EX-99.2

Exhibit 99.2

     PORTFOLIO STATISTICS

    

TOTAL MULTIFAMILY PORTFOLIO AT SEPTEMBER 30, 2025 (1)

In apartment units


	Same Store		Stabilized Non-Same Store		Lease-up		Total Completed Communities		Development Units Delivered		Total
Atlanta, GA		11,434		340		—		11,774		—		11,774
Dallas, TX		9,755		362		386		10,503		—		10,503
Austin, TX		6,795		384		—		7,179		—		7,179
Charlotte, NC		5,995		352		—		6,347		111		6,458
Orlando, FL		5,907		310		—		6,217		—		6,217
Raleigh/Durham, NC		5,350		—		712		6,062		—		6,062
Tampa, FL		5,416		—		—		5,416		301		5,717
Houston, TX		4,859		316		—		5,175		—		5,175
Nashville, TN		4,375		—		—		4,375		—		4,375
Fort Worth, TX		3,687		—		—		3,687		—		3,687
Phoenix, AZ		2,968		323		317		3,608		—		3,608
Jacksonville, FL		3,496		—		—		3,496		—		3,496
Charleston, SC		3,168		—		—		3,168		—		3,168
Greenville, SC		2,354		—		—		2,354		—		2,354
Northern Virginia		1,888		—		—		1,888		—		1,888
Savannah, GA		1,837		—		—		1,837		—		1,837
Memphis, TN		1,193		618		—		1,811		—		1,811
Richmond, VA		1,732		—		—		1,732		—		1,732
San Antonio, TX		1,504		—		—		1,504		—		1,504
Denver, CO		1,118		352		—		1,470		—		1,470
Birmingham, AL		1,462		—		—		1,462		—		1,462
Fredericksburg, VA		1,435		—		—		1,435		—		1,435
Kansas City, MO-KS		1,110		318		—		1,428		—		1,428
Huntsville, AL		1,228		—		—		1,228		—		1,228
Other		6,502		496		—		6,998		—		6,998
Total Multifamily Units		96,568		4,171		1,415		102,154		412		102,566

(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, 2025								Average Effective		As of September 30, 2025
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended September 30, 2025		Completed Units		Total Units, Including Development
Atlanta, GA	$	2,229,435		13.3	%		95.0	%	$	1,800		11,774
Dallas, TX		1,639,843		9.7	%		95.8	%		1,657		10,117
Charlotte, NC		1,274,929		7.5	%		95.9	%		1,654		6,347
Orlando, FL		1,136,465		6.7	%		95.9	%		1,981		6,217
Tampa, FL		1,042,586		6.2	%		96.0	%		2,100		5,416
Austin, TX		983,006		5.8	%		95.3	%		1,505		7,179
Raleigh/Durham, NC		749,196		4.4	%		95.4	%		1,524		5,350
Houston, TX		740,185		4.4	%		95.9	%		1,443		5,175
Phoenix, AZ		602,902		3.6	%		96.0	%		1,701		3,291
Northern Virginia		585,258		3.5	%		96.2	%		2,573		1,888
Nashville, TN		577,572		3.4	%		96.0	%		1,667		4,375
Charleston, SC		450,909		2.7	%		96.7	%		1,840		3,168
Denver, CO		425,349		2.5	%		95.3	%		1,984		1,470
Fort Worth, TX		411,313		2.4	%		96.1	%		1,580		3,687
Jacksonville, FL		329,771		1.9	%		95.6	%		1,476		3,496
Kansas City, MO-KS		295,048		1.7	%		95.0	%		1,719		1,428
Richmond, VA		267,810		1.6	%		96.4	%		1,708		1,732
Fredericksburg, VA		262,421		1.5	%		97.1	%		1,963		1,435
Greenville, SC		250,451		1.5	%		95.5	%		1,367		2,354
Savannah, GA		233,211		1.4	%		95.2	%		1,713		1,837
Birmingham, AL		177,013		1.0	%		95.7	%		1,438		1,462
San Antonio, TX		174,607		1.0	%		95.3	%		1,338		1,504
All Other Markets by State (individual markets <1% gross real assets)
Tennessee		215,249		1.3	%		95.1	%		1,326		2,754
Florida		200,233		1.2	%		95.1	%		1,853		1,806
Alabama		190,028		1.1	%		93.0	%		1,359		1,648
Virginia		174,770		1.0	%		96.3	%		1,846		1,039
Kentucky		108,897		0.6	%		95.6	%		1,313		1,308
Utah		94,475		0.6	%		96.5	%		1,738		400
Maryland		86,060		0.5	%		97.2	%		2,359		361
Nevada		76,925		0.5	%		95.3	%		1,598		721
Stabilized Communities	$	15,985,917		94.5	%		95.7	%	$	1,691		100,739
Raleigh/Durham, NC		226,635		1.3	%		55.5	%		1,746		712		712
Charlotte, NC		202,080		1.2	%		1.7	%		2,415		111		541
Tampa, FL		188,463		1.1	%		38.6	%		3,154		301		495
Phoenix, AZ		142,637		0.8	%		77.9	%		1,891		317		662
Dallas, TX		106,628		0.6	%		76.2	%		1,814		386		386
Denver, CO		41,775		0.2	%		—			—		—		219
Richmond, VA		38,152		0.2	%		—			—		—		306
Charleston, SC		18,170		0.1	%		—			—		—		336
Lease-up / Development Communities	$	964,540		5.5	%		52.6	%	$	2,058		1,827		3,657
Total Multifamily Communities	$	16,950,457		100.0	%		94.8	%	$	1,697		102,566		104,396

(1)

Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C. As of September 30, 2025, the gross investment in real estate for this community was $83.3 million and includes a mortgage note payable of $52.0 million. For the nine months ended September 30, 2025, this apartment community achieved NOI of $6.5 million.

Supplemental Data S-2

     COMPONENTS OF NET OPERATING INCOME

    

Dollars in thousands


	Three Months Ended								As of September 30, 2025
	September 30, 2025		September 30, 2024			Percent Change			Apartment Units		Gross Real Assets
Operating Revenues
Same Store Communities	$	520,861	$	522,278			(0.3	)%		96,568	$	15,107,915
Non-Same Store Communities		20,325		20,643						4,171		878,002
Lease-up/Development Communities		6,439		1,704						1,827		964,540
Total Multifamily Portfolio	$	547,625	$	544,625						102,566	$	16,950,457
Commercial Property/Land		6,748		6,501						—		386,317
Total Operating Revenues	$	554,373	$	551,126						102,566	$	17,336,774

Property Operating Expenses
Same Store Communities	$	198,833	$	194,372			2.3	%
Non-Same Store Communities		9,770		9,531
Lease-up/Development Communities		4,639		1,412
Storm Costs		—		3,349
Total Multifamily Portfolio	$	213,242	$	208,664
Commercial Property/Land		2,822		2,897
Total Property Operating Expenses	$	216,064	$	211,561

Net Operating Income
Same Store Communities	$	322,028	$	327,906			(1.8	)%
Non-Same Store Communities		10,555		11,112
Lease-up/Development Communities		1,800		292
Storm Costs		—		(3,349	)
Total Multifamily Portfolio	$	334,383	$	335,961
Commercial Property/Land		3,926		3,604
Total Net Operating Income	$	338,309	$	339,565			(0.4	)%

     COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

    

Dollars in thousands


	Three Months Ended							Nine Months Ended
	September 30, 2025		September 30, 2024		Percent Change			September 30, 2025		September 30, 2024		Percent Change
Property Taxes	$	65,852	$	64,796		1.6	%	$	198,207	$	200,619		(1.2	)%
Personnel		44,715		42,853		4.3	%		129,548		123,589		4.8	%
Utilities		37,166		35,917		3.5	%		104,693		100,320		4.4	%
Building Repair and Maintenance		27,328		26,696		2.4	%		76,921		74,498		3.3	%
Office Operations		8,699		8,763		(0.7	)%		27,579		25,639		7.6	%
Insurance		7,807		8,284		(5.8	)%		24,719		24,564		0.6	%
Marketing		7,266		7,063		2.9	%		22,539		21,142		6.6	%
Total Property Operating Expenses	$	198,833	$	194,372		2.3	%	$	584,206	$	570,371		2.4	%

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, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Atlanta, GA		11,434		11.7	%		95.2	%		95.0	%		95.2	%		94.4	%
Dallas, TX		9,755		8.8	%		95.3	%		95.7	%		95.2	%		95.4	%
Orlando, FL		5,907		7.9	%		95.9	%		95.9	%		95.7	%		95.9	%
Tampa, FL		5,416		7.1	%		96.1	%		96.0	%		96.1	%		95.9	%
Charlotte, NC		5,995		6.7	%		95.7	%		95.9	%		95.7	%		95.5	%
Raleigh/Durham, NC		5,350		5.5	%		95.5	%		95.7	%		95.5	%		95.8	%
Austin, TX		6,795		5.2	%		95.6	%		95.6	%		95.1	%		94.9	%
Nashville, TN		4,375		4.7	%		95.7	%		96.0	%		95.6	%		95.9	%
Houston, TX		4,859		4.0	%		96.0	%		95.5	%		95.7	%		95.4	%
Charleston, SC		3,168		3.8	%		96.0	%		96.5	%		95.9	%		96.2	%
Phoenix, AZ		2,968		3.5	%		96.0	%		96.0	%		95.7	%		95.2	%
Fort Worth, TX		3,687		3.4	%		95.8	%		95.5	%		95.4	%		95.3	%
Northern Virginia		1,888		3.2	%		96.0	%		96.6	%		96.3	%		96.7	%
Jacksonville, FL		3,496		3.0	%		95.6	%		95.9	%		95.7	%		95.6	%
Greenville, SC		2,354		2.0	%		95.6	%		95.3	%		95.7	%		95.7	%
Richmond, VA		1,732		2.0	%		96.5	%		96.6	%		96.3	%		96.5	%
Fredericksburg, VA		1,435		2.0	%		96.4	%		96.4	%		96.7	%		96.8	%
Savannah, GA		1,837		1.9	%		95.3	%		95.5	%		95.1	%		95.7	%
Denver, CO		1,118		1.4	%		95.3	%		95.6	%		95.2	%		95.7	%
Birmingham, AL		1,462		1.3	%		95.7	%		96.0	%		96.0	%		95.6	%
San Antonio, TX		1,504		1.2	%		95.3	%		96.0	%		95.2	%		95.6	%
Kansas City, MO-KS		1,110		1.2	%		95.6	%		96.0	%		95.4	%		96.0	%
Memphis, TN		1,193		1.0	%		94.2	%		95.9	%		94.6	%		96.1	%
Huntsville, AL		1,228		0.9	%		92.5	%		95.4	%		93.9	%		95.1	%
Other		6,502		6.6	%		95.9	%		96.0	%		95.8	%		95.9	%
Total Same Store		96,568		100.0	%		95.6	%		95.7	%		95.5	%		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		Q3 2025		Q3 2024		% Chg			Q3 2025		Q3 2024		% Chg			Q3 2025		Q3 2024		% Chg			Q3 2025		Q3 2024		% Chg
Atlanta, GA		11,434	$	64,765	$	65,177		(0.6	)%	$	27,030	$	26,808		0.8	%	$	37,735	$	38,369		(1.7	)%	$	1,793	$	1,813		(1.1	)%
Dallas, TX		9,755		51,447		51,604		(0.3	)%		23,034		22,476		2.5	%		28,413		29,128		(2.5	)%		1,665		1,671		(0.3	)%
Orlando, FL		5,907		37,045		37,176		(0.4	)%		11,553		11,952		(3.3	)%		25,492		25,224		1.1	%		1,983		1,997		(0.7	)%
Tampa, FL		5,416		36,088		35,722		1.0	%		13,162		11,892		10.7	%		22,926		23,830		(3.8	)%		2,100		2,093		0.3	%
Charlotte, NC		5,995		31,338		31,571		(0.7	)%		9,902		10,056		(1.5	)%		21,436		21,515		(0.4	)%		1,649		1,658		(0.5	)%
Raleigh/Durham, NC		5,350		26,370		26,725		(1.3	)%		8,871		9,171		(3.3	)%		17,499		17,554		(0.3	)%		1,524		1,544		(1.3	)%
Austin, TX		6,795		33,575		34,949		(3.9	)%		17,038		16,578		2.8	%		16,537		18,371		(10.0	)%		1,521		1,597		(4.8	)%
Nashville, TN		4,375		23,166		23,616		(1.9	)%		8,132		8,065		0.8	%		15,034		15,551		(3.3	)%		1,667		1,690		(1.3	)%
Houston, TX		4,859		22,842		22,466		1.7	%		9,862		9,532		3.5	%		12,980		12,934		0.4	%		1,454		1,447		0.5	%
Charleston, SC		3,168		18,417		18,264		0.8	%		6,181		5,868		5.3	%		12,236		12,396		(1.3	)%		1,840		1,815		1.3	%
Phoenix, AZ		2,968		16,190		16,355		(1.0	)%		4,856		4,818		0.8	%		11,334		11,537		(1.8	)%		1,697		1,730		(1.9	)%
Fort Worth, TX		3,687		19,378		19,311		0.3	%		8,324		7,537		10.4	%		11,054		11,774		(6.1	)%		1,580		1,582		(0.1	)%
Northern Virginia		1,888		15,109		14,695		2.8	%		4,699		4,705		(0.1	)%		10,410		9,990		4.2	%		2,573		2,484		3.6	%
Jacksonville, FL		3,496		15,751		16,198		(2.8	)%		6,034		5,709		5.7	%		9,717		10,489		(7.4	)%		1,476		1,510		(2.3	)%
Greenville, SC		2,354		10,621		10,314		3.0	%		4,106		3,946		4.1	%		6,515		6,368		2.3	%		1,367		1,336		2.3	%
Richmond, VA		1,732		9,350		9,114		2.6	%		2,869		2,949		(2.7	)%		6,481		6,165		5.1	%		1,708		1,668		2.4	%
Fredericksburg, VA		1,435		8,962		8,623		3.9	%		2,573		2,606		(1.3	)%		6,389		6,017		6.2	%		1,963		1,873		4.8	%
Savannah, GA		1,837		10,170		10,078		0.9	%		3,933		3,845		2.3	%		6,237		6,233		0.1	%		1,713		1,713		0.0	%
Denver, CO		1,118		6,886		7,046		(2.3	)%		2,352		2,214		6.2	%		4,534		4,832		(6.2	)%		1,936		1,978		(2.1	)%
Birmingham, AL		1,462		6,957		6,886		1.0	%		2,804		2,821		(0.6	)%		4,153		4,065		2.2	%		1,438		1,412		1.8	%
San Antonio, TX		1,504		6,442		6,613		(2.6	)%		2,697		2,684		0.5	%		3,745		3,929		(4.7	)%		1,338		1,367		(2.1	)%
Kansas City, MO-KS		1,110		5,935		5,761		3.0	%		2,192		2,153		1.8	%		3,743		3,608		3.7	%		1,689		1,634		3.4	%
Memphis, TN		1,193		5,363		5,546		(3.3	)%		2,145		2,022		6.1	%		3,218		3,524		(8.7	)%		1,423		1,446		(1.6	)%
Huntsville, AL		1,228		5,085		5,354		(5.0	)%		2,083		2,012		3.5	%		3,002		3,342		(10.2	)%		1,274		1,307		(2.5	)%
Other		6,502		33,609		33,114		1.5	%		12,401		11,953		3.7	%		21,208		21,161		0.2	%		1,634		1,613		1.3	%
Total Same Store		96,568	$	520,861	$	522,278		(0.3	)%	$	198,833	$	194,372		2.3	%	$	322,028	$	327,906		(1.8	)%	$	1,693	$	1,700		(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 2025		Q2 2025		% Chg			Q3 2025		Q2 2025		% Chg			Q3 2025		Q2 2025		% Chg			Q3 2025		Q2 2025		% Chg
Atlanta, GA		11,434	$	64,765	$	64,384		0.6	%	$	27,030	$	26,765		1.0	%	$	37,735	$	37,619		0.3	%	$	1,793	$	1,790		0.2	%
Dallas, TX		9,755		51,447		51,054		0.8	%		23,034		21,455		7.4	%		28,413		29,599		(4.0	)%		1,665		1,659		0.4	%
Orlando, FL		5,907		37,045		36,858		0.5	%		11,553		13,737		(15.9	)%		25,492		23,121		10.3	%		1,983		1,982		0.1	%
Tampa, FL		5,416		36,088		35,990		0.3	%		13,162		12,973		1.5	%		22,926		23,017		(0.4	)%		2,100		2,092		0.3	%
Charlotte, NC		5,995		31,338		31,312		0.1	%		9,902		10,302		(3.9	)%		21,436		21,010		2.0	%		1,649		1,646		0.2	%
Raleigh/Durham, NC		5,350		26,370		26,365		0.0	%		8,871		9,255		(4.1	)%		17,499		17,110		2.3	%		1,524		1,530		(0.4	)%
Austin, TX		6,795		33,575		33,704		(0.4	)%		17,038		16,277		4.7	%		16,537		17,427		(5.1	)%		1,521		1,545		(1.6	)%
Nashville, TN		4,375		23,166		23,231		(0.3	)%		8,132		8,006		1.6	%		15,034		15,225		(1.3	)%		1,667		1,673		(0.4	)%
Houston, TX		4,859		22,842		22,671		0.8	%		9,862		10,667		(7.5	)%		12,980		12,004		8.1	%		1,454		1,448		0.4	%
Charleston, SC		3,168		18,417		18,227		1.0	%		6,181		6,320		(2.2	)%		12,236		11,907		2.8	%		1,840		1,825		0.8	%
Phoenix, AZ		2,968		16,190		16,051		0.9	%		4,856		4,458		8.9	%		11,334		11,593		(2.2	)%		1,697		1,705		(0.5	)%
Fort Worth, TX		3,687		19,378		19,380		(0.0	)%		8,324		8,251		0.9	%		11,054		11,129		(0.7	)%		1,580		1,577		0.2	%
Northern Virginia		1,888		15,109		14,923		1.2	%		4,699		4,555		3.2	%		10,410		10,368		0.4	%		2,573		2,540		1.3	%
Jacksonville, FL		3,496		15,751		15,853		(0.6	)%		6,034		6,440		(6.3	)%		9,717		9,413		3.2	%		1,476		1,481		(0.3	)%
Greenville, SC		2,354		10,621		10,540		0.8	%		4,106		4,137		(0.7	)%		6,515		6,403		1.7	%		1,367		1,351		1.2	%
Richmond, VA		1,732		9,350		9,118		2.5	%		2,869		2,835		1.2	%		6,481		6,283		3.2	%		1,708		1,689		1.1	%
Fredericksburg, VA		1,435		8,962		8,957		0.1	%		2,573		2,490		3.3	%		6,389		6,467		(1.2	)%		1,963		1,941		1.1	%
Savannah, GA		1,837		10,170		10,140		0.3	%		3,933		4,005		(1.8	)%		6,237		6,135		1.7	%		1,713		1,714		(0.1	)%
Denver, CO		1,118		6,886		6,888		(0.0	)%		2,352		2,201		6.9	%		4,534		4,687		(3.3	)%		1,936		1,953		(0.9	)%
Birmingham, AL		1,462		6,957		6,921		0.5	%		2,804		2,806		(0.1	)%		4,153		4,115		0.9	%		1,438		1,421		1.2	%
San Antonio, TX		1,504		6,442		6,460		(0.3	)%		2,697		2,855		(5.5	)%		3,745		3,605		3.9	%		1,338		1,346		(0.6	)%
Kansas City, MO-KS		1,110		5,935		5,869		1.1	%		2,192		2,155		1.7	%		3,743		3,714		0.8	%		1,689		1,673		1.0	%
Memphis, TN		1,193		5,363		5,400		(0.7	)%		2,145		1,665		28.8	%		3,218		3,735		(13.8	)%		1,423		1,433		(0.7	)%
Huntsville, AL		1,228		5,085		5,258		(3.3	)%		2,083		1,963		6.1	%		3,002		3,295		(8.9	)%		1,274		1,283		(0.7	)%
Other		6,502		33,609		33,401		0.6	%		12,401		12,770		(2.9	)%		21,208		20,631		2.8	%		1,634		1,623		0.7	%
Total Same Store		96,568	$	520,861	$	518,955		0.4	%	$	198,833	$	199,343		(0.3	)%	$	322,028	$	319,612		0.8	%	$	1,693	$	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 2025		Q3 2024		% Chg			Q3 2025		Q3 2024		% Chg			Q3 2025		Q3 2024		% Chg			Q3 2025		Q3 2024		% Chg
Atlanta, GA		11,434	$	193,777	$	195,215		(0.7	)%	$	76,916	$	77,996		(1.4	)%	$	116,861	$	117,219		(0.3	)%	$	1,792	$	1,826		(1.9	)%
Dallas, TX		9,755		153,563		154,212		(0.4	)%		65,244		64,054		1.9	%		88,319		90,158		(2.0	)%		1,661		1,672		(0.7	)%
Orlando, FL		5,907		110,862		111,800		(0.8	)%		38,480		38,647		(0.4	)%		72,382		73,153		(1.1	)%		1,984		2,002		(0.9	)%
Tampa, FL		5,416		108,062		107,237		0.8	%		38,765		36,817		5.3	%		69,297		70,420		(1.6	)%		2,094		2,095		(0.0	)%
Charlotte, NC		5,995		93,913		94,120		(0.2	)%		29,688		28,576		3.9	%		64,225		65,544		(2.0	)%		1,647		1,657		(0.6	)%
Raleigh/Durham, NC		5,350		79,088		79,950		(1.1	)%		26,576		26,436		0.5	%		52,512		53,514		(1.9	)%		1,527		1,542		(1.0	)%
Austin, TX		6,795		101,279		105,106		(3.6	)%		48,066		46,937		2.4	%		53,213		58,169		(8.5	)%		1,543		1,614		(4.4	)%
Nashville, TN		4,375		69,767		70,798		(1.5	)%		23,837		23,527		1.3	%		45,930		47,271		(2.8	)%		1,672		1,695		(1.4	)%
Houston, TX		4,859		68,062		67,140		1.4	%		30,565		28,227		8.3	%		37,497		38,913		(3.6	)%		1,449		1,443		0.4	%
Charleston, SC		3,168		54,765		54,094		1.2	%		18,321		17,457		4.9	%		36,444		36,637		(0.5	)%		1,827		1,796		1.7	%
Phoenix, AZ		2,968		48,366		48,706		(0.7	)%		13,687		13,677		0.1	%		34,679		35,029		(1.0	)%		1,706		1,738		(1.9	)%
Fort Worth, TX		3,687		58,042		57,500		0.9	%		23,168		21,923		5.7	%		34,874		35,577		(2.0	)%		1,579		1,579		0.0	%
Northern Virginia		1,888		44,950		43,089		4.3	%		13,798		13,411		2.9	%		31,152		29,678		5.0	%		2,542		2,427		4.7	%
Jacksonville, FL		3,496		47,574		48,910		(2.7	)%		18,537		17,733		4.5	%		29,037		31,177		(6.9	)%		1,481		1,521		(2.6	)%
Greenville, SC		2,354		31,587		31,001		1.9	%		12,041		11,490		4.8	%		19,546		19,511		0.2	%		1,351		1,330		1.6	%
Richmond, VA		1,732		27,533		27,189		1.3	%		8,577		8,538		0.5	%		18,956		18,651		1.6	%		1,692		1,654		2.3	%
Fredericksburg, VA		1,435		26,782		25,569		4.7	%		7,620		7,432		2.5	%		19,162		18,137		5.7	%		1,938		1,837		5.5	%
Savannah, GA		1,837		30,419		30,248		0.6	%		11,481		11,306		1.5	%		18,938		18,942		(0.0	)%		1,711		1,705		0.4	%
Denver, CO		1,118		20,708		21,220		(2.4	)%		6,583		6,556		0.4	%		14,125		14,664		(3.7	)%		1,946		1,976		(1.5	)%
Birmingham, AL		1,462		20,760		20,315		2.2	%		8,318		8,206		1.4	%		12,442		12,109		2.8	%		1,421		1,403		1.3	%
San Antonio, TX		1,504		19,423		19,811		(2.0	)%		8,103		8,473		(4.4	)%		11,320		11,338		(0.2	)%		1,346		1,376		(2.2	)%
Kansas City, MO-KS		1,110		17,541		16,979		3.3	%		6,421		6,136		4.6	%		11,120		10,843		2.6	%		1,667		1,604		3.9	%
Memphis, TN		1,193		16,168		16,620		(2.7	)%		6,048		5,957		1.5	%		10,120		10,663		(5.1	)%		1,430		1,439		(0.7	)%
Huntsville, AL		1,228		15,620		16,032		(2.6	)%		5,951		5,842		1.9	%		9,669		10,190		(5.1	)%		1,281		1,312		(2.4	)%
Other		6,502		100,030		98,370		1.7	%		37,415		35,017		6.8	%		62,615		63,353		(1.2	)%		1,624		1,599		1.6	%
Total Same Store		96,568	$	1,558,641	$	1,561,231		(0.2	)%	$	584,206	$	570,371		2.4	%	$	974,435	$	990,860		(1.7	)%	$	1,691	$	1,699		(0.5	)%

Supplemental Data S-7

     MULTIFAMILY DEVELOPMENT PIPELINE

    


Dollars in thousands		Units as of						Development Costs as of
		September 30, 2025						September 30, 2025								Expected
								Expected		Costs			Expected		Start	Initial
	Location	Total		Delivered		Leased		Total		to Date			Remaining		Date	Occupancy	Completion	Stabilization (1)
MAA Breakwater	Tampa, FL		495		301		234	$	197,500	$	188,463		$	9,037	4Q22	1Q25	4Q25	1Q27
Modera Liberty Row (2)	Charlotte, NC		239		111		13		112,000		110,869	(4)		1,131	1Q22	3Q25	1Q26	4Q26
MAA Plaza Midwood (3)	Charlotte, NC		302		—		—		101,500		78,990			22,510	2Q24	2Q26	4Q26	4Q27
Modera Chandler (3)	Phoenix, AZ		345		—		—		117,500		66,744			50,756	2Q24	2Q26	4Q26	4Q27
MAA Milepost 35 II	Denver, CO		219		—		—		78,000		41,775			36,225	4Q24	2Q26	4Q26	4Q27
MAA Rove	Richmond, VA		306		—		—		99,500		38,152			61,348	3Q24	1Q27	3Q27	1Q28
MAA Point Hope (3)	Charleston, SC		336		—		—		91,000		18,170			72,830	2Q25	1Q27	1Q28	3Q28
Total Active			2,242		412		247	$	797,000	$	543,163		$	253,837

(1)

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

(2)

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.

(3)

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

(4)

Represents the cost to MAA, net of the $9.6 million non-equity contribution from the third party developer.

     MULTIFAMILY LEASE-UP COMMUNITIES

    


Dollars in thousands		As of September 30, 2025
	Location	Total Units		Physical Occupancy	Costs to Date		Construction Completed	Expected Stabilization (1)
MAA Vale	Raleigh/Durham, NC	306		90.8%	$	82,285	(3)	4Q25
Novel Val Vista (2)	Phoenix, AZ	317		77.9%		75,893	4Q24	1Q26
MAA Cathedral Arts	Dallas, TX	386		76.2%		106,628	(3)	2Q26
MAA Nixie	Raleigh/Durham, NC	406		28.8%		144,350	3Q25	3Q26
Total			1,415	66.1%	$	409,156

(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, WIFI RETROFIT AND PROPERTY REPOSITIONING ACTIVITY

    

Dollars in thousands, except per unit data


Nine months ended September 30, 2025
Program	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
Interior Redevelopment		4,768	$	27,806	$	5,832	$	96	6.9%	10,000 - 13,000

During the third quarter of 2025, MAA continued its WiFi Retrofit program and its Property Repositioning program to upgrade and reposition the amenity and common areas at select apartment communities for higher and above market rent growth after projects are completed and units are fully repriced. MAA spent $5.7 million on its WiFi Retrofit program and $10.4 million on its Property Repositioning program during the nine months ended September 30, 2025.

Supplemental Data S-8

ACQUISITION ACTIVITY AS OF SEPTEMBER 30, 2025

    


Multifamily Acquisitions	Market	Apartment Units	Closing Date
MAA ONE28	Kansas City, MO-KS	318	Aug-25


Land Acquisition	Market	Closing Date
MAA Point Hope (1)	Charleston, SC	Jun-25

(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 2025. See “Multifamily Development Pipeline” above for additional information.

DISPOSITION ACTIVITY AS OF SEPTEMBER 30, 2025

    


Multifamily Dispositions	Market	Apartment Units	Closing Date
Fairways	Columbia, SC	240	Mar-25
TPC Columbia	Columbia, SC	336	Mar-25

     DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2025

    

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	$	4,734,359		91.1	%		3.8	%		6.9
Floating rate debt		463,000		8.9	%		4.3	%		0.1
Total	$	5,197,359		100.0	%		3.8	%		6.3

Unsecured Versus Secured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	4,836,998		93.1	%		3.8	%		5.0
Secured debt		360,361		6.9	%		4.4	%		23.3
Total	$	5,197,359		100.0	%		3.8	%		6.3

Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q3 2025 NOI			Percent of Total
Unencumbered gross assets	$	16,932,796		95.6	%	$	324,410			95.9	%
Encumbered gross assets		781,385		4.4	%		13,899			4.1	%
Total	$	17,714,181		100.0	%	$	338,309			100.0	%

FIXED INTEREST RATE MATURITIES


Maturity	Fixed Rate Debt		Effective Interest Rate
2025	$	399,934		4.2	%
2026		299,323		1.2	%
2027		598,710		3.7	%
2028		398,367		4.2	%
2029		555,214		3.7	%
2030		298,487		3.1	%
2031		446,795		1.8	%
2032		395,241		5.4	%
2033		—		—
2034		344,306		5.1	%
Thereafter		997,982		4.3	%
Total	$	4,734,359		3.8	%

Supplemental Data S-9

     DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2025 (CONTINUED)

    

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES


Maturity	Commercial Paper ⁽¹⁾ & Revolving Credit Facility ⁽²⁾		Public Bonds		Secured		Total
2025	$	463,000	$	399,934	$	—	$	862,934
2026		—		299,323		—		299,323
2027		—		598,710		—		598,710
2028		—		398,367		—		398,367
2029		—		555,214		—		555,214
2030		—		298,487		—		298,487
2031		—		446,795		—		446,795
2032		—		395,241		—		395,241
2033		—		—		—		—
2034		—		344,306		—		344,306
Thereafter		—		637,621		360,361		997,982
Total	$	463,000	$	4,373,998	$	360,361	$	5,197,359

(1)

The $463.0 million maturing in 2025 reflects the principal outstanding under MAALP’s unsecured commercial paper program as of September 30, 2025. 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, 2025, average daily borrowings outstanding under the commercial paper program were $361.8 million. Subsequent to the end of the third quarter of 2025, MAALP amended its commercial paper program to increase the maximum aggregate amount outstanding under the program to $750.0 million.

(2)

There were no borrowings outstanding under MAALP’s $1.25 billion unsecured revolving credit facility as of September 30, 2025. In October 2025, MAALP amended its unsecured revolving credit facility increasing borrowing capacity to $1.5 billion with an option to expand to $2.0 billion. The amended facility has a maturity date of January 2030 with two six-month extension options.

DEBT COVENANT ANALYSIS (1)


Bond Covenants	Required	Actual	Compliance
Total debt to adjusted total assets	60% or less	29.3%	Yes
Total secured debt to adjusted total assets	40% or less	2.0%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	6.2x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	340.6%	Yes

Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	22.8%	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	6.6x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	22.0%	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. The guidance projections provided below are based on current expectations and are forward-looking statements.


	Full Year 2025
Earnings:	Current Range	Current Midpoint
Earnings per common share - diluted	$4.18 to $4.30	$4.24
Core FFO per Share - diluted	$8.68 to $8.80	$8.74
Core AFFO per Share - diluted	$7.70 to $7.82	$7.76

MAA Same Store Portfolio:
Number of units	96,568	96,568
Average physical occupancy	95.50% to 95.70%	95.60%
Property revenue growth	-0.25% to 0.15%	-0.05%
Effective rent growth	-0.60% to -0.20%	-0.40%
Property operating expense growth	1.80% to 2.60%	2.20%
NOI growth	-1.85% to -0.85%	-1.35%
Real estate tax expense growth	-1.00% to 0.00%	-0.50%

Corporate Expenses: ($ in millions)
Property management expenses	$74.0 to $76.0	$75.0
General and administrative expenses	$53.0 to $55.0	$54.0
Total overhead	$127.0 to $131.0	$129.0

Transaction/Investment Volume: ($ in millions)
Multifamily acquisition volume	$100.0 to $100.0	$100.0
Multifamily disposition volume	$90.0 to $190.0	$140.0
Development investment	$300.0 to $350.0	$325.0

Debt:
Average effective interest rate	3.5% to 3.7%	3.6%
Capitalized interest ($ in millions)	$19.0 to $21.0	$20.0

Diluted FFO Shares Outstanding:
Diluted common shares and units	119.90 to 120.10 million	120.00 million

     RECONCILIATION OF EARNINGS PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER DILUTED SHARE FOR FULL YEAR 2025 GUIDANCE

    


	Full Year 2025 Guidance Range
	Low			High
Earnings per common share - diluted	$	4.18		$	4.30
Real estate depreciation and amortization		5.12			5.12
Gains on sale of depreciable assets		(0.60	)		(0.60	)
FFO per Share - diluted		8.70			8.82
Non-Core FFO items (1)		(0.02	)		(0.02	)
Core FFO per Share - diluted		8.68			8.80
Recurring capital expenditures		(0.98	)		(0.98	)
Core AFFO per Share - diluted	$	7.70		$	7.82

(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 and (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 2025

     Q1 2026

     Q2 2026

     Q3 2026

     Earnings release & conference call

     Early
February

     Late
April

     Late
July

     Late
October

     Dividend Information - Common Shares:

     Q3 2024

     Q4 2024

     Q1 2025

     Q2 2025

     Q3 2025

     Declaration date

     9/24/2024

     12/10/2024

     3/18/2025

     5/21/2025

     9/23/2025

     Record date

     10/15/2024

     1/15/2025

     4/15/2025

     7/15/2025

     10/15/2025

     Payment date

     10/31/2024

     1/31/2025

     4/30/2025

     7/31/2025

     10/31/2025

Distributions per share

1.4700

1.5150

1.5150

1.5150

1.5150

     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