Mid-America Apartment Communities First Quarter Funds From Operations to Exceed Forecast

Mid-America Apartment Communities First Quarter Funds From Operations to
Exceed Forecast

MEMPHIS, Tenn., April 20 /PRNewswire-FirstCall/ -- Mid-America Apartment
Communities, Inc. (NYSE: MAA), or Mid-America, announced today that it expects
its first quarter 2009 Funds from Operations, or FFO, to exceed its prior
guidance.

Based on preliminary results, Mid-America expects to report FFO (the widely
accepted measure of performance for real estate investment trusts) between
$30.1 million and $31.5 million, representing a range of $0.99 to $1.03 per
diluted share/unit, for the first quarter of 2009. This compares to
Mid-America's FFO guidance of $0.87 to $0.97 per diluted share/unit. Net
income available to common shareholders is expected to be between $7.4 million
and $8.7 million, representing a range of $0.26 to $0.31 per diluted share for
the same period.

Simon Wadsworth, Chief Financial Officer, said, "Same-store property operating
performance was better than our forecast based on solid occupancy and lower
than expected expenses. Interest expense was also less than forecast because
of the very favorable rate environment. While our first quarter operating
results were better than we expected, the continued weakness in both the
economy and the employment market as we enter the busy summer leasing season
suggests the need for caution in forecasting the balance of the year. We will
give further guidance with our quarterly earnings release on May 7th."

The following table is a reconciliation of expected FFO to expected net income
attributable to Mid-America for the three months ended March 31, 2009 (in
thousands):

Three Months Ended
March 31, 2009
-------------------
Low High
------- -------
Net income attributable to
Mid-America $10,600 $11,900
Preferred dividend distributions (3,216) (3,216)
------- -------
Net income available for common
shareholders 7,384 8,684
Depreciation of real estate
assets 23,120 23,120
Net casualty loss and other
settlement proceeds 144 144
Gains on sales of discontinued
operations (1,432) (1,432)
Depreciation of real estate
assets of real estate joint
ventures 264 264
Net income attributable to the
noncontrolling interest 661 769
------- -------
Funds from operations $30,141 $31,549
======= =======

Weighted average for the three
months ended March 31, 2009:
Shares - diluted 28,165
Shares and units - diluted 30,569

Mid-America provides guidance on FFO but does not forecast net income
available for common shareholders. It is not possible to reasonably predict
the timing and certainty of acquisitions and dispositions that would
materially affect depreciation, capital gains or losses and net income
attributable to noncontrolling interests, or to forecast extraordinary items,
which, combined, generally represent the difference between net income
available for common shareholders and FFO.

FFO represents net income (computed in accordance with U.S. generally accepted
accounting principles, or GAAP) excluding extraordinary items, net income
attributable to noncontrolling interests, gains on disposition of real estate
assets, plus depreciation of real estate, and adjustments for joint ventures
to reflect FFO on the same basis. This definition of FFO is in accordance
with the National Association of Real Estate Investment Trust's definition.
Disposition of real estate assets includes sales of discontinued operations as
well as proceeds received from insurance and other settlements from property
damage.

Our calculation of FFO may differ from the methodology for calculating FFO
utilized by other REITs and, accordingly, may not be comparable to such other
REITs. FFO should not be considered as an alternative to net income.

Mid-America believes that FFO is helpful in understanding our operating
performance in that FFO excludes depreciation expense on real estate assets.
We believe that GAAP historical cost depreciation of real estate assets is
generally not correlated with changes in the value of those assets, whose
value does not diminish predictably over time, as historical cost depreciation
implies.

MAA is a self-administered, self-managed apartment-only real estate investment
trust which currently owns or has ownership interest in 42,252 apartment units
throughout the Sunbelt region of the U.S. For further details, please refer
to our website at www.maac.net or contact our Investor Relations Department at
investor.relations@maac.net or (901) 435-5371 or via mail at 6584 Poplar Ave.,
Memphis, TN 38138.

Certain matters in this press release may constitute forward-looking
statements within the meaning of Section 27-A of the Securities Act of 1933
and Section 21E of the Securities and Exchange Act of 1934. Such statements
include, but are not limited to, statements made about anticipated market
conditions, anticipated acquisitions, redevelopment opportunities, and
property financing. Actual results and the timing of certain events could
differ materially from those projected in or contemplated by the
forward-looking statements due to a number of factors, including a downturn in
general economic conditions or the capital markets, competitive factors
including overbuilding or other supply/demand imbalances in some or all of our
markets, shortage of acceptable property acquisition candidates, changes in
interest rates and other items that are difficult to control, as well as the
other general risks inherent in the apartment and real estate businesses.
Reference is hereby made to the filings of Mid-America Apartment Communities,
Inc., with the Securities and Exchange Commission, including quarterly reports
on Form 10-Q, reports on Form 8-K, and its annual report on Form 10-K,
particularly including the risk factors contained therein.

SOURCE Mid-America Apartment Communities, Inc.

Investor Relations Department, Mid-America Apartment Communities, Inc.,
+1-901-435-5371, investor.relations@maac.net