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, 2023 (1)

In apartment units


	Same Store		Non-Same Store		Lease-up		Total Completed Communities		Development Units Delivered		Total
Atlanta, GA		11,434		—		—		11,434		141		11,575
Dallas, TX		10,115		—		—		10,115		—		10,115
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
Houston, TX		4,867		308		—		5,175		—		5,175
Charleston, SC		3,168		—		—		3,168		—		3,168
Fort Worth, TX		3,687		—		—		3,687		—		3,687
Jacksonville, FL		3,496		—		—		3,496		—		3,496
Phoenix, AZ		2,623		345		—		2,968		—		2,968
Northern Virginia		1,888		—		—		1,888		—		1,888
Savannah, GA		1,837		—		—		1,837		—		1,837
Greenville, SC		2,355		—		—		2,355		—		2,355
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		114		7,288
Total Multifamily Units		95,285		3,772		350		99,407		255		99,662

(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, 2023								Average Effective		As of June 30, 2023
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended June 30, 2023		Completed Units		Total Units, Including Development
Atlanta, GA	$	2,081,746		13.7	%		94.2	%	$	1,849		11,434
Dallas, TX		1,557,312		10.2	%		95.4	%		1,654		10,115
Charlotte, NC		1,137,376		7.4	%		95.6	%		1,636		6,211
Orlando, FL		1,021,617		6.8	%		95.1	%		1,996		5,907
Tampa, FL		998,113		6.6	%		95.6	%		2,092		5,416
Austin, TX		885,487		5.9	%		94.8	%		1,632		6,829
Raleigh/Durham, NC		727,913		4.8	%		95.2	%		1,528		5,350
Houston, TX		691,125		4.6	%		95.0	%		1,414		5,175
Northern Virginia		571,010		3.8	%		96.1	%		2,304		1,888
Nashville, TN		556,112		3.7	%		95.6	%		1,693		4,375
Phoenix, AZ		479,759		3.2	%		95.4	%		1,758		2,968
Charleston, SC		423,925		2.8	%		96.1	%		1,718		3,168
Fort Worth, TX		386,914		2.6	%		95.3	%		1,566		3,687
Jacksonville, FL		307,916		2.0	%		95.6	%		1,555		3,496
Denver, CO		295,212		2.0	%		95.1	%		1,959		1,118
Richmond, VA		277,307		1.8	%		96.2	%		1,579		2,004
Fredericksburg, VA		252,922		1.7	%		95.3	%		1,797		1,435
Greenville, SC		236,880		1.6	%		96.2	%		1,313		2,355
Savannah, GA		223,204		1.5	%		96.2	%		1,654		1,837
Kansas City, MO-KS		191,508		1.3	%		96.5	%		1,554		1,110
San Antonio, TX		169,861		1.1	%		95.3	%		1,392		1,504
Birmingham, AL		169,820		1.1	%		96.0	%		1,371		1,462
All Other Markets by State (individual markets <1% gross real assets)
Tennessee		201,125		1.3	%		94.0	%		1,325		2,754
Florida		187,319		1.2	%		96.1	%		1,804		1,806
Alabama		172,529		1.1	%		95.2	%		1,388		1,648
Virginia		160,540		1.1	%		95.3	%		1,719		1,039
Kentucky		99,194		0.7	%		96.2	%		1,170		1,308
Maryland		83,121		0.6	%		96.7	%		2,104		361
Nevada		74,494		0.5	%		95.3	%		1,588		721
South Carolina		38,682		0.3	%		93.4	%		1,180		576
Stabilized Communities	$	14,660,043		97.0	%		95.3	%	$	1,680		99,057
Atlanta, GA		87,334		0.6	%		10.3	%		1,996		141		340
Salt Lake City, UT		84,681		0.6	%		13.8	%		1,783		114		400
Denver, CO		68,382		0.4	%		—			—		—		352
Phoenix, AZ		66,466		0.4	%		—			—		—		317
Austin, TX		59,726		0.4	%		83.7	%		1,701		350		350
Tampa, FL		58,071		0.4	%		—			—		—		495
Raleigh/Durham, NC		26,541		0.2	%		—			—		—		406
Lease-up / Development Communities	$	451,201		3.0	%		35.2	%	$	1,785		605		2,660
Total Multifamily Communities	$	15,111,244		100.0	%		94.6	%	$	1,681		99,662		101,717

(1)

Schedule excludes MAA's 35% ownership in a 269 unit joint venture property in Washington, D.C. As of June 30, 2023, the gross investment in real estate for this community was $81.4 million and includes a mortgage note payable of $51.9 million. For the six months ended June 30, 2023, this apartment community achieved NOI of $3.9 million.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands


	As of June 30, 2023				Three Months Ended
	Apartment Units		Gross Real Assets		June 30, 2023		June 30, 2022			Percent Change
Operating Revenues
Same Store Communities		95,285	$	13,895,107	$	505,505	$	467,805			8.1	%
Non-Same Store Communities		3,772		764,936		21,615		20,687
Lease-up/Development Communities		605		451,201		1,759		297
Total Multifamily Portfolio		99,662	$	15,111,244	$	528,879	$	488,789
Commercial Property/Land		—		363,920		6,267		6,251
Total Operating Revenues		99,662	$	15,475,164	$	535,146	$	495,040

Property Operating Expenses
Same Store Communities					$	182,070	$	169,917			7.2	%
Non-Same Store Communities						7,975		8,975
Lease-up/Development Communities						1,657		302
Total Multifamily Portfolio					$	191,702	$	179,194
Commercial Property/Land						2,631		2,483
Total Property Operating Expenses					$	194,333	$	181,677

Net Operating Income
Same Store Communities					$	323,435	$	297,888			8.6	%
Non-Same Store Communities						13,640		11,712
Lease-up/Development Communities						102		(5	)
Total Multifamily Portfolio					$	337,177	$	309,595
Commercial Property/Land						3,636		3,768
Total Net Operating Income					$	340,813	$	313,363			8.8	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands


	Three Months Ended							Six Months Ended
	June 30, 2023		June 30, 2022		Percent Change			June 30, 2023		June 30, 2022		Percent Change
Property Taxes	$	66,037	$	61,085		8.1	%	$	128,650	$	118,786		8.3	%
Personnel		38,671		36,735		5.3	%		75,834		71,511		6.0	%
Utilities		30,995		29,496		5.1	%		61,999		58,549		5.9	%
Building Repair and Maintenance		25,123		23,056		9.0	%		45,753		41,296		10.8	%
Office Operations		7,413		6,526		13.6	%		14,372		13,306		8.0	%
Insurance		6,874		6,196		10.9	%		13,762		12,293		11.9	%
Marketing		6,957		6,823		2.0	%		12,770		12,063		5.9	%
Total Property Operating Expenses	$	182,070	$	169,917		7.2	%	$	353,140	$	327,804		7.7	%

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, 2023			June 30, 2022			June 30, 2023			June 30, 2022
Atlanta, GA		11,434		12.6	%		94.1	%		95.2	%		94.5	%		95.5	%
Dallas, TX		10,115		9.6	%		95.5	%		95.4	%		95.6	%		95.5	%
Tampa, FL		5,220		7.0	%		95.7	%		96.0	%		95.7	%		96.3	%
Orlando, FL		5,274		6.6	%		95.9	%		96.1	%		96.0	%		96.3	%
Charlotte, NC		5,651		6.1	%		95.4	%		95.7	%		95.5	%		95.7	%
Austin, TX		6,829		6.0	%		95.2	%		95.3	%		95.3	%		95.2	%
Raleigh/Durham, NC		5,350		5.6	%		95.8	%		95.4	%		95.5	%		95.4	%
Nashville, TN		4,375		5.0	%		95.7	%		95.9	%		95.5	%		95.7	%
Houston, TX		4,867		4.1	%		95.3	%		95.3	%		95.6	%		95.5	%
Charleston, SC		3,168		3.6	%		95.8	%		95.7	%		95.7	%		95.8	%
Fort Worth, TX		3,687		3.5	%		95.8	%		95.6	%		95.6	%		95.7	%
Jacksonville, FL		3,496		3.4	%		95.8	%		96.4	%		95.9	%		96.6	%
Phoenix, AZ		2,623		3.3	%		95.7	%		95.5	%		95.8	%		96.0	%
Northern Virginia		1,888		2.9	%		96.1	%		95.7	%		96.0	%		95.5	%
Savannah, GA		1,837		2.1	%		96.3	%		96.7	%		96.1	%		96.8	%
Greenville, SC		2,355		2.0	%		96.3	%		96.6	%		96.2	%		96.3	%
Richmond, VA		1,732		1.9	%		95.8	%		96.1	%		95.8	%		96.3	%
Fredericksburg, VA		1,435		1.8	%		96.3	%		97.0	%		96.2	%		96.8	%
Memphis, TN		1,811		1.5	%		94.6	%		94.9	%		94.8	%		95.3	%
Birmingham, AL		1,462		1.3	%		96.3	%		96.0	%		96.0	%		95.7	%
San Antonio, TX		1,504		1.2	%		95.5	%		96.5	%		95.4	%		95.9	%
Denver, CO		812		1.1	%		95.7	%		95.7	%		95.4	%		96.1	%
Kansas City, MO-KS		1,110		1.0	%		96.2	%		95.4	%		95.7	%		95.6	%
Huntsville, AL		1,228		1.0	%		95.2	%		95.9	%		95.4	%		96.0	%
Other		6,022		5.8	%		96.1	%		96.2	%		95.7	%		96.3	%
Total Same Store		95,285		100.0	%		95.5	%		95.7	%		95.5	%		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		Q2 2023		Q2 2022		% Chg			Q2 2023		Q2 2022		% Chg			Q2 2023		Q2 2022		% Chg			Q2 2023		Q2 2022		% Chg
Atlanta, GA		11,434	$	65,018	$	61,640		5.5	%	$	24,350	$	22,386		8.8	%	$	40,668	$	39,254		3.6	%	$	1,849	$	1,706		8.4	%
Dallas, TX		10,115		52,880		48,456		9.1	%		21,794		19,236		13.3	%		31,086		29,220		6.4	%		1,654		1,510		9.5	%
Tampa, FL		5,220		34,250		31,285		9.5	%		11,580		10,461		10.7	%		22,670		20,824		8.9	%		2,095		1,895		10.5	%
Orlando, FL		5,274		32,869		29,367		11.9	%		11,534		10,124		13.9	%		21,335		19,243		10.9	%		1,962		1,736		13.0	%
Charlotte, NC		5,651		28,812		26,374		9.2	%		8,990		8,157		10.2	%		19,822		18,217		8.8	%		1,632		1,457		12.0	%
Austin, TX		6,829		35,565		33,168		7.2	%		16,197		15,408		5.1	%		19,368		17,760		9.1	%		1,619		1,515		6.9	%
Raleigh/Durham, NC		5,350		26,329		23,952		9.9	%		8,350		8,002		4.3	%		17,979		15,950		12.7	%		1,528		1,376		11.0	%
Nashville, TN		4,375		23,486		21,528		9.1	%		7,412		7,460		(0.6	)%		16,074		14,068		14.3	%		1,693		1,532		10.5	%
Houston, TX		4,867		21,992		20,725		6.1	%		8,685		9,490		(8.5	)%		13,307		11,235		18.4	%		1,405		1,320		6.4	%
Charleston, SC		3,168		17,247		15,464		11.5	%		5,450		5,305		2.7	%		11,797		10,159		16.1	%		1,718		1,521		13.0	%
Fort Worth, TX		3,687		19,149		17,710		8.1	%		7,735		7,324		5.6	%		11,414		10,386		9.9	%		1,566		1,443		8.5	%
Jacksonville, FL		3,496		16,740		15,680		6.8	%		5,783		5,362		7.9	%		10,957		10,318		6.2	%		1,555		1,431		8.6	%
Phoenix, AZ		2,623		14,513		13,602		6.7	%		3,713		3,514		5.7	%		10,800		10,088		7.1	%		1,747		1,620		7.9	%
Northern Virginia		1,888		13,597		12,492		8.8	%		4,345		3,814		13.9	%		9,252		8,678		6.6	%		2,304		2,122		8.6	%
Savannah, GA		1,837		9,862		8,990		9.7	%		3,201		3,110		2.9	%		6,661		5,880		13.3	%		1,654		1,463		13.0	%
Greenville, SC		2,355		10,367		9,486		9.3	%		3,777		3,701		2.1	%		6,590		5,785		13.9	%		1,313		1,192		10.1	%
Richmond, VA		1,732		8,861		8,375		5.8	%		2,742		2,664		2.9	%		6,119		5,711		7.1	%		1,619		1,488		8.8	%
Fredericksburg, VA		1,435		8,287		8,040		3.1	%		2,311		2,187		5.7	%		5,976		5,853		2.1	%		1,797		1,714		4.8	%
Memphis, TN		1,811		7,876		7,404		6.4	%		2,919		2,714		7.6	%		4,957		4,690		5.7	%		1,352		1,293		4.6	%
Birmingham, AL		1,462		6,649		6,281		5.9	%		2,572		2,333		10.2	%		4,077		3,948		3.3	%		1,371		1,280		7.0	%
San Antonio, TX		1,504		6,655		6,235		6.7	%		2,884		2,839		1.6	%		3,771		3,396		11.0	%		1,392		1,288		8.0	%
Denver, CO		812		5,087		4,726		7.6	%		1,631		1,323		23.3	%		3,456		3,403		1.6	%		1,956		1,829		7.0	%
Kansas City, MO-KS		1,110		5,432		5,013		8.4	%		2,059		1,834		12.3	%		3,373		3,179		6.1	%		1,554		1,423		9.2	%
Huntsville, AL		1,228		5,368		5,071		5.9	%		2,052		1,783		15.1	%		3,316		3,288		0.9	%		1,311		1,222		7.3	%
Other		6,022		28,614		26,741		7.0	%		10,004		9,386		6.6	%		18,610		17,355		7.2	%		1,497		1,386		8.0	%
Total Same Store		95,285	$	505,505	$	467,805		8.1	%	$	182,070	$	169,917		7.2	%	$	323,435	$	297,888		8.6	%	$	1,673	$	1,531		9.3	%

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 2023		Q1 2023		% Chg			Q2 2023		Q1 2023		% Chg			Q2 2023		Q1 2023		% Chg			Q2 2023		Q1 2023		% Chg
Atlanta, GA		11,434	$	65,018	$	64,725		0.5	%	$	24,350	$	23,208		4.9	%	$	40,668	$	41,517		(2.0	)%	$	1,849	$	1,832		0.9	%
Dallas, TX		10,115		52,880		52,290		1.1	%		21,794		20,534		6.1	%		31,086		31,756		(2.1	)%		1,654		1,642		0.8	%
Tampa, FL		5,220		34,250		33,908		1.0	%		11,580		11,141		3.9	%		22,670		22,767		(0.4	)%		2,095		2,075		1.0	%
Orlando, FL		5,274		32,869		32,366		1.6	%		11,534		10,855		6.3	%		21,335		21,511		(0.8	)%		1,962		1,941		1.1	%
Charlotte, NC		5,651		28,812		28,453		1.3	%		8,990		7,907		13.7	%		19,822		20,546		(3.5	)%		1,632		1,593		2.4	%
Austin, TX		6,829		35,565		35,335		0.7	%		16,197		14,380		12.6	%		19,368		20,955		(7.6	)%		1,619		1,623		(0.2	)%
Raleigh/Durham, NC		5,350		26,329		25,987		1.3	%		8,350		7,580		10.2	%		17,979		18,407		(2.3	)%		1,528		1,514		0.9	%
Nashville, TN		4,375		23,486		23,255		1.0	%		7,412		7,345		0.9	%		16,074		15,910		1.0	%		1,693		1,678		0.9	%
Houston, TX		4,867		21,992		21,764		1.0	%		8,685		9,576		(9.3	)%		13,307		12,188		9.2	%		1,405		1,386		1.4	%
Charleston, SC		3,168		17,247		16,963		1.7	%		5,450		5,121		6.4	%		11,797		11,842		(0.4	)%		1,718		1,687		1.8	%
Fort Worth, TX		3,687		19,149		18,899		1.3	%		7,735		6,650		16.3	%		11,414		12,249		(6.8	)%		1,566		1,556		0.7	%
Jacksonville, FL		3,496		16,740		16,563		1.1	%		5,783		5,529		4.6	%		10,957		11,034		(0.7	)%		1,555		1,547		0.5	%
Phoenix, AZ		2,623		14,513		14,483		0.2	%		3,713		3,470		7.0	%		10,800		11,013		(1.9	)%		1,747		1,748		(0.0	)%
Northern Virginia		1,888		13,597		13,344		1.9	%		4,345		4,049		7.3	%		9,252		9,295		(0.5	)%		2,304		2,269		1.6	%
Savannah, GA		1,837		9,862		9,672		2.0	%		3,201		3,038		5.4	%		6,661		6,634		0.4	%		1,654		1,623		1.9	%
Greenville, SC		2,355		10,367		10,155		2.1	%		3,777		2,721		38.8	%		6,590		7,434		(11.4	)%		1,313		1,296		1.3	%
Richmond, VA		1,732		8,861		8,805		0.6	%		2,742		2,789		(1.7	)%		6,119		6,016		1.7	%		1,619		1,596		1.4	%
Fredericksburg, VA		1,435		8,287		8,196		1.1	%		2,311		2,345		(1.4	)%		5,976		5,851		2.1	%		1,797		1,777		1.1	%
Memphis, TN		1,811		7,876		7,827		0.6	%		2,919		2,752		6.1	%		4,957		5,075		(2.3	)%		1,352		1,346		0.5	%
Birmingham, AL		1,462		6,649		6,593		0.8	%		2,572		2,543		1.1	%		4,077		4,050		0.7	%		1,371		1,356		1.1	%
San Antonio, TX		1,504		6,655		6,537		1.8	%		2,884		2,828		2.0	%		3,771		3,709		1.7	%		1,392		1,379		0.9	%
Denver, CO		812		5,087		5,036		1.0	%		1,631		1,445		12.9	%		3,456		3,591		(3.8	)%		1,956		1,946		0.5	%
Kansas City, MO-KS		1,110		5,432		5,330		1.9	%		2,059		1,887		9.1	%		3,373		3,443		(2.0	)%		1,554		1,522		2.1	%
Huntsville, AL		1,228		5,368		5,316		1.0	%		2,052		1,733		18.4	%		3,316		3,583		(7.5	)%		1,311		1,297		1.1	%
Other		6,022		28,614		28,208		1.4	%		10,004		9,644		3.7	%		18,610		18,564		0.2	%		1,497		1,484		0.9	%
Total Same Store		95,285	$	505,505	$	500,010		1.1	%	$	182,070	$	171,070		6.4	%	$	323,435	$	328,940		(1.7	)%	$	1,673	$	1,657		1.0	%

Supplemental Data S-6

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

Dollars in thousands, except Average Effective Rent per Unit


			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q2 2023		Q2 2022		% Chg			Q2 2023		Q2 2022		% Chg			Q2 2023		Q2 2022		% Chg			Q2 2023		Q2 2022		% Chg
Atlanta, GA		11,434	$	129,743	$	121,237		7.0	%	$	47,558	$	43,432		9.5	%	$	82,185	$	77,805		5.6	%	$	1,840	$	1,676		9.8	%
Dallas, TX		10,115		105,170		95,023		10.7	%		42,328		38,333		10.4	%		62,842		56,690		10.9	%		1,648		1,479		11.4	%
Tampa, FL		5,220		68,158		61,215		11.3	%		22,721		20,515		10.8	%		45,437		40,700		11.6	%		2,085		1,847		12.9	%
Orlando, FL		5,274		65,235		57,257		13.9	%		22,389		19,762		13.3	%		42,846		37,495		14.3	%		1,951		1,694		15.2	%
Charlotte, NC		5,651		57,265		51,953		10.2	%		16,897		15,565		8.6	%		40,368		36,388		10.9	%		1,606		1,429		12.4	%
Austin, TX		6,829		70,900		64,949		9.2	%		30,577		28,035		9.1	%		40,323		36,914		9.2	%		1,627		1,482		9.8	%
Raleigh/Durham, NC		5,350		52,316		46,859		11.6	%		15,930		15,143		5.2	%		36,386		31,716		14.7	%		1,521		1,351		12.6	%
Nashville, TN		4,375		46,741		42,108		11.0	%		14,757		14,445		2.2	%		31,984		27,663		15.6	%		1,686		1,502		12.2	%
Houston, TX		4,867		43,756		40,945		6.9	%		18,261		17,945		1.8	%		25,495		23,000		10.8	%		1,396		1,303		7.1	%
Charleston, SC		3,168		34,210		30,321		12.8	%		10,571		10,255		3.1	%		23,639		20,066		17.8	%		1,702		1,487		14.5	%
Fort Worth, TX		3,687		38,048		34,786		9.4	%		14,385		13,625		5.6	%		23,663		21,161		11.8	%		1,561		1,415		10.3	%
Jacksonville, FL		3,496		33,303		30,886		7.8	%		11,312		10,305		9.8	%		21,991		20,581		6.9	%		1,551		1,400		10.8	%
Phoenix, AZ		2,623		28,996		26,714		8.5	%		7,183		6,807		5.5	%		21,813		19,907		9.6	%		1,747		1,590		9.9	%
Northern Virginia		1,888		26,941		24,664		9.2	%		8,394		7,700		9.0	%		18,547		16,964		9.3	%		2,286		2,095		9.1	%
Savannah, GA		1,837		19,534		17,424		12.1	%		6,239		6,007		3.9	%		13,295		11,417		16.4	%		1,639		1,423		15.2	%
Greenville, SC		2,355		20,522		18,592		10.4	%		6,498		7,003		(7.2	)%		14,024		11,589		21.0	%		1,305		1,174		11.2	%
Richmond, VA		1,732		17,666		16,383		7.8	%		5,531		5,314		4.1	%		12,135		11,069		9.6	%		1,608		1,466		9.6	%
Fredericksburg, VA		1,435		16,483		15,730		4.8	%		4,656		4,480		3.9	%		11,827		11,250		5.1	%		1,787		1,693		5.5	%
Memphis, TN		1,811		15,703		14,718		6.7	%		5,671		5,350		6.0	%		10,032		9,368		7.1	%		1,349		1,271		6.1	%
Birmingham, AL		1,462		13,242		12,291		7.7	%		5,115		4,671		9.5	%		8,127		7,620		6.7	%		1,363		1,257		8.4	%
San Antonio, TX		1,504		13,192		12,175		8.4	%		5,712		5,337		7.0	%		7,480		6,838		9.4	%		1,386		1,263		9.7	%
Denver, CO		812		10,123		9,386		7.9	%		3,076		2,661		15.6	%		7,047		6,725		4.8	%		1,951		1,803		8.2	%
Kansas City, MO-KS		1,110		10,762		9,883		8.9	%		3,946		3,599		9.6	%		6,816		6,284		8.5	%		1,538		1,405		9.5	%
Huntsville, AL		1,228		10,684		9,999		6.9	%		3,785		3,391		11.6	%		6,899		6,608		4.4	%		1,304		1,204		8.4	%
Other		6,022		56,822		52,630		8.0	%		19,648		18,124		8.4	%		37,174		34,506		7.7	%		1,420		1,297		9.5	%
Total Same Store		95,285	$	1,005,515	$	918,128		9.5	%	$	353,140	$	327,804		7.7	%	$	652,375	$	590,324		10.5	%	$	1,665	$	1,501		10.9	%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands


		Units as of						Development Costs as of
		June 30, 2023						June 30, 2023							Expected
								Expected		Spend		Expected		Start	Initial
	Location	Total		Delivered		Leased		Total		to Date		Remaining		Date	Occupancy	Completion	Stabilization (1)
Novel West Midtown (2)	Atlanta, GA		340		141		60	$	92,300	$	87,334	$	4,966	2Q21	2Q23	4Q23	3Q24
Novel Daybreak (2)	Salt Lake City, UT		400		114		81		97,500		84,681		12,819	2Q21	2Q23	1Q24	4Q24
Novel Val Vista (2)	Phoenix, AZ		317		—		—		77,200		66,466		10,734	4Q20	3Q23	1Q24	1Q25
MAA Milepost 35	Denver, CO		352		—		—		125,000		68,382		56,618	1Q22	4Q23	4Q24	3Q25
MAA Nixie	Raleigh, NC		406		—		—		145,500		26,541		118,959	4Q22	4Q24	3Q25	3Q26
MAA Breakwater	Tampa, FL		495		—		—		197,500		58,071		139,429	4Q22	1Q25	4Q25	4Q26
Total Active			2,310		255		141	$	735,000	$	391,475	$	343,525

(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 June 30, 2023

Location

Total Units

Physical Occupancy

Spend to Date

Construction Completed

Expected Stabilization (1)

MAA Windmill Hill

Austin, TX

350

80.9%

59,726

4Q22

4Q23

(1)

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

MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data


Six months ended June 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
	3,206	$	19,932	$	6,217	$	106	7.8%	7,000 - 10,000

Supplemental Data S-8

2023 ACQUISITION ACTIVITY (THROUGH JUNE 30, 2023)


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

2023 DISPOSITION ACTIVITY (THROUGH JUNE 30, 2023)


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

DEBT AND DEBT COVENANTS AS OF JUNE 30, 2023

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	$	4,396,393		100.0	%		3.4	%		7.5
Floating rate debt		—		—			—			—
Total	$	4,396,393		100.0	%		3.4	%		7.5

Unsecured Versus Secured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	4,033,091		91.7	%		3.4	%		5.8
Secured debt		363,302		8.3	%		4.4	%		25.4
Total	$	4,396,393		100.0	%		3.4	%		7.5

Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q2 2023 NOI			Percent of Total
Unencumbered gross assets	$	15,141,135		94.8	%	$	324,197			95.1	%
Encumbered gross assets		829,152		5.2	%		16,616			4.9	%
Total	$	15,970,287		100.0	%	$	340,813			100.0	%

FIXED INTEREST RATE MATURITIES


Maturity	Fixed Rate Debt		Effective Interest Rate
2023	$	349,846		4.2	%
2024		399,251		4.0	%
2025		401,384		4.2	%
2026		297,587		1.2	%
2027		596,941		3.7	%
2028		396,999		4.2	%
2029		558,415		3.7	%
2030		297,715		3.1	%
2031		445,315		1.8	%
2032		—		—
Thereafter		652,940		3.8	%
Total	$	4,396,393		3.4	%

Supplemental Data S-9

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

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES


Maturity	Commercial Paper & Revolving Credit Facility ⁽¹⁾ ⁽²⁾		Public Bonds		Secured		Total
2023	$	—	$	349,846	$	—	$	349,846
2024		—		399,251		—		399,251
2025		—		398,161		3,223		401,384
2026		—		297,587		—		297,587
2027		—		596,941		—		596,941
2028		—		396,999		—		396,999
2029		—		558,415		—		558,415
2030		—		297,715		—		297,715
2031		—		445,315		—		445,315
2032		—		—		—		—
Thereafter		—		292,861		360,079		652,940
Total	$	—	$	4,033,091	$	363,302	$	4,396,393

(1)

There were no borrowings outstanding under MAALP’s unsecured commercial paper program as of June 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 June 30, 2023, average daily borrowings outstanding under the commercial paper program were $0.7 million.

(2)

There were no borrowings outstanding under MAALP’s $1.25 billion unsecured revolving credit facility as of June 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	27.5%	Yes
Total secured debt to adjusted total assets	40% or less	2.3%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	7.7x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	365.5%	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	7.8x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	18.4%	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	$5.04 to $5.32	$5.18
Core FFO per Share - diluted	$9.00 to $9.28	$9.14
Core AFFO per Share - diluted	$8.08 to $8.36	$8.22

MAA Same Store Portfolio:
Number of units	95,285	95,285
Average physical occupancy	95.4% to 95.6%	95.5%
Property revenue growth	5.50% to 7.00%	6.25%
Effective rent growth	6.75% to 7.75%	7.25%
Property operating expense growth	5.30% to 6.80%	6.05%
NOI growth	5.60% to 7.10%	6.35%
Real estate tax expense growth	5.00% to 6.50%	5.75%

Corporate Expenses: ($ in millions)
Property management expenses	$71.5 to $73.5	$72.5
General and administrative expenses	$55.0 to $57.0	$56.0
Total overhead	$126.5 to $130.5	$128.5
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	$75.0 to $125.0	$100.0
Development investment	$200.0 to $300.0	$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	$	5.04		$	5.32
Real estate depreciation and amortization		4.64			4.64
Gains on sale of depreciable assets		(0.54	)		(0.54	)
FFO per Share - diluted		9.14			9.42
Non-Core FFO items (1)		(0.14	)		(0.14	)
Core FFO per Share - diluted		9.00			9.28
Recurring capital expenditures		(0.92	)		(0.92	)
Core AFFO per Share - diluted	$	8.08		$	8.36

(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:

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Earnings release & conference call

Late
October

Early 
February

Early 
May

Late 
July

Dividend Information - Common Shares:

Q2 2022

Q3 2022

Q4 2022

Q1 2023

Q2 2023

Declaration date

5/17/2022

9/27/2022

12/13/2022

3/21/2023

5/16/2023

Record date

7/15/2022

10/14/2022

1/13/2023

4/14/2023

7/14/2023

Payment date

7/29/2022

10/31/2022

1/31/2023

4/28/2023

7/31/2023

Distributions per share

1.2500

1.2500

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