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, 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		196		—		5,416		—		5,416
Orlando, FL		5,274		633		—		5,907		—		5,907
Charlotte, NC		5,867		—		344		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
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
Fort Worth, TX		3,519		168		—		3,687		—		3,687
Northern Virginia		1,888		—		—		1,888		—		1,888
Richmond, VA		2,004		—		—		2,004		—		2,004
Savannah, GA		1,837		—		—		1,837		—		1,837
Fredericksburg, VA		1,435		—		—		1,435		—		1,435
Greenville, SC		2,355		—		—		2,355		—		2,355
Memphis, TN		1,811		—		—		1,811		—		1,811
Birmingham, AL		1,462		—		—		1,462		—		1,462
Denver, CO		812		306		—		1,118		—		1,118
San Antonio, TX		1,504		—		—		1,504		—		1,504
Huntsville, AL		1,228		—		—		1,228		—		1,228
Kansas City, MO-KS		1,110		—		—		1,110		—		1,110
Other		7,078		96		—		7,174		—		7,174
Total Multifamily Units		96,313		2,400		694		99,407		—		99,407

(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 December 31, 2022								Average Effective		As of December 31, 2022
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended December 31, 2022		Completed Units		Total Units, Including Development
Atlanta, GA	$	2,066,682		13.9	%		96.1	%	$	1,827		11,434
Dallas, TX		1,537,679		10.4	%		95.9	%		1,630		10,115
Orlando, FL		1,013,392		6.8	%		96.4	%		1,951		5,907
Tampa, FL		987,051		6.7	%		96.0	%		2,063		5,416
Charlotte, NC		984,632		6.6	%		96.1	%		1,570		5,867
Austin, TX		875,479		5.9	%		95.5	%		1,622		6,829
Raleigh/Durham, NC		719,758		4.8	%		96.4	%		1,506		5,350
Houston, TX		684,472		4.6	%		96.6	%		1,391		5,175
Northern Virginia		567,972		3.8	%		95.8	%		2,248		1,888
Nashville, TN		550,620		3.7	%		96.0	%		1,671		4,375
Phoenix, AZ		474,405		3.2	%		95.8	%		1,761		2,968
Charleston, SC		419,758		2.8	%		96.5	%		1,675		3,168
Fort Worth, TX		380,266		2.6	%		95.6	%		1,546		3,687
Jacksonville, FL		301,655		2.0	%		96.9	%		1,538		3,496
Denver, CO		295,472		2.0	%		94.5	%		1,933		1,118
Richmond, VA		273,746		1.8	%		96.4	%		1,551		2,004
Fredericksburg, VA		250,661		1.7	%		94.8	%		1,773		1,435
Greenville, SC		232,148		1.6	%		95.9	%		1,286		2,355
Savannah, GA		221,598		1.5	%		96.5	%		1,604		1,837
Kansas City, MO-KS		190,333		1.3	%		96.0	%		1,514		1,110
San Antonio, TX		168,531		1.1	%		95.0	%		1,381		1,504
Birmingham, AL		166,708		1.1	%		95.6	%		1,353		1,462
All Other Markets by State (individual markets <1% gross real assets)
Tennessee		194,929		1.3	%		95.5	%		1,311		2,754
Florida		182,834		1.2	%		95.2	%		1,788		1,806
Alabama		169,306		1.1	%		95.4	%		1,370		1,648
Virginia		157,423		1.1	%		96.8	%		1,724		1,039
Kentucky		96,655		0.7	%		96.6	%		1,144		1,308
Maryland		82,104		0.6	%		96.7	%		2,034		361
Nevada		73,999		0.5	%		96.1	%		1,575		721
South Carolina		38,252		0.3	%		95.3	%		1,142		576
Stabilized Communities	$	14,358,520		96.7	%		96.0	%	$	1,654		98,713
Charlotte, NC		139,167		0.9	%		84.3	%		2,062		344		344
Salt Lake City, UT		74,195		0.5	%		—			—		—		400
Atlanta, GA		72,536		0.5	%		—			—		—		340
Austin, TX		58,961		0.4	%		65.1	%		1,647		350		350
Phoenix, AZ		57,646		0.4	%		—			—		—		317
Denver, CO		41,324		0.3	%		—			—		—		352
Tampa, FL		32,553		0.2	%		—			—		—		495
Raleigh/Durham, NC		13,445		0.1	%		—			—		—		406
Lease-up / Development Communities	$	489,827		3.3	%		74.6	%	$	1,853		694		3,004
Total Multifamily Communities	$	14,848,347		100.0	%		95.9	%	$	1,655		99,407		101,717

(1)

Schedule excludes MAA's 35% ownership in a 269 unit joint venture property in Washington, D.C. As of December 31, 2022, the gross investment in real estate for this community was $80.9 million and includes a mortgage note payable of $51.9 million. For the year ended December 31, 2022, this apartment community achieved NOI of $7.5 million.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands


	As of December 31, 2022				Three Months Ended
	Apartment Units		Gross Real Assets		December 31, 2022			December 31, 2021			Percent Change
Operating Revenues
Same Store Communities		96,313	$	13,794,995	$	502,695		$	442,479			13.6	%
Non-Same Store Communities		2,400		563,525		15,578			15,137
Lease-up/Development Communities		694		489,827		3,238			—
Total Multifamily Portfolio		99,407	$	14,848,347	$	521,511		$	457,616
Commercial Property/Land		—		347,688		6,454			5,959
Total Operating Revenues		99,407	$	15,196,035	$	527,965		$	463,575

Property Operating Expenses
Same Store Communities					$	170,496		$	158,054			7.9	%
Non-Same Store Communities						6,647			6,426
Lease-up/Development Communities						1,203			81
Hurricane Expenses						227			—
Total Multifamily Portfolio					$	178,573		$	164,561
Commercial Property/Land						2,601			2,537
Total Property Operating Expenses					$	181,174		$	167,098

Net Operating Income
Same Store Communities					$	332,199		$	284,425			16.8	%
Non-Same Store Communities						8,931			8,711
Lease-up/Development Communities						2,035			(81	)
Hurricane Expenses						(227	)		—
Total Multifamily Portfolio					$	342,938		$	293,055
Commercial Property/Land						3,853			3,422
Total Net Operating Income					$	346,791		$	296,477			17.0	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands


	Three Months Ended							Year Ended
	December 31, 2022		December 31, 2021		Percent Change			December 31, 2022		December 31, 2021		Percent Change
Property Taxes	$	63,567	$	57,788		10.0	%	$	246,235	$	231,240		6.5	%
Personnel		36,635		34,800		5.3	%		148,464		138,897		6.9	%
Utilities		31,289		29,263		6.9	%		124,259		117,376		5.9	%
Building Repair and Maintenance		20,732		18,665		11.1	%		86,642		77,442		11.9	%
Office Operations		6,940		6,336		9.5	%		27,704		23,380		18.5	%
Insurance		6,971		6,241		11.7	%		26,494		23,438		13.0	%
Marketing		4,362		4,961		(12.1	)%		22,216		21,889		1.5	%
Total Property Operating Expenses (1)	$	170,496	$	158,054		7.9	%	$	682,014	$	633,662		7.6	%

(1)

Excludes $0.2 million and $1.8 million in storm-related expenses related to hurricanes during the three months and year ended December 31, 2022, respectively.

Supplemental Data S-3

MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE


						Average Physical Occupancy
			Percent of			Three Months Ended						Year Ended
	Apartment Units		Same Store NOI			December 31, 2022			December 31, 2021			December 31, 2022			December 31, 2021
Atlanta, GA		11,434		12.8	%		95.4	%		95.7	%		95.4	%		95.5	%
Dallas, TX		9,767		8.9	%		95.5	%		95.7	%		95.6	%		95.7	%
Tampa, FL		5,220		7.0	%		95.7	%		96.6	%		96.0	%		97.1	%
Orlando, FL		5,274		6.5	%		96.1	%		96.4	%		96.2	%		96.0	%
Charlotte, NC		5,867		6.4	%		95.7	%		96.0	%		95.8	%		96.2	%
Austin, TX		6,829		6.0	%		94.8	%		95.1	%		95.2	%		95.6	%
Raleigh/Durham, NC		5,350		5.5	%		95.6	%		95.5	%		95.6	%		95.9	%
Nashville, TN		4,375		4.8	%		95.7	%		95.7	%		95.8	%		95.6	%
Charleston, SC		3,168		3.8	%		95.8	%		96.0	%		95.9	%		96.3	%
Houston, TX		4,867		3.6	%		95.9	%		96.2	%		95.6	%		95.3	%
Jacksonville, FL		3,496		3.4	%		96.2	%		97.2	%		96.5	%		97.5	%
Phoenix, AZ		2,623		3.3	%		96.1	%		96.6	%		95.9	%		96.9	%
Fort Worth, TX		3,519		3.2	%		95.1	%		96.1	%		95.5	%		96.2	%
Northern Virginia		1,888		2.9	%		96.0	%		95.5	%		95.7	%		95.6	%
Richmond, VA		2,004		2.1	%		96.0	%		96.1	%		96.1	%		96.6	%
Savannah, GA		1,837		2.0	%		96.1	%		97.2	%		96.7	%		97.3	%
Greenville, SC		2,355		2.0	%		96.1	%		95.9	%		96.3	%		96.3	%
Fredericksburg, VA		1,435		1.8	%		95.9	%		96.4	%		96.3	%		97.0	%
Memphis, TN		1,811		1.5	%		95.1	%		96.1	%		95.0	%		97.0	%
Birmingham, AL		1,462		1.2	%		95.9	%		95.2	%		95.8	%		96.3	%
San Antonio, TX		1,504		1.1	%		94.8	%		95.6	%		95.6	%		96.1	%
Denver, CO		812		1.1	%		95.4	%		94.5	%		95.7	%		94.8	%
Huntsville, AL		1,228		1.1	%		95.4	%		96.0	%		95.6	%		96.8	%
Kansas City, MO-KS		1,110		1.1	%		95.9	%		95.8	%		95.7	%		95.3	%
Other		7,078		6.9	%		95.8	%		96.3	%		96.0	%		96.7	%
Total Same Store		96,313		100.0	%		95.6	%		96.0	%		95.7	%		96.1	%

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		Q4 2022		Q4 2021		% Chg			Q4 2022 (1)		Q4 2021		% Chg			Q4 2022		Q4 2021		% Chg			Q4 2022		Q4 2021		% Chg
Atlanta, GA		11,434	$	65,166	$	57,933		12.5	%	$	22,590	$	20,417		10.6	%	$	42,576	$	37,516		13.5	%	$	1,827	$	1,611		13.4	%
Dallas, TX		9,767		49,727		43,479		14.4	%		20,106		18,751		7.2	%		29,621		24,728		19.8	%		1,619		1,403		15.4	%
Tampa, FL		5,220		33,693		28,886		16.6	%		10,425		9,225		13.0	%		23,268		19,661		18.3	%		2,065		1,730		19.4	%
Orlando, FL		5,274		32,027		27,000		18.6	%		10,280		9,102		12.9	%		21,747		17,898		21.5	%		1,919		1,594		20.4	%
Charlotte, NC		5,867		29,158		25,704		13.4	%		8,035		7,664		4.8	%		21,123		18,040		17.1	%		1,570		1,365		15.0	%
Austin, TX		6,829		35,160		30,929		13.7	%		15,359		13,373		14.9	%		19,801		17,556		12.8	%		1,622		1,403		15.6	%
Raleigh/Durham, NC		5,350		25,895		22,248		16.4	%		7,467		7,096		5.2	%		18,428		15,152		21.6	%		1,506		1,292		16.5	%
Nashville, TN		4,375		23,059		20,125		14.6	%		7,055		6,690		5.5	%		16,004		13,435		19.1	%		1,671		1,436		16.4	%
Charleston, SC		3,168		16,999		14,380		18.2	%		4,297		4,999		(14.0	)%		12,702		9,381		35.4	%		1,675		1,410		18.8	%
Houston, TX		4,867		21,628		19,825		9.1	%		9,634		9,537		1.0	%		11,994		10,288		16.6	%		1,382		1,266		9.2	%
Jacksonville, FL		3,496		16,603		14,681		13.1	%		5,326		4,760		11.9	%		11,277		9,921		13.7	%		1,538		1,325		16.1	%
Phoenix, AZ		2,623		14,499		12,753		13.7	%		3,451		3,146		9.7	%		11,048		9,607		15.0	%		1,747		1,511		15.6	%
Fort Worth, TX		3,519		17,873		15,825		12.9	%		7,181		6,452		11.3	%		10,692		9,373		14.1	%		1,540		1,351		14.0	%
Northern Virginia		1,888		13,222		11,994		10.2	%		3,718		3,775		(1.5	)%		9,504		8,219		15.6	%		2,248		2,047		9.8	%
Richmond, VA		2,004		9,995		8,827		13.2	%		3,149		2,791		12.8	%		6,846		6,036		13.4	%		1,551		1,373		12.9	%
Savannah, GA		1,837		9,609		8,165		17.7	%		2,840		2,839		0.0	%		6,769		5,326		27.1	%		1,604		1,337		20.0	%
Greenville, SC		2,355		10,058		8,911		12.9	%		3,392		3,290		3.1	%		6,666		5,621		18.6	%		1,286		1,134		13.3	%
Fredericksburg, VA		1,435		8,187		7,727		6.0	%		2,211		2,085		6.0	%		5,976		5,642		5.9	%		1,773		1,673		6.0	%
Memphis, TN		1,811		7,816		7,114		9.9	%		2,717		2,496		8.9	%		5,099		4,618		10.4	%		1,348		1,221		10.4	%
Birmingham, AL		1,462		6,446		5,917		8.9	%		2,440		2,351		3.8	%		4,006		3,566		12.3	%		1,353		1,209		11.9	%
San Antonio, TX		1,504		6,547		5,874		11.5	%		2,810		2,461		14.2	%		3,737		3,413		9.5	%		1,381		1,205		14.6	%
Denver, CO		812		5,019		4,484		11.9	%		1,340		1,268		5.7	%		3,679		3,216		14.4	%		1,934		1,752		10.4	%
Huntsville, AL		1,228		5,288		4,794		10.3	%		1,704		1,601		6.4	%		3,584		3,193		12.2	%		1,296		1,159		11.8	%
Kansas City, MO-KS		1,110		5,306		4,837		9.7	%		1,771		1,640		8.0	%		3,535		3,197		10.6	%		1,514		1,372		10.4	%
Other		7,078		33,715		30,067		12.1	%		11,198		10,245		9.3	%		22,517		19,822		13.6	%		1,507		1,320		14.2	%
Total Same Store		96,313	$	502,695	$	442,479		13.6	%	$	170,496	$	158,054		7.9	%	$	332,199	$	284,425		16.8	%	$	1,646	$	1,433		14.9	%

(1)

Excludes $0.2 million in storm-related expenses related to hurricanes.

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		Q4 2022		Q3 2022		% Chg			Q4 2022 (1)		Q3 2022 (2)		% Chg			Q4 2022		Q3 2022		% Chg			Q4 2022		Q3 2022		% Chg
Atlanta, GA		11,434	$	65,166	$	64,073		1.7	%	$	22,590	$	23,756		(4.9	)%	$	42,576	$	40,317		5.6	%	$	1,827	$	1,793		1.9	%
Dallas, TX		9,767		49,727		49,111		1.3	%		20,106		20,199		(0.5	)%		29,621		28,912		2.5	%		1,619		1,585		2.2	%
Tampa, FL		5,220		33,693		32,897		2.4	%		10,425		11,001		(5.2	)%		23,268		21,896		6.3	%		2,065		2,015		2.5	%
Orlando, FL		5,274		32,027		31,271		2.4	%		10,280		11,406		(9.9	)%		21,747		19,865		9.5	%		1,919		1,864		2.9	%
Charlotte, NC		5,867		29,158		28,955		0.7	%		8,035		8,513		(5.6	)%		21,123		20,442		3.3	%		1,570		1,543		1.8	%
Austin, TX		6,829		35,160		34,889		0.8	%		15,359		15,303		0.4	%		19,801		19,586		1.1	%		1,622		1,598		1.5	%
Raleigh/Durham, NC		5,350		25,895		25,425		1.8	%		7,467		8,018		(6.9	)%		18,428		17,407		5.9	%		1,506		1,474		2.2	%
Nashville, TN		4,375		23,059		22,781		1.2	%		7,055		7,818		(9.8	)%		16,004		14,963		7.0	%		1,671		1,634		2.3	%
Charleston, SC		3,168		16,999		16,577		2.5	%		4,297		5,286		(18.7	)%		12,702		11,291		12.5	%		1,675		1,625		3.1	%
Houston, TX		4,867		21,628		21,283		1.6	%		9,634		9,420		2.3	%		11,994		11,863		1.1	%		1,382		1,363		1.4	%
Jacksonville, FL		3,496		16,603		16,394		1.3	%		5,326		5,754		(7.4	)%		11,277		10,640		6.0	%		1,538		1,510		1.9	%
Phoenix, AZ		2,623		14,499		14,291		1.5	%		3,451		3,632		(5.0	)%		11,048		10,659		3.6	%		1,747		1,713		2.0	%
Fort Worth, TX		3,519		17,873		17,633		1.4	%		7,181		7,538		(4.7	)%		10,692		10,095		5.9	%		1,540		1,509		2.1	%
Northern Virginia		1,888		13,222		13,002		1.7	%		3,718		4,358		(14.7	)%		9,504		8,644		9.9	%		2,248		2,211		1.7	%
Richmond, VA		2,004		9,995		9,911		0.8	%		3,149		3,257		(3.3	)%		6,846		6,654		2.9	%		1,551		1,525		1.7	%
Savannah, GA		1,837		9,609		9,457		1.6	%		2,840		3,242		(12.4	)%		6,769		6,215		8.9	%		1,604		1,570		2.1	%
Greenville, SC		2,355		10,058		9,936		1.2	%		3,392		3,602		(5.8	)%		6,666		6,334		5.2	%		1,286		1,256		2.4	%
Fredericksburg, VA		1,435		8,187		8,078		1.3	%		2,211		2,326		(4.9	)%		5,976		5,752		3.9	%		1,773		1,763		0.6	%
Memphis, TN		1,811		7,816		7,721		1.2	%		2,717		2,887		(5.9	)%		5,099		4,834		5.5	%		1,348		1,339		0.7	%
Birmingham, AL		1,462		6,446		6,483		(0.6	)%		2,440		2,502		(2.5	)%		4,006		3,981		0.6	%		1,353		1,342		0.8	%
San Antonio, TX		1,504		6,547		6,515		0.5	%		2,810		2,855		(1.6	)%		3,737		3,660		2.1	%		1,381		1,361		1.5	%
Denver, CO		812		5,019		4,916		2.1	%		1,340		1,467		(8.7	)%		3,679		3,449		6.7	%		1,934		1,898		1.9	%
Huntsville, AL		1,228		5,288		5,197		1.8	%		1,704		1,773		(3.9	)%		3,584		3,424		4.7	%		1,296		1,281		1.2	%
Kansas City, MO-KS		1,110		5,306		5,256		1.0	%		1,771		2,037		(13.1	)%		3,535		3,219		9.8	%		1,514		1,486		1.8	%
Other		7,078		33,715		33,325		1.2	%		11,198		11,811		(5.2	)%		22,517		21,514		4.7	%		1,507		1,481		1.8	%
Total Same Store		96,313	$	502,695	$	495,377		1.5	%	$	170,496	$	179,761		(5.2	)%	$	332,199	$	315,616		5.3	%	$	1,646	$	1,614		2.0	%

(1)

Excludes $0.2 million in storm-related expenses related to hurricanes.

(2)

Excludes $1.6 million in storm-related expenses related to hurricanes.

Supplemental Data S-6

MULTIFAMILY SAME STORE PORTFOLIO FULL YEAR COMPARISONS AS OF DECEMBER 31, 2022 AND 2021 

Dollars in thousands, except Average Effective Rent per Unit


			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q4 2022		Q4 2021		% Chg			Q4 2022 (1)		Q4 2021		% Chg			Q4 2022		Q4 2021		% Chg			Q4 2022		Q4 2021		% Chg
Atlanta, GA		11,434	$	250,477	$	222,007		12.8	%	$	89,778	$	82,666		8.6	%	$	160,699	$	139,341		15.3	%	$	1,743	$	1,536		13.5	%
Dallas, TX		9,767		190,128		166,499		14.2	%		77,560		74,308		4.4	%		112,568		92,191		22.1	%		1,536		1,340		14.6	%
Tampa, FL		5,220		127,805		109,245		17.0	%		41,941		37,372		12.2	%		85,864		71,873		19.5	%		1,943		1,624		19.6	%
Orlando, FL		5,274		120,555		102,651		17.4	%		41,448		37,015		12.0	%		79,107		65,636		20.5	%		1,793		1,515		18.3	%
Charlotte, NC		5,867		111,887		99,145		12.9	%		32,710		30,733		6.4	%		79,177		68,412		15.7	%		1,490		1,307		14.1	%
Austin, TX		6,829		134,997		117,757		14.6	%		58,696		53,933		8.8	%		76,301		63,824		19.5	%		1,546		1,340		15.4	%
Raleigh/Durham, NC		5,350		98,179		86,043		14.1	%		30,628		28,685		6.8	%		67,551		57,358		17.8	%		1,421		1,234		15.1	%
Nashville, TN		4,375		87,948		77,087		14.1	%		29,318		27,674		5.9	%		58,630		49,413		18.7	%		1,577		1,371		15.0	%
Charleston, SC		3,168		63,896		55,019		16.1	%		19,838		20,012		(0.9	)%		44,058		35,007		25.9	%		1,568		1,337		17.3	%
Houston, TX		4,867		83,856		76,760		9.2	%		36,999		35,193		5.1	%		46,857		41,567		12.7	%		1,337		1,231		8.6	%
Jacksonville, FL		3,496		63,883		55,456		15.2	%		21,385		19,048		12.3	%		42,498		36,408		16.7	%		1,462		1,245		17.5	%
Phoenix, AZ		2,623		55,504		47,864		16.0	%		13,890		12,964		7.1	%		41,614		34,900		19.2	%		1,660		1,412		17.6	%
Fort Worth, TX		3,519		68,589		60,852		12.7	%		27,785		25,313		9.8	%		40,804		35,539		14.8	%		1,467		1,289		13.8	%
Northern Virginia		1,888		50,888		47,702		6.7	%		15,776		15,521		1.6	%		35,112		32,181		9.1	%		2,162		2,021		7.0	%
Richmond, VA		2,004		38,372		34,280		11.9	%		12,598		11,271		11.8	%		25,774		23,009		12.0	%		1,482		1,308		13.3	%
Savannah, GA		1,837		36,489		30,668		19.0	%		12,089		11,439		5.7	%		24,400		19,229		26.9	%		1,505		1,253		20.2	%
Greenville, SC		2,355		38,586		34,270		12.6	%		13,997		13,347		4.9	%		24,589		20,923		17.5	%		1,222		1,072		14.0	%
Fredericksburg, VA		1,435		31,995		29,456		8.6	%		9,017		8,329		8.3	%		22,978		21,127		8.8	%		1,731		1,579		9.6	%
Memphis, TN		1,811		30,255		27,145		11.5	%		10,954		10,263		6.7	%		19,301		16,882		14.3	%		1,308		1,146		14.1	%
Birmingham, AL		1,462		25,220		22,930		10.0	%		9,613		9,008		6.7	%		15,607		13,922		12.1	%		1,303		1,161		12.2	%
San Antonio, TX		1,504		25,237		22,673		11.3	%		11,002		10,213		7.7	%		14,235		12,460		14.2	%		1,317		1,167		12.9	%
Denver, CO		812		19,322		17,394		11.1	%		5,468		5,180		5.6	%		13,854		12,214		13.4	%		1,859		1,687		10.2	%
Huntsville, AL		1,228		20,484		18,528		10.6	%		6,868		6,080		13.0	%		13,616		12,448		9.4	%		1,246		1,109		12.4	%
Kansas City, MO-KS		1,110		20,445		18,716		9.2	%		7,407		6,875		7.7	%		13,038		11,841		10.1	%		1,452		1,330		9.2	%
Other		7,078		129,712		115,087		12.7	%		45,249		41,220		9.8	%		84,463		73,867		14.3	%		1,381		1,205		14.6	%
Total Same Store		96,313	$	1,924,709	$	1,695,234		13.5	%	$	682,014	$	633,662		7.6	%	$	1,242,695	$	1,061,572		17.1	%	$	1,565	$	1,365		14.6	%

(1)

Excludes $1.8 million in storm-related expenses related to hurricanes.

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands


		Units as of						Development Costs as of
		December 31, 2022						December 31, 2022							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	—		—			89,500		72,536		16,964	2Q21	1Q23	3Q23	3Q24
Novel Val Vista (2)	Phoenix, AZ		317	—		—			77,200		57,646		19,554	4Q20	3Q23	1Q24	1Q25
Novel Daybreak (2)	Salt Lake City, UT		400	—		—			94,000		74,195		19,805	2Q21	1Q23	4Q23	4Q24
MAA Milepost 35	Denver, CO		352	—		—			125,000		41,324		83,676	1Q22	4Q23	4Q24	3Q25
MAA Nixie	Raleigh, NC		406	—		—			145,500		13,445		132,055	4Q22	4Q24	3Q25	3Q26
MAA Breakwater	Tampa, FL		495	—		—			197,500		32,553		164,947	4Q22	1Q25	4Q25	4Q26
Total Active			2,310		—		—	$	728,700	$	291,699	$	437,001

(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 December 31, 2022
	Location	Total Units		Physical Occupancy	Spend to Date		Construction Completed	Expected Stabilization (1)
MAA LoSo	Charlotte, NC	344		84.3%		139,167	(2)	2Q23
MAA Windmill Hill	Austin, TX	350		65.1%		58,961	4Q22	4Q23
Total			694	74.6%	$	198,128

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

(2) Property was acquired while in lease-up; construction was completed prior to acquisition by MAA.

MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data


Year ended December 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
	6,574	$	40,161	$	6,109	$	133	10.0%	10,000 - 13,000

Supplemental Data S-8

2022 ACQUISITION ACTIVITY 


Multifamily Acquisitions	Market	Apartment Units	Closing Date
MAA Hampton Preserve II	Tampa, FL	196	July 2022
MAA LoSo	Charlotte, NC	344	September 2022
Alta 10th (1)	Charlotte, NC	305	December 2022

(1)

Represents a pre-purchase multifamily development. Approximately $10 million has been funded as of December 31, 2022, primarily related to land, with development expected to begin in the second half of 2023. MAA owns 95% of the joint venture that owns this property.


Land Acquisition	Market	Acreage	Closing Date
MAA Florida Street Station	Denver, CO	4	March 2022
MAA Packing District	Orlando, FL	4	May 2022
MAA Panorama	Denver, CO	6	July 2022
MAA Nixie	Raleigh, NC	6	November 2022

2022 DISPOSITION ACTIVITY


Multifamily Dispositions	Market	Apartment Units	Closing Date
MAA Deer Run	Fort Worth, TX	304	June 2022
MAA Oakbend	Fort Worth, TX	426	June 2022
Post Park Maryland	Maryland, MD	396	October 2022
Stassney Woods	Austin, TX	288	December 2022


Land Dispositions	Market	Acreage	Closing Date
Colonial Promenade	Huntsville, AL	2	April 2022
Colonial Promenade	Huntsville, AL	3	August 2022

DEBT AND DEBT COVENANTS AS OF DECEMBER 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	$	4,394,903		99.5	%		3.4	%		8.0
Floating rate debt		20,000		0.5	%		4.7	%		0.1
Total	$	4,414,903		100.0	%		3.4	%		7.9

Unsecured Versus Secured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	4,050,910		91.8	%		3.4	%		6.3
Secured debt		363,993		8.2	%		4.4	%		25.8
Total	$	4,414,903		100.0	%		3.4	%		7.9

Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q4 2022 NOI			Percent of Total
Unencumbered gross assets	$	14,720,706		94.7	%	$	330,039			95.2	%
Encumbered gross assets		823,206		5.3	%		16,752			4.8	%
Total	$	15,543,912		100.0	%	$	346,791			100.0	%

FIXED INTEREST RATE MATURITIES


Maturity	Fixed Rate Debt		Effective Interest Rate
2023	$	349,509		4.2	%
2024		398,842		4.0	%
2025		401,751		4.2	%
2026		297,202		1.2	%
2027		596,548		3.7	%
2028		396,695		4.2	%
2029		559,082		3.7	%
2030		297,542		3.1	%
2031		444,985		1.8	%
2032		—		—
Thereafter		652,747		3.8	%
Total	$	4,394,903		3.4	%

Supplemental Data S-9

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

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES


Maturity	Commercial Paper & Revolving Credit Facility ⁽¹⁾ ⁽²⁾		Public Bonds		Secured		Total
2023	$	20,000	$	349,509	$	—	$	369,509
2024		—		398,842		—		398,842
2025		—		397,773		3,978		401,751
2026		—		297,202		—		297,202
2027		—		596,548		—		596,548
2028		—		396,695		—		396,695
2029		—		559,082		—		559,082
2030		—		297,542		—		297,542
2031		—		444,985		—		444,985
2032		—		—		—		—
Thereafter		—		292,732		360,015		652,747
Total	$	20,000	$	4,030,910	$	363,993	$	4,414,903

(1)

There was $20.0 million outstanding under MAALP’s unsecured commercial paper program as of December 31, 2022. 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 December 31, 2022, average daily borrowings outstanding under the commercial paper program were $79.1 million.

(2)

There were no borrowings outstanding under MAALP’s $1.25 billion unsecured revolving credit facility as of December 31, 2022. 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	28.4%	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	7.2x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	355.3%	Yes

Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	19.5%	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	7.2x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	18.7%	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 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 2023
Earnings:	Range	Midpoint
Earnings per common share - diluted	$5.97 to $6.37	$6.17
Core FFO per Share - diluted	$8.88 to $9.28	$9.08
Core AFFO per Share - diluted	$7.96 to $8.36	$8.16

MAA Same Store Portfolio:
Number of units	95,285	95,285
Average physical occupancy	95.6% to 96.0%	95.80%
Property revenue growth	5.25% to 7.25%	6.25%
Effective rent growth	6.00% to 8.00%	7.00%
Property operating expense growth	5.15% to 7.15%	6.15%
NOI growth	5.30% to 7.30%	6.30%
Real estate tax expense growth	5.50% to 7.00%	6.25%

Corporate Expenses: ($ in millions)
Property management expenses	$72.0 to $74.0	$73.0
General and administrative expenses	$54.5 to $56.5	$55.5
Total overhead	$126.5 to $130.5	$128.5

Transaction/Investment Volume: ($ in millions)
Multifamily acquisition volume	$350.0 to $450.0	$400.0
Multifamily disposition volume	$250.0 to $350.0	$300.0
Development investment	$250.0 to $350.0	$300.0

Debt:
Average effective interest rate	3.4% to 3.6%	3.5%
Capitalized interest ($ in millions)	$12.0 to $14.0	$13.0

Diluted FFO Shares Outstanding:
Diluted common shares and units	119.5 to 120.0 million	119.75 million

RECONCILIATION OF NET INCOME PER DILUTED 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	$	5.97		$	6.37
Real estate depreciation and amortization		4.72			4.72
Gains on sale of depreciable assets		(1.82	)		(1.82	)
FFO per Share - diluted		8.87			9.27
Non-Core FFO items (1)		0.01			0.01
Core FFO per Share - diluted		8.88			9.28
Recurring capital expenditures		(0.92	)		(0.92	)
Core AFFO per Share - diluted	$	7.96		$	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	Baa1	Positive
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:

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Earnings release & conference call

Late
April

Late
July

Late
October

Early
February

Dividend Information - Common Shares:

Q4 2021

Q1 2022

Q2 2022

Q3 2022

Q4 2022

Declaration date

12/7/2021

3/22/2022

5/17/2022

9/27/2022

12/13/2022

Record date

1/14/2022

4/14/2022

7/15/2022

10/14/2022

1/13/2023

Payment date

1/31/2022

4/29/2022

7/29/2022

10/31/2022

1/31/2023

Distributions per share

1.0875

1.0875

1.2500

1.2500

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