Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT JUNE 30, 2025 (1)

In apartment units

	Same Store		Stabilized Non-Same Store		Lease-up		Total Completed Communities		Development Units Delivered		Total
Atlanta, GA		11,434		—		340		11,774		—		11,774
Dallas, TX		9,755		362		386		10,503		—		10,503
Austin, TX		6,795		384		—		7,179		—		7,179
Charlotte, NC		5,995		352		—		6,347		—		6,347
Orlando, FL		5,907		310		—		6,217		—		6,217
Raleigh/Durham, NC		5,350		—		306		5,656		356		6,012
Tampa, FL		5,416		—		—		5,416		193		5,609
Houston, TX		4,859		316		—		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
Northern Virginia		1,888		—		—		1,888		—		1,888
Savannah, GA		1,837		—		—		1,837		—		1,837
Memphis, TN		1,193		618		—		1,811		—		1,811
Richmond, VA		1,732		—		—		1,732		—		1,732
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		96		400		6,998		—		6,998
Total Multifamily Units		96,568		2,761		2,101		101,430		549		101,979

(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 June 30, 2025								Average Effective		As of June 30, 2025
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended June 30, 2025		Completed Units		Total Units, Including Development
Atlanta, GA	$	2,130,940		12.8	%		95.1	%	$	1,790		11,434
Dallas, TX		1,629,406		9.7	%		94.9	%		1,651		10,117
Charlotte, NC		1,265,947		7.6	%		95.3	%		1,651		6,347
Orlando, FL		1,132,994		6.8	%		95.4	%		1,982		6,217
Tampa, FL		1,037,667		6.2	%		96.1	%		2,092		5,416
Austin, TX		977,572		5.8	%		95.1	%		1,530		7,179
Raleigh/Durham, NC		746,204		4.5	%		95.5	%		1,530		5,350
Houston, TX		736,159		4.4	%		95.8	%		1,437		5,175
Phoenix, AZ		601,136		3.6	%		95.0	%		1,708		3,291
Northern Virginia		583,052		3.5	%		96.0	%		2,540		1,888
Nashville, TN		574,419		3.4	%		95.3	%		1,673		4,375
Charleston, SC		447,072		2.7	%		95.2	%		1,825		3,168
Fort Worth, TX		408,258		2.4	%		95.6	%		1,577		3,687
Jacksonville, FL		326,428		2.0	%		95.8	%		1,481		3,496
Denver, CO		300,491		1.8	%		95.1	%		1,953		1,118
Richmond, VA		265,411		1.6	%		96.0	%		1,689		1,732
Fredericksburg, VA		261,140		1.6	%		96.5	%		1,941		1,435
Greenville, SC		249,045		1.5	%		96.2	%		1,351		2,354
Savannah, GA		231,490		1.4	%		95.5	%		1,714		1,837
Kansas City, MO-KS		197,919		1.2	%		95.8	%		1,673		1,110
Birmingham, AL		176,047		1.1	%		95.3	%		1,421		1,462
San Antonio, TX		173,627		1.0	%		95.3	%		1,346		1,504
All Other Markets by State (individual markets <1% gross real assets)
Tennessee		212,830		1.3	%		93.9	%		1,333		2,754
Florida		198,826		1.2	%		95.7	%		1,840		1,806
Alabama		187,223		1.1	%		94.6	%		1,365		1,648
Virginia		173,803		1.0	%		96.0	%		1,816		1,039
Kentucky		107,074		0.6	%		96.3	%		1,296		1,308
Maryland		85,469		0.5	%		97.5	%		2,339		361
Nevada		76,627		0.5	%		96.4	%		1,599		721
Stabilized Communities	$	15,494,276		92.8	%		95.4	%	$	1,686		99,329
Raleigh/Durham, NC		224,860		1.3	%		44.4	%		1,857		662		712
Charlotte, NC		188,111		1.1	%		—			—		—		541
Tampa, FL		176,986		1.1	%		26.9	%		3,174		193		495
Denver, CO		154,108		0.9	%		90.6	%		2,137		352		571
Phoenix, AZ		134,451		0.8	%		75.7	%		1,919		317		662
Dallas, TX		106,227		0.6	%		60.1	%		1,894		386		386
Salt Lake City, UT		94,029		0.6	%		89.8	%		1,736		400		400
Atlanta, GA		91,433		0.5	%		89.1	%		2,055		340		340
Richmond, VA		29,063		0.2	%		—			—		—		306
Charleston, SC		13,985		0.1	%		—			—		—		336
Lease-up / Development Communities	$	1,213,253		7.2	%		63.4	%	$	2,010		2,650		4,749
Total Multifamily Communities	$	16,707,529		100.0	%		94.4	%	$	1,694		101,979		104,078

(1)Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C. As of June 30, 2025, the gross investment in real estate for this community was $83.1 million and includes a mortgage note payable of $52.0 million. For the six months ended June 30, 2025, this apartment community achieved NOI of $4.4 million.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

	Three Months Ended								As of June 30, 2025
	June 30, 2025		June 30, 2024			Percent Change			Apartment Units		Gross Real Assets
Operating Revenues
Same Store Communities	$	518,955	$	520,420			(0.3	)%		96,568	$	15,024,070
Non-Same Store Communities		13,690		16,206						2,761		470,206
Lease-up/Development Communities		10,491		3,288						2,650		1,213,253
Total Multifamily Portfolio	$	543,136	$	539,914						101,979	$	16,707,529
Commercial Property/Land		6,766		6,521						—		381,293
Total Operating Revenues	$	549,902	$	546,435						101,979	$	17,088,822
Property Operating Expenses
Same Store Communities	$	199,343	$	192,110			3.8	%
Non-Same Store Communities		6,129		7,022
Lease-up/Development Communities		6,050		2,316
Storm Costs		—		1,485
Total Multifamily Portfolio	$	211,522	$	202,933
Commercial Property/Land		3,132		2,863
Total Property Operating Expenses	$	214,654	$	205,796
Net Operating Income
Same Store Communities	$	319,612	$	328,310			(2.6	)%
Non-Same Store Communities		7,561		9,184
Lease-up/Development Communities		4,441		972
Storm Costs		—		(1,485	)
Total Multifamily Portfolio	$	331,614	$	336,981
Commercial Property/Land		3,634		3,658
Total Net Operating Income	$	335,248	$	340,639			(1.6	)%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

	Three Months Ended							Six Months Ended
	June 30, 2025		June 30, 2024		Percent Change			June 30, 2025		June 30, 2024		Percent Change
Property Taxes	$	69,020	$	67,956		1.6	%	$	132,355	$	135,823		(2.6	)%
Personnel		43,249		41,264		4.8	%		84,833		80,736		5.1	%
Utilities		33,616		32,219		4.3	%		67,527		64,403		4.9	%
Building Repair and Maintenance		27,151		26,138		3.9	%		49,593		47,802		3.7	%
Office Operations		9,311		8,435		10.4	%		18,880		16,876		11.9	%
Insurance		8,475		8,117		4.4	%		16,912		16,280		3.9	%
Marketing		8,521		7,981		6.8	%		15,273		14,079		8.5	%
Total Property Operating Expenses	$	199,343	$	192,110		3.8	%	$	385,373	$	375,999		2.5	%

Supplemental Data S-3

MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE

						Average Physical Occupancy
			Percent of			Three Months Ended						Six Months Ended
	Apartment Units		Same Store NOI			June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Atlanta, GA		11,434		11.8	%		95.0	%		94.0	%		95.2	%		94.1	%
Dallas, TX		9,755		9.3	%		95.0	%		95.4	%		95.1	%		95.2	%
Orlando, FL		5,907		7.2	%		95.6	%		95.9	%		95.6	%		95.8	%
Tampa, FL		5,416		7.2	%		96.1	%		96.0	%		96.1	%		95.9	%
Charlotte, NC		5,995		6.6	%		95.7	%		95.6	%		95.8	%		95.3	%
Austin, TX		6,795		5.4	%		94.7	%		94.9	%		94.8	%		94.6	%
Raleigh/Durham, NC		5,350		5.3	%		95.5	%		96.2	%		95.6	%		95.8	%
Nashville, TN		4,375		4.8	%		95.2	%		95.9	%		95.5	%		95.9	%
Houston, TX		4,859		3.8	%		95.6	%		95.4	%		95.6	%		95.4	%
Charleston, SC		3,168		3.7	%		96.1	%		96.2	%		95.8	%		96.1	%
Phoenix, AZ		2,968		3.6	%		95.1	%		94.5	%		95.5	%		94.8	%
Fort Worth, TX		3,687		3.5	%		95.5	%		95.5	%		95.3	%		95.3	%
Northern Virginia		1,888		3.2	%		96.2	%		97.1	%		96.4	%		96.8	%
Jacksonville, FL		3,496		2.9	%		95.6	%		95.8	%		95.8	%		95.5	%
Fredericksburg, VA		1,435		2.0	%		96.6	%		97.1	%		96.8	%		97.0	%
Greenville, SC		2,354		2.0	%		95.8	%		95.9	%		95.8	%		95.9	%
Richmond, VA		1,732		2.0	%		96.3	%		96.9	%		96.2	%		96.5	%
Savannah, GA		1,837		1.9	%		94.8	%		96.1	%		95.1	%		95.8	%
Denver, CO		1,118		1.5	%		95.6	%		95.4	%		95.2	%		95.7	%
Birmingham, AL		1,462		1.3	%		96.1	%		95.5	%		96.2	%		95.3	%
Memphis, TN		1,193		1.2	%		94.8	%		96.4	%		94.8	%		96.2	%
Kansas City, MO-KS		1,110		1.2	%		95.5	%		96.1	%		95.3	%		95.9	%
San Antonio, TX		1,504		1.1	%		95.0	%		95.6	%		95.1	%		95.4	%
Huntsville, AL		1,228		1.0	%		94.6	%		95.1	%		94.6	%		94.9	%
Other		6,502		6.5	%		96.0	%		96.0	%		95.7	%		95.8	%
Total Same Store		96,568		100.0	%		95.4	%		95.5	%		95.5	%		95.4	%

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		Q2 2025		Q2 2024		% Chg			Q2 2025		Q2 2024		% Chg			Q2 2025		Q2 2024		% Chg			Q2 2025		Q2 2024		% Chg
Atlanta, GA		11,434	$	64,384	$	64,917		(0.8	)%	$	26,765	$	26,298		1.8	%	$	37,619	$	38,619		(2.6	)%	$	1,790	$	1,827		(2.0	)%
Dallas, TX		9,755		51,054		51,322		(0.5	)%		21,455		21,343		0.5	%		29,599		29,979		(1.3	)%		1,659		1,671		(0.8	)%
Orlando, FL		5,907		36,858		37,299		(1.2	)%		13,737		13,636		0.7	%		23,121		23,663		(2.3	)%		1,982		2,002		(1.0	)%
Tampa, FL		5,416		35,990		35,792		0.6	%		12,973		12,541		3.4	%		23,017		23,251		(1.0	)%		2,092		2,097		(0.2	)%
Charlotte, NC		5,995		31,312		31,392		(0.3	)%		10,302		9,637		6.9	%		21,010		21,755		(3.4	)%		1,646		1,655		(0.6	)%
Austin, TX		6,795		33,704		35,097		(4.0	)%		16,277		15,388		5.8	%		17,427		19,709		(11.6	)%		1,545		1,619		(4.5	)%
Raleigh/Durham, NC		5,350		26,365		26,727		(1.4	)%		9,255		9,005		2.8	%		17,110		17,722		(3.5	)%		1,530		1,540		(0.6	)%
Nashville, TN		4,375		23,231		23,588		(1.5	)%		8,006		7,929		1.0	%		15,225		15,659		(2.8	)%		1,673		1,697		(1.4	)%
Houston, TX		4,859		22,671		22,340		1.5	%		10,667		8,794		21.3	%		12,004		13,546		(11.4	)%		1,448		1,442		0.4	%
Charleston, SC		3,168		18,227		18,015		1.2	%		6,320		5,968		5.9	%		11,907		12,047		(1.2	)%		1,825		1,792		1.9	%
Phoenix, AZ		2,968		16,051		16,142		(0.6	)%		4,458		4,553		(2.1	)%		11,593		11,589		0.0	%		1,705		1,741		(2.0	)%
Fort Worth, TX		3,687		19,380		19,230		0.8	%		8,251		7,876		4.8	%		11,129		11,354		(2.0	)%		1,577		1,579		(0.1	)%
Northern Virginia		1,888		14,923		14,388		3.7	%		4,555		4,357		4.5	%		10,368		10,031		3.4	%		2,540		2,421		4.9	%
Jacksonville, FL		3,496		15,853		16,319		(2.9	)%		6,440		6,187		4.1	%		9,413		10,132		(7.1	)%		1,481		1,519		(2.5	)%
Fredericksburg, VA		1,435		8,957		8,521		5.1	%		2,490		2,386		4.4	%		6,467		6,135		5.4	%		1,941		1,832		5.9	%
Greenville, SC		2,354		10,540		10,331		2.0	%		4,137		3,911		5.8	%		6,403		6,420		(0.3	)%		1,351		1,328		1.7	%
Richmond, VA		1,732		9,118		9,053		0.7	%		2,835		2,805		1.1	%		6,283		6,248		0.6	%		1,689		1,650		2.3	%
Savannah, GA		1,837		10,140		10,157		(0.2	)%		4,005		3,904		2.6	%		6,135		6,253		(1.9	)%		1,714		1,706		0.5	%
Denver, CO		1,118		6,888		7,052		(2.3	)%		2,201		2,222		(0.9	)%		4,687		4,830		(3.0	)%		1,953		1,979		(1.3	)%
Birmingham, AL		1,462		6,921		6,759		2.4	%		2,806		2,739		2.4	%		4,115		4,020		2.4	%		1,421		1,402		1.3	%
Memphis, TN		1,193		5,400		5,560		(2.9	)%		1,665		2,046		(18.6	)%		3,735		3,514		6.3	%		1,433		1,439		(0.5	)%
Kansas City, MO-KS		1,110		5,869		5,654		3.8	%		2,155		2,042		5.5	%		3,714		3,612		2.8	%		1,673		1,598		4.7	%
San Antonio, TX		1,504		6,460		6,605		(2.2	)%		2,855		3,001		(4.9	)%		3,605		3,604		0.0	%		1,346		1,375		(2.1	)%
Huntsville, AL		1,228		5,258		5,374		(2.2	)%		1,963		1,821		7.8	%		3,295		3,553		(7.3	)%		1,283		1,313		(2.3	)%
Other		6,502		33,401		32,786		1.9	%		12,770		11,721		8.9	%		20,631		21,065		(2.1	)%		1,623		1,598		1.6	%
Total Same Store		96,568	$	518,955	$	520,420		(0.3	)%	$	199,343	$	192,110		3.8	%	$	319,612	$	328,310		(2.6	)%	$	1,690	$	1,699		(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		Q2 2025		Q1 2025		% Chg			Q2 2025		Q1 2025		% Chg			Q2 2025		Q1 2025		% Chg			Q2 2025		Q1 2025		% Chg
Atlanta, GA		11,434	$	64,384	$	64,628		(0.4	)%	$	26,765	$	23,121		15.8	%	$	37,619	$	41,507		(9.4	)%	$	1,790	$	1,793		(0.2	)%
Dallas, TX		9,755		51,054		51,062		(0.0	)%		21,455		20,755		3.4	%		29,599		30,307		(2.3	)%		1,659		1,658		0.0	%
Orlando, FL		5,907		36,858		36,959		(0.3	)%		13,737		13,190		4.1	%		23,121		23,769		(2.7	)%		1,982		1,985		(0.2	)%
Tampa, FL		5,416		35,990		35,984		0.0	%		12,973		12,630		2.7	%		23,017		23,354		(1.4	)%		2,092		2,091		0.1	%
Charlotte, NC		5,995		31,312		31,263		0.2	%		10,302		9,484		8.6	%		21,010		21,779		(3.5	)%		1,646		1,645		0.0	%
Austin, TX		6,795		33,704		34,000		(0.9	)%		16,277		14,751		10.3	%		17,427		19,249		(9.5	)%		1,545		1,563		(1.1	)%
Raleigh/Durham, NC		5,350		26,365		26,353		0.0	%		9,255		8,450		9.5	%		17,110		17,903		(4.4	)%		1,530		1,528		0.1	%
Nashville, TN		4,375		23,231		23,370		(0.6	)%		8,006		7,699		4.0	%		15,225		15,671		(2.8	)%		1,673		1,675		(0.1	)%
Houston, TX		4,859		22,671		22,549		0.5	%		10,667		10,036		6.3	%		12,004		12,513		(4.1	)%		1,448		1,444		0.3	%
Charleston, SC		3,168		18,227		18,121		0.6	%		6,320		5,820		8.6	%		11,907		12,301		(3.2	)%		1,825		1,817		0.5	%
Phoenix, AZ		2,968		16,051		16,125		(0.5	)%		4,458		4,373		1.9	%		11,593		11,752		(1.4	)%		1,705		1,716		(0.6	)%
Fort Worth, TX		3,687		19,380		19,284		0.5	%		8,251		6,593		25.1	%		11,129		12,691		(12.3	)%		1,577		1,580		(0.2	)%
Northern Virginia		1,888		14,923		14,918		0.0	%		4,555		4,544		0.2	%		10,368		10,374		(0.1	)%		2,540		2,513		1.1	%
Jacksonville, FL		3,496		15,853		15,970		(0.7	)%		6,440		6,063		6.2	%		9,413		9,907		(5.0	)%		1,481		1,486		(0.4	)%
Fredericksburg, VA		1,435		8,957		8,863		1.1	%		2,490		2,557		(2.6	)%		6,467		6,306		2.6	%		1,941		1,909		1.6	%
Greenville, SC		2,354		10,540		10,426		1.1	%		4,137		3,798		8.9	%		6,403		6,628		(3.4	)%		1,351		1,336		1.1	%
Richmond, VA		1,732		9,118		9,065		0.6	%		2,835		2,873		(1.3	)%		6,283		6,192		1.5	%		1,689		1,680		0.5	%
Savannah, GA		1,837		10,140		10,109		0.3	%		4,005		3,543		13.0	%		6,135		6,566		(6.6	)%		1,714		1,705		0.5	%
Denver, CO		1,118		6,888		6,934		(0.7	)%		2,201		2,030		8.4	%		4,687		4,904		(4.4	)%		1,953		1,951		0.1	%
Birmingham, AL		1,462		6,921		6,882		0.6	%		2,806		2,708		3.6	%		4,115		4,174		(1.4	)%		1,421		1,403		1.2	%
Memphis, TN		1,193		5,400		5,405		(0.1	)%		1,665		2,238		(25.6	)%		3,735		3,167		17.9	%		1,433		1,433		(0.1	)%
Kansas City, MO-KS		1,110		5,869		5,737		2.3	%		2,155		2,074		3.9	%		3,714		3,663		1.4	%		1,673		1,638		2.1	%
San Antonio, TX		1,504		6,460		6,521		(0.9	)%		2,855		2,551		11.9	%		3,605		3,970		(9.2	)%		1,346		1,354		(0.6	)%
Huntsville, AL		1,228		5,258		5,277		(0.4	)%		1,963		1,905		3.0	%		3,295		3,372		(2.3	)%		1,283		1,286		(0.3	)%
Other		6,502		33,401		33,020		1.2	%		12,770		12,244		4.3	%		20,631		20,776		(0.7	)%		1,623		1,616		0.4	%
Total Same Store		96,568	$	518,955	$	518,825		0.0	%	$	199,343	$	186,030		7.2	%	$	319,612	$	332,795		(4.0	)%	$	1,690	$	1,690		0.0	%

Supplemental Data S-6

MULTIFAMILY SAME STORE PORTFOLIO YEAR TO DATE COMPARISONS

Dollars in thousands, except Average Effective Rent per Unit

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q2 2025		Q2 2024		% Chg			Q2 2025		Q2 2024		% Chg			Q2 2025		Q2 2024		% Chg			Q2 2025		Q2 2024		% Chg
Atlanta, GA		11,434	$	129,012	$	130,038		(0.8	)%	$	49,886	$	51,188		(2.5	)%	$	79,126	$	78,850		0.4	%	$	1,791	$	1,833		(2.3	)%
Dallas, TX		9,755		102,116		102,608		(0.5	)%		42,210		41,578		1.5	%		59,906		61,030		(1.8	)%		1,659		1,673		(0.9	)%
Orlando, FL		5,907		73,817		74,624		(1.1	)%		26,927		26,695		0.9	%		46,890		47,929		(2.2	)%		1,984		2,004		(1.0	)%
Tampa, FL		5,416		71,974		71,515		0.6	%		25,603		24,925		2.7	%		46,371		46,590		(0.5	)%		2,092		2,096		(0.2	)%
Charlotte, NC		5,995		62,575		62,549		0.0	%		19,786		18,520		6.8	%		42,789		44,029		(2.8	)%		1,645		1,656		(0.7	)%
Austin, TX		6,795		67,704		70,157		(3.5	)%		31,028		30,359		2.2	%		36,676		39,798		(7.8	)%		1,554		1,623		(4.2	)%
Raleigh/Durham, NC		5,350		52,718		53,225		(1.0	)%		17,705		17,265		2.5	%		35,013		35,960		(2.6	)%		1,529		1,541		(0.8	)%
Nashville, TN		4,375		46,601		47,182		(1.2	)%		15,705		15,462		1.6	%		30,896		31,720		(2.6	)%		1,674		1,698		(1.4	)%
Houston, TX		4,859		45,220		44,674		1.2	%		20,703		18,695		10.7	%		24,517		25,979		(5.6	)%		1,446		1,441		0.4	%
Charleston, SC		3,168		36,348		35,830		1.4	%		12,140		11,589		4.8	%		24,208		24,241		(0.1	)%		1,821		1,786		2.0	%
Phoenix, AZ		2,968		32,176		32,351		(0.5	)%		8,831		8,859		(0.3	)%		23,345		23,492		(0.6	)%		1,711		1,743		(1.8	)%
Fort Worth, TX		3,687		38,664		38,189		1.2	%		14,844		14,386		3.2	%		23,820		23,803		0.1	%		1,579		1,577		0.1	%
Northern Virginia		1,888		29,841		28,394		5.1	%		9,099		8,706		4.5	%		20,742		19,688		5.4	%		2,526		2,398		5.3	%
Jacksonville, FL		3,496		31,823		32,712		(2.7	)%		12,503		12,024		4.0	%		19,320		20,688		(6.6	)%		1,484		1,526		(2.8	)%
Fredericksburg, VA		1,435		17,820		16,946		5.2	%		5,047		4,826		4.6	%		12,773		12,120		5.4	%		1,925		1,818		5.9	%
Greenville, SC		2,354		20,966		20,687		1.3	%		7,935		7,544		5.2	%		13,031		13,143		(0.9	)%		1,344		1,327		1.3	%
Richmond, VA		1,732		18,183		18,075		0.6	%		5,708		5,589		2.1	%		12,475		12,486		(0.1	)%		1,684		1,647		2.3	%
Savannah, GA		1,837		20,249		20,170		0.4	%		7,548		7,461		1.2	%		12,701		12,709		(0.1	)%		1,710		1,701		0.5	%
Denver, CO		1,118		13,822		14,174		(2.5	)%		4,231		4,342		(2.6	)%		9,591		9,832		(2.5	)%		1,952		1,975		(1.2	)%
Birmingham, AL		1,462		13,803		13,429		2.8	%		5,514		5,385		2.4	%		8,289		8,044		3.0	%		1,412		1,398		1.0	%
Memphis, TN		1,193		10,805		11,074		(2.4	)%		3,903		3,935		(0.8	)%		6,902		7,139		(3.3	)%		1,433		1,436		(0.2	)%
Kansas City, MO-KS		1,110		11,606		11,218		3.5	%		4,229		3,983		6.2	%		7,377		7,235		2.0	%		1,655		1,589		4.2	%
San Antonio, TX		1,504		12,981		13,198		(1.6	)%		5,406		5,789		(6.6	)%		7,575		7,409		2.2	%		1,350		1,380		(2.2	)%
Huntsville, AL		1,228		10,535		10,678		(1.3	)%		3,868		3,830		1.0	%		6,667		6,848		(2.6	)%		1,284		1,315		(2.3	)%
Other		6,502		66,421		65,256		1.8	%		25,014		23,064		8.5	%		41,407		42,192		(1.9	)%		1,620		1,592		1.7	%
Total Same Store		96,568	$	1,037,780	$	1,038,953		(0.1	)%	$	385,373	$	375,999		2.5	%	$	652,407	$	662,954		(1.6	)%	$	1,690	$	1,699		(0.5	)%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands		Units as of						Development Costs as of
		June 30, 2025						June 30, 2025								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		356		91	$	145,500	$	142,860		$	2,640	4Q22	3Q24	3Q25	3Q26
MAA Breakwater	Tampa, FL		495		193		157		197,500		176,986			20,514	4Q22	1Q25	4Q25	1Q27
Modera Liberty Row (2)	Charlotte, NC		239		—		—		112,000		103,307	(4)		8,693	1Q22	3Q25	1Q26	4Q26
MAA Plaza Midwood (3)	Charlotte, NC		302		—		—		101,500		61,745			39,755	2Q24	2Q26	4Q26	4Q27
Modera Chandler (3)	Phoenix, AZ		345		—		—		117,500		58,081			59,419	2Q24	2Q26	4Q26	4Q27
MAA Milepost 35 II	Denver, CO		219		—		—		78,000		30,269			47,731	4Q24	2Q26	4Q26	4Q27
MAA Rove	Richmond, VA		306		—		—		99,500		29,063			70,437	3Q24	1Q27	3Q27	1Q28
MAA Point Hope (3)	Charleston, SC		336		—		—		91,000		13,985			77,015	2Q25	1Q27	1Q28	3Q28
Total Active			2,648		549		248	$	942,500	$	616,296		$	326,204

(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.

(4)Represents the cost to MAA, net of the $9.6 million non-equity contribution from the third party developer.

MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands		As of June 30, 2025
	Location	Total Units		Physical Occupancy	Costs to Date		Construction Completed	Expected Stabilization (1)
Novel West Midtown (2)	Atlanta, GA	340		89.1%	$	91,433	3Q23	3Q25
Novel Daybreak (2)	Salt Lake City, UT	400		89.8%		94,029	3Q24	3Q25
MAA Milepost 35	Denver, CO	352		90.6%		123,839	4Q24	3Q25
MAA Vale	Raleigh/Durham, NC	306		79.1%		81,999	(3)	4Q25
Novel Val Vista (2)	Phoenix, AZ	317		75.7%		76,369	4Q24	4Q25
MAA Cathedral Arts (3)	Dallas, TX	386		60.1%		106,227	(3)	2Q26
Total			2,101	80.7%	$	573,896

(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, WIFI RETROFIT AND PROPERTY REPOSITIONING ACTIVITY

Dollars in thousands, except per unit data

Six months ended June 30, 2025
Program	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
Interior Redevelopment		2,678	$	15,596	$	5,824	$	95	7.0%	6,500 - 9,500

During the second quarter of 2025, MAA continued its WiFi Retrofit program and 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. MAA spent $5.2 million on its WiFi Retrofit program and $7.2 million on its Property Repositioning program during the six months ended June 30, 2025.

Supplemental Data S-8

2025 ACQUISITION ACTIVITY AS OF JUNE 30, 2025

Land Acquisition	Market	Closing Date
MAA Point Hope (1)	Charleston, SC	Jun-25

(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 2025. See “Multifamily Development Pipeline” above for additional information.

2025 DISPOSITION ACTIVITY AS OF JUNE 30, 2025

Multifamily Dispositions	Market	Apartment Units	Closing Date
Fairways	Columbia, SC	240	Mar-25
TPC Columbia	Columbia, SC	336	Mar-25

DEBT AND DEBT COVENANTS AS OF JUNE 30, 2025

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	$	4,733,143		93.8	%		3.8	%		7.2
Floating rate debt		315,000		6.2	%		4.7	%		0.1
Total	$	5,048,143		100.0	%		3.8	%		6.7
Unsecured Versus Secured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	4,687,813		92.9	%		3.8	%		5.5
Secured debt		360,330		7.1	%		4.4	%		23.6
Total	$	5,048,143		100.0	%		3.8	%		6.7
Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q2 2025 NOI			Percent of Total
Unencumbered gross assets	$	16,689,234		95.5	%	$	321,618			95.9	%
Encumbered gross assets		777,762		4.5	%		13,630			4.1	%
Total	$	17,466,996		100.0	%	$	335,248			100.0	%

FIXED INTEREST RATE MATURITIES

Maturity	Fixed Rate Debt		Effective Interest Rate
2025	$	399,737		4.2	%
2026		299,130		1.2	%
2027		598,514		3.7	%
2028		398,215		4.2	%
2029		555,596		3.7	%
2030		298,401		3.1	%
2031		446,630		1.8	%
2032		395,054		5.4	%
2033		—		—
2034		344,135		5.1	%
Thereafter		997,731		4.3	%
Total	$	4,733,143		3.8	%

Supplemental Data S-9

DEBT AND DEBT COVENANTS AS OF JUNE 30, 2025 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

Maturity	Commercial Paper ⁽¹⁾ & Revolving Credit Facility ⁽²⁾		Public Bonds		Secured		Total
2025	$	315,000	$	399,737	$	—	$	714,737
2026		—		299,130		—		299,130
2027		—		598,514		—		598,514
2028		—		398,215		—		398,215
2029		—		555,596		—		555,596
2030		—		298,401		—		298,401
2031		—		446,630		—		446,630
2032		—		395,054		—		395,054
2033		—		—		—		—
2034		—		344,135		—		344,135
Thereafter		—		637,401		360,330		997,731
Total	$	315,000	$	4,372,813	$	360,330	$	5,048,143

(1)The $315.0 million maturing in 2025 reflects the principal outstanding under MAALP’s unsecured commercial paper program as of June 30, 2025. 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 June 30, 2025, average daily borrowings outstanding under the commercial paper program were $301.6 million.

(2)There were no borrowings outstanding under MAALP’s $1.25 billion unsecured revolving credit facility as of June 30, 2025. 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	28.9%	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	6.3x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	348.1%	Yes
Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	21.8%	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	6.8x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	21.1%	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. The guidance projections provided below are based on current expectations and are forward-looking statements.

	Full Year 2025
Earnings:	Current Range	Current Midpoint
Earnings per common share - diluted	$5.25 to $5.49	$5.37
Core FFO per Share - diluted	$8.65 to $8.89	$8.77
Core AFFO per Share - diluted	$7.67 to $7.91	$7.79
MAA Same Store Portfolio:
Number of units	96,568	96,568
Average physical occupancy	95.40% to 95.80%	95.60%
Property revenue growth	-0.20% to 0.40%	0.10%
Effective rent growth	-0.50% to 0.00%	-0.25%
Property operating expense growth	1.75% to 2.75%	2.25%
NOI growth	-1.90% to -0.40%	-1.15%
Real estate tax expense growth	-0.75% to 1.25%	0.25%
Corporate Expenses: ($ in millions)
Property management expenses	$74.0 to $76.0	$75.0
General and administrative expenses	$54.5 to $56.5	$55.5
Total overhead	$128.5 to $132.5	$130.5
Transaction/Investment Volume: ($ in millions)
Multifamily acquisition volume	$250.0 to $350.0	$300.0
Multifamily disposition volume	$250.0 to $300.0	$275.0
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

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	$	5.25		$	5.49
Real estate depreciation and amortization		5.13			5.13
Gains on sale of depreciable assets		(1.69	)		(1.69	)
FFO per Share - diluted		8.69			8.93
Non-Core FFO items (1)		(0.04	)		(0.04	)
Core FFO per Share - diluted		8.65			8.89
Recurring capital expenditures		(0.98	)		(0.98	)
Core AFFO per Share - diluted	$	7.67		$	7.91

(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:	Q3 2025		Q4 2025		Q1 2026		Q2 2026
Earnings release & conference call	Late October		Early February		Late April		Late July
Dividend Information - Common Shares:	Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025
Declaration date	5/21/2024		9/24/2024		12/10/2024		3/18/2025		5/21/2025
Record date	7/15/2024		10/15/2024		1/15/2025		4/15/2025		7/15/2025
Payment date	7/31/2024		10/31/2024		1/31/2025		4/30/2025		7/31/2025
Distributions per share	$	1.4700	$	1.4700	$	1.5150	$	1.5150	$	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