diff --git a/modules/mailchimp_lists/mailchimp_lists.module b/modules/mailchimp_lists/mailchimp_lists.module
index adf5806..086ae96 100644
--- a/modules/mailchimp_lists/mailchimp_lists.module
+++ b/modules/mailchimp_lists/mailchimp_lists.module
@@ -368,23 +368,56 @@ function _mailchimp_lists_subscription_has_changed($instance, $field, $entity, $
 function _mailchimp_lists_mergevars_populate($mergefields, $entity, $entity_type) {
   $wrapper = entity_metadata_wrapper($entity_type, $entity);
   $mergevars = array();
-  foreach ($mergefields as $label => $property) {
-    if (!empty($property) && strlen($property)) {
-      $elements = explode(':', $property);
-      $object = $wrapper;
-      foreach ($elements as $element) {
-        if ($object instanceof EntityListWrapper) {
-          $object = $object[0];
+  foreach ($mergefields as $label => $field) {
+    if (!empty($field) && strlen($field)) {
+      // For normal fields this is just the field name. For entity reference
+      // fields like a term_reference field this is field_name:property so we
+      // can determine which property from the referenced entity to use here.
+      list($element, $child_element) = explode(':', $field);
+
+      $values = array();
+      // If this is a multi-value field or property we need to get the value of
+      // each row.
+      if ($wrapper->{$element} instanceof EntityListWrapper) {
+        foreach ($wrapper->{$element} as $ref_item) {
+          // If $property is set, we're dealing with a reference to another entity.
+          if (isset($child_element)) {
+            $values[] = $ref_item->{$child_element}->value();
+          }
+          // Otherwise, can just get the properties label.
+          else {
+            // Sometimes elements in a list have a label(), so we'll use that if
+            // we can. This will allow for using 'authenticated user' instead of
+            // just '1' for properties like $user->roles.
+            $l = $ref_item->label();
+            if (!empty($l)) {
+              $values[] = $l;
+            }
+            // Otherwise we can just fallback to whatever the field/property
+            // value is.
+            else {
+              $values[] = $ref_item->value();
+            }
+          }
         }
-        if ($object->value() === NULL || !isset($object->{$element})) {
-          $object = NULL;
-          break;
+      }
+      // Handle single value fields.
+      else {
+        // Make sure we can handle referenced entities properly.
+        if (isset($child_element)) {
+          $values[] = $wrapper->{$element}->{$child_element}->value();
+        }
+        else {
+          $values[] = $wrapper->{$element}->value();
         }
-        $object = $object->{$element};
       }
-      $mergevars[$label] = isset($object) ? $object->value() : NULL;
+
+      // If there are multiple values combine them together into a single comma
+      // separated string.
+      $mergevars[$label] = implode(', ', $values);
     }
   }
+
   drupal_alter('mailchimp_lists_mergevars', $mergevars, $entity, $entity_type);
   return $mergevars;
 }