gains on insurance and other settlement proceeds
gain on disposition within real estate joint ventures																																																																			-1,000	0	-5,387,000
incentive fee from real estate joint ventures																																																																			0	0	-1,019,000
net gain on insurance and other settlement proceeds																																																																			197,000	-332,000	-510,000
net cash (used by) provided by financing activities																																																																				-1,550,000	-18,285,000
income from discontinued operations before asset impairment, settlement proceeds and gain on sale																																																																					-265,000
issuance of restricted common shares																																																																						62,000	-25,000			404,000
gain from discontinued operations before asset impairment, settlement
net loss on insurance and other settlement proceeds on discontinued operations
net loss on insurance and other settlement proceeds																																																																						87,000
net cash from operating activities.
payments received from real estate joint ventures
loss (income) from investments in real estate joint ventures																																																																							16,000
derivative interest income
net income on insurance and other settlement proceeds on discontinued
net (gain) loss on insurance and other settlement proceeds
loss from discontinued operations before asset impairment, settlement
(gain) loss from investments in unconsolidated entities																																																																									84,000
(gain) loss on debt extinguishment																																																																									550,000
fair value adjustment on derivative instruments																																																																										2,277,000
amortization of unearned stock compensation
equity in loss of real estate joint venture
gain on the sale of discontinued operations
net gain on insurance settlement proceeds and dispositions of assets
changes in assets and liabilities, net of acquisitions:
construction of units in progress and future development
note issued to real estate joint venture
purchase of partnership interest in blackstone joint venture
proceeds from isssuance of preferred stock
debt reclassified from consolidation of bre/maac associates, llc
equity in loss of real estate joint ventures
extraordinary items
net gain on dispositions and insurance settlement proceeds
assumption of debt related to property acquisitions
conversion of units for common shares

Mid-America Apartment Communities, Inc(NYSE:MAA)

Mid-America Apartment Communities, Inc
(NYSE:MAA)