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 DECEMBER 31, 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
Tampa, FL		5,220		—		—		5,220		—		5,220
Austin, TX		7,117		—		—		7,117		—		7,117
Charlotte, NC		5,867		—		—		5,867		—		5,867
Orlando, FL		5,274		—		633		5,907		—		5,907
Washington, DC		4,080		—		—		4,080		—		4,080
Raleigh/Durham, NC		5,350		—		—		5,350		—		5,350
Nashville, TN		4,375		—		—		4,375		—		4,375
Fort Worth, TX		4,249		168		—		4,417		—		4,417
Houston, TX		4,867		—		—		4,867		222		5,089
Jacksonville, FL		3,496		—		—		3,496		—		3,496
Phoenix, AZ		2,623		—		345		2,968		—		2,968
Charleston, SC		3,168		—		—		3,168		—		3,168
Richmond, VA		2,004		—		—		2,004		—		2,004
Savannah, GA		1,837		—		—		1,837		—		1,837
Greenville, SC		2,084		271		—		2,355		—		2,355
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
Kansas City, MO-KS		1,110		—		—		1,110		—		1,110
Huntsville, AL		1,228		—		—		1,228		—		1,228
Other		7,076		549		—		7,625		194		7,819
Total Multifamily Units		97,003		1,336		978		99,317		416		99,733

(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 December 31, 2021								Average Effective		As of December 31, 2021
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended December 31, 2021		Completed Units		Total Units, Including Development
Atlanta, GA	$	2,030,633		14.2	%		96.4	%	$	1,611		11,434
Dallas, TX		1,511,785		10.5	%		95.8	%		1,411		10,115
Washington, DC		982,329		6.9	%		95.4	%		1,877		4,080
Charlotte, NC		962,027		6.7	%		96.3	%		1,365		5,867
Tampa, FL		894,011		6.2	%		96.6	%		1,730		5,220
Austin, TX		878,607		6.1	%		95.2	%		1,394		7,117
Orlando, FL		841,430		5.9	%		96.5	%		1,594		5,274
Raleigh/Durham, NC		708,020		4.9	%		95.8	%		1,292		5,350
Houston, TX		617,381		4.3	%		96.3	%		1,266		4,867
Nashville, TN		540,478		3.8	%		95.8	%		1,436		4,375
Fort Worth, TX		431,932		3.0	%		96.1	%		1,313		4,417
Charleston, SC		410,314		2.9	%		96.1	%		1,410		3,168
Phoenix, AZ		383,246		2.7	%		96.8	%		1,511		2,623
Jacksonville, FL		294,429		2.1	%		97.0	%		1,325		3,496
Richmond, VA		270,158		1.9	%		96.4	%		1,373		2,004
Greenville, SC		229,740		1.6	%		96.6	%		1,134		2,355
Savannah, GA		218,004		1.5	%		96.8	%		1,337		1,837
Denver, CO		211,955		1.5	%		96.3	%		1,752		812
Kansas City, MO-KS		187,652		1.3	%		96.0	%		1,372		1,110
San Antonio, TX		165,194		1.2	%		95.5	%		1,205		1,504
Birmingham, AL		162,406		1.1	%		95.3	%		1,209		1,462
All Other Markets by State (individual markets <1% gross real assets)
Tennessee		187,182		1.3	%		96.5	%		1,166		2,754
Florida		178,950		1.2	%		96.2	%		1,513		1,806
Alabama		163,510		1.1	%		96.5	%		1,204		1,648
Virginia		154,747		1.1	%		97.7	%		1,547		1,039
Kentucky		94,768		0.7	%		96.7	%		1,021		1,308
Nevada		72,122		0.5	%		96.1	%		1,399		721
South Carolina		36,746		0.3	%		95.3	%		1,046		576
Stabilized Communities	$	13,819,756		96.4	%		96.2	%	$	1,432		98,339
Orlando, FL		159,433		1.1	%		56.2	%		2,156		633		633
Phoenix, AZ		119,456		0.8	%		89.6	%		1,779		345		662
Denver, CO		80,727		0.6	%		54.6	%		1,885		194		306
Houston, TX		52,466		0.4	%		39.3	%		1,599		222		308
Austin, TX		39,761		0.3	%		—			—		—		350
Salt Lake City, UT		33,917		0.2	%		—			—		—		400
Atlanta, GA		30,262		0.2	%		—			—		—		340
Lease-up / Development Communities	$	516,022		3.6	%		59.8	%	$	1,936		1,394		2,999
Total Multifamily Communities	$	14,335,778		100.0	%		95.6	%	$	1,439		99,733		101,338

(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 December 31, 2021				Three Months Ended
	Apartment Units		Gross Real Assets		December 31, 2021		December 31, 2020			Percent Change
Operating Revenues
Same Store Communities		97,003	$	13,510,460	$	444,386	$	406,600			9.3	%
Non-Same Store Communities		1,336		309,296		8,357		11,754
Lease-up/Development Communities		1,394		516,022		4,873		—
Total Multifamily Portfolio		99,733	$	14,335,778	$	457,616	$	418,354
Commercial Property/Land		—		278,910		5,959		5,307
Total Operating Revenues		99,733	$	14,614,688	$	463,575	$	423,661

Property Operating Expenses
Same Store Communities					$	159,272	$	152,262			4.6	%
Non-Same Store Communities						3,489		5,098
Lease-up/Development Communities						1,840		190
Total Multifamily Portfolio					$	164,601	$	157,550
Commercial Property/Land						2,497		2,464
Total Property Operating Expenses					$	167,098	$	160,014

Net Operating Income
Same Store Communities					$	285,114	$	254,338			12.1	%
Non-Same Store Communities						4,868		6,656
Lease-up/Development Communities						3,033		(190	)
Total Multifamily Portfolio					$	293,015	$	260,804
Commercial Property/Land						3,462		2,843
Total Net Operating Income					$	296,477	$	263,647			12.5	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands


	Three Months Ended							Year Ended
	December 31, 2021		December 31, 2020		Percent Change			December 31, 2021		December 31, 2020		Percent Change
Personnel	$	35,082	$	33,804		3.8	%	$	139,988	$	135,599		3.2	%
Building Repair and Maintenance		18,877		16,766		12.6	%		78,423		72,830		7.7	%
Utilities		29,476		29,376		0.3	%		118,205		115,462		2.4	%
Marketing		4,934		4,916		0.4	%		21,776		22,269		(2.2	)%
Office Operations		6,407		5,742		11.6	%		23,565		21,945		7.4	%
Property Taxes		58,210		56,219		3.5	%		232,867		225,899		3.1	%
Insurance		6,286		5,439		15.6	%		23,609		17,446		35.3	%
Total Property Operating Expenses	$	159,272	$	152,262		4.6	%	$	638,433	$	611,450		4.4	%

Supplemental Data S-3

NOI CONTRIBUTION PERCENTAGE BY MARKET

Same Store Portfolio


						Average Physical Occupancy
			Percent of			Three Months Ended						Year Ended
	Apartment Units		Same Store NOI			December 31, 2021			December 31, 2020			December 31, 2021			December 31, 2020
Atlanta, GA		11,434		13.2	%		95.7	%		95.4	%		95.5	%		95.0	%
Dallas, TX		9,767		8.7	%		95.7	%		94.9	%		95.7	%		95.2	%
Tampa, FL		5,220		6.9	%		96.6	%		96.7	%		97.1	%		96.0	%
Austin, TX		7,117		6.4	%		95.1	%		95.3	%		95.6	%		95.4	%
Charlotte, NC		5,867		6.3	%		96.0	%		96.2	%		96.2	%		96.1	%
Orlando, FL		5,274		6.3	%		96.4	%		94.8	%		96.0	%		94.6	%
Washington, DC		4,080		5.8	%		95.7	%		96.2	%		96.0	%		96.3	%
Raleigh/Durham, NC		5,350		5.3	%		95.5	%		96.1	%		95.9	%		96.1	%
Nashville, TN		4,375		4.7	%		95.7	%		94.5	%		95.6	%		95.0	%
Fort Worth, TX		4,249		3.8	%		96.1	%		95.1	%		96.2	%		95.3	%
Houston, TX		4,867		3.6	%		96.2	%		93.7	%		95.3	%		94.3	%
Jacksonville, FL		3,496		3.5	%		97.2	%		96.8	%		97.5	%		96.4	%
Phoenix, AZ		2,623		3.4	%		96.6	%		96.7	%		96.9	%		96.3	%
Charleston, SC		3,168		3.3	%		96.0	%		95.9	%		96.3	%		95.6	%
Richmond, VA		2,004		2.1	%		96.1	%		97.0	%		96.6	%		96.7	%
Savannah, GA		1,837		1.9	%		97.2	%		97.0	%		97.3	%		96.1	%
Greenville, SC		2,084		1.7	%		96.0	%		96.2	%		96.4	%		95.6	%
Memphis, TN		1,811		1.6	%		96.1	%		97.6	%		97.0	%		96.8	%
Birmingham, AL		1,462		1.2	%		95.2	%		96.7	%		96.3	%		96.6	%
San Antonio, TX		1,504		1.2	%		95.6	%		95.6	%		96.1	%		96.2	%
Kansas City, MO-KS		1,110		1.1	%		95.8	%		94.5	%		95.3	%		95.3	%
Huntsville, AL		1,228		1.1	%		96.0	%		96.9	%		96.8	%		97.1	%
Other		7,076		6.9	%		96.3	%		96.1	%		96.6	%		95.7	%
Total Same Store		97,003		100.0	%		96.0	%		95.7	%		96.1	%		95.6	%

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		Q4 2021		Q4 2020		% Chg			Q4 2021		Q4 2020		% Chg			Q4 2021		Q4 2020		% Chg			Q4 2021		Q4 2020		% Chg
Atlanta, GA		11,434	$	57,929	$	53,305		8.7	%	$	20,417	$	19,617		4.1	%	$	37,512	$	33,688		11.4	%	$	1,611	$	1,466		9.9	%
Dallas, TX		9,767		43,479		39,895		9.0	%		18,751		17,958		4.4	%		24,728		21,937		12.7	%		1,403		1,290		8.8	%
Tampa, FL		5,220		28,886		25,517		13.2	%		9,225		8,707		5.9	%		19,661		16,810		17.0	%		1,730		1,517		14.0	%
Austin, TX		7,117		32,043		29,393		9.0	%		13,907		13,893		0.1	%		18,136		15,500		17.0	%		1,394		1,268		9.9	%
Charlotte, NC		5,867		25,704		23,837		7.8	%		7,664		7,629		0.5	%		18,040		16,208		11.3	%		1,365		1,249		9.3	%
Orlando, FL		5,274		27,000		24,383		10.7	%		9,102		9,000		1.1	%		17,898		15,383		16.3	%		1,594		1,452		9.8	%
Washington, DC		4,080		23,822		23,214		2.6	%		7,262		7,008		3.6	%		16,560		16,206		2.2	%		1,877		1,792		4.7	%
Raleigh/Durham, NC		5,350		22,248		20,837		6.8	%		7,096		6,882		3.1	%		15,152		13,955		8.6	%		1,292		1,177		9.8	%
Nashville, TN		4,375		20,125		18,374		9.5	%		6,690		6,704		(0.2	)%		13,435		11,670		15.1	%		1,436		1,309		9.7	%
Fort Worth, TX		4,249		18,555		16,954		9.4	%		7,642		7,082		7.9	%		10,913		9,872		10.5	%		1,308		1,189		10.0	%
Houston, TX		4,867		19,825		18,619		6.5	%		9,537		8,640		10.4	%		10,288		9,979		3.1	%		1,266		1,208		4.8	%
Jacksonville, FL		3,496		14,681		12,919		13.6	%		4,760		4,334		9.8	%		9,921		8,585		15.6	%		1,325		1,168		13.5	%
Phoenix, AZ		2,623		12,753		11,185		14.0	%		3,146		3,062		2.7	%		9,607		8,123		18.3	%		1,511		1,311		15.3	%
Charleston, SC		3,168		14,380		12,950		11.0	%		4,999		4,598		8.7	%		9,381		8,352		12.3	%		1,410		1,261		11.8	%
Richmond, VA		2,004		8,828		8,293		6.5	%		2,791		2,667		4.6	%		6,037		5,626		7.3	%		1,373		1,245		10.3	%
Savannah, GA		1,837		8,165		6,979		17.0	%		2,839		2,530		12.2	%		5,326		4,449		19.7	%		1,337		1,156		15.6	%
Greenville, SC		2,084		7,384		6,774		9.0	%		2,670		2,380		12.2	%		4,714		4,394		7.3	%		1,058		952		11.2	%
Memphis, TN		1,811		7,114		6,343		12.2	%		2,496		2,438		2.4	%		4,618		3,905		18.3	%		1,221		1,059		15.3	%
Birmingham, AL		1,462		5,917		5,501		7.6	%		2,351		2,072		13.5	%		3,566		3,429		4.0	%		1,209		1,096		10.3	%
San Antonio, TX		1,504		5,874		5,460		7.6	%		2,461		2,513		(2.1	)%		3,413		2,947		15.8	%		1,205		1,123		7.3	%
Kansas City, MO-KS		1,110		4,837		4,559		6.1	%		1,640		1,677		(2.2	)%		3,197		2,882		10.9	%		1,372		1,295		5.9	%
Huntsville, AL		1,228		4,794		4,383		9.4	%		1,601		1,494		7.2	%		3,193		2,889		10.5	%		1,159		1,035		12.0	%
Other		7,076		30,043		26,926		11.6	%		10,225		9,377		9.0	%		19,818		17,549		12.9	%		1,318		1,179		11.8	%
Total Same Store		97,003	$	444,386	$	406,600		9.3	%	$	159,272	$	152,262		4.6	%	$	285,114	$	254,338		12.1	%	$	1,429	$	1,298		10.1	%

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		Q4 2021		Q3 2021		% Chg			Q4 2021		Q3 2021		% Chg			Q4 2021		Q3 2021		% Chg			Q4 2021		Q3 2021		% Chg
Atlanta, GA		11,434	$	57,929	$	56,688		2.2	%	$	20,417	$	21,799		(6.3	)%	$	37,512	$	34,889		7.5	%	$	1,611	$	1,553		3.7	%
Dallas, TX		9,767		43,479		42,357		2.6	%		18,751		18,985		(1.2	)%		24,728		23,372		5.8	%		1,403		1,352		3.8	%
Tampa, FL		5,220		28,886		27,887		3.6	%		9,225		9,841		(6.3	)%		19,661		18,046		8.9	%		1,730		1,651		4.8	%
Austin, TX		7,117		32,043		31,328		2.3	%		13,907		14,207		(2.1	)%		18,136		17,121		5.9	%		1,394		1,351		3.1	%
Charlotte, NC		5,867		25,704		25,338		1.4	%		7,664		7,878		(2.7	)%		18,040		17,460		3.3	%		1,365		1,325		3.0	%
Orlando, FL		5,274		27,000		25,969		4.0	%		9,102		9,136		(0.4	)%		17,898		16,833		6.3	%		1,594		1,530		4.2	%
Washington, DC		4,080		23,822		23,514		1.3	%		7,262		7,680		(5.4	)%		16,560		15,834		4.6	%		1,877		1,830		2.6	%
Raleigh/Durham, NC		5,350		22,248		21,894		1.6	%		7,096		7,540		(5.9	)%		15,152		14,354		5.6	%		1,292		1,253		3.1	%
Nashville, TN		4,375		20,125		19,729		2.0	%		6,690		7,280		(8.1	)%		13,435		12,449		7.9	%		1,436		1,391		3.3	%
Fort Worth, TX		4,249		18,555		18,138		2.3	%		7,642		7,591		0.7	%		10,913		10,547		3.5	%		1,308		1,265		3.4	%
Houston, TX		4,867		19,825		19,428		2.0	%		9,537		8,356		14.1	%		10,288		11,072		(7.1	)%		1,266		1,236		2.5	%
Jacksonville, FL		3,496		14,681		14,161		3.7	%		4,760		4,971		(4.2	)%		9,921		9,190		8.0	%		1,325		1,262		5.0	%
Phoenix, AZ		2,623		12,753		12,222		4.3	%		3,146		3,470		(9.3	)%		9,607		8,752		9.8	%		1,511		1,437		5.2	%
Charleston, SC		3,168		14,380		14,113		1.9	%		4,999		5,364		(6.8	)%		9,381		8,749		7.2	%		1,410		1,361		3.6	%
Richmond, VA		2,004		8,828		8,685		1.6	%		2,791		2,955		(5.5	)%		6,037		5,730		5.4	%		1,373		1,314		4.6	%
Savannah, GA		1,837		8,165		7,876		3.7	%		2,839		2,980		(4.7	)%		5,326		4,896		8.8	%		1,337		1,284		4.1	%
Greenville, SC		2,084		7,384		7,224		2.2	%		2,670		2,783		(4.1	)%		4,714		4,441		6.1	%		1,058		1,015		4.3	%
Memphis, TN		1,811		7,114		6,901		3.1	%		2,496		2,682		(6.9	)%		4,618		4,219		9.5	%		1,221		1,171		4.3	%
Birmingham, AL		1,462		5,917		5,874		0.7	%		2,351		2,264		3.8	%		3,566		3,610		(1.2	)%		1,209		1,183		2.2	%
San Antonio, TX		1,504		5,874		5,775		1.7	%		2,461		2,718		(9.5	)%		3,413		3,057		11.6	%		1,205		1,186		1.6	%
Kansas City, MO-KS		1,110		4,837		4,769		1.4	%		1,640		1,811		(9.4	)%		3,197		2,958		8.1	%		1,372		1,343		2.1	%
Huntsville, AL		1,228		4,794		4,718		1.6	%		1,601		1,585		1.0	%		3,193		3,133		1.9	%		1,159		1,132		2.3	%
Other		7,076		30,043		29,408		2.2	%		10,225		10,727		(4.7	)%		19,818		18,681		6.1	%		1,318		1,273		3.5	%
Total Same Store		97,003	$	444,386	$	433,996		2.4	%	$	159,272	$	164,603		(3.2	)%	$	285,114	$	269,393		5.8	%	$	1,429	$	1,379		3.6	%

Supplemental Data S-6

MULTIFAMILY SAME STORE PORTFOLIO FULL YEAR COMPARISONS AS OF DECEMBER 31, 2021 AND 2020

Dollars in thousands, except unit and per unit data


			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q4 2021		Q4 2020		% Chg			Q4 2021		Q4 2020		% Chg			Q4 2021		Q4 2020		% Chg			Q4 2021		Q4 2020		% Chg
Atlanta, GA		11,434	$	222,004	$	211,762		4.8	%	$	82,665	$	79,404		4.1	%	$	139,339	$	132,358		5.3	%	$	1,536	$	1,464		4.9	%
Dallas, TX		9,767		166,499		160,333		3.8	%		74,308		71,475		4.0	%		92,191		88,858		3.8	%		1,340		1,297		3.3	%
Tampa, FL		5,220		109,245		99,982		9.3	%		37,372		35,307		5.8	%		71,873		64,675		11.1	%		1,624		1,500		8.3	%
Charlotte, NC		5,867		99,145		95,542		3.8	%		30,733		29,924		2.7	%		68,412		65,618		4.3	%		1,307		1,256		4.1	%
Austin, TX		7,117		122,027		117,605		3.8	%		56,034		54,119		3.5	%		65,993		63,486		3.9	%		1,330		1,272		4.6	%
Orlando, FL		5,274		102,651		97,219		5.6	%		37,015		36,651		1.0	%		65,636		60,568		8.4	%		1,515		1,461		3.7	%
Washington, DC		4,080		93,573		92,887		0.7	%		29,444		28,433		3.6	%		64,129		64,454		(0.5	)%		1,826		1,802		1.3	%
Raleigh/Durham, NC		5,350		86,043		82,716		4.0	%		28,685		27,555		4.1	%		57,358		55,161		4.0	%		1,234		1,168		5.6	%
Nashville, TN		4,375		77,087		73,133		5.4	%		27,674		26,682		3.7	%		49,413		46,451		6.4	%		1,371		1,309		4.7	%
Houston, TX		4,867		76,760		74,830		2.6	%		35,193		33,651		4.6	%		41,567		41,179		0.9	%		1,231		1,217		1.1	%
Fort Worth, TX		4,249		71,254		67,223		6.0	%		30,060		28,426		5.7	%		41,194		38,797		6.2	%		1,249		1,181		5.8	%
Jacksonville, FL		3,496		55,456		50,932		8.9	%		19,048		17,729		7.4	%		36,408		33,203		9.7	%		1,245		1,156		7.7	%
Charleston, SC		3,168		55,019		51,007		7.9	%		20,012		19,266		3.9	%		35,007		31,741		10.3	%		1,337		1,244		7.5	%
Phoenix, AZ		2,623		47,864		43,821		9.2	%		12,964		12,359		4.9	%		34,900		31,462		10.9	%		1,412		1,292		9.3	%
Richmond, VA		2,004		34,281		32,312		6.1	%		11,271		10,717		5.2	%		23,010		21,595		6.6	%		1,308		1,228		6.5	%
Savannah, GA		1,837		30,668		27,543		11.3	%		11,439		10,076		13.5	%		19,229		17,467		10.1	%		1,253		1,146		9.3	%
Greenville, SC		2,084		28,467		26,461		7.6	%		10,852		10,358		4.8	%		17,615		16,103		9.4	%		1,003		942		6.5	%
Memphis, TN		1,811		27,145		24,556		10.5	%		10,263		9,722		5.6	%		16,882		14,834		13.8	%		1,146		1,039		10.3	%
Birmingham, AL		1,462		22,930		21,529		6.5	%		9,008		8,394		7.3	%		13,922		13,135		6.0	%		1,161		1,080		7.5	%
San Antonio, TX		1,504		22,673		21,931		3.4	%		10,213		9,980		2.3	%		12,460		11,951		4.3	%		1,167		1,119		4.2	%
Huntsville, AL		1,228		18,528		16,699		11.0	%		6,080		5,678		7.1	%		12,448		11,021		12.9	%		1,109		999		11.0	%
Kansas City, MO-KS		1,110		18,716		18,151		3.1	%		6,875		6,746		1.9	%		11,841		11,405		3.8	%		1,330		1,289		3.1	%
Other		7,076		114,706		105,195		9.0	%		41,225		38,798		6.3	%		73,481		66,397		10.7	%		1,250		1,165		7.3	%
Total Same Store		97,003	$	1,702,741	$	1,613,369		5.5	%	$	638,433	$	611,450		4.4	%	$	1,064,308	$	1,001,919		6.2	%	$	1,362	$	1,295		5.2	%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands


		Units as of
		December 31, 2021							Projected			Development Costs
									Initial
								Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total		Delivered		Leased		Date	Date	Date	Date (1)	Cost		FYE 2021		After
MAA Westglenn	Denver, CO		306		194		179	3Q19	2Q21	1Q22	4Q22	$	84,500	$	80,727	$	3,773
MAA Park Point	Houston, TX		308		222		138	4Q19	2Q21	1Q22	1Q23		57,000		52,466		4,534
MAA Windmill Hill	Austin, TX		350	—		—		4Q20	1Q22	4Q22	4Q23		63,000		39,761		23,239
Novel Val Vista (2)	Phoenix, AZ		317	—		—		4Q20	4Q22	2Q23	2Q24		72,500		36,536		35,964
Novel West Midtown (2)	Atlanta, GA		340	—		—		2Q21	4Q22	3Q23	3Q24		89,500		30,262		59,238
Novel Daybreak (2)	Salt Lake City, UT		400	—		—		2Q21	4Q22	3Q23	4Q24		94,000		33,917		60,083
Total Active			2,021		416		317					$	460,500	$	273,669	$	186,831

(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 LEASE-UP COMMUNITIES

Dollars in thousands


		As of December 31, 2021
	Location	Total Units		Percent Occupied	Construction Finished	Expected Stabilization (1)	Total Cost
Novel Midtown (2)	Phoenix, AZ	345		89.6%	2Q21	1Q22	$	82,919
Sand Lake (3)	Orlando, FL	264		61.7%	4Q21	3Q22		63,313
MAA Robinson	Orlando, FL	369		52.3%	4Q21	1Q23		96,121
Total			978	68.0%			$	242,353

(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.

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

MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data


		Year ended December 31, 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
	6,360	$	37,479	$	5,893	$	149	12.2%	12,000 - 16,000

2021 ACQUISITION ACTIVITY


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

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


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

2021 DISPOSITION ACTIVITY


Multifamily Dispositions	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
MAA Timbercrest	Charlotte, NC	282	November 2021
Colonial Village at Greentree	Savannah, GA	194	November 2021
Colonial Village at Marsh Cove	Savannah, GA	188	November 2021

Supplemental Data S-8

2021 DISPOSITION ACTIVITY (CONTINUED)


Land Dispositions	Market	Acreage	Closing Date
Tutwiler	Birmingham, AL	9	September 2021
Colonial Promenade	Huntsville, AL	1	September 2021
Colonial Grand at Sweetwater	Phoenix, AZ	5	October 2021
Colonial Grand at Traditions	Gulf Shores, AL	118	December 2021
Colonial Grand at Thunderbird	Phoenix, AZ	9	December 2021

INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES AS OF DECEMBER 31, 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 December 31, 2021
Joint Venture Property	Gross Investment in Real Estate			Mortgage Notes Payable			Company’s Equity Investment
Post Massachusetts Avenue	$	80,108	(1)	$	51,807	(2)	$	42,827


	Three months ended December 31, 2021				Year ended December 31, 2021
Joint Venture Property	Entity NOI		Company’s Equity in Income		Entity NOI		Company’s Equity in Income
Post Massachusetts Avenue	$	1,730	$	296	$	6,715	$	1,211

(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 DECEMBER 31, 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	$	4,516,690		100.0	%		3.4	%		8.7
Floating rate debt		—		0.0	%		0.0	%		—
Total	$	4,516,690		100.0	%		3.4	%		8.7

Unsecured Versus Secured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	4,151,375		91.9	%		3.3	%		7.1
Secured debt		365,315		8.1	%		4.4	%		26.8
Total	$	4,516,690		100.0	%		3.4	%		8.7

Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q4 2021 NOI			Percent of Total
Unencumbered gross assets	$	14,268,531		94.3	%		282,229			95.2	%
Encumbered gross assets		864,812		5.7	%		14,248			4.8	%
Total	$	15,133,343		100.0	%		296,477			100.0	%

Supplemental Data S-9

DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2021 (CONTINUED)

Dollars in thousands

FIXED INTEREST RATE MATURITIES


Maturity	Fixed Rate Debt		Effective Interest Rate
2022	$	124,827		3.3	%
2023		348,834		4.2	%
2024		398,024		4.0	%
2025		402,424		4.2	%
2026		296,430		1.2	%
2027		595,762		3.7	%
2028		396,087		4.2	%
2029		560,415		3.7	%
2030		297,196		3.1	%
2031		444,323		1.8	%
Thereafter		652,368		3.8	%
Total	$	4,516,690		3.4	%

DEBT MATURITIES OF OUTSTANDING BALANCES


	Commercial Paper & Revolving Credit Facility ⁽¹⁾ ⁽²⁾		Public Bonds		Secured		Total
2022	$	—	$	124,827	$	—	$	124,827
2023		—		348,834		—		348,834
2024		—		398,024		—		398,024
2025		—		396,999		5,425		402,424
2026		—		296,430		—		296,430
2027		—		595,762		—		595,762
2028		—		396,087		—		396,087
2029		—		560,415		—		560,415
2030		—		297,196		—		297,196
2031		—		444,323		—		444,323
Thereafter		—		292,478		359,890		652,368
Total	$	—	$	4,151,375	$	365,315	$	4,516,690

(1)

There were no borrowings outstanding under MAALP’s unsecured commercial paper program as of December 31, 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 December 31, 2021, average daily borrowings outstanding under the commercial paper program were $13.5 million.

(2)

There were no borrowings outstanding under MAALP’s $1.0 billion unsecured revolving credit facility as of December 31, 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	29.8%	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	6.1x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	338.5%	Yes

Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	24.4%	Yes
Total secured debt to total capitalized asset value	40% or Less	2.1%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	6.2x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	23.4%	Yes

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

Supplemental Data S-10

2022 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 2022
Earnings:
Earnings per common share - diluted		$4.87 to $5.23
Midpoint		$5.05
Core FFO per Share - diluted		$7.74 to $8.10
Midpoint		$7.92
Core AFFO per Share - diluted		$6.95 to $7.31
Midpoint		$7.13

MAA Same Store Portfolio:
Number of units		96,313
Average physical occupancy		95.6% to 96.0%
Property revenue growth		8.0% to 10.0%
Effective rent growth		9.0% to 11.0%
Property operating expense growth		5.0% to 6.0%
NOI growth		10.0% to 12.0%
Real estate tax expense growth		4.0% to 5.0%

Corporate Expenses:
General and administrative expenses		$54.0 to $56.0 million
Property management expenses		$62.0 to $64.0 million
Total overhead		$116.0 to $120.0 million

Transaction/Investment Volume:
Multifamily acquisition volume		$75.0 to $125.0 million
Multifamily disposition volume		$300.0 to $350.0 million
Development investment		$200.0 to $300.0 million

Debt:
Average effective interest rate		3.4% to 3.6%
Capitalized interest		$7.5 to $8.5 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 2022 GUIDANCE


	Full Year 2022 Guidance Range
	Low			High
Earnings per common share - diluted	$	4.87		$	5.23
Real estate depreciation and amortization		4.48			4.48
Gains on sale of depreciable assets		(1.64	)		(1.64	)
FFO per Share - diluted		7.71			8.07
Non-Core FFO items (1)		0.03			0.03
Core FFO per Share - diluted		7.74			8.10
Recurring capital expenditures		(0.79	)		(0.79	)
Core AFFO per Share - diluted	$	6.95		$	7.31

(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, 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)	F2	BBB+	Positive
Moody’s Investors Service (2)	P-2	Baa1	Stable
Standard & Poor’s Ratings Services (1)	A-2	BBB+	Positive

(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:

Q1 2022

Q2 2022

Q3 2022

Q4 2022

Earnings release & conference call

Late
April

Late
July

Late
October

Early
February

Dividend Information - Common Shares:

Q4 2020

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Declaration date

12/8/2020

3/23/2021

5/18/2021

9/28/2021

12/7/2021

Record date

1/15/2021

4/15/2021

7/15/2021

10/15/2021

1/14/2022

Payment date

1/29/2021

4/30/2021

7/30/2021

10/29/2021

1/31/2022

Distributions per share

1.0250

1.0875

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