maa-ex992

maa-ex992_6.htm

Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT JUNE 30, 2019 (In apartment units)⁽¹⁾

	Same Store		Non-Same Store		Lease-up		Total Completed Communities		Development Units Delivered		Total
Atlanta, GA		10,664		332		438		11,434		—		11,434
Dallas, TX		9,404		362		—		9,766		—		9,766
Austin, TX		6,475		642		—		7,117		—		7,117
Charlotte, NC		6,149		—		—		6,149		—		6,149
Orlando, FL		5,274		—		—		5,274		—		5,274
Tampa, FL		5,220		—		—		5,220		—		5,220
Raleigh/Durham, NC		4,397		803		—		5,200		20		5,220
Houston, TX		4,867		—		—		4,867		—		4,867
Nashville, TN		4,055		320		—		4,375		—		4,375
Fort Worth, TX		4,249		—		—		4,249		—		4,249
Washington, DC		4,080		—		—		4,080		—		4,080
Jacksonville, FL		3,496		—		—		3,496		—		3,496
Charleston, SC		2,726		302		140		3,168		—		3,168
Phoenix, AZ		2,623		—		—		2,623		—		2,623
Savannah, GA		2,219		—		—		2,219		—		2,219
Greenville, SC		2,084		—		—		2,084		—		2,084
Richmond, VA		2,004		—		—		2,004		—		2,004
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
Huntsville, AL		1,228		—		—		1,228		—		1,228
Other		9,929		1,336		-		11,265		—		11,265
Total Multifamily Units		95,920		4,097		578		100,595		20		100,615

⁽¹⁾Schedule excludes 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, 2019								Average Effective		As of June 30, 2019
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended June 30, 2019		Completed Units		Total Units, Including Development
Atlanta, GA	$	1,879,100		13.9	%		95.8	%	$	1,429		10,996
Dallas, TX		1,374,418		10.2	%		95.7	%		1,271		9,766
Washington, DC		948,359		7.0	%		96.7	%		1,776		4,080
Charlotte, NC		946,383		7.0	%		96.2	%		1,212		6,149
Tampa, FL		866,887		6.4	%		95.8	%		1,442		5,220
Austin, TX		831,218		6.2	%		95.8	%		1,223		7,117
Orlando, FL		818,424		6.1	%		95.6	%		1,436		5,274
Raleigh/Durham, NC		664,539		4.9	%		95.7	%		1,105		5,200
Houston, TX		598,934		4.5	%		96.2	%		1,190		4,867
Nashville, TN		527,778		3.9	%		97.1	%		1,247		4,375
Fort Worth, TX		389,605		2.9	%		96.1	%		1,149		4,249
Phoenix, AZ		373,177		2.8	%		97.2	%		1,192		2,623
Charleston, SC		366,672		2.7	%		95.5	%		1,182		3,028
Jacksonville, FL		291,967		2.2	%		96.8	%		1,119		3,496
Richmond, VA		261,724		1.9	%		97.0	%		1,178		2,004
Savannah, GA		238,590		1.8	%		96.6	%		1,078		2,219
Denver, CO		188,037		1.4	%		95.6	%		1,612		733
Kansas City, MO-KS		183,226		1.4	%		95.8	%		1,227		1,110
San Antonio, TX		161,266		1.2	%		96.9	%		1,094		1,504
Birmingham, AL		155,780		1.2	%		96.9	%		1,010		1,462
Greenville, SC		153,909		1.1	%		95.9	%		900		2,084
Memphis, TN		129,838		1.0	%		95.7	%		986		1,811
All Other Markets by State (individual markets <1% gross real assets)
Florida	$	175,074		1.3	%		96.6	%	$	1,311		1,806
Alabama		156,105		1.2	%		97.6	%		959		1,648
Virginia		151,184		1.1	%		97.5	%		1,284		1,039
Arkansas		117,853		0.9	%		96.1	%		882		1,368
Kentucky		93,250		0.7	%		96.2	%		877		1,308
Mississippi		73,739		0.5	%		96.0	%		876		1,241
Nevada		69,393		0.5	%		97.4	%		1,039		721
Tennessee		51,712		0.4	%		96.3	%		871		943
South Carolina		36,578		0.3	%		96.2	%		854		576
Stabilized Communities	$	13,274,719		98.6	%		96.2	%	$	1,223		100,017
Atlanta, GA	$	85,993		0.7	%		63.2	%	$	1,590		438		438
Charleston, SC		28,612		0.2	%		65.7	%		1,559		140		140
Dallas, TX		24,110		0.2	%									348
Denver, CO		18,428		0.1	%									79
Phoenix, AZ		18,041		0.1	%									345
Raleigh/Durham, NC		16,835		0.1	%							20		150
Fort Worth, TX		5,108		0.0	%									168
Lease-up / Development Communities	$	197,127		1.4	%		63.8	%	$	1,582		598		1,668
Total Multifamily Communities	$	13,471,846		100.0	%		96.0	%	$	1,242		100,615		101,685

⁽¹⁾Schedule excludes one joint venture property in Washington, D.C.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

	As of June 30, 2019				Three Months Ended
	Apartment Units		Gross Real Assets		June 30, 2019		June 30, 2018			Percent Change
Operating Revenue
Same Store Communities		95,920	$	12,478,842	$	380,609	$	368,729			3.2	%
Non-Same Store Communities		4,097		795,877		19,192		15,696
Lease-up/Development Communities		598		197,127		1,479		108
Total Multifamily Portfolio		100,615	$	13,471,846	$	401,280	$	384,533
Commercial Property/Land		—		221,812		6,110		5,540
Total Operating Revenue		100,615	$	13,693,658	$	407,390	$	390,073

Property Operating Expenses
Same Store Communities					$	143,304	$	138,315			3.6	%
Non-Same Store Communities						7,946		7,800
Lease-up/Development Communities						587		370
Total Multifamily Portfolio					$	151,837	$	146,485
Commercial Property/Land						2,305		2,245
Total Property Operating Expenses					$	154,142	$	148,730

Net Operating Income
Same Store Communities					$	237,305	$	230,414			3.0	%
Non-Same Store Communities						11,246		7,896
Lease-up/Development Communities						892		(262	)
Total Multifamily Portfolio					$	249,443	$	238,048
Commercial Property/Land						3,805		3,295
Total Net Operating Income					$	253,248	$	241,343			4.9	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

	Three Months Ended							Six Months Ended
	June 30, 2019		June 30, 2018		Percent Change			June 30, 2019		June 30, 2018		Percent Change
Personnel	$	34,887	$	33,473		4.2	%	$	68,285	$	65,830		3.7	%
Building Repair and Maintenance		17,029		16,453		3.5	%		31,118		30,726		1.3	%
Utilities		26,685		26,816		(0.5	)%		52,965		53,499		(1.0	)%
Marketing		4,980		4,491		10.9	%		9,010		8,185		10.1	%
Office Operations		5,323		5,085		4.7	%		10,387		11,284		(7.9	)%
Property Taxes		51,558		49,292		4.6	%		103,876		98,658		5.3	%
Insurance		2,842		2,705		5.1	%		5,764		5,449		5.8	%
Total Property Operating Expenses	$	143,304	$	138,315		3.6	%	$	281,405	$	273,631		2.8	%

Supplemental Data S-3

NOI CONTRIBUTION PERCENTAGE BY MARKET

Same Store Portfolio

				Average Physical Occupancy
			Percent of	Three Months Ended						Six Months Ended
	Apartment Units		Same Store NOI	June 30, 2019			June 30, 2018			June 30, 2019			June 30, 2018
Atlanta, GA		10,664	12.4%		95.6	%		95.6	%		95.7	%		95.8	%
Dallas, TX		9,404	9.1%		95.2	%		95.1	%		95.1	%		95.3	%
Washington, DC		4,080	6.9%		97.1	%		96.6	%		96.9	%		96.6	%
Charlotte, NC		6,149	6.7%		96.3	%		96.1	%		96.2	%		96.3	%
Tampa, FL		5,220	6.5%		95.9	%		96.0	%		96.1	%		96.2	%
Orlando, FL		5,274	6.4%		95.5	%		96.2	%		95.7	%		96.3	%
Austin, TX		6,475	5.8%		95.8	%		95.5	%		95.8	%		95.7	%
Houston, TX		4,867	4.6%		95.4	%		96.0	%		95.4	%		96.5	%
Nashville, TN		4,055	4.5%		96.2	%		95.9	%		95.8	%		95.9	%
Raleigh/Durham, NC		4,397	4.4%		96.6	%		95.9	%		96.5	%		96.3	%
Fort Worth, TX		4,249	3.9%		95.4	%		95.6	%		95.4	%		95.7	%
Jacksonville, FL		3,496	3.6%		96.5	%		96.8	%		96.4	%		96.7	%
Phoenix, AZ		2,623	3.0%		96.7	%		95.9	%		96.5	%		96.3	%
Charleston, SC		2,726	2.8%		95.9	%		95.9	%		95.6	%		96.0	%
Richmond, VA		2,004	2.2%		97.1	%		97.0	%		96.8	%		96.9	%
Savannah, GA		2,219	2.0%		95.4	%		96.3	%		95.6	%		96.7	%
Greenville, SC		2,084	1.5%		95.7	%		95.7	%		95.9	%		96.0	%
Memphis, TN		1,811	1.4%		96.2	%		96.7	%		95.7	%		96.2	%
San Antonio, TX		1,504	1.3%		96.6	%		96.1	%		96.6	%		95.8	%
Birmingham, AL		1,462	1.2%		96.5	%		95.9	%		96.2	%		95.8	%
Huntsville, AL		1,228	1.0%		97.5	%		97.6	%		97.3	%		97.4	%
Other		9,929	8.8%		96.2	%		96.3	%		96.2	%		96.3	%
Total Same Store		95,920	100.0%		96.0	%		96.0	%		95.9	%		96.1	%

Supplemental Data S-4

MULTIFAMILY SAME STORE PORTFOLIO QUARTER OVER QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q2 2019		Q2 2018		% Chg			Q2 2019		Q2 2018		% Chg			Q2 2019		Q2 2018		% Chg			Q2 2019		Q2 2018		% Chg
Atlanta, GA		10,664	$	47,760	$	46,511		2.7	%	$	18,267	$	16,328		11.9	%	$	29,493	$	30,183		(2.3	)%	$	1,403	$	1,365		2.8	%
Dallas, TX		9,404		37,961		37,628		0.9	%		16,410		16,440		(0.2	)%		21,551		21,188		1.7	%		1,279		1,270		0.7	%
Washington, DC		4,080		23,148		22,274		3.9	%		6,861		6,744		1.7	%		16,287		15,530		4.9	%		1,776		1,726		2.9	%
Charlotte, NC		6,149		23,841		23,188		2.8	%		7,955		7,135		11.5	%		15,886		16,053		(1.0	)%		1,212		1,172		3.4	%
Tampa, FL		5,220		23,959		22,906		4.6	%		8,507		8,159		4.3	%		15,452		14,747		4.8	%		1,442		1,383		4.2	%
Orlando, FL		5,274		24,121		23,521		2.6	%		8,913		8,417		5.9	%		15,208		15,104		0.7	%		1,436		1,392		3.1	%
Austin, TX		6,475		25,032		24,216		3.4	%		11,360		10,915		4.1	%		13,672		13,301		2.8	%		1,183		1,148		3.1	%
Houston, TX		4,867		18,404		17,820		3.3	%		7,585		8,044		(5.7	)%		10,819		9,776		10.7	%		1,190		1,146		3.8	%
Nashville, TN		4,055		16,172		15,639		3.4	%		5,535		5,337		3.7	%		10,637		10,302		3.3	%		1,223		1,196		2.3	%
Raleigh/Durham, NC		4,397		15,771		15,148		4.1	%		5,425		5,101		6.4	%		10,346		10,047		3.0	%		1,081		1,047		3.2	%
Fort Worth, TX		4,249		16,228		15,750		3.0	%		6,951		6,509		6.8	%		9,277		9,241		0.4	%		1,149		1,118		2.8	%
Jacksonville, FL		3,496		12,474		12,045		3.6	%		4,025		4,265		(5.6	)%		8,449		7,780		8.6	%		1,119		1,073		4.3	%
Phoenix, AZ		2,623		10,172		9,467		7.4	%		2,995		2,928		2.3	%		7,177		6,539		9.8	%		1,192		1,119		6.5	%
Charleston, SC		2,726		10,385		10,149		2.3	%		3,812		3,690		3.3	%		6,573		6,459		1.8	%		1,155		1,131		2.2	%
Richmond, VA		2,004		7,726		7,391		4.5	%		2,458		2,385		3.1	%		5,268		5,006		5.2	%		1,178		1,121		5.1	%
Savannah, GA		2,219		7,806		7,598		2.7	%		2,952		2,780		6.2	%		4,854		4,818		0.7	%		1,078		1,041		3.5	%
Greenville, SC		2,084		6,248		6,005		4.0	%		2,657		2,562		3.7	%		3,591		3,443		4.3	%		900		865		4.1	%
Memphis, TN		1,811		5,784		5,539		4.4	%		2,398		2,338		2.6	%		3,386		3,201		5.8	%		986		944		4.4	%
San Antonio, TX		1,504		5,360		5,173		3.6	%		2,196		2,362		(7.0	)%		3,164		2,811		12.6	%		1,094		1,061		3.1	%
Birmingham, AL		1,462		4,957		4,772		3.9	%		2,061		2,043		0.9	%		2,896		2,729		6.1	%		1,010		965		4.7	%
Huntsville, AL		1,228		3,753		3,576		4.9	%		1,350		1,337		1.0	%		2,403		2,239		7.3	%		900		834		7.9	%
Other		9,929		33,547		32,413		3.5	%		12,631		12,496		1.1	%		20,916		19,917		5.0	%		1,036		998		3.8	%
Total Same Store		95,920	$	380,609	$	368,729		3.2	%	$	143,304	$	138,315		3.6	%	$	237,305	$	230,414		3.0	%		1,230		1,192		3.2	%

Supplemental Data S-5

MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q2 2019		Q1 2019		% Chg			Q2 2019		Q1 2019		% Chg			Q2 2019		Q1 2019		% Chg			Q2 2019		Q1 2019		% Chg
Atlanta, GA		10,664	$	47,760	$	47,304		1.0	%	$	18,267	$	16,559		10.3	%	$	29,493	$	30,745		(4.1	)%	$	1,403	$	1,390		0.9	%
Dallas, TX		9,404		37,961		37,678		0.8	%		16,410		16,637		(1.4	)%		21,551		21,041		2.4	%		1,279		1,271		0.6	%
Washington, DC		4,080		23,148		22,636		2.3	%		6,861		6,935		(1.1	)%		16,287		15,701		3.7	%		1,776		1,753		1.3	%
Charlotte, NC		6,149		23,841		23,581		1.1	%		7,955		7,032		13.1	%		15,886		16,549		(4.0	)%		1,212		1,195		1.4	%
Tampa, FL		5,220		23,959		23,685		1.2	%		8,507		8,330		2.1	%		15,452		15,355		0.6	%		1,442		1,427		1.0	%
Orlando, FL		5,274		24,121		23,942		0.7	%		8,913		8,518		4.6	%		15,208		15,424		(1.4	)%		1,436		1,426		0.7	%
Austin, TX		6,475		25,032		24,728		1.2	%		11,360		11,162		1.8	%		13,672		13,566		0.8	%		1,183		1,168		1.3	%
Houston, TX		4,867		18,404		18,382		0.1	%		7,585		8,119		(6.6	)%		10,819		10,263		5.4	%		1,190		1,177		1.1	%
Nashville, TN		4,055		16,172		15,776		2.5	%		5,535		5,220		6.0	%		10,637		10,556		0.8	%		1,223		1,206		1.4	%
Raleigh/Durham, NC		4,397		15,771		15,568		1.3	%		5,425		4,890		10.9	%		10,346		10,678		(3.1	)%		1,081		1,068		1.3	%
Fort Worth, TX		4,249		16,228		16,059		1.1	%		6,951		6,686		4.0	%		9,277		9,373		(1.0	)%		1,149		1,138		1.0	%
Jacksonville, FL		3,496		12,474		12,291		1.5	%		4,025		4,002		0.6	%		8,449		8,289		1.9	%		1,119		1,110		0.8	%
Phoenix, AZ		2,623		10,172		9,804		3.8	%		2,995		2,823		6.1	%		7,177		6,981		2.8	%		1,192		1,166		2.3	%
Charleston, SC		2,726		10,385		10,213		1.7	%		3,812		3,589		6.2	%		6,573		6,624		(0.8	)%		1,155		1,145		0.9	%
Richmond, VA		2,004		7,726		7,517		2.8	%		2,458		2,369		3.8	%		5,268		5,148		2.3	%		1,178		1,156		1.9	%
Savannah, GA		2,219		7,806		7,806		0.0	%		2,952		2,805		5.2	%		4,854		5,001		(2.9	)%		1,078		1,068		0.9	%
Greenville, SC		2,084		6,248		6,205		0.7	%		2,657		2,448		8.5	%		3,591		3,757		(4.4	)%		900		889		1.3	%
Memphis, TN		1,811		5,784		5,650		2.4	%		2,398		2,356		1.8	%		3,386		3,294		2.8	%		986		973		1.3	%
San Antonio, TX		1,504		5,360		5,288		1.4	%		2,196		2,351		(6.6	)%		3,164		2,937		7.7	%		1,094		1,081		1.2	%
Birmingham, AL		1,462		4,957		4,817		2.9	%		2,061		2,022		1.9	%		2,896		2,795		3.6	%		1,010		997		1.3	%
Huntsville, AL		1,228		3,753		3,642		3.0	%		1,350		1,277		5.7	%		2,403		2,365		1.6	%		900		877		2.7	%
Other		9,929		33,547		32,968		1.8	%		12,631		11,971		5.5	%		20,916		20,997		(0.4	)%		1,036		1,022		1.4	%
Total Same Store		95,920	$	380,609	$	375,540		1.3	%	$	143,304	$	138,101		3.8	%	$	237,305	$	237,439		(0.1	)%	$	1,230	$	1,216		1.2	%

Supplemental Data S-6

MULTIFAMILY SAME STORE PORTFOLIO YEAR TO DATE COMPARISONS

Dollars in thousands, except unit and per unit data

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q2 2019		Q2 2018		% Chg			Q2 2019		Q2 2018		% Chg			Q2 2019		Q2 2018		% Chg			Q2 2019		Q2 2018		% Chg
Atlanta, GA		10,664	$	95,064	$	93,015		2.2	%	$	34,826	$	32,332		7.7	%	$	60,238	$	60,683		(0.7	)%	$	1,397	$	1,360		2.7	%
Dallas, TX		9,404		75,639		75,363		0.4	%		33,047		32,732		1.0	%		42,592		42,631		(0.1	)%		1,275		1,268		0.6	%
Washington, DC		4,080		45,784		44,353		3.2	%		13,796		13,771		0.2	%		31,988		30,582		4.6	%		1,765		1,719		2.6	%
Charlotte, NC		6,149		47,422		46,285		2.5	%		14,987		13,737		9.1	%		32,435		32,548		(0.3	)%		1,204		1,166		3.2	%
Tampa, FL		5,220		47,644		45,773		4.1	%		16,837		16,061		4.8	%		30,807		29,712		3.7	%		1,434		1,375		4.3	%
Orlando, FL		5,274		48,063		46,797		2.7	%		17,431		16,657		4.6	%		30,632		30,140		1.6	%		1,431		1,380		3.7	%
Austin, TX		6,475		49,760		48,382		2.8	%		22,522		21,764		3.5	%		27,238		26,618		2.3	%		1,176		1,144		2.7	%
Houston, TX		4,867		36,786		35,420		3.9	%		15,704		16,075		(2.3	)%		21,082		19,345		9.0	%		1,184		1,136		4.2	%
Nashville, TN		4,055		31,948		31,230		2.3	%		10,755		10,418		3.2	%		21,193		20,812		1.8	%		1,215		1,191		2.0	%
Raleigh/Durham, NC		4,397		31,339		30,287		3.5	%		10,315		10,070		2.4	%		21,024		20,217		4.0	%		1,074		1,043		3.0	%
Fort Worth, TX		4,249		32,287		31,487		2.5	%		13,637		13,173		3.5	%		18,650		18,314		1.8	%		1,144		1,114		2.6	%
Jacksonville, FL		3,496		24,765		23,974		3.3	%		8,027		8,273		(3.0	)%		16,738		15,701		6.6	%		1,115		1,066		4.5	%
Phoenix, AZ		2,623		19,976		18,829		6.1	%		5,818		5,727		1.6	%		14,158		13,102		8.1	%		1,179		1,108		6.4	%
Charleston, SC		2,726		20,598		20,272		1.6	%		7,401		7,203		2.7	%		13,197		13,069		1.0	%		1,150		1,126		2.1	%
Richmond, VA		2,004		15,243		14,631		4.2	%		4,827		4,741		1.8	%		10,416		9,890		5.3	%		1,167		1,109		5.3	%
Savannah, GA		2,219		15,612		15,130		3.2	%		5,757		5,555		3.6	%		9,855		9,575		2.9	%		1,073		1,033		3.9	%
Greenville, SC		2,084		12,453		11,996		3.8	%		5,105		4,917		3.8	%		7,348		7,079		3.8	%		894		858		4.2	%
Memphis, TN		1,811		11,434		10,977		4.2	%		4,754		4,658		2.1	%		6,680		6,319		5.7	%		979		934		4.8	%
San Antonio, TX		1,504		10,648		10,330		3.1	%		4,547		4,751		(4.3	)%		6,101		5,579		9.4	%		1,088		1,060		2.6	%
Birmingham, AL		1,462		9,774		9,495		2.9	%		4,083		3,987		2.4	%		5,691		5,508		3.3	%		1,004		960		4.5	%
Huntsville, AL		1,228		7,395		7,066		4.7	%		2,627		2,626		0.0	%		4,768		4,440		7.4	%		889		826		7.6	%
Other		9,929		66,515		64,608		3.0	%		24,602		24,403		0.8	%		41,913		40,205		4.2	%		1,029		993		3.6	%
Total Same Store		95,920	$	756,149	$	735,700		2.8	%	$	281,405	$	273,631		2.8	%	$	474,744	$	462,069		2.7	%	$	1,223	$	1,186		3.1	%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands
		Units as of June 30, 2019							Projected			Development Costs
									Initial
								Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total		Delivered		Leased		Date	Date	Date	Date⁽¹⁾	Cost		Q2 2019		After
Post Parkside at Wade III	Raleigh, NC		150		20		—	2Q18	3Q19	4Q19	1Q20	$	25,000	$	16,835	$	8,165
Sync 36 II	Denver, CO		79		—		—	3Q18	4Q19	4Q19	1Q20		24,500		18,428		6,072
Copper Ridge II	Fort Worth, TX		168		—		—	1Q19	1Q20	2Q20	1Q21		30,000		5,108		24,892
Post Sierra at Frisco Bridges II	Dallas, TX		348		—		—	2Q18	2Q20	3Q20	3Q21		69,000		24,110		44,890
Novel Midtown ⁽²⁾	Phoenix, AZ		345		—		—	1Q19	4Q20	2Q21	3Q22		82,000		18,041		63,959
Total Active			1,090		20		—					$	230,500	$	82,522	$	147,978

⁽¹⁾Communities are considered stabilized after achieving 90% occupancy for 90 days.

⁽²⁾MAA owns 80% of the joint venture that owns this property.

MULTIFAMILY REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data
		Six months ended June 30, 2019
Units Redeveloped		Redevelopment Spend		Spend per Unit		Increase in Average Effective Rent per Unit		Increase in Average Effective Rent per Unit	Estimated Units Remaining in Pipeline
	3,864	$	22,531	$	5,831	$	113	9.7%	13,800 - 15,300

MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands

As of June 30, 2019

Total

Percent

Construction

Expected

Total

Location

Units

Occupied

Finished

Stabilization⁽¹⁾

Cost

1201 Midtown II

Charleston, SC

140

65.7%

4Q18

4Q19

28,612

Post Centennial Park

Atlanta, GA

438

63.2%

3Q18

4Q19

95,474

Total

578

63.8%

124,086

⁽¹⁾Communities are considered stabilized after achieving 90% occupancy for 90 days.

2019 ACQUISITION ACTIVITY (THROUGH JUNE 30, 2019)

Multifamily Development Acquisition

Market

Apartment

Units

Projected

Completion

Date

Closing

Date

Novel Midtown ⁽¹⁾

Phoenix, AZ

345

2Q21

February 2019

⁽¹⁾MAA owns 80% of the joint venture that owns this property.

Land Acquisition		Market		Acreage		Closing Date
North Orange Avenue		Orlando, FL		2		April 2019

2019 DISPOSITION ACTIVITY (THROUGH JUNE 30, 2019)

Land Disposition	Market	Acreage	Closing Date
Peachtree Road - Outparcel	Atlanta, GA	1	February 2019
Colonial Promenade - Outparcel	Huntsville, AL	4	April 2019

Commercial Disposition		Market		Square Feet				Closing Date
Poplar Avenue Office		Memphis, TN			42,000			March 2019

Supplemental Data S-8

INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES

Dollars in thousands

MAA holds an investment in a real estate joint venture with an institutional investor and accounts for its investment using the equity method of accounting. A summary of non-financial and financial information for this joint venture is provided below.

Joint Venture Property

Market

# of units

Ownership

Interest

Post Massachusetts Avenue

Washington, D.C.

269

35%

As of June 30, 2019

Joint Venture Property

Gross

Investment in

Real Estate

Mortgage

Notes Payable

Company's

Equity

Investment

Post Massachusetts Avenue

79,034

⁽¹⁾

51,682

⁽²⁾

43,997

Three months ended June 30, 2019

Six months ended June 30, 2019

Joint Venture Property

Entity

NOI

Company's

Equity

in Income

Entity

NOI

Company's

Equity in

Income

Post Massachusetts Avenue

1,880

435

3,734

832

⁽¹⁾Represents GAAP basis net book value plus accumulated depreciation.

⁽²⁾This mortgage note has an outstanding principal value of $52 million, bears interest at a stated fixed rate of 3.93% and matures in December 2025.

Supplemental Data S-9

DEBT AND DEBT COVENANTS AS OF JUNE 30, 2019

Dollars in thousands

DEBT SUMMARIES
									Average
						Effective			Years
			Percent of			Interest			to Rate
	Balance		Total			Rate			Maturity
Floating Versus Fixed Rate or Hedged Debt
Fixed rate or hedged debt	$	3,873,304		85.3	%		4.0	%		7.7
Floating (unhedged) debt		666,685		14.7	%		3.0	%		0.1
Total	$	4,539,989		100.0	%		3.8	%		6.7

									Average
						Effective			Years
			Percent of			Interest			to Contract
	Balance		Total			Rate			Maturity
Secured Versus Unsecured Debt
Unsecured debt	$	3,879,526		85.5	%		3.7	%		5.1
Secured debt		660,463		14.5	%		4.5	%		16.9
Total	$	4,539,989		100.0	%		3.8	%		6.8

	Total		Percent of			Q2 2019			Percent of
	Cost		Total			NOI			Total
Unencumbered Versus Encumbered Assets
Unencumbered gross assets	$	12,500,796		88.9	%	$	228,208			90.1	%
Encumbered gross assets		1,565,640		11.1	%		25,040			9.9	%
Total	$	14,066,436		100.0	%	$	253,248			100.0	%

FIXED OR HEDGED INTEREST RATE MATURITIES

	Fixed		Interest		Total Fixed		Effective
Maturity	Rate Debt		Rate Swaps		or Hedged		Rate
2019	$	33,255	$	—	$	33,255		3.7	%
2020		157,049		299,455		456,504		3.0	%
2021		194,509		—		194,509		5.2	%
2022		365,469		—		365,469		3.6	%
2023		359,379		—		359,379		4.2	%
Thereafter		2,464,188		—		2,464,188		4.1	%
Total	$	3,573,849	$	299,455	$	3,873,304		4.0	%

Supplemental Data S-10

DEBT AND DEBT COVENANTS AS OF JUNE 30, 2019 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

	Revolving Credit Facility & Commercial Paper ⁽¹⁾ ⁽²⁾		Public Bonds		Other Unsecured		Secured		Total
2019	$	367,000	$	—	$	19,993	$	13,262	$	400,255
2020		—		—		149,937		157,049		306,986
2021		—		—		222,395		121,862		344,257
2022		—		248,710		416,214		—		664,924
2023		—		347,158		12,221		—		359,379
Thereafter		—		2,075,953		19,945		368,290		2,464,188
Total	$	367,000	$	2,671,821	$	840,705	$	660,463	$	4,539,989

⁽¹⁾ The $367.0 million maturing in 2019 reflects the principal outstanding on MAALP’s unsecured commercial paper program as of June 30, 2019. Under the terms of the program, MAALP may issue up to a maximum aggregate outstanding of $500.0 million.

⁽²⁾There are no borrowings outstanding on MAALP’s $1.0 billion unsecured revolving credit facility as of June 30, 2019. The unsecured revolving credit facility has a maturity date of May 2023 with two six-month extensions.

DEBT COVENANT ANALYSIS⁽¹⁾

Bond Covenants	Required	Actual	Compliance
Total debt to adjusted total assets	60% or less	32.3%	Yes
Total secured debt to adjusted total assets	40% or less	4.7%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	4.99x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	322%	Yes

Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	28.8%	Yes
Total secured debt to total capitalized asset value	40% or Less	4.3%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	4.60x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	27.3%	Yes

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

Supplemental Data S-11

2019 GUIDANCE

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

	Full Year 2019
Earnings:
Earnings per common share - diluted	$2.67 to $2.83
Midpoint	$2.75
FFO per Share - diluted	$6.20 to $6.36
Midpoint	$6.28
AFFO per Share - diluted	$5.56 to $5.72
Midpoint	$5.64

MAA Same Store Communities:
Number of units		94,552
Lease over lease pricing growth for new leases and renewals	3.40% to 4.40%
Average physical occupancy	95.70% to 96.10%
Property revenue growth	2.75% to 3.25%
Property operating expense growth	2.50% to 3.50%
NOI growth	2.50% to 3.50%
Real estate tax expense growth	4.25% to 5.25%

Corporate Expenses:
General and administrative expenses	$43.0 to $44.0 million
Property management expenses	$53.5 to $54.5 million
Total overhead	$96.5 to $98.5 million

Income tax expense	$2.5 to $3.0 million

Full year valuation of Embedded Derivative in Preferred Shares	$ 0.0

Transaction/Investment Volume:
Multifamily acquisition volume	$50.0 to $100.0 million
Multifamily disposition volume	$125.0 to $175.0 million
Development investment	$125.0 to $175.0 million

Debt:
Average effective interest rate	3.9% to 4.1%
Capitalized interest	$2.5 to $3.5 million

RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE GUIDANCE TO FFO AND AFFO PER SHARE GUIDANCE

	2019 Full Year Guidance Range
	Low			High
Earnings per common share - diluted	$	2.67		$	2.83
Real estate depreciation		4.10			4.10
Amortization other		0.04			0.04
Gains on sale of depreciable assets		(0.61	)		(0.61	)
FFO per Share - diluted		6.20			6.36
Recurring capital expenditures		(0.64	)		(0.64	)
AFFO per Share - diluted	$	5.56		$	5.72

Supplemental Data S-12

CREDIT RATINGS

	Commercial	Long-Term
	Paper Rating	Debt Rating	Outlook
Fitch Ratings⁽¹⁾	F2	BBB+	Stable
Moody's Investors Service⁽²⁾	P-2	Baa1	Stable
Standard & Poor's Ratings Services⁽¹⁾	A-2	BBB+	Stable

⁽¹⁾ Corporate credit rating assigned to MAA and MAALP

⁽²⁾ Corporate credit rating assigned to MAALP, the operating partnership of MAA

COMMON STOCK

Stock Symbol:

MAA

Exchange Traded:

NYSE

Estimated Future Dates:

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Earnings release & conference call

Late

October

Late

January

Late

April

Late

July

Dividend Information - Common Shares:

Q2 2018

Q3 2018

Q4 2018

Q1 2019

Q2 2019

Declaration date

5/22/2018

9/25/2018

12/4/2018

3/21/2019

5/21/2019

Record date

7/13/2018

10/15/2018

1/15/2019

4/15/2019

7/15/2019

Payment date

7/31/2018

10/31/2018

1/31/2019

4/30/2019

7/31/2019

Distributions per share

0.9225

0.9600

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
	Tim Argo	Senior Vice President, Director of Finance
	Jennifer Patrick	Investor Relations
	Phone: 866-576-9689 (toll free)
	Email: investor.relations@maac.com

Supplemental Data S-13