Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT DECEMBER 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		10,117		—		386		10,503		—		10,503
Austin, TX		6,829		350		—		7,179		—		7,179
Charlotte, NC		5,651		344		352		6,347		—		6,347
Orlando, FL		5,643		264		310		6,217		—		6,217
Raleigh/Durham, NC		5,350		—		306		5,656		73		5,729
Tampa, FL		5,416				—		5,416		—		5,416
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
Phoenix, AZ		2,968		323		317		3,608		—		3,608
Jacksonville, FL		3,496		—		—		3,496		—		3,496
Charleston, SC		3,168		—		—		3,168		—		3,168
Greenville, SC		2,354		—		—		2,354		—		2,354
Richmond, VA		1,732		—		—		1,732		—		1,732
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
Denver, CO		1,118		—		352		1,470		—		1,470
Birmingham, AL		1,462		—		—		1,462		—		1,462
Fredericksburg, VA		1,435		—		—		1,435		—		1,435
Huntsville, AL		1,228		—		—		1,228		—		1,228
Kansas City, MO-KS		1,110		—		—		1,110		—		1,110
Other		6,502		672		400		7,574		—		7,574
Total Multifamily Units		97,290		1,953		2,763		102,006		73		102,079

(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, 2024								Average Effective		As of December 31, 2024
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended December 31, 2024		Completed Units		Total Units, Including Development
Atlanta, GA	$	2,118,356		12.9	%		96.0	%	$	1,798		11,434
Dallas, TX		1,611,937		9.8	%		95.2	%		1,655		10,117
Charlotte, NC		1,143,445		7.0	%		96.1	%		1,648		5,995
Orlando, FL		1,042,585		6.3	%		96.2	%		1,990		5,907
Tampa, FL		1,027,372		6.3	%		96.4	%		2,086		5,416
Austin, TX		967,332		5.9	%		94.9	%		1,554		7,179
Raleigh/Durham, NC		739,989		4.5	%		96.1	%		1,533		5,350
Houston, TX		725,026		4.4	%		95.5	%		1,435		5,175
Phoenix, AZ		597,148		3.6	%		95.7	%		1,723		3,291
Northern Virginia		579,904		3.5	%		95.7	%		2,501		1,888
Nashville, TN		567,219		3.5	%		95.9	%		1,680		4,375
Charleston, SC		440,116		2.7	%		95.8	%		1,817		3,168
Fort Worth, TX		401,425		2.4	%		95.3	%		1,580		3,687
Jacksonville, FL		320,590		2.0	%		96.1	%		1,493		3,496
Denver, CO		298,105		1.8	%		94.3	%		1,968		1,118
Richmond, VA		261,703		1.6	%		95.8	%		1,672		1,732
Fredericksburg, VA		259,236		1.6	%		95.9	%		1,891		1,435
Greenville, SC		246,496		1.5	%		96.3	%		1,335		2,354
Savannah, GA		228,984		1.4	%		96.1	%		1,708		1,837
Kansas City, MO-KS		195,918		1.2	%		95.4	%		1,644		1,110
Birmingham, AL		173,789		1.1	%		96.8	%		1,406		1,462
San Antonio, TX		172,377		1.0	%		95.3	%		1,363		1,504
All Other Markets by State (individual markets <1% gross real assets)
Tennessee		208,999		1.3	%		95.3	%		1,348		2,754
Florida		196,306		1.2	%		96.1	%		1,838		1,806
Alabama		182,000		1.1	%		95.3	%		1,381		1,648
Virginia		171,899		1.0	%		94.8	%		1,793		1,039
Kentucky		104,715		0.6	%		95.6	%		1,276		1,308
Maryland		84,694		0.5	%		95.3	%		2,314		361
Nevada		75,798		0.5	%		95.3	%		1,591		721
South Carolina		39,762		0.2	%		93.6	%		1,265		576
Stabilized Communities	$	15,183,225		92.4	%		95.7	%	$	1,684		99,243
Charlotte, NC		236,604		1.4	%		91.2	%		1,817		352		893
Raleigh/Durham, NC		209,195		1.3	%		29.8	%		1,835		379		712
Tampa, FL		154,540		0.9	%		—			—		—		495
Denver, CO		138,672		0.9	%		61.4	%		2,227		352		571
Phoenix, AZ		112,775		0.7	%		56.2	%		1,952		317		662
Dallas, TX		105,141		0.6	%		44.0	%		1,992		386		386
Salt Lake City, UT		95,091		0.6	%		69.5	%		1,754		400		400
Atlanta, GA		91,407		0.6	%		82.1	%		2,076		340		340
Orlando, FL		83,852		0.5	%		90.0	%		2,055		310		310
Richmond, VA		15,994		0.1	%		—			—		—		306
Lease-up / Development Communities	$	1,243,271		7.6	%		61.0	%	$	1,957		2,836		5,075
Total Multifamily Communities	$	16,426,496		100.0	%		94.7	%	$	1,692		102,079		104,318

(1)Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C. As of December 31, 2024, the gross investment in real estate for this community was $82.8 million and includes a mortgage note payable of $52.0 million. For the year ended December 31, 2024, this apartment community achieved NOI of $8.5 million.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

	Three Months Ended								As of December 31, 2024
	December 31, 2024			December 31, 2023		Percent Change			Apartment Units		Gross Real Assets
Operating Revenues
Same Store Communities	$	520,134		$	521,169		-0.2	%		97,290	$	14,757,287
Non-Same Store Communities		11,894			12,478					1,953		425,938
Lease-up/Development Communities		11,348			2,284					2,836		1,243,271
Total Multifamily Portfolio	$	543,376		$	535,931					102,079	$	16,426,496
Commercial Property/Land		6,456			6,316					—		371,595
Total Operating Revenues	$	549,832		$	542,247					102,079	$	16,798,091
Property Operating Expenses
Same Store Communities	$	189,087		$	182,872		3.4	%
Non-Same Store Communities		4,817			4,486
Lease-up/Development Communities		5,733			1,363
Storm Costs		2,621			—
Total Multifamily Portfolio	$	202,258		$	188,721
Commercial Property/Land		2,675			3,061
Total Property Operating Expenses	$	204,933		$	191,782
Net Operating Income
Same Store Communities	$	331,047		$	338,297		-2.1	%
Non-Same Store Communities		7,077			7,992
Lease-up/Development Communities		5,615			921
Storm Costs		(2,621	)		—
Total Multifamily Portfolio	$	341,118		$	347,210
Commercial Property/Land		3,781			3,255
Total Net Operating Income	$	344,899		$	350,465		-1.6	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

	Three Months Ended							Year Ended
	December 31, 2024		December 31, 2023		Percent Change			December 31, 2024		December 31, 2023		Percent Change
Property Taxes	$	68,624	$	67,389		1.8	%	$	270,584	$	265,296		2.0	%
Personnel		40,712		38,594		5.5	%		165,249		157,656		4.8	%
Utilities		34,290		32,953		4.1	%		135,810		131,197		3.5	%
Building Repair and Maintenance		22,748		22,744		0.0	%		97,590		95,955		1.7	%
Office Operations		9,008		8,004		12.5	%		34,922		30,366		15.0	%
Insurance		8,332		8,222		1.3	%		33,088		30,713		7.7	%
Marketing		5,373		4,966		8.2	%		26,416		24,103		9.6	%
Total Property Operating Expenses	$	189,087	$	182,872		3.4	%	$	763,659	$	735,286		3.9	%

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, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Atlanta, GA		11,434		11.5	%		95.3	%		94.4	%		94.6	%		94.5	%
Dallas, TX		10,117		9.4	%		95.2	%		95.4	%		95.3	%		95.6	%
Tampa, FL		5,416		7.2	%		96.3	%		96.0	%		96.0	%		95.8	%
Orlando, FL		5,643		7.0	%		95.7	%		96.0	%		95.9	%		96.0	%
Charlotte, NC		5,651		6.2	%		95.9	%		95.4	%		95.6	%		95.6	%
Austin, TX		6,829		5.8	%		95.1	%		94.7	%		95.0	%		95.1	%
Raleigh/Durham, NC		5,350		5.6	%		95.7	%		96.1	%		95.8	%		95.9	%
Nashville, TN		4,375		4.9	%		95.8	%		96.1	%		95.9	%		95.8	%
Houston, TX		5,175		3.8	%		95.5	%		95.8	%		95.4	%		95.5	%
Charleston, SC		3,168		3.8	%		95.7	%		95.8	%		96.1	%		95.9	%
Phoenix, AZ		2,968		3.5	%		95.7	%		95.0	%		95.3	%		95.4	%
Fort Worth, TX		3,687		3.4	%		95.4	%		95.2	%		95.3	%		95.6	%
Northern Virginia		1,888		3.1	%		96.2	%		96.2	%		96.6	%		96.2	%
Jacksonville, FL		3,496		3.0	%		95.7	%		95.3	%		95.7	%		95.7	%
Savannah, GA		1,837		2.0	%		95.9	%		96.1	%		95.8	%		96.2	%
Greenville, SC		2,354		2.0	%		95.9	%		96.0	%		95.8	%		96.1	%
Richmond, VA		1,732		1.9	%		96.1	%		96.0	%		96.4	%		95.9	%
Fredericksburg, VA		1,435		1.9	%		96.1	%		96.9	%		96.6	%		96.4	%
Memphis, TN		1,811		1.5	%		94.5	%		95.3	%		95.2	%		94.7	%
Denver, CO		1,118		1.4	%		94.3	%		95.7	%		95.3	%		95.4	%
Birmingham, AL		1,462		1.3	%		95.5	%		96.5	%		95.6	%		96.2	%
Kansas City, MO-KS		1,110		1.1	%		95.5	%		95.9	%		95.8	%		95.9	%
San Antonio, TX		1,504		1.1	%		95.7	%		96.0	%		95.6	%		95.8	%
Huntsville, AL		1,228		1.1	%		95.7	%		95.7	%		95.2	%		95.3	%
Other		6,502		6.5	%		95.3	%		95.9	%		95.7	%		95.9	%
Total Same Store		97,290		100.0	%		95.6	%		95.5	%		95.5	%		95.6	%

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 2024		Q4 2023		% Chg			Q4 2024		Q4 2023		% Chg			Q4 2024		Q4 2023		% Chg			Q4 2024		Q4 2023		% Chg
Atlanta, GA		11,434	$	64,825	$	65,781		(1.5	)%	$	26,912	$	24,004		12.1	%	$	37,913	$	41,777		(9.2	)%	$	1,798	$	1,850		(2.8	)%
Dallas, TX		10,117		52,840		53,058		(0.4	)%		21,808		21,351		2.1	%		31,032		31,707		(2.1	)%		1,655		1,669		(0.8	)%
Tampa, FL		5,416		35,800		35,766		0.1	%		11,885		11,365		4.6	%		23,915		24,401		(2.0	)%		2,086		2,105		(0.9	)%
Orlando, FL		5,643		34,999		35,461		(1.3	)%		11,916		11,835		0.7	%		23,083		23,626		(2.3	)%		1,971		1,992		(1.1	)%
Charlotte, NC		5,651		29,353		29,181		0.6	%		8,853		8,496		4.2	%		20,500		20,685		(0.9	)%		1,634		1,640		(0.4	)%
Austin, TX		6,829		34,100		35,073		(2.8	)%		14,869		16,102		(7.7	)%		19,231		18,971		1.4	%		1,553		1,617		(3.9	)%
Raleigh/Durham, NC		5,350		26,409		26,664		(1.0	)%		7,750		8,097		(4.3	)%		18,659		18,567		0.5	%		1,533		1,545		(0.8	)%
Nashville, TN		4,375		23,421		23,685		(1.1	)%		7,229		7,476		(3.3	)%		16,192		16,209		(0.1	)%		1,680		1,700		(1.2	)%
Houston, TX		5,175		23,719		23,666		0.2	%		11,038		10,295		7.2	%		12,681		13,371		(5.2	)%		1,435		1,429		0.4	%
Charleston, SC		3,168		18,047		17,687		2.0	%		5,571		5,492		1.4	%		12,476		12,195		2.3	%		1,817		1,771		2.6	%
Phoenix, AZ		2,968		16,124		16,254		(0.8	)%		4,422		4,153		6.5	%		11,702		12,101		(3.3	)%		1,721		1,751		(1.7	)%
Fort Worth, TX		3,687		19,189		19,019		0.9	%		8,023		7,177		11.8	%		11,166		11,842		(5.7	)%		1,580		1,576		0.3	%
Northern Virginia		1,888		14,770		13,850		6.6	%		4,505		3,979		13.2	%		10,265		9,871		4.0	%		2,501		2,356		6.2	%
Jacksonville, FL		3,496		15,922		16,487		(3.4	)%		5,859		5,962		(1.7	)%		10,063		10,525		(4.4	)%		1,493		1,548		(3.5	)%
Savannah, GA		1,837		10,220		10,028		1.9	%		3,524		3,146		12.0	%		6,696		6,882		(2.7	)%		1,708		1,694		0.8	%
Greenville, SC		2,354		10,370		10,291		0.8	%		3,703		3,650		1.5	%		6,667		6,641		0.4	%		1,335		1,327		0.6	%
Richmond, VA		1,732		9,025		9,030		(0.1	)%		2,776		2,750		0.9	%		6,249		6,280		(0.5	)%		1,672		1,649		1.4	%
Fredericksburg, VA		1,435		8,643		8,342		3.6	%		2,513		2,356		6.7	%		6,130		5,986		2.4	%		1,891		1,801		5.0	%
Memphis, TN		1,811		7,951		7,937		0.2	%		2,993		2,872		4.2	%		4,958		5,065		(2.1	)%		1,380		1,358		1.7	%
Denver, CO		1,118		6,912		7,120		(2.9	)%		2,176		2,327		(6.5	)%		4,736		4,793		(1.2	)%		1,968		1,977		(0.5	)%
Birmingham, AL		1,462		6,836		6,782		0.8	%		2,650		2,594		2.2	%		4,186		4,188		(0.0	)%		1,406		1,391		1.0	%
Kansas City, MO-KS		1,110		5,764		5,576		3.4	%		2,025		1,853		9.3	%		3,739		3,723		0.4	%		1,644		1,577		4.2	%
San Antonio, TX		1,504		6,543		6,676		(2.0	)%		2,826		2,961		(4.6	)%		3,717		3,715		0.1	%		1,363		1,387		(1.7	)%
Huntsville, AL		1,228		5,339		5,363		(0.4	)%		1,752		1,782		(1.7	)%		3,587		3,581		0.2	%		1,293		1,319		(2.0	)%
Other		6,502		33,013		32,392		1.9	%		11,509		10,797		6.6	%		21,504		21,595		(0.4	)%		1,617		1,583		2.1	%
Total Same Store		97,290	$	520,134	$	521,169		(0.2	)%	$	189,087	$	182,872		3.4	%	$	331,047	$	338,297		(2.1	)%	$	1,684	$	1,693		(0.5	)%

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		Q4 2024		Q3 2024		% Chg			Q4 2024		Q3 2024		% Chg			Q4 2024		Q3 2024		% Chg			Q4 2024		Q3 2024		% Chg
Atlanta, GA		11,434	$	64,825	$	65,177		(0.5	)%	$	26,912	$	26,808		0.4	%	$	37,913	$	38,369		(1.2	)%	$	1,798	$	1,813		(0.8	)%
Dallas, TX		10,117		52,840		53,356		(1.0	)%		21,808		23,411		(6.8	)%		31,032		29,945		3.6	%		1,655		1,663		(0.5	)%
Tampa, FL		5,416		35,800		35,722		0.2	%		11,885		11,892		(0.1	)%		23,915		23,830		0.4	%		2,086		2,093		(0.3	)%
Orlando, FL		5,643		34,999		35,215		(0.6	)%		11,916		11,347		5.0	%		23,083		23,868		(3.3	)%		1,971		1,978		(0.4	)%
Charlotte, NC		5,651		29,353		29,557		(0.7	)%		8,853		9,503		(6.8	)%		20,500		20,054		2.2	%		1,634		1,642		(0.5	)%
Austin, TX		6,829		34,100		34,750		(1.9	)%		14,869		17,041		(12.7	)%		19,231		17,709		8.6	%		1,553		1,580		(1.7	)%
Raleigh/Durham, NC		5,350		26,409		26,725		(1.2	)%		7,750		9,171		(15.5	)%		18,659		17,554		6.3	%		1,533		1,544		(0.7	)%
Nashville, TN		4,375		23,421		23,616		(0.8	)%		7,229		8,064		(10.4	)%		16,192		15,552		4.1	%		1,680		1,690		(0.5	)%
Houston, TX		5,175		23,719		23,707		0.1	%		11,038		10,065		9.7	%		12,681		13,642		(7.0	)%		1,435		1,436		(0.0	)%
Charleston, SC		3,168		18,047		18,264		(1.2	)%		5,571		5,868		(5.1	)%		12,476		12,396		0.6	%		1,817		1,815		0.1	%
Phoenix, AZ		2,968		16,124		16,355		(1.4	)%		4,422		4,818		(8.2	)%		11,702		11,537		1.4	%		1,721		1,730		(0.5	)%
Fort Worth, TX		3,687		19,189		19,311		(0.6	)%		8,023		7,537		6.4	%		11,166		11,774		(5.2	)%		1,580		1,582		(0.2	)%
Northern Virginia		1,888		14,770		14,695		0.5	%		4,505		4,705		(4.3	)%		10,265		9,990		2.8	%		2,501		2,484		0.7	%
Jacksonville, FL		3,496		15,922		16,198		(1.7	)%		5,859		5,708		2.6	%		10,063		10,490		(4.1	)%		1,493		1,510		(1.1	)%
Savannah, GA		1,837		10,220		10,078		1.4	%		3,524		3,845		(8.3	)%		6,696		6,233		7.4	%		1,708		1,713		(0.3	)%
Greenville, SC		2,354		10,370		10,314		0.5	%		3,703		3,946		(6.2	)%		6,667		6,368		4.7	%		1,335		1,336		(0.1	)%
Richmond, VA		1,732		9,025		9,114		(1.0	)%		2,776		2,949		(5.9	)%		6,249		6,165		1.4	%		1,672		1,668		0.3	%
Fredericksburg, VA		1,435		8,643		8,623		0.2	%		2,513		2,606		(3.6	)%		6,130		6,017		1.9	%		1,891		1,873		1.0	%
Memphis, TN		1,811		7,951		7,983		(0.4	)%		2,993		3,144		(4.8	)%		4,958		4,839		2.5	%		1,380		1,378		0.2	%
Denver, CO		1,118		6,912		7,046		(1.9	)%		2,176		2,214		(1.7	)%		4,736		4,832		(2.0	)%		1,968		1,978		(0.5	)%
Birmingham, AL		1,462		6,836		6,886		(0.7	)%		2,650		2,821		(6.1	)%		4,186		4,065		3.0	%		1,406		1,412		(0.5	)%
Kansas City, MO-KS		1,110		5,764		5,761		0.1	%		2,025		2,153		(5.9	)%		3,739		3,608		3.6	%		1,644		1,634		0.6	%
San Antonio, TX		1,504		6,543		6,612		(1.0	)%		2,826		2,684		5.3	%		3,717		3,928		(5.4	)%		1,363		1,367		(0.3	)%
Huntsville, AL		1,228		5,339		5,354		(0.3	)%		1,752		2,012		(12.9	)%		3,587		3,342		7.3	%		1,293		1,307		(1.0	)%
Other		6,502		33,013		33,114		(0.3	)%		11,509		11,954		(3.7	)%		21,504		21,160		1.6	%		1,617		1,613		0.2	%
Total Same Store		97,290	$	520,134	$	523,533		(0.6	)%	$	189,087	$	196,266		(3.7	)%	$	331,047	$	327,267		1.2	%	$	1,684	$	1,691		(0.4	)%

Supplemental Data S-6

MULTIFAMILY SAME STORE PORTFOLIO FULL YEAR COMPARISONS AS OF DECEMBER 31, 2024 and 2023

Dollars in thousands, except Average Effective Rent per Unit

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q4 2024		Q4 2023		% Chg			Q4 2024		Q4 2023		% Chg			Q4 2024		Q4 2023		% Chg			Q4 2024		Q4 2023		% Chg
Atlanta, GA		11,434	$	260,040	$	261,678		(0.6	)%	$	104,908	$	96,334		8.9	%	$	155,132	$	165,344		(6.2	)%	$	1,819	$	1,848		(1.6	)%
Dallas, TX		10,117		212,155		211,791		0.2	%		88,350		84,747		4.3	%		123,805		127,044		(2.5	)%		1,662		1,659		0.2	%
Tampa, FL		5,416		143,037		142,101		0.7	%		48,702		47,554		2.4	%		94,335		94,547		(0.2	)%		2,093		2,094		(0.1	)%
Orlando, FL		5,643		140,969		141,274		(0.2	)%		48,485		48,140		0.7	%		92,484		93,134		(0.7	)%		1,979		1,983		(0.2	)%
Charlotte, NC		5,651		117,360		115,988		1.2	%		35,907		34,159		5.1	%		81,453		81,829		(0.5	)%		1,638		1,626		0.8	%
Austin, TX		6,829		138,523		141,608		(2.2	)%		62,512		62,503		0.0	%		76,011		79,105		(3.9	)%		1,585		1,627		(2.5	)%
Raleigh/Durham, NC		5,350		106,359		105,749		0.6	%		34,186		32,713		4.5	%		72,173		73,036		(1.2	)%		1,540		1,534		0.4	%
Nashville, TN		4,375		94,219		94,192		0.0	%		30,756		30,212		1.8	%		63,463		63,980		(0.8	)%		1,691		1,694		(0.2	)%
Houston, TX		5,175		94,595		93,893		0.7	%		40,744		41,142		(1.0	)%		53,851		52,751		2.1	%		1,432		1,417		1.1	%
Charleston, SC		3,168		72,141		69,633		3.6	%		23,028		21,705		6.1	%		49,113		47,928		2.5	%		1,801		1,733		3.9	%
Phoenix, AZ		2,968		64,830		65,617		(1.2	)%		18,099		16,971		6.6	%		46,731		48,646		(3.9	)%		1,734		1,756		(1.3	)%
Fort Worth, TX		3,687		76,689		76,248		0.6	%		29,946		29,697		0.8	%		46,743		46,551		0.4	%		1,579		1,569		0.6	%
Northern Virginia		1,888		57,859		54,574		6.0	%		17,916		16,717		7.2	%		39,943		37,857		5.5	%		2,445		2,319		5.5	%
Jacksonville, FL		3,496		64,832		66,544		(2.6	)%		23,592		23,681		(0.4	)%		41,240		42,863		(3.8	)%		1,514		1,552		(2.5	)%
Savannah, GA		1,837		40,468		39,593		2.2	%		14,830		12,784		16.0	%		25,638		26,809		(4.4	)%		1,706		1,664		2.5	%
Greenville, SC		2,354		41,371		41,110		0.6	%		15,193		13,785		10.2	%		26,178		27,325		(4.2	)%		1,331		1,316		1.1	%
Richmond, VA		1,732		36,214		35,815		1.1	%		11,314		11,172		1.3	%		24,900		24,643		1.0	%		1,659		1,627		1.9	%
Fredericksburg, VA		1,435		34,212		33,121		3.3	%		9,945		9,485		4.8	%		24,267		23,636		2.7	%		1,850		1,794		3.1	%
Memphis, TN		1,811		31,829		31,435		1.3	%		12,079		11,641		3.8	%		19,750		19,794		(0.2	)%		1,371		1,354		1.3	%
Denver, CO		1,118		28,132		28,157		(0.1	)%		8,732		8,723		0.1	%		19,400		19,434		(0.2	)%		1,974		1,965		0.4	%
Birmingham, AL		1,462		27,151		26,738		1.5	%		10,856		10,222		6.2	%		16,295		16,516		(1.3	)%		1,403		1,376		2.0	%
Kansas City, MO-KS		1,110		22,743		21,875		4.0	%		8,161		7,963		2.5	%		14,582		13,912		4.8	%		1,614		1,556		3.8	%
San Antonio, TX		1,504		26,353		26,584		(0.9	)%		11,299		11,240		0.5	%		15,054		15,344		(1.9	)%		1,373		1,388		(1.1	)%
Huntsville, AL		1,228		21,371		21,405		(0.2	)%		7,594		7,581		0.2	%		13,777		13,824		(0.3	)%		1,307		1,313		(0.4	)%
Other		6,502		131,384		128,373		2.3	%		46,525		44,415		4.8	%		84,859		83,958		1.1	%		1,604		1,566		2.4	%
Total Same Store		97,290	$	2,084,836	$	2,075,096		0.5	%	$	763,659	$	735,286		3.9	%	$	1,321,177	$	1,339,810		(1.4	)%	$	1,688	$	1,684		0.3	%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands

		Units as of						Development Costs as of
		December 31, 2024						December 31, 2024							Expected
								Expected		Costs		Expected		Start	Initial
	Location	Total		Delivered		Leased		Total		to Date		Remaining		Date	Occupancy	Completion	Stabilization (1)
MAA Nixie	Raleigh/Durham, NC		406		73		14	$	145,500	$	127,944	$	17,556	4Q22	3Q24	3Q25	3Q26
MAA Breakwater	Tampa, FL		495		—		—		197,500		154,540		42,960	4Q22	1Q25	4Q25	1Q27
Modera Liberty Row (2)	Charlotte, NC		239		—		—		112,000		100,492		11,508	1Q22	3Q25	1Q26	4Q26
MAA Plaza Midwood (3)	Charlotte, NC		302		—		—		101,500		29,105		72,395	2Q24	2Q26	4Q26	4Q27
Modera Chandler (3)	Phoenix, AZ		345		—		—		117,500		34,068		83,432	2Q24	2Q26	4Q26	4Q27
MAA Porter	Richmond, VA		306		—		—		99,500		15,994		83,506	3Q24	1Q27	3Q27	1Q28
MAA Milepost 35 II	Denver, CO		219		—		—		78,000		15,038		62,962	4Q24	2Q26	4Q26	4Q27
Total Active			2,312		73		14	$	851,500	$	477,181	$	374,319

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

(2)In July 2024, MAA agreed to finance the third party development of this property currently under construction. MAA has the option to purchase the development once it is stabilized.

(3)MAA owns 95% of the joint venture that owns this property.

MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands

		As of December 31, 2024
	Location	Total Units		Physical Occupancy	Costs to Date		Construction Completed	Expected Stabilization (1)
MAA Optimist Park	Charlotte, NC	352		91.2%	$	107,007	(3)	1Q25
MAA Boggy Creek	Orlando, FL	310		90.0%		83,852	(3)	1Q25
Novel West Midtown (2)	Atlanta, GA	340		82.1%		91,407	3Q23	2Q25
Novel Daybreak (2)	Salt Lake City, UT	400		69.5%		95,091	3Q24	3Q25
MAA Vale	Raleigh/Durham, NC	306		66.7%		81,251	(3)	3Q25
Novel Val Vista (2)	Phoenix, AZ	317		56.2%		78,707	4Q24	3Q25
MAA Milepost 35	Denver, CO	352		61.4%		123,634	4Q24	3Q25
MAA Cathedral Arts	Dallas, TX	386		44.0%		105,141	(3)	2Q26
Total			2,763	69.7%	$	766,090

(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, 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
	5,665	$	35,230	$	6,219	$	106	7.3%	9,000 - 12,000

Supplemental Data S-8

2024 ACQUISITION ACTIVITY

Multifamily Acquisitions	Market	Apartment Units	Closing Date
MAA Cathedral Arts	Dallas, TX	386	Oct-24
MAA Boggy Creek	Orlando, FL	310	Sep-24
MAA Vale	Raleigh, NC	306	May-24
Modera Chandler (1)	Phoenix, AZ	345	Apr-24

(1)Represents a pre-purchase multifamily development. MAA owns 95% of the joint venture that owns this property. Construction of this development commenced in the second quarter of 2024. See “Multifamily Development Pipeline” above for additional information.

Land Acquisition	Market	Acreage	Closing Date
MAA Nixie II	Raleigh/Durham, NC	3.3	Dec-24
MAA Porter	Richmond, VA	3.3	Aug-24

2024 DISPOSITION ACTIVITY

Multifamily Dispositions	Market	Apartment Units	Closing Date
MAA Ashley Park	Richmond, VA	272	Dec-24
MAA South Tryon	Charlotte, NC	216	Oct-24

DEBT AND DEBT COVENANTS AS OF DECEMBER 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	$	4,730,957		95.0	%		3.8	%		7.7
Floating rate debt		250,000		5.0	%		4.7	%		0.1
Total	$	4,980,957		100.0	%		3.8	%		7.3
Unsecured Versus Secured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	4,620,690		92.8	%		3.8	%		6.0
Secured debt		360,267		7.2	%		4.4	%		24.1
Total	$	4,980,957		100.0	%		3.8	%		7.3
Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q4 2024 NOI			Percent of Total
Unencumbered gross assets	$	16,398,866		95.5	%	$	330,819			95.9	%
Encumbered gross assets		771,305		4.5	%		14,080			4.1	%
Total	$	17,170,171		100.0	%	$	344,899			100.0	%

FIXED INTEREST RATE MATURITIES

Maturity	Fixed Rate Debt		Effective Interest Rate
2025	$	399,340		4.2	%
2026		298,744		1.2	%
2027		598,121		3.7	%
2028		397,911		4.2	%
2029		556,359		3.7	%
2030		298,230		3.1	%
2031		446,302		1.8	%
2032		394,680		5.4	%
2033		—		—
2034		343,795		5.1	%
Thereafter		997,475		4.2	%
Total	$	4,730,957		3.8	%

Supplemental Data S-9

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

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

Maturity	Commercial Paper ⁽¹⁾ & Revolving Credit Facility ⁽²⁾		Public Bonds		Secured		Total
2025	$	250,000	$	399,340	$	—	$	649,340
2026		—		298,744		—		298,744
2027		—		598,121		—		598,121
2028		—		397,911		—		397,911
2029		—		556,359		—		556,359
2030		—		298,230		—		298,230
2031		—		446,302		—		446,302
2032		—		394,680		—		394,680
2033		—		—		—		—
2034		—		343,795		—		343,795
Thereafter		—		637,208		360,267		997,475
Total	$	250,000	$	4,370,690	$	360,267	$	4,980,957

(1)The $250.0 million maturing in 2024 reflects the principal outstanding under MAALP’s unsecured commercial paper program as of December 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 December 31, 2024, average daily borrowings outstanding under the commercial paper program were $507.4 million.

(2)There were no borrowings outstanding under MAALP’s $1.25 billion unsecured revolving credit facility as of December 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	29.0%	Yes
Total secured debt to adjusted total assets	40% or less	2.1%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	6.7x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	346.8%	Yes
Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	21.4%	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	7.1x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	20.6%	Yes

(1)The calculations of the Bond Covenants and Bank Covenants are specifically defined in MAALP’s debt agreements, which have been filed by MAA and MAALP with the SEC.

Supplemental Data S-10

2025 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 2025
Earnings:	Range	Midpoint
Earnings per common share - diluted	$5.51 to $5.83	$5.67
Core FFO per Share - diluted	$8.61 to $8.93	$8.77
Core AFFO per Share - diluted	$7.63 to $7.95	$7.79
MAA Same Store Portfolio:
Number of units	96,568	96,568
Average physical occupancy	95.30% to 95.90%	95.60%
Property revenue growth	-0.35% to 1.15%	0.40%
Effective rent growth	-0.30% to 0.70%	0.20%
Property operating expense growth	2.45% to 3.95%	3.20%
NOI growth	-2.15% to -0.15%	-1.15%
Real estate tax expense growth	2.00% to 3.50%	2.75%
Corporate Expenses: ($ in millions)
Property management expenses	$75.5 to $77.5	$76.5
General and administrative expenses	$57.0 to $59.0	$58.0
Total overhead	$132.5 to $136.5	$134.5
Transaction/Investment Volume: ($ in millions)
Multifamily acquisition volume	$350.0 to $450.0	$400.0
Multifamily disposition volume	$300.0 to $350.0	$325.0
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)	$20.0 to $22.0	$21.0
Diluted FFO Shares Outstanding:
Diluted common shares and units	119.90 to 120.20 million	120.05 million

2024 SAME STORE COMPONENTS OF NET OPERATING INCOME RECAST FOR 2025 SAME STORE PORTFOLIO

Dollars in thousands

	Q4 2024		Full Year 2024
Same Store Revenues Recast for 2025 Same Store Portfolio	$	518,796	$	2,080,027
Same Store Expenses Recast for 2025 Same Store Portfolio		187,470		757,841
Same Store NOI Recast for 2025 Same Store Portfolio	$	331,326	$	1,322,186

RECONCILIATION OF EARNINGS PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER DILUTED SHARE FOR FULL YEAR 2025 GUIDANCE

	Full Year 2025 Guidance Range
	Low			High
Earnings per common share - diluted	$	5.51		$	5.83
Real estate depreciation and amortization		5.09			5.09
Gains on sale of depreciable assets		(2.00	)		(2.00	)
FFO per Share - diluted		8.60			8.92
Non-Core FFO items (1)		0.01			0.01
Core FFO per Share - diluted		8.61			8.93
Recurring capital expenditures		(0.98	)		(0.98	)
Core AFFO per Share - diluted	$	7.63		$	7.95

(1)Non-Core FFO items may include adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares; gain or loss on sale of non-depreciable assets; gain or loss on investments, net of tax; casualty related charges (recoveries), net; gain or loss on debt extinguishment; legal costs, settlements and (recoveries), net, and mark-to-market debt adjustments.

Supplemental Data S-11

CREDIT RATINGS

	Commercial	Long-Term
	Paper Rating	Debt Rating	Outlook
Fitch Ratings (1)	F1	A-	Stable
Moody’s Investors Service (2)	P-2	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 2025		Q2 2025		Q3 2025		Q4 2025
Earnings release & conference call	Early May		Late July		Late October		Early February
Dividend Information - Common Shares:	Q4 2023		Q1 2024		Q2 2024		Q3 2024		Q4 2024
Declaration date	12/12/2023		3/19/2024		5/21/2024		9/24/2024		12/10/2024
Record date	1/12/2024		4/15/2024		7/15/2024		10/15/2024		1/15/2025
Payment date	1/31/2024		4/30/2024		7/31/2024		10/31/2024		1/31/2025
Distributions per share	$	1.4700	$	1.4700	$	1.4700	$	1.4700	$	1.5150

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