EX-99.2

EX-99.2 3 maa-ex99_2.htm EX-99.2 EX-99.2

Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT SEPTEMBER 30, 2023 (1)

In apartment units


	Same Store		Non-Same Store		Lease-up		Total Completed Communities		Development Units Delivered		Total
Atlanta, GA		11,434		—		340		11,774		—		11,774
Dallas, TX		10,116		—		—		10,116		—		10,116
Tampa, FL		5,220		196		—		5,416		—		5,416
Orlando, FL		5,274		633		—		5,907		—		5,907
Charlotte, NC		5,651		560		—		6,211		—		6,211
Austin, TX		6,829		—		350		7,179		—		7,179
Raleigh/Durham, NC		5,350		—		—		5,350		—		5,350
Nashville, TN		4,375		—		—		4,375		—		4,375
Charleston, SC		3,168		—		—		3,168		—		3,168
Houston, TX		4,867		308		—		5,175		—		5,175
Fort Worth, TX		3,687		—		—		3,687		—		3,687
Phoenix, AZ		2,623		345		—		2,968		—		2,968
Jacksonville, FL		3,496		—		—		3,496		—		3,496
Northern Virginia		1,888		—		—		1,888		—		1,888
Greenville, SC		2,355		—		—		2,355		—		2,355
Savannah, GA		1,837		—		—		1,837		—		1,837
Richmond, VA		1,732		272		—		2,004		—		2,004
Fredericksburg, VA		1,435		—		—		1,435		—		1,435
Memphis, TN		1,811		—		—		1,811		—		1,811
Birmingham, AL		1,462		—		—		1,462		—		1,462
San Antonio, TX		1,504		—		—		1,504		—		1,504
Denver, CO		812		306		—		1,118		—		1,118
Kansas City, MO-KS		1,110		—		—		1,110		—		1,110
Huntsville, AL		1,228		—		—		1,228		—		1,228
Other		6,022		1,152		—		7,174		182		7,356
Total Multifamily Units		95,286		3,772		690		99,748		182		99,930

(1)

Schedule excludes MAA's 35% ownership in a 269 unit joint venture property in Washington, D.C.

Supplemental Data S-1

PORTFOLIO STATISTICS (CONTINUED)

TOTAL MULTIFAMILY COMMUNITY STATISTICS (1)

Dollars in thousands, except Average Effective Rent per Unit


	As of September 30, 2023								Average Effective		As of September 30, 2023
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended September 30, 2023		Completed Units		Total Units, Including Development
Atlanta, GA	$	2,089,773		13.7	%		94.9	%	$	1,861		11,434
Dallas, TX		1,568,538		10.3	%		96.4	%		1,671		10,116
Charlotte, NC		1,143,349		7.5	%		95.5	%		1,663		6,211
Orlando, FL		1,025,944		6.7	%		96.5	%		2,019		5,907
Tampa, FL		1,003,505		6.6	%		96.0	%		2,108		5,416
Austin, TX		891,132		5.8	%		95.4	%		1,635		6,829
Raleigh/Durham, NC		730,943		4.8	%		96.4	%		1,549		5,350
Houston, TX		695,625		4.6	%		95.7	%		1,427		5,175
Northern Virginia		572,749		3.8	%		96.9	%		2,345		1,888
Nashville, TN		559,175		3.7	%		96.7	%		1,705		4,375
Phoenix, AZ		481,791		3.2	%		95.4	%		1,756		2,968
Charleston, SC		427,783		2.8	%		96.4	%		1,756		3,168
Fort Worth, TX		390,227		2.6	%		96.4	%		1,579		3,687
Jacksonville, FL		310,576		2.0	%		95.9	%		1,559		3,496
Denver, CO		295,620		1.9	%		95.8	%		1,983		1,118
Richmond, VA		278,393		1.8	%		96.2	%		1,601		2,004
Fredericksburg, VA		254,773		1.7	%		96.7	%		1,801		1,435
Greenville, SC		238,304		1.6	%		96.0	%		1,329		2,355
Savannah, GA		224,406		1.5	%		96.6	%		1,684		1,837
Kansas City, MO-KS		192,132		1.3	%		96.1	%		1,569		1,110
Birmingham, AL		171,132		1.1	%		96.9	%		1,386		1,462
San Antonio, TX		170,341		1.1	%		97.3	%		1,393		1,504
All Other Markets by State (individual markets <1% gross real assets)
Tennessee		203,496		1.3	%		95.9	%		1,340		2,754
Florida		188,905		1.2	%		96.0	%		1,822		1,806
Alabama		174,435		1.1	%		95.0	%		1,403		1,648
Virginia		161,221		1.1	%		95.9	%		1,731		1,039
Kentucky		101,114		0.7	%		97.5	%		1,201		1,308
Maryland		83,404		0.5	%		95.8	%		2,145		361
Nevada		75,032		0.5	%		95.0	%		1,585		721
South Carolina		38,947		0.3	%		95.5	%		1,203		576
Stabilized Communities	$	14,742,765		96.8	%		96.0	%	$	1,696		99,058
Atlanta, GA		90,356		0.6	%		28.2	%		2,241		340		340
Salt Lake City, UT		87,516		0.6	%		25.5	%		1,806		182		400
Denver, CO		80,826		0.5	%		—			—		—		352
Tampa, FL		76,165		0.5	%		—			—		—		495
Phoenix, AZ		68,643		0.4	%		—			—		—		317
Austin, TX		59,715		0.4	%		91.1	%		1,687		350		350
Raleigh/Durham, NC		33,114		0.2	%		—			—		—		406
Lease-up / Development Communities	$	496,335		3.2	%		47.4	%	$	1,928		872		2,660
Total Multifamily Communities	$	15,239,100		100.0	%		95.4	%	$	1,698		99,930		101,718

(1)

Schedule excludes MAA's 35% ownership in a 269 unit joint venture property in Washington, D.C. As of September 30, 2023, the gross investment in real estate for this community was $81.6 million and includes a mortgage note payable of $51.9 million. For the nine months ended September 30, 2023, this apartment community achieved NOI of $6.0 million.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands


	Three Months Ended								As of September 30, 2023
	September 30, 2023		September 30, 2022			Percent Change			Apartment Units		Gross Real Assets
Operating Revenues
Same Store Communities	$	510,879	$	490,851			4.1	%		95,286	$	13,975,986
Non-Same Store Communities		22,024		22,865						3,772		766,779
Lease-up/Development Communities		2,678		850						872		496,335
Total Multifamily Portfolio	$	535,581	$	514,566						99,930	$	15,239,100
Commercial Property/Land		6,461		6,217						—		367,913
Total Operating Revenues	$	542,042	$	520,783						99,930	$	15,607,013

Property Operating Expenses
Same Store Communities	$	186,134	$	177,740			4.7	%
Non-Same Store Communities		8,295		8,693
Lease-up/Development Communities		2,045		736
Hurricane Expenses		—		1,602
Total Multifamily Portfolio	$	196,474	$	188,771
Commercial Property/Land		2,749		2,652
Total Property Operating Expenses	$	199,223	$	191,423

Net Operating Income
Same Store Communities	$	324,745	$	313,111			3.7	%
Non-Same Store Communities		13,729		14,172
Lease-up/Development Communities		633		114
Hurricane Expenses		—		(1,602	)
Total Multifamily Portfolio	$	339,107	$	325,795
Commercial Property/Land		3,712		3,565
Total Net Operating Income	$	342,819	$	329,360			4.1	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands


	Three Months Ended							Nine Months Ended
	September 30, 2023		September 30, 2022		Percent Change			September 30, 2023		September 30, 2022		Percent Change
Property Taxes	$	63,834	$	62,480		2.2	%	$	192,484	$	181,266		6.2	%
Personnel		40,679		38,739		5.0	%		116,513		110,250		5.7	%
Utilities		34,330		33,186		3.4	%		96,329		91,735		5.0	%
Building Repair and Maintenance		25,774		23,639		9.0	%		71,527		64,935		10.2	%
Office Operations		7,609		7,162		6.2	%		21,981		20,468		7.4	%
Insurance		8,052		6,889		16.9	%		21,814		19,182		13.7	%
Marketing		5,856		5,645		3.7	%		18,626		17,708		5.2	%
Total Property Operating Expenses	$	186,134	$	177,740		4.7	%	$	539,274	$	505,544		6.7	%

Supplemental Data S-3

MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE


						Average Physical Occupancy
			Percent of			Three Months Ended						Nine Months Ended
	Apartment Units		Same Store NOI			September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Atlanta, GA		11,434		12.7	%		94.5	%		95.3	%		94.5	%		95.4	%
Dallas, TX		10,116		10.0	%		96.0	%		95.8	%		95.7	%		95.6	%
Tampa, FL		5,220		6.9	%		95.9	%		95.8	%		95.8	%		96.1	%
Orlando, FL		5,274		6.7	%		96.1	%		96.2	%		96.0	%		96.3	%
Charlotte, NC		5,651		6.4	%		95.8	%		96.0	%		95.6	%		95.8	%
Austin, TX		6,829		6.1	%		95.3	%		95.5	%		95.3	%		95.3	%
Raleigh/Durham, NC		5,350		5.6	%		96.4	%		95.8	%		95.8	%		95.5	%
Nashville, TN		4,375		4.9	%		96.1	%		96.1	%		95.7	%		95.9	%
Charleston, SC		3,168		3.7	%		96.6	%		96.1	%		96.0	%		95.9	%
Houston, TX		4,867		3.5	%		95.3	%		95.5	%		95.5	%		95.5	%
Fort Worth, TX		3,687		3.4	%		95.9	%		95.5	%		95.7	%		95.6	%
Phoenix, AZ		2,623		3.2	%		95.4	%		95.7	%		95.6	%		95.9	%
Jacksonville, FL		3,496		3.2	%		95.6	%		96.4	%		95.8	%		96.6	%
Northern Virginia		1,888		2.9	%		96.6	%		95.6	%		96.2	%		95.6	%
Greenville, SC		2,355		2.1	%		96.0	%		96.6	%		96.1	%		96.4	%
Savannah, GA		1,837		2.0	%		96.5	%		96.9	%		96.2	%		96.8	%
Richmond, VA		1,732		1.9	%		96.2	%		96.1	%		95.9	%		96.3	%
Fredericksburg, VA		1,435		1.8	%		96.2	%		95.8	%		96.2	%		96.4	%
Memphis, TN		1,811		1.4	%		94.0	%		94.4	%		94.5	%		95.0	%
Birmingham, AL		1,462		1.3	%		96.4	%		95.8	%		96.2	%		95.7	%
San Antonio, TX		1,504		1.3	%		96.3	%		96.0	%		95.7	%		95.9	%
Denver, CO		812		1.1	%		95.4	%		95.1	%		95.4	%		95.8	%
Kansas City, MO-KS		1,110		1.0	%		96.2	%		95.8	%		95.9	%		95.6	%
Huntsville, AL		1,228		1.0	%		94.7	%		95.1	%		95.2	%		95.7	%
Other		6,022		5.9	%		96.4	%		96.1	%		95.9	%		96.2	%
Total Same Store		95,286		100.0	%		95.7	%		95.8	%		95.6	%		95.8	%

Supplemental Data S-4

MULTIFAMILY SAME STORE PORTFOLIO QUARTER OVER QUARTER COMPARISONS

Dollars in thousands, except Average Effective Rent per Unit


			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q3 2023		Q3 2022		% Chg			Q3 2023		Q3 2022		% Chg			Q3 2023		Q3 2022		% Chg			Q3 2023		Q3 2022		% Chg
Atlanta, GA		11,434	$	66,153	$	64,070		3.3	%	$	24,773	$	23,751		4.3	%	$	41,380	$	40,319		2.6	%	$	1,861	$	1,793		3.8	%
Dallas, TX		10,116		53,563		51,172		4.7	%		21,068		20,813		1.2	%		32,495		30,359		7.0	%		1,671		1,595		4.8	%
Tampa, FL		5,220		34,566		32,897		5.1	%		12,164		11,001		10.6	%		22,402		21,896		2.3	%		2,112		2,015		4.8	%
Orlando, FL		5,274		32,970		31,271		5.4	%		11,348		11,406		(0.5	)%		21,622		19,865		8.8	%		1,981		1,864		6.3	%
Charlotte, NC		5,651		29,542		27,982		5.6	%		8,766		8,195		7.0	%		20,776		19,787		5.0	%		1,651		1,549		6.6	%
Austin, TX		6,829		35,635		34,888		2.1	%		15,824		15,302		3.4	%		19,811		19,586		1.1	%		1,635		1,598		2.3	%
Raleigh/Durham, NC		5,350		26,769		25,425		5.3	%		8,686		8,018		8.3	%		18,083		17,407		3.9	%		1,549		1,474		5.1	%
Nashville, TN		4,375		23,766		22,781		4.3	%		7,979		7,818		2.1	%		15,787		14,963		5.5	%		1,705		1,634		4.4	%
Charleston, SC		3,168		17,736		16,576		7.0	%		5,642		5,287		6.7	%		12,094		11,289		7.1	%		1,756		1,625		8.1	%
Houston, TX		4,867		22,049		21,283		3.6	%		10,626		9,420		12.8	%		11,423		11,863		(3.7	)%		1,418		1,363		4.1	%
Fort Worth, TX		3,687		19,181		18,571		3.3	%		8,135		7,833		3.9	%		11,046		10,738		2.9	%		1,579		1,515		4.2	%
Phoenix, AZ		2,623		14,431		14,291		1.0	%		3,925		3,633		8.0	%		10,506		10,658		(1.4	)%		1,746		1,713		1.9	%
Jacksonville, FL		3,496		16,754		16,394		2.2	%		6,407		5,754		11.3	%		10,347		10,640		(2.8	)%		1,559		1,510		3.2	%
Northern Virginia		1,888		13,783		13,002		6.0	%		4,344		4,359		(0.3	)%		9,439		8,643		9.2	%		2,345		2,211		6.1	%
Greenville, SC		2,355		10,297		9,936		3.6	%		3,637		3,602		1.0	%		6,660		6,334		5.1	%		1,329		1,256		5.8	%
Savannah, GA		1,837		10,031		9,456		6.1	%		3,399		3,242		4.8	%		6,632		6,214		6.7	%		1,684		1,570		7.2	%
Richmond, VA		1,732		9,119		8,760		4.1	%		2,891		2,829		2.2	%		6,228		5,931		5.0	%		1,644		1,565		5.0	%
Fredericksburg, VA		1,435		8,296		8,078		2.7	%		2,473		2,326		6.3	%		5,823		5,752		1.2	%		1,801		1,763		2.1	%
Memphis, TN		1,811		7,795		7,721		1.0	%		3,098		2,887		7.3	%		4,697		4,834		(2.8	)%		1,362		1,339		1.7	%
Birmingham, AL		1,462		6,714		6,483		3.6	%		2,513		2,502		0.4	%		4,201		3,981		5.5	%		1,386		1,342		3.2	%
San Antonio, TX		1,504		6,716		6,515		3.1	%		2,567		2,855		(10.1	)%		4,149		3,660		13.4	%		1,393		1,361		2.4	%
Denver, CO		812		5,111		4,917		3.9	%		1,520		1,467		3.6	%		3,591		3,450		4.1	%		1,975		1,898		4.0	%
Kansas City, MO-KS		1,110		5,537		5,256		5.3	%		2,164		2,037		6.2	%		3,373		3,219		4.8	%		1,569		1,486		5.5	%
Huntsville, AL		1,228		5,358		5,198		3.1	%		2,014		1,773		13.6	%		3,344		3,425		(2.4	)%		1,325		1,281		3.5	%
Other		6,022		29,007		27,928		3.9	%		10,171		9,630		5.6	%		18,836		18,298		2.9	%		1,516		1,457		4.0	%
Total Same Store		95,286	$	510,879	$	490,851		4.1	%	$	186,134	$	177,740		4.7	%	$	324,745	$	313,111		3.7	%	$	1,690	$	1,617		4.5	%

Supplemental Data S-5

MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except Average Effective Rent per Unit


			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q3 2023		Q2 2023		% Chg			Q3 2023		Q2 2023		% Chg			Q3 2023		Q2 2023		% Chg			Q3 2023		Q2 2023		% Chg
Atlanta, GA		11,434	$	66,153	$	65,018		1.7	%	$	24,773	$	24,350		1.7	%	$	41,380	$	40,668		1.8	%	$	1,861	$	1,849		0.7	%
Dallas, TX		10,116		53,563		52,880		1.3	%		21,068		21,794		(3.3	)%		32,495		31,086		4.5	%		1,671		1,654		1.0	%
Tampa, FL		5,220		34,566		34,250		0.9	%		12,164		11,580		5.0	%		22,402		22,670		(1.2	)%		2,112		2,095		0.8	%
Orlando, FL		5,274		32,970		32,869		0.3	%		11,348		11,534		(1.6	)%		21,622		21,335		1.3	%		1,981		1,962		1.0	%
Charlotte, NC		5,651		29,542		28,812		2.5	%		8,766		8,990		(2.5	)%		20,776		19,822		4.8	%		1,651		1,619		2.0	%
Austin, TX		6,829		35,635		35,565		0.2	%		15,824		16,197		(2.3	)%		19,811		19,368		2.3	%		1,635		1,632		0.2	%
Raleigh/Durham, NC		5,350		26,769		26,329		1.7	%		8,686		8,350		4.0	%		18,083		17,979		0.6	%		1,549		1,528		1.4	%
Nashville, TN		4,375		23,766		23,486		1.2	%		7,979		7,412		7.6	%		15,787		16,074		(1.8	)%		1,705		1,693		0.7	%
Charleston, SC		3,168		17,736		17,247		2.8	%		5,642		5,450		3.5	%		12,094		11,797		2.5	%		1,756		1,718		2.2	%
Houston, TX		4,867		22,049		21,992		0.3	%		10,626		8,685		22.3	%		11,423		13,307		(14.2	)%		1,418		1,405		0.9	%
Fort Worth, TX		3,687		19,181		19,149		0.2	%		8,135		7,735		5.2	%		11,046		11,414		(3.2	)%		1,579		1,566		0.8	%
Phoenix, AZ		2,623		14,431		14,513		(0.6	)%		3,925		3,713		5.7	%		10,506		10,800		(2.7	)%		1,746		1,747		(0.1	)%
Jacksonville, FL		3,496		16,754		16,740		0.1	%		6,407		5,783		10.8	%		10,347		10,957		(5.6	)%		1,559		1,555		0.3	%
Northern Virginia		1,888		13,783		13,597		1.4	%		4,344		4,345		(0.0	)%		9,439		9,252		2.0	%		2,345		2,304		1.8	%
Greenville, SC		2,355		10,297		10,367		(0.7	)%		3,637		3,777		(3.7	)%		6,660		6,590		1.1	%		1,329		1,313		1.2	%
Savannah, GA		1,837		10,031		9,862		1.7	%		3,399		3,201		6.2	%		6,632		6,661		(0.4	)%		1,684		1,654		1.8	%
Richmond, VA		1,732		9,119		8,861		2.9	%		2,891		2,742		5.4	%		6,228		6,119		1.8	%		1,644		1,619		1.5	%
Fredericksburg, VA		1,435		8,296		8,287		0.1	%		2,473		2,311		7.0	%		5,823		5,976		(2.6	)%		1,801		1,797		0.2	%
Memphis, TN		1,811		7,795		7,876		(1.0	)%		3,098		2,919		6.1	%		4,697		4,957		(5.2	)%		1,362		1,352		0.7	%
Birmingham, AL		1,462		6,714		6,649		1.0	%		2,513		2,572		(2.3	)%		4,201		4,077		3.0	%		1,386		1,371		1.1	%
San Antonio, TX		1,504		6,716		6,655		0.9	%		2,567		2,884		(11.0	)%		4,149		3,771		10.0	%		1,393		1,392		0.1	%
Denver, CO		812		5,111		5,087		0.5	%		1,520		1,631		(6.8	)%		3,591		3,456		3.9	%		1,975		1,956		1.0	%
Kansas City, MO-KS		1,110		5,537		5,432		1.9	%		2,164		2,059		5.1	%		3,373		3,373		0.0	%		1,569		1,554		1.0	%
Huntsville, AL		1,228		5,358		5,368		(0.2	)%		2,014		2,052		(1.9	)%		3,344		3,316		0.8	%		1,325		1,311		1.1	%
Other		6,022		29,007		28,614		1.4	%		10,171		10,004		1.7	%		18,836		18,610		1.2	%		1,516		1,497		1.2	%
Total Same Store		95,286	$	510,879	$	505,505		1.1	%	$	186,134	$	182,070		2.2	%	$	324,745	$	323,435		0.4	%	$	1,690	$	1,673		1.0	%

Supplemental Data S-6

MULTIFAMILY SAME STORE PORTFOLIO YEAR TO DATE COMPARISONS AS OF SEPTEMBER 30, 2023 AND 2022

Dollars in thousands, except Average Effective Rent per Unit


			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q3 2023		Q3 2022		% Chg			Q3 2023		Q3 2022		% Chg			Q3 2023		Q3 2022		% Chg			Q3 2023		Q3 2022		% Chg
Atlanta, GA		11,434	$	195,896	$	185,307		5.7	%	$	72,331	$	67,183		7.7	%	$	123,565	$	118,124		4.6	%	$	1,847	$	1,715		7.7	%
Dallas, TX		10,116		158,733		146,195		8.6	%		63,396		59,146		7.2	%		95,337		87,049		9.5	%		1,656		1,518		9.1	%
Tampa, FL		5,220		102,724		94,112		9.2	%		34,885		31,516		10.7	%		67,839		62,596		8.4	%		2,094		1,903		10.1	%
Orlando, FL		5,274		98,205		88,528		10.9	%		33,737		31,168		8.2	%		64,468		57,360		12.4	%		1,961		1,750		12.1	%
Charlotte, NC		5,651		86,807		79,935		8.6	%		25,663		23,760		8.0	%		61,144		56,175		8.8	%		1,621		1,469		10.3	%
Austin, TX		6,829		106,535		99,837		6.7	%		46,401		43,337		7.1	%		60,134		56,500		6.4	%		1,630		1,521		7.2	%
Raleigh/Durham, NC		5,350		79,085		72,284		9.4	%		24,616		23,161		6.3	%		54,469		49,123		10.9	%		1,530		1,392		9.9	%
Nashville, TN		4,375		70,507		64,889		8.7	%		22,736		22,263		2.1	%		47,771		42,626		12.1	%		1,692		1,546		9.5	%
Charleston, SC		3,168		51,946		46,897		10.8	%		16,213		15,542		4.3	%		35,733		31,355		14.0	%		1,720		1,533		12.2	%
Houston, TX		4,867		65,805		62,228		5.7	%		28,887		27,365		5.6	%		36,918		34,863		5.9	%		1,403		1,323		6.1	%
Fort Worth, TX		3,687		57,229		53,357		7.3	%		22,520		21,458		4.9	%		34,709		31,899		8.8	%		1,567		1,448		8.2	%
Phoenix, AZ		2,623		43,427		41,005		5.9	%		11,108		10,440		6.4	%		32,319		30,565		5.7	%		1,747		1,631		7.1	%
Jacksonville, FL		3,496		50,057		47,280		5.9	%		17,719		16,059		10.3	%		32,338		31,221		3.6	%		1,554		1,437		8.1	%
Northern Virginia		1,888		40,724		37,666		8.1	%		12,738		12,059		5.6	%		27,986		25,607		9.3	%		2,306		2,134		8.1	%
Greenville, SC		2,355		30,819		28,528		8.0	%		10,135		10,605		(4.4	)%		20,684		17,923		15.4	%		1,313		1,201		9.3	%
Savannah, GA		1,837		29,565		26,880		10.0	%		9,638		9,249		4.2	%		19,927		17,631		13.0	%		1,654		1,472		12.3	%
Richmond, VA		1,732		26,785		25,143		6.5	%		8,422		8,143		3.4	%		18,363		17,000		8.0	%		1,620		1,499		8.0	%
Fredericksburg, VA		1,435		24,779		23,808		4.1	%		7,129		6,806		4.7	%		17,650		17,002		3.8	%		1,792		1,716		4.4	%
Memphis, TN		1,811		23,498		22,439		4.7	%		8,769		8,237		6.5	%		14,729		14,202		3.7	%		1,353		1,294		4.6	%
Birmingham, AL		1,462		19,956		18,774		6.3	%		7,628		7,173		6.3	%		12,328		11,601		6.3	%		1,371		1,286		6.6	%
San Antonio, TX		1,504		19,908		18,690		6.5	%		8,279		8,192		1.1	%		11,629		10,498		10.8	%		1,388		1,295		7.2	%
Denver, CO		812		15,234		14,303		6.5	%		4,596		4,128		11.3	%		10,638		10,175		4.6	%		1,959		1,834		6.8	%
Kansas City, MO-KS		1,110		16,299		15,139		7.7	%		6,110		5,636		8.4	%		10,189		9,503		7.2	%		1,548		1,432		8.1	%
Huntsville, AL		1,228		16,042		15,197		5.6	%		5,799		5,164		12.3	%		10,243		10,033		2.1	%		1,311		1,229		6.7	%
Other		6,022		85,829		80,558		6.5	%		29,819		27,754		7.4	%		56,010		52,804		6.1	%		1,499		1,392		7.7	%
Total Same Store		95,286	$	1,516,394	$	1,408,979		7.6	%	$	539,274	$	505,544		6.7	%	$	977,120	$	903,435		8.2	%	$	1,673	$	1,540		8.7	%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands


		Units as of						Development Costs as of
		September 30, 2023						September 30, 2023							Expected
								Expected		Spend		Expected		Start	Initial
	Location	Total		Delivered		Leased		Total		to Date		Remaining		Date	Occupancy	Completion	Stabilization (1)
Novel Daybreak (2)	Salt Lake City, UT		400		182		130	$	97,500	$	87,516	$	9,984	2Q21	2Q23	2Q24	4Q24
Novel Val Vista (2)	Phoenix, AZ		317		—		—		77,200		68,643		8,557	4Q20	4Q23	2Q24	2Q25
MAA Milepost 35	Denver, CO		352		—		—		125,000		80,826		44,174	1Q22	4Q23	4Q24	3Q25
MAA Nixie	Raleigh, NC		406		—		—		145,500		33,114		112,386	4Q22	4Q24	3Q25	3Q26
MAA Breakwater	Tampa, FL		495		—		—		197,500		76,165		121,335	4Q22	1Q25	4Q25	4Q26
Total Active			1,970		182		130	$	642,700	$	346,264	$	296,436

(1)

Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.

(2)

MAA owns 80% of the joint venture that owns this property.

MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands


		As of September 30, 2023
	Location	Total Units		Physical Occupancy	Spend to Date		Construction Completed	Expected Stabilization (1)
MAA Windmill Hill	Austin, TX	350		91.1%	$	59,715	4Q22	4Q23
Novel West Midtown (2)	Atlanta, GA	340		28.2%		90,356	3Q23	3Q24
Total			690	60.1%	$	150,071

(1)

Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.

(2)

MAA owns 80% of the joint venture that owns this property.

MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data


Nine months ended September 30, 2023
Units Completed		Redevelopment Spend		Average Cost per Unit		Increase in Average Effective Rent per Unit		Increase in Average Effective Rent per Unit	Estimated Units Remaining in Pipeline
	5,464	$	33,820	$	6,190	$	101	7.3%	10,000 - 14,000

Supplemental Data S-8

2023 ACQUISITION ACTIVITY (THROUGH SEPTEMBER 30, 2023)


Land Acquisition	Market	Acreage	Closing Date
MAA Packing District II	Orlando, FL	6	February 2023

2023 DISPOSITION ACTIVITY (THROUGH SEPTEMBER 30, 2023)


Land Dispositions	Market	Acreage	Closing Date
Traditions Commercial Lots	Gulf Shores, AL	21	March 2023

DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2023

Dollars in thousands


DEBT SUMMARIES
Fixed Rate Versus Floating Rate Debt	Balance		Percent of Total			Average Effective Interest Rate			Average Years to Rate Maturity
Fixed rate debt	$	4,394,263		100.0	%		3.4	%		7.2
Floating rate debt		—		—			—			—
Total	$	4,394,263		100.0	%		3.4	%		7.2

Unsecured Versus Secured Debt	Balance		Percent of Total			Average Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	4,034,153		91.8	%		3.4	%		5.6
Secured debt		360,110		8.2	%		4.4	%		25.3
Total	$	4,394,263		100.0	%		3.4	%		7.2

Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q3 2023 NOI			Percent of Total
Unencumbered gross assets	$	15,351,655		95.3	%	$	328,336			95.8	%
Encumbered gross assets		755,766		4.7	%		14,483			4.2	%
Total	$	16,107,421		100.0	%	$	342,819			100.0	%

FIXED INTEREST RATE MATURITIES


Maturity	Fixed Rate Debt		Average Effective Interest Rate
2023	$	349,986		4.2	%
2024		399,455		4.0	%
2025		398,355		4.2	%
2026		297,780		1.2	%
2027		597,138		3.7	%
2028		397,151		4.2	%
2029		558,082		3.7	%
2030		297,802		3.1	%
2031		445,481		1.8	%
2032		—		—
Thereafter		653,033		3.8	%
Total	$	4,394,263		3.4	%

Supplemental Data S-9

DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2023 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES


Maturity	Commercial Paper & Revolving Credit Facility (1) (2)		Public Bonds		Secured		Total
2023	$	—	$	349,986	$	—	$	349,986
2024		—		399,455		—		399,455
2025		—		398,355		—		398,355
2026		—		297,780		—		297,780
2027		—		597,138		—		597,138
2028		—		397,151		—		397,151
2029		—		558,082		—		558,082
2030		—		297,802		—		297,802
2031		—		445,481		—		445,481
2032		—		—		—		—
Thereafter		—		292,923		360,110		653,033
Total	$	—	$	4,034,153	$	360,110	$	4,394,263

(1)

There were no borrowings outstanding under MAALP’s unsecured commercial paper program as of September 30, 2023. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $625.0 million. For the three months ended September 30, 2023, there were no borrowings outstanding under the commercial paper program.

(2)

There were no borrowings outstanding under MAALP’s $1.25 billion unsecured revolving credit facility as of September 30, 2023. The unsecured revolving credit facility has a maturity date of October 2026 with two six-month extension options.

DEBT COVENANT ANALYSIS (1)


Bond Covenants	Required	Actual	Compliance
Total debt to adjusted total assets	60% or less	27.3%	Yes
Total secured debt to adjusted total assets	40% or less	2.2%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	7.8x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	370.7%	Yes

Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	19.1%	Yes
Total secured debt to total capitalized asset value	40% or Less	1.7%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	8.0x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	18.3%	Yes

(1)

The calculations of the Bond Covenants and Bank Covenants are specifically defined in MAALP’s debt agreements.

Supplemental Data S-10

2023 GUIDANCE

MAA provides guidance on expected Core FFO per Share and Core AFFO per Share, which are non-GAAP financial measures, along with guidance for expected Earnings per common share. A reconciliation of expected Earnings per common share to expected Core FFO per Share and Core AFFO per Share is provided below.


	Current Range	Current Midpoint
Earnings:
Earnings per common share - diluted	$4.36 to $4.52	$4.44
Core FFO per Share - diluted	$9.06 to $9.22	$9.14
Core AFFO per Share - diluted	$8.14 to $8.30	$8.22

MAA Same Store Portfolio:
Number of units	95,285	95,285
Average physical occupancy	95.50% to 95.70%	95.60%
Property revenue growth	5.75% to 6.75%	6.25%
Effective rent growth	6.75% to 7.25%	7.00%
Property operating expense growth	6.00% to 7.00%	6.50%
NOI growth	5.50% to 6.50%	6.00%
Real estate tax expense growth	5.25% to 6.25%	5.75%

Corporate Expenses: ($ in millions)
Property management expenses	$68.0 to $70.0	$69.0
General and administrative expenses	$56.5 to $58.5	$57.5
Total overhead	$124.5 to $128.5	$126.5
Income tax expense	$4.0 to $5.0	$4.5

Transaction/Investment Volume: ($ in millions)
Multifamily acquisition volume	$175.0 to $225.0	$200.0
Multifamily disposition volume	—	—
Development investment	$225.0 to $275.0	$250.0

Debt:
Average effective interest rate	3.4% to 3.6%	3.5%
Capitalized interest ($ in millions)	$12.0 to $13.0	$12.5

Diluted FFO Shares Outstanding:
Diluted common shares and units	119.5 to 120.0 million	119.75 million

RECONCILIATION OF EARNINGS PER COMMON SHARE TO CORE FFO AND CORE AFFO PER SHARE FOR 2023 GUIDANCE


	Full Year 2023 Guidance Range
	Low			High
Earnings per common share - diluted	$	4.36		$	4.52
Real estate depreciation and amortization		4.70			4.70
Gains on sale of depreciable assets		—			—
FFO per Share - diluted		9.06			9.22
Non-Core FFO items (1)		—			—
Core FFO per Share - diluted		9.06			9.22
Recurring capital expenditures		(0.92	)		(0.92	)
Core AFFO per Share - diluted	$	8.14		$	8.30

(1)

Non-Core FFO items may include adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares, gain or loss on sale of non-depreciable assets, gain or loss on investments, casualty related charges (recoveries), net, gain or loss on debt extinguishment, legal costs and settlements, net, COVID-19 related costs and mark-to-market debt adjustments.

Supplemental Data S-11

CREDIT RATINGS


	Commercial	Long-Term
	Paper Rating	Debt Rating	Outlook
Fitch Ratings (1)	F1	A-	Stable
Moody’s Investors Service (2)	P-2	A3	Stable
Standard & Poor’s Ratings Services (1)	A-2	A-	Stable

(1)

Corporate credit rating assigned to MAA and MAALP

(2)

Corporate credit rating assigned to MAALP

COMMON STOCK

Stock Symbol:

MAA

Exchange Traded:

NYSE

Estimated Future Dates:

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Earnings release & conference call

Early 
February

Early 
May

Late 
July

Late
October

Dividend Information - Common Shares:

Q3 2022

Q4 2022

Q1 2023

Q2 2023

Q3 2023

Declaration date

9/27/2022

12/13/2022

3/21/2023

5/16/2023

9/29/2023

Record date

10/14/2022

1/13/2023

4/14/2023

7/14/2023

10/13/2023

Payment date

10/31/2022

1/31/2023

4/28/2023

7/31/2023

10/31/2023

Distributions per share

1.2500

1.4000

1.4000

1.4000

1.4000

INVESTOR RELATIONS DATA

MAA does not send quarterly reports, earnings releases and supplemental data to shareholders, but provides them upon request.

For recent press releases, SEC filings and other information, call 866-576-9689 (toll free) or email investor.relations@maac.com.  This information, as well as access to MAA’s quarterly conference call, is also available on the “For Investors” page of MAA’s website at www.maac.com.


For Questions Contact:
	Name	Title
	Andrew Schaeffer	Senior Vice President, Treasurer and Director of Capital Markets
	Jennifer Patrick	Director of Investor Relations
	Phone: 866-576-9689 (toll free)
	Email: investor.relations@maac.com

Supplemental Data S-12