8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 7, 2024

MID-AMERICA APARTMENT COMMUNITIES, INC.

(Exact name of registrant as specified in its charter)

Tennessee	001-12762	62-1543819
(State or Other Jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

MID-AMERICA APARTMENTS, L.P.

(Exact name of registrant as specified in its charter)

Tennessee	333-190028-01	62-1543816
(State or Other Jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

6815 Poplar Avenue, Suite 500
Germantown, Tennessee	38138
(Address of Principal Executive Offices)	(Zip Code)

(901) 682-6600

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.01 per share (Mid-America Apartment Communities, Inc.)	MAA	New York Stock Exchange
8.50% Series I Cumulative Redeemable Preferred Stock, $.01 par value per share (Mid-America Apartment Communities, Inc.)	MAA*I	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02. Results of Operations and Financial Condition.

On February 7, 2024, Mid-America Apartment Communities, Inc. (“MAA”) issued a press release announcing its consolidated results of operations and financial condition as of December 31, 2023 and for the three and twelve months then ended (the “Press Release”). Copies of the Press Release and supplemental data schedules are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report.

The information in this Current Report under this Item 2.02 (including Exhibits 99.1 and 99.2) is being “furnished” and shall not be deemed to be “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any previous or future filings by MAA or Mid-America Apartments, L.P. (“MAALP”), under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”).

ITEM 7.01 Regulation FD Disclosure.

In the Press Release, MAA provided certain information with respect to lease pricing for the month ended January 31, 2024. A copy of the Press Release is furnished as Exhibit 99.1 to this Current Report.

The information in this Current Report under this Item 7.01 (including Exhibit 99.1) is being “furnished” and shall not be deemed to be “filed” for any purpose, including for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any previous or future filings by MAA or MAALP under the Exchange Act or the Securities Act.

ITEM 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number	Description
99.1	Press Release dated February 7, 2024
99.2	Supplemental Data Schedules dated February 7, 2024
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		MID-AMERICA APARTMENT COMMUNITIES, INC.
Date:	February 7, 2024	/s/Albert M. Campbell, III
		Albert M. Campbell, III
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer)

		MID-AMERICA APARTMENTS, L.P.
		By: Mid-America Apartment Communities, Inc., its general partner
Date:	February 7, 2024	/s/Albert M. Campbell, III
		Albert M. Campbell, III
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer)

EX-99.1

 

TABLE OF CONTENTS
Earnings Release	3
Financial Highlights	8
Consolidated Statements of Operations/Share and Unit Data	9
Consolidated Balance Sheets	10
Reconciliation of Non-GAAP Financial Measures	11
Non-GAAP Financial Measures	14
Other Key Definitions	15
Portfolio Statistics	S-1
Components of Net Operating Income/Components of Same Store Portfolio Property Operating Expenses	S-3
Multifamily Same Store Portfolio NOI Contribution Percentage	S-4
Multifamily Same Store Portfolio Comparisons	S-5
Multifamily Development Pipeline/Multifamily Lease-up Communities/Multifamily Interior Redevelopment Pipeline	S-8
2023 Acquisition Activity/2023 Disposition Activity	S-9
Debt and Debt Covenants as of December 31, 2023	S-9
2024 Guidance/Reconciliation of Full Year 2023 per Diluted Share Results Compared to Full Year 2024 per Diluted Share Guidance	S-11
Reconciliation of Earnings per Diluted Common Share to Core FFO and Core AFFO per Diluted Share for 2024 Guidance	S-12
Credit Ratings/Common Stock/Investor Relations Data	S-12

2

EARNINGS RELEASE

MAA REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS

GERMANTOWN, TN, February 7, 2024/PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the quarter ended December 31, 2023.

Fourth Quarter 2023 Operating Results	Three months ended December 31,				Year ended December 31,
	2023		2022		2023		2022
Earnings per common share - diluted	$	1.37	$	1.67	$	4.71	$	5.48
Funds from operations (FFO) per Share - diluted	$	2.53	$	2.12	$	9.39	$	8.20
Core FFO per Share - diluted	$	2.32	$	2.32	$	9.17	$	8.50

A reconciliation of FFO and Core FFO to Net income available for MAA common shareholders, and discussion of the components of FFO and Core FFO, can be found later in this release. FFO per Share – diluted and Core FFO per Share – diluted include diluted common shares and units.

Eric Bolton, Chairman and Chief Executive Officer, said, “Core FFO performance for the fourth quarter was ahead of expectations. Stable employment conditions, continued positive migration trends, and historically low resident move-outs continue to drive solid demand. As expected, the delivery of new apartment supply is currently impacting rent growth performance and will likely persist through the summer leasing season. We expect that the volume of new apartment deliveries will start to decline in late 2024, setting the stage for improved rent growth. We are encouraged by the stable demand trends and are optimistic about the longer-term outlook for rent growth and higher values. Compared to a year ago, we start 2024 with more certainty about the direction of interest rates, clear evidence that new supply trends are set to moderate, and a healthy demand for apartment housing across our markets. We are well positioned to continue working through the current new supply pipeline, as well as pursue new growth opportunities that are emerging.”

Highlights

•During the fourth quarter of 2023, MAA’s Same Store Portfolio produced growth in revenues of 2.1%, as compared to the same period in the prior year, with Average Effective Rent per Unit up 2.2% while capturing strong Average Physical Occupancy of 95.5%.

•During the fourth quarter of 2023, MAA’s Same Store Portfolio property operating expense and Net Operating Income (NOI) increased by 5.9% and 0.1%, respectively, as compared to the same period in the prior year.

•As of December 31, 2023, resident turnover remained low at 44.9% on a trailing twelve month basis driven by historically low levels of move-outs associated with buying single family-homes.

•During the fourth quarter of 2023, MAA acquired two newly built multifamily apartment communities in initial lease-up, a 323-unit property located in the Phoenix, Arizona market and a 352-unit property located in the Charlotte, North Carolina market.

•As of the end of the fourth quarter of 2023, MAA had five communities under development, representing 1,970 units once complete, with a projected total cost of $647.3 million and an estimated $255.6 million remaining to be funded.

•As of the end of the fourth quarter of 2023, MAA had one recently completed development community and the two communities acquired during the fourth quarter of 2023 in lease-up. Two communities are expected to stabilize in the third quarter of 2024, and one is expected to stabilize in the fourth quarter of 2024.

•During the fourth quarter of 2023, MAA completed the lease-up of MAA Windmill Hill, located in the Austin, TX market.

•MAA completed the redevelopment of 1,394 apartment homes during the fourth quarter of 2023, capturing average rental rate increases of approximately 6% above non-renovated units.

•Subsequent to the end of the fourth quarter of 2023, MAA's operating partnership, Mid-America Apartments, L.P. (referred to as MAALP or the Operating Partnership), issued $350.0 million of 10-year unsecured senior notes at a coupon of 5.000% and an issue price of 99.019%.

•MAA’s balance sheet remains strong with a Net Debt/Adjusted EBITDAre ratio of 3.6x and $791.8 million of combined cash and available capacity under MAALP’s unsecured revolving credit facility as of December 31, 2023.

Same Store Portfolio Operating Results

To ensure comparable reporting with prior periods, the Same Store Portfolio includes properties that were owned by MAA and stabilized at the beginning of the previous year. Same Store Portfolio results for the three and twelve months ended December 31, 2023 as compared to the same period in the prior year are summarized below:

	Three months ended December 31, 2023 vs. 2022				Twelve months ended December 31, 2023 vs. 2022
	Revenues	Expenses	NOI	Average Effective Rent per Unit	Revenues	Expenses	NOI	Average Effective Rent per Unit
Same Store Operating Growth	2.1%	5.9%	0.1%	2.2%	6.2%	6.5%	6.0%	7.0%

A reconciliation of NOI, including Same Store NOI, to Net income available for MAA common shareholders, and discussion of the components of NOI, can be found later in this release.

3

Same Store Portfolio operating statistics for the three and twelve months ended December 31, 2023, which were in line with prior guidance expectations, are summarized below:

	Three months ended December 31, 2023			Twelve months ended December 31, 2023			December 31, 2023
	Average Effective Rent per Unit		Average Physical Occupancy	Average Effective Rent per Unit		Average Physical Occupancy	Resident Turnover
Same Store Operating Statistics	$	1,685	95.5%	$	1,676	95.6%	44.9%

Same Store Portfolio lease pricing for new leases that were effective during the fourth quarter of 2023 was impacted by new supply pressures and typical fourth quarter seasonal factors. While new lease pricing declined 7.0% during the fourth quarter of 2023, the increase in renewal lease pricing remained steady, increasing 4.8% which produced a decrease of 1.6% for both new and renewing lease pricing on a blended basis. As expected, new lease pricing in January 2024 improved and renewal lease pricing held consistent, resulting in a decrease of 0.3% for both new and renewing lease pricing on a blended basis for leases that were effective during January 2024.

Same Store Portfolio lease pricing for both new and renewing leases effective during the year ended December 31, 2023, on a blended basis, increased 2.1% as compared to the prior lease, driven by a 6.1% increase for renewing leases, partially offset by a 1.9% decrease for leases to new move-in residents.

Acquisition Activity

In October 2023, MAA acquired a 323-unit multifamily community currently in lease-up and located in the Phoenix, Arizona market for approximately $103 million. In November 2023, MAA acquired a 352-unit multifamily community currently in lease-up and located in the Charlotte, North Carolina market for approximately $107 million.

During the fourth quarter of 2023, MAA also acquired a half-acre land parcel that is part of our current multifamily development property, MAA Nixie, in the Raleigh, North Carolina market.

Development and Lease-up Activity

A summary of MAA’s development communities under construction as of the end of the fourth quarter of 2023 is set forth below (dollars in thousands):

		Units as of						Development Costs as of						Expected Project
Total		December 31, 2023						December 31, 2023						Completions By Year
Development								Expected		Spend		Expected
Projects (1)		Total		Delivered		Leased		Total		to Date		Remaining		2024		2025
	5		1,970		202		150	$	647,250	$	391,610	$	255,640		3		2

(1)Three of the development projects are currently leasing.

During the fourth quarter of 2023, MAA funded $48.0 million of costs for current and planned projects, including predevelopment activities. MAA expects to begin four to six multifamily development projects over the next 18 to 24 months.

A summary of the total units, physical occupancy and cost of MAA’s lease-up communities as of the end of the fourth quarter of 2023 is set forth below (dollars in thousands):

Total		As of December 31, 2023
Lease-Up		Total		Physical			Spend
Projects (1)		Units		Occupancy			to Date
	3		1,015		69.0	%	$	298,207

(1)Two of the lease-up projects are expected to stabilize in the third quarter of 2024, and one is expected to stabilize in the fourth quarter of 2024.

The current expected average stabilized NOI yield on the four in progress or recently completed internally developed communities currently leasing is 6.5%.

During the fourth quarter of 2023, MAA completed the lease-up of MAA Windmill Hill, located in the Austin, TX market.

Property Redevelopment and Repositioning Activity

A summary of MAA’s interior redevelopment program and Smart Home technology initiative as of the end of the fourth quarter of 2023 is set forth below:

	As of December 31, 2023
	Units		Units		Average Cost		Increase in Average
	Completed		Completed		per Unit		Effective Rent per Unit
	QTD		YTD		YTD		YTD
Redevelopment		1,394		6,858	$	6,453	$	98
Smart Home		216		21,159	$	1,533	$	20	(1)

(1)Projected increase upon lease renewal, opt in or unit turnover.

4

As of December 31, 2023, MAA had completed installation of Smart Home technology (unit entry locks, mobile control of lights and thermostat and leak monitoring) in over 93,000 units across its apartment community portfolio since the initiative began during the first quarter of 2019.

During the fourth quarter of 2023, MAA continued its property repositioning program to upgrade and reposition the amenity and common areas at select apartment communities resulting in higher and above market rent growth. The five projects started in 2022 and completed during the year ended December 31, 2023 are expected to deliver yields on cost averaging 8%. For the year ended December 31, 2023, MAA spent $17.0 million on this program. As of December 31, 2023, for all projects completed and either fully or partially repriced, MAA has captured yields on cost averaging approximately 14%. An additional six projects will begin in the first half of 2024.

Capital Expenditures

A summary of MAA’s capital expenditures and Funds Available for Distribution (FAD) for the three and twelve months ended December 31, 2023 and 2022 is set forth below (dollars in millions, except per Share data):

	Three months ended December 31,						Year ended December 31,
	2023			2022			2023			2022
Core FFO attributable to common shareholders and unitholders	$	277.8		$	274.7		$	1,098.1		$	1,008.2
Recurring capital expenditures		(26.4	)		(13.9	)		(111.7	)		(98.2	)
Core adjusted FFO (Core AFFO) attributable to common shareholders and unitholders		251.4			260.8			986.4			910.0
Redevelopment, revenue enhancing, commercial and other capital expenditures		(52.1	)		(61.9	)		(208.4	)		(194.9	)
FAD attributable to common shareholders and unitholders	$	199.3		$	198.9		$	778.0		$	715.1
Core FFO per Share - diluted	$	2.32		$	2.32		$	9.17		$	8.50
Core AFFO per Share - diluted	$	2.10		$	2.20		$	8.24		$	7.67

A reconciliation of FFO, Core FFO, Core AFFO and FAD to Net income available for MAA common shareholders, and discussion of the components of FFO, Core FFO, Core AFFO and FAD, can be found later in this release.

Balance Sheet and Financing Activities

As of December 31, 2023, MAA had $791.8 million of combined cash and available capacity under MAALP’s unsecured revolving credit facility.

Dividends and distributions paid on shares of common stock and noncontrolling interests during the fourth quarter of 2023 were $167.8 million, as compared to $148.3 million for the same period in the prior year.

In January 2024, MAALP publicly issued $350 million of unsecured senior notes due March 2034 with a coupon rate of 5.000% per annum, and at an issue price of 99.019%. Interest is payable semi-annually in arrears on March 15 and September 15 of each year, commencing September 15, 2024. The proceeds from the sale of the notes were used to repay borrowings on our commercial paper program. The notes have an effective interest rate of 5.123%.

Balance sheet highlights as of December 31, 2023 are summarized below (dollars in billions):

Total debt to adjusted total assets (1)	Net Debt/Adjusted EBITDAre(2)	Total debt outstanding		Average effective interest rate	Fixed rate debt as a % of total debt	Total debt average years to maturity
27.8%	3.6x	$	4.5	3.6%	89.1%		6.8

(1)As defined in the covenants for the bonds issued by MAALP.

(2)Adjusted EBITDAre is calculated for the trailing twelve month period ended December 31, 2023.

A reconciliation of Net Debt to Unsecured notes payable and Secured notes payable and a reconciliation of Adjusted EBITDAre to Net income, along with discussion of the components of Net Debt and Adjusted EBITDAre, can be found later in this release.

Corporate Sustainability

As of the end of 2023, MAA’s corporate initiatives have led to significant progress in key sustainability performance areas. We have achieved a 25% reduction in energy use intensity (EUI) and a 35% reduction in GHG emissions intensity (GEI) from our 2018 baseline, meeting our goals before our original 2028 target. Additionally, we have updated 62% of our portfolio to all LED lighting to maximize energy efficiency and now have 31 green-certified communities, approximately 10% of MAA’s portfolio, with more in the pipeline. After achieving targets from our 2018 baseline, we have now re-established a target to further reduce EUI and GEI by 10% percent by 2028, respectively.

We also have several community engagement efforts underway and have reported our progress through our annual Corporate Sustainability Report, CDP disclosure, and GRESB assessment, the latter of which we have now improved year over year since our first submission in 2020. We will continue to focus on deepening engagement and building an integrated pathway for sustainability, an integral component of our continued resiliency, that creates a positive impact for our residents, associates, and investors.

5

120th Consecutive Quarterly Common Dividend Declared

MAA declared its 120th consecutive quarterly common dividend, which will be paid on January 31, 2024 to holders of record on January 12, 2024. The current annual dividend rate is $5.88 per common share, an increase of 5% from the immediately prior rate. The timing and amount of future dividends will depend on actual cash flows from operations, MAA’s financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986 and other factors as MAA’s Board of Directors deems relevant. MAA’s Board of Directors may modify the dividend policy from time to time.

2024 Earnings and Same Store Portfolio Guidance

MAA is providing initial 2024 guidance for Earnings per diluted common share, Core FFO per diluted Share and Core AFFO per diluted Share, along with its expectations for growth in Property revenue, Property operating expense and NOI for the Same Store Portfolio in 2024. MAA expects to update its 2024 Earnings per diluted common share, Core FFO per diluted Share and Core AFFO per diluted Share guidance on a quarterly basis.

FFO, Core FFO and Core AFFO are non-GAAP financial measures. Acquisition and disposition activity materially affects depreciation and capital gains or losses, which combined, generally represent the majority of the difference between Net income available for common shareholders and FFO. As discussed in the definitions of non-GAAP financial measures found later in this release, MAA’s definition of FFO is in accordance with the National Association of Real Estate Investment Trusts’, or NAREIT’s, definition, and Core FFO represents FFO as adjusted for items that are not considered part of MAA’s core business operations. MAA believes that Core FFO is helpful in understanding operating performance in that Core FFO excludes not only depreciation expense of real estate assets and certain other non-routine items, but it also excludes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.

2024 Guidance	Full Year 2024
Earnings:	Range	Midpoint
Earnings per common share - diluted	$4.45 to $4.85	$4.65
Core FFO per Share - diluted	$8.68 to $9.08	$8.88
Core AFFO per Share - diluted	$7.72 to $8.12	$7.92
MAA Same Store Portfolio:
Property revenue growth	0.15% to 1.65%	0.90%
Property operating expense growth	4.10% to 5.60%	4.85%
NOI growth	-2.80% to 0.20%	-1.30%

A reconciliation of the full year 2023 Earnings per diluted common share and Core FFO per diluted Share to the midpoint of the initial 2024 guidance is provided on page S-11 of the Supplemental Data to this release. The projected year-over-year change in our Core FFO per diluted Share is primarily driven by higher interest expense as a result of incremental borrowings related to our acquisition activities in 2023, development activities and debt refinancing.

MAA expects Core FFO for the first quarter of 2024to be in the range of$2.12 to $2.28 per diluted Share, or $2.20 per diluted Share at the midpoint. MAA does not forecast Earnings per diluted common share on a quarterly basis as MAA generally cannot predict the timing of forecasted acquisition and disposition activity within a particular quarter (rather than during the course of the full year). Additional details and guidance items are provided in the Supplemental Data to this release.

Supplemental Material and Conference Call

Supplemental Data to this release can be found on the “For Investors” page of the MAA website at www.maac.com. MAA will host a conference call to further discuss fourth quarter results on February 8, 2024, at 9:00 AM Central Time. The conference call-in number is (800)-343-4849. You may also join the live webcast of the conference call by accessing the “For Investors” page of the MAA website at www.maac.com. MAA’s filings with the Securities and Exchange Commission (SEC) are filed under the registrant names of Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P.

About MAA

MAA, an S&P 500 company, is a real estate investment trust (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States. As of December 31, 2023, MAA had ownership interest in 102,662 apartment units, including communities currently in development, across 16 states and the District of Columbia. For further details, please visit the MAA website at www.maac.com or contact Investor Relations at investor.relations@maac.com, or via mail at MAA, 6815 Poplar Ave., Suite 500, Germantown, TN 38138, Attn: Investor Relations.

6

Forward-Looking Statements

Sections of this release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to our expectations for future periods. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions or other items related to the future. Such forward-looking statements include, without limitation, statements regarding expected operating performance and results, property stabilizations, property acquisition and disposition activity, joint venture activity, development and renovation activity and other capital expenditures, and capital raising and financing activity, as well as lease pricing, revenue and expense growth, occupancy, interest rate and other economic expectations. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “forecasts,” “projects,” “assumes,” “will,” “may,” “could,” “should,” “budget,” “target,” “outlook,” “proforma,” “opportunity,” “guidance” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, as described below, which may cause our actual results, performance or achievements to be materially different from the results of operations, financial conditions or plans expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such forward-looking statements included in this release may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved.

The following factors, among others, could cause our actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking statements:

•inability to generate sufficient cash flows due to unfavorable economic and market conditions, changes in supply and/or demand, competition, uninsured losses, changes in tax and housing laws, or other factors;

•exposure to risks inherent in investments in a single industry and sector;

•adverse changes in real estate markets, including, but not limited to, the extent of future demand for multifamily units in our significant markets, barriers of entry into new markets which we may seek to enter in the future, limitations on our ability to increase or collect rental rates, competition, our ability to identify and consummate attractive acquisitions or development projects on favorable terms, our ability to consummate any planned dispositions in a timely manner on acceptable terms, and our ability to reinvest sale proceeds in a manner that generates favorable returns;

•failure of development communities to be completed within budget and on a timely basis, if at all, to lease-up as anticipated or to achieve anticipated results;

•unexpected capital needs;

•material changes in operating costs, including real estate taxes, utilities and insurance costs, due to inflation and other factors;

•inability to obtain appropriate insurance coverage at reasonable rates,or at all, losses due to uninsured risks, deductibles and self-insured retention, or losses from catastrophes in excess of our coverage limits;

•ability to obtain financing at favorable rates, if at all, or refinance existing debt as it matures;

•level and volatility of interest or capitalization rates or capital market conditions;

•the effect of any rating agency actions on the cost and availability of new debt financing;

•the impact of adverse developments affecting the U.S. or global banking industry, including bank failures and liquidity concerns, which could cause continued or worsening economic and market volatility, and regulatory responses thereto;

•significant change in the mortgage financing market or other factors that would cause single-family housing or other alternative housing options, either as an owned or rental product, to become a more significant competitive product;

•ability to continue to satisfy complex rules in order to maintain our status as a REIT for federal income tax purposes, the ability of MAALP to satisfy the rules to maintain its status as a partnership for federal income tax purposes, the ability of our taxable REIT subsidiaries to maintain their status as such for federal income tax purposes, and our ability and the ability of our subsidiaries to operate effectively within the limitations imposed by these rules;

•inability to attract and retain qualified personnel;

•cyber liability or potential liability for breaches of our or our service providers’ information technology systems, or business operations disruptions;

•potential liability for environmental contamination;

•changes in the legal requirements we are subject to, or the imposition of new legal requirements, that adversely affect our operations;

•extreme weather and natural disasters;

•disease outbreaks and other public health events and measures that are taken by federal, state, and local governmental authorities in response to such outbreaks and events;

•impact of climate change on our properties or operations;

•legal proceedings or class action lawsuits;

•impact of reputational harm caused by negative press or social media postings of our actions or policies, whether or not warranted;

•compliance costs associated with numerous federal, state and local laws and regulations; and

•other risks identified in this release and in reports we file with the SEC or in other documents that we publicly disseminate.

New factors may also emerge from time to time that could have a material adverse effect on our business. Except as required by law, we undertake no obligation to publicly update or revise forward-looking statements contained in this release to reflect events, circumstances or changes in expectations after the date of this release.

7

FINANCIAL HIGHLIGHTS

Dollars in thousands, except per share data	Three months ended December 31,						Year ended December 31,
	2023			2022			2023			2022
Rental and other property revenues	$	542,247		$	527,965		$	2,148,468		$	2,019,866
Net income available for MAA common shareholders	$	159,554		$	192,699		$	549,118		$	633,748
Total NOI (1)	$	350,465		$	346,791		$	1,380,327		$	1,296,172
Earnings per common share: (2)
Basic	$	1.37		$	1.67		$	4.71		$	5.49
Diluted	$	1.37		$	1.67		$	4.71		$	5.48
Funds from operations per Share - diluted: (2)
FFO (1)	$	2.53		$	2.12		$	9.39		$	8.20
Core FFO (1)	$	2.32		$	2.32		$	9.17		$	8.50
Core AFFO (1)	$	2.10		$	2.20		$	8.24		$	7.67
Dividends declared per common share	$	1.4700		$	1.4000		$	5.6700		$	4.9875
Dividends/Core FFO (diluted) payout ratio		63.4	%		60.3	%		61.8	%		58.7	%
Dividends/Core AFFO (diluted) payout ratio		70.0	%		63.6	%		68.8	%		65.0	%
Consolidated interest expense	$	38,579		$	38,084		$	149,234		$	154,747
Mark-to-market debt adjustment		—			13			25			(77	)
Debt discount and debt issuance cost amortization		(1,287	)		(1,528	)		(5,849	)		(5,985	)
Capitalized interest		3,311			2,582			12,376			8,728
Total interest incurred	$	40,603		$	39,151		$	155,786		$	157,413
Amortization of principal on notes payable	$	—		$	358		$	854		$	1,401

(1)A reconciliation of the following items and discussion of their respective components can be found later in this release: (i) NOI to Net income available for MAA common shareholders; and (ii) FFO, Core FFO and Core AFFO to Net income available for MAA common shareholders.

(2)See the “Share and Unit Data” section for additional information.

Dollars in thousands, except share price
	December 31, 2023		December 31, 2022
Gross Assets (1)	$	16,349,193	$	15,543,912
Gross Real Estate Assets (1)	$	16,089,909	$	15,336,793
Total debt	$	4,540,225	$	4,414,903
Common shares and units outstanding		119,838,096		118,645,269
Share price	$	134.46	$	156.99
Book equity value	$	6,299,122	$	6,210,419
Market equity value	$	16,113,430	$	18,626,121
Net Debt/Adjusted EBITDAre(2)	3.6x		3.7x

(1)A reconciliation of Gross Assets to Total assets and Gross Real Estate Assets to Real estate assets, net, along with discussion of their components, can be found later in this release.

(2)Adjusted EBITDAre is calculated for the trailing twelve month period for each date presented. A reconciliation of the following items and discussion of their respective components can be found later in this release: (i) Net Debt to Unsecured notes payable and Secured notes payable; and (ii) EBITDA, EBITDAre and Adjusted EBITDAre to Net income.

8

CONSOLIDATED STATEMENTS OF OPERATIONS

Dollars in thousands, except per share data (Unaudited)	Three months ended December 31,						Year ended December 31,
	2023			2022			2023			2022
Revenues:
Rental and other property revenues	$	542,247		$	527,965		$	2,148,468		$	2,019,866
Expenses:
Operating expenses, excluding real estate taxes and insurance		113,672			106,594			461,540			435,108
Real estate taxes and insurance		78,110			74,580			306,601			288,586
Depreciation and amortization		140,888			138,237			565,063			542,998
Total property operating expenses		332,670			319,411			1,333,204			1,266,692
Property management expenses		17,467			17,034			67,784			65,463
General and administrative expenses		15,249			14,742			58,578			58,833
Interest expense		38,579			38,084			149,234			154,747
Loss (gain) on sale of depreciable real estate assets		1			(82,799	)		62			(214,762	)
Gain on sale of non-depreciable real estate assets		—			—			(54	)		(809	)
Other non-operating (income) expense		(27,219	)		23,465			(31,185	)		42,713
Income before income tax expense		165,500			198,028			570,845			646,989
Income tax (expense) benefit		(1,148	)		458			(4,744	)		6,208
Income from continuing operations before real estate joint venture activity		164,352			198,486			566,101			653,197
Income from real estate joint venture		516			450			1,730			1,579
Net income		164,868			198,936			567,831			654,776
Net income attributable to noncontrolling interests		4,392			5,315			15,025			17,340
Net income available for shareholders		160,476			193,621			552,806			637,436
Dividends to MAA Series I preferred shareholders		922			922			3,688			3,688
Net income available for MAA common shareholders	$	159,554		$	192,699		$	549,118		$	633,748
Earnings per common share - basic:
Net income available for common shareholders	$	1.37		$	1.67		$	4.71		$	5.49
Earnings per common share - diluted:
Net income available for common shareholders	$	1.37		$	1.67		$	4.71		$	5.48

SHARE AND UNIT DATA

Shares and units in thousands	Three months ended December 31,				Year ended December 31,
	2023		2022		2023		2022
Net Income Shares (1)
Weighted average common shares - basic		116,646		115,398		116,521		115,344
Effect of dilutive securities		87		251		124		239
Weighted average common shares - diluted		116,733		115,649		116,645		115,583
Funds From Operations Shares And Units
Weighted average common shares and units - basic		119,791		118,568		119,674		118,538
Weighted average common shares and units - diluted		119,837		118,646		119,722		118,618
Period End Shares And Units
Common shares at December 31,		116,694		115,480		116,694		115,480
Operating Partnership units at December 31,		3,144		3,165		3,144		3,165
Total common shares and units at December 31,		119,838		118,645		119,838		118,645

(1)For additional information on the calculation of diluted common shares and earnings per common share, please refer to the Notes to Consolidated Financial Statements in MAA’s Annual Report on Form 10-K for the year ended December 31, 2023, expected to be filed with the SEC on or about February 9, 2024.

9

CONSOLIDATED BALANCE SHEETS

Dollars in thousands (Unaudited)
	December 31, 2023			December 31, 2022
Assets
Real estate assets:
Land	$	2,031,403		$	2,008,364
Buildings and improvements and other		13,515,949			12,841,947
Development and capital improvements in progress		385,405			332,035
		15,932,757			15,182,346
Less: Accumulated depreciation		(4,864,690	)		(4,302,747	)
		11,068,067			10,879,599
Undeveloped land		73,861			64,312
Investment in real estate joint venture		41,977			42,290
Real estate assets, net		11,183,905			10,986,201
Cash and cash equivalents		41,314			38,659
Restricted cash		13,777			22,412
Other assets		245,507			193,893
Total assets	$	11,484,503		$	11,241,165
Liabilities and equity
Liabilities:
Unsecured notes payable	$	4,180,084		$	4,050,910
Secured notes payable		360,141			363,993
Accrued expenses and other liabilities		645,156			615,843
Total liabilities		5,185,381			5,030,746
Redeemable common stock		19,167			20,671
Shareholders’ equity:
Preferred stock		9			9
Common stock		1,168			1,152
Additional paid-in capital		7,399,921			7,202,834
Accumulated distributions in excess of net income		(1,298,263	)		(1,188,854	)
Accumulated other comprehensive loss		(8,764	)		(10,052	)
Total MAA shareholders’ equity		6,094,071			6,005,089
Noncontrolling interests - Operating Partnership units		163,128			163,595
Total shareholders’ equity		6,257,199			6,168,684
Noncontrolling interests - consolidated real estate entities		22,756			21,064
Total equity		6,279,955			6,189,748
Total liabilities and equity	$	11,484,503		$	11,241,165

10

RECONCILIATION OF FFO, CORE FFO, CORE AFFO AND FAD TO NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS

Amounts in thousands, except per share and unit data	Three months ended December 31,						Year ended December 31,
	2023			2022			2023			2022
Net income available for MAA common shareholders	$	159,554		$	192,699		$	549,118		$	633,748
Depreciation and amortization of real estate assets		139,437			136,469			558,969			535,835
Loss (gain) on sale of depreciable real estate assets		1			(82,799	)		62			(214,762	)
MAA’s share of depreciation and amortization of real estate assets of real estate joint venture		159			155			615			621
Net income attributable to noncontrolling interests		4,392			5,315			15,025			17,340
FFO attributable to common shareholders and unitholders		303,543			251,839			1,123,789			972,782
(Gain) loss on embedded derivative in preferred shares (1)		(20,391	)		10,743			(18,528	)		21,107
Gain on sale of non-depreciable real estate assets		—			—			(54	)		(809	)
(Gain) loss on investments, net of tax (1)(2)		(2,928	)		4,786			(3,531	)		35,822
Casualty related charges (recoveries), net (1)(3)		392			(759	)		980			(29,930	)
(Gain) loss on debt extinguishment (1)		—			—			(57	)		47
Legal (recoveries), costs and settlements, net (1)		(2,854	)		8,000			(4,454	)		8,535
COVID-19 related costs (1)		—			73			—			575
Mark-to-market debt adjustment (4)		—			(13	)		(25	)		77
Core FFO attributable to common shareholders and unitholders		277,762			274,669			1,098,120			1,008,206
Recurring capital expenditures		(26,318	)		(13,825	)		(111,685	)		(98,168	)
Core AFFO attributable to common shareholders and unitholders		251,444			260,844			986,435			910,038
Redevelopment capital expenditures		(20,735	)		(23,755	)		(98,177	)		(101,035	)
Revenue enhancing capital expenditures		(20,455	)		(26,472	)		(71,623	)		(65,572	)
Commercial capital expenditures		(2,382	)		(1,938	)		(6,922	)		(4,692	)
Other capital expenditures		(8,563	)		(9,822	)		(31,672	)		(23,595	)
FAD attributable to common shareholders and unitholders	$	199,309		$	198,857		$	778,041		$	715,144
Dividends and distributions paid	$	167,768		$	148,306		$	669,388		$	554,532
Weighted average common shares - diluted		116,733			115,649			116,645			115,583
FFO weighted average common shares and units - diluted		119,837			118,646			119,722			118,618
Earnings per common share - diluted:
Net income available for common shareholders	$	1.37		$	1.67		$	4.71		$	5.48
FFO per Share - diluted	$	2.53		$	2.12		$	9.39		$	8.20
Core FFO per Share - diluted	$	2.32		$	2.32		$	9.17		$	8.50
Core AFFO per Share - diluted	$	2.10		$	2.20		$	8.24		$	7.67

(1)Included in Other non-operating (income) expense in the Consolidated Statements of Operations.

(2)For the three and twelve months ended December 31, 2023, gain on investments is presented net of tax expense of $0.8 million and $0.9 million, respectively. For the three and twelve months ended December 31, 2022, loss on investments is presented net of tax benefit of $1.3 million and $9.5 million, respectively.

(3)For the three and twelve months ended December 31, 2022, MAA recognized a gain of $1.4 million and $29.0 million, respectively, from the receipt of insurance proceeds that exceeded its casualty losses related to winter storm Uri.

(4)Included in Interest expense in the Consolidated Statements of Operations.

11

RECONCILIATION OF NET OPERATING INCOME TO NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS

Dollars in thousands	Three Months Ended									Year Ended
	December 31, 2023			September 30, 2023			December 31, 2022			December 31, 2023			December 31, 2022
Net income available for MAA common shareholders	$	159,554		$	109,810		$	192,699		$	549,118		$	633,748
Depreciation and amortization		140,888			146,702			138,237			565,063			542,998
Property management expenses		17,467			16,298			17,034			67,784			65,463
General and administrative expenses		15,249			13,524			14,742			58,578			58,833
Interest expense		38,579			36,651			38,084			149,234			154,747
Loss (gain) on sale of depreciable real estate assets		1			75			(82,799	)		62			(214,762	)
Gain on sale of non-depreciable real estate assets		—			—			—			(54	)		(809	)
Other non-operating (income) expense		(27,219	)		16,493			23,465			(31,185	)		42,713
Income tax expense (benefit)		1,148			(209	)		(458	)		4,744			(6,208	)
Income from real estate joint venture		(516	)		(447	)		(450	)		(1,730	)		(1,579	)
Net income attributable to noncontrolling interests		4,392			3,000			5,315			15,025			17,340
Dividends to MAA Series I preferred shareholders		922			922			922			3,688			3,688
Total NOI	$	350,465		$	342,819		$	346,791		$	1,380,327		$	1,296,172
Same Store NOI	$	329,819		$	324,745		$	329,458		$	1,306,939		$	1,232,893
Non-Same Store and Other NOI		20,646			18,074			17,333			73,388			63,279
Total NOI	$	350,465		$	342,819		$	346,791		$	1,380,327		$	1,296,172

RECONCILIATION OF EBITDA, EBITDAre AND ADJUSTED EBITDAre TO NET INCOME

Dollars in thousands	Three Months Ended						Year Ended
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022
Net income	$	164,868		$	198,936		$	567,831		$	654,776
Depreciation and amortization		140,888			138,237			565,063			542,998
Interest expense		38,579			38,084			149,234			154,747
Income tax expense (benefit)		1,148			(458	)		4,744			(6,208	)
EBITDA		345,483			374,799			1,286,872			1,346,313
Loss (gain) on sale of depreciable real estate assets		1			(82,799	)		62			(214,762	)
Adjustments to reflect MAA’s share of EBITDAre of unconsolidated affiliates		339			338			1,350			1,357
EBITDAre		345,823			292,338			1,288,284			1,132,908
(Gain) loss on embedded derivative in preferred shares (1)		(20,391	)		10,743			(18,528	)		21,107
Gain on sale of non-depreciable real estate assets		—			—			(54	)		(809	)
(Gain) loss on investments (1)		(3,704	)		6,068			(4,449	)		45,357
Casualty related charges (recoveries), net (1)(2)		392			(759	)		980			(29,930	)
(Gain) loss on debt extinguishment (1)		—			—			(57	)		47
Legal (recoveries), costs and settlements, net (1)		(2,854	)		8,000			(4,454	)		8,535
COVID-19 related costs (1)		—			73			—			575
Adjusted EBITDAre	$	319,266		$	316,463		$	1,261,722		$	1,177,790

(1)Included in Other non-operating (income) expense in the Consolidated Statements of Operations.

(2)For the three and twelve months ended December 31, 2022, MAA recognized a gain of $1.4 million and $29.0 million, respectively, from the receipt of insurance proceeds that exceeded its casualty losses related to winter storm Uri.

12

RECONCILIATION OF NET DEBT TO UNSECURED NOTES PAYABLE AND SECURED NOTES PAYABLE

Dollars in thousands
	December 31, 2023			December 31, 2022
Unsecured notes payable	$	4,180,084		$	4,050,910
Secured notes payable		360,141			363,993
Total debt		4,540,225			4,414,903
Cash and cash equivalents		(41,314	)		(38,659	)
1031(b) exchange proceeds included in Restricted cash (1)		—			(9,186	)
Net Debt	$	4,498,911		$	4,367,058

(1)Included in Restricted cash in the Consolidated Balance Sheets.

RECONCILIATION OF GROSS ASSETS TO TOTAL ASSETS

Dollars in thousands
	December 31, 2023		December 31, 2022
Total assets	$	11,484,503	$	11,241,165
Accumulated depreciation		4,864,690		4,302,747
Gross Assets	$	16,349,193	$	15,543,912

RECONCILIATION OF GROSS REAL ESTATE ASSETS TO REAL ESTATE ASSETS, NET

Dollars in thousands
	December 31, 2023		December 31, 2022
Real estate assets, net	$	11,183,905	$	10,986,201
Accumulated depreciation		4,864,690		4,302,747
Cash and cash equivalents		41,314		38,659
1031(b) exchange proceeds included in Restricted cash (1)		—		9,186
Gross Real Estate Assets	$	16,089,909	$	15,336,793

(1)Included in Restricted cash in the Consolidated Balance Sheets.

13

NON-GAAP FINANCIAL MEASURES

Adjusted EBITDAre

For purposes of calculations in this release, Adjusted Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or Adjusted EBITDAre, represents EBITDAre further adjusted for items that are not considered part of MAA’s core operations such as 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 (recoveries) charges, net, gain or loss on debt extinguishment, legal (recoveries), costs and settlements, net and COVID-19 related costs. As an owner and operator of real estate, MAA considers Adjusted EBITDAre to be an important measure of performance from core operations because Adjusted EBITDAre does not include various income and expense items that are not indicative of operating performance. MAA’s computation of Adjusted EBITDAre may differ from the methodology utilized by other companies to calculate Adjusted EBITDAre. Adjusted EBITDAre should not be considered as an alternative to Net income as an indicator of operating performance.

Core Adjusted Funds from Operations (Core AFFO)

Core AFFO is composed of Core FFO less recurring capital expenditures. Because net income attributable to noncontrolling interests is added back, Core AFFO, when used in this release, represents Core AFFO attributable to common shareholders and unitholders. Core AFFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. As an owner and operator of real estate, MAA considers Core AFFO to be an important measure of performance from operations because Core AFFO measures the ability to control revenues, expenses and recurring capital expenditures.

Core Funds from Operations (Core FFO)

Core FFO represents FFO as adjusted for items that are not considered part of MAA’s core business operations such as 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 of tax, casualty related (recoveries) charges, net, gain or loss on debt extinguishment, legal (recoveries), costs and settlements, net, COVID-19 related costs, mark-to-market debt adjustments and other non-core items. Because net income attributable to noncontrolling interests is added back, Core FFO, when used in this release, represents Core FFO attributable to common shareholders and unitholders. While MAA's definition of Core FFO may be similar to others in the industry, MAA’s methodology for calculating Core FFO may differ from that utilized by other REITs and, accordingly, may not be comparable to such other REITs. Core FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. MAA believes that Core FFO is helpful in understanding its core operating performance between periods in that it removes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.

EBITDA

For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization, or EBITDA, is composed of net income plus depreciation and amortization, interest expense, and income taxes. As an owner and operator of real estate, MAA considers EBITDA to be an important measure of performance from core operations because EBITDA does not include various expense items that are not indicative of operating performance. EBITDA should not be considered as an alternative to Net income as an indicator of operating performance.

EBITDAre

For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or EBITDAre, is composed of EBITDA further adjusted for the gain or loss on sale of depreciable assets and adjustments to reflect MAA’s share of EBITDAre of an unconsolidated affiliate. As an owner and operator of real estate, MAA considers EBITDAre to be an important measure of performance from core operations because EBITDAre does not include various expense items that are not indicative of operating performance. While MAA’s definition of EBITDAre is in accordance with NAREIT’s definition, it may differ from the methodology utilized by other companies to calculate EBITDAre. EBITDAre should not be considered as an alternative to Net income as an indicator of operating performance.

Funds Available for Distribution (FAD)

FAD is composed of Core FFO less total capital expenditures, excluding development spending, property acquisitions, capital expenditures relating to significant casualty losses that management expects to be reimbursed by insurance proceeds and corporate related capital expenditures. Because net income attributable to noncontrolling interests is added back, FAD, when used in this release, represents FAD attributable to common shareholders and unitholders. FAD should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. As an owner and operator of real estate, MAA considers FAD to be an important measure of performance from core operations because FAD measures the ability to control revenues, expenses and capital expenditures.

Funds From Operations (FFO)

FFO represents net income available for MAA common shareholders (calculated in accordance with GAAP) excluding gain or loss on disposition of operating properties and asset impairment, plus depreciation and amortization of real estate assets, net income attributable to noncontrolling interests, and adjustments for joint ventures. Because net income attributable to noncontrolling interests is added back, FFO, when used in this release, represents FFO attributable to common shareholders and unitholders. While MAA’s definition of FFO is in accordance with NAREIT’s definition, it may differ from the methodology for calculating FFO utilized by other companies and, accordingly, may not be comparable to such other companies. FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. MAA believes that FFO is helpful in understanding operating performance in that FFO excludes depreciation and amortization of real estate assets. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

Gross Assets

Gross Assets represents Total assets plus Accumulated depreciation. MAA believes that Gross Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

14

NON-GAAP FINANCIAL MEASURES (Continued)

Gross Real Estate Assets

Gross Real Estate Assets represents Real estate assets, net plus Accumulated depreciation, Cash and cash equivalents and 1031(b) exchange proceeds included in Restricted cash. MAA believes that Gross Real Estate Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

Net Debt

Net Debt represents Unsecured notes payable and Secured notes payable less Cash and cash equivalents and 1031(b) exchange proceeds included in Restricted cash. MAA believes Net Debt is a helpful tool in evaluating its debt position.

Net Operating Income (NOI)

Net Operating Income represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties held during the period, regardless of their status as held for sale. NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

Non-Same Store and Other NOI

Non-Same Store and Other NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties classified within the Non-Same Store and Other Portfolio during the period. Non-Same Store and Other NOI includes storm-related expenses related to hurricanes. Non-Same Store and Other NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes Non-Same Store and Other NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

Same Store NOI

Same Store NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties classified within the Same Store Portfolio during the period. Same Store NOI excludes storm-related expenses related to hurricanes. Same Store NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes Same Store NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

OTHER KEY DEFINITIONS

Average Effective Rent per Unit

Average Effective Rent per Unit represents the average of gross rent amounts after the effect of leasing concessions for occupied units plus prevalent market rates asked for unoccupied units, divided by the total number of units. Leasing concessions represent discounts to the current market rate. MAA believes average effective rent is a helpful measurement in evaluating average pricing. It does not represent actual rental revenue collected per unit.

Average Physical Occupancy

Average Physical Occupancy represents the average of the daily physical occupancy for an applicable period.

Development Communities

Communities remain identified as development until certificates of occupancy are obtained for all units under development. Once all units are delivered and available for occupancy, the community moves into the Lease-up Communities portfolio.

Lease-up Communities

New acquisitions acquired during lease-up and newly developed communities remain in the Lease-up Communities portfolio until stabilized. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.

Non-Same Store and Other Portfolio

Non-Same Store and Other Portfolio includes recently acquired communities, communities in development or lease-up, communities that have been disposed of or identified for disposition, communities that have experienced a significant casualty loss, stabilized communities that do not meet the requirements defined by the Same Store Portfolio, retail properties and commercial properties.

Resident Turnover

Resident turnover represents resident move outs excluding transfers within the Same Store Portfolio as a percentageof expiring leases on a rolling twelve month basis as of the end of the reported quarter.

Same Store Portfolio

MAA reviews its Same Store Portfolio at the beginning of each calendar year, or as significant transactions or events warrant. Communities are generally added into the Same Store Portfolio if they were owned and stabilized at the beginning of the previous year. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days. Communities that have been approved by MAA’s Board of Directors for disposition are excluded from the Same Store Portfolio. Communities that have experienced a significant casualty loss are also excluded from the Same Store Portfolio.

CONTACT: Investor Relations of MAA, 866-576-9689 (toll free), investor.relations@maac.com

15

EX-99.2

Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT DECEMBER 31, 2023 (1)

In apartment units

	Same Store		Non-Same Store		Lease-up		Total Completed Communities		Development Units Delivered		Total
Atlanta, GA		11,434		—		340		11,774		—		11,774
Dallas, TX		10,116		—		—		10,116		—		10,116
Austin, TX		6,829		350		—		7,179		—		7,179
Charlotte, NC		5,651		560		352		6,563		—		6,563
Orlando, FL		5,274		633		—		5,907		—		5,907
Tampa, FL		5,220		196		—		5,416		—		5,416
Raleigh/Durham, NC		5,350		—		—		5,350		—		5,350
Houston, TX		4,867		308		—		5,175		—		5,175
Nashville, TN		4,375		—		—		4,375		—		4,375
Fort Worth, TX		3,687		—		—		3,687		—		3,687
Jacksonville, FL		3,496		—		—		3,496		—		3,496
Phoenix, AZ		2,623		345		323		3,291		3		3,294
Charleston, SC		3,168		—		—		3,168		—		3,168
Greenville, SC		2,355		—		—		2,355		—		2,355
Richmond, VA		1,732		272		—		2,004		—		2,004
Northern Virginia		1,888		—		—		1,888		—		1,888
Savannah, GA		1,837		—		—		1,837		—		1,837
Memphis, TN		1,811		—		—		1,811		—		1,811
San Antonio, TX		1,504		—		—		1,504		—		1,504
Birmingham, AL		1,462		—		—		1,462		—		1,462
Fredericksburg, VA		1,435		—		—		1,435		—		1,435
Huntsville, AL		1,228		—		—		1,228		—		1,228
Denver, CO		812		306		—		1,118		3		1,121
Kansas City, MO-KS		1,110		—		—		1,110		—		1,110
Other		6,022		1,152		—		7,174		196		7,370
Total Multifamily Units		95,286		4,122		1,015		100,423		202		100,625

(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, 2023								Average Effective		As of December 31, 2023
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended December 31, 2023		Completed Units		Total Units, Including Development
Atlanta, GA	$	2,099,011		13.6	%		94.9	%	$	1,850		11,434
Dallas, TX		1,581,062		10.1	%		95.3	%		1,669		10,116
Charlotte, NC		1,150,196		7.4	%		95.7	%		1,652		6,211
Orlando, FL		1,029,405		6.6	%		96.3	%		2,013		5,907
Tampa, FL		1,008,515		6.5	%		96.4	%		2,105		5,416
Austin, TX		956,439		6.1	%		94.9	%		1,620		7,179
Raleigh/Durham, NC		733,776		4.7	%		96.4	%		1,545		5,350
Houston, TX		701,516		4.5	%		96.2	%		1,429		5,175
Northern Virginia		574,576		3.7	%		96.2	%		2,356		1,888
Nashville, TN		561,712		3.6	%		96.1	%		1,700		4,375
Phoenix, AZ		484,590		3.1	%		95.5	%		1,751		2,968
Charleston, SC		430,805		2.8	%		96.3	%		1,771		3,168
Fort Worth, TX		392,220		2.5	%		95.3	%		1,576		3,687
Jacksonville, FL		313,862		2.0	%		96.2	%		1,548		3,496
Denver, CO		296,222		1.9	%		95.9	%		1,977		1,118
Richmond, VA		279,446		1.8	%		96.6	%		1,606		2,004
Fredericksburg, VA		256,103		1.6	%		96.7	%		1,801		1,435
Greenville, SC		239,869		1.5	%		95.9	%		1,327		2,355
Savannah, GA		226,109		1.5	%		96.0	%		1,694		1,837
Kansas City, MO-KS		192,746		1.2	%		95.5	%		1,577		1,110
Birmingham, AL		172,272		1.1	%		95.5	%		1,391		1,462
San Antonio, TX		171,357		1.1	%		95.5	%		1,387		1,504
All Other Markets by State (individual markets <1% gross real assets)
Tennessee		205,054		1.3	%		95.6	%		1,336		2,754
Florida		190,803		1.2	%		95.7	%		1,826		1,806
Alabama		176,224		1.1	%		95.6	%		1,397		1,648
Virginia		163,070		1.0	%		95.6	%		1,734		1,039
Kentucky		101,958		0.7	%		95.6	%		1,211		1,308
Maryland		83,654		0.5	%		94.5	%		2,189		361
Nevada		75,519		0.5	%		97.1	%		1,575		721
South Carolina		39,169		0.3	%		95.7	%		1,209		576
Stabilized Communities	$	14,887,260		95.5	%		95.7	%	$	1,692		99,408
Phoenix, AZ		172,899		1.1	%		86.7	%		1,904		326		640
Charlotte, NC		106,421		0.7	%		81.0	%		1,952		352		352
Tampa, FL		95,949		0.6	%		—			—		—		495
Denver, CO		95,631		0.6	%		—			—		3		352
Salt Lake City, UT		91,627		0.6	%		30.3	%		1,793		196		400
Atlanta, GA		90,645		0.6	%		39.7	%		2,215		340		340
Raleigh/Durham, NC		51,071		0.3	%		—			—		—		406
Lease-up / Development Communities	$	704,243		4.5	%		58.0	%	$	1,987		1,217		2,985
Total Multifamily Communities	$	15,591,503		100.0	%		95.2	%	$	1,696		100,625		102,393

(1)Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C. As of December 31, 2023, the gross investment in real estate for this community was $81.8 million and includes a mortgage note payable of $51.9 million. For the year ended December 31, 2023, this apartment community achieved NOI of $8.1 million.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

	Three Months Ended								As of December 31, 2023
	December 31, 2023		December 31, 2022			Percent Change			Apartment Units		Gross Real Assets
Operating Revenues
Same Store Communities	$	508,357	$	498,024			2.1	%		95,286	$	14,057,956
Non-Same Store Communities		24,006		23,487						4,122		829,304
Lease-up/Development Communities		3,568		—						1,217		704,243
Total Multifamily Portfolio	$	535,931	$	521,511						100,625	$	15,591,503
Commercial Property/Land		6,316		6,454						—		373,556
Total Operating Revenues	$	542,247	$	527,965						100,625	$	15,965,059
Property Operating Expenses
Same Store Communities	$	178,538	$	168,566			5.9	%
Non-Same Store Communities		8,500		9,677
Lease-up/Development Communities		1,682		103
Hurricane Expenses		—		227
Total Multifamily Portfolio	$	188,720	$	178,573
Commercial Property/Land		3,062		2,601
Total Property Operating Expenses	$	191,782	$	181,174
Net Operating Income
Same Store Communities	$	329,819	$	329,458			0.1	%
Non-Same Store Communities		15,506		13,810
Lease-up/Development Communities		1,886		(103	)
Hurricane Expenses		—		(227	)
Total Multifamily Portfolio	$	347,211	$	342,938
Commercial Property/Land		3,254		3,853
Total Net Operating Income	$	350,465	$	346,791			1.1	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

	Three Months Ended							Year Ended
	December 31, 2023		December 31, 2022		Percent Change			December 31, 2023		December 31, 2022		Percent Change
Property Taxes	$	65,568	$	63,210		3.7	%	$	258,052	$	244,476		5.6	%
Personnel		37,750		36,069		4.7	%		154,263		146,319		5.4	%
Utilities		32,325		30,828		4.9	%		128,654		122,563		5.0	%
Building Repair and Maintenance		22,226		20,415		8.9	%		93,753		85,350		9.8	%
Office Operations		7,873		6,869		14.6	%		29,854		27,337		9.2	%
Insurance		7,971		6,849		16.4	%		29,785		26,031		14.4	%
Marketing		4,825		4,326		11.5	%		23,451		22,034		6.4	%
Total Property Operating Expenses	$	178,538	$	168,566		5.9	%	$	717,812	$	674,110		6.5	%

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, 2023			December 31, 2022			December 31, 2023			December 31, 2022
Atlanta, GA		11,434		12.7	%		94.4	%		95.4	%		94.5	%		95.4	%
Dallas, TX		10,116		9.6	%		95.4	%		95.5	%		95.6	%		95.6	%
Tampa, FL		5,220		7.2	%		96.0	%		95.7	%		95.8	%		96.0	%
Orlando, FL		5,274		6.7	%		96.0	%		96.1	%		96.0	%		96.2	%
Charlotte, NC		5,651		6.3	%		95.4	%		95.7	%		95.6	%		95.8	%
Austin, TX		6,829		5.8	%		94.7	%		94.8	%		95.1	%		95.2	%
Raleigh/Durham, NC		5,350		5.6	%		96.1	%		95.6	%		95.9	%		95.6	%
Nashville, TN		4,375		4.9	%		96.1	%		95.7	%		95.8	%		95.8	%
Houston, TX		4,867		3.8	%		95.8	%		95.9	%		95.6	%		95.6	%
Charleston, SC		3,168		3.7	%		95.8	%		95.8	%		95.9	%		95.9	%
Fort Worth, TX		3,687		3.6	%		95.2	%		95.2	%		95.6	%		95.5	%
Phoenix, AZ		2,623		3.2	%		94.9	%		96.1	%		95.5	%		95.9	%
Jacksonville, FL		3,496		3.2	%		95.3	%		96.2	%		95.7	%		96.5	%
Northern Virginia		1,888		3.0	%		96.2	%		96.0	%		96.2	%		95.7	%
Savannah, GA		1,837		2.1	%		96.1	%		96.1	%		96.2	%		96.7	%
Greenville, SC		2,355		2.0	%		96.0	%		96.1	%		96.1	%		96.3	%
Richmond, VA		1,732		1.9	%		96.0	%		95.9	%		95.9	%		96.2	%
Fredericksburg, VA		1,435		1.8	%		96.9	%		95.9	%		96.4	%		96.3	%
Memphis, TN		1,811		1.5	%		95.3	%		95.1	%		94.7	%		95.0	%
Birmingham, AL		1,462		1.3	%		96.5	%		95.9	%		96.2	%		95.8	%
Kansas City, MO-KS		1,110		1.1	%		95.9	%		95.9	%		95.9	%		95.7	%
San Antonio, TX		1,504		1.1	%		96.0	%		94.8	%		95.8	%		95.6	%
Huntsville, AL		1,228		1.1	%		95.7	%		95.4	%		95.3	%		95.6	%
Denver, CO		812		1.0	%		95.4	%		95.4	%		95.4	%		95.7	%
Other		6,022		5.8	%		95.9	%		96.0	%		95.9	%		96.2	%
Total Same Store		95,286		100.0	%		95.5	%		95.6	%		95.6	%		95.8	%

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 2023		Q4 2022		% Chg			Q4 2023		Q4 2022		% Chg			Q4 2023		Q4 2022		% Chg			Q4 2023		Q4 2022		% Chg
Atlanta, GA		11,434	$	65,782	$	65,170		0.9	%	$	24,002	$	22,595		6.2	%	$	41,780	$	42,575		(1.9	)%	$	1,850	$	1,827		1.3	%
Dallas, TX		10,116		53,058		51,776		2.5	%		21,351		20,702		3.1	%		31,707		31,074		2.0	%		1,669		1,630		2.4	%
Tampa, FL		5,220		34,580		33,693		2.6	%		10,875		10,425		4.3	%		23,705		23,268		1.9	%		2,110		2,065		2.2	%
Orlando, FL		5,274		32,905		32,027		2.7	%		10,911		10,280		6.1	%		21,994		21,747		1.1	%		1,973		1,919		2.8	%
Charlotte, NC		5,651		29,181		28,177		3.6	%		8,496		7,732		9.9	%		20,685		20,445		1.2	%		1,640		1,576		4.1	%
Austin, TX		6,829		35,073		35,160		(0.2	)%		16,102		15,359		4.8	%		18,971		19,801		(4.2	)%		1,617		1,622		(0.3	)%
Raleigh/Durham, NC		5,350		26,664		25,895		3.0	%		8,097		7,467		8.4	%		18,567		18,428		0.8	%		1,545		1,506		2.6	%
Nashville, TN		4,375		23,685		23,059		2.7	%		7,476		7,055		6.0	%		16,209		16,004		1.3	%		1,700		1,671		1.7	%
Houston, TX		4,867		22,117		21,628		2.3	%		9,692		9,634		0.6	%		12,425		11,994		3.6	%		1,418		1,382		2.6	%
Charleston, SC		3,168		17,687		16,999		4.0	%		5,492		4,296		27.8	%		12,195		12,703		(4.0	)%		1,771		1,675		5.7	%
Fort Worth, TX		3,687		19,019		18,807		1.1	%		7,177		7,496		(4.3	)%		11,842		11,311		4.7	%		1,576		1,546		1.9	%
Phoenix, AZ		2,623		14,282		14,499		(1.5	)%		3,615		3,450		4.8	%		10,667		11,049		(3.5	)%		1,741		1,747		(0.3	)%
Jacksonville, FL		3,496		16,487		16,603		(0.7	)%		5,962		5,326		11.9	%		10,525		11,277		(6.7	)%		1,548		1,538		0.6	%
Northern Virginia		1,888		13,850		13,222		4.7	%		3,979		3,717		7.0	%		9,871		9,505		3.9	%		2,356		2,248		4.8	%
Savannah, GA		1,837		10,028		9,609		4.4	%		3,146		2,840		10.8	%		6,882		6,769		1.7	%		1,694		1,604		5.6	%
Greenville, SC		2,355		10,291		10,058		2.3	%		3,650		3,392		7.6	%		6,641		6,666		(0.4	)%		1,327		1,286		3.2	%
Richmond, VA		1,732		9,030		8,826		2.3	%		2,750		2,721		1.1	%		6,280		6,105		2.9	%		1,649		1,591		3.6	%
Fredericksburg, VA		1,435		8,342		8,187		1.9	%		2,356		2,211		6.6	%		5,986		5,976		0.2	%		1,801		1,773		1.6	%
Memphis, TN		1,811		7,937		7,816		1.5	%		2,872		2,717		5.7	%		5,065		5,099		(0.7	)%		1,358		1,348		0.7	%
Birmingham, AL		1,462		6,782		6,446		5.2	%		2,594		2,440		6.3	%		4,188		4,006		4.5	%		1,391		1,353		2.8	%
Kansas City, MO-KS		1,110		5,576		5,306		5.1	%		1,853		1,771		4.6	%		3,723		3,535		5.3	%		1,577		1,514		4.2	%
San Antonio, TX		1,504		6,676		6,547		2.0	%		2,961		2,810		5.4	%		3,715		3,737		(0.6	)%		1,387		1,381		0.4	%
Huntsville, AL		1,228		5,363		5,287		1.4	%		1,782		1,704		4.6	%		3,581		3,583		(0.1	)%		1,319		1,296		1.8	%
Denver, CO		812		5,070		5,019		1.0	%		1,742		1,340		30.0	%		3,328		3,679		(9.5	)%		1,960		1,934		1.4	%
Other		6,022		28,892		28,208		2.4	%		9,605		9,086		5.7	%		19,287		19,122		0.9	%		1,519		1,481		2.6	%
Total Same Store		95,286	$	508,357	$	498,024		2.1	%	$	178,538	$	168,566		5.9	%	$	329,819	$	329,458		0.1	%	$	1,685	$	1,649		2.2	%

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 2023		Q3 2023		% Chg			Q4 2023		Q3 2023		% Chg			Q4 2023		Q3 2023		% Chg			Q4 2023		Q3 2023		% Chg
Atlanta, GA		11,434	$	65,782	$	66,153		(0.6	)%	$	24,002	$	24,773		(3.1	)%	$	41,780	$	41,380		1.0	%	$	1,850	$	1,861		(0.6	)%
Dallas, TX		10,116		53,058		53,563		(0.9	)%		21,351		21,068		1.3	%		31,707		32,495		(2.4	)%		1,669		1,671		(0.2	)%
Tampa, FL		5,220		34,580		34,566		0.0	%		10,875		12,164		(10.6	)%		23,705		22,402		5.8	%		2,110		2,112		(0.1	)%
Orlando, FL		5,274		32,905		32,970		(0.2	)%		10,911		11,348		(3.9	)%		21,994		21,622		1.7	%		1,973		1,981		(0.4	)%
Charlotte, NC		5,651		29,181		29,542		(1.2	)%		8,496		8,766		(3.1	)%		20,685		20,776		(0.4	)%		1,640		1,651		(0.6	)%
Austin, TX		6,829		35,073		35,635		(1.6	)%		16,102		15,824		1.8	%		18,971		19,811		(4.2	)%		1,617		1,635		(1.1	)%
Raleigh/Durham, NC		5,350		26,664		26,769		(0.4	)%		8,097		8,686		(6.8	)%		18,567		18,083		2.7	%		1,545		1,549		(0.2	)%
Nashville, TN		4,375		23,685		23,766		(0.3	)%		7,476		7,979		(6.3	)%		16,209		15,787		2.7	%		1,700		1,705		(0.3	)%
Houston, TX		4,867		22,117		22,049		0.3	%		9,692		10,626		(8.8	)%		12,425		11,423		8.8	%		1,418		1,418		0.0	%
Charleston, SC		3,168		17,687		17,736		(0.3	)%		5,492		5,642		(2.7	)%		12,195		12,094		0.8	%		1,771		1,756		0.8	%
Fort Worth, TX		3,687		19,019		19,181		(0.8	)%		7,177		8,135		(11.8	)%		11,842		11,046		7.2	%		1,576		1,579		(0.2	)%
Phoenix, AZ		2,623		14,282		14,431		(1.0	)%		3,615		3,925		(7.9	)%		10,667		10,506		1.5	%		1,741		1,746		(0.3	)%
Jacksonville, FL		3,496		16,487		16,754		(1.6	)%		5,962		6,407		(6.9	)%		10,525		10,347		1.7	%		1,548		1,559		(0.7	)%
Northern Virginia		1,888		13,850		13,783		0.5	%		3,979		4,344		(8.4	)%		9,871		9,439		4.6	%		2,356		2,345		0.5	%
Savannah, GA		1,837		10,028		10,031		(0.0	)%		3,146		3,399		(7.4	)%		6,882		6,632		3.8	%		1,694		1,684		0.6	%
Greenville, SC		2,355		10,291		10,297		(0.1	)%		3,650		3,637		0.4	%		6,641		6,660		(0.3	)%		1,327		1,329		(0.2	)%
Richmond, VA		1,732		9,030		9,119		(1.0	)%		2,750		2,891		(4.9	)%		6,280		6,228		0.8	%		1,649		1,644		0.3	%
Fredericksburg, VA		1,435		8,342		8,296		0.6	%		2,356		2,473		(4.7	)%		5,986		5,823		2.8	%		1,801		1,801		(0.0	)%
Memphis, TN		1,811		7,937		7,795		1.8	%		2,872		3,098		(7.3	)%		5,065		4,697		7.8	%		1,358		1,362		(0.3	)%
Birmingham, AL		1,462		6,782		6,714		1.0	%		2,594		2,513		3.2	%		4,188		4,201		(0.3	)%		1,391		1,386		0.4	%
Kansas City, MO-KS		1,110		5,576		5,537		0.7	%		1,853		2,164		(14.4	)%		3,723		3,373		10.4	%		1,577		1,569		0.6	%
San Antonio, TX		1,504		6,676		6,716		(0.6	)%		2,961		2,567		15.3	%		3,715		4,149		(10.5	)%		1,387		1,393		(0.4	)%
Huntsville, AL		1,228		5,363		5,358		0.1	%		1,782		2,014		(11.5	)%		3,581		3,344		7.1	%		1,319		1,325		(0.5	)%
Denver, CO		812		5,070		5,111		(0.8	)%		1,742		1,520		14.6	%		3,328		3,591		(7.3	)%		1,960		1,975		(0.7	)%
Other		6,022		28,892		29,007		(0.4	)%		9,605		10,171		(5.6	)%		19,287		18,836		2.4	%		1,519		1,516		0.2	%
Total Same Store		95,286	$	508,357	$	510,879		(0.5	)%	$	178,538	$	186,134		(4.1	)%	$	329,819	$	324,745		1.6	%	$	1,685	$	1,690		(0.3	)%

Supplemental Data S-6

MULTIFAMILY SAME STORE PORTFOLIO FULL YEAR COMPARISONS AS OF DECEMBER 31, 2023 AND 2022

Dollars in thousands, except Average Effective Rent per Unit

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q4 2023		Q4 2022		% Chg			Q4 2023		Q4 2022		% Chg			Q4 2023		Q4 2022		% Chg			Q4 2023		Q4 2022		% Chg
Atlanta, GA		11,434	$	261,678	$	250,477		4.5	%	$	96,333	$	89,778		7.3	%	$	165,345	$	160,699		2.9	%	$	1,848	$	1,743		6.0	%
Dallas, TX		10,116		211,791		197,971		7.0	%		84,747		79,848		6.1	%		127,044		118,123		7.6	%		1,659		1,546		7.3	%
Tampa, FL		5,220		137,304		127,805		7.4	%		45,760		41,941		9.1	%		91,544		85,864		6.6	%		2,098		1,943		8.0	%
Orlando, FL		5,274		131,110		120,555		8.8	%		44,648		41,448		7.7	%		86,462		79,107		9.3	%		1,964		1,793		9.6	%
Charlotte, NC		5,651		115,988		108,112		7.3	%		34,159		31,492		8.5	%		81,829		76,620		6.8	%		1,626		1,496		8.7	%
Austin, TX		6,829		141,608		134,997		4.9	%		62,503		58,696		6.5	%		79,105		76,301		3.7	%		1,627		1,546		5.2	%
Raleigh/Durham, NC		5,350		105,749		98,179		7.7	%		32,713		30,628		6.8	%		73,036		67,551		8.1	%		1,534		1,421		8.0	%
Nashville, TN		4,375		94,192		87,948		7.1	%		30,212		29,318		3.0	%		63,980		58,630		9.1	%		1,694		1,577		7.4	%
Houston, TX		4,867		87,922		83,856		4.8	%		38,579		36,999		4.3	%		49,343		46,857		5.3	%		1,407		1,337		5.2	%
Charleston, SC		3,168		69,633		63,896		9.0	%		21,705		19,838		9.4	%		47,928		44,058		8.8	%		1,733		1,568		10.5	%
Fort Worth, TX		3,687		76,248		72,164		5.7	%		29,697		28,954		2.6	%		46,551		43,210		7.7	%		1,569		1,473		6.6	%
Phoenix, AZ		2,623		57,709		55,504		4.0	%		14,723		13,890		6.0	%		42,986		41,614		3.3	%		1,745		1,660		5.1	%
Jacksonville, FL		3,496		66,544		63,883		4.2	%		23,681		21,385		10.7	%		42,863		42,498		0.9	%		1,552		1,462		6.2	%
Northern Virginia		1,888		54,574		50,888		7.2	%		16,717		15,776		6.0	%		37,857		35,112		7.8	%		2,319		2,162		7.2	%
Savannah, GA		1,837		39,593		36,489		8.5	%		12,784		12,089		5.7	%		26,809		24,400		9.9	%		1,664		1,505		10.6	%
Greenville, SC		2,355		41,110		38,586		6.5	%		13,785		13,997		(1.5	)%		27,325		24,589		11.1	%		1,316		1,222		7.7	%
Richmond, VA		1,732		35,815		33,969		5.4	%		11,172		10,864		2.8	%		24,643		23,105		6.7	%		1,627		1,522		6.9	%
Fredericksburg, VA		1,435		33,121		31,995		3.5	%		9,485		9,017		5.2	%		23,636		22,978		2.9	%		1,794		1,731		3.7	%
Memphis, TN		1,811		31,435		30,255		3.9	%		11,641		10,954		6.3	%		19,794		19,301		2.6	%		1,354		1,308		3.6	%
Birmingham, AL		1,462		26,738		25,220		6.0	%		10,222		9,613		6.3	%		16,516		15,607		5.8	%		1,376		1,303		5.6	%
Kansas City, MO-KS		1,110		21,875		20,445		7.0	%		7,963		7,407		7.5	%		13,912		13,038		6.7	%		1,556		1,452		7.1	%
San Antonio, TX		1,504		26,584		25,237		5.3	%		11,240		11,002		2.2	%		15,344		14,235		7.8	%		1,388		1,317		5.4	%
Huntsville, AL		1,228		21,405		20,484		4.5	%		7,581		6,868		10.4	%		13,824		13,616		1.5	%		1,313		1,246		5.4	%
Denver, CO		812		20,304		19,322		5.1	%		6,338		5,468		15.9	%		13,966		13,854		0.8	%		1,959		1,859		5.4	%
Other		6,022		114,721		108,766		5.5	%		39,424		36,840		7.0	%		75,297		71,926		4.7	%		1,504		1,415		6.3	%
Total Same Store		95,286	$	2,024,751	$	1,907,003		6.2	%	$	717,812	$	674,110		6.5	%	$	1,306,939	$	1,232,893		6.0	%	$	1,676	$	1,567		7.0	%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands

		Units as of						Development Costs as of
		December 31, 2023						December 31, 2023							Expected
								Expected		Spend		Expected		Start	Initial
	Location	Total		Delivered		Leased		Total		to Date		Remaining		Date	Occupancy	Completion	Stabilization (1)
Novel Daybreak (2)	Salt Lake City, UT		400		196		148	$	99,450	$	91,620	$	7,830	2Q21	2Q23	3Q24	1Q25
Novel Val Vista (2)	Phoenix, AZ		317		3		1		79,800		71,227		8,573	4Q20	4Q23	4Q24	3Q25
MAA Milepost 35	Denver, CO		352		3		1		125,000		92,980		32,020	1Q22	4Q23	4Q24	3Q25
MAA Nixie	Raleigh, NC		406		—		—		145,500		45,932		99,568	4Q22	4Q24	3Q25	3Q26
MAA Breakwater	Tampa, FL		495		—		—		197,500		89,851		107,649	4Q22	1Q25	4Q25	4Q26
Total Active			1,970		202		150	$	647,250	$	391,610	$	255,640

(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, 2023
	Location	Total Units		Physical Occupancy	Spend to Date		Construction Completed	Expected Stabilization (1)
MAA Central Avenue	Phoenix, AZ	323		86.7%	$	101,654	(3)	3Q24
MAA Optimist Park	Charlotte, NC	352		81.0%		105,922	(3)	3Q24
Novel West Midtown (2)	Atlanta, GA	340		39.7%		90,631	3Q23	4Q24
Total			1,015	69.0%	$	298,207

(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.

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

MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data

Year ended December 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
	6,858	$	44,253	$	6,453	$	98	7.1%	9,000 - 13,000

Supplemental Data S-8

2023 ACQUISITION ACTIVITY

Multifamily Acquisitions	Market	Apartment Units	Closing Date
MAA Central Ave	Phoenix, AZ	323	October 2023
MAA Optimist Park	Charlotte, NC	352	November 2023

Land Acquisition	Market	Acreage	Closing Date
MAA Packing District II	Orlando, FL	6	February 2023
MAA Nixie	Raleigh, NC	0.4	November 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 DECEMBER 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	$	4,045,225		89.1	%		3.4	%		7.6
Floating rate debt		495,000		10.9	%		5.7	%		0.1
Total	$	4,540,225		100.0	%		3.6	%		6.8
Unsecured Versus Secured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	4,180,084		92.1	%		3.6	%		5.2
Secured debt		360,141		7.9	%		4.4	%		25.1
Total	$	4,540,225		100.0	%		3.6	%		6.8
Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q4 2023 NOI			Percent of Total
Unencumbered gross assets	$	15,589,407		95.4	%	$	335,993			95.9	%
Encumbered gross assets		759,786		4.6	%		14,472			4.1	%
Total	$	16,349,193		100.0	%	$	350,465			100.0	%

FIXED INTEREST RATE MATURITIES

Maturity	Fixed Rate Debt		Effective Interest Rate
2024	$	399,659		4.0	%
2025		398,547		4.2	%
2026		297,973		1.2	%
2027		597,334		3.7	%
2028		397,303		4.2	%
2029		557,747		3.7	%
2030		297,887		3.1	%
2031		445,645		1.8	%
2032		—		—
2033		—		—
Thereafter		653,130		3.8	%
Total	$	4,045,225		3.4	%

Supplemental Data S-9

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

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

Maturity	Commercial Paper ⁽¹⁾ & Revolving Credit Facility ⁽²⁾		Public Bonds		Secured		Total
2024	$	495,000	$	399,659	$	—	$	894,659
2025		—		398,547		—		398,547
2026		—		297,973		—		297,973
2027		—		597,334		—		597,334
2028		—		397,303		—		397,303
2029		—		557,747		—		557,747
2030		—		297,887		—		297,887
2031		—		445,645		—		445,645
2032		—		—		—		—
2033		—		—		—		—
Thereafter		—		292,989		360,141		653,130
Total	$	495,000	$	3,685,084	$	360,141	$	4,540,225

(1)The $495.0 million maturing in 2024 reflects the principal outstanding under MAALP’s unsecured commercial paper program as of December 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 December 31, 2023, average daily borrowings outstanding under the commercial paper program were $368.8 million.

(2)There were no borrowings outstanding under MAALP’s $1.25 billion unsecured revolving credit facility as of December 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	2.2%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	7.8x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	365.9%	Yes
Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	19.3%	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	8.0x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	18.5%	Yes

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

Supplemental Data S-10

2024 GUIDANCE

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

	Full Year 2024
Earnings:	Range	Midpoint
Earnings per common share - diluted	$4.45 to $4.85	$4.65
Core FFO per Share - diluted	$8.68 to $9.08	$8.88
Core AFFO per Share - diluted	$7.72 to $8.12	$7.92
MAA Same Store Portfolio:
Number of units	97,290	97,290
Average physical occupancy	95.4% to 96.0%	95.7%
Property revenue growth	0.15% to 1.65%	0.90%
Effective rent growth	0.10% to 1.60%	0.85%
Property operating expense growth	4.10% to 5.60%	4.85%
NOI growth	-2.80% to 0.20%	-1.30%
Real estate tax expense growth	4.00% to 5.50%	4.75%
Corporate Expenses: ($ in millions)
Property management expenses	$72.0 to $74.0	$73.0
General and administrative expenses	$58.5 to $60.5	$59.5
Total overhead	$130.5 to $134.5	$132.5
Transaction/Investment Volume: ($ in millions)
Multifamily acquisition volume	$350.0 to $450.0	$400.0
Multifamily disposition volume	$50.0 to $150.0	$100.0
Development investment	$250.0 to $350.0	$300.0
Debt:
Average effective interest rate	3.5% to 3.7%	3.6%
Capitalized interest ($ in millions)	$13.0 to $15.0	$14.0
Diluted FFO Shares Outstanding:
Diluted common shares and units	119.75 to 120.25 million	120.0 million

RECONCILIATION OF FULL YEAR 2023 PER DILUTED SHARE RESULTS COMPARED TO FULL YEAR 2024 PER DILUTED SHARE GUIDANCE

A reconciliation of full year 2023 results for Earnings per diluted common share and Core FFO per diluted Share to the midpoint of the 2024 guidance is summarized below:

	Earnings per common share			Core FFO
2023 per diluted Share reported results	$	4.71		$	9.17
Same Store NOI		(0.14	)		(0.14	)
Development, Lease-up and Other Non-Same Store NOI		0.13			0.13
Winter storm costs included in NOI		(0.01	)		(0.01	)
Overhead/technology		(0.05	)		(0.05	)
Interest expense (1)		(0.17	)		(0.17	)
Other non-operating income (expense)		(0.04	)		(0.04	)
2024 forecasted acquisitions and dispositions		(0.01	)		(0.01	)
Non-Core FFO items (2)		(0.23	)		—
Gain on sale of depreciable assets and real estate depreciation and amortization expense		0.46			—
2024 per diluted Share guidance midpoint	$	4.65		$	8.88

(1)The projected year-over-year change in Interest expense is primarily driven by higher interest expense as a result of incremental borrowings related to our acquisition activities in 2023, development activities and debt refinancing.

(2)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 (recoveries) costs and settlements, net, COVID-19 related costs and mark-to-market debt adjustments.

Supplemental Data S-11

RECONCILIATION OF EARNINGS PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER DILUTED SHARE FOR 2024 GUIDANCE

	Full Year 2024 Guidance Range
	Low			High
Earnings per common share - diluted	$	4.45		$	4.85
Real estate depreciation and amortization		4.91			4.91
Gains on sale of depreciable assets		(0.69	)		(0.69	)
FFO per Share - diluted		8.67			9.07
Non-Core FFO items (1)		0.01			0.01
Core FFO per Share - diluted		8.68			9.08
Recurring capital expenditures		(0.96	)		(0.96	)
Core AFFO per Share - diluted	$	7.72		$	8.12

(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 (recoveries) costs and settlements, net, COVID-19 related costs and mark-to-market debt adjustments.

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:	Q1 2024		Q2 2024		Q3 2024		Q4 2024
Earnings release & conference call	Early May		Late July		Late October		Early February
Dividend Information - Common Shares:	Q4 2022		Q1 2023		Q2 2023		Q3 2023		Q4 2023
Declaration date	12/13/2022		3/21/2023		5/16/2023		9/29/2023		12/12/2023
Record date	1/13/2023		4/14/2023		7/14/2023		10/13/2023		1/12/2024
Payment date	1/31/2023		4/28/2023		7/31/2023		10/31/2023		1/31/2024
Distributions per share	$	1.4000	$	1.4000	$	1.4000	$	1.4000	$	1.4700

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

XML

Document And Entity Information	Feb. 07, 2024
Document And Entity Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 07, 2024
Entity Registrant Name	MID-AMERICA APARTMENT COMMUNITIES, INC.
Entity Central Index Key	0000912595
Entity Emerging Growth Company	false
Entity File Number	001-12762
Entity Incorporation, State or Country Code	TN
Entity Tax Identification Number	62-1543819
Entity Address, Address Line One	6815 Poplar Avenue
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Germantown
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	38138
City Area Code	901
Local Phone Number	682-6600
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Common Stock [Member]
Document And Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol(s)	MAA
Security Exchange Name	NYSE
Cumulative Preferred Stock [Member]
Document And Entity Information [Line Items]
Title of 12(b) Security	8.50% Series I Cumulative Redeemable Preferred Stock, $.01 par value per share
Trading Symbol(s)	MAAI
Security Exchange Name	NYSE
Limited Partner [Member]
Document And Entity Information [Line Items]
Entity Registrant Name	MID-AMERICA APARTMENTS, L.P.
Entity File Number	333-190028-01
Entity Incorporation, State or Country Code	TN
Entity Tax Identification Number	62-1543816