8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 30, 2019

MID-AMERICA APARTMENT COMMUNITIES, INC.

(Exact name of registrant as specified in its charter)

TENNESSEE	001-12762	62-1543819
(State or Other Jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

MID-AMERICA APARTMENTS, L.P.

(Exact name of registrant as specified in its charter)

TENNESSEE	333-190028-01	62-1543816
(State or Other Jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

6815 Poplar Avenue, Suite 500
Germantown, Tennessee	38138
(Address of Principal Executive Offices)	(Zip Code)

(901) 682-6600

(Registrant's telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13 e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

ITEM 2.02Results of Operations and Financial Condition.

On January 30, 2019, the Registrant issued a press release announcing its consolidated results of operations and financial condition as of December 31, 2018 for the three and twelve months then ended. Copies of the press release and supplemental data schedules are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report.

The information in this Current Report (including Exhibits 99.1 and 99.2) is being furnished pursuant to Item 2.02 and shall not be deemed to be "filed" for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any previous or future filings by the Registrant under the Exchange Act or the Securities Act of 1933, as amended.

ITEM 9.01Financial Statements and Exhibits.

(d)	Exhibits. The following exhibits are being furnished as part of this Report.
	Exhibit Number	Description
	99.1	Press Release dated January 30, 2019
	99.2	Supplemental Data Schedules dated December 31, 2018

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		MID-AMERICA APARTMENT COMMUNITIES, INC.
Date:	January 30, 2019	/s/Albert M. Campbell, III
		Albert M. Campbell, III
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer)

		MID-AMERICA APARTMENTS, L.P.
		By: Mid-America Apartment Communities, Inc.
Date:	January 30, 2019	/s/Albert M. Campbell, III
		Albert M. Campbell, III
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer)

EX-99.1

TABLE OF CONTENTS
Overview	1
Financial Highlights	6
Consolidated Statements of Operations	8
Share and Unit Data	9
Consolidated Balance Sheets	10
Reconciliation of Non-GAAP Financial Measures	11
Non-GAAP Financial Measures	14
Other Key Definitions	15
Portfolio Statistics	S-1
Components of Net Operating Income/Components of Same Store Property Operating Expenses	S-3
NOI Contribution Percentage by Market	S-4
Multifamily Same Store Comparisons	S-5
Multifamily Development Pipeline/Multifamily Redevelopment Pipeline/Multifamily Lease-up Communities/2018 Acquisition Activity & Disposition Activity (Through December 31, 2018)	S-8
Investments in Unconsolidated Real Estate Entities	S-9
Debt and Debt Covenants as of December 31, 2018	S-10
2019 Guidance/Reconciliation of Net Income per Diluted Common Share Guidance to FFO and AFFO per Share Guidance	S-12
Credit Ratings/Common Stock/Investor Relations Data	S-13

OVERVIEW

MAA REPORTS FOURTH QUARTER AND YEAR END RESULTS

GERMANTOWN, TN, January 30, 2019 /PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the quarter and year ended December 31, 2018.

Net Income Available for Common Shareholders

For the quarter ended December 31, 2018, net income available for MAA common shareholders was $60.4 million, or $0.53 per diluted common share, compared to $122.5 million, or $1.08 per diluted common share, for the quarter ended December 31, 2017. In connection with the December 2016 merger between MAA and Post Properties, Inc., or Post Properties, MAA was required to issue its preferred stock in exchange for Post Properties’ preferred stock. Results for the quarter ended December 31, 2018 included $2.3 million, or $0.02 per diluted common share, of non-cash expenserelated to the mark-to-market adjustment of the embedded derivative in the preferred shares issued in the Post Properties merger, and $0.6 million, or $0.01 per diluted common share, of gains related to the sale of real estate assets. Results for the quarter ended December 31, 2017 included $3.0 million, or $0.03 per diluted common share, of non-cash income related to the embedded derivative in the preferred shares and $68.3 million, or $0.60 per diluted common share, of gains related to the sale of real estate assets.

For the year endedDecember 31, 2018, net income available for MAA common shareholders was $219.2 million, or $1.93 per diluted common share, compared to $324.7 million, or $2.86 per diluted common share, for the year endedDecember 31, 2017. Results for the year endedDecember 31, 2018 included $2.6 million, or $0.02 per diluted common share, of non-cash expenserelated to the embedded derivative in the preferred shares and $4.5 million, or $0.04 per diluted common share, of gains related to the sale of real estate assets. Results for the year endedDecember 31, 2017 included $8.8 million, or $0.08 per diluted common share, of non-cash income related to the embedded derivative in the preferred shares and $127.4 million, or $1.12 per diluted common share, of gains related to the sale of real estate assets.

Funds from Operations (FFO)

For the quarter ended December 31, 2018, FFO was $182.9 million, or $1.55 per diluted common share and unit, or per Share, compared to $177.2 million, or $1.50 per Share, for the quarter ended December 31, 2017. Results for the quarter ended December 31, 2018 included $2.3 million, or $0.02 per Share, of non-cash expense related to the embedded derivative in the preferred shares. Results for the quarter ended December 31, 2017 included $3.0 million, or $0.03 per Share, of non-cash income related to the embedded derivative in the preferred shares.

For the year endedDecember 31, 2018, FFO was $712.7 million, or $6.04 per Share, compared to $699.6 million, or $5.94 per Share, for the year endedDecember 31, 2017. Results for the year endedDecember 31, 2018 included $2.6 million, or $0.02 per Share, of non-cash expense related to the embedded derivative in the preferred shares. Results for the year endedDecember 31, 2017 included $8.8 million, or $0.07 per Share, of non-cash income related to the embedded derivative in the preferred shares.

A reconciliation of FFO to net income available for MAA common shareholders, and an expanded discussion of the components of FFO, can be found later in this release.

Eric Bolton, Chairman and Chief Executive Officer, said, “We continue to capture solid demand for apartment housing across our portfolio.  Despite elevated levels of new supply in a number of markets, rent growth trends continue to improve reflecting the superior job growth and household formation trends associated with our Sunbelt-focused strategy. Integration efforts associated with our merger with Post Properties are now complete, and we look forward to fully capturing the opportunities associated with redevelopment of this portfolio.  Our balance sheet is strong with solid coverage ratios and significant capacity for executing on new opportunities that will emerge as we work through the current supply cycle.”

Highlights

• Property revenues from the Same Store Portfolio increased 2.3% during the fourth quarter of 2018 as compared to the same period in the prior year, the strongest performance over the past four quarters. Results were driven by a 2.3% growth in Average Effective Rent per Unit, which was a 20 basis point improvement from the performance in the third quarter of 2018, and continued strong Average Physical Occupancy of 96.1%.

• Property operating expenses for the Same Store Portfolio increased 3.0% during the fourth quarter of 2018 as compared to the same period in the prior year, driven primarily by a 5.8% increase in real estate property taxes. Net Operating Income, or NOI, from the Same Store Portfolio increased by 2.0% during the fourth quarter of 2018 as compared to the same period in the prior year.

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• Strong demand for apartment housing continues to support low resident turnover as resident move outs for the Same Store Portfolio for the fourth quarter of 2018 remained historically low at 48.5% on a rolling twelve month basis.

• During the fourth quarter of 2018, MAA completed development of an expansion project on an apartment community located in Charleston, South Carolina. As of the end of the fourth quarter, MAA had three development projects under construction, which included 577 units, with a total projected cost of $118.5 million and an estimated $87.6 million remaining to be funded as of December 31, 2018.

• As of the end of the fourth quarter of 2018, MAA had four properties in their initial lease-up, including the expansion project completed during the quarter. At quarter-end, average physical occupancy for this lease-up portfolio was 62.4%. These properties are expected to stabilize and become fully productive over the coming year.

• During the year ended December 31, 2018, MAA completed renovation of 8,155 units under its redevelopment program, achieving average rental rate increases of 10.5% above non-renovated units.

Same Store Portfolio Operating Results

To ensure comparable reporting with prior periods, the Same Store Portfolio includes properties that were stabilized and owned by MAA at the beginning of the previous year. Post Properties communities became eligible to enter the Same Store Portfolio on January 1, 2018.

The Same Store Portfolio revenue growth of 2.3% during the fourth quarter of 2018 was primarily a result of a 2.3% increase in Average Effective Rent per Unit, as compared to the same period in the prior year. Average Physical Occupancy for the Same Store Portfolio was strong at 96.1% for the fourth quarter of 2018, a slight decrease from 96.2% in the same period in the prior year. Property operating expenses increased 3.0% for the fourth quarter of 2018, primarily driven by a 5.8% increase in real estate property taxes as compared to the same period in the prior year. This resulted in Same Store Portfolio NOI growth of 2.0% for the fourth quarter of 2018 as compared to the same period in the prior year.

Same Store Portfolio revenue increased 1.9% during the year ended December 31, 2018, primarily as a result of a 1.9% increase in Average Effective Rent per Unit, as compared to the prior year. Rent growth for both new and renewing leases, as compared to the prior lease, on a combined basis increased an average of 2.5% during the year ended December 31, 2018, an 80 basis point improvement over the performance from the prior year. Average Physical Occupancy for the Same Store Portfolio remained strong at 96.1% for the year ended December 31, 2018. Property operating expenses increased 2.0% for the year ended December 31, 2018, primarily driven by a 4.2% increase in real estate property taxes as compared to the prior year. This resulted in Same Store Portfolio NOI growth of 1.9% for the year ended December 31, 2018 as compared to the prior year.

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

Acquisition and Disposition Activity

During the fourth quarter of 2018, MAA acquired a 10 acre land parcel located in the Denver, Colorado market and a 9 acre land parcel located in the Houston, Texas market. MAA is currently performing pre-development work with a development start date expected during 2019 at both locations.

During the fourth quarter of 2018, MAA closed on the disposition of a 3 acre land parcel located in the Atlanta, Georgia market for proceeds of $0.7 million.

Development and Lease-up Activity

During the fourth quarter of 2018, MAA completed development of an expansion project at its 1201 Midtown II community located in Charleston, South Carolina, which is now included in MAA's lease-up portfolio. As of the end of the fourth quarter of 2018, MAA had three development communities under construction. Total development costs for the three communities are projected to be $118.5 million, of which an estimated $87.6 million remained to be funded as of the end of the fourth quarter. The expected average stabilized NOI yield on these communities is 6.3%. During the fourth quarter of 2018, MAA funded $14.5 million of construction costs on both current and completed development projects. MAA expects to complete two developments in the second half of 2019 and one development in the second half of 2020.

During the fourth quarter of 2018, MAA had two apartment communities, The Denton II, located in Kansas City, Missouri and Post Midtown, located in Atlanta, Georgia, complete their initial lease-up and move into MAA's stabilized portfolio. MAA had four apartment communities, containing a total of 1,311 units, remaining in initial lease-up as of the end of the fourth quarter of 2018: Sync 36 I, located in Denver, Colorado; Post River North, located in Denver, Colorado; Post Centennial Park, located in Atlanta, Georgia; and 1201 Midtown II, located in Charleston, South Carolina. Physical occupancy for the four lease-up projects averaged 62.4% at the end of the fourth quarter of 2018.

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Redevelopment Activity

MAA continues its interior redevelopment program at select apartment communities throughout the portfolio. During the fourth quarter of 2018, MAA redeveloped a total of 1,606 units at an average cost of $7,800 per unit, bringing the total units renovated during the year ended December 31, 2018 to 8,155 at an average cost of $6,138 per unit, achieving average rental rate increases of 10.5% above non-renovated units.

Capital Expenditures

Recurring capital expenditures totaled $16.5 million for the fourth quarter of 2018, or approximately $0.14 per Share, as compared to $18.5 million, or $0.15 per Share, for the same period in 2017. These expenditures led to Adjusted Funds from Operations, or AFFO, of $1.41 per Share for the fourth quarter of 2018, compared to $1.35 per Share for the same period in 2017.

Redevelopment, revenue enhancing and other capital expenditures during the fourth quarter of 2018 were $31.2 million, as compared to $29.4 million for the same period in 2017. These expenditures led to Funds Available for Distribution, or FAD, of $135.3 million for the fourth quarter of 2018, compared to $129.3 million for the same period in 2017. Dividends and distributions paid on shares of common stock and noncontrolling interests during the fourth quarter of 2018 were $108.8 million, as compared to $102.5 million for the same period in 2017.

Recurring capital expenditures totaled $74.7 million for the year endedDecember 31, 2018, or approximately $0.63 per Share, as compared to $71.6 million, or $0.61 per Share, for the year endedDecember 31, 2017. These expenditures led to AFFO of $5.41 per Share for the year endedDecember 31, 2018, compared to $5.33 per Share for the year endedDecember 31, 2017.

Redevelopment, revenue enhancing and other capital expenditures during the year endedDecember 31, 2018 were $122.9 million, as compared to $102.1 million for the year endedDecember 31, 2017. These expenditures led to FAD of $515.1 million for the year endedDecember 31, 2018, compared to $525.8 million for the year endedDecember 31, 2017. Dividends and distributions paid on shares of common stock and noncontrolling interests during the year endedDecember 31, 2018 were $434.9 million, as compared to $409.9 million for the year endedDecember 31, 2017.

A reconciliation of FFO, AFFO and FAD to net income available for MAA common shareholders and an expanded discussion of the components of FFO, AFFO and FAD can be found later in this release.

Financing Activities

During the fourth quarter of 2018, MAA's primary operating partnership, Mid-America Apartments, L.P. (referred to as MAALP or the Operating Partnership), retired $529.6 million of secured property mortgages before maturity and an $80.0 million secured credit facility at maturity. In December 2018, MAALP entered into a fixed rate $172.0 million 30 year secured property mortgage associated with five of its apartment communities and a variable rate $300.0 million unsecured six month term loan. As of December 31, 2018, MAA had approximately $490.1 million combined cash and available capacity under MAALP's unsecured revolving credit facility.

In December 2018, MAALP also entered into a fixed interest rate lock agreement relating to a $191.3 million 30 year secured mortgage associated with seven of its apartment communities that is expected to close in February 2019.

Balance Sheet

As of December 31, 2018:

• Total debt to total assets (as defined in the covenants for the bonds issued by MAALP) was 32.6%, compared to 33.2% as of December 31, 2017;

• Total debt outstanding was $4.5 billion at an average effective interest rate of 3.8%;

• 74.8% of total debt was fixed or hedged against rising interest rates for an average of 6.8 years; and

• Unencumbered NOI was 92.6% of total NOI, as compared to 84.8% as of December 31, 2017.

Merger Related Activities

MAA completed its integrations efforts associated with the Post Properties merger during the fourth quarter of 2018. In connection with the Post Properties merger, MAA incurred $0.6 million, or $0.01 per Share, and $9.1 million, or $0.08 per Share, of merger and integration costs during the fourth quarter of 2018 and the year ended December 31, 2018, respectively. Merger and integration costs incurred during the year were primarily related to temporary systems, staffing, facilities and consulting costs necessary for the integration of the companies' business platforms.

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100th Consecutive Quarterly Common Dividend Declared

MAA declared its 100th consecutive quarterly common dividend at an annual rate of $3.84 per common share, an increase from the prior year's annual rate of $3.69. The quarterly common dividend will be paid on January 31, 2019 to holders of record on January 15, 2019. For 25 years, MAA has consistently paid a quarterly cash dividend and has never reduced or suspended the quarterly dividend.

2019 Net Income per Diluted Common Share and FFO and AFFO per Share Guidance

MAA is providing initial 2019 guidance for Net income per diluted common share, as well as FFO per Share, and AFFO per Share. FFO and AFFO are non-GAAP measures. Acquisition and disposition activity materially affects depreciation and capital gains or losses, which combined, generally represent the majority of the difference between Net income available for common shareholders and FFO. As outlined in the definitions of non-GAAP measures accompanying this release, MAA's definition of FFO is in accordance with the National Association of Real Estate Investment Trusts', or NAREIT's, definition. MAA believes that FFO is helpful in understanding operating performance in that FFO excludes depreciation expense of real estate assets and certain other non-routine items. MAA intends to update Net income per diluted common share, FFO per Share, and AFFO per Share guidance on a quarterly basis.

Net income per diluted common share is expected to be in the range of $2.11 to $2.35 per diluted common share, or $2.23 per diluted common share at the midpoint, for the full year of 2019. FFO per Share for the year is expected to be in the range of $6.03 to $6.27 per Share, or $6.15 per Share at the midpoint. This initial guidance is based on projections of Same Store Portfolio property revenue growth of 1.80% to 2.80% for the full year based on continued strong occupancy, modestly improved leasing conditions and normal seasonal pricing trends, while Same Store Portfolio operating expense growth is expected to be in the range of 2.60% to 3.60% for the full year. The primary driver of the operating expense growth range is the expectation of continued increases in property real estate taxes. As a result, Same Store NOI growth for the full year is expected to be 1.30% to 2.30%. FFO guidance for 2019 includes an effective interest rate range of 3.9% to 4.1%. MAA expects FFO for the first quarter of 2019 to be in the range of $1.41 to $1.53 per Share, or $1.47 per Share at the midpoint. MAA does not forecast Net income per diluted share on a quarterly basis as it is not reasonable to accurately predict the timing of forecasted acquisition and disposition activity within a particular quarter (rather than during the course of the full year).

MAA expects total recurring capital expenditures for the full year of 2019 to be approximately $75.4 million, which would produce expected AFFO per Share of $5.39 to $5.63 for the full year 2019.

Supplemental Material and Conference Call

Supplemental data to this release can be found under the "Financial Results" navigation tab on the "For Investors" page of our website at www.maac.com. MAA will host a conference call to further discuss fourth quarter and year end results on Thursday, January 31, 2019, at 9:00 AM Central Time. The conference call-in number is 877-830-2596. You may also join the live webcast of the conference call by accessing the "For Investors" page of our website at www.maac.com. MAA's filings with the Securities and Exchange Commission, or SEC, are filed under the registrant names of Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P.

About MAA

MAA, an S&P 500 company, is a real estate investment trust, or REIT, focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities in the Southeast, Southwest, and Mid-Atlantic regions of the United States. As of December 31, 2018, MAA had ownership interest in 101,441 apartment units, including communities currently in development, across 17 states and the District of Columbia. For further details, please visit the MAA website at www.maac.com or contact Investor Relations at investor.relations@maac.com, or via mail at MAA, 6815 Poplar Ave., Suite 500, Germantown, TN 38138, Attn: Investor Relations.

Forward-Looking Statements

Sections of this release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to our expectations for future periods. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions or other items related to the future. Such forward-looking statements include, without limitation, statements concerning forecasted operating performance and results, property acquisitions and dispositions, joint venture activity, development and renovation activity as well as other capital expenditures, capital raising activities, rent and expense growth, occupancy, financing activities, and interest rate and other economic expectations. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, as described below, which may cause our actual results, performance or achievements to be

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materially different from the results of operations, financial conditions or plans expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such forward-looking statements included in this release may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved.

The following factors, among others, could cause our actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking statements:

• inability to generate sufficient cash flows due to market conditions, changes in supply and/or demand, competition, uninsured losses, changes in tax and housing laws, or other factors;

• exposure, as a multifamily focused REIT, to risks inherent in investments in a single industry and sector;

• adverse changes in real estate markets, including, but not limited to, the extent of future demand for multifamily units in our significant markets, barriers of entry into new markets which we may seek to enter in the future, limitations on our ability to increase rental rates, competition, our ability to identify and consummate attractive acquisitions or development projects on favorable terms, our ability to consummate any planned dispositions in a timely manner on acceptable terms, and our ability to reinvest sale proceeds in a manner that generates favorable returns;

• failure of new acquisitions to achieve anticipated results or be efficiently integrated;

• failure of development communities to be completed, if at all, within budget and on a timely basis or to lease-up as anticipated;

• unexpected capital needs;

• changes in operating costs, including real estate taxes, utilities and insurance costs;

• losses from catastrophes in excess of our insurance coverage;

• ability to obtain financing at favorable rates, if at all, and refinance existing debt as it matures;

• level and volatility of interest or capitalization rates or capital market conditions;

• loss of hedge accounting treatment for interest rate swaps;

• the continuation of the good credit of our interest rate swap providers;

• price volatility, dislocations and liquidity disruptions in the financial markets and the resulting impact on financing;

• the effect of any rating agency actions on the cost and availability of new debt financing;

• significant decline in market value of real estate serving as collateral for mortgage obligations;

• significant change in the mortgage financing market that would cause single-family housing, either as an owned or rental product, to become a more significant competitive product;

• our ability to continue to satisfy complex rules in order to maintain our status as a REIT for federal income tax purposes, the ability of MAALP to satisfy the rules to maintain its status as a partnership for federal income tax purposes, the ability of our taxable REIT subsidiaries to maintain their status as such for federal income tax purposes, and our ability and the ability of our subsidiaries to operate effectively within the limitations imposed by these rules;

• inability to attract and retain qualified personnel;

• cyberliability or potential liability for breaches of our privacy or information security systems;

• potential liability for environmental contamination;

• adverse legislative or regulatory tax changes;

• legal proceedings relating to various issues, which, among other things, could result in a class action lawsuit;

• compliance costs associated with laws requiring access for disabled persons; and

• other risks identified in this press release and, from time to time, in other reports we file with the SEC or in other documents that we publicly disseminate.

New factors may also emerge from time to time that could have a material adverse effect on our business. Except as required by law, we undertake no obligation to publicly update or revise forward-looking statements contained in this release to reflect events, circumstances or changes in expectations after the date of this release.

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FINANCIAL HIGHLIGHTS
Dollars in thousands, except per share data	Three months ended December 31,						Year ended December 31,
	2018			2017			2018			2017
Rental and other property revenues	$	398,148		$	382,738		$	1,571,346		$	1,528,987
Net income available for MAA common shareholders	$	60,360		$	122,528		$	219,211		$	324,691
Total NOI(1)	$	251,434		$	242,428		$	976,758		$	952,256
Earnings per common share:(2)
Basic	$	0.53		$	1.08		$	1.93		$	2.86
Diluted	$	0.53		$	1.08		$	1.93		$	2.86
Funds from operations per Share - diluted:(2)
FFO(1)	$	1.55		$	1.50		$	6.04		$	5.94
AFFO(1)	$	1.41		$	1.35		$	5.41		$	5.33
Dividends declared per common share	$	0.9600		$	0.9225		$	3.7275		$	3.5325
Dividends/ FFO (diluted) payout ratio	61.9		%	61.5		%	61.7		%	59.5		%
Dividends/ AFFO (diluted) payout ratio	68.1		%	68.3		%	68.9		%	66.3		%
Consolidated interest expense	$	44,454		$	39,746		$	173,594		$	154,751
Mark-to-market debt adjustment	2,207			3,174			10,874			15,234
Debt discount and debt issuance cost amortization	(1,534		)	(1,400		)	(5,885		)	(5,424		)
Capitalized interest	407			1,354			2,047			7,238
Total interest incurred	$	45,534		$	42,874		$	180,630		$	171,799
Amortization of principal on notes payable	$	2,704		$	2,996		$	10,611		$	11,952

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

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

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FINANCIAL HIGHLIGHTS (CONTINUED)
Dollars in thousands, except share price	As of
	December 31, 2018		December 31, 2017
Gross Assets(1)	$	13,873,068	$	13,566,990
Gross Real Estate Assets(1)	$	13,735,247	$	13,395,413
Total debt	$	4,528,328	$	4,502,057
Common shares and units outstanding	117,955,568		117,834,752
Share price	$	95.70	$	100.56
Book equity value	$	6,381,603	$	6,584,302
Market equity value	$	11,288,348	$	11,849,463
Net Debt/Recurring Adjusted EBITDAre(2)	4.99x		5.04x

⁽¹⁾ A reconciliation of Gross Assets to Total assets and Gross Real Estate Assets to Real estate assets, net, along with an expanded discussion of their components, can be found later in this release.

⁽²⁾ Recurring Adjusted EBITDAre in this calculation represents the trailing twelve month period for each date presented. A reconciliation of the following items and an expanded discussion of their respective components can be found later in this release: (i) EBITDA, EBITDAre, Adjusted EBITDAre and Recurring Adjusted EBITDAre to Net income; and (ii) Net Debt to Unsecured notes payable and Secured notes payable.

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CONSOLIDATED STATEMENTS OF OPERATIONS
Dollars in thousands, except per share data	Three months ended December 31,						Year ended December 31,
	2018			2017			2018			2017
Revenues:
Rental and other property revenues	$	398,148		$	382,738		$	1,571,346		$	1,528,987
Expenses:
Operating expense, excluding real estate taxes and insurance	91,264			88,502			371,095			364,190
Real estate taxes and insurance	55,450			51,808			223,493			212,541
Depreciation and amortization	121,541			119,423			489,759			493,708
Total property operating expenses	268,255			259,733			1,084,347			1,070,439
Property management expenses	12,054			11,581			47,633			43,588
General and administrative expenses	9,063			9,459			34,786			40,194
Merger and integration related expenses	609			5,492			9,112			19,990
Interest expense	44,454			39,746			173,594			154,751
Loss (gain) on sale of depreciable real estate assets	18			(68,341		)	39			(127,386		)
(Gain) loss on sale of non-depreciable real estate assets	(662		)	21			(4,532		)	(21		)
Other non-operating expense (income)	631			(3,320		)	(5,434		)	(14,353		)
Income before income tax expense	63,726			128,367			231,801			341,785
Income tax expense	(785		)	(709		)	(2,611		)	(2,619		)
Income from continuing operations before real estate joint venture activity	62,941			127,658			229,190			339,166
Income from real estate joint venture	576			349			1,832			1,370
Net income	63,517			128,007			231,022			340,536
Net income attributable to noncontrolling interests	2,235			4,557			8,123			12,157
Net income available for shareholders	61,282			123,450			222,899			328,379
Dividends to MAA Series I preferred shareholders	922			922			3,688			3,688
Net income available for MAA common shareholders	$	60,360		$	122,528		$	219,211		$	324,691
Earnings per common share - basic:
Net income available for common shareholders	$	0.53		$	1.08		$	1.93		$	2.86
Earnings per common share - diluted:
Net income available for common shareholders	$	0.53		$	1.08		$	1.93		$	2.86

8

SHARE AND UNIT DATA
Shares and units in thousands	Three months ended December 31,		Year ended December 31,
	2018	2017	2018	2017
Net Income Shares(1)
Weighted average common shares - basic	113,690	113,453	113,638	113,407
Effect of dilutive securities	190	266	198	280
Weighted average common shares - diluted	113,880	113,719	113,836	113,687
Funds From Operations Shares And Units
Weighted average common shares and units - basic	117,804	117,648	117,777	117,617
Weighted average common shares and units - diluted	117,974	117,861	117,948	117,840
Period End Shares And Units
Common shares at December 31,	113,845	113,643	113,845	113,643
Operating Partnership units at December 31,	4,111	4,192	4,111	4,192
Total common shares and units at December 31,	117,956	117,835	117,956	117,835

⁽¹⁾  For additional information on the calculation of diluted common shares and earnings per common share, please refer to the Notes to Consolidated Financial Statements in MAA's Annual Report on Form 10-K for the year ended December 31, 2018, expected to be filed with the SEC on or about February 21, 2019.

9

CONSOLIDATED BALANCE SHEETS
Dollars in thousands
	December 31, 2018			December 31, 2017
Assets
Real estate assets:
Land	$	1,868,828		$	1,836,417
Buildings and improvements and other	11,670,216			11,281,504
Development and capital improvements in progress	59,506			116,833
	13,598,550			13,234,754
Less: Accumulated depreciation	(2,549,287		)	(2,075,071		)
	11,049,263			11,159,683
Undeveloped land	58,257			57,285
Investment in real estate joint venture	44,181			44,956
Real estate assets, net	11,151,701			11,261,924
Cash and cash equivalents	34,259			10,750
Restricted cash	17,414			78,117
Other assets	120,407			135,807
Assets held for sale	—			5,321
Total assets	$	11,323,781		$	11,491,919
Liabilities and equity
Liabilities:
Unsecured notes payable	$	4,053,302		$	3,525,765
Secured notes payable	475,026			976,292
Accrued expenses and other liabilities	413,850			405,560
Total liabilities	4,942,178			4,907,617
Redeemable common stock	9,414			10,408
Shareholders' equity:
Preferred stock	9			9
Common stock	1,136			1,134
Additional paid-in capital	7,138,170			7,121,112
Accumulated distributions in excess of net income	(989,263		)	(784,500		)
Accumulated other comprehensive (loss) income	(212		)	2,157
Total MAA shareholders' equity	6,149,840			6,339,912
Noncontrolling interests - Operating Partnership units	220,043			231,676
Total Company's shareholders' equity	6,369,883			6,571,588
Noncontrolling interest - consolidated real estate entity	2,306			2,306
Total equity	6,372,189			6,573,894
Total liabilities and equity	$	11,323,781		$	11,491,919

10

RECONCILIATION OF FFO, AFFO AND FAD TO NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS
Amounts in thousands, except per share and unit data	Three months ended December 31,						Year ended December 31,
	2018			2017			2018			2017
Net income available for MAA common shareholders	$	60,360		$	122,528		$	219,211		$	324,691
Depreciation and amortization of real estate assets	120,181			118,309			484,722			489,503
Loss (gain) on sale of depreciable real estate assets	18			(68,341		)	39			(127,386		)
Depreciation and amortization of real estate assets of real estate joint venture	152			146			595			596
Net income attributable to noncontrolling interests	2,235			4,557			8,123			12,157
Funds from operations attributable to the Company	182,946			177,199			712,690			699,561
Recurring capital expenditures	(16,476		)	(18,468		)	(74,693		)	(71,636		)
Adjusted funds from operations	166,470			158,731			637,997			627,925
Redevelopment and revenue enhancing capital expenditures	(23,892		)	(21,969		)	(91,475		)	(82,225		)
Other capital expenditures	(7,288		)	(7,439		)	(31,417		)	(19,909		)
Funds available for distribution	$	135,290		$	129,323		$	515,105		$	525,791
Dividends and distributions paid	$	108,808		$	102,508		$	434,928		$	409,948
Weighted average common shares - diluted	113,880			113,719			113,836			113,687
FFO weighted average common shares and units - diluted	117,974			117,861			117,948			117,840
Earnings per common share - diluted:
Net income available for common shareholders	$	0.53		$	1.08		$	1.93		$	2.86
Funds from operations per Share - diluted	$	1.55		$	1.50		$	6.04		$	5.94
Adjusted funds from operations per Share - diluted	$	1.41		$	1.35		$	5.41		$	5.33

11

RECONCILIATION OF NET OPERATING INCOME TO NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS
Dollars in thousands	Three Months Ended									Year Ended
	December 31, 2018			September 30, 2018			December 31, 2017			December 31, 2018			December 31, 2017
Net Operating Income
Same Store NOI	$	231,916		$	224,290		$	227,367		$	905,756		$	889,176
Non-Same Store NOI	19,518			18,078			15,219			71,002			63,080
Total NOI	251,434			242,368			242,428			976,758			952,256
Depreciation and amortization	(121,541		)	(124,549		)	(119,423		)	(489,759		)	(493,708		)
Property management expenses	(12,054		)	(11,303		)	(11,581		)	(47,633		)	(43,588		)
General and administrative expenses	(9,063		)	(6,380		)	(9,459		)	(34,786		)	(40,194		)
Merger and integration expenses	(609		)	(1,878		)	(5,492		)	(9,112		)	(19,990		)
Interest expense	(44,454		)	(44,650		)	(39,746		)	(173,594		)	(154,751		)
(Loss) gain on sale of depreciable real estate assets	(18		)	(23		)	68,341			(39		)	127,386
Gain (loss) on sale of non-depreciable real estate assets	662			959			(21		)	4,532			21
Other non-operating (expense) income	(631		)	374			3,320			5,434			14,353
Income tax expense	(785		)	(616		)	(709		)	(2,611		)	(2,619		)
Income from real estate joint venture	576			402			349			1,832			1,370
Net income attributable to noncontrolling interests	(2,235		)	(1,913		)	(4,557		)	(8,123		)	(12,157		)
Dividends to MAA Series I preferred shareholders	(922		)	(922		)	(922		)	(3,688		)	(3,688		)
Net income available for MAA common shareholders	$	60,360		$	51,869		$	122,528		$	219,211		$	324,691

RECONCILIATION OF EBITDA, EBITDAre, ADJUSTED EBITDAre AND RECURRING ADJUSTED EBITDAre TO NET INCOME
Dollars in thousands	Three Months Ended						Year Ended
	December 31,			December 31,			December 31,			December 31,
	2018			2017			2018			2017
Net income	$	63,517		$	128,007		$	231,022		$	340,536
Depreciation and amortization	121,541			119,423			489,759			493,708
Interest expense	44,454			39,746			173,594			154,751
Income tax expense	785			709			2,611			2,619
EBITDA	230,297			287,885			896,986			991,614
Loss (gain) on sale of depreciable real estate assets	18			(68,341		)	39			(127,386		)
Adjustments to reflect the Company's share of EBITDAre of unconsolidated affiliates	321			306			1,242			1,234
EBITDAre	230,636			219,850			898,267			865,462
Gain on debt extinguishment (1)	(1,960		)	(28		)	(2,179		)	(3,196		)
Net casualty loss (gain) and other settlement proceeds (1)	920			120			(724		)	(114		)
(Gain) loss on sale of non-depreciable assets	(662		)	21			(4,532		)	(21		)
Adjusted EBITDAre	228,934			219,963			890,832			862,131
Merger and integration expenses	609			5,492			9,112			19,990
Recurring Adjusted EBITDAre	$	229,543		$	225,455		$	899,944		$	882,121

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

12

RECONCILIATION OF NET DEBT TO UNSECURED NOTES PAYABLE AND SECURED NOTES PAYABLE
Dollars in thousands	As of
	December 31,			December 31,
	2018			2017
Unsecured notes payable	$	4,053,302		$	3,525,765
Secured notes payable	475,026			976,292
Total debt	4,528,328			4,502,057
Cash and cash equivalents	(34,259		)	(10,750		)
1031(b) exchange proceeds included in Restricted cash	—			(47,668		)
Net Debt	$	4,494,069		$	4,443,639

RECONCILIATION OF GROSS ASSETS TO TOTAL ASSETS
Dollars in thousands	As of
	December 31,		December 31,
	2018		2017
Total assets	$	11,323,781	$	11,491,919
Accumulated depreciation	2,549,287		2,075,071
Gross Assets	$	13,873,068	$	13,566,990

RECONCILIATION OF GROSS REAL ESTATE ASSETS TO REAL ESTATE ASSETS, NET
Dollars in thousands	As of
	December 31,		December 31,
	2018		2017
Real estate assets, net	$	11,151,701	$	11,261,924
Accumulated depreciation	2,549,287		2,075,071
Cash and cash equivalents	34,259		10,750
1031(b) exchange proceeds included in Restricted cash	—		47,668
Gross Real Estate Assets	$	13,735,247	$	13,395,413

13

NON-GAAP FINANCIAL MEASURES

Adjusted EBITDAre

For purposes of calculations in this release, Adjusted Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or Adjusted EBITDAre, is composed of EBITDAre adjusted for net gain or loss on non-depreciable asset sales, insurance and other settlement proceeds, and gain or loss on debt extinguishment. As an owner and operator of real estate, MAA considers Adjusted EBITDAre to be an important measure of performance from core operations because Adjusted EBITDAre does not include various income and expense items that are not indicative of operating performance. MAA's computation of Adjusted EBITDAre may differ from the methodology utilized by other companies to calculate Adjusted EBITDAre. Adjusted EBITDAre should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of financial performance.

Adjusted Funds From Operations (AFFO)

AFFO is composed of FFO less recurring capital expenditures. In order to better align the classification of capital expenditures with business goals, certain capital expenditures related to commercial properties have been reclassified out of recurring capital expenditures for comparative purposes. AFFO should not be considered as an alternative to Net income available for MAA common shareholders. As an owner and operator of real estate, MAA considers AFFO to be an important measure of performance from operations because AFFO measures the ability to control revenues, expenses and recurring capital expenditures.

EBITDA

For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization, or EBITDA, is composed of net income plus depreciation and amortization, interest expense, and income taxes. As an owner and operator of real estate, MAA considers EBITDA to be an important measure of performance from core operations because EBITDA does not include various expense items that are not indicative of operating performance. EBITDA should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of financial performance.

EBITDAre

For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or EBITDAre, is composed of EBITDA, as defined above, excluding the gain or loss on sale of depreciable asset sales and plus adjustments to reflect MAA's share of EBITDAre of unconsolidated affiliates. As an owner and operator of real estate, MAA considers EBITDAre to be an important measure of performance from core operations because EBITDAre does not include various expense items that are not indicative of operating performance. While MAA's definition of EBITDAre is in accordance with NAREIT's definition, it may differ from the methodology utilized by other companies to calculate EBITDAre. EBITDAre should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of financial performance.

Funds Available for Distribution (FAD)

FAD is composed of FFO less total capital expenditures, excluding development spending and property acquisitions. FAD should not be considered as an alternative to Net income available for MAA common shareholders. As an owner and operator of real estate, MAA considers FAD to be an important measure of performance from core operations because FAD measures the ability to control revenues, expenses and total capital expenditures.

Funds From Operations (FFO)

FFO represents net income available for MAA common shareholders (computed in accordance with GAAP) excluding extraordinary items, asset impairment and gains or losses on disposition of operating properties, plus net income attributable to noncontrolling interest, depreciation and amortization of real estate assets, and adjustments for joint ventures to reflect FFO on the same basis. Because noncontrolling interest is added back, FFO, when used in this document, represents FFO attributable to the Company. While MAA's definition of FFO is in accordance with the NAREIT's definition, it may differ from the methodology for calculating FFO utilized by other companies and, accordingly, may not be comparable to such other companies. FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. MAA believes that FFO is helpful in understanding operating performance in that FFO excludes depreciation and amortization of real estate assets. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

14

NON-GAAP FINANCIAL MEASURES (CONTINUED)

Gross Assets

Gross Assets represents Total assets plus Accumulated depreciation and accumulated depreciation for Assets held for sale, which is included in "Assets held for sale" on the Consolidated Balance Sheets. MAA believes that Gross Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

Gross Real Estate Assets

Gross Real Estate Assets represents Real estate assets, net plus Accumulated depreciation and accumulated depreciation for Assets held for sale, which is included in "Assets held for sale" on the Consolidated Balance Sheets, plus Cash and cash equivalents plus 1031(b) exchange proceeds included in "Restricted cash" on the Consolidated Balance Sheets. MAA believes that Gross Real Estate Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

Net Debt

Net Debt represents Unsecured notes payable and Secured notes payable less Cash and cash equivalents and 1031(b) proceeds included in "Restricted cash" on the Consolidated Balance Sheets. MAA believes Net Debt is a helpful tool in evaluating its debt position.

Net Operating Income (NOI)

Net Operating Income represents Rental and other property revenues less Total property operating expenses, excluding depreciation, for all properties held during the period, regardless of their status as held for sale. NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes NOI by market is a helpful tool in evaluating the operating performance within MAA's markets because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

Recurring Adjusted EBITDAre

Recurring Adjusted EBITDAre represents Adjusted EBITDAre further adjusted to exclude certain items that are not considered part of MAA's core business operations such as acquisition and merger and integration expenses. MAA believes Recurring Adjusted EBITDAre is an important performance measure as it adjusts for certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance. MAA's definition of Recurring Adjusted EBITDAre may differ from the methodology utilized by other companies to calculate Recurring Adjusted EBITDAre. Recurring Adjusted EBITDAre should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance.

Same Store NOI

Same Store NOI represents total operating revenues less total property operating expenses, excluding depreciation, for all properties classified within the Same Store Portfolio during the period. Same Store NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes Same Store NOI is a helpful tool in evaluating the operating performance within MAA's markets because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

OTHER KEY DEFINITIONS

Average Effective Rent per Unit

Average Effective Rent per Unit represents the average of gross rent amounts after the effect of leasing concessions for occupied units plus prevalent market rates asked for unoccupied units, divided by the total number of units. Leasing concessions represent discounts to the current market rate. MAA believes average effective rent is a helpful measurement in evaluating average pricing. It does not represent actual rental revenue collected per unit.

Average Physical Occupancy

Average Physical Occupancy represents the average of the daily physical occupancy for the quarter.

15

OTHER KEY DEFINITIONS (CONTINUED)

Development Communities

Communities remain identified as development until certificates of occupancy are obtained for all units under development. Once all units are delivered and available for occupancy, the community moves into the Lease-up Communities portfolio.

Lease-up Communities

New acquisitions acquired during lease-up and newly developed communities remain in the Lease-up Communities portfolio until stabilized. Communities are considered stabilized after achieving at least 90% occupancy for 90 days.

Non-Same Store Portfolio

Non-Same Store Portfolio includes recent acquisitions, communities that have been identified for disposition, and communities that have undergone a significant casualty loss.

Same Store Portfolio

MAA reviews its Same Store Portfolio at the beginning of each calendar year, or as significant transactions warrant. Communities are generally added into the Same Store Portfolio if they were owned and stabilized at the beginning of the previous year. Communities are considered stabilized after achieving at least 90% occupancy for 90 days. Communities that have been approved by MAA's Board of Directors for disposition are excluded from the Same Store Portfolio. Communities that have undergone a significant casualty loss are also excluded from the Same Store Portfolio.

Total Market Capitalization

Total Market Capitalization equals the number of shares of common stock plus units not held by MAA at period end multiplied by the closing stock price at period end, plus total debt outstanding.

Unencumbered NOI

Unencumbered NOI represents NOI generated by unencumbered assets (as defined in MAALP's bond covenants).

CONTACT: Investor Relations of MAA, 866-576-9689 (toll free), investor.relations@maac.com

16

EX-99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT DECEMBER 31, 2018 (In apartment units)

	Same Store	Non-Same Store(1)	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	4,498	776	—	5,274	—	5,274
Tampa, FL	5,220	—	—	5,220	—	5,220
Raleigh/Durham, NC	4,397	803	—	5,200	—	5,200
Houston, TX	4,479	388	—	4,867	—	4,867
Nashville, TN	3,776	599	—	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	2,301	322	—	2,623	—	2,623
Savannah, GA	2,219	—	—	2,219	—	2,219
Greenville, SC	1,748	336	—	2,084	—	2,084
Richmond, VA	1,668	336	—	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
Little Rock, AR	1,368	—	—	1,368	—	1,368
Jackson, MS	1,241	—	—	1,241	—	1,241
Huntsville, AL	1,228	—	—	1,228	—	1,228
Other	7,320	603	733	8,656	—	8,656
Total Multifamily Units	93,483	5,801	1,311	100,595	—	100,595

⁽¹⁾Non-Same Store total excludes 269 units in a 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, 2018						Average Effective Rent per Unit for the Three Months Ended December 31, 2018		As of December 31, 2018
	Gross Real Assets		Percent to Total of Gross Real Assets		Physical Occupancy				Completed Units	Total Units, Including Development
Atlanta, GA	$	1,865,656	14.0	%	96.4	%	$	1,405	10,996
Dallas, TX	1,365,752		10.2	%	95.5	%	1,259		9,766
Washington, DC	944,133		7.1	%	97.0	%	1,744		4,080
Charlotte, NC	940,511		7.1	%	96.4	%	1,187		6,149
Tampa, FL	857,972		6.4	%	97.1	%	1,416		5,220
Austin, TX	826,078		6.1	%	96.1	%	1,196		7,117
Orlando, FL	814,327		6.1	%	96.7	%	1,416		5,274
Raleigh/Durham, NC	660,817		5.0	%	97.3	%	1,083		5,200
Houston, TX	595,951		4.5	%	96.6	%	1,168		4,867
Nashville, TN	524,159		3.9	%	95.7	%	1,221		4,375
Fort Worth, TX	386,871		2.9	%	96.3	%	1,132		4,249
Phoenix, AZ	371,580		2.8	%	97.3	%	1,151		2,623
Charleston, SC	364,153		2.7	%	96.4	%	1,163		3,028
Jacksonville, FL	289,418		2.2	%	97.0	%	1,102		3,496
Richmond, VA	259,373		1.9	%	95.9	%	1,146		2,004
Savannah, GA	237,159		1.8	%	96.2	%	1,064		2,219
Kansas City, MO-KS	182,503		1.4	%	96.5	%	1,195		1,110
San Antonio, TX	160,494		1.2	%	96.6	%	1,071		1,504
Birmingham, AL	154,082		1.2	%	96.9	%	986		1,462
Greenville, SC	152,774		1.1	%	96.8	%	880		2,084
Memphis, TN	128,178		1.0	%	95.5	%	968		1,811
All Other Markets by State (individual markets <1% gross real assets)
Florida	$	173,508	1.3	%	97.5	%	$	1,273	1,806
Alabama	154,571		1.2	%	97.8	%	929		1,648
Virginia	150,404		1.1	%	97.4	%	1,255		1,039
Arkansas	117,046		0.9	%	95.8	%	872		1,368
Kentucky	92,215		0.7	%	96.4	%	862		1,308
Mississippi	72,344		0.5	%	97.3	%	871		1,241
Nevada	68,795		0.5	%	97.5	%	995		721
Tennessee	50,794		0.4	%	96.1	%	857		943
South Carolina	36,076		0.3	%	97.0	%	837		576
Stabilized Communities	$	12,997,694	97.5	%	96.5	%	$	1,214	99,284
Denver, CO	$	199,651	1.5	%	84.2	%	$	1,637	733	812
Atlanta, GA	85,705		0.6	%	36.8	%	1,784		438	438
Charleston, SC	27,858		0.2	%	28.6	%	1,632		140	140
Dallas, TX	12,013		0.1	%			—		—	348
Raleigh/Durham, NC	7,235		0.1	%			—		—	150
Lease-up and Development Communities	$	332,462	2.5	%	62.4	%	$	1,686	1,311	1,888
Total Multifamily Communities	$	13,330,156	100.0	%	96.0	%	$	1,220	100,595	101,172

⁽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 December 31, 2018			Three Months Ended
	Apartment Units	Gross Real Assets		December 31, 2018		December 31, 2017			Percent Change
Operating Revenue
Same Store Communities	93,483	$	11,954,401	$	363,410	$	355,077		2.3	%
Non-Same Store Communities	5,801	1,043,293		25,116		22,137
Lease up/Development Communities	1,311	332,462		3,850		53
Total Multifamily Portfolio	100,595	$	13,330,156	$	392,376	$	377,267
Commercial Property/Land	—	221,423		5,772		5,471
Total Operating Revenue	100,595	$	13,551,579	$	398,148	$	382,738
Property Operating Expenses
Same Store Communities				$	131,494	$	127,710		3.0	%
Non-Same Store Communities				11,123		10,214
Lease up/Development Communities				1,612		302
Total Multifamily Portfolio				$	144,229	$	138,226
Commercial Property/Land				2,485		2,084
Total Property Operating Expenses				$	146,714	$	140,310
Net Operating Income
Same Store Communities				$	231,916	$	227,367		2.0	%
Non-Same Store Communities				13,993		11,923
Lease up/Development Communities				2,238		(249		)
Total Multifamily Portfolio				$	248,147	$	239,041
Commercial Property/Land				3,287		3,387
Total Net Operating Income				$	251,434	$	242,428		3.7	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

	Three Months Ended						Year Ended
	December 31, 2018		December 31, 2017		Percent Increase/(Decrease)		December 31, 2018		December 31, 2017		Percent Increase/(Decrease)
Personnel	$	31,720	$	30,673	3.4	%	$	130,104	$	125,707	3.5	%
Building Repair and Maintenance	13,952		14,421		(3.3	)%	59,651		62,172		(4.1	)%
Utilities	26,324		25,852		1.8	%	106,230		103,120		3.0	%
Marketing	3,892		4,306		(9.6	)%	16,543		16,461		0.5	%
Office Operations	5,563		5,050		10.2	%	21,702		22,887		(5.2	)%
Property Taxes	47,319		44,746		5.8	%	190,942		183,222		4.2	%
Insurance	2,724		2,662		2.3	%	10,883		12,094		(10.0	)%
Total Property Operating Expenses	$	131,494	$	127,710	3.0	%	$	536,055	$	525,663	2.0	%

Supplemental Data S-3

NOI CONTRIBUTION PERCENTAGE BY MARKET

Same Store Portfolio

				Average Physical Occupancy
	Apartment Units	Percent of Same Store NOI		Three Months Ended				Year Ended
				December 31, 2018		December 31, 2017		December 31, 2018		December 31, 2017
Atlanta, GA	10,664	13.1	%	95.9	%	96.2	%	95.9	%	96.1	%
Dallas, TX	9,404	9.0	%	95.4	%	95.8	%	95.3	%	95.4	%
Charlotte, NC	6,149	7.1	%	96.4	%	96.1	%	96.2	%	96.3	%
Washington, DC	4,080	6.9	%	97.0	%	96.3	%	96.7	%	96.5	%
Tampa, FL	5,220	6.8	%	96.6	%	96.2	%	96.3	%	95.9	%
Austin, TX	6,475	6.0	%	95.9	%	95.9	%	95.8	%	95.7	%
Orlando, FL	4,498	5.8	%	96.1	%	96.6	%	96.2	%	96.2	%
Raleigh/Durham, NC	4,397	4.5	%	96.5	%	96.4	%	96.3	%	96.5	%
Nashville, TN	3,776	4.2	%	95.5	%	95.7	%	95.6	%	95.8	%
Fort Worth, TX	4,249	4.3	%	95.7	%	95.8	%	95.8	%	95.8	%
Houston, TX	4,479	4.1	%	96.3	%	97.5	%	96.2	%	96.0	%
Jacksonville, FL	3,496	3.7	%	96.5	%	97.0	%	96.6	%	96.7	%
Charleston, SC	2,726	2.8	%	95.5	%	96.0	%	95.8	%	96.1	%
Phoenix, AZ	2,301	2.6	%	97.4	%	97.1	%	96.7	%	97.0	%
Savannah, GA	2,219	2.1	%	96.4	%	96.3	%	96.6	%	96.5	%
Richmond, VA	1,668	1.8	%	96.6	%	97.2	%	96.7	%	96.6	%
Memphis, TN	1,811	1.4	%	95.0	%	95.8	%	95.7	%	96.0	%
Greenville, SC	1,748	1.3	%	96.6	%	95.8	%	96.4	%	96.1	%
San Antonio, TX	1,504	1.3	%	96.4	%	95.9	%	96.0	%	96.0	%
Birmingham, AL	1,462	1.2	%	96.3	%	95.1	%	96.2	%	95.8	%
Huntsville, AL	1,228	1.0	%	97.0	%	96.4	%	97.3	%	96.5	%
Little Rock, AR	1,368	1.0	%	94.8	%	95.9	%	95.4	%	95.6	%
Jackson, MS	1,241	1.0	%	96.8	%	95.7	%	96.2	%	96.4	%
Other	7,320	7.0	%	96.4	%	96.0	%	96.5	%	96.1	%
Total Same Store	93,483	100.0	%	96.1	%	96.2	%	96.1	%	96.1	%

Supplemental Data S-4

MULTIFAMILY SAME STORE QUARTER OVER QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data

		Revenues						Expenses						NOI						Average Effective Rent per Unit
	Units	Q4 2018		Q4 2017		% Chg		Q4 2018		Q4 2017		% Chg		Q4 2018		Q4 2017		% Chg		Q4 2018		Q4 2017		% Chg
Atlanta, GA	10,664	$	47,026	$	46,438	1.3	%	$	16,213	$	16,058	1.0	%	$	30,813	$	30,380	1.4	%	$	1,380	$	1,356	1.8	%
Dallas, TX	9,404	37,548		37,683		(0.4	)%	16,494		15,856		4.0	%	21,054		21,827		(3.5	)%	1,267		1,268		(0.1	)%
Charlotte, NC	6,149	23,459		22,881		2.5	%	6,938		6,894		0.6	%	16,521		15,987		3.3	%	1,187		1,163		2.1	%
Washington, DC	4,080	22,655		22,002		3.0	%	6,709		6,808		(1.5	)%	15,946		15,194		4.9	%	1,744		1,716		1.6	%
Tampa, FL	5,220	23,632		22,666		4.3	%	7,917		7,753		2.1	%	15,715		14,913		5.4	%	1,416		1,364		3.8	%
Austin, TX	6,475	24,526		24,188		1.4	%	10,694		10,619		0.7	%	13,832		13,569		1.9	%	1,160		1,142		1.6	%
Orlando, FL	4,498	20,431		19,617		4.1	%	7,046		6,727		4.7	%	13,385		12,890		3.8	%	1,426		1,375		3.7	%
Raleigh/Durham, NC	4,397	15,513		15,117		2.6	%	5,054		4,853		4.1	%	10,459		10,264		1.9	%	1,061		1,039		2.1	%
Nashville, TN	3,776	14,508		14,271		1.7	%	4,844		4,557		6.3	%	9,664		9,714		(0.5	)%	1,184		1,168		1.4	%
Fort Worth, TX	4,249	15,951		15,636		2.0	%	6,087		6,087		0.0	%	9,864		9,549		3.3	%	1,132		1,109		2.1	%
Houston, TX	4,479	16,516		15,913		3.8	%	7,072		6,590		7.3	%	9,444		9,323		1.3	%	1,147		1,097		4.6	%
Jacksonville, FL	3,496	12,250		11,791		3.9	%	3,612		3,701		(2.4	)%	8,638		8,090		6.8	%	1,102		1,049		5.1	%
Charleston, SC	2,726	10,140		10,134		0.1	%	3,692		3,567		3.5	%	6,448		6,567		(1.8	)%	1,136		1,131		0.4	%
Phoenix, AZ	2,301	8,514		8,140		4.6	%	2,444		2,302		6.2	%	6,070		5,838		4.0	%	1,137		1,075		5.8	%
Savannah, GA	2,219	7,759		7,526		3.1	%	2,987		2,733		9.3	%	4,772		4,793		(0.4	)%	1,064		1,025		3.8	%
Richmond, VA	1,668	6,017		5,773		4.2	%	1,945		1,833		6.1	%	4,072		3,940		3.4	%	1,092		1,042		4.8	%
Memphis, TN	1,811	5,620		5,380		4.5	%	2,374		2,261		5.0	%	3,246		3,119		4.1	%	968		926		4.5	%
Greenville, SC	1,748	4,893		4,716		3.8	%	1,886		1,719		9.7	%	3,007		2,997		0.3	%	839		810		3.6	%
San Antonio, TX	1,504	5,214		5,169		0.9	%	2,218		2,112		5.0	%	2,996		3,057		(2.0	)%	1,071		1,065		0.6	%
Birmingham, AL	1,462	4,840		4,703		2.9	%	1,992		1,965		1.4	%	2,848		2,738		4.0	%	986		960		2.7	%
Huntsville, AL	1,228	3,640		3,409		6.8	%	1,281		1,162		10.2	%	2,359		2,247		5.0	%	873		813		7.4	%
Little Rock, AR	1,368	3,815		3,842		(0.7	)%	1,522		1,428		6.6	%	2,293		2,414		(5.0	)%	872		875		(0.3	)%
Jackson, MS	1,241	3,584		3,570		0.4	%	1,304		1,291		1.0	%	2,280		2,279		0.0	%	871		868		0.3	%
Other	7,320	25,359		24,512		3.5	%	9,169		8,834		3.8	%	16,190		15,678		3.3	%	1,064		1,032		3.1	%
Total Same Store	93,483	$	363,410	$	355,077	2.3	%	$	131,494	$	127,710	3.0	%	$	231,916	$	227,367	2.0	%	$	1,204	$	1,177	2.3	%

Supplemental Data S-5

MULTIFAMILY SAME STORE SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data

		Revenues						Expenses						NOI						Average Effective Rent per Unit
	Units	Q4 2018		Q3 2018		% Chg		Q4 2018		Q3 2018		% Chg		Q4 2018		Q3 2018		% Chg		Q4 2018		Q3 2018		% Chg
Atlanta, GA	10,664	$	47,026	$	47,163	(0.3	)%	$	16,213	$	17,182	(5.6	)%	$	30,813	$	29,981	2.8	%	$	1,380	$	1,377	0.2	%
Dallas, TX	9,404	37,548		37,985		(1.2	)%	16,494		17,097		(3.5	)%	21,054		20,888		0.8	%	1,267		1,272		(0.4	)%
Charlotte, NC	6,149	23,459		23,344		0.5	%	6,938		7,359		(5.7	)%	16,521		15,985		3.4	%	1,187		1,190		(0.3	)%
Washington, DC	4,080	22,655		22,452		0.9	%	6,709		7,171		(6.4	)%	15,946		15,281		4.4	%	1,744		1,743		0.1	%
Tampa, FL	5,220	23,632		23,431		0.9	%	7,917		8,614		(8.1	)%	15,715		14,817		6.1	%	1,416		1,407		0.6	%
Austin, TX	6,475	24,526		24,527		0.0	%	10,694		11,436		(6.5	)%	13,832		13,091		5.7	%	1,160		1,160		0.0	%
Orlando, FL	4,498	20,431		20,445		(0.1	)%	7,046		7,594		(7.2	)%	13,385		12,851		4.2	%	1,426		1,426		0.0	%
Raleigh/Durham, NC	4,397	15,513		15,414		0.6	%	5,054		5,356		(5.6	)%	10,459		10,058		4.0	%	1,061		1,065		(0.4	)%
Nashville, TN	3,776	14,508		14,444		0.4	%	4,844		4,947		(2.1	)%	9,664		9,497		1.8	%	1,184		1,187		(0.3	)%
Fort Worth, TX	4,249	15,951		15,891		0.4	%	6,087		6,911		(11.9	)%	9,864		8,980		9.8	%	1,132		1,127		0.4	%
Houston, TX	4,479	16,516		16,425		0.6	%	7,072		7,296		(3.1	)%	9,444		9,129		3.5	%	1,147		1,146		0.1	%
Jacksonville, FL	3,496	12,250		12,215		0.3	%	3,612		4,180		(13.6	)%	8,638		8,035		7.5	%	1,102		1,096		0.5	%
Charleston, SC	2,726	10,140		10,188		(0.5	)%	3,692		3,679		0.4	%	6,448		6,509		(0.9	)%	1,136		1,140		(0.4	)%
Phoenix, AZ	2,301	8,514		8,478		0.4	%	2,444		2,620		(6.7	)%	6,070		5,858		3.6	%	1,137		1,126		1.0	%
Savannah, GA	2,219	7,759		7,777		(0.2	)%	2,987		2,872		4.0	%	4,772		4,905		(2.7	)%	1,064		1,063		0.1	%
Richmond, VA	1,668	6,017		6,104		(1.4	)%	1,945		1,980		(1.8	)%	4,072		4,124		(1.3	)%	1,092		1,087		0.5	%
Memphis, TN	1,811	5,620		5,567		1.0	%	2,374		2,402		(1.2	)%	3,246		3,165		2.6	%	968		969		(0.1	)%
Greenville, SC	1,748	4,893		4,847		0.9	%	1,886		1,847		2.1	%	3,007		3,000		0.2	%	839		836		0.4	%
San Antonio, TX	1,504	5,214		5,218		(0.1	)%	2,218		2,465		(10.0	)%	2,996		2,753		8.8	%	1,071		1,070		0.1	%
Birmingham, AL	1,462	4,840		4,824		0.3	%	1,992		1,952		2.0	%	2,848		2,872		(0.8	)%	986		986		0.0	%
Huntsville, AL	1,228	3,640		3,639		0.0	%	1,281		1,336		(4.1	)%	2,359		2,303		2.4	%	873		864		1.0	%
Little Rock, AR	1,368	3,815		3,871		(1.4	)%	1,522		1,557		(2.2	)%	2,293		2,314		(0.9	)%	872		881		(1.0	)%
Jackson, MS	1,241	3,584		3,572		0.3	%	1,304		1,363		(4.3	)%	2,280		2,209		3.2	%	871		870		0.1	%
Other	7,320	25,359		25,230		0.5	%	9,169		9,545		(3.9	)%	16,190		15,685		3.2	%	1,064		1,060		0.4	%
Total Same Store	93,483	$	363,410	$	363,051	0.1	%	$	131,494	$	138,761	(5.2	)%	$	231,916	$	224,290	3.4	%	$	1,204	$	1,204	0.0	%

Supplemental Data S-6

MULTIFAMILY SAME STORE FULL YEAR COMPARISONS AS OF DECEMBER 31, 2018 AND 2017

Dollars in thousands, except unit and per unit data

		Revenues						Expenses						NOI						Average Effective Rent per Unit
	Units	2018		2017		% Chg		2018		2017		% Chg		2018		2017		% Chg		2018		2017		% Chg
Atlanta, GA	10,664	$	187,204	$	185,733	0.8	%	$	65,727	$	65,511	0.3	%	$	121,477	$	120,222	1.0	%	$	1,369	$	1,350	1.4	%
Dallas, TX	9,404	150,896		150,344		0.4	%	66,323		64,302		3.1	%	84,573		86,042		(1.7	)%	1,268		1,267		0.1	%
Charlotte, NC	6,149	93,088		91,594		1.6	%	28,034		27,898		0.5	%	65,054		63,696		2.1	%	1,178		1,158		1.7	%
Washington, DC	4,080	89,460		87,557		2.2	%	27,642		27,944		(1.1	)%	61,818		59,613		3.7	%	1,731		1,701		1.8	%
Tampa, FL	5,220	92,836		90,114		3.0	%	32,595		32,031		1.8	%	60,241		58,083		3.7	%	1,393		1,356		2.7	%
Austin, TX	6,475	97,435		96,886		0.6	%	43,894		43,583		0.7	%	53,541		53,303		0.4	%	1,152		1,148		0.3	%
Orlando, FL	4,498	80,873		77,331		4.6	%	28,754		27,756		3.6	%	52,119		49,575		5.1	%	1,409		1,352		4.2	%
Raleigh/Durham, NC	4,397	61,214		59,749		2.5	%	20,480		19,798		3.4	%	40,734		39,951		2.0	%	1,053		1,028		2.4	%
Nashville, TN	3,776	57,732		57,248		0.8	%	19,222		18,530		3.7	%	38,510		38,718		(0.5	)%	1,179		1,164		1.3	%
Fort Worth, TX	4,249	63,329		61,902		2.3	%	26,171		25,400		3.0	%	37,158		36,502		1.8	%	1,122		1,094		2.6	%
Houston, TX	4,479	65,056		64,146		1.4	%	29,085		28,649		1.5	%	35,971		35,497		1.3	%	1,132		1,120		1.1	%
Jacksonville, FL	3,496	48,439		46,545		4.1	%	16,065		16,172		(0.7	)%	32,374		30,373		6.6	%	1,082		1,036		4.4	%
Charleston, SC	2,726	40,600		40,435		0.4	%	14,574		14,167		2.9	%	26,026		26,268		(0.9	)%	1,132		1,128		0.4	%
Phoenix, AZ	2,301	33,416		31,985		4.5	%	9,953		9,792		1.6	%	23,463		22,193		5.7	%	1,114		1,058		5.3	%
Savannah, GA	2,219	30,666		29,888		2.6	%	11,414		11,011		3.7	%	19,252		18,877		2.0	%	1,048		1,019		2.8	%
Richmond, VA	1,668	23,807		22,586		5.4	%	7,807		7,397		5.5	%	16,000		15,189		5.3	%	1,073		1,022		5.0	%
Memphis, TN	1,811	22,164		21,460		3.3	%	9,434		9,197		2.6	%	12,730		12,263		3.8	%	951		916		3.8	%
Greenville, SC	1,748	19,290		18,847		2.4	%	7,407		7,131		3.9	%	11,883		11,716		1.4	%	826		805		2.6	%
San Antonio, TX	1,504	20,762		20,773		(0.1	)%	9,434		9,121		3.4	%	11,328		11,652		(2.8	)%	1,065		1,066		(0.1	)%
Birmingham, AL	1,462	19,159		18,821		1.8	%	7,931		7,907		0.3	%	11,228		10,914		2.9	%	973		961		1.2	%
Huntsville, AL	1,228	14,345		13,540		5.9	%	5,243		5,154		1.7	%	9,102		8,386		8.5	%	847		801		5.7	%
Little Rock, AR	1,368	15,435		15,431		0.0	%	6,174		5,905		4.6	%	9,261		9,526		(2.8	)%	875		879		(0.5	)%
Jackson, MS	1,241	14,316		14,406		(0.6	)%	5,438		5,302		2.6	%	8,878		9,104		(2.5	)%	866		869		(0.3	)%
Other	7,320	100,289		97,518		2.8	%	37,254		36,005		3.5	%	63,035		61,513		2.5	%	1,050		1,026		2.3	%
Total Same Store	93,483	$	1,441,811	$	1,414,839	1.9	%	$	536,055	$	525,663	2.0	%	$	905,756	$	889,176	1.9	%	$	1,193	$	1,171	1.9	%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE
Dollars in thousands
		Units as of December 31, 2018					Projected			Development Costs
							Initial
						Start	Occupancy	Completion	Stabilization	Total		Thru
	Location		Total	Delivered	Leased	Date	Date	Date	Date(1)	Cost		Q4 2018		After
Post Parkside at Wade III	Raleigh, NC		150	—	—	2Q18	3Q19	4Q19	1Q20	$	25,000	$	7,235	$	17,765
Post Sierra at Frisco Bridges II	Dallas, TX		348	—	—	2Q18	2Q20	3Q20	3Q21	69,000		12,013		56,987
Sync 36 II	Denver, CO		79	—	—	3Q18	4Q19	4Q19	1Q20	24,500		11,685		12,815
Total Active			577	—	—					$	118,500	$	30,933	$	87,567

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

MULTIFAMILY REDEVELOPMENT PIPELINE
Dollars in thousands, except per unit data
Year ended December 31, 2018
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
8,155	$50,057	$6,138	$118	10.5%	17,500 - 20,500

MULTIFAMILY LEASE-UP COMMUNITIES
		As of December 31, 2018
		Total	Percent	Construction	Expected
	Location	Units	Occupied	Finished	Stabilization(1)
Sync 36 I	Denver, CO	374	81.6%	(2)	2Q19
Post River North	Denver, CO	359	86.9%	1Q18	2Q19
1201 Midtown II	Charleston, SC	140	28.6%	4Q18	3Q19
Post Centennial Park	Atlanta, GA	438	36.8%	3Q18	4Q19
Total		1,311	62.4%

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

⁽²⁾ Property was acquired while still in lease-up; construction was complete prior to acquisition by MAA.

2018 ACQUISITION ACTIVITY

Dollars in thousands

Multifamily Acquisition	Market	Apartment Units	Year Built	Closing Date	YTD NOI
Sync 36	Denver, CO	374	2018	April 26, 2018	$	2,825

Commercial Acquisition	Market	Square Feet	Year Built	Closing Date	YTD NOI
Hue Retail	Raleigh, NC	7,500	2009	August 1, 2018	$	103

Land Acquisitions	Market	Acres	Closing Date
Westminster - Outparcel	Denver, CO	10	October 1, 2018
Long Point Road - Outparcel	Houston, TX	9	November 1, 2018

2018 DISPOSITION ACTIVITY

Land Dispositions	Market	Acres	Closing Date
Craft Farms Residential - Outparcel	Gulf Shores, AL	3	January 24, 2018
Randal Park - Outparcel	Orlando, FL	34	February 27, 2018
Colonial Grand at Azure - Outparcel	Las Vegas, NV	29	April 19, 2018
Spring Hill - Outparcels	Atlanta, GA	10	July 2, 2018 and December 21, 2018

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 December 31, 2018
Joint Venture Property	Gross Investment in Real Estate			Mortgage Notes Payable			Company's Equity Investment
Post Massachusetts Avenue	$	78,870	(1)	$	51,658	(2)	$	44,181

	Three months ended December 31, 2018				Year ended December 31, 2018
Joint Venture Property	Entity NOI		Company's Equity in Income		Entity NOI		Company's Equity in Income
Post Massachusetts Avenue	$	1,792	$	576	$	7,120	$	1,832

⁽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 DECEMBER 31, 2018

Dollars in thousands

DEBT SUMMARIES
					Effective		Contract			Average Years
			Percent of		Interest		Interest			to Rate
	Balance		Total		Rate		Rate			Maturity
Floating Versus Fixed Rate or Hedged Debt
Fixed rate or swapped debt	$	3,389,249	74.8	%	3.9	%	3.9		%	6.8
Floating (unhedged) debt	1,139,079		25.2	%	3.4	%	3.4		%	0.1
Total	$	4,528,328	100.0	%	3.8	%	3.8		%	5.1
					Effective		Contract			Average Years
			Percent of		Interest		Interest			to Contract
	Balance		Total		Rate		Rate			Maturity
Secured Versus Unsecured Debt
Unsecured debt	$	4,053,302	89.5	%	3.7	%	3.7		%	4.8
Secured debt	475,026		10.5	%	4.6	%	4.8		%	12.2
Total	$	4,528,328	100.0	%	3.8	%	3.8		%	5.6
	Total		Percent of				Q4 2018			Percent of
	Cost		Total				NOI			Total
Unencumbered Versus Encumbered Assets
Unencumbered gross assets	$	12,732,515	91.8	%			$	232,858		92.6	%
Encumbered gross assets	1,140,553		8.2	%			18,576			7.4	%
Total	$	13,873,068	100.0	%			$	251,434		100.0	%

FIXED OR HEDGED INTEREST RATE MATURITIES
									Average
	Fixed		Interest		Total				Years to
	Rate		Rate		Fixed or		Contract		Rate
Maturity	Debt		Swaps		Hedged		Rate		Maturity
2019	$	33,508	$	—	$	33,508	4.4	%
2020	159,097		299,353		458,450		3.2	%
2021	195,459		—		195,459		5.2	%
2022	365,244		—		365,244		3.6	%
2023	359,043		—		359,043		4.3	%
Thereafter	1,977,545		—		1,977,545		3.9	%
Total	$	3,089,896	$	299,353	$	3,389,249	3.9	%	6.8

Supplemental Data S-10

DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2018 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES
	Unsecured Revolving Credit Facility		Public Bonds		Other Unsecured		Secured		Total
2019	$	—	$	—	$	319,508	$	13,524	$	333,032
2020	540,000		—		149,883		159,097		848,980
2021	—		—		222,294		122,837		345,131
2022	—		248,522		416,075		—		664,597
2023	—		346,826		12,217		—		359,043
Thereafter	—		1,778,037		19,940		179,568		1,977,545
Total	$	540,000	$	2,373,385	$	1,139,917	$	475,026	$	4,528,328

DEBT COVENANT ANALYSIS(1)
Bond Covenants	Required	Actual	Compliance
Total debt to total assets	60% or less	32.6%	Yes
Total secured debt to total assets	40% or less	3.4%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	5.07x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	314%	Yes
Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	28.9%	Yes
Total secured debt to total capitalized asset value	40% or Less	3.1%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	4.50x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	28.1%	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	$2.11 to $2.35
Midpoint	$2.23
FFO per Share - diluted	$6.03 to $6.27
Midpoint	$6.15
AFFO per Share - diluted	$5.39 to $5.63
Midpoint	$5.51
MAA Same Store Communities:
Number of units	95,920
Lease over lease pricing growth for new leases and renewals	2.20% to 3.20%
Average physical occupancy	95.70% to 96.10%
Property revenue growth	1.80% to 2.80%
Property operating expense growth	2.60% to 3.60%
NOI growth	1.30% to 2.30%
Real estate tax expense growth	3.75% to 4.75%
Corporate Expenses:
General and administrative expenses	$42.5 to $43.5 million
Property management expenses	$54.0 to $55.0 million
Total overhead	$96.5 to $98.5 million
Income tax expense	$2.5 to $3.0 million
Transaction/Investment Volume:
Multifamily acquisition volume	$125.0 to $175.0 million
Multifamily disposition volume	$75.0 to $125.0 million
Development investment	$100.0 to $150.0 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	$	2.11		$	2.35
Real estate depreciation	4.09			4.09
Amortization other	0.04			0.04
Gains on sale of depreciable assets	(0.21		)	(0.21		)
FFO per Share - diluted	6.03			6.27
Recurring capital expenditures	(0.64		)	(0.64		)
AFFO per Share - diluted	$	5.39		$	5.63

Supplemental Data S-12

CREDIT RATINGS
	Rating	Outlook
Fitch Ratings (1)	BBB+	Stable
Moody's Investors Service (2)	Baa1	Stable
Standard & Poor's Ratings Services (1)	BBB+	Stable

⁽¹⁾  Corporate credit rating assigned to MAA and MAALP

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

COMMON STOCK
Stock Symbol:	MAA
Exchange Traded:	NYSE
Estimated Future Dates:	Q1 2019		Q2 2019		Q3 2019		Q4 2019
Earnings release & conference call	Early May		Late July		Late October		Late January
Dividend Information - Common Shares:	Q4 2017		Q1 2018		Q2 2018		Q3 2018		Q4 2018
Declaration date	12/5/2017		3/13/2018		5/22/2018		9/25/2018		12/4/2018
Record date	1/12/2018		4/13/2018		7/13/2018		10/15/2018		1/15/2019
Payment date	1/31/2018		4/30/2018		7/31/2018		10/31/2018		1/31/2019
Distributions per share	$	0.9225	$	0.9225	$	0.9225	$	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, Finance
	Jennifer Patrick	Investor Relations
	Phone: 866-576-9689 (toll free)
	Email: investor.relations@maac.com

Supplemental Data S-13