maa-ex992

EX-99.2 3 maa-ex992_6.htm EX-99.2 maa-ex992_6.htm

Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT SEPTEMBER 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
Raleigh/Durham, NC		4,397		803		—		5,200		129		5,329
Orlando, FL		5,274		—		—		5,274		—		5,274
Tampa, FL		5,220		—		—		5,220		—		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		8,561		2,704		79		11,344		—		11,344
Total Multifamily Units		94,552		5,465		657		100,674		129		100,803

⁽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 September 30, 2019								Average Effective		As of September 30, 2019
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended September 30, 2019		Completed Units		Total Units, Including Development
Atlanta, GA	$	1,887,831		13.9	%		95.2	%	$	1,453		10,996
Dallas, TX		1,380,370		10.2	%		95.7	%		1,287		9,766
Washington, DC		951,123		7.0	%		96.7	%		1,804		4,080
Charlotte, NC		950,674		7.0	%		96.3	%		1,233		6,149
Tampa, FL		870,519		6.4	%		96.5	%		1,466		5,220
Austin, TX		833,856		6.1	%		95.6	%		1,250		7,117
Orlando, FL		820,529		6.0	%		95.2	%		1,458		5,274
Raleigh/Durham, NC		666,497		4.9	%		96.3	%		1,136		5,200
Houston, TX		600,439		4.4	%		95.3	%		1,207		4,867
Nashville, TN		530,226		3.9	%		96.1	%		1,280		4,375
Fort Worth, TX		391,544		2.9	%		96.2	%		1,165		4,249
Phoenix, AZ		374,097		2.8	%		97.0	%		1,234		2,623
Charleston, SC		368,149		2.7	%		95.3	%		1,207		3,028
Jacksonville, FL		293,177		2.2	%		95.7	%		1,137		3,496
Richmond, VA		262,563		1.9	%		96.4	%		1,206		2,004
Savannah, GA		239,393		1.8	%		95.0	%		1,094		2,219
Denver, CO		188,151		1.4	%		96.9	%		1,627		733
Kansas City, MO-KS		183,502		1.4	%		94.6	%		1,257		1,110
San Antonio, TX		161,580		1.2	%		96.3	%		1,113		1,504
Birmingham, AL		156,380		1.1	%		97.5	%		1,043		1,462
Greenville, SC		154,479		1.1	%		95.1	%		923		2,084
Memphis, TN		130,992		1.0	%		95.4	%		1,007		1,811
All Other Markets by State (individual markets <1% gross real assets)
Florida	$	175,758		1.3	%		97.2	%	$	1,339		1,806
Alabama		157,218		1.2	%		96.9	%		990		1,648
Virginia		151,691		1.1	%		96.4	%		1,315		1,039
Arkansas		118,284		0.9	%		95.1	%		894		1,368
Kentucky		94,380		0.7	%		95.3	%		896		1,308
Mississippi		74,444		0.5	%		95.7	%		890		1,241
Nevada		69,899		0.5	%		96.3	%		1,088		721
Tennessee		52,153		0.4	%		95.7	%		885		943
South Carolina		36,719		0.3	%		94.4	%		877		576
Stabilized Communities	$	13,326,617		98.2	%		95.9	%	$	1,263		100,017
Atlanta, GA	$	86,101		0.6	%		93.8	%	$	1,516		438		438
Dallas, TX		32,441		0.2	%									348
Denver, CO		31,206		0.2	%		12.7	%		1,821		79		385
Charleston, SC		28,644		0.2	%		87.9	%		1,509		140		140
Phoenix, AZ		23,647		0.2	%									345
Raleigh/Durham, NC		22,092		0.2	%		54.7	%		1,149		129		150
Fort Worth, TX		10,327		0.1	%									168
Orlando, FL		8,101		0.1	%									369
Lease-up / Development Communities	$	242,559		1.8	%		77.6	%	$	1,476		786		2,343
Total Multifamily Communities	$	13,569,176		100.0	%		95.7	%	$	1,265		100,803		102,360

⁽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 September 30, 2019				Three Months Ended
	Apartment Units		Gross Real Assets		September 30, 2019		September 30, 2018			Percent Change
Operating Revenue
Same Store Communities		94,552	$	12,413,718	$	384,313	$	369,548			4.0	%
Non-Same Store Communities		5,465		912,899		23,142		21,519
Lease-up/Development Communities		786		242,559		2,404		437
Total Multifamily Portfolio		100,803	$	13,569,176	$	409,859	$	391,504
Commercial Property/Land		—		238,494		5,773		5,604
Total Operating Revenue		100,803	$	13,807,670	$	415,632	$	397,108

Property Operating Expenses
Same Store Communities					$	146,176	$	141,687			3.2	%
Non-Same Store Communities						9,937		10,250
Lease-up/Development Communities						1,014		510
Total Multifamily Portfolio					$	157,127	$	152,447
Commercial Property/Land						2,412		2,293
Total Property Operating Expenses					$	159,539	$	154,740

Net Operating Income
Same Store Communities					$	238,137	$	227,861			4.5	%
Non-Same Store Communities						13,205		11,269
Lease-up/Development Communities						1,390		(73	)
Total Multifamily Portfolio					$	252,732	$	239,057
Commercial Property/Land						3,361		3,311
Total Net Operating Income					$	256,093	$	242,368			5.7	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

	Three Months Ended							Nine Months Ended
	September 30, 2019		September 30, 2018		Percent Change			September 30, 2019		September 30, 2018		Percent Change
Personnel	$	35,296	$	34,749		1.6	%	$	102,617	$	99,643		3.0	%
Building Repair and Maintenance		16,925		15,877		6.6	%		47,572		46,163		3.1	%
Utilities		28,917		28,370		1.9	%		81,305		81,257		0.1	%
Marketing		4,697		5,015		(6.3	)%		13,553		13,056		3.8	%
Office Operations		5,467		5,179		5.6	%		15,718		16,311		(3.6	)%
Property Taxes		51,714		49,578		4.3	%		154,790		147,478		5.0	%
Insurance		3,160		2,919		8.3	%		8,868		8,315		6.7	%
Total Property Operating Expenses	$	146,176	$	141,687		3.2	%	$	424,423	$	412,223		3.0	%

Supplemental Data S-3

NOI CONTRIBUTION PERCENTAGE BY MARKET

Same Store Portfolio

				Average Physical Occupancy
			Percent of	Three Months Ended						Nine Months Ended
	Apartment Units		Same Store NOI	September 30, 2019			September 30, 2018			September 30, 2019			September 30, 2018
Atlanta, GA		10,664	12.7%		95.7	%		96.0	%		95.7	%		95.9	%
Dallas, TX		9,404	9.4%		95.5	%		95.2	%		95.3	%		95.3	%
Charlotte, NC		6,149	7.0%		96.2	%		95.8	%		96.2	%		96.1	%
Washington, DC		4,080	6.8%		96.8	%		96.5	%		96.9	%		96.6	%
Tampa, FL		5,220	6.6%		96.1	%		96.3	%		96.1	%		96.3	%
Orlando, FL		5,274	6.5%		95.5	%		95.7	%		95.6	%		96.1	%
Austin, TX		6,475	6.0%		96.0	%		95.9	%		95.9	%		95.8	%
Nashville, TN		4,055	4.6%		96.5	%		95.2	%		96.0	%		95.7	%
Raleigh/Durham, NC		4,397	4.4%		96.6	%		96.0	%		96.5	%		96.2	%
Houston, TX		4,867	4.3%		95.3	%		95.7	%		95.4	%		96.2	%
Fort Worth, TX		4,249	4.0%		95.9	%		96.1	%		95.6	%		95.8	%
Jacksonville, FL		3,496	3.3%		96.2	%		96.6	%		96.3	%		96.7	%
Phoenix, AZ		2,623	3.1%		97.1	%		96.6	%		96.7	%		96.4	%
Charleston, SC		2,726	2.7%		95.6	%		95.7	%		95.6	%		95.9	%
Richmond, VA		2,004	2.2%		96.5	%		96.5	%		96.7	%		96.8	%
Savannah, GA		2,219	2.0%		95.5	%		96.7	%		95.5	%		96.7	%
Greenville, SC		2,084	1.5%		95.4	%		96.2	%		95.7	%		96.1	%
Memphis, TN		1,811	1.4%		96.1	%		95.2	%		95.8	%		95.9	%
San Antonio, TX		1,504	1.3%		96.5	%		96.0	%		96.6	%		95.9	%
Birmingham, AL		1,462	1.2%		97.6	%		96.8	%		96.7	%		96.1	%
Huntsville, AL		1,228	1.1%		97.8	%		97.3	%		97.4	%		97.3	%
Other		8,561	7.9%		96.5	%		96.4	%		96.4	%		96.4	%
Total Same Store		94,552	100.0%		96.1	%		96.0	%		96.0	%		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		Q3 2019		Q3 2018		% Chg			Q3 2019		Q3 2018		% Chg			Q3 2019		Q3 2018		% Chg			Q3 2019		Q3 2018		% Chg
Atlanta, GA		10,664	$	48,561	$	47,163		3.0	%	$	18,596	$	17,182		8.2	%	$	29,965	$	29,981		(0.1	)%	$	1,428	$	1,377		3.7	%
Dallas, TX		9,404		38,542		37,985		1.5	%		16,233		17,097		(5.1	)%		22,309		20,888		6.8	%		1,295		1,272		1.8	%
Charlotte, NC		6,149		24,416		23,344		4.6	%		7,772		7,360		5.6	%		16,644		15,984		4.1	%		1,233		1,190		3.6	%
Washington, DC		4,080		23,442		22,452		4.4	%		7,202		7,163		0.5	%		16,240		15,289		6.2	%		1,804		1,743		3.5	%
Tampa, FL		5,220		24,534		23,431		4.7	%		8,793		8,613		2.1	%		15,741		14,818		6.2	%		1,466		1,407		4.2	%
Orlando, FL		5,274		24,477		23,868		2.6	%		8,959		9,289		(3.6	)%		15,518		14,579		6.4	%		1,458		1,416		3.0	%
Austin, TX		6,475		25,739		24,527		4.9	%		11,346		11,436		(0.8	)%		14,393		13,091		9.9	%		1,211		1,160		4.4	%
Nashville, TN		4,055		16,789		15,627		7.4	%		5,775		5,483		5.3	%		11,014		10,144		8.6	%		1,255		1,202		4.4	%
Raleigh/Durham, NC		4,397		16,254		15,415		5.4	%		5,841		5,356		9.1	%		10,413		10,059		3.5	%		1,113		1,065		4.5	%
Houston, TX		4,867		18,646		18,164		2.7	%		8,346		8,016		4.1	%		10,300		10,148		1.5	%		1,207		1,166		3.5	%
Fort Worth, TX		4,249		16,538		15,890		4.1	%		7,005		6,911		1.4	%		9,533		8,979		6.2	%		1,165		1,127		3.4	%
Jacksonville, FL		3,496		12,620		12,216		3.3	%		4,854		4,180		16.1	%		7,766		8,036		(3.4	)%		1,137		1,096		3.7	%
Phoenix, AZ		2,623		10,504		9,716		8.1	%		3,189		3,063		4.1	%		7,315		6,653		10.0	%		1,234		1,138		8.4	%
Charleston, SC		2,726		10,486		10,187		2.9	%		4,055		3,678		10.3	%		6,431		6,509		(1.2	)%		1,180		1,140		3.5	%
Richmond, VA		2,004		7,858		7,628		3.0	%		2,508		2,427		3.3	%		5,350		5,201		2.9	%		1,206		1,143		5.5	%
Savannah, GA		2,219		7,894		7,777		1.5	%		3,038		2,872		5.8	%		4,856		4,905		(1.0	)%		1,094		1,063		2.9	%
Greenville, SC		2,084		6,331		6,110		3.6	%		2,658		2,497		6.4	%		3,673		3,613		1.7	%		923		877		5.2	%
Memphis, TN		1,811		5,876		5,567		5.6	%		2,485		2,402		3.5	%		3,391		3,165		7.1	%		1,007		969		3.9	%
San Antonio, TX		1,504		5,443		5,217		4.3	%		2,460		2,465		(0.2	)%		2,983		2,752		8.4	%		1,113		1,070		4.0	%
Birmingham, AL		1,462		5,178		4,824		7.3	%		2,275		1,952		16.5	%		2,903		2,872		1.1	%		1,043		986		5.8	%
Huntsville, AL		1,228		3,893		3,639		7.0	%		1,361		1,336		1.9	%		2,532		2,303		9.9	%		934		864		8.1	%
Other		8,561		30,292		28,801		5.2	%		11,425		10,909		4.7	%		18,867		17,892		5.4	%		1,085		1,032		5.1	%
Total Same Store		94,552	$	384,313	$	369,548		4.0	%	$	146,176	$	141,687		3.2	%	$	238,137	$	227,861		4.5	%		1,258		1,211		3.9	%

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		Q3 2019		Q2 2019		% Chg			Q3 2019		Q2 2019		% Chg			Q3 2019		Q2 2019		% Chg			Q3 2019		Q2 2019		% Chg
Atlanta, GA		10,664	$	48,561	$	47,760		1.7	%	$	18,596	$	18,267		1.8	%	$	29,965	$	29,493		1.6	%	$	1,428	$	1,403		1.8	%
Dallas, TX		9,404		38,542		37,961		1.5	%		16,233		16,410		(1.1	)%		22,309		21,551		3.5	%		1,295		1,279		1.3	%
Charlotte, NC		6,149		24,416		23,841		2.4	%		7,772		7,955		(2.3	)%		16,644		15,886		4.8	%		1,233		1,212		1.7	%
Washington, DC		4,080		23,442		23,148		1.3	%		7,202		6,861		5.0	%		16,240		16,287		(0.3	)%		1,804		1,776		1.6	%
Tampa, FL		5,220		24,534		23,959		2.4	%		8,793		8,507		3.4	%		15,741		15,452		1.9	%		1,466		1,442		1.7	%
Orlando, FL		5,274		24,477		24,121		1.5	%		8,959		8,913		0.5	%		15,518		15,208		2.0	%		1,458		1,436		1.5	%
Austin, TX		6,475		25,739		25,032		2.8	%		11,346		11,360		(0.1	)%		14,393		13,672		5.3	%		1,211		1,183		2.4	%
Nashville, TN		4,055		16,789		16,172		3.8	%		5,775		5,535		4.3	%		11,014		10,637		3.5	%		1,255		1,223		2.6	%
Raleigh/Durham, NC		4,397		16,254		15,771		3.1	%		5,841		5,425		7.7	%		10,413		10,346		0.6	%		1,113		1,081		3.0	%
Houston, TX		4,867		18,646		18,404		1.3	%		8,346		7,585		10.0	%		10,300		10,819		(4.8	)%		1,207		1,190		1.4	%
Fort Worth, TX		4,249		16,538		16,228		1.9	%		7,005		6,951		0.8	%		9,533		9,277		2.8	%		1,165		1,149		1.4	%
Jacksonville, FL		3,496		12,620		12,474		1.2	%		4,854		4,025		20.6	%		7,766		8,449		(8.1	)%		1,137		1,119		1.6	%
Phoenix, AZ		2,623		10,504		10,172		3.3	%		3,189		2,995		6.5	%		7,315		7,177		1.9	%		1,234		1,192		3.5	%
Charleston, SC		2,726		10,486		10,385		1.0	%		4,055		3,812		6.4	%		6,431		6,573		(2.2	)%		1,180		1,155		2.2	%
Richmond, VA		2,004		7,858		7,726		1.7	%		2,508		2,458		2.0	%		5,350		5,268		1.6	%		1,206		1,178		2.4	%
Savannah, GA		2,219		7,894		7,806		1.1	%		3,038		2,952		2.9	%		4,856		4,854		0.0	%		1,094		1,078		1.5	%
Greenville, SC		2,084		6,331		6,248		1.3	%		2,658		2,657		0.0	%		3,673		3,591		2.3	%		923		900		2.6	%
Memphis, TN		1,811		5,876		5,784		1.6	%		2,485		2,398		3.6	%		3,391		3,386		0.1	%		1,007		986		2.1	%
San Antonio, TX		1,504		5,443		5,360		1.5	%		2,460		2,196		12.0	%		2,983		3,164		(5.7	)%		1,113		1,094		1.7	%
Birmingham, AL		1,462		5,178		4,957		4.5	%		2,275		2,061		10.4	%		2,903		2,896		0.2	%		1,043		1,010		3.3	%
Huntsville, AL		1,228		3,893		3,753		3.7	%		1,361		1,350		0.8	%		2,532		2,403		5.4	%		934		900		3.8	%
Other		8,561		30,292		29,663		2.1	%		11,425		10,982		4.0	%		18,867		18,681		1.0	%		1,085		1,061		2.3	%
Total Same Store		94,552	$	384,313	$	376,725		2.0	%	$	146,176	$	141,655		3.2	%	$	238,137	$	235,070		1.3	%	$	1,258	$	1,235		1.9	%

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		Q3 2019		Q3 2018		% Chg			Q3 2019		Q3 2018		% Chg			Q3 2019		Q3 2018		% Chg			Q3 2019		Q3 2018		% Chg
Atlanta, GA		10,664	$	143,625	$	140,178		2.5	%	$	53,422	$	49,514		7.9	%	$	90,203	$	90,664		(0.5	)%	$	1,407	$	1,366		3.0	%
Dallas, TX		9,404		114,181		113,348		0.7	%		49,280		49,829		(1.1	)%		64,901		63,519		2.2	%		1,282		1,269		1.0	%
Charlotte, NC		6,149		71,838		69,629		3.2	%		22,759		21,096		7.9	%		49,079		48,533		1.1	%		1,213		1,174		3.3	%
Washington, DC		4,080		69,226		66,805		3.6	%		20,998		20,933		0.3	%		48,228		45,872		5.1	%		1,778		1,727		2.9	%
Tampa, FL		5,220		72,178		69,204		4.3	%		25,630		24,674		3.9	%		46,548		44,530		4.5	%		1,445		1,386		4.3	%
Orlando, FL		5,274		72,540		70,664		2.7	%		26,390		25,946		1.7	%		46,150		44,718		3.2	%		1,440		1,392		3.4	%
Austin, TX		6,475		75,499		72,909		3.6	%		33,868		33,200		2.0	%		41,631		39,709		4.8	%		1,187		1,149		3.3	%
Nashville, TN		4,055		48,737		46,856		4.0	%		16,530		15,901		4.0	%		32,207		30,955		4.0	%		1,228		1,195		2.8	%
Raleigh/Durham, NC		4,397		47,593		45,701		4.1	%		16,156		15,426		4.7	%		31,437		30,275		3.8	%		1,087		1,051		3.5	%
Houston, TX		4,867		55,432		53,584		3.4	%		24,050		24,092		(0.2	)%		31,382		29,492		6.4	%		1,191		1,146		3.9	%
Fort Worth, TX		4,249		48,825		47,378		3.1	%		20,642		20,084		2.8	%		28,183		27,294		3.3	%		1,151		1,118		2.9	%
Jacksonville, FL		3,496		37,385		36,189		3.3	%		12,881		12,453		3.4	%		24,504		23,736		3.2	%		1,122		1,076		4.3	%
Phoenix, AZ		2,623		30,480		28,544		6.8	%		9,007		8,790		2.5	%		21,473		19,754		8.7	%		1,197		1,118		7.1	%
Charleston, SC		2,726		31,084		30,460		2.0	%		11,456		10,882		5.3	%		19,628		19,578		0.3	%		1,160		1,131		2.6	%
Richmond, VA		2,004		23,101		22,259		3.8	%		7,335		7,168		2.3	%		15,766		15,091		4.5	%		1,180		1,120		5.4	%
Savannah, GA		2,219		23,506		22,907		2.6	%		8,795		8,427		4.4	%		14,711		14,480		1.6	%		1,080		1,043		3.6	%
Greenville, SC		2,084		18,784		18,106		3.7	%		7,763		7,413		4.7	%		11,021		10,693		3.1	%		904		864		4.6	%
Memphis, TN		1,811		17,310		16,544		4.6	%		7,239		7,060		2.5	%		10,071		9,484		6.2	%		988		946		4.5	%
San Antonio, TX		1,504		16,091		15,548		3.5	%		7,007		7,216		(2.9	)%		9,084		8,332		9.0	%		1,096		1,064		3.0	%
Birmingham, AL		1,462		14,952		14,319		4.4	%		6,358		5,939		7.1	%		8,594		8,380		2.6	%		1,017		969		4.9	%
Huntsville, AL		1,228		11,288		10,705		5.4	%		3,988		3,962		0.7	%		7,300		6,743		8.3	%		904		839		7.8	%
Other		8,561		89,104		85,660		4.0	%		32,869		32,218		2.0	%		56,235		53,442		5.2	%		1,064		1,019		4.4	%
Total Same Store		94,552	$	1,132,759	$	1,097,497		3.2	%	$	424,423	$	412,223		3.0	%	$	708,336	$	685,274		3.4	%	$	1,238	$	1,197		3.4	%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands		Units as of
		September 30, 2019							Projected			Development Costs
									Initial
								Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total		Delivered		Leased		Date	Date	Date	Date⁽¹⁾	Cost		Q3 2019		After
Post Parkside at Wade III	Raleigh, NC		150		129		135	2Q18	3Q19	4Q19	1Q20	$	25,000	$	22,092	$	2,908
Copper Ridge II	Fort Worth, TX		168		—		—	1Q19	1Q20	2Q20	1Q21		30,000		10,327		19,673
Post Sierra at Frisco Bridges II	Dallas, TX		348		—		—	2Q18	2Q20	3Q20	3Q21		69,000		32,441		36,559
Novel Midtown ⁽²⁾	Phoenix, AZ		345		—		—	1Q19	4Q20	2Q21	3Q22		82,000		23,647		58,353
Westglenn	Denver, CO		306		—		—	3Q19	2Q21	3Q21	3Q22		84,500		10,119		74,381
336 N Orange	Orlando, FL		369		—		—	3Q19	2Q21	4Q21	4Q22		99,000		8,101		90,899
Total Active			1,686		129		135					$	389,500	$	106,727	$	282,773

⁽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
		Nine months ended September 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
	6,596	$	37,915	$	5,748	$	114	9.8%	14,000 - 15,000

MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands

As of September 30, 2019

Total

Percent

Construction

Expected

Total

Location

Units

Occupied

Finished

Stabilization⁽¹⁾

Cost

Post Centennial Park

Atlanta, GA

438

93.8%

3Q18

4Q19

95,582

1201 Midtown II

Charleston, SC

140

87.9%

4Q18

1Q20

28,644

Sync 36 II

Denver, CO

12.7%

3Q19

1Q20

21,087

Total

657

82.8%

145,313

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

2019 ACQUISITION ACTIVITY (THROUGH SEPTEMBER 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

Commercial Acquisition		Market		Square Feet				Year Built		Closing Date
220 Riverside Retail		Jacksonville, FL			14,941			2015		August 2019

2019 DISPOSITION ACTIVITY (THROUGH SEPTEMBER 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 September 30, 2019

Joint Venture Property

Gross

Investment in

Real Estate

Mortgage

Notes Payable

Company's

Equity

Investment

Post Massachusetts Avenue

79,168

⁽¹⁾

51,695

⁽²⁾

43,816

	Three months ended September 30, 2019				Nine months ended September 30, 2019
Joint Venture Property	Entity NOI		Company's Equity in Income		Entity NOI		Company's Equity in Income
Post Massachusetts Avenue	$	1,905	$	378	$	5,639	$	1,210

⁽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 SEPTEMBER 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	$	4,126,328		92.2	%		3.9	%		7.6
Floating (unhedged) debt		349,786		7.8	%		2.6	%		0.1
Total	$	4,476,114		100.0	%		3.8	%		7.0

									Average
						Effective			Years
			Percent of			Interest			to Contract
	Balance		Total			Rate			Maturity
Secured Versus Unsecured Debt
Unsecured debt	$	3,830,708		85.6	%		3.7	%		5.6
Secured debt		645,406		14.4	%		4.6	%		17.0
Total	$	4,476,114		100.0	%		3.8	%		7.2

	Total		Percent of			Q3 2019			Percent of
	Cost		Total			NOI			Total
Unencumbered Versus Encumbered Assets
Unencumbered gross assets	$	12,610,461		89.0	%	$	232,084			90.6	%
Encumbered gross assets		1,552,523		11.0	%		24,009			9.4	%
Total	$	14,162,984		100.0	%	$	256,093			100.0	%

FIXED OR HEDGED INTEREST RATE MATURITIES

	Fixed		Interest		Total Fixed		Effective
Maturity	Rate Debt		Rate Swaps		or Hedged		Rate
2019	$	19,997	$	—	$	19,997		3.6	%
2020		156,029		299,506		455,535		3.0	%
2021		194,025		—		194,025		5.2	%
2022		365,581		—		365,581		3.6	%
2023		359,547		—		359,547		4.2	%
Thereafter		2,731,643		—		2,731,643		4.0	%
Total	$	3,826,822	$	299,506	$	4,126,328		3.9	%

Supplemental Data S-10

DEBT AND DEBT COVENANTS AS OF SEPTEMBER 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	$	200,000	$	—	$	19,997	$	—	$	219,997
2020		—		—		—		156,029		156,029
2021		—		—		222,446		121,365		343,811
2022		—		248,805		416,283		—		665,088
2023		—		347,325		12,223		—		359,548
Thereafter		—		2,343,682		19,947		368,012		2,731,641
Total	$	200,000	$	2,939,812	$	690,896	$	645,406	$	4,476,114

⁽¹⁾ The $200.0 million maturing in 2019 reflects the principal outstanding on MAALP’s unsecured commercial paper program as of September 30, 2019. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $500.0 million.

⁽²⁾There were no borrowings outstanding under MAALP’s $1.0 billion unsecured revolving credit facility as of September 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	31.6%	Yes
Total secured debt to adjusted total assets	40% or less	4.6%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	5.03x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	329%	Yes

Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	28.0%	Yes
Total secured debt to total capitalized asset value	40% or Less	4.1%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	4.74x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	26.5%	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 ⁽¹⁾	$2.97 to $3.05
Midpoint	$3.01
FFO per Share - diluted ⁽²⁾	$6.46 to $6.54
Midpoint	$6.50
AFFO per Share - diluted ⁽²⁾	$5.82 to $5.90
Midpoint	$5.86

MAA Same Store Communities:
Number of units		94,552
Lease over lease pricing growth for new leases and renewals	4.00% to 4.50%
Average physical occupancy	95.70% to 96.10%
Property revenue growth	3.00% to 3.50%
Property operating expense growth	3.00% to 3.50%
NOI growth	3.00% to 3.50%
Real estate tax expense growth	4.25% to 5.25%

Corporate Expenses:
General and administrative expenses	$45.3 to $45.8 million
Property management expenses	$54.2 to $54.7 million
Total overhead	$99.5 to $100.5 million

Income tax expense ⁽³⁾	$3.3 to $3.8 million

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 $3.0 million

(1)

Earnings per common share - diluted includes $0.17 per diluted common share of non-cash income related to the embedded derivative in the preferred shares and $0.03 per diluted common share of non-cash income, net of tax, related to an unrealized gain recognized by an unconsolidated affiliate for the nine months ended September 30, 2019.

(2)

FFO per Share - diluted and AFFO per Share - diluted include $0.17 per Share of non-cash income related to the embedded derivative in the preferred shares and $0.03 per Share of non-cash income, net of tax, related to an unrealized gain recognized by an unconsolidated affiliate for the nine months ended September 30, 2019.

(3)

For the nine months ended September 30, 2019, Income tax expense includes $0.8 million of expense resulting from the unrealized gain recognized by an unconsolidated affiliate. MAA does not forecast the impact of any gain or loss recognized by unconsolidated affiliates.

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	$	2.97		$	3.05
Real estate depreciation		4.11			4.11
Amortization other		0.04			0.04
Gains on sale of depreciable assets		(0.66	)		(0.66	)
FFO per Share - diluted		6.46			6.54
Recurring capital expenditures		(0.64	)		(0.64	)
AFFO per Share - diluted	$	5.82		$	5.90

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

COMMON STOCK

Stock Symbol:

MAA

Exchange Traded:

NYSE

Estimated Future Dates:

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Earnings release & conference call

Late

January

Late

April

Late

July

Late

October

Dividend Information - Common Shares:

Q3 2018

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Declaration date

9/25/2018

12/4/2018

3/21/2019

5/21/2019

9/26/2019

Record date

10/15/2018

1/15/2019

4/15/2019

7/15/2019

10/15/2019

Payment date

10/31/2018

1/31/2019

4/30/2019

7/31/2019

10/31/2019

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