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, 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		310		6,217		—		6,217
Raleigh/Durham, NC		5,350		—		306		5,656		26		5,682
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		215		3,506
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		265		1,383
Huntsville, AL		1,228		—		—		1,228		—		1,228
Kansas City, MO-KS		1,110		—		—		1,110		—		1,110
Other		6,502		672		400		7,574		—		7,574
Total Multifamily Units		97,289		2,441		1,708		101,438		506		101,944

(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, 2024								Average Effective		As of September 30, 2024
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended September 30, 2024		Completed Units		Total Units, Including Development
Atlanta, GA	$	2,112,564		13.0	%		95.2	%	$	1,813		11,434
Dallas, TX		1,604,908		9.9	%		95.3	%		1,663		10,116
Charlotte, NC		1,164,345		7.2	%		95.7	%		1,651		6,211
Orlando, FL		1,037,612		6.4	%		95.6	%		1,997		5,907
Tampa, FL		1,021,710		6.3	%		96.0	%		2,093		5,416
Austin, TX		963,975		5.9	%		94.9	%		1,582		7,179
Raleigh/Durham, NC		737,874		4.5	%		95.6	%		1,544		5,350
Houston, TX		719,650		4.4	%		95.3	%		1,436		5,175
Phoenix, AZ		594,192		3.7	%		95.7	%		1,738		3,291
Northern Virginia		577,851		3.6	%		96.6	%		2,484		1,888
Nashville, TN		565,251		3.5	%		95.9	%		1,690		4,375
Charleston, SC		435,344		2.7	%		96.1	%		1,815		3,168
Fort Worth, TX		398,572		2.5	%		96.1	%		1,582		3,687
Jacksonville, FL		318,905		2.0	%		95.7	%		1,510		3,496
Denver, CO		297,533		1.8	%		95.6	%		1,978		1,118
Richmond, VA		283,208		1.7	%		96.7	%		1,627		2,004
Fredericksburg, VA		258,465		1.6	%		96.6	%		1,873		1,435
Greenville, SC		245,184		1.5	%		94.7	%		1,336		2,354
Savannah, GA		227,245		1.4	%		95.5	%		1,713		1,837
Kansas City, MO-KS		194,665		1.2	%		95.5	%		1,634		1,110
Birmingham, AL		172,927		1.1	%		95.3	%		1,412		1,462
San Antonio, TX		172,037		1.1	%		95.7	%		1,367		1,504
All Other Markets by State (individual markets <1% gross real assets)
Tennessee		207,772		1.3	%		95.1	%		1,348		2,754
Florida		194,801		1.2	%		95.6	%		1,839		1,806
Alabama		179,947		1.1	%		95.9	%		1,394		1,648
Virginia		169,423		1.0	%		93.6	%		1,778		1,039
Kentucky		103,711		0.6	%		95.9	%		1,270		1,308
Maryland		84,485		0.5	%		97.0	%		2,288		361
Nevada		75,588		0.5	%		96.3	%		1,592		721
South Carolina		39,437		0.2	%		93.1	%		1,263		576
Stabilized Communities	$	15,159,181		93.4	%		95.5	%	$	1,690		99,730
Charlotte, NC		224,002		1.4	%		85.5	%		1,889		352		893
Raleigh/Durham, NC		195,656		1.2	%		28.1	%		1,807		332		712
Tampa, FL		141,539		0.9	%		—			—		—		495
Denver, CO		119,942		0.7	%		44.9	%		2,298		265		352
Phoenix, AZ		102,312		0.6	%		45.1	%		1,947		215		662
Salt Lake City, UT		94,997		0.6	%		64.0	%		1,761		400		400
Atlanta, GA		91,353		0.6	%		78.8	%		2,094		340		340
Orlando, FL		83,727		0.5	%		89.7	%		2,026		310		310
Richmond, VA		14,679		0.1	%		—			—		—		306
Lease-up / Development Communities	$	1,068,207		6.6	%		57.6	%	$	1,959		2,214		4,470
Total Multifamily Communities	$	16,227,388		100.0	%		94.5	%	$	1,696		101,944		104,200

(1)

Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C. As of September 30, 2024, the gross investment in real estate for this community was $82.5 million and includes a mortgage note payable of $51.9 million. For the nine months ended September 30, 2024, this apartment community achieved NOI of $6.2 million.

Supplemental Data S-2

    COMPONENTS OF NET OPERATING INCOME

   

Dollars in thousands


	Three Months Ended									As of September 30, 2024
	September 30, 2024			September 30, 2023			Percent Change			Apartment Units		Gross Real Assets
Operating Revenues
Same Store Communities	$	523,533		$	523,510			0.0	%		97,289	$	14,685,767
Non-Same Store Communities		13,312			11,171						2,441		473,414
Lease-up/Development Communities		7,779			901						2,214		1,068,207
Total Multifamily Portfolio	$	544,624		$	535,582						101,944	$	16,227,388
Commercial Property/Land		6,502			6,460						—		372,532
Total Operating Revenues	$	551,126		$	542,042						101,944	$	16,599,920

Property Operating Expenses
Same Store Communities	$	196,266		$	190,537			3.0	%
Non-Same Store Communities		4,693			4,688
Lease-up/Development Communities		4,351			1,256
Storm Costs		3,349			—
Total Multifamily Portfolio	$	208,659		$	196,481
Commercial Property/Land		2,902			2,742
Total Property Operating Expenses	$	211,561		$	199,223

Net Operating Income
Same Store Communities	$	327,267		$	332,973			-1.7	%
Non-Same Store Communities		8,619			6,483
Lease-up/Development Communities		3,428			(355	)
Storm Costs		(3,349	)		—
Total Multifamily Portfolio	$	335,965		$	339,101
Commercial Property/Land		3,600			3,718
Total Net Operating Income	$	339,565		$	342,819			-0.9	%

    COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

   

Dollars in thousands


	Three Months Ended							Nine Months Ended
	September 30, 2024		September 30, 2023		Percent Change			September 30, 2024		September 30, 2023		Percent Change
Property Taxes	$	65,593	$	65,428		0.3	%	$	201,960	$	197,907		2.0	%
Personnel		43,205		41,598		3.9	%		124,537		119,062		4.6	%
Utilities		36,347		35,018		3.8	%		101,520		98,244		3.3	%
Building Repair and Maintenance		26,888		26,371		2.0	%		74,842		73,211		2.2	%
Office Operations		8,881		7,765		14.4	%		25,914		22,362		15.9	%
Insurance		8,324		8,320		0.0	%		24,756		22,491		10.1	%
Marketing		7,028		6,037		16.4	%		21,043		19,137		10.0	%
Total Property Operating Expenses	$	196,266	$	190,537		3.0	%	$	574,572	$	552,414		4.0	%

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, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Atlanta, GA		11,434		11.7	%		95.0	%		94.5	%		94.4	%		94.5	%
Dallas, TX		10,116		9.1	%		95.7	%		96.0	%		95.3	%		95.7	%
Orlando, FL		5,643		7.3	%		95.9	%		96.1	%		96.0	%		96.0	%
Tampa, FL		5,416		7.3	%		96.0	%		95.9	%		95.9	%		95.7	%
Charlotte, NC		5,651		6.1	%		95.9	%		95.8	%		95.5	%		95.6	%
Austin, TX		6,829		5.4	%		95.5	%		95.3	%		94.9	%		95.3	%
Raleigh/Durham, NC		5,350		5.4	%		95.7	%		96.4	%		95.8	%		95.8	%
Nashville, TN		4,375		4.8	%		96.0	%		96.1	%		95.9	%		95.7	%
Houston, TX		5,175		4.2	%		95.4	%		95.3	%		95.3	%		95.5	%
Charleston, SC		3,168		3.8	%		96.5	%		96.6	%		96.2	%		96.0	%
Fort Worth, TX		3,687		3.6	%		95.5	%		95.9	%		95.3	%		95.7	%
Phoenix, AZ		2,968		3.5	%		96.0	%		95.3	%		95.2	%		95.6	%
Jacksonville, FL		3,496		3.2	%		95.9	%		95.6	%		95.6	%		95.8	%
Northern Virginia		1,888		3.1	%		96.6	%		96.6	%		96.7	%		96.2	%
Greenville, SC		2,354		1.9	%		95.3	%		96.0	%		95.7	%		96.1	%
Savannah, GA		1,837		1.9	%		95.5	%		96.5	%		95.7	%		96.2	%
Richmond, VA		1,732		1.9	%		96.6	%		96.2	%		96.5	%		95.9	%
Fredericksburg, VA		1,435		1.8	%		96.4	%		96.2	%		96.8	%		96.2	%
Memphis, TN		1,811		1.5	%		95.3	%		94.0	%		95.4	%		94.5	%
Denver, CO		1,118		1.5	%		95.6	%		95.5	%		95.7	%		95.4	%
Birmingham, AL		1,462		1.2	%		96.0	%		96.4	%		95.6	%		96.2	%
San Antonio, TX		1,504		1.2	%		96.0	%		96.3	%		95.6	%		95.7	%
Kansas City, MO-KS		1,110		1.1	%		96.0	%		96.2	%		96.0	%		95.9	%
Huntsville, AL		1,228		1.0	%		95.4	%		94.7	%		95.1	%		95.2	%
Other		6,502		6.5	%		96.0	%		96.3	%		95.9	%		95.9	%
Total Same Store		97,289		100.0	%		95.7	%		95.7	%		95.5	%		95.6	%

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 2024		Q3 2023		% Chg			Q3 2024		Q3 2023		% Chg			Q3 2024		Q3 2023		% Chg			Q3 2024		Q3 2023		% Chg
Atlanta, GA		11,434	$	65,177	$	66,155		(1.5	)%	$	26,808	$	24,772		8.2	%	$	38,369	$	41,383		(7.3	)%	$	1,813	$	1,861		(2.6	)%
Dallas, TX		10,116		53,356		53,563		(0.4	)%		23,411		21,068		11.1	%		29,945		32,495		(7.8	)%		1,663		1,671		(0.5	)%
Orlando, FL		5,643		35,215		35,497		(0.8	)%		11,347		12,164		(6.7	)%		23,868		23,333		2.3	%		1,978		2,000		(1.1	)%
Tampa, FL		5,416		35,722		35,757		(0.1	)%		11,892		12,469		(4.6	)%		23,830		23,288		2.3	%		2,093		2,108		(0.7	)%
Charlotte, NC		5,651		29,557		29,542		0.1	%		9,503		8,766		8.4	%		20,054		20,776		(3.5	)%		1,642		1,651		(0.5	)%
Austin, TX		6,829		34,750		35,635		(2.5	)%		17,041		15,824		7.7	%		17,709		19,811		(10.6	)%		1,580		1,635		(3.4	)%
Raleigh/Durham, NC		5,350		26,725		26,769		(0.2	)%		9,171		8,686		5.6	%		17,554		18,083		(2.9	)%		1,544		1,549		(0.3	)%
Nashville, TN		4,375		23,616		23,766		(0.6	)%		8,064		7,979		1.1	%		15,552		15,787		(1.5	)%		1,690		1,705		(0.9	)%
Houston, TX		5,175		23,707		23,578		0.5	%		10,065		11,282		(10.8	)%		13,642		12,296		10.9	%		1,436		1,427		0.6	%
Charleston, SC		3,168		18,264		17,736		3.0	%		5,868		5,642		4.0	%		12,396		12,094		2.5	%		1,815		1,756		3.4	%
Fort Worth, TX		3,687		19,311		19,181		0.7	%		7,537		8,135		(7.4	)%		11,774		11,046		6.6	%		1,582		1,579		0.2	%
Phoenix, AZ		2,968		16,355		16,402		(0.3	)%		4,818		4,564		5.6	%		11,537		11,838		(2.5	)%		1,730		1,756		(1.5	)%
Jacksonville, FL		3,496		16,198		16,754		(3.3	)%		5,708		6,407		(10.9	)%		10,490		10,347		1.4	%		1,510		1,559		(3.1	)%
Northern Virginia		1,888		14,695		13,783		6.6	%		4,705		4,344		8.3	%		9,990		9,439		5.8	%		2,484		2,345		5.9	%
Greenville, SC		2,354		10,314		10,297		0.2	%		3,946		3,637		8.5	%		6,368		6,660		(4.4	)%		1,336		1,329		0.5	%
Savannah, GA		1,837		10,078		10,031		0.5	%		3,845		3,399		13.1	%		6,233		6,632		(6.0	)%		1,713		1,684		1.7	%
Richmond, VA		1,732		9,114		9,119		(0.1	)%		2,949		2,891		2.0	%		6,165		6,228		(1.0	)%		1,668		1,644		1.4	%
Fredericksburg, VA		1,435		8,623		8,296		3.9	%		2,606		2,473		5.4	%		6,017		5,823		3.3	%		1,873		1,801		4.0	%
Memphis, TN		1,811		7,983		7,795		2.4	%		3,144		3,098		1.5	%		4,839		4,697		3.0	%		1,378		1,362		1.2	%
Denver, CO		1,118		7,046		7,082		(0.5	)%		2,214		2,196		0.8	%		4,832		4,886		(1.1	)%		1,978		1,983		(0.3	)%
Birmingham, AL		1,462		6,886		6,714		2.6	%		2,821		2,513		12.3	%		4,065		4,201		(3.2	)%		1,412		1,386		1.9	%
San Antonio, TX		1,504		6,612		6,716		(1.5	)%		2,684		2,567		4.6	%		3,928		4,149		(5.3	)%		1,367		1,393		(1.9	)%
Kansas City, MO-KS		1,110		5,761		5,537		4.0	%		2,153		2,164		(0.5	)%		3,608		3,373		7.0	%		1,634		1,569		4.1	%
Huntsville, AL		1,228		5,354		5,358		(0.1	)%		2,012		2,014		(0.1	)%		3,342		3,344		(0.1	)%		1,307		1,325		(1.4	)%
Other		6,502		33,114		32,447		2.1	%		11,954		11,483		4.1	%		21,160		20,964		0.9	%		1,613		1,579		2.2	%
Total Same Store		97,289	$	523,533	$	523,510		0.0	%	$	196,266	$	190,537		3.0	%	$	327,267	$	332,973		(1.7	)%	$	1,691	$	1,697		(0.4	)%

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 2024		Q2 2024		% Chg			Q3 2024		Q2 2024		% Chg			Q3 2024		Q2 2024		% Chg			Q3 2024		Q2 2024		% Chg
Atlanta, GA		11,434	$	65,177	$	64,917		0.4	%	$	26,808	$	26,298		1.9	%	$	38,369	$	38,619		(0.6	)%	$	1,813	$	1,827		(0.8	)%
Dallas, TX		10,116		53,356		53,009		0.7	%		23,411		22,172		5.6	%		29,945		30,837		(2.9	)%		1,663		1,664		(0.0	)%
Orlando, FL		5,643		35,215		35,335		(0.3	)%		11,347		12,898		(12.0	)%		23,868		22,437		6.4	%		1,978		1,982		(0.2	)%
Tampa, FL		5,416		35,722		35,792		(0.2	)%		11,892		12,541		(5.2	)%		23,830		23,251		2.5	%		2,093		2,097		(0.2	)%
Charlotte, NC		5,651		29,557		29,368		0.6	%		9,503		9,126		4.1	%		20,054		20,242		(0.9	)%		1,642		1,638		0.3	%
Austin, TX		6,829		34,750		34,860		(0.3	)%		17,041		15,558		9.5	%		17,709		19,302		(8.3	)%		1,580		1,601		(1.3	)%
Raleigh/Durham, NC		5,350		26,725		26,727		(0.0	)%		9,171		9,005		1.8	%		17,554		17,722		(0.9	)%		1,544		1,540		0.3	%
Nashville, TN		4,375		23,616		23,588		0.1	%		8,064		7,930		1.7	%		15,552		15,658		(0.7	)%		1,690		1,697		(0.5	)%
Houston, TX		5,175		23,707		23,584		0.5	%		10,065		9,185		9.6	%		13,642		14,399		(5.3	)%		1,436		1,431		0.3	%
Charleston, SC		3,168		18,264		18,015		1.4	%		5,868		5,968		(1.7	)%		12,396		12,047		2.9	%		1,815		1,792		1.3	%
Fort Worth, TX		3,687		19,311		19,230		0.4	%		7,537		7,876		(4.3	)%		11,774		11,354		3.7	%		1,582		1,579		0.2	%
Phoenix, AZ		2,968		16,355		16,142		1.3	%		4,818		4,553		5.8	%		11,537		11,589		(0.4	)%		1,730		1,741		(0.6	)%
Jacksonville, FL		3,496		16,198		16,319		(0.7	)%		5,708		6,188		(7.8	)%		10,490		10,131		3.5	%		1,510		1,519		(0.6	)%
Northern Virginia		1,888		14,695		14,388		2.1	%		4,705		4,357		8.0	%		9,990		10,031		(0.4	)%		2,484		2,421		2.6	%
Greenville, SC		2,354		10,314		10,331		(0.2	)%		3,946		3,911		0.9	%		6,368		6,420		(0.8	)%		1,336		1,328		0.6	%
Savannah, GA		1,837		10,078		10,157		(0.8	)%		3,845		3,904		(1.5	)%		6,233		6,253		(0.3	)%		1,713		1,706		0.4	%
Richmond, VA		1,732		9,114		9,053		0.7	%		2,949		2,805		5.1	%		6,165		6,248		(1.3	)%		1,668		1,650		1.1	%
Fredericksburg, VA		1,435		8,623		8,522		1.2	%		2,606		2,386		9.2	%		6,017		6,136		(1.9	)%		1,873		1,832		2.3	%
Memphis, TN		1,811		7,983		7,972		0.1	%		3,144		3,056		2.9	%		4,839		4,916		(1.6	)%		1,378		1,368		0.7	%
Denver, CO		1,118		7,046		7,052		(0.1	)%		2,214		2,222		(0.4	)%		4,832		4,830		0.0	%		1,978		1,979		(0.0	)%
Birmingham, AL		1,462		6,886		6,759		1.9	%		2,821		2,739		3.0	%		4,065		4,020		1.1	%		1,412		1,402		0.7	%
San Antonio, TX		1,504		6,612		6,605		0.1	%		2,684		3,001		(10.6	)%		3,928		3,604		9.0	%		1,367		1,375		(0.5	)%
Kansas City, MO-KS		1,110		5,761		5,654		1.9	%		2,153		2,042		5.4	%		3,608		3,612		(0.1	)%		1,634		1,598		2.2	%
Huntsville, AL		1,228		5,354		5,374		(0.4	)%		2,012		1,821		10.5	%		3,342		3,553		(5.9	)%		1,307		1,313		(0.5	)%
Other		6,502		33,114		32,787		1.0	%		11,954		11,718		2.0	%		21,160		21,069		0.4	%		1,613		1,598		0.9	%
Total Same Store		97,289	$	523,533	$	521,540		0.4	%	$	196,266	$	193,260		1.6	%	$	327,267	$	328,280		(0.3	)%	$	1,691	$	1,690		0.1	%

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		Q3 2024		Q3 2023		% Chg			Q3 2024		Q3 2023		% Chg			Q3 2024		Q3 2023		% Chg			Q3 2024		Q3 2023		% Chg
Atlanta, GA		11,434	$	195,215	$	195,897		(0.3	)%	$	77,996	$	72,330		7.8	%	$	117,219	$	123,567		(5.1	)%	$	1,826	$	1,847		(1.1	)%
Dallas, TX		10,116		159,315		158,733		0.4	%		66,542		63,396		5.0	%		92,773		95,337		(2.7	)%		1,665		1,656		0.6	%
Orlando, FL		5,643		105,970		105,813		0.1	%		36,569		36,305		0.7	%		69,401		69,508		(0.2	)%		1,982		1,980		0.1	%
Tampa, FL		5,416		107,237		106,335		0.8	%		36,817		36,189		1.7	%		70,420		70,146		0.4	%		2,095		2,091		0.2	%
Charlotte, NC		5,651		88,007		86,807		1.4	%		27,054		25,663		5.4	%		60,953		61,144		(0.3	)%		1,639		1,621		1.1	%
Austin, TX		6,829		104,423		106,535		(2.0	)%		47,643		46,401		2.7	%		56,780		60,134		(5.6	)%		1,596		1,630		(2.1	)%
Raleigh/Durham, NC		5,350		79,950		79,085		1.1	%		26,436		24,616		7.4	%		53,514		54,469		(1.8	)%		1,542		1,530		0.8	%
Nashville, TN		4,375		70,798		70,507		0.4	%		23,527		22,736		3.5	%		47,271		47,771		(1.0	)%		1,695		1,692		0.2	%
Houston, TX		5,175		70,876		70,227		0.9	%		29,706		30,847		(3.7	)%		41,170		39,380		4.5	%		1,432		1,412		1.4	%
Charleston, SC		3,168		54,094		51,946		4.1	%		17,457		16,213		7.7	%		36,637		35,733		2.5	%		1,796		1,720		4.4	%
Fort Worth, TX		3,687		57,500		57,229		0.5	%		21,923		22,520		(2.7	)%		35,577		34,709		2.5	%		1,579		1,567		0.8	%
Phoenix, AZ		2,968		48,706		49,363		(1.3	)%		13,677		12,818		6.7	%		35,029		36,545		(4.1	)%		1,738		1,758		(1.1	)%
Jacksonville, FL		3,496		48,910		50,057		(2.3	)%		17,733		17,719		0.1	%		31,177		32,338		(3.6	)%		1,521		1,554		(2.1	)%
Northern Virginia		1,888		43,089		40,724		5.8	%		13,411		12,738		5.3	%		29,678		27,986		6.0	%		2,427		2,306		5.2	%
Greenville, SC		2,354		31,001		30,819		0.6	%		11,490		10,135		13.4	%		19,511		20,684		(5.7	)%		1,330		1,313		1.3	%
Savannah, GA		1,837		30,248		29,565		2.3	%		11,306		9,638		17.3	%		18,942		19,927		(4.9	)%		1,705		1,654		3.1	%
Richmond, VA		1,732		27,189		26,785		1.5	%		8,538		8,422		1.4	%		18,651		18,363		1.6	%		1,654		1,620		2.1	%
Fredericksburg, VA		1,435		25,569		24,779		3.2	%		7,432		7,129		4.3	%		18,137		17,650		2.8	%		1,837		1,792		2.5	%
Memphis, TN		1,811		23,878		23,498		1.6	%		9,086		8,769		3.6	%		14,792		14,729		0.4	%		1,369		1,353		1.1	%
Denver, CO		1,118		21,220		21,037		0.9	%		6,556		6,396		2.5	%		14,664		14,641		0.2	%		1,976		1,961		0.8	%
Birmingham, AL		1,462		20,315		19,956		1.8	%		8,206		7,628		7.6	%		12,109		12,328		(1.8	)%		1,403		1,371		2.3	%
San Antonio, TX		1,504		19,810		19,908		(0.5	)%		8,473		8,279		2.3	%		11,337		11,629		(2.5	)%		1,376		1,388		(0.9	)%
Kansas City, MO-KS		1,110		16,979		16,299		4.2	%		6,136		6,110		0.4	%		10,843		10,189		6.4	%		1,604		1,548		3.6	%
Huntsville, AL		1,228		16,032		16,042		(0.1	)%		5,842		5,799		0.7	%		10,190		10,243		(0.5	)%		1,312		1,311		0.1	%
Other		6,502		98,371		95,981		2.5	%		35,016		33,618		4.2	%		63,355		62,363		1.6	%		1,599		1,560		2.5	%
Total Same Store		97,289	$	1,564,702	$	1,553,927		0.7	%	$	574,572	$	552,414		4.0	%	$	990,130	$	1,001,513		(1.1	)%	$	1,690	$	1,681		0.6	%

Supplemental Data S-7

    MULTIFAMILY DEVELOPMENT PIPELINE

   

Dollars in thousands


		Units as of						Development Costs as of
		September 30, 2024						September 30, 2024							Expected
								Expected		Spend		Expected		Start	Initial
	Location	Total		Delivered		Leased		Total		to Date		Remaining		Date	Occupancy	Completion	Stabilization (1)
Novel Val Vista (2)	Phoenix, AZ		317		215		176	$	79,800	$	77,279	$	2,521	4Q20	4Q23	4Q24	3Q25
MAA Milepost 35	Denver, CO		352		265		178		125,000		119,942		5,058	1Q22	4Q23	4Q24	3Q25
MAA Nixie	Raleigh/Durham, NC		406		26		2		145,500		114,668		30,832	4Q22	3Q24	3Q25	3Q26
MAA Breakwater	Tampa, FL		495		—		—		197,500		141,539		55,961	4Q22	1Q25	4Q25	1Q27
Modera Liberty Row (3)	Charlotte, NC		239		—		—		112,000		90,860		21,140	1Q22	3Q25	1Q26	4Q26
MAA Plaza Midwood (4) (5)	Charlotte, NC		302		—		—		101,500		26,370		75,130	2Q24	2Q26	4Q26	4Q27
Modera Chandler (5)	Phoenix, AZ		345		—		—		117,500		25,033		92,467	2Q24	2Q26	4Q26	4Q27
MAA Porter	Richmond, VA		306		—		—		99,500		14,679		84,821	3Q24	1Q27	3Q27	1Q28
Total Active			2,762		506		356	$	978,300	$	610,370	$	367,930

(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)

In July 2024, MAA agreed to finance the third party development of this property currently under construction. MAA has the option to purchase the development once it is stabilized.

(4)

Previously reported as Alta 10th.

(5)

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

    MULTIFAMILY LEASE-UP COMMUNITIES

   

Dollars in thousands


		As of September 30, 2024
	Location	Total Units		Physical Occupancy	Spend to Date		Construction Completed	Expected Stabilization (1)
MAA Optimist Park	Charlotte, NC	352		85.5%	$	106,772	(3)	4Q24
MAA Boggy Creek	Orlando, FL	310		89.7%		83,727	(3)	4Q24
Novel West Midtown (2)	Atlanta, GA	340		78.8%		91,353	3Q23	1Q25
Novel Daybreak (2)	Salt Lake City, UT	400		64.0%		94,997	3Q24	2Q25
MAA Vale	Raleigh/Durham, NC	306		65.0%		80,988	(3)	2Q25
Total			1,708	76.2%	$	457,837

(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


Nine months ended September 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
	4,535	$	29,053	$	6,406	$	107	7.5%	6,000 - 10,000

Supplemental Data S-8

ACQUISITION ACTIVITY (THROUGH SEPTEMBER 30, 2024) 

   


Multifamily Acquisitions	Market	Apartment Units	Closing Date
MAA Boggy Creek	Orlando, FL	310	Sep-24
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.


Land Acquisition	Market	Acreage	Closing Date
MAA Porter	Richmond, VA	3.3	Aug-24

    DEBT AND DEBT COVENANTS AS OF SEPTEMBER 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	$	4,385,968		90.0	%		3.6	%		7.7
Floating rate debt		490,000		10.0	%		5.1	%		0.1
Total	$	4,875,968		100.0	%		3.8	%		7.0

Unsecured Versus Secured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	4,515,733		92.6	%		3.7	%		5.6
Secured debt		360,235		7.4	%		4.4	%		24.3
Total	$	4,875,968		100.0	%		3.8	%		7.0

Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q3 2024 NOI			Percent of Total
Unencumbered gross assets	$	16,216,116		95.5	%	$	325,427			95.8	%
Encumbered gross assets		768,396		4.5	%		14,138			4.2	%
Total	$	16,984,512		100.0	%	$	339,565			100.0	%

FIXED INTEREST RATE MATURITIES


Maturity	Fixed Rate Debt		Effective Interest Rate
2024	$	—		—
2025		399,142		4.2	%
2026		298,552		1.2	%
2027		597,924		3.7	%
2028		397,759		4.2	%
2029		556,740		3.7	%
2030		298,144		3.1	%
2031		446,138		1.8	%
2032		394,531		5.4	%
2033		—		—
Thereafter		997,038		4.2	%
Total	$	4,385,968		3.6	%

Supplemental Data S-9

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

   

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES


Maturity	Commercial Paper (1) & Revolving Credit Facility (2)		Public Bonds		Secured		Total
2024	$	490,000	$	—	$	—	$	490,000
2025		—		399,142		—		399,142
2026		—		298,552		—		298,552
2027		—		597,924		—		597,924
2028		—		397,759		—		397,759
2029		—		556,740		—		556,740
2030		—		298,144		—		298,144
2031		—		446,138		—		446,138
2032		—		394,531		—		394,531
2033		—		—		—		—
Thereafter		—		636,803		360,235		997,038
Total	$	490,000	$	4,025,733	$	360,235	$	4,875,968

(1)

The $490.0 million maturing in 2024 reflects the principal outstanding under MAALP’s unsecured commercial paper program as of September 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 September 30, 2024, average daily borrowings outstanding under the commercial paper program were $403.8 million.

(2)

There were no borrowings outstanding under MAALP’s $1.25 billion unsecured revolving credit facility as of September 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	28.7%	Yes
Total secured debt to adjusted total assets	40% or less	2.1%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	7.0x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	350.4%	Yes

Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	21.1%	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	7.4x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	20.3%	Yes

(1)

The calculations of the Bond Covenants and Bank Covenants are specifically defined in MAALP’s debt agreements, which have been filed by MAA and MAALP with the SEC.

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	$4.45 to $4.61	$4.53
Core FFO per Share - diluted	$8.80 to $8.96	$8.88
Core AFFO per Share - diluted	$7.84 to $8.00	$7.92

MAA Same Store Portfolio:
Number of units	97,290	97,290
Average physical occupancy	95.4% to 95.6%	95.5%
Property revenue growth	0.25% to 0.75%	0.50%
Effective rent growth	0.25% to 0.45%	0.35%
Property operating expense growth	3.25% to 4.25%	3.75%
NOI growth	-1.90% to -0.70%	-1.30%
Real estate tax expense growth	1.5% to 2.5%	2.0%

Corporate Expenses: ($ in millions)
Property management expenses	$71.5 to $72.5	$72.0
General and administrative expenses	$56.0 to $57.0	$56.5
Total overhead	$127.5 to $129.5	$128.5

Transaction/Investment Volume: ($ in millions)
Multifamily acquisition volume	$350.0 to $450.0	$400.0
Multifamily disposition volume	$80.0 to $90.0	$85.0
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)	$16.0 to $18.0	$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	$	4.45		$	4.61
Real estate depreciation and amortization		4.83			4.83
Gains on sale of depreciable assets		(0.47	)		(0.47	)
Gain on consolidation of third-party development		(0.09	)		(0.09	)
FFO per Share - diluted		8.72			8.88
Non-Core FFO items (1)		0.08			0.08
Core FFO per Share - diluted		8.80			8.96
Recurring capital expenditures		(0.96	)		(0.96	)
Core AFFO per Share - diluted	$	7.84		$	8.00

(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, net of tax; 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:

    Q4 2024

    Q1 2025

    Q2 2025

    Q3 2025

    Earnings release & conference call

    Early
February

    Early
May

    Late
July

    Late
October

    Dividend Information - Common Shares:

    Q3 2023

    Q4 2023

    Q1 2024

    Q2 2024

    Q3 2024

    Declaration date

    9/29/2023

    12/12/2023

    3/19/2024

    5/21/2024

    9/24/2024

    Record date

    10/13/2023

    1/12/2024

    4/15/2024

    7/15/2024

    10/15/2024

    Payment date

    10/31/2023

    1/31/2024

    4/30/2024

    7/31/2024

    10/31/2024

Distributions per share

1.4000

1.4700

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