Document:

FIRST AMENDMENT TO AMENDED AND  

RESTATED REVOLVING CREDIT AGREEMENT

                     This
First Amendment to Amended and Restated Revolving Credit Agreement (this “Amendment”)
is dated as of May 19, 2004, among Mid-America
Apartment Communities, Inc. (“MAAC”), Mid-America Apartments, L.P. (“Mid-America”), the financial
institutions listed on Schedule 1, as amended or supplemented from time to time
(the “Lenders”), and AmSouth Bank,
an Alabama banking corporation, as Administrative Agent for the Lenders, its
successors and assigns (in such capacity, the “Administrative Agent”). 

Recitals

                     A.     MAAC,
Mid-America, certain Lenders and the Administrative Agent entered into that
certain Amended and Restated Revolving Credit Agreement dated as of July 17,
2003 (as it may be amended further from time to time, the “Agreement”).  Unless otherwise defined in this Amendment,
capitalized terms shall have the meaning assigned to them in the Agreement. 

                     B.     The
Borrowers have requested that the Agreement be amended to extend the Maturity
Date defined in the Agreement and to amend certain other terms. 

                     C.     The
parties to the Agreement desire to execute this Amendment to  evidence the extension of the Maturity Date
and the modification of certain other provisions set forth in the Agreement. 

Agreement

                     NOW,
THEREFORE, in consideration of the above Recitals, the parties hereby agree as
follows: 

          1.         The
definition of “Advance Rate” set forth in Section 11.1 of the Agreement is
hereby deleted in its entirety and replaced with the following: 

	
   
	
  Advance Rate shall
  mean for Mortgaged Properties:  (a)
  the amount shown as the Advance Rate on Schedule 2 for the Initial Properties
  from the date hereof until the first quarterly determination of Fair Market
  Value, which shall occur on June 30, 2004; (b) subject to subclauses (d) and
  (e) herein, 65% of Fair Market Value for a Stabilized Property (including the
  Initial Properties after the first quarterly determination of Fair Market
  Value); (c) subject to adjustment as provided in Section 1.16(c), 40% of the
  Project Budget to the extent of Work Completed for a Development Project; (d)
  for the period commencing on the date a Development Project is converted to a
  Stabilized Property in accordance with Section 3.5(b), until the next
  succeeding quarterly determination of Fair Market Value, 65% of the appraised
  value of the subject Development Project, as reflected in the appraisal
  ordered and approved by the Administrative Agent; and (e) for the period
  commencing on the date a Stabilized Property is added to the Borrowing Base
  and continuing thereafter through a full calendar quarter, 65% of the 1900-3958 Mid-America 1st Amendment to
  Amended and Restated Credit Agreement 
  appraised value of the subject Stabilized Property, as
  reflected in the appraisal ordered and approved by the Administrative Agent.

1 

          2.      The
definition of “Fair Market Value” set forth in Section 11.1 of the Agreement is
hereby deleted in its entirety and replaced with the following:  

	
   
	
  Fair Market Value shall
  be determined quarterly, on a “Net Operating Income” basis, not later than
  the twenty-second (22nd) day of each calendar quarter, but as of
  the last day of the immediately preceding calendar quarter, from the
  Effective Date until the Termination Date of the Loans, by dividing the prior
  calendar quarter's annualized Adjusted NOI of each Stabilized Property
  subject to a Mortgage by 9% (with the exception of the Stabilized Properties
  known as Reserve at Dexter Phase I, Phase II and Phase III, for which the cap
  rate/denominator shall be 8.75%).

          3.      The
definition of “Maturity Date” set forth in Section 11.1 of the Agreement is
hereby amended by replacing the date “May 24, 2005” with the date “May 24,
2006.” 

          4.      Section
6.7 of the Agreement, Dividend Payout, is hereby deleted in its entirety and
replaced with the following: 

          6.7.   Dividend Payout

	
   
	
  Make a
  dividend payment (including both common stock dividends and preferred stock
  dividends) which is greater than ninety percent (90%) of Funds from
  Operations or that would otherwise violate the United States federal tax laws
  governing the qualifications of real estate investment trusts.  As used herein, “Funds from Operations” shall mean consolidated net income
  of MAAC, including minority interest (computed in accordance with GAAP),
  excluding gains (or losses) from debt restructuring, sales of property,
  impairment charges, or charges related to the adjustment to the value of
  assumed debt, plus real property depreciation and goodwill amortization,
  before extraordinary or unusual items, and after adjustments for
  unconsolidated partnerships and joint ventures.  Adjustments for unconsolidated partnerships and joint ventures
  will be calculated to reflect Funds from Operations on the same basis.  Upon written pre-approval of the
  Administrative Agent, exceptions may be made where the Board of Directors of
  MAAC determines, in good faith, that a special dividend must be paid to avoid
  taxes due to excess gains from the sale of Property.  In determining compliance with the
  dividend payout ratio set forth herein, the amount of dividends paid and
  Funds from Operations shall be calculated on a rolling 12-month period.

          5.      Schedule
2 of the Agreement is hereby deleted in its entirety and replaced with the Schedule
2 attached hereto. 

2 

          6.      Schedule
5 of the Agreement is hereby revised by amending the notice address for the
Agent to show the 15th floor, instead of the 9th floor. 

          7.      Exhibit
F of the Agreement is hereby deleted in its entirety and replaced with the Exhibit
F attached hereto. 

          8.      In
consideration of this Amendment, the Borrowers shall pay to the Lenders on the
date hereof an extension fee equal to 17.5 basis points of the Aggregate
Commitment ($70,000.00). An additional extension fee shall be payable by the
Borrowers to the Administrative Agent on the date hereof pursuant to a separate
agreement between the Administrative Agent and the Borrowers. 

          9.      This
Amendment shall not be effective until the following conditions have been
fulfilled: 

	
   
	
  a.
	
  The
  Administrative Agent has received a fully executed original of this
  Amendment; 

	
   
	
   
	
   

	
   
	
  b.
	
  The fees
  required herein have been received by the Administrative Agent; 

	
   
	
   
	
   

	
   
	
  c
	
  The
  Administrative Agent has received appropriate resolutions of the Borrowers
  authorizing the transactions contemplated herein; 

	
   
	
   
	
   

	
   
	
  d.
	
  The
  Administrative Agent has received an opinion of counsel to each of the
  Borrowers, which opinion shall be satisfactory to the Administrative Agent in
  all respects; and 

	
   
	
   
	
   

	
   
	
  e.
	
  The
  Administrative Agent has received evidence of the payment of 2003 ad valorem
  taxes for each Mortgaged Property. 

                    Except
as expressly amended hereby, the Agreement shall remain in full force and
effect in accordance with its terms. 

                    Each
Borrower represents and warrants that no Event of Default has occurred and is
continuing under the Agreement, nor does any event that upon notice or lapse of
time or both would constitute such an Event of Default exist. 

                    IN
WITNESS WHEREOF, the parties have executed this Amendment as of the date first
set forth above. 

3 

Signature page to 

First Amendment to Amended and Restated Revolving Credit Agreement

	
   
	
  MID-AMERICA APARTMENT

  COMMUNITIES, INC.

	
   
	
   

	
   
	
  By______________________________________________________________
  

  Name:  Al Campbell 

  Title: Senior Vice President and Treasurer

4 

Signature page to 

First Amendment to Amended and Restated Revolving Credit Agreement

	
   
	
  MID-AMERICA APARTMENTS, L.P.

	
   
	
   

	
   
	
  By
  Mid-America Apartment 

  Communities, Inc.

  Its Sole General Partner

	
   
	
   

	
   
	
  By______________________________________________________________
  

  Name:  Al Campbell

  Title: Senior Vice President and Treasurer

5 

Signature page to 

First Amendment to Amended and Restated Revolving Credit Agreement

	
   
	
  AMSOUTH BANK, 

  in its individual capacity as Lender 

  and as Administrative Agent 

	
   
	
   

	
   
	
  By:___________________________________________________
  

  Name:  Lawrence Clark 

  Title: Vice President 

6

Signature page to 

First Amendment to Amended and Restated Revolving Credit Agreement

	
   
	
  FIRST TENNESSEE BANK, N.A.

	
   
	
   

	
   
	
  By:___________________________________________________

  Name:________________________________________________

  Title:_________________________________________________

7 

SCHEDULE 2

[Current List of Properties]

	
  Property

  	
   
	
  Advance Rate

  	
   
	
  Availability

  as of the date

  hereof

  	
   

	
  

  	
   
	
  

  	
   
	
  

  	
   

	
   
	
   
	
   
	
   
	
   
	
   
	
   
	
   
	
   
	
   
	
   

	
  I.

  	
  Stabilized
  Properties:
	
   
	
   
	
   
	
   
	
   
	
   
	
   
	
   
	
   

	
   
	
   
	
   
	
   
	
   
	
   
	
   
	
   
	
   
	
   
	
   

	
  1.
	
  Sterling
  Ridge (GA)
	
   
	
   
	
   
	
  65
	
  %
	
   
	
  $
	
  5,266,603
	
   

	
  2.
	
  Reserve at
  Dexter Phases I, II, & III (TN)
	
   
	
   
	
   
	
  65
	
  %
	
   
	
  $
	
  24,019,914
	
   

	
  3.
	
  Fountain Lake
  Apartments (GA)
	
   
	
   
	
   
	
  65
	
  %
	
   
	
  $
	
  3,578,727
	
   

	
  5.
	
  Whispering
  Pines Phases I & II (GA)
	
   
	
   
	
   
	
  65
	
  %
	
   
	
  $
	
  5,028,277
	
   

	
   
	
   
	
   
	
   
	
   
	
   
	
   
	
   
	
   
	
   
	
   

	
  II.

  	
  Development
  Projects: 

	
   
	
   

	
   
	
  None 

8FIRST
AMENDMENT TO SECOND AMENDED AND RESTATED

MASTER CREDIT FACILITY AGREEMENT

(MAA II)

          THIS
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED MASTER CREDIT FACILITY AGREEMENT
(the “Amendment”)
is effective as of the 31st day of March, 2004, by and among (i) (a)
MID-AMERICA APARTMENT COMMUNITIES, INC., a Tennessee corporation (the “REIT”),
(b) MID-AMERICA APARTMENTS, L.P., a Tennessee limited partnership (“OP”)
(the REIT and OP being collectively referred to as “Borrower”) and (ii)
PRUDENTIAL MULTIFAMILY MORTGAGE INC., a Delaware corporation (“Lender”).

RECITALS

          A.     Borrower
is a party to that certain Master Credit Facility Agreement dated as of the
22nd day of August, 2002, by and between Borrower and Lender, which was amended
and restated pursuant to that certain Amended and Restated Master Credit
Facility Agreement dated as of December 10, 2003, which has been further
amended and restated pursuant to that certain Second Amended and Restated
Master Credit Facility Agreement dated as of March 30, 2004 (the “Master
Agreement”).

          B.     All
of the Lender’s right, title and interest in the Master Agreement and the Loan
Documents executed in connection with the Master Agreement or the transactions contemplated
by the Master Agreement have been assigned to Fannie Mae pursuant to that
certain Assignment of Collateral Agreements and Other Loan Documents, dated as
of August 22, 2002 and that certain Assignment of Collateral Agreements and
Other Loan Documents, dated as of December 10, 2003 and that certain Assignment
of Collateral Agreements and Other Loan Documents dated as of March 31, 2004
(collectively, the “Assignment”).  Fannie Mae has not assumed any of the obligations of the Lender
under the Master Agreement or the Loan Documents as a result of the
Assignment.  Fannie Mae has designated
the Lender as the servicer of the Loans contemplated by the Master Agreement.
Lender is entering into this Amendment in its capacity as servicer of the loan set
forth in the Master Agreement.

          C.     Borrower
and Lender are executing this Amendment pursuant to the Master Agreement to
provide for the addition of the Mortgaged Properties known as Colony at South
Park, Woodstream and Walden Creek to the Collateral Pool under the terms of the
Master Agreement.

          NOW,
THEREFORE, the parties hereto, in consideration of the mutual promises and
agreements contained in this Amendment and the Master Agreement, and other good
and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, hereby agree as follows:

-1-

          Section
1.     Collateral Pool.  Exhibit A to the
Master Agreement is hereby deleted and replaced with the attached Exhibit A
to reflect the addition of Colony at South Park, Woodstream and Walden Creek as
Additional Mortgaged Properties in the Collateral Pool.

          Section
2.     Expansion.  The
Variable Facility Commitment is hereby increased by $20,918,000 and the
definition of Variable Facility Commitment is hereby replaced in its entirety
with the following new definition:

	
 
	
          ”Variable
Facility Commitment” means an aggregate amount of $457,526,000,which shall be evidenced by the Variable
Facility Note in the form attached hereto as Exhibit I, plus such
amount as the Borrower may elect to add to the Variable Facility Commitment
in accordance with Article VIII, and plus such amount as the Borrower may
elect to reborrow in accordance with Section 2.08, less such amount as the
Borrower may elect to convert from the Variable Facility Commitment to the
Fixed Facility Commitment in accordance with Article III and less such amount
by which the Borrower may elect to reduce the Variable Facility Commitment in
accordance with Article IX.

          Section
3.     Reserved Amount.  “Reserved
Amount” means $142,474,000, unless Borrower elects in writing a lesser
amount not to exceed $600,000,000 minus the amount of the Commitment in effect
at any time, but in no event greater than $142,474,000.  The Fixed Facility Fee and the Variable
Facility Fee shall not increase with respect to the Reserved Amount in the
event of an Expansion for so long as the Borrower timely pays the Rate
Preservation Fee on the Reserved Amount.

          Section
4.     Special Provisions Regarding Lighthouse.  Pursuant to that certain First Amendment to
Amended and Restated Master Credit Facility Agreement dated as of December 11,
2003, Borrower thereby agreed that that certain conservation easement affecting
the Mortgaged Property commonly known as Lighthouse Court in Florida referenced
in the letter attached as Exhibit B thereto shall be released and
amended as provided therein to Lender’s satisfaction by April 11, 2004 (the “Conservation
Easement Deadline”).  The
parties hereby agree the Conservation Easement Deadline is hereby extended to
May 15, 2004. Borrower confirms that it shall remove the Mortgaged Property
known as Lighthouse Court from the Collateral Pool if the above-referenced
conservation easement is not released and amended by the Conservation Easement
Deadline.

          Section
5.     Special Provisions Regarding Woodstream.  The parties acknowledge that the Mortgaged
Property commonly known as Woodstream located in North Carolina is subject to a
condemnation action initiated by the North Carolina Department of
Transportation.  In connection with such
condemnation action, the Borrower has agreed to relocate the Woodstream
entrance drive, which relocation may include the purchase of approximately .366
acres of new land.  The Borrower hereby
agrees that any new land purchased in connection with the relocation of the
Woodsteam entrance drive shall become part of the Collateral Pool.  The Borrower further agrees to (i) amend the
Woodstream Deed of Trust to include such new land as part of the secured
property and (ii) cause the Woodstream title policy to be amended to include
such  new land as part of the insured
land.

-2-

          Section
6.     Property Management Agreements.  Exhibit AA is hereby deleted in its entirety
and replaced with the Exhibit AA attached to this Amendment.

          Section
7.     Capitalized Terms.  All capitalized terms used in this Amendment
which are not specifically defined herein shall have the respective meanings
set forth in the Master Agreement.

          Section
8.     Reaffirmation.  The REIT and OP hereby reaffirm their
obligations under the Agreement as Borrower.

          Section
9.     Full Force and Effect.  Except as expressly modified by this
Amendment, all terms and conditions of the Master Agreement shall continue in
full force and effect.

          Section
10.    Counterparts.  This Amendment may be executed in
counterparts by the parties hereto, and each such counterpart shall be
considered an original and all such counterparts shall constitute one and the
same instrument.

[Remainder of this page
intentionally left blank]

-3-

          IN
WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day
and year first above written.

	
   
	
  BORROWER:

	
   
	
   
	
   

	
   
	
  MID-AMERICA APARTMENT COMMUNITIES, 

  INC., a Tennessee corporation

	
   
	
   

	
   
	
   

	
   
	
  By:

	
   
	
   
	
  

  	
   

	
   
	
   
	
     Simon R.C. Wadsworth

	
   
	
   
	
     Executive Vice President

	
   
	
   
	
   

	
   
	
  MID-AMERICA APARTMENTS, L.P.,

  a Tennessee limited partnership

	
   
	
   
	
   

	
   
	
  By: 
	
  Mid-America Apartment Communities, Inc.,

  a Tennessee corporation, its general partner

	
   
	
   
	
   

	
   
	
   
	
   

	
   
	
   
	
  By:

	
   
	
   
	
   
	
  

  	
   

	
   
	
   
	
   
	
       Simon R.C. Wadsworth

	
   
	
   
	
   
	
       Executive Vice
  President

	
   
	
   
	
   
	
   

	
   
	
   
	
  [Signatures
  follow on next page]

-4-

	
   
	
   
	
  LENDER:

	
   
	
   
	
   

	
   
	
   
	
  PRUDENTIAL MULTIFAMILY MORTGAGE INC.,

  a Delaware corporation

	
   
	
   
	
   

	
   
	
   
	
   

	
   
	
   
	
  By:
	
   

	
   
	
   
	
   
	
  

  	
   

	
   
	
   
	
  Name: Sharon D. Singleton 

	
   
	
   
	
  Title:   Vice President

-5-

EXHIBIT
A

SCHEDULE OF INITIAL MORTGAGED
PROPERTIES

AND INITIAL VALUATIONS

	
  Property Name

  	
   
	
  County

  	
   
	
  Property Location

  	
   
	
  Initial Valuation

  
	
  

  	
   
	
  

  	
   
	
  

  	
   
	
  

  
	
  Abbington Place

  	
   
	
  Madison
	
   
	
  Huntsville, AL
	
   
	
   
	
  $ 
	
  4,670,000
	
   

	
  Paddock Club Montgomery
	
   
	
  Montgomery
	
   
	
  Montgomery, AL
	
   
	
   
	
  $
	
  10,370,000
	
   

	
  Terraces at Towne Lake II
	
   
	
  Cherokee
	
   
	
  Woodstock, GA
	
   
	
   
	
  $
	
  14,870,000
	
   

	
  Terraces at Fieldstone
	
   
	
  Rockdale
	
   
	
  Conyers, GA
	
   
	
   
	
  $
	
  20,700,000
	
   

	
  Paddock Club Columbia I and II
	
   
	
  Richland
	
   
	
  Columbia, SC
	
   
	
   
	
  $
	
  13,420,000
	
   

	
  The Mansion
	
   
	
  Fayette
	
   
	
  Lexington, KY
	
   
	
   
	
  $
	
  7,630,000
	
   

	
  Brentwood Downs
	
   
	
  Davidson
	
   
	
  Nashville, TN
	
   
	
   
	
  $
	
  14,600,000
	
   

	
  Calais Forest
	
   
	
  Pulaski
	
   
	
  Little Rock, AR
	
   
	
   
	
  $
	
  9,900,000
	
   

	
  Southland Station II
	
   
	
  Houston
	
   
	
  Warner Robins, GA
	
   
	
   
	
  $
	
  8,050,000
	
   

	
  Fairways at Hartland
	
   
	
  Warren
	
   
	
  Bowling Green, KY
	
   
	
   
	
  $
	
  10,900,000
	
   

	
  Paddock Club Murfreesboro
	
   
	
  Rutherford
	
   
	
  Murfreesboro, TN
	
   
	
   
	
  $
	
  14,160,000
	
   

	
  Whisperwood
	
   
	
  Muscogee
	
   
	
  Columbus, GA
	
   
	
   
	
  $
	
  49,900,000
	
   

	
  River Trace I
	
   
	
  Shelby
	
   
	
  Memphis, TN
	
   
	
   
	
  $
	
  8,975,000
	
   

	
  Wildwood I
	
   
	
  Thomas
	
   
	
  Thomasville, GA
	
   
	
   
	
  $
	
  3,825,000
	
   

	
  Three Oaks I
	
   
	
  Lowndes
	
   
	
  Valdosta, GA
	
   
	
   
	
  $
	
  3,950,000
	
   

	
  Westbury Springs
	
   
	
  Gwinnett
	
   
	
  Lilburn, GA
	
   
	
   
	
  $
	
  6,775,000
	
   

	
  Hickory Farms
	
   
	
  Shelby
	
   
	
  Memphis, TN
	
   
	
   
	
  $
	
  6,475,000
	
   

	
  Gleneagles
	
   
	
  Shelby
	
   
	
  Memphis, TN
	
   
	
   
	
  $
	
  6,850,000
	
   

	
  The Oaks
	
   
	
  Madison
	
   
	
  Jackson, TN
	
   
	
   
	
  $
	
  2,825,000
	
   

	
  TPC Greenville
	
   
	
  Greenville
	
   
	
  Greenville, SC
	
   
	
   
	
  $
	
  8,930,000
	
   

	
  TPC Huntsville
	
   
	
  Madison
	
   
	
  Huntsville, AL
	
   
	
   
	
  $
	
  17,800,000
	
   

	
  Eagle Ridge
	
   
	
  Birmingham
	
   
	
  Birmingham, AL
	
   
	
   
	
  $
	
  8,400,000
	
   

	
  River Hills
	
   
	
  Grenada
	
   
	
  Grenada, MS
	
   
	
   
	
  $
	
  1,600,000
	
   

	
  Stonemill Village
	
   
	
  Jefferson
	
   
	
  Louisville, KY
	
   
	
   
	
  $
	
  19,825,000
	
   

	
  Woodwinds
	
   
	
  Aiken
	
   
	
  Aiken, SC
	
   
	
   
	
  $
	
  7,000,000
	
   

	
  Tanglewood
	
   
	
  Anderson
	
   
	
  Anderson, SC
	
   
	
   
	
  $
	
  5,110,000
	
   

	
  Wood Hollow
	
   
	
  Duval
	
   
	
  Jacksonville, FL
	
   
	
   
	
  $
	
  22,800,000
	
   

	
  Terraces at Towne Lake I
	
   
	
  Cherokee
	
   
	
  Woodstock, GA
	
   
	
   
	
  $
	
  16,450,000
	
   

	
  Grand Reserve
	
   
	
  Fayette
	
   
	
  Lexington, KY
	
   
	
   
	
  $
	
  23,200,000
	
   

	
  Island Retreat
	
   
	
  Glynn
	
   
	
  St. Simons Island, GA
	
   
	
   
	
  $
	
  5,400,000
	
   

	
  Belmere
	
   
	
  Hillsborough
	
   
	
  Tampa, FL
	
   
	
   
	
  $
	
  11,150,000
	
   

	
  Bradford Chase (WV)
	
   
	
  Madison
	
   
	
  Jackson, TN
	
   
	
   
	
  $
	
  4,960,000
	
   

	
  Crosswinds
	
   
	
  Rankin
	
   
	
  Jackson, MS
	
   
	
   
	
  $
	
  13,420,000
	
   

	
  Fairways at Royal Oak
	
   
	
  Clermont
	
   
	
  Cincinnati, OH
	
   
	
   
	
  $
	
  9,800,000
	
   

	
  Hermitage at Beechtree
	
   
	
  Wake
	
   
	
  Cary, NC
	
   
	
   
	
  $
	
  8,720,000
	
   

	
  Hidden Lake II
	
   
	
  Fulton
	
   
	
  Union City, GA
	
   
	
   
	
  $
	
  7,050,000
	
   

	
  High Ridge
	
   
	
  Clarke
	
   
	
  Athens, GA
	
   
	
   
	
  $
	
  6,600,000
	
   

	
  Howell Commons
	
   
	
  Greenville
	
   
	
  Greenville, SC
	
   
	
   
	
  $
	
  12,380,000
	
   

	
  Kirby Station
	
   
	
  Shelby
	
   
	
  Memphis, TN
	
   
	
   
	
  $
	
  15,800,000
	
   

	
  Lakepointe
	
   
	
  Fayette
	
   
	
  Lexington, KY
	
   
	
   
	
  $
	
  4,425,000
	
   

	
  Lakeside
	
   
	
  Duval
	
   
	
  Jacksonville, FL
	
   
	
   
	
  $
	
  21,100,000
	
   

	
  Marsh Oaks
	
   
	
  Duval
	
   
	
  Atlantic Beach, FL
	
   
	
   
	
  $
	
  5,500,000
	
   

	
  Napa Valley
	
   
	
  Pulaski
	
   
	
  Little Rock, AR
	
   
	
   
	
  $
	
  10,500,000
	
   

	
  Park Haywood
	
   
	
  Greenville
	
   
	
  Greenville, SC
	
   
	
   
	
  $
	
  5,600,000
	
   

	
  Property Name
	
   
	
  County
	
   
	
  Property Location
	
   
	
  Initial Valuation

	
  

  	
   
	
  

  	
   
	
  

  	
   
	
  

  
	
  Park Place
	
   
	
  Spartanburg
	
   
	
  Spartanburg, SC
	
   
	
   
	
  $ 
	
  6,470,000
	
   

	
  Pear Orchard
	
   
	
  Madison
	
   
	
  Jackson, MS
	
   
	
   
	
  $
	
  15,700,000
	
   

	
  Savannah Creek
	
   
	
  DeSoto
	
   
	
  Southaven, MS (Memphis suburb)
	
   
	
   
	
  $
	
  9,550,000
	
   

	
  Shenandoah Petersburg
	
   
	
  Columbia
	
   
	
  Augusta, GA
	
   
	
   
	
  $
	
  9,567,000
	
   

	
  Somerset
	
   
	
  Hinds
	
   
	
  Jackson, MS
	
   
	
   
	
  $
	
  3,160,000
	
   

	
  Southland Station I
	
   
	
  Houston
	
   
	
  Warner Robins, GA
	
   
	
   
	
  $
	
  7,300,000
	
   

	
  Steeplechase
	
   
	
  Hamilton
	
   
	
  Chattanooga, TN
	
   
	
   
	
  $
	
  4,000,000
	
   

	
  Sutton Place
	
   
	
  DeSoto
	
   
	
  Southaven, MS (Memphis suburb)
	
   
	
   
	
  $
	
  10,800,000
	
   

	
  Tiffany Oaks
	
   
	
  Seminole
	
   
	
  Altamonte Springs, FL
	
   
	
   
	
  $
	
  14,750,000
	
   

	
  Village
	
   
	
  Fayette
	
   
	
  Lexington, KY
	
   
	
   
	
  $
	
  10,340,000
	
   

	
  Westside Creek I
	
   
	
  Pulaski
	
   
	
  Little Rock, AR
	
   
	
   
	
  $
	
  7,010,000
	
   

	
  Willow Creek
	
   
	
  Muscogee
	
   
	
  Columbus, GA
	
   
	
   
	
  $
	
  10,150,000
	
   

	
  Links at Carrollwood
	
   
	
  Hillsborough
	
   
	
  Tampa, FL
	
   
	
   
	
  $
	
  13,050,000
	
   

	
  Grand View
	
   
	
  Nashville
	
   
	
  Nashville, TN
	
   
	
   
	
  $
	
  26,805,000
	
   

	
  Three Oaks II
	
   
	
  Lowndes
	
   
	
  Valdosta, GA
	
   
	
   
	
  $
	
  4,737,000
	
   

	
  Wildwood II
	
   
	
  Thomas
	
   
	
  Thomasville, GA
	
   
	
   
	
  $
	
  3,950,000
	
   

	
  Lighthouse Court
	
   
	
  Clay
	
   
	
  Orange Park, FL
	
   
	
   
	
  $
	
  40,092,000
	
   

	
  Colony at South Park
	
   
	
  Aiken
	
   
	
  Aiken, SC
	
   
	
   
	
  $
	
  8,100,000
	
   

	
  Woodstream
	
   
	
  Guilford
	
   
	
  Greensboro, NC
	
   
	
   
	
  $
	
  11,300,000
	
   

	
  Walden Creek
	
   
	
  Henry
	
   
	
  McDonough, GA
	
   
	
   
	
  $
	
  12,783,000
	
   

EXHIBIT
AA TO 
SECOND AMENDED AND RESTATED 

MASTER CREDIT FACILITY AGREEMENT

SCHEDULE OF APPROVED

PROPERTY MANAGEMENT AGREEMENTS

	
   
	
  Property Name

  	
   
	
  Manager

  
	
   
	
  

  	
   
	
  

  
	
  1.

  	
  Abbington Place
	
   
	
  Mid-America Apartment Communities,
  Inc.

	
  2.
	
  Paddock Club Montgomery
	
   
	
  Mid-America Apartment Communities,
  Inc.

	
  3.
	
  Terraces at Towne Lake II
	
   
	
  Mid-America Apartment Communities,
  Inc.

	
  4.
	
  Terraces at Fieldstone
	
   
	
  Mid-America Apartment Communities,
  Inc.

	
  5.
	
  Paddock Club Columbia I and II
	
   
	
  Mid-America Apartment Communities,
  Inc.

	
  6.
	
  The Mansion
	
   
	
  Mid-America Apartment Communities,
  Inc.

	
  7.
	
  Brentwood Downs
	
   
	
  Mid-America Apartment Communities,
  Inc.

	
  8.
	
  Calais Forest
	
   
	
  Mid-America Apartment Communities,
  Inc.

	
  9.
	
  Southland Station II
	
   
	
  Mid-America Apartment Communities,
  Inc.

	
  10.
	
  Fairways at Hartland
	
   
	
  Mid-America Apartment Communities,
  Inc.

	
  11.
	
  Paddock Club Murfreesboro
	
   
	
  Mid-America Apartment Communities,
  Inc.

	
  12.
	
  Whisperwood
	
   
	
  Mid-America Apartment Communities,
  Inc.

	
  13.
	
  River Trace I
	
   
	
  Mid-America Apartment Communities,
  Inc.

	
  14.
	
  Wildwood I
	
   
	
  Mid-America Apartment Communities,
  Inc.

	
  15.
	
  Three Oaks I
	
   
	
  Mid-America Apartment Communities,
  Inc.

	
  16.
	
  Westbury Springs
	
   
	
  Mid-America Apartment Communities,
  Inc.

	
  17.
	
  Hickory Farms
	
   
	
  Mid-America Apartment Communities,
  Inc.

	
  18.
	
  Gleneagles
	
   
	
  Mid-America Apartment Communities,
  Inc.

	
  19.
	
  The Oaks
	
   
	
  Mid-America Apartment Communities,
  Inc.

	
  20.
	
  TPC Greenville
	
   
	
  Mid-America Apartment Communities,
  Inc.

	
  21.
	
  TPC Huntsville
	
   
	
  Mid-America Apartment Communities,
  Inc.

	
  22.
	
  Eagle Ridge
	
   
	
  Mid-America Apartment Communities,
  Inc.

	
  23.
	
  River Hills
	
   
	
  Mid-America Apartment Communities,
  Inc.

	
  24.
	
  Stonemill Village
	
   
	
  Mid-America Apartment Communities,
  Inc.

	
  25.
	
  Woodwinds
	
   
	
  Mid-America Apartment Communities,
  Inc.

	
  26.
	
  Tanglewood
	
   
	
  Mid-America Apartment Communities,
  Inc.

	
  27.
	
  Wood Hollow
	
   
	
  Mid-America Apartment Communities,
  Inc.

	
  28.
	
  Belmere
	
   
	
  Mid-America Apartments, L.P.

	
  29.
	
  Bradford Chase (WV)
	
   
	
  Mid-America Apartments, L.P.

	
  30.
	
  Crosswinds
	
   
	
  Mid-America Apartments, L.P.

	
  31.
	
  Fairways at Royal Oak
	
   
	
  Mid-America Apartments, L.P.

	
  32.
	
  Hermitage at Beechtree
	
   
	
  Mid-America Apartments, L.P.

	
  33.
	
  Hidden Lake II
	
   
	
  Mid-America Apartments, L.P.

	
  34.
	
  High Ridge
	
   
	
  Mid-America Apartments, L.P.

	
  35.
	
  Howell Commons
	
   
	
  Mid-America Apartments, L.P.

	
  36.
	
  Kirby Station
	
   
	
  Mid-America Apartments, L.P.

	
  37.
	
  Lakepointe
	
   
	
  Mid-America Apartments, L.P.

	
  38.
	
  Lakeside
	
   
	
  Mid-America Apartments, L.P.

	
  39.
	
  Marsh Oaks
	
   
	
  Mid-America Apartments, L.P.

	
  40.
	
  Napa Valley
	
   
	
  Mid-America Apartments, L.P.

	
  41.
	
  Park Haywood
	
   
	
  Mid-America Apartments, L.P.

	
  42.
	
  Park Place
	
   
	
  Mid-America Apartments, L.P.

	
  43.
	
  Pear Orchard
	
   
	
  Mid-America Apartments, L.P.

	
  44.
	
  Savannah Creek
	
   
	
  Mid-America Apartments, L.P.

	
  45.
	
  Shenandoah Petersburg
	
   
	
  Mid-America Apartments, L.P.

	
  46.
	
  Somerset
	
   
	
  Mid-America Apartments, L.P.

	
  47.
	
  Southland Station I
	
   
	
  Mid-America Apartments, L.P.

	
  48.
	
  Steeplechase
	
   
	
  Mid-America Apartments, L.P.

	
  49.
	
  Sutton Place
	
   
	
  Mid-America Apartments, L.P.

	
  50.
	
  Tiffany Oaks
	
   
	
  Mid-America Apartments, L.P.

	
  51.
	
  Village
	
   
	
  Mid-America Apartments, L.P.

	
  52.
	
  Westside Creek I
	
   
	
  Mid-America Apartments, L.P.

	
  53.
	
  Willow Creek
	
   
	
  Mid-America Apartments, L.P.

	
  54.
	
  Links at Carrollwood
	
   
	
  Mid-America Apartments, L.P.

	
  55.
	
  Grand View
	
   
	
  Mid-America Apartments, L.P.

	
  56.
	
  Three Oaks II
	
   
	
  Mid-America Apartments, L.P.

	
  57.
	
  Wildwood II
	
   
	
  Mid-America Apartments, L.P.

	
  58.
	
  Lighthouse Court
	
   
	
  Mid-America Apartments, L.P.

	
  59.
	
  Colony at South Park
	
   
	
  Mid-America Apartments, L.P.

	
  60.
	
  Woodstream
	
   
	
  Mid-America Apartments, L.P.

	
  61.
	
  Walden Creek
	
   
	
  Mid-America Apartments, L.P.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00080-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00080-of-00352.parquet"}]]