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): May 1, 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 May 1, 2024, Mid-America Apartment Communities, Inc. (“MAA”) issued a press release announcing its consolidated results of operations and financial condition as of March 31, 2024 and for the three 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 information with respect to lease pricing and occupancy for the month of April 2024 (through April 29, 2024), as well as certain acquisition and development activities in April 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 May 1, 2024
99.2	Supplemental Data Schedules dated May 1, 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:	May 1, 2024	/s/A. Clay Holder
		A. Clay Holder
		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:	May 1, 2024	/s/A. Clay Holder
		A. Clay Holder
		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-7
Debt and Debt Covenants as of March 31, 2024	S-8
2024 Guidance/Reconciliation of Earnings per Diluted Common Share to Core FFO and Core AFFO per Diluted Share for Full Year 2024 Guidance	S-10
Credit Ratings/Common Stock/Investor Relations Data	S-11

2

EARNINGS RELEASE

MAA REPORTS FIRST QUARTER 2024 RESULTS

GERMANTOWN, TN, May 1, 2024/PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the quarter ended March 31, 2024.

First Quarter 2024 Operating Results	Three months ended March 31,
	2024		2023
Earnings per common share - diluted	$	1.22	$	1.16
Funds from operations (FFO) per Share - diluted	$	2.41	$	2.31
Core FFO per Share - diluted	$	2.22	$	2.28

A reconciliation of Net income available for MAA common shareholders to FFO and Core FFO, 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, “Performance trends and Core FFO results for the first quarter were in line with our expectations reflecting the impact of new supply deliveries across a number of markets. We enter the busy summer leasing season well positioned with stable occupancy, high leasing traffic, low resident turnover, and strong collections performance. With continued solid demand and the resulting steady absorption of the new supply pipeline, we continue to believe that the decline in new supply deliveries expected late this year and into 2025 will fuel a strong and quick rebound in rent performance. MAA’s investment-grade balance sheet is well positioned for both the near-term leasing conditions and to capture emerging new growth opportunities.”

Highlights

•During the first quarter of 2024, MAA’s Same Store Portfolio produced growth in revenues of 1.4%, as compared to the same period in the prior year, with Average Effective Rent per Unit up 1.5% while capturing Average Physical Occupancy of 95.3%.

•During the first quarter of 2024, MAA’s Same Store Portfolio property operating expense increased by 5.4% and MAA's Same Store Portfolio Net Operating Income (NOI) decreased by 0.7%, in each case as compared to the same period in the prior year.

•As of March 31, 2024, resident turnover remained historically low at 44.4% on a trailing twelve month basis driven by a record low level of move-outs associated with buying single family-homes of 12.9%.

•As of the end of the first quarter of 2024, MAA had five communities under development, representing 1,970 units once complete, with a projected total cost of $647.3 million and an estimated $201.7 million remaining to be funded. During April 2024, MAA started construction on a 302-unit multifamily apartment community located in the Charlotte, North Carolina market with a projected total cost of approximately $102 million on land previously acquired through our pre-purchase development program.

•Subsequent to the end of the first quarter of 2024, MAA closed on the acquisition of a land parcel located in the Phoenix, Arizona market through our pre-purchase development program with construction expected to begin in the second quarter of 2024 on a 345-unit multifamily apartment community.

•As of the end of the first quarter of 2024, 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.

•In January 2024, 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 $1.1 billion of combined cash and available capacity under MAALP’s unsecured revolving credit facility as of March 31, 2024.

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 months ended March 31, 2024 as compared to the same period in the prior year are summarized below:

	Three months ended March 31, 2024 vs. 2023
	Revenues	Expenses	NOI	Average Effective Rent per Unit
Same Store Operating Growth	1.4%	5.4%	-0.7%	1.5%

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

Same Store Portfolio operating statistics for the three months ended March 31, 2024, which were in line with prior guidance expectations, are summarized below:

	Three months ended March 31, 2024			March 31, 2024
	Average Effective Rent per Unit		Average Physical Occupancy	Resident Turnover
Same Store Operating Statistics	$	1,690	95.3%	44.4%

3

Same Store Portfolio lease pricing for new leases that were effective during the first quarter of 2024 was impacted by new supply pressures and typical first quarter seasonal factors. New lease pricing declined 6.2% during the first quarter of 2024, representing an 80-basis point improvement from the fourth quarter of 2023. The increase in renewal lease pricing remained steady, increasing 5.0%, representing a 20-basis point improvement from the fourth quarter of 2023. This in turn produced a decrease of 0.6% for both new and renewing lease pricing on a blended basis in the first quarter of 2024, representing a 100-basis point improvement from the fourth quarter of 2023. Through April 29, 2024, both new and renewal lease pricing for leases that were effective during April 2024 further improved 10-basis points compared to the first quarter of 2024, declining 6.1% and increasing 5.1%, respectively, resulting in a decrease of 0.4% for both new and renewing lease pricing on a blended basis, a 20-basis point improvement from the first quarter of 2024, while Average Physical Occupancy for April 2024 improved to 95.5%.

Development and Lease-up Activity

A summary of MAA’s development communities under construction as of the end of the first quarter of 2024 is set forth below (dollars in thousands):

		Units as of						Development Costs as of						Expected Project
Total		March 31, 2024						March 31, 2024						Completions By Year
Development								Expected		Spend		Expected
Projects (1)		Total		Delivered		Leased		Total		to Date		Remaining		2024		2025
	5		1,970		458		243	$	647,250	$	445,572	$	201,678		3		2

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

During the first quarter of 2024, MAA funded $43.8 million of costs for current and planned projects, including predevelopment activities.

In April 2024, MAA started construction on a 302-unit multifamily apartment community located in the Charlotte, North Carolina market on land previously acquired through our pre-purchase development program. The development is expected to be completed in the third quarter of 2027 with an expected stabilization in the second quarter of 2028 and expected total cost of approximately $102 million.

In April 2024, MAA also closed on the acquisition of a land parcel located in the Phoenix, Arizona market through our pre-purchase development program with construction on a 345-unit multifamily apartment community expected to begin in the second quarter of 2024.

MAA expects to begin four to six multifamily development projects over the next 18 to 24 months including the two projects expected to start in the second quarter of 2024 discussed above.

A summary of the total units, physical occupancy and cost of MAA’s lease-up communities as of the end of the first quarter of 2024 is set forth below (dollars in thousands):

Total		As of March 31, 2024
Lease-Up		Total		Physical			Spend
Projects (1)		Units		Occupancy			to Date
	3		1,015		71.0	%	$	299,673

(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 three in progress development communities and one recently completed development community that are currently leasing is 6.5%.

Property Redevelopment and Repositioning Activity

A summary of MAA’s interior redevelopment program as of the end of the first quarter of 2024 is set forth below:

	As of March 31, 2024
	Units		Average Cost		Increase in Average
	Completed		per Unit		Effective Rent per Unit
	YTD		YTD		YTD
Redevelopment		1,099	$	6,311	$	93

As of March 31, 2024, MAA had completed installation of Smart Home technology (unit entry locks, mobile control of lights and thermostat and leak monitoring) in over 94,000 units across its apartment community portfolio providing an increase in Average Effective Rent per Unit of approximately $25 since the initiative began during the first quarter of 2019.

During the first quarter of 2024, MAA continued its property repositioning program to upgrade and reposition the amenity and common areas at select apartment communities for higher and above market rent growth after projects are completed and units are fully repriced. For the three months ended March 31, 2024, MAA spent $0.5 million on this program. MAA expects to begin six projects under this program in the second half of 2024.

4

Capital Expenditures

A summary of MAA’s capital expenditures and Funds Available for Distribution (FAD) for the three months ended March 31, 2024 and 2023 is set forth below (dollars in millions, except per Share data):

	Three months ended March 31,
	2024			2023
Core FFO attributable to common shareholders and unitholders	$	266.2		$	272.2
Recurring capital expenditures		(19.0	)		(16.3	)
Core Adjusted FFO (Core AFFO) attributable to common shareholders and unitholders		247.2			255.9
Redevelopment, revenue enhancing, commercial and other capital expenditures		(32.8	)		(51.4	)
FAD attributable to common shareholders and unitholders	$	214.4		$	204.5
Core FFO per Share - diluted	$	2.22		$	2.28
Core AFFO per Share - diluted	$	2.06		$	2.14

A reconciliation of Net income available for MAA common shareholders to FFO, Core FFO, Core AFFO and FAD, 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 March 31, 2024, MAA had $1.1 billion 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 first quarter of 2024 were $176.2 million, as compared to $166.1 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 MAALP’s commercial paper program. The notes have an effective interest rate of 5.123%.

Balance sheet highlights as of March 31, 2024 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
28.1%	3.6x	$	4.6	3.6%	94.9%		7.2

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

(2)Adjusted EBITDAre is calculated for the trailing twelve month period ended March 31, 2024.

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

121st Consecutive Quarterly Common Dividend Declared

MAA declared its 121st consecutive quarterly common dividend, which will be paid on April 30, 2024 to holders of record on April 15, 2024. The current annual dividend rate is $5.88 per common share, 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 updatingits prior 2024 guidance for Earnings per diluted common share and reaffirming its prior 2024 guidance for Core FFO per diluted Share, Core AFFO per diluted Share and Same Store performance. 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.

5

2024 Guidance	Previous Range	Previous Midpoint	Revised Range	Revised Midpoint
Earnings:	Full Year 2024	Full Year 2024	Full Year 2024	Full Year 2024
Earnings per common share - diluted	$4.45 to $4.85	$4.65	$4.66 to $5.02	$4.84
Core FFO per Share - diluted	$8.68 to $9.08	$8.88	$8.70 to $9.06	$8.88
Core AFFO per Share - diluted	$7.72 to $8.12	$7.92	$7.74 to $8.10	$7.92
MAA Same Store Portfolio:
Property revenue growth	0.15% to 1.65%	0.90%	No Change	N/A
Property operating expense growth	4.10% to 5.60%	4.85%	No Change	N/A
NOI growth	-2.80% to 0.20%	-1.30%	No Change	N/A

MAA expects Core FFO for the second quarter of 2024to be in the range of$2.11 to $2.27 per diluted Share, or $2.19 per diluted Share at the midpoint. The difference between Core FFO per diluted Share for the first quarter of 2024 to the midpoint of MAA's guidance for the second quarter of 2024 is summarized below:

	Core FFO per diluted Share
Q1 2024 reported results	$	2.22
Same Store Revenues		0.01
Same Store Expenses (1)		(0.08	)
Non-Same Store NOI		0.02
Overhead		0.04
Interest expense and Other non-operating income (expense)		(0.02	)
Q2 2024 guidance midpoint	$	2.19

(1)The projected quarter-over-quarter change in Same Store operating expenses represents a 4.9% increase from the second quarter of 2023 and is primarily driven by higher expected building repair and maintenance, personnel and marketing costs. This pattern of higher operating expense is typical between the first and second quarter as we transition into the busier summer leasing season.

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 first quarter results on May 2, 2024, at 9:00 AM Central Time. The conference call-in number is (800)-715-9871. 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 March 31, 2024, MAA had ownership interest in 102,661 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 retentions, or losses from catastrophes in excess of 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 March 31,
	2024			2023
Rental and other property revenues	$	543,622		$	529,033
Net income available for MAA common shareholders	$	142,827		$	134,988
Total NOI (1)	$	345,820		$	346,230
Earnings per common share: (2)
Basic	$	1.22		$	1.16
Diluted	$	1.22		$	1.16
Funds from operations per Share - diluted: (2)
FFO (1)	$	2.41		$	2.31
Core FFO (1)	$	2.22		$	2.28
Core AFFO (1)	$	2.06		$	2.14
Dividends declared per common share	$	1.47		$	1.40
Dividends/Core FFO (diluted) payout ratio		66.2	%		61.4	%
Dividends/Core AFFO (diluted) payout ratio		71.4	%		65.4	%
Consolidated interest expense	$	40,361		$	37,281
Mark-to-market debt adjustment		—			13
Debt discount and debt issuance cost amortization		(1,842	)		(1,531	)
Capitalized interest		3,416			2,746
Total interest incurred	$	41,935		$	38,509
Amortization of principal on notes payable	$	—		$	362

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

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

Dollars in thousands, except share price
	March 31, 2024		December 31, 2023
Gross Assets (1)	$	16,476,958	$	16,349,193
Gross Real Estate Assets (1)	$	16,205,039	$	16,089,909
Total debt	$	4,624,463	$	4,540,225
Common shares and units outstanding		119,860,604		119,838,096
Share price	$	131.58	$	134.46
Book equity value	$	6,276,479	$	6,299,122
Market equity value	$	15,771,258	$	16,113,430
Net Debt/Adjusted EBITDAre(2)	3.6x		3.6x

(1)A reconciliation of Total assets to Gross Assets and Real estate assets, net, to Gross Real Estate Assets, 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) Unsecured notes payable and Secured notes payable to Net Debt; and (ii) Net income to EBITDA, EBITDAre and Adjusted EBITDAre.

8

CONSOLIDATED STATEMENTS OF OPERATIONS

Dollars in thousands, except per share data (Unaudited)	Three months ended March 31,
	2024			2023
Revenues:
Rental and other property revenues	$	543,622		$	529,033
Expenses:
Operating expenses, excluding real estate taxes and insurance		118,199			108,604
Real estate taxes and insurance		79,603			74,199
Depreciation and amortization		143,020			138,501
Total property operating expenses		340,822			321,304
Property management expenses		19,995			17,928
General and administrative expenses		17,045			15,923
Interest expense		40,361			37,281
Loss (gain) on sale of depreciable real estate assets		2			(15	)
Gain on sale of non-depreciable real estate assets		—			(54	)
Other non-operating income		(23,526	)		(3,467	)
Income before income tax expense		148,923			140,133
Income tax expense		(1,795	)		(944	)
Income from continuing operations before real estate joint venture activity		147,128			139,189
Income from real estate joint venture		482			385
Net income		147,610			139,574
Net income attributable to noncontrolling interests		3,861			3,664
Net income available for shareholders		143,749			135,910
Dividends to MAA Series I preferred shareholders		922			922
Net income available for MAA common shareholders	$	142,827		$	134,988
Earnings per common share - basic:
Net income available for common shareholders	$	1.22		$	1.16
Earnings per common share - diluted:
Net income available for common shareholders	$	1.22		$	1.16

SHARE AND UNIT DATA

Shares and units in thousands	Three months ended March 31,
	2024		2023
Net Income Shares (1)
Weighted average common shares - basic		116,668		116,182
Effect of dilutive securities		112		220
Weighted average common shares - diluted		116,780		116,402
Funds From Operations Shares And Units
Weighted average common shares and units - basic		119,806		119,340
Weighted average common shares and units - diluted		119,857		119,392
Period End Shares And Units
Common shares at March 31,		116,728		116,601
Operating Partnership units at March 31,		3,133		3,155
Total common shares and units at March 31,		119,861		119,756

(1)For additional information on the calculation of diluted common shares and earnings per common share, please refer to the Notes to the Condensed Consolidated Financial Statements in MAA’s Quarterly Report on Form 10-Q for the three months ended March 31, 2024, expected to be filed with the SEC on or about May 2, 2024.

9

CONSOLIDATED BALANCE SHEETS

Dollars in thousands (Unaudited)
	March 31, 2024			December 31, 2023
Assets
Real estate assets:
Land	$	2,031,406		$	2,031,403
Buildings and improvements and other		13,623,207			13,515,949
Development and capital improvements in progress		380,087			385,405
		16,034,700			15,932,757
Less: Accumulated depreciation		(5,006,226	)		(4,864,690	)
		11,028,474			11,068,067
Undeveloped land		73,861			73,861
Investment in real estate joint venture		41,877			41,977
Real estate assets, net		11,144,212			11,183,905
Cash and cash equivalents		54,601			41,314
Restricted cash		13,475			13,777
Other assets		258,444			245,507
Total assets	$	11,470,732		$	11,484,503
Liabilities and equity
Liabilities:
Unsecured notes payable	$	4,264,290		$	4,180,084
Secured notes payable		360,173			360,141
Accrued expenses and other liabilities		569,790			645,156
Total liabilities		5,194,253			5,185,381
Redeemable common stock		19,089			19,167
Shareholders’ equity:
Preferred stock		9			9
Common stock		1,168			1,168
Additional paid-in capital		7,406,189			7,399,921
Accumulated distributions in excess of net income		(1,326,654	)		(1,298,263	)
Accumulated other comprehensive loss		(8,263	)		(8,764	)
Total MAA shareholders’ equity		6,072,449			6,094,071
Noncontrolling interests - Operating Partnership units		161,909			163,128
Total shareholders’ equity		6,234,358			6,257,199
Noncontrolling interests - consolidated real estate entities		23,032			22,756
Total equity		6,257,390			6,279,955
Total liabilities and equity	$	11,470,732		$	11,484,503

10

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

Amounts in thousands, except per share and unit data	Three months ended March 31,
	2024			2023
Net income available for MAA common shareholders	$	142,827		$	134,988
Depreciation and amortization of real estate assets		141,591			136,798
Loss (gain) on sale of depreciable real estate assets		2			(15	)
MAA’s share of depreciation and amortization of real estate assets of real estate joint venture		155			151
Net income attributable to noncontrolling interests		3,861			3,664
FFO attributable to common shareholders and unitholders		288,436			275,586
Gain on embedded derivative in preferred shares (1)		(13,092	)		(4,435	)
Gain on sale of non-depreciable real estate assets		—			(54	)
(Gain) loss on investments, net of tax (1)(2)		(4,090	)		806
Casualty related (recoveries) charges, net (1)		(5,085	)		296
Mark-to-market debt adjustment (3)		—			(13	)
Core FFO attributable to common shareholders and unitholders		266,169			272,186
Recurring capital expenditures		(18,934	)		(16,330	)
Core AFFO attributable to common shareholders and unitholders		247,235			255,856
Redevelopment capital expenditures		(9,374	)		(31,409	)
Revenue enhancing capital expenditures		(13,013	)		(11,657	)
Commercial capital expenditures		(1,203	)		(1,307	)
Other capital expenditures		(9,203	)		(6,988	)
FAD attributable to common shareholders and unitholders	$	214,442		$	204,495
Dividends and distributions paid	$	176,191		$	166,112
Weighted average common shares - diluted		116,780			116,402
FFO weighted average common shares and units - diluted		119,857			119,392
Earnings per common share - diluted:
Net income available for common shareholders	$	1.22		$	1.16
FFO per Share - diluted	$	2.41		$	2.31
Core FFO per Share - diluted	$	2.22		$	2.28
Core AFFO per Share - diluted	$	2.06		$	2.14

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

(2)For the three months ended March 31, 2024, gain on investments is presented net of tax expense of $1.1 million. For the three months ended March 31, 2023, loss on investments is presented net of tax benefit of $0.2 million.

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

11

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

Dollars in thousands	Three Months Ended
	March 31, 2024			December 31, 2023			March 31, 2023
Net income available for MAA common shareholders	$	142,827		$	159,554		$	134,988
Depreciation and amortization		143,020			140,888			138,501
Property management expenses		19,995			17,467			17,928
General and administrative expenses		17,045			15,249			15,923
Interest expense		40,361			38,579			37,281
Loss (gain) on sale of depreciable real estate assets		2			1			(15	)
Gain on sale of non-depreciable real estate assets		—			—			(54	)
Other non-operating income		(23,526	)		(27,219	)		(3,467	)
Income tax expense		1,795			1,148			944
Income from real estate joint venture		(482	)		(516	)		(385	)
Net income attributable to noncontrolling interests		3,861			4,392			3,664
Dividends to MAA Series I preferred shareholders		922			922			922
Total NOI	$	345,820		$	350,465		$	346,230
Same Store NOI	$	334,583		$	338,297		$	336,929
Non-Same Store and Other NOI		11,237			12,168			9,301
Total NOI	$	345,820		$	350,465		$	346,230

RECONCILIATION OF NET INCOME TO EBITDA, EBITDAre AND ADJUSTED EBITDAre

Dollars in thousands	Three Months Ended						Twelve Months Ended
	March 31, 2024			March 31, 2023			March 31, 2024			December 31, 2023
Net income	$	147,610		$	139,574		$	575,867		$	567,831
Depreciation and amortization		143,020			138,501			569,582			565,063
Interest expense		40,361			37,281			152,314			149,234
Income tax expense		1,795			944			5,595			4,744
EBITDA		332,786			316,300			1,303,358			1,286,872
Loss (gain) on sale of depreciable real estate assets		2			(15	)		79			62
Adjustments to reflect MAA’s share of EBITDAre of an unconsolidated affiliate		338			335			1,353			1,350
EBITDAre		333,126			316,620			1,304,790			1,288,284
Gain on embedded derivative in preferred shares (1)		(13,092	)		(4,435	)		(27,185	)		(18,528	)
Gain on sale of non-depreciable real estate assets		—			(54	)		—			(54	)
(Gain) loss on investments (1)		(5,172	)		1,024			(10,645	)		(4,449	)
Casualty related (recoveries) charges, net (1)		(5,085	)		296			(4,401	)		980
Gain on debt extinguishment (1)		—			—			(57	)		(57	)
Legal (recoveries), costs and settlements, net (1)		—			—			(4,454	)		(4,454	)
Adjusted EBITDAre	$	309,777		$	313,451		$	1,258,048		$	1,261,722

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

12

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

Dollars in thousands
	March 31, 2024			December 31, 2023
Unsecured notes payable	$	4,264,290		$	4,180,084
Secured notes payable		360,173			360,141
Total debt		4,624,463			4,540,225
Cash and cash equivalents		(54,601	)		(41,314	)
Net Debt	$	4,569,862		$	4,498,911

RECONCILIATION OF TOTAL ASSETS TO GROSS ASSETS

Dollars in thousands
	March 31, 2024		December 31, 2023
Total assets	$	11,470,732	$	11,484,503
Accumulated depreciation		5,006,226		4,864,690
Gross Assets	$	16,476,958	$	16,349,193

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

Dollars in thousands
	March 31, 2024		December 31, 2023
Real estate assets, net	$	11,144,212	$	11,183,905
Accumulated depreciation		5,006,226		4,864,690
Cash and cash equivalents		54,601		41,314
Gross Real Estate Assets	$	16,205,039	$	16,089,909

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 and legal (recoveries), costs and settlements, net. 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 excludes 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, 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 excludes 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 excludes 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 and winter storms. 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 and winter storms. 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 trailing 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 MARCH 31, 2024 (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		5,643		264		—		5,907		—		5,907
Tampa, FL		5,416		—		—		5,416		—		5,416
Raleigh/Durham, NC		5,350		—		—		5,350		—		5,350
Houston, TX		5,175		—		—		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		2,968		—		323		3,291		112		3,403
Charleston, SC		3,168		—		—		3,168		—		3,168
Greenville, SC		2,354		—		—		2,354		—		2,354
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		1,118		—		—		1,118		84		1,202
Kansas City, MO-KS		1,110		—		—		1,110		—		1,110
Other		6,502		672		—		7,174		262		7,436
Total Multifamily Units		97,289		2,118		1,015		100,422		458		100,880

(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, 2024								Average Effective		As of March 31, 2024
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended March 31, 2024		Completed Units		Total Units, Including Development
Atlanta, GA	$	2,104,322		13.3	%		94.1	%	$	1,839		11,434
Dallas, TX		1,588,183		10.1	%		95.6	%		1,668		10,116
Charlotte, NC		1,154,714		7.4	%		95.9	%		1,651		6,211
Orlando, FL		1,032,421		6.6	%		96.0	%		2,006		5,907
Tampa, FL		1,012,979		6.5	%		96.4	%		2,094		5,416
Austin, TX		959,501		6.1	%		94.2	%		1,610		7,179
Raleigh/Durham, NC		735,801		4.7	%		96.2	%		1,543		5,350
Houston, TX		705,043		4.5	%		95.4	%		1,428		5,175
Northern Virginia		575,284		3.7	%		97.5	%		2,376		1,888
Nashville, TN		563,404		3.6	%		96.3	%		1,698		4,375
Phoenix, AZ		486,052		3.1	%		95.0	%		1,744		2,968
Charleston, SC		432,000		2.8	%		96.6	%		1,780		3,168
Fort Worth, TX		394,061		2.5	%		95.9	%		1,575		3,687
Jacksonville, FL		315,856		2.0	%		96.3	%		1,534		3,496
Denver, CO		296,322		1.9	%		95.7	%		1,972		1,118
Richmond, VA		280,021		1.8	%		97.4	%		1,603		2,004
Fredericksburg, VA		256,625		1.6	%		98.0	%		1,805		1,435
Greenville, SC		240,793		1.5	%		96.8	%		1,325		2,354
Savannah, GA		226,793		1.4	%		96.4	%		1,695		1,837
Kansas City, MO-KS		193,265		1.2	%		96.1	%		1,579		1,110
Birmingham, AL		172,998		1.1	%		95.5	%		1,393		1,462
San Antonio, TX		171,743		1.1	%		95.7	%		1,385		1,504
All Other Markets by State (individual markets <1% gross real assets)
Tennessee		206,073		1.3	%		96.0	%		1,337		2,754
Florida		192,518		1.2	%		96.0	%		1,826		1,806
Alabama		177,441		1.1	%		95.0	%		1,393		1,648
Virginia		165,160		1.1	%		96.0	%		1,744		1,039
Kentucky		102,791		0.7	%		97.5	%		1,220		1,308
Maryland		83,913		0.5	%		97.0	%		2,218		361
Nevada		75,684		0.5	%		96.9	%		1,570		721
South Carolina		39,313		0.3	%		92.5	%		1,220		576
Stabilized Communities	$	14,941,074		95.2	%		95.7	%	$	1,689		99,407
Phoenix, AZ		174,764		1.1	%		43.1	%		1,923		435		640
Charlotte, NC		106,564		0.7	%		81.5	%		1,935		352		352
Tampa, FL		110,917		0.7	%		—			—		—		495
Denver, CO		102,732		0.7	%		6.8	%		2,335		84		352
Salt Lake City, UT		93,927		0.6	%		38.5	%		1,796		262		400
Atlanta, GA		91,187		0.6	%		49.7	%		2,200		340		340
Raleigh/Durham, NC		65,154		0.4	%		—			—		—		406
Lease-up / Development Communities	$	745,245		4.8	%		43.7	%	$	1,991		1,473		2,985
Total Multifamily Communities	$	15,686,319		100.0	%		94.6	%	$	1,693		100,880		102,392

(1)Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C. As of March 31, 2024, the gross investment in real estate for this community was $81.9 million and includes a mortgage note payable of $51.9 million. For the three months ended March 31, 2024, this apartment community achieved NOI of $2.1 million.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

	Three Months Ended									As of March 31, 2024
	March 31, 2024			March 31, 2023			Percent Change			Apartment Units		Gross Real Assets
Operating Revenues
Same Store Communities	$	519,629		$	512,431			1.4	%		97,289	$	14,571,491
Non-Same Store Communities		12,197			10,159						2,118		369,583
Lease-up/Development Communities		5,231			1						1,473		745,245
Total Multifamily Portfolio	$	537,057		$	522,591						100,880	$	15,686,319
Commercial Property/Land		6,565			6,442						—		378,940
Total Operating Revenues	$	543,622		$	529,033						100,880	$	16,065,259
Property Operating Expenses
Same Store Communities	$	185,046		$	175,502			5.4	%
Non-Same Store Communities		4,495			4,276
Lease-up/Development Communities		3,402			341
Storm Costs		2,165			—
Total Multifamily Portfolio	$	195,108		$	180,119
Commercial Property/Land		2,694			2,684
Total Property Operating Expenses	$	197,802		$	182,803
Net Operating Income
Same Store Communities	$	334,583		$	336,929			-0.7	%
Non-Same Store Communities		7,702			5,883
Lease-up/Development Communities		1,829			(340	)
Storm Costs		(2,165	)		—
Total Multifamily Portfolio	$	341,949		$	342,472
Commercial Property/Land		3,871			3,758
Total Net Operating Income	$	345,820		$	346,230			-0.1	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

	Three Months Ended
	March 31, 2024		March 31, 2023		Percent Change
Property Taxes	$	68,061	$	64,617		5.3	%
Personnel		39,766		37,981		4.7	%
Utilities		32,611		31,631		3.1	%
Building Repair and Maintenance		21,784		21,122		3.1	%
Office Operations		8,533		7,071		20.7	%
Insurance		8,237		7,112		15.8	%
Marketing		6,054		5,968		1.4	%
Total Property Operating Expenses	$	185,046	$	175,502		5.4	%

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, 2024			March 31, 2023
Atlanta, GA		11,434		12.0	%		94.2	%		94.9	%
Dallas, TX		10,116		9.6	%		95.0	%		95.6	%
Tampa, FL		5,416		7.0	%		95.9	%		95.5	%
Orlando, FL		5,643		6.9	%		95.9	%		96.1	%
Charlotte, NC		5,651		6.2	%		95.0	%		95.6	%
Austin, TX		6,829		5.9	%		94.3	%		95.3	%
Raleigh/Durham, NC		5,350		5.5	%		95.5	%		95.2	%
Nashville, TN		4,375		4.8	%		95.8	%		95.4	%
Houston, TX		5,175		3.9	%		95.3	%		95.9	%
Fort Worth, TX		3,687		3.7	%		95.0	%		95.4	%
Charleston, SC		3,168		3.6	%		96.0	%		95.6	%
Phoenix, AZ		2,968		3.6	%		95.2	%		95.8	%
Jacksonville, FL		3,496		3.2	%		95.2	%		96.0	%
Northern Virginia		1,888		2.9	%		96.5	%		95.9	%
Greenville, SC		2,354		2.0	%		95.9	%		96.0	%
Savannah, GA		1,837		1.9	%		95.6	%		96.0	%
Richmond, VA		1,732		1.9	%		96.1	%		95.8	%
Fredericksburg, VA		1,435		1.8	%		97.0	%		96.2	%
Memphis, TN		1,811		1.5	%		95.3	%		95.0	%
Denver, CO		1,118		1.5	%		96.0	%		95.2	%
Birmingham, AL		1,462		1.2	%		95.1	%		95.8	%
San Antonio, TX		1,504		1.1	%		95.1	%		95.3	%
Kansas City, MO-KS		1,110		1.1	%		95.7	%		95.2	%
Huntsville, AL		1,228		1.0	%		94.7	%		95.7	%
Other		6,502		6.2	%		95.7	%		95.3	%
Total Same Store		97,289		100.0	%		95.3	%		95.5	%

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 2024		Q1 2023		% Chg			Q1 2024		Q1 2023		% Chg			Q1 2024		Q1 2023		% Chg			Q1 2024		Q1 2023		% Chg
Atlanta, GA		11,434	$	65,121	$	64,724		0.6	%	$	24,890	$	23,207		7.3	%	$	40,231	$	41,517		(3.1	)%	$	1,839	$	1,832		0.4	%
Dallas, TX		10,116		52,950		52,290		1.3	%		20,959		20,534		2.1	%		31,991		31,756		0.7	%		1,668		1,642		1.6	%
Tampa, FL		5,416		35,723		35,116		1.7	%		12,384		11,629		6.5	%		23,339		23,487		(0.6	)%		2,094		2,073		1.1	%
Orlando, FL		5,643		35,420		34,898		1.5	%		12,324		11,829		4.2	%		23,096		23,069		0.1	%		1,987		1,960		1.4	%
Charlotte, NC		5,651		29,082		28,453		2.2	%		8,425		7,907		6.6	%		20,657		20,546		0.5	%		1,638		1,593		2.9	%
Austin, TX		6,829		34,813		35,335		(1.5	)%		15,044		14,380		4.6	%		19,769		20,955		(5.7	)%		1,607		1,623		(0.9	)%
Raleigh/Durham, NC		5,350		26,498		25,987		2.0	%		8,260		7,580		9.0	%		18,238		18,407		(0.9	)%		1,543		1,514		1.9	%
Nashville, TN		4,375		23,594		23,255		1.5	%		7,533		7,345		2.6	%		16,061		15,910		0.9	%		1,698		1,678		1.2	%
Houston, TX		5,175		23,585		23,220		1.6	%		10,456		10,184		2.7	%		13,129		13,036		0.7	%		1,428		1,395		2.4	%
Fort Worth, TX		3,687		18,959		18,899		0.3	%		6,510		6,650		(2.1	)%		12,449		12,249		1.6	%		1,575		1,556		1.3	%
Charleston, SC		3,168		17,815		16,963		5.0	%		5,621		5,121		9.8	%		12,194		11,842		3.0	%		1,780		1,687		5.5	%
Phoenix, AZ		2,968		16,209		16,468		(1.6	)%		4,306		4,001		7.6	%		11,903		12,467		(4.5	)%		1,744		1,760		(0.9	)%
Jacksonville, FL		3,496		16,393		16,563		(1.0	)%		5,837		5,529		5.6	%		10,556		11,034		(4.3	)%		1,534		1,547		(0.9	)%
Northern Virginia		1,888		14,006		13,344		5.0	%		4,349		4,049		7.4	%		9,657		9,295		3.9	%		2,376		2,269		4.7	%
Greenville, SC		2,354		10,356		10,155		2.0	%		3,633		2,721		33.5	%		6,723		7,434		(9.6	)%		1,325		1,296		2.2	%
Savannah, GA		1,837		10,013		9,672		3.5	%		3,557		3,038		17.1	%		6,456		6,634		(2.7	)%		1,695		1,623		4.4	%
Richmond, VA		1,732		9,022		8,805		2.5	%		2,784		2,789		(0.2	)%		6,238		6,016		3.7	%		1,644		1,596		3.0	%
Fredericksburg, VA		1,435		8,424		8,196		2.8	%		2,440		2,345		4.1	%		5,984		5,851		2.3	%		1,805		1,777		1.6	%
Memphis, TN		1,811		7,923		7,827		1.2	%		2,886		2,752		4.9	%		5,037		5,075		(0.7	)%		1,360		1,346		1.1	%
Denver, CO		1,118		7,122		6,956		2.4	%		2,120		2,056		3.1	%		5,002		4,900		2.1	%		1,972		1,943		1.5	%
Birmingham, AL		1,462		6,670		6,593		1.2	%		2,646		2,543		4.1	%		4,024		4,050		(0.6	)%		1,393		1,356		2.7	%
San Antonio, TX		1,504		6,593		6,537		0.9	%		2,788		2,828		(1.4	)%		3,805		3,709		2.6	%		1,385		1,379		0.4	%
Kansas City, MO-KS		1,110		5,564		5,330		4.4	%		1,941		1,887		2.9	%		3,623		3,443		5.2	%		1,579		1,522		3.8	%
Huntsville, AL		1,228		5,304		5,316		(0.2	)%		2,009		1,733		15.9	%		3,295		3,583		(8.0	)%		1,317		1,297		1.5	%
Other		6,502		32,470		31,529		3.0	%		11,344		10,865		4.4	%		21,126		20,664		2.2	%		1,586		1,544		2.8	%
Total Same Store		97,289	$	519,629	$	512,431		1.4	%	$	185,046	$	175,502		5.4	%	$	334,583	$	336,929		(0.7	)%	$	1,690	$	1,664		1.5	%

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 2024		Q4 2023		% Chg			Q1 2024		Q4 2023		% Chg			Q1 2024		Q4 2023		% Chg			Q1 2024		Q4 2023		% Chg
Atlanta, GA		11,434	$	65,121	$	65,781		(1.0	)%	$	24,890	$	24,003		3.7	%	$	40,231	$	41,778		(3.7	)%	$	1,839	$	1,850		(0.6	)%
Dallas, TX		10,116		52,950		53,058		(0.2	)%		20,959		21,351		(1.8	)%		31,991		31,707		0.9	%		1,668		1,669		(0.1	)%
Tampa, FL		5,416		35,723		35,767		(0.1	)%		12,384		11,364		9.0	%		23,339		24,403		(4.4	)%		2,094		2,105		(0.5	)%
Orlando, FL		5,643		35,420		35,461		(0.1	)%		12,324		11,835		4.1	%		23,096		23,626		(2.2	)%		1,987		1,992		(0.2	)%
Charlotte, NC		5,651		29,082		29,181		(0.3	)%		8,425		8,496		(0.8	)%		20,657		20,685		(0.1	)%		1,638		1,640		(0.1	)%
Austin, TX		6,829		34,813		35,073		(0.7	)%		15,044		16,102		(6.6	)%		19,769		18,971		4.2	%		1,607		1,617		(0.6	)%
Raleigh/Durham, NC		5,350		26,498		26,664		(0.6	)%		8,260		8,097		2.0	%		18,238		18,567		(1.8	)%		1,543		1,545		(0.2	)%
Nashville, TN		4,375		23,594		23,684		(0.4	)%		7,533		7,476		0.8	%		16,061		16,208		(0.9	)%		1,698		1,700		(0.1	)%
Houston, TX		5,175		23,585		23,666		(0.3	)%		10,456		10,294		1.6	%		13,129		13,372		(1.8	)%		1,428		1,429		(0.0	)%
Fort Worth, TX		3,687		18,959		19,019		(0.3	)%		6,510		7,177		(9.3	)%		12,449		11,842		5.1	%		1,575		1,576		(0.0	)%
Charleston, SC		3,168		17,815		17,687		0.7	%		5,621		5,492		2.3	%		12,194		12,195		(0.0	)%		1,780		1,771		0.5	%
Phoenix, AZ		2,968		16,209		16,254		(0.3	)%		4,306		4,153		3.7	%		11,903		12,101		(1.6	)%		1,744		1,751		(0.4	)%
Jacksonville, FL		3,496		16,393		16,487		(0.6	)%		5,837		5,962		(2.1	)%		10,556		10,525		0.3	%		1,534		1,548		(0.9	)%
Northern Virginia		1,888		14,006		13,851		1.1	%		4,349		3,979		9.3	%		9,657		9,872		(2.2	)%		2,376		2,356		0.8	%
Greenville, SC		2,354		10,356		10,291		0.6	%		3,633		3,651		(0.5	)%		6,723		6,640		1.3	%		1,325		1,327		(0.1	)%
Savannah, GA		1,837		10,013		10,027		(0.1	)%		3,557		3,146		13.1	%		6,456		6,881		(6.2	)%		1,695		1,694		0.1	%
Richmond, VA		1,732		9,022		9,030		(0.1	)%		2,784		2,750		1.2	%		6,238		6,280		(0.7	)%		1,644		1,649		(0.3	)%
Fredericksburg, VA		1,435		8,424		8,342		1.0	%		2,440		2,356		3.6	%		5,984		5,986		(0.0	)%		1,805		1,801		0.2	%
Memphis, TN		1,811		7,923		7,937		(0.2	)%		2,886		2,872		0.5	%		5,037		5,065		(0.6	)%		1,360		1,358		0.1	%
Denver, CO		1,118		7,122		7,121		0.0	%		2,120		2,327		(8.9	)%		5,002		4,794		4.3	%		1,972		1,977		(0.3	)%
Birmingham, AL		1,462		6,670		6,782		(1.7	)%		2,646		2,594		2.0	%		4,024		4,188		(3.9	)%		1,393		1,391		0.2	%
San Antonio, TX		1,504		6,593		6,675		(1.2	)%		2,788		2,961		(5.8	)%		3,805		3,714		2.5	%		1,385		1,387		(0.1	)%
Kansas City, MO-KS		1,110		5,564		5,576		(0.2	)%		1,941		1,853		4.7	%		3,623		3,723		(2.7	)%		1,579		1,577		0.2	%
Huntsville, AL		1,228		5,304		5,363		(1.1	)%		2,009		1,782		12.7	%		3,295		3,581		(8.0	)%		1,317		1,319		(0.1	)%
Other		6,502		32,470		32,391		0.2	%		11,344		10,798		5.1	%		21,126		21,593		(2.2	)%		1,586		1,583		0.2	%
Total Same Store		97,289	$	519,629	$	521,168		(0.3	)%	$	185,046	$	182,871		1.2	%	$	334,583	$	338,297		(1.1	)%	$	1,690	$	1,693		(0.2	)%

Supplemental Data S-6

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands

		Units as of						Development Costs as of
		March 31, 2024						March 31, 2024							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		262		177	$	99,450	$	93,927	$	5,523	2Q21	2Q23	3Q24	1Q25
Novel Val Vista (2)	Phoenix, AZ		317		112		17		79,800		72,842		6,958	4Q20	4Q23	4Q24	3Q25
MAA Milepost 35	Denver, CO		352		84		49		125,000		102,732		22,268	1Q22	4Q23	4Q24	3Q25
MAA Nixie	Raleigh, NC		406		—		—		145,500		65,154		80,346	4Q22	4Q24	3Q25	3Q26
MAA Breakwater	Tampa, FL		495		—		—		197,500		110,917		86,583	4Q22	1Q25	4Q25	4Q26
Total Active			1,970		458		243	$	647,250	$	445,572	$	201,678

(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, 2024
	Location	Total Units		Physical Occupancy	Spend to Date		Construction Completed	Expected Stabilization (1)
MAA Central Avenue	Phoenix, AZ	323		82.0%	$	101,922	(3)	3Q24
MAA Optimist Park	Charlotte, NC	352		81.5%		106,564	(3)	3Q24
Novel West Midtown (2)	Atlanta, GA	340		49.7%		91,187	3Q23	4Q24
Total			1,015	71.0%	$	299,673

(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

Three months ended March 31, 2024
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
	1,099	$	6,936	$	6,311	$	93	6.6%	8,000 - 12,000

Supplemental Data S-7

DEBT AND DEBT COVENANTS AS OF MARCH 31, 2024

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	$	4,389,463		94.9	%		3.5	%		7.5
Floating rate debt		235,000		5.1	%		5.6	%		0.1
Total	$	4,624,463		100.0	%		3.6	%		7.2
Unsecured Versus Secured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	4,264,290		92.2	%		3.6	%		5.7
Secured debt		360,173		7.8	%		4.4	%		24.8
Total	$	4,624,463		100.0	%		3.6	%		7.2
Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q1 2024 NOI			Percent of Total
Unencumbered gross assets	$	15,714,297		95.4	%	$	331,337			95.8	%
Encumbered gross assets		762,661		4.6	%		14,483			4.2	%
Total	$	16,476,958		100.0	%	$	345,820			100.0	%

FIXED INTEREST RATE MATURITIES

Maturity	Fixed Rate Debt		Effective Interest Rate
2024	$	399,864		4.0	%
2025		398,745		4.2	%
2026		298,166		1.2	%
2027		597,531		3.7	%
2028		397,455		4.2	%
2029		557,411		3.7	%
2030		297,973		3.1	%
2031		445,809		1.8	%
2032		—		—
2033		—		—
Thereafter		996,509		4.2	%
Total	$	4,389,463		3.5	%

Supplemental Data S-8

DEBT AND DEBT COVENANTS AS OF MARCH 31, 2024 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

Maturity	Commercial Paper (1) & Revolving Credit Facility (2)		Public Bonds		Secured		Total
2024	$	235,000	$	399,864	$	—	$	634,864
2025		—		398,745		—		398,745
2026		—		298,166		—		298,166
2027		—		597,531		—		597,531
2028		—		397,455		—		397,455
2029		—		557,411		—		557,411
2030		—		297,973		—		297,973
2031		—		445,809		—		445,809
2032		—		—		—		—
2033		—		—		—		—
Thereafter		—		636,336		360,173		996,509
Total	$	235,000	$	4,029,290	$	360,173	$	4,624,463

(1)The $235.0 million maturing in 2024 reflects the principal outstanding under MAALP’s unsecured commercial paper program as of March 31, 2024. 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, 2024, average daily borrowings outstanding under the commercial paper program were $235.7 million.

(2)There were no borrowings outstanding under MAALP’s $1.25 billion unsecured revolving credit facility as of March 31, 2024. The unsecured revolving credit facility has a maturity date of October 2026 with two six-month extension options.

DEBT COVENANT ANALYSIS (1)

Bond Covenants	Required	Actual	Compliance
Total debt to adjusted total assets	60% or less	28.1%	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	7.6x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	357.8%	Yes
Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	19.8%	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	7.9x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	18.9%	Yes

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

Supplemental Data S-9

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 below.

	Full Year 2024
Earnings:	Current Range	Current Midpoint
Earnings per common share - diluted	$4.66 to $5.02	$4.84
Core FFO per Share - diluted	$8.70 to $9.06	$8.88
Core AFFO per Share - diluted	$7.74 to $8.10	$7.92
MAA Same Store Portfolio:
Number of units	97,290	97,290
Average physical occupancy	95.4% to 96.0%	95.7%
Property revenue growth	0.15% to 1.65%	0.90%
Effective rent growth	0.10% to 1.60%	0.85%
Property operating expense growth	4.10% to 5.60%	4.85%
NOI growth	-2.80% to 0.20%	-1.30%
Real estate tax expense growth	4.00% to 5.50%	4.75%
Corporate Expenses: ($ 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 EARNINGS PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER DILUTED SHARE FOR FULL YEAR 2024 GUIDANCE

	Full Year 2024 Guidance Range
	Low			High
Earnings per common share - diluted	$	4.66		$	5.02
Real estate depreciation and amortization		4.91			4.91
Gains on sale of depreciable assets		(0.69	)		(0.69	)
FFO per Share - diluted		8.88			9.24
Non-Core FFO items (1)		(0.18	)		(0.18	)
Core FFO per Share - diluted		8.70			9.06
Recurring capital expenditures		(0.96	)		(0.96	)
Core AFFO per Share - diluted	$	7.74		$	8.10

(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 (recoveries) charges, net, gain or loss on debt extinguishment, legal (recoveries), costs and settlements, net, 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 2024		Q3 2024		Q4 2024		Q1 2025
Earnings release & conference call	Late July		Late October		Early February		Early May
Dividend Information - Common Shares:	Q1 2023		Q2 2023		Q3 2023		Q4 2023		Q1 2024
Declaration date	3/21/2023		5/16/2023		9/29/2023		12/12/2023		3/19/2024
Record date	4/14/2023		7/14/2023		10/13/2023		1/12/2024		4/15/2024
Payment date	4/28/2023		7/31/2023		10/31/2023		1/31/2024		4/30/2024
Distributions per share	$	1.4000	$	1.4000	$	1.4000	$	1.4700	$	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-11

XML

Document And Entity Information	May 01, 2024
Document And Entity Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	May 01, 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