EX-99

EX-99 3 maa-ex99_2.htm EX-99.2 EX-99

Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT MARCH 31, 2023 (1)

In apartment units


	Same Store		Non-Same Store		Lease-up		Total Completed Communities		Development Units Delivered		Total
Atlanta, GA		11,434		—		—		11,434		—		11,434
Dallas, TX		10,115		—		—		10,115		—		10,115
Tampa, FL		5,220		196		—		5,416		—		5,416
Orlando, FL		5,274		633		—		5,907		—		5,907
Austin, TX		6,829		—		350		7,179		—		7,179
Charlotte, NC		5,651		216		344		6,211		—		6,211
Raleigh/Durham, NC		5,350		—		—		5,350		—		5,350
Nashville, TN		4,375		—		—		4,375		—		4,375
Fort Worth, TX		3,687		—		—		3,687		—		3,687
Houston, TX		4,867		308		—		5,175		—		5,175
Charleston, SC		3,168		—		—		3,168		—		3,168
Jacksonville, FL		3,496		—		—		3,496		—		3,496
Phoenix, AZ		2,623		345		—		2,968		—		2,968
Northern Virginia		1,888		—		—		1,888		—		1,888
Greenville, SC		2,355		—		—		2,355		—		2,355
Savannah, GA		1,837		—		—		1,837		—		1,837
Richmond, VA		1,732		272		—		2,004		—		2,004
Fredericksburg, VA		1,435		—		—		1,435		—		1,435
Memphis, TN		1,811		—		—		1,811		—		1,811
Birmingham, AL		1,462		—		—		1,462		—		1,462
San Antonio, TX		1,504		—		—		1,504		—		1,504
Denver, CO		812		306		—		1,118		—		1,118
Huntsville, AL		1,228		—		—		1,228		—		1,228
Kansas City, MO-KS		1,110		—		—		1,110		—		1,110
Other		6,022		1,152		—		7,174		6		7,180
Total Multifamily Units		95,285		3,428		694		99,407		6		99,413

(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, 2023								Average Effective		As of March 31, 2023
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended March 31, 2023		Completed Units		Total Units, Including Development
Atlanta, GA	$	2,072,383		13.9	%		94.4	%	$	1,832		11,434
Dallas, TX		1,545,306		10.3	%		95.5	%		1,642		10,115
Orlando, FL		1,017,648		6.8	%		95.8	%		1,979		5,907
Tampa, FL		991,963		6.6	%		96.1	%		2,073		5,416
Charlotte, NC		990,124		6.6	%		95.6	%		1,587		5,867
Austin, TX		879,141		5.9	%		95.3	%		1,623		6,829
Raleigh/Durham, NC		723,638		4.8	%		95.8	%		1,514		5,350
Houston, TX		686,065		4.6	%		95.7	%		1,395		5,175
Northern Virginia		569,472		3.8	%		96.6	%		2,269		1,888
Nashville, TN		553,207		3.7	%		95.3	%		1,678		4,375
Phoenix, AZ		476,709		3.2	%		95.9	%		1,760		2,968
Charleston, SC		420,754		2.8	%		95.5	%		1,687		3,168
Fort Worth, TX		383,561		2.6	%		95.8	%		1,556		3,687
Jacksonville, FL		304,941		2.0	%		96.5	%		1,547		3,496
Denver, CO		294,979		2.0	%		95.8	%		1,943		1,118
Richmond, VA		276,296		1.8	%		96.1	%		1,558		2,004
Fredericksburg, VA		251,690		1.7	%		96.3	%		1,777		1,435
Greenville, SC		234,258		1.6	%		96.3	%		1,296		2,355
Savannah, GA		222,199		1.5	%		96.4	%		1,623		1,837
Kansas City, MO-KS		190,843		1.3	%		95.8	%		1,522		1,110
San Antonio, TX		168,794		1.1	%		95.9	%		1,379		1,504
Birmingham, AL		168,328		1.1	%		95.9	%		1,356		1,462
All Other Markets by State (individual markets <1% gross real assets)
Tennessee		196,666		1.3	%		96.0	%		1,314		2,754
Florida		185,500		1.2	%		95.7	%		1,791		1,806
Alabama		170,375		1.1	%		96.4	%		1,372		1,648
Virginia		158,802		1.1	%		96.2	%		1,709		1,039
Kentucky		97,931		0.7	%		96.5	%		1,152		1,308
Maryland		82,195		0.5	%		97.0	%		2,062		361
Nevada		74,153		0.5	%		97.2	%		1,587		721
South Carolina		38,417		0.3	%		95.1	%		1,153		576
Stabilized Communities	$	14,426,338		96.5	%		95.7	%	$	1,662		98,713
Charlotte, NC		139,337		0.9	%		84.9	%		2,033		344		344
Salt Lake City, UT		81,395		0.5	%		—			—		6		400
Atlanta, GA		81,347		0.5	%		—			—		—		340
Phoenix, AZ		63,897		0.4	%		—			—		—		317
Austin, TX		59,517		0.4	%		74.6	%		1,671		350		350
Denver, CO		53,564		0.4	%		—			—		—		352
Tampa, FL		42,255		0.3	%		—			—		—		495
Raleigh/Durham, NC		20,177		0.1	%		—			—		—		406
Lease-up / Development Communities	$	541,489		3.5	%		79.7	%	$	1,850		700		3,004
Total Multifamily Communities	$	14,967,827		100.0	%		95.5	%	$	1,664		99,413		101,717

(1)

Schedule excludes MAA's 35% ownership in a 269 unit joint venture property in Washington, D.C. As of March 31, 2023, the gross investment in real estate for this community was $81.3 million and includes a mortgage note payable of $51.9 million. For the three months ended March 31, 2023, this apartment community achieved NOI of $2.0 million.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands


	As of March 31, 2023				Three Months Ended
	Apartment Units		Gross Real Assets		March 31, 2023		March 31, 2022			Percent Change
Operating Revenues
Same Store Communities		95,285	$	13,802,326	$	500,010	$	450,323			11.0	%
Non-Same Store Communities		3,428		624,012		19,347		19,715
Lease-up/Development Communities		700		541,489		3,234		23
Total Multifamily Portfolio		99,413	$	14,967,827	$	522,591	$	470,061
Commercial Property/Land		—		360,490		6,442		6,017
Total Operating Revenues		99,413	$	15,328,317	$	529,033	$	476,078

Property Operating Expenses
Same Store Communities					$	171,070	$	157,887			8.3	%
Non-Same Store Communities						7,462		8,798
Lease-up/Development Communities						1,588		211
Total Multifamily Portfolio					$	180,120	$	166,896
Commercial Property/Land						2,683		2,524
Total Property Operating Expenses					$	182,803	$	169,420

Net Operating Income
Same Store Communities					$	328,940	$	292,436			12.5	%
Non-Same Store Communities						11,885		10,917
Lease-up/Development Communities						1,646		(188	)
Total Multifamily Portfolio					$	342,471	$	303,165
Commercial Property/Land						3,759		3,493
Total Net Operating Income					$	346,230	$	306,658			12.9	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands


	Three Months Ended
	March 31, 2023		March 31, 2022		Percent Change
Property Taxes	$	62,613	$	57,701		8.5	%
Personnel		37,163		34,776		6.9	%
Utilities		31,004		29,053		6.7	%
Building Repair and Maintenance		20,630		18,240		13.1	%
Office Operations		6,959		6,780		2.6	%
Insurance		6,888		6,097		13.0	%
Marketing		5,813		5,240		10.9	%
Total Property Operating Expenses	$	171,070	$	157,887		8.3	%

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, 2023			March 31, 2022
Atlanta, GA		11,434		12.6	%		94.9	%		95.8	%
Dallas, TX		10,115		9.7	%		95.6	%		95.6	%
Tampa, FL		5,220		6.9	%		95.6	%		96.6	%
Orlando, FL		5,274		6.5	%		96.1	%		96.4	%
Austin, TX		6,829		6.4	%		95.3	%		95.2	%
Charlotte, NC		5,651		6.2	%		95.6	%		95.7	%
Raleigh/Durham, NC		5,350		5.6	%		95.2	%		95.5	%
Nashville, TN		4,375		4.8	%		95.4	%		95.6	%
Fort Worth, TX		3,687		3.7	%		95.4	%		95.8	%
Houston, TX		4,867		3.7	%		96.0	%		95.7	%
Charleston, SC		3,168		3.6	%		95.6	%		96.0	%
Jacksonville, FL		3,496		3.4	%		96.0	%		96.9	%
Phoenix, AZ		2,623		3.3	%		95.8	%		96.4	%
Northern Virginia		1,888		2.8	%		95.9	%		95.4	%
Greenville, SC		2,355		2.3	%		96.0	%		95.9	%
Savannah, GA		1,837		2.0	%		96.0	%		96.9	%
Richmond, VA		1,732		1.8	%		95.8	%		96.6	%
Fredericksburg, VA		1,435		1.8	%		96.2	%		96.5	%
Memphis, TN		1,811		1.5	%		95.0	%		95.7	%
Birmingham, AL		1,462		1.2	%		95.8	%		95.4	%
San Antonio, TX		1,504		1.1	%		95.3	%		95.2	%
Denver, CO		812		1.1	%		95.1	%		96.4	%
Huntsville, AL		1,228		1.1	%		95.7	%		96.1	%
Kansas City, MO-KS		1,110		1.0	%		95.2	%		95.7	%
Other		6,022		5.9	%		95.3	%		96.4	%
Total Same Store		95,285		100.0	%		95.5	%		95.9	%

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 2023		Q1 2022		% Chg			Q1 2023		Q1 2022		% Chg			Q1 2023		Q1 2022		% Chg			Q1 2023		Q1 2022		% Chg
Atlanta, GA		11,434	$	64,725	$	59,597		8.6	%	$	23,208	$	21,046		10.3	%	$	41,517	$	38,551		7.7	%	$	1,832	$	1,647		11.2	%
Dallas, TX		10,115		52,290		46,567		12.3	%		20,534		19,097		7.5	%		31,756		27,470		15.6	%		1,642		1,448		13.3	%
Tampa, FL		5,220		33,908		29,930		13.3	%		11,141		10,054		10.8	%		22,767		19,876		14.5	%		2,075		1,798		15.4	%
Orlando, FL		5,274		32,366		27,890		16.0	%		10,855		9,638		12.6	%		21,511		18,252		17.9	%		1,941		1,651		17.6	%
Austin, TX		6,829		35,335		31,781		11.2	%		14,380		12,627		13.9	%		20,955		19,154		9.4	%		1,623		1,450		11.9	%
Charlotte, NC		5,651		28,453		25,579		11.2	%		7,907		7,408		6.7	%		20,546		18,171		13.1	%		1,593		1,401		13.7	%
Raleigh/Durham, NC		5,350		25,987		22,907		13.4	%		7,580		7,141		6.1	%		18,407		15,766		16.8	%		1,514		1,326		14.2	%
Nashville, TN		4,375		23,255		20,580		13.0	%		7,345		6,985		5.2	%		15,910		13,595		17.0	%		1,678		1,472		14.0	%
Fort Worth, TX		3,687		18,899		17,076		10.7	%		6,650		6,301		5.5	%		12,249		10,775		13.7	%		1,556		1,386		12.2	%
Houston, TX		4,867		21,764		20,220		7.6	%		9,576		8,455		13.3	%		12,188		11,765		3.6	%		1,386		1,285		7.9	%
Charleston, SC		3,168		16,963		14,857		14.2	%		5,121		4,950		3.5	%		11,842		9,907		19.5	%		1,687		1,453		16.1	%
Jacksonville, FL		3,496		16,563		15,206		8.9	%		5,529		4,943		11.9	%		11,034		10,263		7.5	%		1,547		1,369		13.0	%
Phoenix, AZ		2,623		14,483		13,112		10.5	%		3,470		3,293		5.4	%		11,013		9,819		12.2	%		1,748		1,560		12.0	%
Northern Virginia		1,888		13,344		12,172		9.6	%		4,049		3,886		4.2	%		9,295		8,286		12.2	%		2,269		2,067		9.7	%
Greenville, SC		2,355		10,155		9,106		11.5	%		2,721		3,302		(17.6	)%		7,434		5,804		28.1	%		1,296		1,155		12.3	%
Savannah, GA		1,837		9,672		8,434		14.7	%		3,038		2,897		4.9	%		6,634		5,537		19.8	%		1,623		1,382		17.4	%
Richmond, VA		1,732		8,805		8,008		10.0	%		2,789		2,650		5.2	%		6,016		5,358		12.3	%		1,596		1,445		10.4	%
Fredericksburg, VA		1,435		8,196		7,690		6.6	%		2,345		2,293		2.3	%		5,851		5,397		8.4	%		1,777		1,671		6.3	%
Memphis, TN		1,811		7,827		7,314		7.0	%		2,752		2,636		4.4	%		5,075		4,678		8.5	%		1,346		1,250		7.6	%
Birmingham, AL		1,462		6,593		6,010		9.7	%		2,543		2,338		8.8	%		4,050		3,672		10.3	%		1,356		1,234		9.9	%
San Antonio, TX		1,504		6,537		5,940		10.1	%		2,828		2,498		13.2	%		3,709		3,442		7.8	%		1,379		1,237		11.5	%
Denver, CO		812		5,036		4,660		8.1	%		1,445		1,338		8.0	%		3,591		3,322		8.1	%		1,946		1,776		9.5	%
Huntsville, AL		1,228		5,316		4,928		7.9	%		1,733		1,608		7.8	%		3,583		3,320		7.9	%		1,297		1,185		9.4	%
Kansas City, MO-KS		1,110		5,330		4,870		9.4	%		1,887		1,765		6.9	%		3,443		3,105		10.9	%		1,522		1,386		9.8	%
Other		6,022		28,208		25,889		9.0	%		9,644		8,738		10.4	%		18,564		17,151		8.2	%		1,484		1,334		11.2	%
Total Same Store		95,285	$	500,010	$	450,323		11.0	%	$	171,070	$	157,887		8.3	%	$	328,940	$	292,436		12.5	%	$	1,657	$	1,472		12.6	%

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 2023		Q4 2022		% Chg			Q1 2023		Q4 2022		% Chg			Q1 2023		Q4 2022		% Chg			Q1 2023		Q4 2022		% Chg
Atlanta, GA		11,434	$	64,725	$	65,166		(0.7	)%	$	23,208	$	22,590		2.7	%	$	41,517	$	42,576		(2.5	)%	$	1,832	$	1,827		0.2	%
Dallas, TX		10,115		52,290		51,776		1.0	%		20,534		20,702		(0.8	)%		31,756		31,074		2.2	%		1,642		1,630		0.7	%
Tampa, FL		5,220		33,908		33,693		0.6	%		11,141		10,425		6.9	%		22,767		23,268		(2.2	)%		2,075		2,065		0.5	%
Orlando, FL		5,274		32,366		32,026		1.1	%		10,855		10,280		5.6	%		21,511		21,746		(1.1	)%		1,941		1,919		1.1	%
Austin, TX		6,829		35,335		35,159		0.5	%		14,380		15,359		(6.4	)%		20,955		19,800		5.8	%		1,623		1,622		0.0	%
Charlotte, NC		5,651		28,453		28,178		1.0	%		7,907		7,732		2.3	%		20,546		20,446		0.5	%		1,593		1,576		1.1	%
Raleigh/Durham, NC		5,350		25,987		25,895		0.4	%		7,580		7,467		1.5	%		18,407		18,428		(0.1	)%		1,514		1,506		0.5	%
Nashville, TN		4,375		23,255		23,059		0.8	%		7,345		7,055		4.1	%		15,910		16,004		(0.6	)%		1,678		1,671		0.4	%
Fort Worth, TX		3,687		18,899		18,807		0.5	%		6,650		7,497		(11.3	)%		12,249		11,310		8.3	%		1,556		1,546		0.6	%
Houston, TX		4,867		21,764		21,628		0.6	%		9,576		9,634		(0.6	)%		12,188		11,994		1.6	%		1,386		1,382		0.3	%
Charleston, SC		3,168		16,963		16,999		(0.2	)%		5,121		4,297		19.2	%		11,842		12,702		(6.8	)%		1,687		1,675		0.7	%
Jacksonville, FL		3,496		16,563		16,603		(0.2	)%		5,529		5,326		3.8	%		11,034		11,277		(2.2	)%		1,547		1,538		0.6	%
Phoenix, AZ		2,623		14,483		14,499		(0.1	)%		3,470		3,451		0.6	%		11,013		11,048		(0.3	)%		1,748		1,747		0.0	%
Northern Virginia		1,888		13,344		13,222		0.9	%		4,049		3,717		8.9	%		9,295		9,505		(2.2	)%		2,269		2,248		0.9	%
Greenville, SC		2,355		10,155		10,058		1.0	%		2,721		3,392		(19.8	)%		7,434		6,666		11.5	%		1,296		1,286		0.8	%
Savannah, GA		1,837		9,672		9,609		0.7	%		3,038		2,840		7.0	%		6,634		6,769		(2.0	)%		1,623		1,604		1.2	%
Richmond, VA		1,732		8,805		8,827		(0.2	)%		2,789		2,720		2.5	%		6,016		6,107		(1.5	)%		1,596		1,591		0.3	%
Fredericksburg, VA		1,435		8,196		8,187		0.1	%		2,345		2,210		6.1	%		5,851		5,977		(2.1	)%		1,777		1,773		0.2	%
Memphis, TN		1,811		7,827		7,816		0.1	%		2,752		2,717		1.3	%		5,075		5,099		(0.5	)%		1,346		1,348		(0.2	)%
Birmingham, AL		1,462		6,593		6,446		2.3	%		2,543		2,440		4.2	%		4,050		4,006		1.1	%		1,356		1,353		0.2	%
San Antonio, TX		1,504		6,537		6,547		(0.2	)%		2,828		2,810		0.6	%		3,709		3,737		(0.7	)%		1,379		1,381		(0.1	)%
Denver, CO		812		5,036		5,019		0.3	%		1,445		1,339		7.9	%		3,591		3,680		(2.4	)%		1,946		1,934		0.6	%
Huntsville, AL		1,228		5,316		5,288		0.5	%		1,733		1,704		1.7	%		3,583		3,584		(0.0	)%		1,297		1,296		0.1	%
Kansas City, MO-KS		1,110		5,330		5,306		0.5	%		1,887		1,771		6.5	%		3,443		3,535		(2.6	)%		1,522		1,514		0.5	%
Other		6,022		28,208		28,211		(0.0	)%		9,644		9,091		6.1	%		18,564		19,120		(2.9	)%		1,484		1,481		0.2	%
Total Same Store		95,285	$	500,010	$	498,024		0.4	%	$	171,070	$	168,566		1.5	%	$	328,940	$	329,458		(0.2	)%	$	1,657	$	1,649		0.5	%

Supplemental Data S-6

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands


		Units as of						Development Costs as of
		March 31, 2023						March 31, 2023							Expected
								Expected		Spend		Expected		Start	Initial
	Location	Total		Delivered		Leased		Total		to Date		Remaining		Date	Occupancy	Completion	Stabilization (1)
Novel West Midtown (2)	Atlanta, GA		340		—		—	$	92,300	$	81,347	$	10,953	2Q21	2Q23	4Q23	3Q24
Novel Daybreak (2)	Salt Lake City, UT		400		6		29		94,000		81,395		12,605	2Q21	2Q23	4Q23	4Q24
Novel Val Vista (2)	Phoenix, AZ		317		—		—		77,200		63,897		13,303	4Q20	3Q23	1Q24	1Q25
MAA Milepost 35	Denver, CO		352		—		—		125,000		53,564		71,436	1Q22	4Q23	4Q24	3Q25
MAA Nixie	Raleigh, NC		406		—		—		145,500		20,177		125,323	4Q22	4Q24	3Q25	3Q26
MAA Breakwater	Tampa, FL		495		—		—		197,500		42,255		155,245	4Q22	1Q25	4Q25	4Q26
Total Active			2,310		6		29	$	731,500	$	342,635	$	388,865

(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 March 31, 2023
	Location	Total Units		Physical Occupancy	Spend to Date		Construction Completed	Expected Stabilization (1)
MAA LoSo	Charlotte, NC	344		84.9%	$	139,337	(2)	2Q23
MAA Windmill Hill	Austin, TX	350		74.6%		59,517	4Q22	4Q23
Total			694	79.7%	$	198,854

(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


Three months ended March 31, 2023
Units Completed		Redevelopment Spend		Average Cost per Unit		Increase in Average Effective Rent per Unit		Increase in Average Effective Rent per Unit	Estimated Units Remaining in Pipeline
	1,328	$	8,503	$	6,403	$	108	8.1%	9,000 - 12,000

Supplemental Data S-7

2023 ACQUISITION ACTIVITY 


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

2023 DISPOSITION ACTIVITY


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

DEBT AND DEBT COVENANTS AS OF MARCH 31, 2023

Dollars in thousands


DEBT SUMMARIES
Fixed Rate Versus Floating Rate Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Rate Maturity
Fixed rate debt	$	4,395,650		100.0	%		3.4	%		7.7
Floating rate debt		—		—			—			—
Total	$	4,395,650		100.0	%		3.4	%		7.7

Unsecured Versus Secured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	4,032,000		91.7	%		3.4	%		6.1
Secured debt		363,650		8.3	%		4.4	%		25.6
Total	$	4,395,650		100.0	%		3.4	%		7.7

Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q1 2023 NOI			Percent of Total
Unencumbered gross assets	$	14,968,257		94.8	%	$	329,435			95.1	%
Encumbered gross assets		824,574		5.2	%		16,795			4.9	%
Total	$	15,792,831		100.0	%	$	346,230			100.0	%

FIXED INTEREST RATE MATURITIES


Maturity	Fixed Rate Debt		Effective Interest Rate
2023	$	349,677		4.2	%
2024		399,046		4.0	%
2025		401,570		4.2	%
2026		297,395		1.2	%
2027		596,745		3.7	%
2028		396,847		4.2	%
2029		558,749		3.7	%
2030		297,629		3.1	%
2031		445,150		1.8	%
2032		—		—
Thereafter		652,842		3.8	%
Total	$	4,395,650		3.4	%

Supplemental Data S-8

DEBT AND DEBT COVENANTS AS OF MARCH 31, 2023 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES


Maturity	Commercial Paper & Revolving Credit Facility ⁽¹⁾ ⁽²⁾		Public Bonds		Secured		Total
2023	$	—	$	349,677	$	—	$	349,677
2024		—		399,046		—		399,046
2025		—		397,967		3,603		401,570
2026		—		297,395		—		297,395
2027		—		596,745		—		596,745
2028		—		396,847		—		396,847
2029		—		558,749		—		558,749
2030		—		297,629		—		297,629
2031		—		445,150		—		445,150
2032		—		—		—		—
Thereafter		—		292,795		360,047		652,842
Total	$	—	$	4,032,000	$	363,650	$	4,395,650

(1)

There were no borrowings outstanding under MAALP’s unsecured commercial paper program as of March 31, 2023. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $625.0 million. For the three months ended March 31, 2023, average daily borrowings outstanding under the commercial paper program were $8.2 million.

(2)

There were no borrowings outstanding under MAALP’s $1.25 billion unsecured revolving credit facility as of March 31, 2023. The unsecured revolving credit facility has a maturity date of October 2026 with two six-month extension options.

DEBT COVENANT ANALYSIS (1)


Bond Covenants	Required	Actual	Compliance
Total debt to adjusted total assets	60% or less	27.8%	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	7.5x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	359.8%	Yes

Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	18.8%	Yes
Total secured debt to total capitalized asset value	40% or Less	1.6%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	7.5x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	18.1%	Yes

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

Supplemental Data S-9

2023 GUIDANCE

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


	Current Range	Current Midpoint
Earnings:
Earnings per common share - diluted	$6.05 to $6.41	$6.23
Core FFO per Share - diluted	$8.93 to $9.29	$9.11
Core AFFO per Share - diluted	$8.01 to $8.37	$8.19

MAA Same Store Portfolio:
Number of units	95,285	95,285
Average physical occupancy	95.6% to 96.0%	95.8%
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
Income tax expense	$4.0 to $5.0	$4.5

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 EARNINGS PER COMMON SHARE TO CORE FFO AND CORE AFFO PER SHARE FOR 2023 GUIDANCE


	Full Year 2023 Guidance Range
	Low			High
Earnings per common share - diluted	$	6.05		$	6.41
Real estate depreciation and amortization		4.71			4.71
Gains on sale of depreciable assets		(1.82	)		(1.82	)
FFO per Share - diluted		8.94			9.30
Non-Core FFO items (1)		(0.01	)		(0.01	)
Core FFO per Share - diluted		8.93			9.29
Recurring capital expenditures		(0.92	)		(0.92	)
Core AFFO per Share - diluted	$	8.01		$	8.37

(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-10

CREDIT RATINGS


	Commercial	Long-Term
	Paper Rating	Debt Rating	Outlook
Fitch Ratings (1)	F1	A-	Stable
Moody’s Investors Service (2)	P-2	A3	Stable
Standard & Poor’s Ratings Services (1)	A-2	A-	Stable

(1)

Corporate credit rating assigned to MAA and MAALP

(2)

Corporate credit rating assigned to MAALP

COMMON STOCK

Stock Symbol:

MAA

Exchange Traded:

NYSE

Estimated Future Dates:

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Earnings release & conference call

Late
July

Late
October

Early 
February

Early 
May

Dividend Information - Common Shares:

Q1 2022

Q2 2022

Q3 2022

Q4 2022

Q1 2023

Declaration date

3/22/2022

5/17/2022

9/27/2022

12/13/2022

3/21/2023

Record date

4/14/2022

7/15/2022

10/14/2022

1/13/2023

4/14/2023

Payment date

4/29/2022

7/29/2022

10/31/2022

1/31/2023

4/28/2023

Distributions per share

1.0875

1.2500

1.2500

1.4000

1.4000

INVESTOR RELATIONS DATA

MAA does not send quarterly reports, earnings releases and supplemental data to shareholders, but provides them upon request.

For recent press releases, SEC filings and other information, call 866-576-9689 (toll free) or email investor.relations@maac.com.  This information, as well as access to MAA’s quarterly conference call, is also available on the “For Investors” page of MAA’s website at www.maac.com.


For Questions Contact:
	Name	Title
	Andrew Schaeffer	Senior Vice President, Treasurer and Director of Capital Markets
	Jennifer Patrick	Director of Investor Relations
	Phone: 866-576-9689 (toll free)
	Email: investor.relations@maac.com

Supplemental Data S-11