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 JUNE 30, 2024 (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
Austin, TX		6,829		350		—		7,179		—		7,179
Charlotte, NC		5,651		560		352		6,563		—		6,563
Orlando, FL		5,643		264		—		5,907		—		5,907
Raleigh/Durham, NC		5,350		—		306		5,656		—		5,656
Tampa, FL		5,416		—		—		5,416		—		5,416
Houston, TX		5,175		—		—		5,175		—		5,175
Nashville, TN		4,375		—		—		4,375		—		4,375
Fort Worth, TX		3,687		—		—		3,687		—		3,687
Jacksonville, FL		3,496		—		—		3,496		—		3,496
Phoenix, AZ		2,968		—		323		3,291		191		3,482
Charleston, SC		3,168		—		—		3,168		—		3,168
Greenville, SC		2,354		—		—		2,354		—		2,354
Richmond, VA		1,732		272		—		2,004		—		2,004
Northern Virginia		1,888		—		—		1,888		—		1,888
Savannah, GA		1,837		—		—		1,837		—		1,837
Memphis, TN		1,811		—		—		1,811		—		1,811
San Antonio, TX		1,504		—		—		1,504		—		1,504
Birmingham, AL		1,462		—		—		1,462		—		1,462
Fredericksburg, VA		1,435		—		—		1,435		—		1,435
Denver, CO		1,118		—		—		1,118		174		1,292
Huntsville, AL		1,228		—		—		1,228		—		1,228
Kansas City, MO-KS		1,110		—		—		1,110		—		1,110
Other		6,502		672		—		7,174		372		7,546
Total Multifamily Units		97,289		2,118		1,321		100,728		737		101,465

(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 June 30, 2024								Average Effective		As of June 30, 2024
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended June 30, 2024		Completed Units		Total Units, Including Development
Atlanta, GA	$	2,111,692		13.1	%		94.7	%	$	1,827		11,434
Dallas, TX		1,599,217		10.0	%		95.8	%		1,664		10,116
Charlotte, NC		1,162,201		7.3	%		96.2	%		1,649		6,211
Orlando, FL		1,036,760		6.5	%		96.1	%		2,002		5,907
Tampa, FL		1,018,398		6.4	%		96.4	%		2,097		5,416
Austin, TX		965,600		6.1	%		95.7	%		1,603		7,179
Raleigh/Durham, NC		739,046		4.6	%		96.2	%		1,540		5,350
Houston, TX		712,338		4.5	%		95.7	%		1,431		5,175
Northern Virginia		576,644		3.6	%		96.9	%		2,421		1,888
Nashville, TN		566,790		3.6	%		96.0	%		1,697		4,375
Phoenix, AZ		490,279		3.1	%		96.2	%		1,741		2,968
Charleston, SC		434,667		2.7	%		96.1	%		1,792		3,168
Fort Worth, TX		397,335		2.5	%		95.3	%		1,579		3,687
Jacksonville, FL		319,081		2.0	%		96.3	%		1,519		3,496
Denver, CO		296,894		1.9	%		95.4	%		1,979		1,118
Richmond, VA		281,730		1.8	%		96.7	%		1,609		2,004
Fredericksburg, VA		257,630		1.6	%		97.5	%		1,832		1,435
Greenville, SC		244,163		1.5	%		96.7	%		1,328		2,354
Savannah, GA		227,797		1.4	%		96.1	%		1,706		1,837
Kansas City, MO-KS		194,091		1.2	%		96.5	%		1,598		1,110
Birmingham, AL		174,137		1.1	%		95.8	%		1,402		1,462
San Antonio, TX		172,383		1.1	%		95.9	%		1,375		1,504
All Other Markets by State (individual markets <1% gross real assets)
Tennessee		208,601		1.3	%		95.1	%		1,343		2,754
Florida		195,022		1.2	%		96.1	%		1,831		1,806
Alabama		179,690		1.1	%		96.4	%		1,394		1,648
Virginia		167,963		1.1	%		97.6	%		1,764		1,039
Kentucky		104,165		0.7	%		96.4	%		1,241		1,308
Maryland		84,066		0.5	%		95.8	%		2,241		361
Nevada		75,991		0.5	%		96.0	%		1,576		721
South Carolina		39,494		0.2	%		91.8	%		1,241		576
Stabilized Communities	$	15,033,865		94.2	%		95.9	%	$	1,689		99,407
Phoenix, AZ		196,807		1.2	%		55.6	%		1,893		514		985
Raleigh/Durham, NC		173,071		1.1	%		62.1	%		1,792		306		712
Tampa, FL		127,015		0.8	%		—			—		—		495
Charlotte, NC		124,105		0.8	%		88.4	%		1,921		352		654
Denver, CO		111,561		0.7	%		25.0	%		2,326		174		352
Salt Lake City, UT		94,964		0.6	%		49.0	%		1,766		372		400
Atlanta, GA		91,302		0.6	%		61.2	%		2,133		340		340
Lease-up / Development Communities	$	918,825		5.8	%		56.4	%	$	1,936		2,058		3,938
Total Multifamily Communities	$	15,952,690		100.0	%		95.0	%	$	1,694		101,465		103,345

(1)

Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C. As of June 30, 2024, the gross investment in real estate for this community was $82.1 million and includes a mortgage note payable of $51.9 million. For the six months ended June 30, 2024, this apartment community achieved NOI of $4.1 million.

Supplemental Data S-2

    COMPONENTS OF NET OPERATING INCOME

   

Dollars in thousands


	Three Months Ended									As of June 30, 2024
	June 30, 2024			June 30, 2023			Percent Change			Apartment Units		Gross Real Assets
Operating Revenues
Same Store Communities	$	521,540		$	517,986			0.7	%		97,289	$	14,663,256
Non-Same Store Communities		11,462			10,699						2,118		370,609
Lease-up/Development Communities		6,913			193						2,058		918,825
Total Multifamily Portfolio	$	539,915		$	528,878						101,465	$	15,952,690
Commercial Property/Land		6,520			6,268						—		367,242
Total Operating Revenues	$	546,435		$	535,146						101,465	$	16,319,932

Property Operating Expenses
Same Store Communities	$	193,260		$	186,375			3.7	%
Non-Same Store Communities		4,710			4,479
Lease-up/Development Communities		3,462			849
Storm Costs		1,485			—
Total Multifamily Portfolio	$	202,917		$	191,703
Commercial Property/Land		2,879			2,630
Total Property Operating Expenses	$	205,796		$	194,333

Net Operating Income
Same Store Communities	$	328,280		$	331,611			-1.0	%
Non-Same Store Communities		6,752			6,220
Lease-up/Development Communities		3,451			(656	)
Storm Costs		(1,485	)		—
Total Multifamily Portfolio	$	336,998		$	337,175
Commercial Property/Land		3,641			3,638
Total Net Operating Income	$	340,639		$	340,813			-0.1	%

    COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

   

Dollars in thousands


	Three Months Ended							Six Months Ended
	June 30, 2024		June 30, 2023		Percent Change			June 30, 2024		June 30, 2023		Percent Change
Property Taxes	$	68,306	$	67,862		0.7	%	$	136,367	$	132,479		2.9	%
Personnel		41,566		39,483		5.3	%		81,332		77,464		5.0	%
Utilities		32,562		31,595		3.1	%		65,173		63,226		3.1	%
Building Repair and Maintenance		26,170		25,718		1.8	%		47,954		46,840		2.4	%
Office Operations		8,500		7,526		12.9	%		17,033		14,597		16.7	%
Insurance		8,195		7,059		16.1	%		16,432		14,171		16.0	%
Marketing		7,961		7,132		11.6	%		14,015		13,100		7.0	%
Total Property Operating Expenses	$	193,260	$	186,375		3.7	%	$	378,306	$	361,877		4.5	%

Supplemental Data S-3

    MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE

   


						Average Physical Occupancy
			Percent of			Three Months Ended						Six Months Ended
	Apartment Units		Same Store NOI			June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Atlanta, GA		11,434		11.8	%		94.0	%		94.1	%		94.1	%		94.5	%
Dallas, TX		10,116		9.4	%		95.4	%		95.5	%		95.2	%		95.6	%
Tampa, FL		5,416		7.1	%		96.0	%		95.7	%		95.9	%		95.6	%
Orlando, FL		5,643		6.8	%		96.0	%		95.9	%		96.0	%		96.0	%
Charlotte, NC		5,651		6.2	%		95.6	%		95.4	%		95.3	%		95.5	%
Austin, TX		6,829		5.9	%		94.9	%		95.2	%		94.6	%		95.3	%
Raleigh/Durham, NC		5,350		5.4	%		96.2	%		95.8	%		95.8	%		95.5	%
Nashville, TN		4,375		4.8	%		95.9	%		95.7	%		95.9	%		95.5	%
Houston, TX		5,175		4.4	%		95.3	%		95.1	%		95.3	%		95.5	%
Charleston, SC		3,168		3.7	%		96.2	%		95.8	%		96.1	%		95.7	%
Phoenix, AZ		2,968		3.5	%		94.5	%		95.6	%		94.8	%		95.7	%
Fort Worth, TX		3,687		3.4	%		95.5	%		95.8	%		95.3	%		95.6	%
Jacksonville, FL		3,496		3.1	%		95.8	%		95.8	%		95.5	%		95.9	%
Northern Virginia		1,888		3.0	%		97.1	%		96.1	%		96.8	%		96.0	%
Greenville, SC		2,354		1.9	%		95.9	%		96.3	%		95.9	%		96.2	%
Savannah, GA		1,837		1.9	%		96.1	%		96.3	%		95.8	%		96.1	%
Richmond, VA		1,732		1.9	%		96.9	%		95.8	%		96.5	%		95.8	%
Fredericksburg, VA		1,435		1.9	%		97.1	%		96.3	%		97.0	%		96.2	%
Memphis, TN		1,811		1.5	%		95.5	%		94.6	%		95.4	%		94.8	%
Denver, CO		1,118		1.5	%		95.4	%		95.4	%		95.7	%		95.3	%
Birmingham, AL		1,462		1.2	%		95.5	%		96.3	%		95.3	%		96.0	%
Kansas City, MO-KS		1,110		1.1	%		96.1	%		96.2	%		95.9	%		95.7	%
San Antonio, TX		1,504		1.1	%		95.6	%		95.5	%		95.4	%		95.4	%
Huntsville, AL		1,228		1.1	%		95.1	%		95.2	%		94.9	%		95.4	%
Other		6,502		6.4	%		96.0	%		96.0	%		95.8	%		95.7	%
Total Same Store		97,289		100.0	%		95.5	%		95.5	%		95.4	%		95.5	%

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		Q2 2024		Q2 2023		% Chg			Q2 2024		Q2 2023		% Chg			Q2 2024		Q2 2023		% Chg			Q2 2024		Q2 2023		% Chg
Atlanta, GA		11,434	$	64,917	$	65,018		(0.2	)%	$	26,298	$	24,351		8.0	%	$	38,619	$	40,667		(5.0	)%	$	1,827	$	1,849		(1.2	)%
Dallas, TX		10,116		53,009		52,880		0.2	%		22,172		21,794		1.7	%		30,837		31,086		(0.8	)%		1,664		1,654		0.6	%
Tampa, FL		5,416		35,792		35,462		0.9	%		12,541		12,091		3.7	%		23,251		23,371		(0.5	)%		2,097		2,092		0.2	%
Orlando, FL		5,643		35,335		35,418		(0.2	)%		12,898		12,312		4.8	%		22,437		23,106		(2.9	)%		1,982		1,980		0.1	%
Charlotte, NC		5,651		29,368		28,812		1.9	%		9,126		8,990		1.5	%		20,242		19,822		2.1	%		1,638		1,619		1.1	%
Austin, TX		6,829		34,860		35,565		(2.0	)%		15,558		16,197		(3.9	)%		19,302		19,368		(0.3	)%		1,601		1,632		(1.9	)%
Raleigh/Durham, NC		5,350		26,727		26,329		1.5	%		9,005		8,350		7.8	%		17,722		17,979		(1.4	)%		1,540		1,528		0.8	%
Nashville, TN		4,375		23,588		23,486		0.4	%		7,930		7,412		7.0	%		15,658		16,074		(2.6	)%		1,697		1,693		0.2	%
Houston, TX		5,175		23,584		23,429		0.7	%		9,185		9,381		(2.1	)%		14,399		14,048		2.5	%		1,431		1,414		1.2	%
Charleston, SC		3,168		18,015		17,247		4.5	%		5,968		5,450		9.5	%		12,047		11,797		2.1	%		1,792		1,718		4.3	%
Phoenix, AZ		2,968		16,142		16,493		(2.1	)%		4,553		4,253		7.1	%		11,589		12,240		(5.3	)%		1,741		1,758		(1.0	)%
Fort Worth, TX		3,687		19,230		19,149		0.4	%		7,876		7,735		1.8	%		11,354		11,414		(0.5	)%		1,579		1,566		0.8	%
Jacksonville, FL		3,496		16,319		16,740		(2.5	)%		6,188		5,783		7.0	%		10,131		10,957		(7.5	)%		1,519		1,555		(2.3	)%
Northern Virginia		1,888		14,388		13,597		5.8	%		4,357		4,345		0.3	%		10,031		9,252		8.4	%		2,421		2,304		5.1	%
Greenville, SC		2,354		10,331		10,367		(0.3	)%		3,911		3,777		3.5	%		6,420		6,590		(2.6	)%		1,328		1,313		1.2	%
Savannah, GA		1,837		10,157		9,862		3.0	%		3,904		3,201		22.0	%		6,253		6,661		(6.1	)%		1,706		1,654		3.2	%
Richmond, VA		1,732		9,053		8,861		2.2	%		2,805		2,742		2.3	%		6,248		6,119		2.1	%		1,650		1,619		1.9	%
Fredericksburg, VA		1,435		8,522		8,287		2.8	%		2,386		2,311		3.2	%		6,136		5,976		2.7	%		1,832		1,797		2.0	%
Memphis, TN		1,811		7,972		7,876		1.2	%		3,056		2,919		4.7	%		4,916		4,957		(0.8	)%		1,368		1,352		1.2	%
Denver, CO		1,118		7,052		6,999		0.8	%		2,222		2,144		3.6	%		4,830		4,855		(0.5	)%		1,979		1,959		1.0	%
Birmingham, AL		1,462		6,759		6,649		1.7	%		2,739		2,572		6.5	%		4,020		4,077		(1.4	)%		1,402		1,371		2.3	%
Kansas City, MO-KS		1,110		5,654		5,432		4.1	%		2,042		2,059		(0.8	)%		3,612		3,373		7.1	%		1,598		1,554		2.9	%
San Antonio, TX		1,504		6,605		6,655		(0.8	)%		3,001		2,884		4.1	%		3,604		3,771		(4.4	)%		1,375		1,392		(1.2	)%
Huntsville, AL		1,228		5,374		5,368		0.1	%		1,821		2,052		(11.3	)%		3,553		3,316		7.1	%		1,313		1,311		0.1	%
Other		6,502		32,787		32,005		2.4	%		11,718		11,270		4.0	%		21,069		20,735		1.6	%		1,598		1,559		2.5	%
Total Same Store		97,289	$	521,540	$	517,986		0.7	%	$	193,260	$	186,375		3.7	%	$	328,280	$	331,611		(1.0	)%	$	1,690	$	1,681		0.5	%

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		Q2 2024		Q1 2024		% Chg			Q2 2024		Q1 2024		% Chg			Q2 2024		Q1 2024		% Chg			Q2 2024		Q1 2024		% Chg
Atlanta, GA		11,434	$	64,917	$	65,121		(0.3	)%	$	26,298	$	24,890		5.7	%	$	38,619	$	40,231		(4.0	)%	$	1,827	$	1,839		(0.7	)%
Dallas, TX		10,116		53,009		52,950		0.1	%		22,172		20,959		5.8	%		30,837		31,991		(3.6	)%		1,664		1,668		(0.2	)%
Tampa, FL		5,416		35,792		35,723		0.2	%		12,541		12,384		1.3	%		23,251		23,339		(0.4	)%		2,097		2,094		0.1	%
Orlando, FL		5,643		35,335		35,420		(0.2	)%		12,898		12,324		4.7	%		22,437		23,096		(2.9	)%		1,982		1,987		(0.3	)%
Charlotte, NC		5,651		29,368		29,082		1.0	%		9,126		8,425		8.3	%		20,242		20,657		(2.0	)%		1,638		1,638		(0.0	)%
Austin, TX		6,829		34,860		34,813		0.1	%		15,558		15,044		3.4	%		19,302		19,769		(2.4	)%		1,601		1,607		(0.4	)%
Raleigh/Durham, NC		5,350		26,727		26,498		0.9	%		9,005		8,260		9.0	%		17,722		18,238		(2.8	)%		1,540		1,543		(0.2	)%
Nashville, TN		4,375		23,588		23,594		(0.0	)%		7,930		7,533		5.3	%		15,658		16,061		(2.5	)%		1,697		1,698		(0.0	)%
Houston, TX		5,175		23,584		23,585		(0.0	)%		9,185		10,456		(12.2	)%		14,399		13,129		9.7	%		1,431		1,428		0.2	%
Charleston, SC		3,168		18,015		17,815		1.1	%		5,968		5,621		6.2	%		12,047		12,194		(1.2	)%		1,792		1,780		0.6	%
Phoenix, AZ		2,968		16,142		16,209		(0.4	)%		4,553		4,306		5.7	%		11,589		11,903		(2.6	)%		1,741		1,744		(0.2	)%
Fort Worth, TX		3,687		19,230		18,959		1.4	%		7,876		6,510		21.0	%		11,354		12,449		(8.8	)%		1,579		1,575		0.2	%
Jacksonville, FL		3,496		16,319		16,393		(0.5	)%		6,188		5,837		6.0	%		10,131		10,556		(4.0	)%		1,519		1,534		(1.0	)%
Northern Virginia		1,888		14,388		14,006		2.7	%		4,357		4,349		0.2	%		10,031		9,657		3.9	%		2,421		2,376		1.9	%
Greenville, SC		2,354		10,331		10,356		(0.2	)%		3,911		3,633		7.7	%		6,420		6,723		(4.5	)%		1,328		1,325		0.2	%
Savannah, GA		1,837		10,157		10,013		1.4	%		3,904		3,557		9.8	%		6,253		6,456		(3.1	)%		1,706		1,695		0.7	%
Richmond, VA		1,732		9,053		9,022		0.3	%		2,805		2,784		0.8	%		6,248		6,238		0.2	%		1,650		1,644		0.3	%
Fredericksburg, VA		1,435		8,522		8,424		1.2	%		2,386		2,440		(2.2	)%		6,136		5,984		2.5	%		1,832		1,805		1.5	%
Memphis, TN		1,811		7,972		7,923		0.6	%		3,056		2,886		5.9	%		4,916		5,037		(2.4	)%		1,368		1,360		0.6	%
Denver, CO		1,118		7,052		7,122		(1.0	)%		2,222		2,120		4.8	%		4,830		5,002		(3.4	)%		1,979		1,972		0.4	%
Birmingham, AL		1,462		6,759		6,670		1.3	%		2,739		2,646		3.5	%		4,020		4,024		(0.1	)%		1,402		1,393		0.6	%
Kansas City, MO-KS		1,110		5,654		5,564		1.6	%		2,042		1,941		5.2	%		3,612		3,623		(0.3	)%		1,598		1,579		1.2	%
San Antonio, TX		1,504		6,605		6,593		0.2	%		3,001		2,788		7.6	%		3,604		3,805		(5.3	)%		1,375		1,385		(0.8	)%
Huntsville, AL		1,228		5,374		5,304		1.3	%		1,821		2,009		(9.4	)%		3,553		3,295		7.8	%		1,313		1,317		(0.3	)%
Other		6,502		32,787		32,470		1.0	%		11,718		11,344		3.3	%		21,069		21,126		(0.3	)%		1,598		1,586		0.7	%
Total Same Store		97,289	$	521,540	$	519,629		0.4	%	$	193,260	$	185,046		4.4	%	$	328,280	$	334,583		(1.9	)%	$	1,690	$	1,690		0.0	%

Supplemental Data S-6

    MULTIFAMILY SAME STORE PORTFOLIO YEAR TO DATE COMPARISONS

   

Dollars in thousands, except Average Effective Rent per Unit


			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q2 2024		Q2 2023		% Chg			Q2 2024		Q2 2023		% Chg			Q2 2024		Q2 2023		% Chg			Q2 2024		Q2 2023		% Chg
Atlanta, GA		11,434	$	130,038	$	129,742		0.2	%	$	51,188	$	47,558		7.6	%	$	78,850	$	82,184		(4.1	)%	$	1,833	$	1,840		(0.4	)%
Dallas, TX		10,116		105,959		105,170		0.8	%		43,131		42,328		1.9	%		62,828		62,842		(0.0	)%		1,666		1,648		1.1	%
Tampa, FL		5,416		71,515		70,578		1.3	%		24,925		23,720		5.1	%		46,590		46,858		(0.6	)%		2,096		2,082		0.6	%
Orlando, FL		5,643		70,755		70,316		0.6	%		25,222		24,141		4.5	%		45,533		46,175		(1.4	)%		1,985		1,970		0.7	%
Charlotte, NC		5,651		58,450		57,265		2.1	%		17,551		16,897		3.9	%		40,899		40,368		1.3	%		1,638		1,606		2.0	%
Austin, TX		6,829		69,673		70,900		(1.7	)%		30,602		30,577		0.1	%		39,071		40,323		(3.1	)%		1,604		1,627		(1.4	)%
Raleigh/Durham, NC		5,350		53,225		52,316		1.7	%		17,265		15,930		8.4	%		35,960		36,386		(1.2	)%		1,541		1,521		1.3	%
Nashville, TN		4,375		47,182		46,741		0.9	%		15,463		14,757		4.8	%		31,719		31,984		(0.8	)%		1,698		1,686		0.7	%
Houston, TX		5,175		47,169		46,649		1.1	%		19,641		19,565		0.4	%		27,528		27,084		1.6	%		1,430		1,405		1.8	%
Charleston, SC		3,168		35,830		34,210		4.7	%		11,589		10,571		9.6	%		24,241		23,639		2.5	%		1,786		1,702		4.9	%
Phoenix, AZ		2,968		32,351		32,961		(1.9	)%		8,859		8,254		7.3	%		23,492		24,707		(4.9	)%		1,743		1,759		(0.9	)%
Fort Worth, TX		3,687		38,189		38,048		0.4	%		14,386		14,385		0.0	%		23,803		23,663		0.6	%		1,577		1,561		1.0	%
Jacksonville, FL		3,496		32,712		33,303		(1.8	)%		12,025		11,312		6.3	%		20,687		21,991		(5.9	)%		1,526		1,551		(1.6	)%
Northern Virginia		1,888		28,394		26,941		5.4	%		8,706		8,394		3.7	%		19,688		18,547		6.2	%		2,398		2,286		4.9	%
Greenville, SC		2,354		20,687		20,522		0.8	%		7,544		6,498		16.1	%		13,143		14,024		(6.3	)%		1,327		1,305		1.7	%
Savannah, GA		1,837		20,170		19,534		3.3	%		7,461		6,239		19.6	%		12,709		13,295		(4.4	)%		1,701		1,639		3.8	%
Richmond, VA		1,732		18,075		17,666		2.3	%		5,589		5,531		1.0	%		12,486		12,135		2.9	%		1,647		1,608		2.5	%
Fredericksburg, VA		1,435		16,946		16,483		2.8	%		4,826		4,656		3.7	%		12,120		11,827		2.5	%		1,818		1,787		1.8	%
Memphis, TN		1,811		15,895		15,703		1.2	%		5,942		5,671		4.8	%		9,953		10,032		(0.8	)%		1,364		1,349		1.1	%
Denver, CO		1,118		14,174		13,955		1.6	%		4,342		4,200		3.4	%		9,832		9,755		0.8	%		1,975		1,951		1.3	%
Birmingham, AL		1,462		13,429		13,242		1.4	%		5,385		5,115		5.3	%		8,044		8,127		(1.0	)%		1,398		1,363		2.5	%
Kansas City, MO-KS		1,110		11,218		10,762		4.2	%		3,983		3,946		0.9	%		7,235		6,816		6.1	%		1,589		1,538		3.3	%
San Antonio, TX		1,504		13,198		13,192		0.0	%		5,789		5,712		1.3	%		7,409		7,480		(0.9	)%		1,380		1,386		(0.4	)%
Huntsville, AL		1,228		10,678		10,684		(0.1	)%		3,830		3,785		1.2	%		6,848		6,899		(0.7	)%		1,315		1,304		0.8	%
Other		6,502		65,257		63,534		2.7	%		23,062		22,135		4.2	%		42,195		41,399		1.9	%		1,592		1,551		2.6	%
Total Same Store		97,289	$	1,041,169	$	1,030,417		1.0	%	$	378,306	$	361,877		4.5	%	$	662,863	$	668,540		(0.8	)%	$	1,690	$	1,672		1.0	%

Supplemental Data S-7

    MULTIFAMILY DEVELOPMENT PIPELINE

   

Dollars in thousands


		Units as of						Development Costs as of
		June 30, 2024						June 30, 2024							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		372		235	$	99,450	$	94,964	$	4,486	2Q21	2Q23	3Q24	1Q25
Novel Val Vista (2)	Phoenix, AZ		317		191		106		79,800		74,987		4,813	4Q20	4Q23	4Q24	3Q25
MAA Milepost 35	Denver, CO		352		174		121		125,000		111,561		13,439	1Q22	4Q23	4Q24	3Q25
MAA Nixie	Raleigh/Durham, NC		406		—		—		145,500		92,377		53,123	4Q22	4Q24	3Q25	3Q26
MAA Breakwater	Tampa, FL		495		—		—		197,500		127,015		70,485	4Q22	1Q25	4Q25	1Q27
Alta 10th (3)	Charlotte, NC		302		—		—		101,500		17,410		84,090	2Q24	2Q26	4Q26	4Q27
Modera Chandler (3)	Phoenix, AZ		345		—		—		117,500		19,634		97,866	2Q24	2Q26	4Q26	4Q27
Total Active			2,617		737		462	$	866,250	$	537,948	$	328,302

(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.

(3)

MAA owns 95% of the joint venture that owns this property.

    MULTIFAMILY LEASE-UP COMMUNITIES

   

Dollars in thousands


		As of June 30, 2024
	Location	Total Units		Physical Occupancy	Spend to Date		Construction Completed	Expected Stabilization (1)
MAA Central Avenue	Phoenix, AZ	323		90.4%	$	102,186	(3)	3Q24
MAA Optimist Park	Charlotte, NC	352		88.4%		106,695	(3)	4Q24
Novel West Midtown (2)	Atlanta, GA	340		61.2%		91,302	3Q23	1Q25
MAA Vale	Raleigh/Durham, NC	306		62.1%		80,694	(3)	2Q25
Total			1,321	75.8%	$	380,877

(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.

(3)

Property was acquired while in lease-up; construction was complete prior to acquisition by MAA.

    MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE

   

Dollars in thousands, except per unit data


Six months ended June 30, 2024
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
	2,796	$	17,370	$	6,213	$	107	7.6%	7,000 - 11,000

ACQUISITION ACTIVITY (THROUGH JUNE 30, 2024) 

   


Multifamily Acquisitions	Market	Apartment Units	Closing Date
MAA Vale	Raleigh, NC	306	May-24
Modera Chandler (1)	Phoenix, AZ	345	Apr-24

(1)

Represents a pre-purchase multifamily development. MAA owns 95% of the joint venture that owns this property. Construction of this development commenced in the second quarter of 2024. See “Multifamily Development Pipeline” above for additional information.

Supplemental Data S-8

    DEBT AND DEBT COVENANTS AS OF JUNE 30, 2024

   

Dollars in thousands


DEBT SUMMARIES
Fixed Rate Versus Floating Rate Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Rate Maturity
Fixed rate debt	$	4,384,864		93.3	%		3.6	%		8.0
Floating rate debt		316,000		6.7	%		5.5	%		0.1
Total	$	4,700,864		100.0	%		3.8	%		7.4

Unsecured Versus Secured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	4,340,660		92.3	%		3.7	%		6.0
Secured debt		360,204		7.7	%		4.4	%		24.6
Total	$	4,700,864		100.0	%		3.8	%		7.4

Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q2 2024 NOI			Percent of Total
Unencumbered gross assets	$	15,948,218		95.4	%	$	326,693			95.9	%
Encumbered gross assets		764,430		4.6	%		13,946			4.1	%
Total	$	16,712,648		100.0	%	$	340,639			100.0	%

FIXED INTEREST RATE MATURITIES


Maturity	Fixed Rate Debt		Effective Interest Rate
2024	$	—		—
2025		398,944		4.2	%
2026		298,359		1.2	%
2027		597,727		3.7	%
2028		397,607		4.2	%
2029		557,076		3.7	%
2030		298,059		3.1	%
2031		445,973		1.8	%
2032		394,346		5.4	%
2033		—		—
Thereafter		996,773		4.2	%
Total	$	4,384,864		3.6	%

Supplemental Data S-9

    DEBT AND DEBT COVENANTS AS OF JUNE 30, 2024 (CONTINUED)

   

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES


Maturity	Commercial Paper (1) & Revolving Credit Facility (2)		Public Bonds		Secured		Total
2024	$	316,000	$	—	$	—	$	316,000
2025		—		398,944		—		398,944
2026		—		298,359		—		298,359
2027		—		597,727		—		597,727
2028		—		397,607		—		397,607
2029		—		557,076		—		557,076
2030		—		298,059		—		298,059
2031		—		445,973		—		445,973
2032		—		394,346		—		394,346
2033		—		—		—		—
Thereafter		—		636,569		360,204		996,773
Total	$	316,000	$	4,024,660	$	360,204	$	4,700,864

(1)

The $316.0 million maturing in 2024 reflects the principal outstanding under MAALP’s unsecured commercial paper program as of June 30, 2024. 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 June 30, 2024, average daily borrowings outstanding under the commercial paper program were $195.5 million.

(2)

There were no borrowings outstanding under MAALP’s $1.25 billion unsecured revolving credit facility as of June 30, 2024. 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	28.1%	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	7.4x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	358.6%	Yes

Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	20.4%	Yes
Total secured debt to total capitalized asset value	40% or less	1.6%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	7.7x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	19.5%	Yes

(1)

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

Supplemental Data S-10

GUIDANCE

   

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


	Full Year 2024
Earnings:	Current Range	Current Midpoint
Earnings per common share - diluted	$4.37 to $4.65	$4.51
Core FFO per Share - diluted	$8.74 to $9.02	$8.88
Core AFFO per Share - diluted	$7.78 to $8.06	$7.92

MAA Same Store Portfolio:
Number of units	97,290	97,290
Average physical occupancy	95.3% to 95.7%	95.5%
Property revenue growth	0.15% to 1.15%	0.65%
Effective rent growth	0.25% to 0.75%	0.50%
Property operating expense growth	3.75% to 4.75%	4.25%
NOI growth	-2.50% to -0.10%	-1.30%
Real estate tax expense growth	3.5% to 4.5%	4.0%

Corporate Expenses: ($ in millions)
Property management expenses	$72.0 to $74.0	$73.0
General and administrative expenses	$56.5 to $58.5	$57.5
Total overhead	$128.5 to $132.5	$130.5

Transaction/Investment Volume: ($ in millions)
Multifamily acquisition volume	$350.0 to $450.0	$400.0
Multifamily disposition volume	$50.0 to $150.0	$100.0
Development investment	$300.0 to $400.0	$350.0

Debt:
Average effective interest rate	3.5% to 3.7%	3.6%
Capitalized interest ($ in millions)	$15.0 to $19.0	$17.0

Diluted FFO Shares Outstanding:
Diluted common shares and units	119.75 to 120.25 million	120.0 million

    RECONCILIATION OF EARNINGS PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER DILUTED SHARE FOR FULL YEAR 2024 GUIDANCE

   


	Full Year 2024 Guidance Range
	Low			High
Earnings per common share - diluted	$	4.37		$	4.65
Real estate depreciation and amortization		4.83			4.83
Gains on sale of depreciable assets		(0.44	)		(0.44	)
FFO per Share - diluted		8.76			9.04
Non-Core FFO items (1)		(0.02	)		(0.02	)
Core FFO per Share - diluted		8.74			9.02
Recurring capital expenditures		(0.96	)		(0.96	)
Core AFFO per Share - diluted	$	7.78		$	8.06

(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, settlements and (recoveries), net, 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:

    Q3 2024

    Q4 2024

    Q1 2025

    Q2 2025

    Earnings release & conference call

    Late
October

    Early
February

    Early
May

    Late
July

    Dividend Information - Common Shares:

    Q2 2023

    Q3 2023

    Q4 2023

    Q1 2024

    Q2 2024

    Declaration date

    5/16/2023

    9/29/2023

    12/12/2023

    3/19/2024

    5/21/2024

    Record date

    7/14/2023

    10/13/2023

    1/12/2024

    4/15/2024

    7/15/2024

    Payment date

    7/31/2023

    10/31/2023

    1/31/2024

    4/30/2024

    7/31/2024

Distributions per share

1.4000

1.4000

1.4700

1.4700

1.4700

    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