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, 2021 (In apartment units) (1)


	Same Store		Non-Same Store		Lease-up		Total Completed Communities		Development Units Delivered		Total
Atlanta, GA		11,434		—		—		11,434		—		11,434
Dallas, TX		9,767		348		—		10,115		—		10,115
Austin, TX		7,117		—		—		7,117		—		7,117
Charlotte, NC		5,867		282		—		6,149		—		6,149
Orlando, FL		5,274		—		—		5,274		566		5,840
Raleigh/Durham, NC		5,350		—		—		5,350		—		5,350
Tampa, FL		5,220		—		—		5,220		—		5,220
Houston, TX		4,867		—		—		4,867		117		4,984
Fort Worth, TX		4,249		168		—		4,417		—		4,417
Nashville, TN		4,375		—		—		4,375		—		4,375
Washington, DC		4,080		—		—		4,080		—		4,080
Jacksonville, FL		3,496		—		—		3,496		—		3,496
Charleston, SC		3,168		—		—		3,168		—		3,168
Phoenix, AZ		2,623		—		345		2,968		—		2,968
Greenville, SC		2,084		271		—		2,355		—		2,355
Savannah, GA		1,837		382		—		2,219		—		2,219
Richmond, VA		2,004		—		—		2,004		—		2,004
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
Huntsville, AL		1,228		—		—		1,228		—		1,228
Kansas City, MO-KS		1,110		—		—		1,110		—		1,110
Other		7,076		549		—		7,625		143		7,768
Total Multifamily Units		97,003		2,000		345		99,348		826		100,174

(1)

Schedule excludes 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, 2021								Average Effective		As of September 30, 2021
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended September 30, 2021		Completed Units		Total Units, Including Development
Atlanta, GA	$	2,024,182		14.2	%		95.7	%	$	1,553		11,434
Dallas, TX		1,503,635		10.5	%		95.4	%		1,349		10,115
Charlotte, NC		982,559		6.9	%		96.0	%		1,315		6,149
Washington, DC		975,931		6.8	%		95.4	%		1,830		4,080
Tampa, FL		890,690		6.2	%		96.8	%		1,651		5,220
Austin, TX		866,985		6.1	%		95.7	%		1,566		7,117
Orlando, FL		838,486		5.9	%		96.3	%		1,530		5,274
Raleigh/Durham, NC		706,347		4.9	%		95.6	%		1,253		5,350
Houston, TX		614,416		4.3	%		95.6	%		1,236		4,867
Nashville, TN		539,129		3.8	%		95.7	%		1,391		4,375
Fort Worth, TX		429,648		3.0	%		96.2	%		1,270		4,417
Charleston, SC		408,628		2.9	%		96.2	%		1,361		3,168
Phoenix, AZ		382,297		2.7	%		96.5	%		1,437		2,623
Jacksonville, FL		293,380		2.1	%		96.9	%		1,262		3,496
Richmond, VA		269,411		1.9	%		96.1	%		1,314		2,004
Savannah, GA		246,981		1.7	%		97.6	%		1,246		2,219
Greenville, SC		229,186		1.6	%		95.7	%		1,083		2,355
Denver, CO		211,736		1.5	%		94.0	%		1,712		812
Kansas City, MO-KS		187,521		1.3	%		95.4	%		1,343		1,110
San Antonio, TX		164,629		1.2	%		96.3	%		1,186		1,504
Birmingham, AL		161,710		1.1	%		95.8	%		1,183		1,462
All Other Markets by State (individual markets <1% gross real assets)
Tennessee		186,559		1.3	%		96.6	%		1,121		2,754
Florida		177,979		1.2	%		96.9	%		1,476		1,806
Alabama		163,045		1.1	%		96.7	%		1,177		1,648
Virginia		154,242		1.1	%		97.1	%		1,487		1,039
Kentucky		94,406		0.7	%		95.7	%		988		1,308
Nevada		71,909		0.5	%		95.6	%		1,327		721
South Carolina		36,449		0.3	%		95.1	%		1,010		576
Stabilized Communities	$	13,812,076		96.7	%		96.0	%	$	1,381		99,003
Orlando, FL		156,619		1.1	%		40.8	%		1,994		566		633
Phoenix, AZ		110,889		0.8	%		76.8	%		1,639		345		662
Denver, CO		76,021		0.5	%		41.5	%		1,849		143		306
Houston, TX		49,711		0.3	%		22.1	%		1,496		117		308
Austin, TX		29,127		0.2	%		—			—		—		350
Atlanta, GA		22,081		0.2	%		—			—		—		340
Salt Lake City, UT		21,450		0.2	%		—			—		—		400
Lease-up / Development Communities	$	465,898		3.3	%		45.1	%	$	1,822		1,171		2,999
Total Multifamily Communities	$	14,277,974		100.0	%		95.2	%	$	1,386		100,174		102,002

(1)

Schedule excludes a 269 unit joint venture property in Washington, D.C.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands


	As of September 30, 2021				Three Months Ended
	Apartment Units		Gross Real Assets		September 30, 2021		September 30, 2020			Percent Change
Operating Revenues
Same Store Communities		97,003	$	13,448,466	$	433,996	$	406,677			6.7	%
Non-Same Store Communities		2,000		363,610		9,681		11,293
Lease-up/Development Communities		1,171		465,898		2,946		—
Total Multifamily Portfolio		100,174	$	14,277,974	$	446,623	$	417,970
Commercial Property/Land		—		276,679		5,952		5,229
Total Operating Revenues		100,174	$	14,554,653	$	452,575	$	423,199

Property Operating Expenses
Same Store Communities					$	164,603	$	162,164			1.5	%
Non-Same Store Communities						4,027		4,997
Lease-up/Development Communities						1,654		90
Total Multifamily Portfolio					$	170,284	$	167,251
Commercial Property/Land						2,554		2,563
Total Property Operating Expenses					$	172,838	$	169,814

Net Operating Income
Same Store Communities					$	269,393	$	244,513			10.2	%
Non-Same Store Communities						5,654		6,296
Lease-up/Development Communities						1,292		(90	)
Total Multifamily Portfolio					$	276,339	$	250,719
Commercial Property/Land						3,398		2,666
Total Net Operating Income					$	279,737	$	253,385			10.4	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands


	Three Months Ended							Nine Months Ended
	September 30, 2021		September 30, 2020		Percent Change			September 30, 2021		September 30, 2020		Percent Change
Personnel	$	36,263	$	35,240		2.9	%	$	104,906	$	101,795		3.1	%
Building Repair and Maintenance		21,677		20,765		4.4	%		59,546		56,064		6.2	%
Utilities		31,349		31,361		(0.0	)%		88,729		86,086		3.1	%
Marketing		5,476		6,721		(18.5	)%		16,842		17,353		(2.9	)%
Office Operations		5,868		6,000		(2.2	)%		17,158		16,203		5.9	%
Property Taxes		57,692		56,629		1.9	%		174,657		169,680		2.9	%
Insurance		6,278		5,448		15.2	%		17,323		12,007		44.3	%
Total Property Operating Expenses	$	164,603	$	162,164		1.5	%	$	479,161	$	459,188		4.3	%

Supplemental Data S-3

NOI CONTRIBUTION PERCENTAGE BY MARKET

Same Store Portfolio


						Average Physical Occupancy
			Percent of			Three Months Ended						Nine Months Ended
	Apartment Units		Same Store NOI			September 30, 2021			September 30, 2020			September 30, 2021			September 30, 2020
Atlanta, GA		11,434		13.0	%		95.6	%		95.0	%		95.4	%		94.9	%
Dallas, TX		9,767		8.7	%		96.2	%		95.0	%		95.7	%		95.2	%
Tampa, FL		5,220		6.7	%		97.1	%		96.1	%		97.2	%		95.7	%
Charlotte, NC		5,867		6.5	%		96.5	%		96.2	%		96.3	%		96.1	%
Austin, TX		7,117		6.4	%		96.1	%		95.2	%		95.8	%		95.4	%
Orlando, FL		5,274		6.3	%		96.3	%		93.7	%		95.9	%		94.5	%
Washington, DC		4,080		5.9	%		95.6	%		96.3	%		96.1	%		96.3	%
Raleigh/Durham, NC		5,350		5.3	%		96.2	%		96.1	%		96.0	%		96.2	%
Nashville, TN		4,375		4.6	%		96.2	%		94.5	%		95.5	%		95.1	%
Houston, TX		4,867		4.1	%		96.0	%		93.7	%		95.0	%		94.4	%
Fort Worth, TX		4,249		3.9	%		96.3	%		95.4	%		96.2	%		95.4	%
Jacksonville, FL		3,496		3.4	%		97.3	%		96.6	%		97.5	%		96.2	%
Phoenix, AZ		2,623		3.2	%		97.0	%		96.0	%		97.0	%		96.1	%
Charleston, SC		3,168		3.2	%		96.7	%		95.4	%		96.4	%		95.5	%
Richmond, VA		2,004		2.1	%		96.5	%		96.9	%		96.8	%		96.6	%
Savannah, GA		1,837		1.8	%		97.4	%		96.8	%		97.3	%		95.8	%
Greenville, SC		2,084		1.6	%		96.5	%		95.8	%		96.5	%		95.4	%
Memphis, TN		1,811		1.6	%		96.7	%		97.2	%		97.3	%		96.5	%
Birmingham, AL		1,462		1.3	%		96.6	%		97.1	%		96.7	%		96.5	%
Huntsville, AL		1,228		1.2	%		96.6	%		97.3	%		97.0	%		97.2	%
San Antonio, TX		1,504		1.1	%		97.0	%		96.7	%		96.3	%		96.4	%
Kansas City, MO-KS		1,110		1.1	%		96.1	%		96.0	%		95.1	%		95.6	%
Other		7,076		7.0	%		96.9	%		96.2	%		96.7	%		95.6	%
Total Same Store		97,003		100.0	%		96.4	%		95.5	%		96.2	%		95.5	%

Supplemental Data S-4

MULTIFAMILY SAME STORE PORTFOLIO QUARTER OVER QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data


			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q3 2021		Q3 2020		% Chg			Q3 2021		Q3 2020		% Chg			Q3 2021		Q3 2020		% Chg			Q3 2021		Q3 2020		% Chg
Atlanta, GA		11,434	$	56,688	$	53,452		6.1	%	$	21,799	$	20,673		5.4	%	$	34,889	$	32,779		6.4	%	$	1,553	$	1,465		6.0	%
Dallas, TX		9,767		42,357		40,294		5.1	%		18,985		18,976		0.0	%		23,372		21,318		9.6	%		1,352		1,298		4.2	%
Tampa, FL		5,220		27,887		25,176		10.8	%		9,841		9,387		4.8	%		18,046		15,789		14.3	%		1,651		1,505		9.7	%
Charlotte, NC		5,867		25,338		24,100		5.1	%		7,878		7,758		1.5	%		17,460		16,342		6.8	%		1,325		1,257		5.4	%
Austin, TX		7,117		31,328		29,554		6.0	%		14,207		14,646		(3.0	)%		17,121		14,908		14.8	%		1,351		1,277		5.8	%
Orlando, FL		5,274		25,969		24,161		7.5	%		9,136		9,686		(5.7	)%		16,833		14,475		16.3	%		1,530		1,458		4.9	%
Washington, DC		4,080		23,514		23,275		1.0	%		7,680		7,496		2.5	%		15,834		15,779		0.3	%		1,830		1,806		1.3	%
Raleigh/Durham, NC		5,350		21,894		21,021		4.2	%		7,540		6,902		9.2	%		14,354		14,119		1.7	%		1,253		1,176		6.6	%
Nashville, TN		4,375		19,729		18,430		7.0	%		7,280		7,118		2.3	%		12,449		11,312		10.1	%		1,391		1,316		5.6	%
Houston, TX		4,867		19,428		18,735		3.7	%		8,356		9,004		(7.2	)%		11,072		9,731		13.8	%		1,236		1,218		1.4	%
Fort Worth, TX		4,249		18,138		17,010		6.6	%		7,591		7,627		(0.5	)%		10,547		9,383		12.4	%		1,265		1,185		6.8	%
Jacksonville, FL		3,496		14,161		12,860		10.1	%		4,971		4,670		6.4	%		9,190		8,190		12.2	%		1,262		1,160		8.7	%
Phoenix, AZ		2,623		12,222		11,117		9.9	%		3,470		3,301		5.1	%		8,752		7,816		12.0	%		1,437		1,299		10.6	%
Charleston, SC		3,168		14,113		12,934		9.1	%		5,364		5,326		0.7	%		8,749		7,608		15.0	%		1,361		1,250		8.8	%
Richmond, VA		2,004		8,685		8,187		6.1	%		2,955		2,908		1.6	%		5,730		5,279		8.5	%		1,314		1,236		6.3	%
Savannah, GA		1,837		7,876		6,986		12.7	%		2,980		2,658		12.1	%		4,896		4,328		13.1	%		1,284		1,147		11.9	%
Greenville, SC		2,084		7,224		6,698		7.9	%		2,783		2,782		0.0	%		4,441		3,916		13.4	%		1,015		948		7.1	%
Memphis, TN		1,811		6,901		6,245		10.5	%		2,682		2,545		5.4	%		4,219		3,700		14.0	%		1,171		1,047		11.9	%
Birmingham, AL		1,462		5,874		5,466		7.5	%		2,264		2,154		5.1	%		3,610		3,312		9.0	%		1,183		1,083		9.2	%
Huntsville, AL		1,228		4,718		4,293		9.9	%		1,585		1,493		6.2	%		3,133		2,800		11.9	%		1,132		1,014		11.7	%
San Antonio, TX		1,504		5,775		5,536		4.3	%		2,718		2,663		2.1	%		3,057		2,873		6.4	%		1,186		1,119		6.0	%
Kansas City, MO-KS		1,110		4,769		4,600		3.7	%		1,811		1,848		(2.0	)%		2,958		2,752		7.5	%		1,343		1,298		3.5	%
Other		7,076		29,408		26,547		10.8	%		10,727		10,543		1.7	%		18,681		16,004		16.7	%		1,273		1,172		8.6	%
Total Same Store		97,003	$	433,996	$	406,677		6.7	%	$	164,603	$	162,164		1.5	%	$	269,393	$	244,513		10.2	%	$	1,379	$	1,298		6.3	%

Supplemental Data S-5

MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data


			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q3 2021		Q2 2021		% Chg			Q3 2021		Q2 2021		% Chg			Q3 2021		Q2 2021		% Chg			Q3 2021		Q2 2021		% Chg
Atlanta, GA		11,434	$	56,688	$	54,281		4.4	%	$	21,799	$	20,642		5.6	%	$	34,889	$	33,639		3.7	%	$	1,553	$	1,505		3.3	%
Dallas, TX		9,767		42,357		40,743		4.0	%		18,985		18,432		3.0	%		23,372		22,311		4.8	%		1,352		1,314		2.9	%
Tampa, FL		5,220		27,887		26,600		4.8	%		9,841		9,191		7.1	%		18,046		17,409		3.7	%		1,651		1,583		4.3	%
Charlotte, NC		5,867		25,338		24,333		4.1	%		7,878		7,887		(0.1	)%		17,460		16,446		6.2	%		1,325		1,281		3.5	%
Austin, TX		7,117		31,328		29,701		5.5	%		14,207		14,390		(1.3	)%		17,121		15,311		11.8	%		1,351		1,305		3.6	%
Orlando, FL		5,274		25,969		25,084		3.5	%		9,136		9,584		(4.7	)%		16,833		15,500		8.6	%		1,530		1,484		3.1	%
Washington, DC		4,080		23,514		23,260		1.1	%		7,680		7,202		6.6	%		15,834		16,058		(1.4	)%		1,830		1,808		1.2	%
Raleigh/Durham, NC		5,350		21,894		21,056		4.0	%		7,540		7,279		3.6	%		14,354		13,777		4.2	%		1,253		1,206		3.9	%
Nashville, TN		4,375		19,729		18,931		4.2	%		7,280		7,007		3.9	%		12,449		11,924		4.4	%		1,391		1,345		3.4	%
Houston, TX		4,867		19,428		18,984		2.3	%		8,356		8,941		(6.5	)%		11,072		10,043		10.2	%		1,236		1,217		1.6	%
Fort Worth, TX		4,249		18,138		17,545		3.4	%		7,591		7,520		0.9	%		10,547		10,025		5.2	%		1,265		1,227		3.1	%
Jacksonville, FL		3,496		14,161		13,480		5.1	%		4,971		4,743		4.8	%		9,190		8,737		5.2	%		1,262		1,211		4.2	%
Phoenix, AZ		2,623		12,222		11,627		5.1	%		3,470		3,222		7.7	%		8,752		8,405		4.1	%		1,437		1,370		4.9	%
Charleston, SC		3,168		14,113		13,469		4.8	%		5,364		4,941		8.6	%		8,749		8,528		2.6	%		1,361		1,308		4.1	%
Richmond, VA		2,004		8,685		8,486		2.3	%		2,955		2,755		7.3	%		5,730		5,731		(0.0	)%		1,314		1,288		2.0	%
Savannah, GA		1,837		7,876		7,472		5.4	%		2,980		2,905		2.6	%		4,896		4,567		7.2	%		1,284		1,217		5.5	%
Greenville, SC		2,084		7,224		7,013		3.0	%		2,783		2,784		(0.0	)%		4,441		4,229		5.0	%		1,015		979		3.6	%
Memphis, TN		1,811		6,901		6,688		3.2	%		2,682		2,510		6.9	%		4,219		4,178		1.0	%		1,171		1,116		4.9	%
Birmingham, AL		1,462		5,874		5,610		4.7	%		2,264		2,229		1.6	%		3,610		3,381		6.8	%		1,183		1,143		3.5	%
Huntsville, AL		1,228		4,718		4,581		3.0	%		1,585		1,395		13.6	%		3,133		3,186		(1.7	)%		1,132		1,089		3.9	%
San Antonio, TX		1,504		5,775		5,647		2.3	%		2,718		2,663		2.1	%		3,057		2,984		2.4	%		1,186		1,148		3.3	%
Kansas City, MO-KS		1,110		4,769		4,609		3.5	%		1,811		1,736		4.3	%		2,958		2,873		3.0	%		1,343		1,313		2.3	%
Other		7,076		29,408		28,122		4.6	%		10,727		10,293		4.2	%		18,681		17,829		4.8	%		1,273		1,222		4.2	%
Total Same Store		97,003	$	433,996	$	417,322		4.0	%	$	164,603	$	160,251		2.7	%	$	269,393	$	257,071		4.8	%	$	1,379	$	1,335		3.4	%

Supplemental Data S-6

MULTIFAMILY SAME STORE PORTFOLIO YEAR TO DATE COMPARISONS AS OF SEPTEMBER 30, 2021 AND 2020

Dollars in thousands, except unit and per unit data


			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q3 2021		Q3 2020		% Chg			Q3 2021		Q3 2020		% Chg			Q3 2021		Q3 2020		% Chg			Q3 2021		Q3 2020		% Chg
Atlanta, GA		11,434	$	164,075	$	158,457		3.5	%	$	62,248	$	59,787		4.1	%	$	101,827	$	98,670		3.2	%	$	1,511	$	1,464		3.2	%
Dallas, TX		9,767		123,020		120,438		2.1	%		55,557		53,517		3.8	%		67,463		66,921		0.8	%		1,319		1,300		1.5	%
Tampa, FL		5,220		80,359		74,465		7.9	%		28,147		26,600		5.8	%		52,212		47,865		9.1	%		1,589		1,494		6.4	%
Charlotte, NC		5,867		73,441		71,705		2.4	%		23,069		22,295		3.5	%		50,372		49,410		1.9	%		1,287		1,258		2.3	%
Austin, TX		7,117		89,984		88,212		2.0	%		42,127		40,226		4.7	%		47,857		47,986		(0.3	)%		1,309		1,273		2.8	%
Orlando, FL		5,274		75,651		72,836		3.9	%		27,913		27,651		0.9	%		47,738		45,185		5.7	%		1,489		1,464		1.7	%
Washington, DC		4,080		69,751		69,673		0.1	%		22,182		21,425		3.5	%		47,569		48,248		(1.4	)%		1,809		1,805		0.2	%
Raleigh/Durham, NC		5,350		63,795		61,879		3.1	%		21,589		20,673		4.4	%		42,206		41,206		2.4	%		1,214		1,165		4.2	%
Nashville, TN		4,375		56,962		54,759		4.0	%		20,984		19,978		5.0	%		35,978		34,781		3.4	%		1,349		1,309		3.1	%
Houston, TX		4,867		56,935		56,211		1.3	%		25,656		25,011		2.6	%		31,279		31,200		0.3	%		1,219		1,221		(0.1	)%
Fort Worth, TX		4,249		52,699		50,269		4.8	%		22,418		21,344		5.0	%		30,281		28,925		4.7	%		1,230		1,178		4.4	%
Jacksonville, FL		3,496		40,775		38,013		7.3	%		14,288		13,395		6.7	%		26,487		24,618		7.6	%		1,218		1,152		5.7	%
Charleston, SC		3,168		40,639		38,057		6.8	%		15,013		14,668		2.4	%		25,626		23,389		9.6	%		1,313		1,238		6.0	%
Phoenix, AZ		2,623		35,111		32,636		7.6	%		9,818		9,297		5.6	%		25,293		23,339		8.4	%		1,378		1,285		7.2	%
Richmond, VA		2,004		25,453		24,019		6.0	%		8,480		8,050		5.3	%		16,973		15,969		6.3	%		1,286		1,223		5.2	%
Savannah, GA		1,837		22,503		20,564		9.4	%		8,600		7,546		14.0	%		13,903		13,018		6.8	%		1,224		1,143		7.2	%
Greenville, SC		2,084		21,083		19,687		7.1	%		8,182		7,978		2.6	%		12,901		11,709		10.2	%		985		939		4.9	%
Memphis, TN		1,811		20,031		18,213		10.0	%		7,767		7,284		6.6	%		12,264		10,929		12.2	%		1,121		1,032		8.6	%
Birmingham, AL		1,462		17,013		16,028		6.1	%		6,657		6,322		5.3	%		10,356		9,706		6.7	%		1,145		1,075		6.5	%
Huntsville, AL		1,228		13,734		12,316		11.5	%		4,479		4,184		7.1	%		9,255		8,132		13.8	%		1,092		987		10.6	%
San Antonio, TX		1,504		16,799		16,471		2.0	%		7,752		7,467		3.8	%		9,047		9,004		0.5	%		1,154		1,118		3.2	%
Kansas City, MO-KS		1,110		13,879		13,592		2.1	%		5,235		5,069		3.3	%		8,644		8,523		1.4	%		1,316		1,287		2.2	%
Other		7,076		84,663		78,269		8.2	%		31,000		29,421		5.4	%		53,663		48,848		9.9	%		1,228		1,161		5.8	%
Total Same Store		97,003	$	1,258,355	$	1,206,769		4.3	%	$	479,161	$	459,188		4.3	%	$	779,194	$	747,581		4.2	%	$	1,340	$	1,294		3.6	%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands


		Units as of
		September 30, 2021							Projected			Development Costs
									Initial
								Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total		Delivered		Leased		Date	Date	Date	Date (1)	Cost		Q3 2021		After
Sand Lake (2)	Orlando, FL		264		257		130	4Q19	2Q21	4Q21	3Q22	$	68,000	$	62,213	$	5,787
MAA Westglenn	Denver, CO		306		143		144	3Q19	2Q21	4Q21	4Q22		84,500		76,021		8,479
MAA Robinson	Orlando, FL		369		309		152	3Q19	2Q21	4Q21	1Q23		99,000		94,406		4,594
MAA Park Point	Houston, TX		308		117		81	4Q19	2Q21	1Q22	1Q23		57,000		49,711		7,289
MAA Windmill Hill	Austin, TX		350	—		—		4Q20	1Q22	3Q22	4Q23		63,000		29,127		33,873
Novel Val Vista (3)	Phoenix, AZ		317	—		—		4Q20	3Q22	1Q23	2Q24		72,500		28,750		43,750
Novel West Midtown (3)	Atlanta, GA		340	—		—		2Q21	4Q22	3Q23	3Q24		89,500		22,081		67,419
Novel Daybreak (3)	Salt Lake City, UT		400	—		—		2Q21	4Q22	3Q23	4Q24		94,000		21,450		72,550
Total Active			2,654		826		507					$	627,500	$	383,759	$	243,741

(1) Communities are considered stabilized after achieving 90% average physical occupancy for 90 days.

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

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

MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands

As of September 30, 2021

Location

Total Units

Percent Occupied

Construction Finished

Expected Stabilization (1)

Total Cost

Novel Midtown (2)

Phoenix, AZ

345

76.8%

2Q21

2Q22

82,139

(1) Communities are considered stabilized after achieving 90% average physical occupancy for 90 days.

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

MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data


		Nine months ended September 30, 2021
Units Redeveloped		Redevelopment Spend		Spend per Unit		Increase in Average Effective Rent per Unit		Increase in Average Effective Rent per Unit	Estimated Units Remaining in Pipeline
	4,992	$	27,596	$	5,528	$	148	12.4%	13,000 - 17,000

2021 ACQUISITION ACTIVITY THROUGH SEPTEMBER 30, 2021


Multifamily Development Acquisition (1)	Market	Apartment Units		Projected Completion Date	Closing Date
Novel Daybreak	Salt Lake City, UT		400	3Q23	April 2021
Novel West Midtown	Atlanta, GA		340	3Q23	April 2021

(1) MAA owns 80% of the joint ventures that own these properties.


Land Acquisition	Market	Acreage	Closing Date
MAA Westshore	Tampa, FL	19	June 2021

2021 DISPOSITION ACTIVITY THROUGH SEPTEMBER 30, 2021


Multifamily Disposition	Market	Apartment Units		Closing Date
Crosswinds	Jackson, MS		360	June 2021
Pear Orchard	Jackson, MS		389	June 2021
Reflection Pointe	Jackson, MS		296	June 2021
Lakeshore Landing	Jackson, MS		196	June 2021

Supplemental Data S-8

2021 DISPOSITION ACTIVITY THROUGH SEPTEMBER 30, 2021 (CONTINUED)


Land Dispositions	Market	Acreage	Closing Date
Tutwiler Outparcels	Birmingham, AL	9	September 2021
Colonial Promenade	Huntsville, AL	1	September 2021

INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES AS OF SEPTEMBER 30, 2021

MAA holds an investment in a real estate joint venture with an institutional investor and accounts for its investment using the equity method of accounting. A summary of non-financial and financial information for this joint venture is provided below.


Joint Venture Property	Market	# of units	Ownership Interest
Post Massachusetts Avenue	Washington, D.C.	269	35%


Dollars in thousands	As of September 30, 2021
Joint Venture Property	Gross Investment in Real Estate			Mortgage Notes Payable			Company’s Equity Investment
Post Massachusetts Avenue	$	79,973	(1)	$	51,795	(2)	$	42,842


	Three months ended September 30, 2021				Nine months ended September 30, 2021
Joint Venture Property	Entity NOI		Company’s Equity in Income		Entity NOI		Company’s Equity in Income
Post Massachusetts Avenue	$	1,636	$	258	$	4,985	$	915

(1) Represents the net book value plus accumulated depreciation.

(2) The mortgage note has an outstanding principal value of $52.0 million, bears interest at a stated fixed rate of 3.93% and matures in December 2025.

DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2021

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	$	4,515,887		99.4	%		3.4	%		9.0
Floating rate debt		25,000		0.6	%		0.2	%		0.1
Total	$	4,540,887		100.0	%		3.4	%		8.9

Unsecured Versus Secured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	4,175,256		91.9	%		3.3	%		7.4
Secured debt		365,631		8.1	%		4.4	%		27.0
Total	$	4,540,887		100.0	%		3.4	%		8.9

Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q3 2021 NOI			Percent of Total
Unencumbered gross assets	$	14,182,664		94.6	%		266,151			95.1	%
Encumbered gross assets		810,897		5.4	%		13,586			4.9	%
Total	$	14,993,561		100.0	%		279,737			100.0	%

Supplemental Data S-9

DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2021 (CONTINUED)

Dollars in thousands

FIXED INTEREST RATE MATURITIES


Maturity	Fixed Rate Debt		Effective Interest Rate
2021	$	—		—
2022		124,779		3.3	%
2023		348,666		4.2	%
2024		397,820		4.0	%
2025		402,578		4.2	%
2026		296,238		1.2	%
2027		595,565		3.7	%
2028		395,935		4.2	%
2029		560,748		3.7	%
2030		297,109		3.1	%
Thereafter		1,096,449		3.0	%
Total	$	4,515,887		3.4	%

DEBT MATURITIES OF OUTSTANDING BALANCES


	Commercial Paper & Revolving Credit Facility ⁽¹⁾ ⁽²⁾		Public Bonds		Secured		Total
2021	$	25,000	$	—	$	—	$	25,000
2022		—		124,779		—		124,779
2023		—		348,666		—		348,666
2024		—		397,820		—		397,820
2025		—		396,805		5,773		402,578
2026		—		296,238		—		296,238
2027		—		595,565		—		595,565
2028		—		395,935		—		395,935
2029		—		560,748		—		560,748
2030		—		297,109		—		297,109
Thereafter		—		736,591		359,858		1,096,449
Total	$	25,000	$	4,150,256	$	365,631	$	4,540,887

(1)

The $25.0 million maturing in 2021 reflects the principal outstanding on MAALP’s unsecured commercial paper program as of September 30, 2021. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $500.0 million. For the three months ended September 30, 2021, average daily borrowings outstanding under the commercial paper program were $161.5 million.

(2)

There were no borrowings outstanding under MAALP’s $1.0 billion unsecured revolving credit facility as of September 30, 2021. The unsecured revolving credit facility has a maturity date of May 2023 with two six-month extensions.

DEBT COVENANT ANALYSIS (1)


Bond Covenants	Required	Actual	Compliance
Total debt to adjusted total assets	60% or less	30.3%	Yes
Total secured debt to adjusted total assets	40% or less	2.4%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	5.8x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	329.9%	Yes

Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	26.0%	Yes
Total secured debt to total capitalized asset value	40% or Less	2.2%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	5.8x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	24.9%	Yes

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

Supplemental Data S-10

2021 GUIDANCE

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


		Full Year 2021
Earnings:
Earnings per common share - diluted		$4.58 to $4.70
Midpoint		$4.64
Core FFO per Share - diluted		$6.88 to $7.00
Midpoint		$6.94
Core AFFO per Share - diluted		$6.20 to $6.32
Midpoint		$6.26

MAA Same Store Portfolio:
Number of units		97,003
Average physical occupancy		95.90% to 96.10%
Property revenue growth		4.90% to 5.30%
Full year effective blended lease-over-lease pricing		9.50% to 10.50%
Property operating expense growth		4.25% to 4.75%
NOI growth		5.00% to 6.00%
Real estate tax expense growth		3.25% to 4.25%

Corporate Expenses:
General and administrative expenses		$51.0 to $53.0 million
Property management expenses		$55.0 to $57.0 million
Total overhead		$106.0 to $110.0 million

Transaction/Investment Volume:
Multifamily acquisition volume		—
Multifamily disposition volume		$250.0 to $300.0 million
Development investment		$250.0 to $350.0 million

Debt:
Average effective interest rate		3.3% to 3.5%
Capitalized interest		$9.0 to $10.0 million

Diluted FFO Shares Outstanding:
Diluted common shares and units		118.5 to 119.0 million

RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER SHARE FOR 2021 GUIDANCE


	Full Year 2021 Guidance Range
	Low			High
Earnings per common share - diluted	$	4.58		$	4.70
Real estate depreciation and amortization		4.15			4.15
Gains on sale of depreciable assets		(1.78	)		(1.78	)
FFO per Share - diluted		6.95			7.07
Non-Core FFO items (1)		(0.07	)		(0.07	)
Core FFO per Share - diluted		6.88			7.00
Recurring capital expenditures		(0.68	)		(0.68	)
Core AFFO per Share - diluted	$	6.20		$	6.32

(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, adjustments for gains or losses from unconsolidated limited partnerships, net casualty gain or loss, gain or loss on debt extinguishment, non-routine legal costs and settlements, 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)	F2	BBB+	Positive
Moody’s Investors Service (2)	P-2	Baa1	Stable
Standard & Poor’s Ratings Services (1)	A-2	BBB+	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 2021

Q1 2022

Q2 2022

Q3 2022

Earnings release & conference call

Late
January

Late
April

Late
July

Late
October

Dividend Information - Common Shares:

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

Declaration date

9/24/2020

12/8/2020

3/23/2021

5/18/2021

9/28/2021

Record date

10/15/2020

1/15/2021

4/15/2021

7/15/2021

10/15/2021

Payment date

10/30/2020

1/29/2021

4/30/2021

7/30/2021

10/29/2021

Distributions per share

1.0000

1.0250

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
	Tim Argo	Senior Vice President, Director of Finance
	Jennifer Patrick	Director of Investor Relations
	Phone: 866-576-9689 (toll free)
	Email: investor.relations@maac.com

Supplemental Data S-12