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 MARCH 31, 2022 (1)

In apartment units


	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		6,829		288		—		7,117		46		7,163
Charlotte, NC		5,867		—		—		5,867		—		5,867
Orlando, FL		5,274		—		633		5,907		—		5,907
Washington, DC		3,684		396		—		4,080		—		4,080
Raleigh/Durham, NC		5,350		—		—		5,350		—		5,350
Nashville, TN		4,375		—		—		4,375		—		4,375
Fort Worth, TX		3,519		898		—		4,417		—		4,417
Houston, TX		4,867		—		308		5,175		—		5,175
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		2,355		—		—		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
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		6,717		96		—		6,813		—		6,813
Total Multifamily Units		96,313		2,371		1,247		99,931		46		99,977

(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 March 31, 2022								Average Effective		As of March 31, 2022
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended March 31, 2022		Completed Units		Total Units, Including Development
Atlanta, GA	$	2,035,257		14.1	%		95.3	%	$	1,647		11,434
Dallas, TX		1,512,976		10.5	%		95.0	%		1,448		10,115
Washington, DC		982,540		6.8	%		95.9	%		1,887		4,080
Charlotte, NC		965,169		6.7	%		95.4	%		1,397		5,867
Tampa, FL		897,730		6.2	%		96.2	%		1,798		5,220
Austin, TX		875,601		6.1	%		94.8	%		1,439		7,117
Orlando, FL		843,259		5.8	%		96.9	%		1,651		5,274
Raleigh/Durham, NC		709,277		4.9	%		95.5	%		1,326		5,350
Houston, TX		618,151		4.3	%		95.3	%		1,285		4,867
Nashville, TN		541,752		3.8	%		95.8	%		1,472		4,375
Phoenix, AZ		466,922		3.2	%		95.9	%		1,577		2,968
Fort Worth, TX		431,801		3.0	%		95.9	%		1,348		4,417
Charleston, SC		411,852		2.9	%		96.1	%		1,453		3,168
Jacksonville, FL		295,372		2.0	%		96.6	%		1,369		3,496
Richmond, VA		270,794		1.9	%		95.8	%		1,404		2,004
Greenville, SC		230,217		1.6	%		95.6	%		1,155		2,355
Savannah, GA		218,750		1.5	%		96.7	%		1,382		1,837
Denver, CO		212,123		1.5	%		94.7	%		1,776		812
Kansas City, MO-KS		187,980		1.3	%		95.0	%		1,386		1,110
San Antonio, TX		165,161		1.1	%		95.2	%		1,237		1,504
Birmingham, AL		162,980		1.1	%		96.1	%		1,234		1,462
All Other Markets by State (individual markets <1% gross real assets)
Tennessee		188,402		1.3	%		96.0	%		1,197		2,754
Florida		179,781		1.2	%		96.7	%		1,565		1,806
Alabama		164,063		1.1	%		96.2	%		1,239		1,648
Virginia		155,180		1.1	%		97.4	%		1,572		1,039
Kentucky		95,081		0.7	%		96.4	%		1,033		1,308
Nevada		72,298		0.5	%		95.4	%		1,441		721
South Carolina		36,968		0.3	%		93.2	%		1,060		576
Stabilized Communities	$	13,927,437		96.6	%		95.7	%	$	1,470		98,684
Orlando, FL		160,803		1.1	%		70.6	%		2,164		633		633
Denver, CO		98,006		0.7	%		70.6	%		1,842		306		658
Houston, TX		54,368		0.4	%		48.4	%		1,562		308		308
Austin, TX		48,371		0.3	%		5.1	%		1,535		46		350
Phoenix, AZ		44,510		0.3	%		—			—		—		317
Salt Lake City, UT		44,101		0.3	%		—			—		—		400
Atlanta, GA		38,997		0.3	%		—			—		—		340
Lease-up / Development Communities	$	489,156		3.4	%		52.0	%	$	1,922		1,293		3,006
Total Multifamily Communities	$	14,416,593		100.0	%		95.0	%	$	1,476		99,977		101,690

(1)

Schedule excludes MAA's 35% ownership in a 269 unit joint venture property in Washington, D.C. As of March 31, 2022, the gross investment in real estate for this community is $80.2 million and includes a mortgage note payable of $51.8 million. For the three months ended March 31, 2022, this apartment community achieved NOI of $1.9 million.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands


	As of March 31, 2022				Three Months Ended
	Apartment Units		Gross Real Assets		March 31, 2022		March 31, 2021			Percent Change
Operating Revenues
Same Store Communities		96,313	$	13,569,996	$	454,477	$	405,146			12.2	%
Non-Same Store Communities		2,371		357,441		11,172		14,031
Lease-up/Development Communities		1,293		489,156		4,412		1
Total Multifamily Portfolio		99,977	$	14,416,593	$	470,061	$	419,178
Commercial Property/Land		—		291,398		6,017		5,827
Total Operating Revenues		99,977	$	14,707,991	$	476,078	$	425,005

Property Operating Expenses
Same Store Communities					$	159,835	$	153,206			4.3	%
Non-Same Store Communities						4,450		6,454
Lease-up/Development Communities						2,610		273
Total Multifamily Portfolio					$	166,895	$	159,933
Commercial Property/Land						2,525		2,535
Total Property Operating Expenses					$	169,420	$	162,468

Net Operating Income
Same Store Communities					$	294,642	$	251,940			16.9	%
Non-Same Store Communities						6,722		7,577
Lease-up/Development Communities						1,802		(272	)
Total Multifamily Portfolio					$	303,166	$	259,245
Commercial Property/Land						3,492		3,292
Total Net Operating Income					$	306,658	$	262,537			16.8	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands


	Three Months Ended
	March 31, 2022		March 31, 2021		Percent Change
Personnel	$	35,314	$	33,545		5.3	%
Building Repair and Maintenance		18,460		16,923		9.1	%
Utilities		29,467		28,561		3.2	%
Marketing		5,295		5,333		(0.7	)%
Office Operations		6,898		5,562		24.0	%
Property Taxes		58,182		57,820		0.6	%
Insurance		6,219		5,462		13.9	%
Total Property Operating Expenses	$	159,835	$	153,206		4.3	%

Supplemental Data S-3

MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE


						Average Physical Occupancy
			Percent of			Three Months Ended
	Apartment Units		Same Store NOI			March 31, 2022			March 31, 2021
Atlanta, GA		11,434		13.1	%		95.8	%		94.8	%
Dallas, TX		9,767		8.9	%		95.6	%		95.2	%
Tampa, FL		5,220		6.7	%		96.6	%		97.0	%
Austin, TX		6,829		6.5	%		95.2	%		95.3	%
Charlotte, NC		5,867		6.4	%		95.7	%		96.0	%
Orlando, FL		5,274		6.2	%		96.4	%		95.4	%
Raleigh/Durham, NC		5,350		5.3	%		95.5	%		95.7	%
Washington, DC		3,684		5.1	%		95.8	%		96.2	%
Nashville, TN		4,375		4.6	%		95.6	%		94.6	%
Houston, TX		4,867		4.0	%		95.7	%		93.9	%
Jacksonville, FL		3,496		3.5	%		96.9	%		97.5	%
Fort Worth, TX		3,519		3.5	%		95.8	%		95.8	%
Charleston, SC		3,168		3.4	%		96.0	%		95.8	%
Phoenix, AZ		2,623		3.3	%		96.4	%		96.9	%
Richmond, VA		2,004		2.0	%		96.3	%		96.9	%
Greenville, SC		2,355		2.0	%		95.9	%		95.9	%
Savannah, GA		1,837		1.9	%		96.9	%		97.1	%
Memphis, TN		1,811		1.6	%		95.7	%		97.6	%
Birmingham, AL		1,462		1.2	%		95.4	%		96.6	%
San Antonio, TX		1,504		1.2	%		95.2	%		94.9	%
Denver, CO		812		1.1	%		96.4	%		93.6	%
Huntsville, AL		1,228		1.1	%		96.1	%		96.8	%
Kansas City, MO-KS		1,110		1.1	%		95.7	%		93.9	%
Other		6,717		6.3	%		96.3	%		96.4	%
Total Same Store		96,313		100.0	%		95.9	%		95.7	%

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		Q1 2022		Q1 2021		% Chg			Q1 2022		Q1 2021		% Chg			Q1 2022		Q1 2021		% Chg			Q1 2022		Q1 2021		% Chg
Atlanta, GA		11,434	$	59,597	$	53,106		12.2	%	$	21,046	$	19,807		6.3	%	$	38,551	$	33,299		15.8	%	$	1,647	$	1,473		11.8	%
Dallas, TX		9,767		44,760		39,920		12.1	%		18,579		18,140		2.4	%		26,181		21,780		20.2	%		1,439		1,292		11.4	%
Tampa, FL		5,220		29,930		25,872		15.7	%		10,055		9,115		10.3	%		19,875		16,757		18.6	%		1,798		1,534		17.2	%
Austin, TX		6,829		31,781		27,977		13.6	%		12,627		13,042		(3.2	)%		19,154		14,935		28.2	%		1,450		1,280		13.2	%
Charlotte, NC		5,867		26,480		23,770		11.4	%		7,692		7,304		5.3	%		18,788		16,466		14.1	%		1,397		1,254		11.3	%
Orlando, FL		5,274		27,890		24,598		13.4	%		9,638		9,193		4.8	%		18,252		15,405		18.5	%		1,651		1,454		13.6	%
Raleigh/Durham, NC		5,350		22,907		20,845		9.9	%		7,141		6,770		5.5	%		15,766		14,075		12.0	%		1,326		1,183		12.1	%
Washington, DC		3,684		21,971		20,916		5.0	%		6,869		6,580		4.4	%		15,102		14,336		5.3	%		1,895		1,791		5.8	%
Nashville, TN		4,375		20,580		18,302		12.4	%		6,985		6,697		4.3	%		13,595		11,605		17.1	%		1,472		1,313		12.1	%
Houston, TX		4,867		20,220		18,523		9.2	%		8,455		8,359		1.1	%		11,765		10,164		15.8	%		1,285		1,206		6.6	%
Jacksonville, FL		3,496		15,206		13,134		15.8	%		4,944		4,574		8.1	%		10,262		8,560		19.9	%		1,369		1,180		16.0	%
Fort Worth, TX		3,519		16,245		14,526		11.8	%		6,046		6,136		(1.5	)%		10,199		8,390		21.6	%		1,382		1,235		11.9	%
Charleston, SC		3,168		14,857		13,057		13.8	%		4,950		4,708		5.1	%		9,907		8,349		18.7	%		1,453		1,271		14.4	%
Phoenix, AZ		2,623		13,112		11,262		16.4	%		3,293		3,125		5.4	%		9,819		8,137		20.7	%		1,560		1,328		17.4	%
Richmond, VA		2,004		9,007		8,283		8.7	%		3,091		2,771		11.5	%		5,916		5,512		7.3	%		1,404		1,256		11.8	%
Greenville, SC		2,355		9,106		8,222		10.8	%		3,302		3,252		1.5	%		5,804		4,970		16.8	%		1,155		1,025		12.6	%
Savannah, GA		1,837		8,434		7,155		17.9	%		2,897		2,715		6.7	%		5,537		4,440		24.7	%		1,382		1,172		17.9	%
Memphis, TN		1,811		7,314		6,442		13.5	%		2,636		2,575		2.4	%		4,678		3,867		21.0	%		1,250		1,077		16.1	%
Birmingham, AL		1,462		6,010		5,528		8.7	%		2,338		2,163		8.1	%		3,672		3,365		9.1	%		1,234		1,109		11.3	%
San Antonio, TX		1,504		5,940		5,377		10.5	%		2,498		2,371		5.4	%		3,442		3,006		14.5	%		1,237		1,128		9.7	%
Denver, CO		812		4,660		4,168		11.8	%		1,338		1,295		3.3	%		3,322		2,873		15.6	%		1,776		1,625		9.3	%
Huntsville, AL		1,228		4,928		4,435		11.1	%		1,608		1,499		7.3	%		3,320		2,936		13.1	%		1,185		1,054		12.4	%
Kansas City, MO-KS		1,110		4,870		4,501		8.2	%		1,765		1,688		4.6	%		3,105		2,813		10.4	%		1,386		1,291		7.4	%
Other		6,717		28,672		25,227		13.7	%		10,042		9,327		7.7	%		18,630		15,900		17.2	%		1,324		1,160		14.1	%
Total Same Store		96,313	$	454,477	$	405,146		12.2	%	$	159,835	$	153,206		4.3	%	$	294,642	$	251,940		16.9	%	$	1,469	$	1,308		12.4	%

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		Q1 2022		Q4 2021		% Chg			Q1 2022		Q4 2021		% Chg			Q1 2022		Q4 2021		% Chg			Q1 2022		Q4 2021		% Chg
Atlanta, GA		11,434	$	59,597	$	57,929		2.9	%	$	21,046	$	20,417		3.1	%	$	38,551	$	37,512		2.8	%	$	1,647	$	1,611		2.3	%
Dallas, TX		9,767		44,760		43,479		2.9	%		18,579		18,750		(0.9	)%		26,181		24,729		5.9	%		1,439		1,403		2.6	%
Tampa, FL		5,220		29,930		28,886		3.6	%		10,055		9,226		9.0	%		19,875		19,660		1.1	%		1,798		1,730		3.9	%
Austin, TX		6,829		31,781		30,929		2.8	%		12,627		13,372		(5.6	)%		19,154		17,557		9.1	%		1,450		1,403		3.3	%
Charlotte, NC		5,867		26,480		25,704		3.0	%		7,692		7,664		0.4	%		18,788		18,040		4.1	%		1,397		1,365		2.3	%
Orlando, FL		5,274		27,890		27,000		3.3	%		9,638		9,103		5.9	%		18,252		17,897		2.0	%		1,651		1,594		3.6	%
Raleigh/Durham, NC		5,350		22,907		22,249		3.0	%		7,141		7,096		0.6	%		15,766		15,153		4.0	%		1,326		1,292		2.7	%
Washington, DC		3,684		21,971		21,807		0.8	%		6,869		6,507		5.6	%		15,102		15,300		(1.3	)%		1,895		1,883		0.6	%
Nashville, TN		4,375		20,580		20,124		2.3	%		6,985		6,689		4.4	%		13,595		13,435		1.2	%		1,472		1,436		2.5	%
Houston, TX		4,867		20,220		19,825		2.0	%		8,455		9,537		(11.3	)%		11,765		10,288		14.4	%		1,285		1,266		1.5	%
Jacksonville, FL		3,496		15,206		14,681		3.6	%		4,944		4,759		3.9	%		10,262		9,922		3.4	%		1,369		1,325		3.3	%
Fort Worth, TX		3,519		16,245		15,825		2.7	%		6,046		6,452		(6.3	)%		10,199		9,373		8.8	%		1,382		1,351		2.3	%
Charleston, SC		3,168		14,857		14,380		3.3	%		4,950		4,999		(1.0	)%		9,907		9,381		5.6	%		1,453		1,410		3.1	%
Phoenix, AZ		2,623		13,112		12,753		2.8	%		3,293		3,146		4.7	%		9,819		9,607		2.2	%		1,560		1,511		3.2	%
Richmond, VA		2,004		9,007		8,827		2.0	%		3,091		2,791		10.7	%		5,916		6,036		(2.0	)%		1,404		1,373		2.3	%
Greenville, SC		2,355		9,106		8,910		2.2	%		3,302		3,290		0.4	%		5,804		5,620		3.3	%		1,155		1,134		1.8	%
Savannah, GA		1,837		8,434		8,165		3.3	%		2,897		2,839		2.0	%		5,537		5,326		4.0	%		1,382		1,337		3.4	%
Memphis, TN		1,811		7,314		7,113		2.8	%		2,636		2,496		5.6	%		4,678		4,617		1.3	%		1,250		1,221		2.4	%
Birmingham, AL		1,462		6,010		5,918		1.6	%		2,338		2,351		(0.6	)%		3,672		3,567		2.9	%		1,234		1,209		2.1	%
San Antonio, TX		1,504		5,940		5,875		1.1	%		2,498		2,461		1.5	%		3,442		3,414		0.8	%		1,237		1,205		2.7	%
Denver, CO		812		4,660		4,484		3.9	%		1,338		1,268		5.5	%		3,322		3,216		3.3	%		1,776		1,752		1.4	%
Huntsville, AL		1,228		4,928		4,795		2.8	%		1,608		1,602		0.4	%		3,320		3,193		4.0	%		1,185		1,159		2.3	%
Kansas City, MO-KS		1,110		4,870		4,837		0.7	%		1,765		1,639		7.7	%		3,105		3,198		(2.9	)%		1,386		1,372		1.0	%
Other		6,717		28,672		27,984		2.5	%		10,042		9,600		4.6	%		18,630		18,384		1.3	%		1,324		1,291		2.6	%
Total Same Store		96,313	$	454,477	$	442,479		2.7	%	$	159,835	$	158,054		1.1	%	$	294,642	$	284,425		3.6	%	$	1,469	$	1,433		2.6	%

Supplemental Data S-6

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands


		Units as of										Development Costs as of
		March 31, 2022							Expected			March 31, 2022
								Start	Initial			Expected		Spend		Expected
	Location	Total		Delivered		Leased		Date	Occupancy	Completion	Stabilization (1)	Total		to Date		Remaining
MAA Windmill Hill	Austin, TX		350		46		29	4Q20	1Q22	4Q22	4Q23	$	63,000	$	48,371	$	14,629
Novel Val Vista (2)	Phoenix, AZ		317	—		—		4Q20	4Q22	2Q23	2Q24		72,500		44,510		27,990
Novel West Midtown (2)	Atlanta, GA		340	—		—		2Q21	4Q22	3Q23	3Q24		89,500		38,997		50,503
Novel Daybreak (2)	Salt Lake City, UT		400	—		—		2Q21	4Q22	3Q23	4Q24		94,000		44,101		49,899
MAA Central Park I	Denver, CO		352	—		—		1Q22	4Q23	3Q24	3Q25		125,000		16,796		108,204
Total Active			1,759		46		29					$	444,000	$	192,775	$	251,225

(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 March 31, 2022
	Location	Total Units		Physical Occupancy	Spend to Date		Construction Finished	Expected Stabilization (1)
Sand Lake (2)	Orlando, FL	264		79.5%	$	63,558	4Q21	3Q22
MAA Westglenn	Denver, CO	306		70.6%		81,210	1Q22	4Q22
MAA Robinson	Orlando, FL	369		64.2%		97,245	4Q21	1Q23
MAA Park Point	Houston, TX	308		48.4%		54,345	1Q22	1Q23
Total			1,247	65.1%	$	296,358

(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.

MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data


		Three months ended March 31, 2022
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
	1,098	$	6,202	$	5,648	$	140	11.0%	11,000 - 15,000

2022 ACQUISITION ACTIVITY (THROUGH MARCH 31, 2022)


Land Acquisition	Market	Acreage	Closing Date
MAA Florida Street Station	Denver, CO	4	March 2022

Supplemental Data S-7

DEBT AND DEBT COVENANTS AS OF MARCH 31, 2022

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	$	4,517,505		99.6	%		3.4	%		8.5
Floating rate debt		20,000		0.4	%		0.6	%		0.1
Total	$	4,537,505		100.0	%		3.4	%		8.4

Unsecured Versus Secured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	4,172,513		92.0	%		3.3	%		6.9
Secured debt		364,992		8.0	%		4.4	%		26.5
Total	$	4,537,505		100.0	%		3.4	%		8.4

Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q1 2022 NOI			Percent of Total
Unencumbered gross assets	$	14,275,149		94.0	%	$	291,964			95.2	%
Encumbered gross assets		905,704		6.0	%		14,694			4.8	%
Total	$	15,180,853		100.0	%	$	306,658			100.0	%

FIXED INTEREST RATE MATURITIES


Maturity	Fixed Rate Debt		Effective Interest Rate
2022	$	124,874		3.3	%
2023		349,003		4.2	%
2024		398,229		4.0	%
2025		402,264		4.2	%
2026		296,623		1.2	%
2027		595,958		3.7	%
2028		396,239		4.2	%
2029		560,082		3.7	%
2030		297,282		3.1	%
2031		444,489		1.8	%
Thereafter		652,462		3.8	%
Total	$	4,517,505		3.4	%

DEBT MATURITIES OF OUTSTANDING BALANCES


	Commercial Paper & Revolving Credit Facility ⁽¹⁾ ⁽²⁾		Public Bonds		Secured		Total
2022	$	20,000	$	124,874	$	—	$	144,874
2023		—		349,003		—		349,003
2024		—		398,229		—		398,229
2025		—		397,193		5,071		402,264
2026		—		296,623		—		296,623
2027		—		595,958		—		595,958
2028		—		396,239		—		396,239
2029		—		560,082		—		560,082
2030		—		297,282		—		297,282
2031		—		444,489		—		444,489
Thereafter		—		292,541		359,921		652,462
Total	$	20,000	$	4,152,513	$	364,992	$	4,537,505

(1)

The $20.0 million maturing in 2022 reflects the principal outstanding under MAALP’s unsecured commercial paper program as of March 31, 2022. 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 March 31, 2022, average daily borrowings outstanding under the commercial paper program were $13.8 million.

(2)

There were no borrowings outstanding under MAALP’s $1.0 billion unsecured revolving credit facility as of March 31, 2022. The unsecured revolving credit facility has a maturity date of May 2023 with two six-month extensions.

Supplemental Data S-8

DEBT AND DEBT COVENANTS AS OF MARCH 31, 2022 (CONTINUED)

Dollars in thousands

DEBT COVENANT ANALYSIS (1)


Bond Covenants	Required	Actual	Compliance
Total debt to adjusted total assets	60% or less	29.9%	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	6.3x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	339.2%	Yes

Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	23.6%	Yes
Total secured debt to total capitalized asset value	40% or Less	2.0%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	6.4x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	22.7%	Yes

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

Supplemental Data S-9

2022 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 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.


	Revised Range	Revised Midpoint
Earnings:
Earnings per common share - diluted	$5.96 to $6.28	$6.12
Core FFO per Share - diluted	$7.92 to $8.24	$8.08
Core AFFO per Share - diluted	$7.14 to $7.46	$7.30

MAA Same Store Portfolio:
Number of units		96,313
Average physical occupancy	95.6% to 96.0%	95.8%
Property revenue growth	10.0% to 12.0%	11.0%
Effective rent growth	11.0% to 13.0%	12.0%
Property operating expense growth	5.5% to 6.5%	6.0%
NOI growth	12.5% to 14.5%	13.5%
Real estate tax expense growth	4.0% to 5.0%	4.5%

Corporate Expenses: ($ in millions)
General and administrative expenses	$60.5 to $62.5	$61.5
Property management expenses	$62.0 to $64.0	$63.0
Total overhead	$122.5 to $126.5	$124.5

Transaction/Investment Volume: ($ in millions)
Development investment	$200.0 to $300.0	$250.0
Multifamily acquisition volume	$75.0 to $125.0	$100.0
Multifamily disposition volume	$325.0 to $375.0	$350.0

Debt:
Average effective interest rate	3.4% to 3.6%	3.5%
Capitalized interest ($ in millions)	$7.5 to $8.5	$8.0

Diluted FFO Shares Outstanding:
Diluted common shares and units	118.5 to 119.0 million	118.75 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	$	5.96		$	6.28
Real estate depreciation and amortization		4.57			4.57
Gains on sale of depreciable assets		(2.53	)		(2.53	)
FFO per Share - diluted		8.00			8.32
Non-Core FFO items (1)		(0.08	)		(0.08	)
Core FFO per Share - diluted		7.92			8.24
Recurring capital expenditures		(0.78	)		(0.78	)
Core AFFO per Share - diluted	$	7.14		$	7.46

(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 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-10

CREDIT RATINGS


	Commercial	Long-Term
	Paper Rating	Debt Rating	Outlook
Fitch Ratings (1)	F2	BBB+	Positive
Moody’s Investors Service (2)	P-2	Baa1	Positive
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:

Q2 2022

Q3 2022

Q4 2022

Q1 2023

Earnings release & conference call

Late
July

Late
October

Early
February

Late
April

Dividend Information - Common Shares:

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Declaration date

3/23/2021

5/18/2021

9/28/2021

12/7/2021

3/22/2022

Record date

4/15/2021

7/15/2021

10/15/2021

1/14/2022

4/14/2022

Payment date

4/30/2021

7/30/2021

10/29/2021

1/31/2022

4/29/2022

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-11