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): July 25, 2022

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 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.01 per share (Mid-America Apartment Communities, Inc.)	MAA	New York Stock Exchange
8.50% Series I Cumulative Redeemable Preferred Stock, $.01 par value per share (Mid-America Apartment Communities, Inc.)	MAA*I	New York Stock Exchange

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 1.01. Entry into a Material Definitive Agreement.

On July 25, 2022, Mid-America Apartments, L.P. (“MAALP”), the operating partnership of Mid-America Apartment Communities, Inc. (“MAA”), entered into a Fourth Amended and Restated Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as Administrative Agent, Wells Fargo Securities, LLC, KeyBanc Capital Markets Inc., and JPMorgan Chase Bank, N.A., as Joint Lead Arrangers and Joint Bookrunners, KeyBank National Association and JPMorgan Chase Bank, N.A., as Co-Syndication Agents, Truist Bank, U.S. Bank National Association, PNC Bank, National Association, Citibank, N.A., TD Bank, N.A., and Mizuho Bank, LTD., as Co-Documentation Agents, and the lenders party thereto. The Credit Agreement provides an unsecured revolving credit facility in the principal amount of up to $1.25 billion, with a $75 million sub-limit for letters of credit and a $125 million sub-limit for swing line borrowings. MAALP intends to use proceeds for general corporate purposes, including repayment of debt and backstopping any notes that MAALP may issue under its unsecured commercial paper program.

The Credit Agreement is scheduled to mature on October 15, 2026, and provides for up to two six-month extensions at MAALP’s option, subject to the satisfaction of certain conditions, including the payment of an extension fee of 0.0625% of the total commitment amount under the Credit Agreement as of the date of such extension. The amounts due under the Credit Agreement may be prepaid, in whole or in part, subject to payment of applicable breakage fees. Amounts borrowed under the Credit Agreement may be borrowed, repaid, and reborrowed until the maturity date. Amounts borrowed under the Credit Agreement will bear interest at a variable rate, at MAALP’s election, of either (1) an adjusted Secured Overnight Financing Rate (SOFR) plus an applicable margin ranging from 0.70% to 1.40% based upon MAALP’s investment grade rating or (2) the base rate set forth in the Credit Agreement plus an applicable margin ranging from 0.00% to 0.40% based upon MAALP’s investment grade rating The Credit Agreement also contains an accordion feature, which allows MAALP to increase the total amount of unsecured indebtedness under the Credit Agreement to $2.0 billion.

The Credit Agreement contains various operating covenants customary for financings of this nature and also contains customary financial covenants relating to unencumbered leverage ratio, total leverage ratio, total secured leverage ratio and adjusted consolidated EBITDA to consolidated fixed charges ratio. The Credit Agreement also contains customary events of default, including, among others, nonpayment of principal or interest, material inaccuracy of representations and failure to comply with covenants. The occurrence of an event of default under the Credit Agreement could result in the acceleration of MAALP’s obligation to repay the indebtedness outstanding under the Credit Agreement.

Some of the lending banks and their affiliates from time to time have provided in the past and may provide in the future investment banking, commercial lending and financial advisory services to MAA and MAALP in the ordinary course of business.

ITEM 2.02. Results of Operations and Financial Condition.

On July 27, 2022, MAA issued a press release announcing its consolidated results of operations and financial condition as of June 30, 2022 and for the three and six 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 under this Item 2.02 (including Exhibits 99.1 and 99.2) is being “furnished” 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 MAA or MAALP under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”).

ITEM 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The disclosure set forth above with respect to the Credit Agreement under Item 1.01 of this Current Report is hereby incorporated into this Item 2.03 by reference.

ITEM 7.01. Regulation FD Disclosure.

On July 27, 2022, MAA issued a press release announcing its consolidated results of operations and financial condition as of June 30, 2022 and for the three and six months then ended. In that press release, MAA also provided certain information with respect to lease pricing for the month of July 2022 (through July 25, 2022), as well as MAA’s acquisition activity in July 2022. A copy of the press release is furnished as Exhibit 99.1 to this Current Report.

The information in this Current Report under this Item 7.01 (including Exhibit 99.1) is being “furnished” and shall not be deemed to be “filed” for any purpose, including for the purposes of Section 18 of 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 MAA or MAALP under the Exchange Act or the Securities Act.

ITEM 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number	Description
99.1	Press Release dated July 27, 2022
99.2	Supplemental Data Schedules dated July 27, 2022
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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:	July 27, 2022	/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., its general partner
Date:	July 27, 2022	/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
Earnings Release	3
Financial Highlights	8
Consolidated Statements of Operations/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 Portfolio Property Operating Expenses	S-3
Multifamily Same Store Portfolio NOI Contribution Percentage	S-4
Multifamily Same Store Portfolio Comparisons	S-5
Multifamily Development Pipeline/Multifamily Lease-up Communities/Multifamily Interior Redevelopment Pipeline	S-8
2022 Acquisition Activity (Through June 30, 2022)/2022 Disposition Activity (Through June 30, 2022)	S-9
Debt and Debt Covenants as of June 30, 2022	S-9
2022 Guidance/Reconciliation of Net Income per Diluted Common Share to Core FFO and Core AFFO per Share for 2022 Guidance	S-11
Credit Ratings/Common Stock/Investor Relations Data	S-12

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EARNINGS RELEASE

MAA REPORTS SECOND QUARTER 2022 RESULTS

GERMANTOWN, TN, July 27, 2022/PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the quarter ended June 30, 2022.

Second Quarter 2022 Operating Results	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Earnings per common share - diluted	$	1.82	$	1.88	$	2.76	$	2.28
Funds from operations (FFO) per Share - diluted	$	1.82	$	1.84	$	3.89	$	3.34
Core FFO per Share - diluted	$	2.02	$	1.69	$	4.00	$	3.33

A reconciliation of FFO and Core FFO to Net income available for MAA common shareholders, and an expanded discussion of the components of FFO and Core FFO, can be found later in this release. FFO per Share – diluted and Core FFO per Share – diluted include diluted common shares and units.

Eric Bolton, Chairman and Chief Executive Officer, said, “Leasing conditions across our Sunbelt markets remain robust as strong job growth, positive migration trends and the higher cost of single-family homeownership fuels a growing demand for apartment housing. Results for the second quarter were ahead of expectations, and we have again increased our outlook for growth in Core FFO performance for the year.”

Highlights

• During the second quarter of 2022, MAA's Same Store Portfolio produced increases in property revenues, operating expenses and Net Operating Income (NOI) of 13.7%, 8.1% and 17.1%, respectively, as compared to the same period in the prior year.

• As of the end of the second quarter of 2022, MAA had five communities under development, representing 1,759 units once complete, with a projected total cost of $444.0 million and an estimated $213.6 million remaining to be funded.

• As of the end of the second quarter of 2022, MAA had four recently completed development communities in initial lease-up. Two communities are expected to stabilize in the third quarter of 2022 and two in the first quarter of 2023.

• MAA completed redevelopment of 1,844 apartment homes during the second quarter of 2022, capturing average rental rate increases of approximately 11% above non-renovated units.

• MAA closed on the disposition of two multifamily communities in the Fort Worth, Texas market for combined gross proceeds of approximately $167 million during the second quarter of 2022.

• During the second quarter of 2022, MAA closed on the acquisition of a four acre land parcel located in the Orlando, Florida market for future development expected to begin in late 2023.

• Subsequent to the end of the second quarter of 2022, MAA acquired a 196-unit multifamily community located in the Tampa, Florida market and a six acre land parcel in the Denver, Colorado market for future development expected to begin in late 2023.

• During the second quarter of 2022, Fitch Ratings upgraded MAA’s long-term debt rating to A- with a Stable outlook.

• Subsequent to the end of the second quarter of 2022, MAALP amended its unsecured revolving credit facility increasing borrowing capacity to $1.25 billion with an option to expand to $2.0 billion. MAALP refers to Mid-America Apartments, L.P., which is MAA’s operating partnership.

Same Store Portfolio Operating Results

To ensure comparable reporting with prior periods, the Same Store Portfolio includes properties that were owned by MAA and stabilized at the beginning of the previous year.

Same Store Portfolio results for the three and six months ended June 30, 2022 as compared to the same periods in the prior year are summarized below:

	Three months ended June 30, 2022 vs. 2021				Six months ended June 30, 2022 vs. 2021
	Revenues	Expenses	NOI	Average Effective Rent per Unit	Revenues	Expenses	NOI	Average Effective Rent per Unit
Same Store Operating Growth	13.7%	8.1%	17.1%	14.3%	12.9%	6.2%	17.0%	13.3%

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.

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Same Store Portfolio operating statistics for the three and six months ended June 30, 2022 are summarized below:

	Three months ended June 30, 2022			Six months ended June 30, 2022			June 30, 2022
	Average Effective Rent per Unit		Average Physical Occupancy	Average Effective Rent per Unit		Average Physical Occupancy	Resident Turnover
Same Store Operating Statistics	$	1,529	95.7%	$	1,499	95.8%	44.9%

Same Store Portfolio lease pricing for leases effective during the second quarter of 2022, as compared to the prior lease, increased 18.0% for leases to new move-in residents and increased 16.5% for renewing leases, which produced an increase of 17.2% for both new and renewing leases on a blended basis. The rent-to-resident-income relationship for new leases signed during the second quarter of 2022 remained consistent with recent trends in the range of 22%.

Same Store Portfolio lease pricing for leases effective during the six months ended June 30, 2022, as compared to the prior lease, increased 17.3% for leases to new move-in residents and increased 16.9% for renewing leases, which produced an increase of 17.1% for both new and renewing leases on a blended basis.

Additionally, through July 25, 2022, Same Store Portfolio lease pricing for leases effective during July 2022, as compared to the prior lease, increased 17.9% for leases to new move-in residents and increased 15.4% for renewing leases, which produced an increase of 16.6% for both new and renewing leases on a blended basis.

Development and Lease-up Activity

A summary of MAA’s development communities under construction as of the end of the second quarter of 2022 is set forth below (dollars in thousands):

		Units as of						Development Costs as of						Expected Project
Total		June 30, 2022						June 30, 2022						Completions By Year
Development								Expected		Spend		Expected
Projects		Total		Delivered		Leased		Total		to Date		Remaining		2022		2023		2024
	5		1,759		148		144	$	444,000	$	230,428	$	213,572		1		3		1

The expected average stabilized NOI yield on these communities is 5.7%. During the second quarter of 2022, MAA funded $53.9 million of costs for current and completed projects, including predevelopment activities related to land parcels located in the Denver, Colorado market, the Tampa, Florida market and the Orlando, Florida market.

A summary of the total units, cost and the average physical occupancy of MAA’s lease-up communities as of the end of the second quarter of 2022 is set forth below (dollars in thousands):

Total		As of June 30, 2022							Expected Project Stabilizations By Year
Lease-Up		Total		Physical			Spend
Projects		Units		Occupancy			to Date		2022		2023
	4		1,247		81.5	%	$	297,078		2		2

Property Redevelopment and Repositioning Activity

A summary of MAA’s interior redevelopment program and Smart Home technology initiative as of the end of the second quarter of 2022 is set forth below:

	As of June 30, 2022
					Average		Increase in			Remaining Units
	Units Completed		Units Completed		Cost		Average Effective			Expected to be Completed
	QTD		YTD		per Unit		Rent per Unit			Through December 31, 2022
Redevelopment		1,844		2,942	$	5,364	$	142		3,100 - 4,100
Smart Home		9,438		20,456	$	1,491	$	25	(1)	2,550 - 3,550

(1) Projected increase upon lease renewal, opt in or unit turnover.

As of June 30, 2022, MAA had completed installation of the Smart Home technology (unit entry locks, mobile control of lights and thermostat and leak monitoring) in over 67,000 units across its apartment community portfolio since the initiative began during the first quarter of 2019.

During the second quarter of 2022, MAA continued its property repositioning program to upgrade and reposition the amenity and common areas at select apartment communities. The program includes targeted plans to move all units at the properties to higher rents that are expected to deliver yields on cost averaging 8%. During the six months ended June 30, 2022, work continued on properties selected for this program in 2021. For the six months ended June 30, 2022, MAA spent $8.0 million on this program.

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Acquisition and Disposition Activity

In June 2022, MAA closed on the disposition of two multifamily communities in the Fort Worth, Texas market totaling 730 units. MAA received combined gross proceeds of approximately $167 million and recognized a combined gain on the sale of depreciable real estate assets of approximately $132 million.

During the second quarter of 2022, MAA closed on the acquisition of a four acre land parcel located in the Orlando, Florida market for approximately $12 million. MAA expects to begin multifamily development projects on four to six land parcels currently owned or under contract over the next 18 to 24 months.

In July 2022, MAA acquired a 196-unit multifamily community located in the Tampa, Florida market for approximately $73 million. At the time of acquisition, the community's physical occupancy was 89.8%. During July 2022, MAA also acquired a six acre land parcel in the Denver, Colorado market for future development.

Capital Expenditures

A summary of MAA’s capital expenditures and Funds Available for Distribution (FAD) for the three and six months ended June 30, 2022 and 2021 is set forth below (dollars in millions, except per Share data):

	Three months ended June 30,						Six months ended June 30,
	2022			2021			2022			2021
Core FFO	$	239.9		$	199.7		$	474.0		$	394.2
Recurring capital expenditures		(31.0	)		(22.8	)		(45.6	)		(35.4	)
Core adjusted FFO (Core AFFO)		208.9			176.9			428.4			358.8
Redevelopment, revenue enhancing, commercial and other capital expenditures		(63.7	)		(44.7	)		(87.2	)		(79.2	)
FAD	$	145.2		$	132.2		$	341.2		$	279.6
Core FFO per Share - diluted	$	2.02		$	1.69		$	4.00		$	3.33
Core AFFO per Share - diluted	$	1.76		$	1.49		$	3.61		$	3.03

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

Balance Sheet and Financing Activities

As of June 30, 2022, MAA had $1.1 billion of combined cash and available capacity under MAALP’s unsecured revolving credit facility.

In July 2022, MAALP amended its unsecured revolving credit facility, increasing borrowing capacity to $1.25 billion with an option to expand to $2.0 billion. The amended facility has a maturity date of October 2026 with two six-month extension options, and bears interest at an adjusted Secured Overnight Financing Rate plus a spread based on an investment ratings grid, currently at 0.775%.

Dividends and distributions paid on shares of common stock and noncontrolling interests during the second quarter of 2022 were $129.0 million, as compared to $121.5 million for the same period in the prior year.

Balance sheet highlights as of June 30, 2022 are summarized below (dollars in billions):

Total debt to adjusted total assets (1)	Net Debt/Adjusted EBITDAre (2)	Total debt outstanding		Average effective interest rate	Fixed rate debt as a % of total debt	Total debt average years to maturity
29.4%	3.97x	$	4.5	3.4%	100.0%	8.2

(1) As defined in the covenants for the bonds issued by MAALP.

(2) Adjusted EBITDAre is calculated for the trailing twelve month period ended June 30, 2022.

A reconciliation of Net Debt to Unsecured notes payable and Secured notes payable and a reconciliation of Adjusted EBITDAre to Net income, along with an expanded discussion of the components of Net Debt and Adjusted EBITDAre can be found later in this release.

114th Consecutive Quarterly Common Dividend Declared

MAA declared its 114th consecutive quarterly common dividend, which will be paid on July 29, 2022 to holders of record on July 15, 2022. The current annual dividend rate is $5.00 per common share, an increase of 15% from the immediately prior rate. The timing and amount of future dividends will depend on actual cash flows from operations, MAA’s financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986 and other factors as MAA’s Board of Directors deems relevant. MAA’s Board of Directors may modify the dividend policy from time to time.

2022 Earnings and Same Store Portfolio Guidance

MAA is updating its prior 2022 guidance for Net income per diluted common share, Core FFO per Share and Core AFFO per Share, along with its expectations for growth of Property revenue, Property operating expense and NOI for the Same Store Portfolio in 2022. MAA expects to update its 2022 Net income per diluted common share, Core FFO per Share and Core AFFO per Share guidance on a quarterly basis.

FFO, Core FFO and Core AFFO are non-GAAP financial 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 discussed in the definitions of non-GAAP financial measures found later in this release, MAA’s definition of FFO is in accordance with the National Association of Real Estate Investment Trusts’, or NAREIT’s, definition, and Core FFO represents FFO

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further adjusted for items that are not considered part of MAA’s core business operations. MAA believes that Core FFO is helpful in understanding operating performance in that Core FFO excludes not only depreciation expense of real estate assets and certain other non-routine items, but it also excludes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.

2022 Guidance	Previous Range	Previous Midpoint	Revised Range	Revised Midpoint
Earnings:	Full Year 2022	Full Year 2022	Full Year 2022	Full Year 2022
Earnings per common share - diluted	$5.96 to $6.28	$6.12	$5.65 to $5.89	$5.77
Core FFO per Share - diluted	$7.92 to $8.24	$8.08	$8.13 to $8.37	$8.25
Core AFFO per Share - diluted	$7.14 to $7.46	$7.30	$7.34 to $7.58	$7.46
MAA Same Store Portfolio:
Property revenue growth	10.0% to 12.0%	11.0%	11.5% to 12.5%	12.0%
Property operating expense growth	5.5% to 6.5%	6.0%	6.5% to 7.5%	7.0%
NOI growth	12.5% to 14.5%	13.5%	14.0% to 16.0%	15.0%

MAA expects Core FFO for the third quarter of 2022to be in the range of$1.99 to $2.15 per Share, or $2.07 per Share at the midpoint. MAA does not forecast Net income per diluted common share on a quarterly basis as MAA generally cannot predict the timing of forecasted acquisition and disposition activity within a particular quarter (rather than during the course of the full year). Additional details and guidance items are provided in the Supplemental Data to this release.

Supplemental Material and Conference Call

Supplemental data to this release can be found on the “For Investors” page of the MAA website at www.maac.com. MAA will host a conference call to further discuss second quarter results on July 28, 2022, at 9:00 AM Central Time. The conference call-in number is 877-830-2598. You may also join the live webcast of the conference call by accessing the “For Investors” page of the MAA website at www.maac.com. MAA’s filings with the Securities and Exchange Commission (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 (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States. As of June 30, 2022, MAA had ownership interest in 101,229 apartment units, including communities currently in development, across 16 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 regarding expected operating performance and results, property stabilizations, property acquisition and disposition activity, joint venture activity, development and renovation activity and other capital expenditures, and capital raising and financing activity, as well as lease pricing, revenue and expense growth, occupancy, interest rate and other economic expectations. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “forecasts,” “projects,” “assumes,” “will,” “may,” “could,” “should,” “budget,” “target,” “outlook,” “proforma,” “opportunity,” “guidance” 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 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:

• the COVID-19 pandemic and measures taken or that may be taken by federal, state and local governmental authorities to combat the spread of the disease;

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

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

• unexpected capital needs;

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• material changes in operating costs, including real estate taxes, utilities and insurance costs, due to inflation and other factors;

• inability to obtain appropriate insurance coverage at reasonable rates, or at all, or losses from catastrophes in excess of our insurance coverage;

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

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

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

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

• 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;

• cyber liability or potential liability for breaches of our or our service providers’ information technology systems, or business operations disruptions;

• potential liability for environmental contamination;

• changes in the legal requirements we are subject to, or the imposition of new legal requirements, that adversely affect our operations;

• extreme weather, natural disasters, disease outbreaks and other public health events;

• impact of climate change on our properties or operations;

• legal proceedings or class action lawsuits;

• impact of reputational harm caused by negative press or social media postings of our actions or policies, whether or not warranted;

• compliance costs associated with numerous federal, state and local laws and regulations; and

• other risks identified in this release and in 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 June 30,						Six months ended June 30,
	2022			2021			2022			2021
Rental and other property revenues	$	495,040		$	436,927		$	971,118		$	861,932
Net income available for MAA common shareholders	$	209,780		$	215,556		$	319,660		$	261,827
Total NOI (1)	$	313,363		$	268,166		$	620,021		$	530,703
Earnings per common share: (2)
Basic	$	1.82		$	1.88		$	2.77		$	2.29
Diluted	$	1.82		$	1.88		$	2.76		$	2.28
Funds from operations per Share - diluted: (2)
FFO (1)	$	1.82		$	1.84		$	3.89		$	3.34
Core FFO (1)	$	2.02		$	1.69		$	4.00		$	3.33
Core AFFO (1)	$	1.76		$	1.49		$	3.61		$	3.03
Dividends declared per common share	$	1.2500		$	1.0250		$	2.3375		$	2.0500
Dividends/Core FFO (diluted) payout ratio		61.9	%		60.7	%		58.4	%		61.6	%
Dividends/Core AFFO (diluted) payout ratio		71.0	%		68.8	%		64.8	%		67.7	%
Consolidated interest expense	$	38,905		$	38,867		$	78,026		$	78,539
Mark-to-market debt adjustment		(35	)		(83	)		(71	)		(166	)
Debt discount and debt issuance cost amortization		(1,474	)		(1,248	)		(2,947	)		(2,508	)
Capitalized interest		2,057			2,783			3,893			5,333
Total interest incurred	$	39,453		$	40,319		$	78,901		$	81,198
Amortization of principal on notes payable	$	348		$	329		$	691		$	844

(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, Core FFO and Core AFFO to Net income available for MAA common shareholders.

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

Dollars in thousands, except share price
	June 30, 2022		December 31, 2021
Gross Assets (1)	$	15,370,095	$	15,133,343
Gross Real Estate Assets (1)	$	15,145,586	$	14,865,818
Total debt	$	4,518,314	$	4,516,690
Common shares and units outstanding		118,641,209		118,542,994
Share price	$	174.67	$	229.44
Book equity value	$	6,190,519	$	6,184,092
Market equity value	$	20,723,060	$	27,198,505
Net Debt/Adjusted EBITDAre(2)	3.97x		4.34x

(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) Adjusted EBITDAre is calculated for 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) Net Debt to Unsecured notes payable and Secured notes payable; and (ii) EBITDA, EBITDAre and Adjusted EBITDAre to Net income.

8

CONSOLIDATED STATEMENTS OF OPERATIONS

Dollars in thousands, except per share data (Unaudited)	Three months ended June 30,						Six months ended June 30,
	2022			2021			2022			2021
Revenues:
Rental and other property revenues	$	495,040		$	436,927		$	971,118		$	861,932
Expenses:
Operating expenses, excluding real estate taxes and insurance		110,007			101,751			211,124			197,712
Real estate taxes and insurance		71,670			67,010			139,973			133,517
Depreciation and amortization		134,144			131,824			267,882			263,327
Total property operating expenses		315,821			300,585			618,979			594,556
Property management expenses		15,630			13,752			32,167			26,691
General and administrative expenses		15,580			13,114			31,903			26,093
Interest expense		38,905			38,867			78,026			78,539
Gain on sale of depreciable real estate assets		(131,965	)		(134,828	)		(131,964	)		(134,828	)
Gain on sale of non-depreciable real estate assets		(355	)		(32	)		(378	)		(32	)
Other non-operating expense (income)		28,325			(20,126	)		17,530			(4,213	)
Income before income tax expense		213,099			225,595			324,855			275,126
Income tax benefit (expense)		3,052			(2,045	)		4,494			(3,044	)
Income from continuing operations before real estate joint venture activity		216,151			223,550			329,349			272,082
Income from real estate joint venture		409			325			788			657
Net income		216,560			223,875			330,137			272,739
Net income attributable to noncontrolling interests		5,858			7,397			8,633			9,068
Net income available for shareholders		210,702			216,478			321,504			263,671
Dividends to MAA Series I preferred shareholders		922			922			1,844			1,844
Net income available for MAA common shareholders	$	209,780		$	215,556		$	319,660		$	261,827
Earnings per common share - basic:
Net income available for common shareholders	$	1.82		$	1.88		$	2.77		$	2.29
Earnings per common share - diluted:
Net income available for common shareholders	$	1.82		$	1.88		$	2.76		$	2.28

SHARE AND UNIT DATA

Shares and units in thousands	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Net Income Shares (1)
Weighted average common shares - basic		115,353		114,494		115,306		114,379
Effect of dilutive securities		203		318		336		311
Weighted average common shares - diluted		115,556		114,812		115,642		114,690
Funds From Operations Shares And Units
Weighted average common shares and units - basic		118,555		118,411		118,509		118,365
Weighted average common shares and units - diluted		118,638		118,536		118,654		118,496
Period End Shares And Units
Common shares at June 30,		115,439		114,920		115,439		114,920
Operating Partnership units at June 30,		3,202		3,619		3,202		3,619
Total common shares and units at June 30,		118,641		118,539		118,641		118,539

(1) For additional information on the calculation of diluted common shares and earnings per common share, please refer to the Notes to Condensed Consolidated Financial Statements in MAA’s Quarterly Report on Form 10-Q for the three and six months ended June 30, 2022, expected to be filed with the SEC on or about July 28, 2022.

9

CONSOLIDATED BALANCE SHEETS

Dollars in thousands (Unaudited)
	June 30, 2022			December 31, 2021
Assets
Real estate assets:
Land	$	1,971,660		$	1,977,813
Buildings and improvements and other		12,613,378			12,454,439
Development and capital improvements in progress		267,691			247,970
		14,852,729			14,680,222
Less: Accumulated depreciation		(4,089,694	)		(3,848,161	)
		10,763,035			10,832,061
Undeveloped land		41,298			24,015
Investment in real estate joint venture		42,476			42,827
Real estate assets, net		10,846,809			10,898,903
Cash and cash equivalents		60,568			54,302
Restricted cash		161,134			76,296
Other assets		211,890			255,681
Total assets	$	11,280,401		$	11,285,182
Liabilities and equity
Liabilities:
Unsecured notes payable	$	4,153,650		$	4,151,375
Secured notes payable		364,664			365,315
Accrued expenses and other liabilities		571,568			584,400
Total liabilities		5,089,882			5,101,090
Redeemable common stock		22,403			30,185
Shareholders’ equity:
Preferred stock		9			9
Common stock		1,152			1,151
Additional paid-in capital		7,191,920			7,230,956
Accumulated distributions in excess of net income		(1,199,216	)		(1,255,807	)
Accumulated other comprehensive loss		(10,591	)		(11,132	)
Total MAA shareholders’ equity		5,983,274			5,965,177
Noncontrolling interests - Operating Partnership units		165,062			165,116
Total Company’s shareholders’ equity		6,148,336			6,130,293
Noncontrolling interests - consolidated real estate entities		19,780			23,614
Total equity		6,168,116			6,153,907
Total liabilities and equity	$	11,280,401		$	11,285,182

10

RECONCILIATION OF FFO, CORE FFO, CORE AFFO AND FAD TO NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS

Amounts in thousands, except per share and unit data	Three months ended June 30,						Six months ended June 30,
	2022			2021			2022			2021
Net income available for MAA common shareholders	$	209,780		$	215,556		$	319,660		$	261,827
Depreciation and amortization of real estate assets		132,333			130,031			264,343			259,783
Gain on sale of depreciable real estate assets		(131,965	)		(134,828	)		(131,964	)		(134,828	)
Depreciation and amortization of real estate assets of real estate joint venture		156			154			310			309
Net income attributable to noncontrolling interests		5,858			7,397			8,633			9,068
FFO attributable to the Company		216,162			218,310			460,982			396,159
Loss (gain) on embedded derivative in preferred shares (1)		21,835			(13,168	)		9,939			1,940
Gain on sale of non-depreciable real estate assets		(355	)		(32	)		(378	)		(32	)
Loss (gain) on investments, net of tax (1)(2)		16,489			(4,962	)		24,566			(6,246	)
Net casualty (gain) loss and other settlement proceeds (3)		(14,413	)		(595	)		(22,125	)		1,760
Loss on debt extinguishment (1)		—			—			—			37
Legal costs and settlements, net (1)		(2	)		—			535			(16	)
COVID-19 related costs (1)		105			109			442			419
Mark-to-market debt adjustment (4)		35			83			71			166
Core FFO		239,856			199,745			474,032			394,187
Recurring capital expenditures		(30,957	)		(22,847	)		(45,674	)		(35,432	)
Core AFFO		208,899			176,898			428,358			358,755
Redevelopment capital expenditures		(42,393	)		(26,148	)		(53,507	)		(48,880	)
Revenue enhancing capital expenditures		(14,172	)		(10,907	)		(22,928	)		(18,086	)
Commercial capital expenditures		(1,106	)		(372	)		(2,027	)		(1,426	)
Other capital expenditures (5)		(6,010	)		(7,307	)		(8,713	)		(10,748	)
FAD	$	145,218		$	132,164		$	341,183		$	279,615
Dividends and distributions paid	$	129,009		$	121,492		$	257,925		$	242,893
Weighted average common shares - diluted		115,556			114,812			115,642			114,690
FFO weighted average common shares and units - diluted		118,638			118,536			118,654			118,496
Earnings per common share - diluted:
Net income available for common shareholders	$	1.82		$	1.88		$	2.76		$	2.28
FFO per Share - diluted	$	1.82		$	1.84		$	3.89		$	3.34
Core FFO per Share - diluted	$	2.02		$	1.69		$	4.00		$	3.33
Core AFFO per Share - diluted	$	1.76		$	1.49		$	3.61		$	3.03

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

(2) For the three and six months ended June 30, 2022, loss (gain) on investments are presented net of tax benefit of $4.4 million and $6.5 million, respectively. For the three and six months ended June 30, 2021, loss (gain) on investments are presented net of tax expense of $1.3 million and $1.7 million, respectively.

(3) For the three and six months ended June 30, 2022, MAA recognized a gain of $12.8 million and $20.4 million, respectively, from the receipt of insurance proceeds that exceeded its casualty losses related to winter storm Uri. The gain was reflected in Other non-operating expense (income) in the Consolidated Statements of Operations. For the three and six months ended June 30, 2021, MAA incurred casualty losses of $20.4 million and $37.3 million, respectively related to winter storm Uri (primarily building repairs, landscaping and asset write-offs). The majority of the casualty losses have been reimbursed through insurance coverage. A receivable was recognized in Other non-operating expense (income) for the recorded losses that MAA expected to recover. Additional costs related to the storm that were not expected to be recovered through insurance coverage, along with other unrelated casualty losses and recoveries, are also reflected in this adjustment. The adjustment is primarily included in Other non-operating expense (income).

(4) Included in Interest expense in the Consolidated Statements of Operations.

(5) For the three and six months ended June 30, 2021, $11.1 million and $13.4 million, respectively, of reconstruction-related capital expenditures relating to winter storm Uri are excluded from other capital expenditures. The majority of the storm costs have been reimbursed through insurance coverage.

11

RECONCILIATION OF NET OPERATING INCOME TO NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS

Dollars in thousands	Three Months Ended									Six Months Ended
	June 30, 2022			March 31, 2022			June 30, 2021			June 30, 2022			June 30, 2021
Net Operating Income
Same Store NOI	$	300,238		$	294,642		$	256,325		$	594,880		$	508,265
Non-Same Store and Other NOI		13,125			12,016			11,841			25,141			22,438
Total NOI		313,363			306,658			268,166			620,021			530,703
Depreciation and amortization		(134,144	)		(133,738	)		(131,824	)		(267,882	)		(263,327	)
Property management expenses		(15,630	)		(16,537	)		(13,752	)		(32,167	)		(26,691	)
General and administrative expenses		(15,580	)		(16,323	)		(13,114	)		(31,903	)		(26,093	)
Interest expense		(38,905	)		(39,121	)		(38,867	)		(78,026	)		(78,539	)
Gain (loss) on sale of depreciable real estate assets		131,965			(1	)		134,828			131,964			134,828
Gain on sale of non-depreciable real estate assets		355			23			32			378			32
Other non-operating (expense) income		(28,325	)		10,795			20,126			(17,530	)		4,213
Income tax benefit (expense)		3,052			1,442			(2,045	)		4,494			(3,044	)
Income from real estate joint venture		409			379			325			788			657
Net income attributable to noncontrolling interests		(5,858	)		(2,775	)		(7,397	)		(8,633	)		(9,068	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAA common shareholders	$	209,780		$	109,880		$	215,556		$	319,660		$	261,827

RECONCILIATION OF EBITDA, EBITDAre AND ADJUSTED EBITDAre TO NET INCOME

Dollars in thousands	Three Months Ended						Twelve Months Ended
	June 30, 2022			June 30, 2021			June 30, 2022			December 31, 2021
Net income	$	216,560		$	223,875		$	608,100		$	550,702
Depreciation and amortization		134,144			131,824			537,988			533,433
Interest expense		38,905			38,867			156,368			156,881
Income tax (benefit) expense		(3,052	)		2,045			6,099			13,637
EBITDA		386,557			396,611			1,308,555			1,254,653
Gain on sale of depreciable real estate assets		(131,965	)		(134,828	)		(217,564	)		(220,428	)
Adjustments to reflect the Company’s share of EBITDAre of unconsolidated affiliates		340			338			1,353			1,352
EBITDAre		254,932			262,121			1,092,344			1,035,577
Loss (gain) on embedded derivative in preferred shares (1)		21,835			(13,168	)		12,559			4,560
Gain on sale of non-depreciable real estate assets		(355	)		(32	)		(1,157	)		(811	)
Loss (gain) on investments, net of tax (1)(2)		16,489			(4,962	)		(10,063	)		(40,875	)
Net casualty (gain) loss and other settlement proceeds (3)		(14,413	)		(595	)		(22,361	)		1,524
Loss on debt extinguishment (1)		—			—			13,354			13,391
Legal costs and settlements, net (1)		(2	)		—			(1,616	)		(2,167	)
COVID-19 related costs (1)		105			109			1,324			1,301
Mark-to-market debt adjustment (4)		35			83			175			270
Adjusted EBITDAre	$	278,626		$	243,556		$	1,084,559		$	1,012,770

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

(2) For the three months ended June 30, 2022, loss (gain) on investments are presented net of tax benefit of $4.4 million. For the three months ended June 30, 2021 and the twelve months ended June 30, 2022 and December 31, 2021, loss (gain) on investments are presented net of tax expense of $1.3 million, $2.7 million and $10.8 million, respectively.

(3) For the three and twelve months ended June 30, 2022, MAA recognized a gain of $12.8 million and $20.4 million from the receipt of insurance proceeds that exceeded its casualty losses related to winter storm Uri. The gain was reflected in Other non-operating expense (income) in the Consolidated Statements of Operations. During the three months ended June 30, 2021 and the twelve months ended June 30, 2022 and December 31, 2021, MAA incurred casualty losses related to winter storm Uri. The majority of the casualty losses have been reimbursed through insurance coverage. A receivable was recognized in Other non-operating expense (income) for the recorded losses that MAA expected to recover. Additional costs related to the storm that were not expected to be recovered through insurance coverage, along with other unrelated casualty losses and recoveries, are also reflected in this adjustment. The adjustment is primarily included in Other non-operating expense (income).

(4) Included in Interest expense in the Consolidated Statements of Operations.

12

RECONCILIATION OF NET DEBT TO UNSECURED NOTES PAYABLE AND SECURED NOTES PAYABLE

Dollars in thousands
	June 30, 2022			December 31, 2021
Unsecured notes payable	$	4,153,650		$	4,151,375
Secured notes payable		364,664			365,315
Total debt		4,518,314			4,516,690
Cash and cash equivalents		(60,568	)		(54,302	)
1031(b) exchange proceeds included in Restricted cash (1)		(148,515	)		(64,452	)
Net Debt	$	4,309,231		$	4,397,936

(1) Included in Restricted cash in the Consolidated Balance Sheets.

RECONCILIATION OF GROSS ASSETS TO TOTAL ASSETS

Dollars in thousands
	June 30, 2022		December 31, 2021
Total assets	$	11,280,401	$	11,285,182
Accumulated depreciation		4,089,694		3,848,161
Gross Assets	$	15,370,095	$	15,133,343

RECONCILIATION OF GROSS REAL ESTATE ASSETS TO REAL ESTATE ASSETS, NET

Dollars in thousands
	June 30, 2022		December 31, 2021
Real estate assets, net	$	10,846,809	$	10,898,903
Accumulated depreciation		4,089,694		3,848,161
Cash and cash equivalents		60,568		54,302
1031(b) exchange proceeds included in Restricted cash (1)		148,515		64,452
Gross Real Estate Assets	$	15,145,586	$	14,865,818

(1) Included in Restricted cash in the Consolidated Balance Sheets.

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, represents EBITDAre further adjusted for items that are not considered part of MAA’s core operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares, gain or loss on sale of non-depreciable assets, gain or loss on investments, net casualty gain or loss, gain or loss on debt extinguishment, legal costs and settlements, net, COVID-19 related costs and mark-to-market debt adjustments. 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 as an indicator of operating performance.

Core Adjusted Funds from Operations (Core AFFO)

Core AFFO is composed of Core FFO less recurring capital expenditures. Core AFFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. As an owner and operator of real estate, MAA considers Core AFFO to be an important measure of performance from operations because Core AFFO measures the ability to control revenues, expenses and recurring capital expenditures.

Core Funds from Operations (Core FFO)

Core FFO represents FFO as adjusted for items that are not considered part of MAA’s core business operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares, gain or loss on sale of non-depreciable assets, gain or loss on investments, net casualty gain or loss, gain or loss on debt extinguishment, legal costs and settlements, net, COVID-19 related costs and mark-to-market debt adjustments. While MAA's definition of Core FFO may be similar to others in the industry, MAA’s methodology for calculating Core FFO may differ from that utilized by other REITs and, accordingly, may not be comparable to such other REITs. Core 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 Core FFO is helpful in understanding its core operating performance between periods in that it removes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.

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 as an indicator of operating 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 further adjusted for 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 as an indicator of operating performance.

Funds Available for Distribution (FAD)

FAD is composed of Core FFO less total capital expenditures, excluding development spending, property acquisitions and capital expenditures relating to significant casualty losses that management expects to be reimbursed by insurance proceeds. FAD should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. 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 (calculated in accordance with GAAP) excluding gain or loss on disposition of operating properties and asset impairment, plus depreciation and amortization of real estate assets, net income attributable to noncontrolling interests, and adjustments for joint ventures. Because net income attributable to noncontrolling interests 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 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.

Gross Assets

Gross Assets represents Total assets plus Accumulated depreciation. 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.

14

NON-GAAP FINANCIAL MEASURES (Continued)

Gross Real Estate Assets

Gross Real Estate Assets represents Real estate assets, net plus Accumulated depreciation, Cash and cash equivalents and 1031(b) exchange proceeds included in Restricted cash. 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) exchange proceeds included in Restricted cash. 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 and amortization, 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 is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

Non-Same Store and Other NOI

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

Same Store NOI

Same Store NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, 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 operating performance 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 an applicable period.

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 when achieving 90% average physical occupancy for 90 days.

Non-Same Store and Other Portfolio

Non-Same Store and Other Portfolio includes recently acquired communities, communities in development or lease-up, communities that have been disposed of or identified for disposition, communities that have experienced a significant casualty loss, stabilized communities that do not meet the requirements defined by the Same Store Portfolio, retail properties and commercial properties.

Resident Turnover

Resident turnover represents resident move outs excluding transfers within the Same Store Portfolio as a percentageof expiring leases on a rolling twelve month basis as of the end of the reported quarter.

Same Store Portfolio

MAA reviews its Same Store Portfolio at the beginning of each calendar year, or as significant transactions or events 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 when achieving 90% average physical 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 experienced a significant casualty loss are also excluded from the Same Store Portfolio.

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

15

EX-99.2

Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT JUNE 30, 2022 (1)

In apartment units

	Same Store		Non-Same Store		Lease-up		Total Completed Communities		Development Units Delivered		Total
Atlanta, GA		11,434		—		—		11,434		—		11,434
Dallas, TX		9,767		348		—		10,115		—		10,115
Tampa, FL		5,220		—		—		5,220		—		5,220
Orlando, FL		5,274		—		633		5,907		—		5,907
Charlotte, NC		5,867		—		—		5,867		—		5,867
Austin, TX		6,829		288		—		7,117		148		7,265
Raleigh/Durham, NC		5,350		—		—		5,350		—		5,350
Nashville, TN		4,375		—		—		4,375		—		4,375
Houston, TX		4,867		—		308		5,175		—		5,175
Jacksonville, FL		3,496		—		—		3,496		—		3,496
Charleston, SC		3,168		—		—		3,168		—		3,168
Phoenix, AZ		2,623		345		—		2,968		—		2,968
Fort Worth, TX		3,519		168		—		3,687		—		3,687
Northern Virginia		1,888		—		—		1,888		—		1,888
Richmond, VA		2,004		—		—		2,004		—		2,004
Savannah, GA		1,837		—		—		1,837		—		1,837
Fredericksburg, VA		1,435		—		—		1,435		—		1,435
Greenville, SC		2,355		—		—		2,355		—		2,355
Memphis, TN		1,811		—		—		1,811		—		1,811
Birmingham, AL		1,462		—		—		1,462		—		1,462
Denver, CO		812		—		306		1,118		—		1,118
San Antonio, TX		1,504		—		—		1,504		—		1,504
Huntsville, AL		1,228		—		—		1,228		—		1,228
Kansas City, MO-KS		1,110		—		—		1,110		—		1,110
Other		7,078		492		—		7,570		—		7,570
Total Multifamily Units		96,313		1,641		1,247		99,201		148		99,349

(1)Schedule excludes MAA's 35% ownership in a 269 unit joint venture property in Washington, D.C.

Supplemental Data S-1

PORTFOLIO STATISTICS (CONTINUED)

TOTAL MULTIFAMILY COMMUNITY STATISTICS (1)

Dollars in thousands, except Average Effective Rent per Unit

	As of June 30, 2022								Average Effective		As of June 30, 2022
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended June 30, 2022		Completed Units		Total Units, Including Development
Atlanta, GA	$	2,047,860		14.1	%		94.8	%	$	1,706		11,434
Dallas, TX		1,522,499		10.5	%		95.2	%		1,510		10,115
Charlotte, NC		970,785		6.7	%		95.4	%		1,452		5,867
Tampa, FL		903,613		6.2	%		95.5	%		1,895		5,220
Austin, TX		882,070		6.1	%		95.0	%		1,504		7,117
Orlando, FL		846,358		5.8	%		95.5	%		1,736		5,274
Raleigh/Durham, NC		714,309		4.9	%		95.4	%		1,376		5,350
Houston, TX		621,605		4.3	%		95.2	%		1,320		4,867
Northern Virginia		565,089		3.9	%		95.0	%		2,122		1,888
Nashville, TN		545,168		3.8	%		95.8	%		1,532		4,375
Phoenix, AZ		469,459		3.2	%		95.0	%		1,638		2,968
Charleston, SC		415,502		2.9	%		95.7	%		1,521		3,168
Fort Worth, TX		377,549		2.6	%		95.1	%		1,443		3,687
Jacksonville, FL		298,591		2.0	%		96.7	%		1,431		3,496
Richmond, VA		271,855		1.9	%		95.2	%		1,448		2,004
Fredericksburg, VA		249,393		1.7	%		96.5	%		1,714		1,435
Greenville, SC		231,082		1.6	%		96.8	%		1,192		2,355
Savannah, GA		220,321		1.5	%		96.4	%		1,463		1,837
Denver, CO		212,218		1.5	%		95.4	%		1,829		812
Kansas City, MO-KS		188,745		1.3	%		95.7	%		1,423		1,110
San Antonio, TX		167,836		1.2	%		96.3	%		1,288		1,504
Birmingham, AL		164,404		1.1	%		96.1	%		1,280		1,462
All Other Markets by State (individual markets <1% gross real assets)
Tennessee		191,970		1.3	%		94.5	%		1,243		2,754
Florida		181,308		1.3	%		96.0	%		1,638		1,806
Maryland		170,744		1.2	%		94.5	%		1,866		757
Alabama		167,127		1.2	%		96.4	%		1,293		1,648
Virginia		156,140		1.1	%		96.2	%		1,628		1,039
Kentucky		96,156		0.7	%		97.0	%		1,066		1,308
Nevada		72,607		0.5	%		94.6	%		1,487		721
South Carolina		37,384		0.3	%		94.8	%		1,083		576
Stabilized Communities	$	13,959,747		96.4	%		95.4	%	$	1,531		97,954
Orlando, FL		160,896		1.1	%		83.9	%		2,144		633		633
Denver, CO		103,649		0.7	%		89.5	%		1,879		306		658
Salt Lake City, UT		55,342		0.4	%		—			—		—		400
Houston, TX		54,652		0.4	%		68.8	%		1,567		308		308
Austin, TX		54,640		0.4	%		30.6	%		1,544		148		350
Atlanta, GA		49,496		0.3	%		—			—		—		340
Phoenix, AZ		48,869		0.3	%		—			—		—		317
Lease-up / Development Communities	$	527,544		3.6	%		70.4	%	$	1,895		1,395		3,006
Total Multifamily Communities	$	14,487,291		100.0	%		95.0	%	$	1,536		99,349		100,960

(1)Schedule excludes MAA's 35% ownership in a 269 unit joint venture property in Washington, D.C. As of June 30, 2022, the gross investment in real estate for this community is $80.3 million and includes a mortgage note payable of $51.8 million. For the six months ended June 30, 2022, this apartment community achieved NOI of $3.7 million.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

	As of June 30, 2022				Three Months Ended
	Apartment Units		Gross Real Assets		June 30, 2022		June 30, 2021			Percent Change
Operating Revenues
Same Store Communities		96,313	$	13,660,842	$	472,160	$	415,403			13.7	%
Non-Same Store Communities		1,641		298,905		10,734		15,471
Lease-up/Development Communities		1,395		527,544		5,895		149
Total Multifamily Portfolio		99,349	$	14,487,291	$	488,789	$	431,023
Commercial Property/Land		—		330,111		6,251		5,904
Total Operating Revenues		99,349	$	14,817,402	$	495,040	$	436,927
Property Operating Expenses
Same Store Communities					$	171,922	$	159,078			8.1	%
Non-Same Store Communities						4,467		6,645
Lease-up/Development Communities						2,805		575
Total Multifamily Portfolio					$	179,194	$	166,298
Commercial Property/Land						2,483		2,463
Total Property Operating Expenses					$	181,677	$	168,761
Net Operating Income
Same Store Communities					$	300,238	$	256,325			17.1	%
Non-Same Store Communities						6,267		8,826
Lease-up/Development Communities						3,090		(426	)
Total Multifamily Portfolio					$	309,595	$	264,725
Commercial Property/Land						3,768		3,441
Total Net Operating Income					$	313,363	$	268,166			16.9	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

	Three Months Ended							Six Months Ended
	June 30, 2022		June 30, 2021		Percent Change			June 30, 2022		June 30, 2021		Percent Change
Property Taxes	$	61,562	$	58,336		5.5	%	$	119,744	$	116,156		3.1	%
Personnel		37,234		34,599		7.6	%		72,548		68,144		6.5	%
Utilities		29,909		28,398		5.3	%		59,376		56,959		4.2	%
Building Repair and Maintenance		23,439		20,494		14.4	%		41,899		37,417		12.0	%
Office Operations		6,590		5,665		16.3	%		13,488		11,227		20.1	%
Insurance		6,293		5,502		14.4	%		12,512		10,964		14.1	%
Marketing		6,895		6,084		13.3	%		12,190		11,417		6.8	%
Total Property Operating Expenses	$	171,922	$	159,078		8.1	%	$	331,757	$	312,284		6.2	%

Supplemental Data S-3

MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE

						Average Physical Occupancy
			Percent of			Three Months Ended						Six Months Ended
	Apartment Units		Same Store NOI			June 30, 2022			June 30, 2021			June 30, 2022			June 30, 2021
Atlanta, GA		11,434		13.1	%		95.2	%		95.8	%		95.5	%		95.3	%
Dallas, TX		9,767		9.3	%		95.3	%		95.9	%		95.5	%		95.5	%
Tampa, FL		5,220		6.9	%		96.0	%		97.5	%		96.3	%		97.3	%
Orlando, FL		5,274		6.4	%		96.1	%		96.0	%		96.3	%		95.7	%
Charlotte, NC		5,867		6.3	%		95.7	%		96.6	%		95.7	%		96.3	%
Austin, TX		6,829		5.9	%		95.3	%		95.9	%		95.2	%		95.6	%
Raleigh/Durham, NC		5,350		5.3	%		95.4	%		96.1	%		95.4	%		95.9	%
Nashville, TN		4,375		4.7	%		95.9	%		95.9	%		95.7	%		95.2	%
Houston, TX		4,867		3.7	%		95.3	%		95.1	%		95.5	%		94.5	%
Jacksonville, FL		3,496		3.4	%		96.4	%		97.8	%		96.6	%		97.7	%
Charleston, SC		3,168		3.4	%		95.7	%		96.7	%		95.8	%		96.2	%
Phoenix, AZ		2,623		3.4	%		95.5	%		97.2	%		96.0	%		97.1	%
Fort Worth, TX		3,519		3.3	%		95.6	%		96.6	%		95.7	%		96.2	%
Northern Virginia		1,888		2.9	%		95.7	%		95.9	%		95.5	%		95.9	%
Richmond, VA		2,004		2.1	%		95.9	%		97.0	%		96.1	%		96.9	%
Savannah, GA		1,837		2.0	%		96.7	%		97.4	%		96.8	%		97.3	%
Fredericksburg, VA		1,435		1.9	%		97.0	%		97.9	%		96.8	%		97.4	%
Greenville, SC		2,355		1.9	%		96.6	%		96.8	%		96.3	%		96.3	%
Memphis, TN		1,811		1.6	%		94.9	%		97.7	%		95.3	%		97.7	%
Birmingham, AL		1,462		1.3	%		96.0	%		96.8	%		95.7	%		96.7	%
Denver, CO		812		1.1	%		95.7	%		95.2	%		96.1	%		94.4	%
San Antonio, TX		1,504		1.1	%		96.5	%		97.0	%		95.9	%		95.9	%
Huntsville, AL		1,228		1.1	%		95.9	%		97.6	%		96.0	%		97.2	%
Kansas City, MO-KS		1,110		1.1	%		95.4	%		95.3	%		95.6	%		94.6	%
Other		7,078		6.8	%		96.0	%		97.2	%		96.1	%		96.8	%
Total Same Store		96,313		100.0	%		95.7	%		96.4	%		95.8	%		96.0	%

Supplemental Data S-4

MULTIFAMILY SAME STORE PORTFOLIO QUARTER OVER QUARTER COMPARISONS

Dollars in thousands, except Average Effective Rent per Unit

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q2 2022		Q2 2021		% Chg			Q2 2022		Q2 2021		% Chg			Q2 2022		Q2 2021		% Chg			Q2 2022		Q2 2021		% Chg
Atlanta, GA		11,434	$	61,641	$	54,281		13.6	%	$	22,386	$	20,642		8.4	%	$	39,255	$	33,639		16.7	%	$	1,706	$	1,505		13.4	%
Dallas, TX		9,767		46,530		40,743		14.2	%		18,676		18,432		1.3	%		27,854		22,311		24.8	%		1,501		1,314		14.2	%
Tampa, FL		5,220		31,285		26,600		17.6	%		10,460		9,191		13.8	%		20,825		17,409		19.6	%		1,895		1,583		19.8	%
Orlando, FL		5,274		29,367		25,084		17.1	%		10,124		9,584		5.6	%		19,243		15,500		24.1	%		1,736		1,484		17.0	%
Charlotte, NC		5,867		27,294		24,333		12.2	%		8,470		7,887		7.4	%		18,824		16,446		14.5	%		1,452		1,281		13.3	%
Austin, TX		6,829		33,167		28,632		15.8	%		15,407		13,829		11.4	%		17,760		14,803		20.0	%		1,515		1,314		15.3	%
Raleigh/Durham, NC		5,350		23,952		21,056		13.8	%		8,002		7,279		9.9	%		15,950		13,777		15.8	%		1,376		1,206		14.1	%
Nashville, TN		4,375		21,528		18,931		13.7	%		7,460		7,007		6.5	%		14,068		11,924		18.0	%		1,532		1,345		13.9	%
Houston, TX		4,867		20,725		18,984		9.2	%		9,490		8,941		6.1	%		11,235		10,043		11.9	%		1,320		1,217		8.5	%
Jacksonville, FL		3,496		15,680		13,480		16.3	%		5,361		4,743		13.0	%		10,319		8,737		18.1	%		1,431		1,211		18.2	%
Charleston, SC		3,168		15,463		13,469		14.8	%		5,305		4,941		7.4	%		10,158		8,528		19.1	%		1,521		1,308		16.3	%
Phoenix, AZ		2,623		13,602		11,627		17.0	%		3,514		3,223		9.0	%		10,088		8,404		20.0	%		1,620		1,370		18.3	%
Fort Worth, TX		3,519		16,838		14,992		12.3	%		7,020		6,404		9.6	%		9,818		8,588		14.3	%		1,438		1,265		13.7	%
Northern Virginia		1,888		12,493		11,883		5.1	%		3,814		3,856		(1.1	)%		8,679		8,027		8.1	%		2,122		2,015		5.3	%
Richmond, VA		2,004		9,459		8,485		11.5	%		3,101		2,754		12.6	%		6,358		5,731		10.9	%		1,448		1,288		12.5	%
Savannah, GA		1,837		8,989		7,472		20.3	%		3,110		2,905		7.1	%		5,879		4,567		28.7	%		1,463		1,217		20.2	%
Fredericksburg, VA		1,435		8,040		7,257		10.8	%		2,186		1,993		9.7	%		5,854		5,264		11.2	%		1,714		1,542		11.2	%
Greenville, SC		2,355		9,486		8,430		12.5	%		3,701		3,399		8.9	%		5,785		5,031		15.0	%		1,192		1,045		14.1	%
Memphis, TN		1,811		7,404		6,688		10.7	%		2,714		2,510		8.1	%		4,690		4,178		12.3	%		1,293		1,116		15.9	%
Birmingham, AL		1,462		6,281		5,611		11.9	%		2,333		2,230		4.6	%		3,948		3,381		16.8	%		1,280		1,143		12.0	%
Denver, CO		812		4,727		4,236		11.6	%		1,323		1,224		8.1	%		3,404		3,012		13.0	%		1,829		1,658		10.3	%
San Antonio, TX		1,504		6,235		5,647		10.4	%		2,839		2,663		6.6	%		3,396		2,984		13.8	%		1,288		1,148		12.2	%
Huntsville, AL		1,228		5,071		4,581		10.7	%		1,783		1,395		27.8	%		3,288		3,186		3.2	%		1,222		1,089		12.1	%
Kansas City, MO-KS		1,110		5,013		4,609		8.8	%		1,834		1,736		5.6	%		3,179		2,873		10.7	%		1,423		1,313		8.4	%
Other		7,078		31,890		28,292		12.7	%		11,509		10,310		11.6	%		20,381		17,982		13.3	%		1,406		1,228		14.5	%
Total Same Store		96,313	$	472,160	$	415,403		13.7	%	$	171,922	$	159,078		8.1	%	$	300,238	$	256,325		17.1	%	$	1,529	$	1,338		14.3	%

Supplemental Data S-5

MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except Average Effective Rent per Unit

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q2 2022		Q1 2022		% Chg			Q2 2022		Q1 2022		% Chg			Q2 2022		Q1 2022		% Chg			Q2 2022		Q1 2022		% Chg
Atlanta, GA		11,434	$	61,641	$	59,597		3.4	%	$	22,386	$	21,046		6.4	%	$	39,255	$	38,551		1.8	%	$	1,706	$	1,647		3.5	%
Dallas, TX		9,767		46,530		44,760		4.0	%		18,676		18,579		0.5	%		27,854		26,181		6.4	%		1,501		1,439		4.3	%
Tampa, FL		5,220		31,285		29,930		4.5	%		10,460		10,055		4.0	%		20,825		19,875		4.8	%		1,895		1,798		5.4	%
Orlando, FL		5,274		29,367		27,890		5.3	%		10,124		9,638		5.0	%		19,243		18,252		5.4	%		1,736		1,651		5.1	%
Charlotte, NC		5,867		27,294		26,480		3.1	%		8,470		7,692		10.1	%		18,824		18,788		0.2	%		1,452		1,397		3.9	%
Austin, TX		6,829		33,167		31,781		4.4	%		15,407		12,627		22.0	%		17,760		19,154		(7.3	)%		1,515		1,450		4.5	%
Raleigh/Durham, NC		5,350		23,952		22,907		4.6	%		8,002		7,141		12.1	%		15,950		15,766		1.2	%		1,376		1,326		3.8	%
Nashville, TN		4,375		21,528		20,580		4.6	%		7,460		6,985		6.8	%		14,068		13,595		3.5	%		1,532		1,472		4.1	%
Houston, TX		4,867		20,725		20,220		2.5	%		9,490		8,455		12.2	%		11,235		11,765		(4.5	)%		1,320		1,285		2.7	%
Jacksonville, FL		3,496		15,680		15,206		3.1	%		5,361		4,944		8.4	%		10,319		10,262		0.6	%		1,431		1,369		4.6	%
Charleston, SC		3,168		15,463		14,857		4.1	%		5,305		4,950		7.2	%		10,158		9,907		2.5	%		1,521		1,453		4.6	%
Phoenix, AZ		2,623		13,602		13,112		3.7	%		3,514		3,293		6.7	%		10,088		9,819		2.7	%		1,620		1,560		3.9	%
Fort Worth, TX		3,519		16,838		16,245		3.7	%		7,020		6,046		16.1	%		9,818		10,199		(3.7	)%		1,438		1,382		4.0	%
Northern Virginia		1,888		12,493		12,171		2.6	%		3,814		3,886		(1.9	)%		8,679		8,285		4.8	%		2,122		2,067		2.7	%
Richmond, VA		2,004		9,459		9,007		5.0	%		3,101		3,091		0.3	%		6,358		5,916		7.5	%		1,448		1,404		3.2	%
Savannah, GA		1,837		8,989		8,434		6.6	%		3,110		2,897		7.4	%		5,879		5,537		6.2	%		1,463		1,382		5.9	%
Fredericksburg, VA		1,435		8,040		7,690		4.6	%		2,186		2,294		(4.7	)%		5,854		5,396		8.5	%		1,714		1,671		2.6	%
Greenville, SC		2,355		9,486		9,106		4.2	%		3,701		3,302		12.1	%		5,785		5,804		(0.3	)%		1,192		1,155		3.3	%
Memphis, TN		1,811		7,404		7,314		1.2	%		2,714		2,636		3.0	%		4,690		4,678		0.3	%		1,293		1,250		3.4	%
Birmingham, AL		1,462		6,281		6,010		4.5	%		2,333		2,338		(0.2	)%		3,948		3,672		7.5	%		1,280		1,234		3.7	%
Denver, CO		812		4,727		4,660		1.4	%		1,323		1,338		(1.1	)%		3,404		3,322		2.5	%		1,829		1,776		2.9	%
San Antonio, TX		1,504		6,235		5,940		5.0	%		2,839		2,498		13.7	%		3,396		3,442		(1.3	)%		1,288		1,237		4.1	%
Huntsville, AL		1,228		5,071		4,928		2.9	%		1,783		1,608		10.9	%		3,288		3,320		(1.0	)%		1,222		1,185		3.1	%
Kansas City, MO-KS		1,110		5,013		4,870		2.9	%		1,834		1,765		3.9	%		3,179		3,105		2.4	%		1,423		1,386		2.7	%
Other		7,078		31,890		30,782		3.6	%		11,509		10,731		7.3	%		20,381		20,051		1.6	%		1,406		1,353		3.9	%
Total Same Store		96,313	$	472,160	$	454,477		3.9	%	$	171,922	$	159,835		7.6	%	$	300,238	$	294,642		1.9	%		1,529	$	1,469		4.0	%

Supplemental Data S-6

MULTIFAMILY SAME STORE PORTFOLIO YEAR TO DATE COMPARISONS AS OF JUNE 30, 2022 AND 2021

Dollars in thousands, except Average Effective Rent per Unit

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q2 2022		Q2 2021		% Chg			Q2 2022		Q2 2021		% Chg			Q2 2022		Q2 2021		% Chg			Q2 2022		Q2 2021		% Chg
Atlanta, GA		11,434	$	121,238	$	107,387		12.9	%	$	43,432	$	40,449		7.4	%	$	77,806	$	66,938		16.2	%	$	1,676	$	1,489		12.6	%
Dallas, TX		9,767		91,290		80,663		13.2	%		37,255		36,572		1.9	%		54,035		44,091		22.6	%		1,470		1,303		12.8	%
Tampa, FL		5,220		61,215		52,472		16.7	%		20,515		18,306		12.1	%		40,700		34,166		19.1	%		1,847		1,558		18.5	%
Orlando, FL		5,274		57,257		49,682		15.2	%		19,762		18,777		5.2	%		37,495		30,905		21.3	%		1,694		1,469		15.3	%
Charlotte, NC		5,867		53,774		48,103		11.8	%		16,162		15,191		6.4	%		37,612		32,912		14.3	%		1,424		1,268		12.3	%
Austin, TX		6,829		64,948		56,609		14.7	%		28,034		26,871		4.3	%		36,914		29,738		24.1	%		1,482		1,297		14.3	%
Raleigh/Durham, NC		5,350		46,859		41,901		11.8	%		15,143		14,049		7.8	%		31,716		27,852		13.9	%		1,351		1,195		13.1	%
Nashville, TN		4,375		42,108		37,233		13.1	%		14,445		13,704		5.4	%		27,663		23,529		17.6	%		1,502		1,329		13.0	%
Houston, TX		4,867		40,945		37,507		9.2	%		17,945		17,300		3.7	%		23,000		20,207		13.8	%		1,303		1,211		7.5	%
Jacksonville, FL		3,496		30,886		26,614		16.1	%		10,305		9,317		10.6	%		20,581		17,297		19.0	%		1,400		1,196		17.1	%
Charleston, SC		3,168		30,320		26,526		14.3	%		10,255		9,649		6.3	%		20,065		16,877		18.9	%		1,487		1,289		15.3	%
Phoenix, AZ		2,623		26,714		22,889		16.7	%		6,807		6,348		7.2	%		19,907		16,541		20.3	%		1,590		1,349		17.9	%
Fort Worth, TX		3,519		33,083		29,518		12.1	%		13,066		12,540		4.2	%		20,017		16,978		17.9	%		1,410		1,250		12.8	%
Northern Virginia		1,888		24,664		23,887		3.3	%		7,700		7,721		(0.3	)%		16,964		16,166		4.9	%		2,095		2,019		3.8	%
Richmond, VA		2,004		18,466		16,768		10.1	%		6,192		5,525		12.1	%		12,274		11,243		9.2	%		1,426		1,272		12.1	%
Savannah, GA		1,837		17,423		14,627		19.1	%		6,007		5,620		6.9	%		11,416		9,007		26.7	%		1,423		1,195		19.1	%
Fredericksburg, VA		1,435		15,730		14,151		11.2	%		4,480		4,092		9.5	%		11,250		10,059		11.8	%		1,693		1,512		12.0	%
Greenville, SC		2,355		18,592		16,652		11.7	%		7,003		6,651		5.3	%		11,589		10,001		15.9	%		1,174		1,035		13.4	%
Memphis, TN		1,811		14,718		13,130		12.1	%		5,350		5,085		5.2	%		9,368		8,045		16.4	%		1,271		1,096		16.0	%
Birmingham, AL		1,462		12,291		11,139		10.3	%		4,671		4,393		6.3	%		7,620		6,746		13.0	%		1,257		1,126		11.7	%
Denver, CO		812		9,387		8,404		11.7	%		2,661		2,519		5.6	%		6,726		5,885		14.3	%		1,803		1,642		9.8	%
San Antonio, TX		1,504		12,175		11,024		10.4	%		5,337		5,034		6.0	%		6,838		5,990		14.2	%		1,263		1,138		10.9	%
Huntsville, AL		1,228		9,999		9,016		10.9	%		3,391		2,894		17.2	%		6,608		6,122		7.9	%		1,204		1,072		12.3	%
Kansas City, MO-KS		1,110		9,883		9,110		8.5	%		3,599		3,424		5.1	%		6,284		5,686		10.5	%		1,405		1,302		7.9	%
Other		7,078		62,672		55,537		12.8	%		22,240		20,253		9.8	%		40,432		35,284		14.6	%		1,379		1,211		13.9	%
Total Same Store		96,313	$	926,637	$	820,549		12.9	%	$	331,757	$	312,284		6.2	%	$	594,880	$	508,265		17.0	%	$	1,499	$	1,323		13.3	%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands

		Units as of						Development Costs as of
		June 30, 2022						June 30, 2022							Expected
								Expected		Spend		Expected		Start	Initial
	Location	Total		Delivered		Leased		Total		to Date		Remaining		Date	Occupancy	Completion	Stabilization (1)
MAA Windmill Hill	Austin, TX		350		148		144	$	63,000	$	54,640	$	8,360	4Q20	1Q22	4Q22	4Q23
Novel Val Vista (2)	Phoenix, AZ		317	—		—			72,500		48,869		23,631	4Q20	1Q23	3Q23	3Q24
Novel West Midtown (2)	Atlanta, GA		340	—		—			89,500		49,496		40,004	2Q21	4Q22	3Q23	3Q24
Novel Daybreak (2)	Salt Lake City, UT		400	—		—			94,000		55,342		38,658	2Q21	4Q22	3Q23	4Q24
MAA Central Park I	Denver, CO		352	—		—			125,000		22,081		102,919	1Q22	4Q23	4Q24	3Q25
Total Active			1,759		148		144	$	444,000	$	230,428	$	213,572

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

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

MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands

		As of June 30, 2022
	Location	Total Units		Physical Occupancy	Spend to Date		Construction Completed	Expected Stabilization (1)
Sand Lake (2)	Orlando, FL	264		89.4%	$	63,543	4Q21	3Q22
MAA Westglenn	Denver, CO	306		89.5%		81,562	1Q22	3Q22
MAA Robinson	Orlando, FL	369		79.9%		97,354	4Q21	1Q23
MAA Park Point	Houston, TX	308		68.8%		54,619	1Q22	1Q23
Total			1,247	81.5%	$	297,078

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

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

MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data

		Six months ended June 30, 2022
Units Completed		Redevelopment Spend		Average Cost per Unit		Increase in Average Effective Rent per Unit		Increase in Average Effective Rent per Unit	Estimated Units Remaining in Pipeline
	2,942	$	15,780	$	5,364	$	142	10.8%	10,000 - 14,000

Supplemental Data S-8

2022 ACQUISITION ACTIVITY (THROUGH JUNE 30, 2022)

Land Acquisition	Market	Acreage	Closing Date
MAA Florida Street Station	Denver, CO	4	March 2022
MAA Packing District	Orlando, FL	4	May 2022

2022 DISPOSITION ACTIVITY (THROUGH JUNE 30, 2022)

Multifamily Dispositions	Market	Apartment Units	Closing Date
MAA Deer Run	Fort Worth, TX	304	June 2022
MAA Oakbend	Fort Worth, TX	426	June 2022

Land Dispositions	Market	Acreage	Closing Date
Colonial Promenade	Huntsville, AL	2	April 2022

DEBT AND DEBT COVENANTS AS OF JUNE 30, 2022

Dollars in thousands

DEBT SUMMARIES
Fixed Rate Versus Floating Rate Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Rate Maturity
Fixed rate debt	$	4,518,314		100.0	%		3.4	%		8.2
Floating rate debt		—		0.0	%		0.0	%		—
Total	$	4,518,314		100.0	%		3.4	%		8.2
Unsecured Versus Secured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	4,153,650		91.9	%		3.3	%		6.7
Secured debt		364,664		8.1	%		4.4	%		26.3
Total	$	4,518,314		100.0	%		3.4	%		8.2
Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q2 2022 NOI			Percent of Total
Unencumbered gross assets	$	14,424,804		93.8	%	$	298,030			95.1	%
Encumbered gross assets		945,291		6.2	%		15,333			4.9	%
Total	$	15,370,095		100.0	%	$	313,363			100.0	%

FIXED INTEREST RATE MATURITIES

Maturity	Fixed Rate Debt		Effective Interest Rate
2022	$	124,921		3.3	%
2023		349,172		4.2	%
2024		398,433		4.0	%
2025		402,098		4.2	%
2026		296,816		1.2	%
2027		596,155		3.7	%
2028		396,391		4.2	%
2029		559,749		3.7	%
2030		297,369		3.1	%
2031		444,654		1.8	%
Thereafter		652,556		3.8	%
Total	$	4,518,314		3.4	%

Supplemental Data S-9

DEBT AND DEBT COVENANTS AS OF JUNE 30, 2022 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

Maturity	Commercial Paper & Revolving Credit Facility ⁽¹⁾ ⁽²⁾		Public Bonds		Secured		Total
2022	$	—	$	124,921	$	—	$	124,921
2023		—		349,172		—		349,172
2024		—		398,433		—		398,433
2025		—		397,386		4,712		402,098
2026		—		296,816		—		296,816
2027		—		596,155		—		596,155
2028		—		396,391		—		396,391
2029		—		559,749		—		559,749
2030		—		297,369		—		297,369
2031		—		444,654		—		444,654
Thereafter		—		292,604		359,952		652,556
Total	$	—	$	4,153,650	$	364,664	$	4,518,314

(1)There were no borrowings outstanding under MAALP’s unsecured commercial paper program as of June 30, 2022. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $500.0 million. For the three months ended June 30, 2022, average daily borrowings outstanding under the commercial paper program were $16.3 million.

(2)There were no borrowings outstanding under MAALP’s $1.0 billion unsecured revolving credit facility as of June 30, 2022. In July 2022, MAALP amended its unsecured revolving credit facility, increasing borrowing capacity to $1.25 billion with an option to expand to $2.0 billion. The amended facility has a maturity date of October 2026 with two six-month extension options.

DEBT COVENANT ANALYSIS (1)

Bond Covenants	Required	Actual	Compliance
Total debt to adjusted total assets	60% or less	29.4%	Yes
Total secured debt to adjusted total assets	40% or less	2.4%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	6.6x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	343.1%	Yes
Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	22.8%	Yes
Total secured debt to total capitalized asset value	40% or Less	1.9%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	6.6x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	21.9%	Yes

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

Supplemental Data S-10

2022 GUIDANCE

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

	Revised Range	Revised Midpoint
Earnings:
Earnings per common share - diluted	$5.65 to $5.89	$5.77
Core FFO per Share - diluted	$8.13 to $8.37	$8.25
Core AFFO per Share - diluted	$7.34 to $7.58	$7.46
MAA Same Store Portfolio:
Number of units		96,313
Average physical occupancy	95.6% to 96.0%	95.8%
Property revenue growth	11.5% to 12.5%	12.0%
Effective rent growth	12.75% to 13.75%	13.25%
Property operating expense growth	6.5% to 7.5%	7.0%
NOI growth	14.0% to 16.0%	15.0%
Real estate tax expense growth	5.0% to 6.0%	5.5%
Corporate Expenses: ($ in millions)
General and administrative expenses	$60.5 to $62.5	$61.5
Property management expenses	$62.0 to $64.0	$63.0
Total overhead	$122.5 to $126.5	$124.5
Transaction/Investment Volume: ($ in millions)
Development investment	$175.0 to $225.0	$200.0
Multifamily acquisition volume	$75.0 to $125.0	$100.0
Multifamily disposition volume	$300.0 to $350.0	$325.0
Debt:
Average effective interest rate	3.4% to 3.6%	3.5%
Capitalized interest ($ in millions)	$7.5 to $8.5	$8.0
Diluted FFO Shares Outstanding:
Diluted common shares and units	118.5 to 119.0 million	118.75 million

RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER SHARE FOR 2022 GUIDANCE

	Full Year 2022 Guidance Range
	Low			High
Earnings per common share - diluted	$	5.65		$	5.89
Real estate depreciation and amortization		4.62			4.62
Gains on sale of depreciable assets		(2.21	)		(2.21	)
FFO per Share - diluted		8.06			8.30
Non-Core FFO items (1)		0.07			0.07
Core FFO per Share - diluted		8.13			8.37
Recurring capital expenditures		(0.79	)		(0.79	)
Core AFFO per Share - diluted	$	7.34		$	7.58

(1)Non-Core FFO items may include adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares, gain or loss on sale of non-depreciable assets, gain or loss on investments, net casualty gain or loss, gain or loss on debt extinguishment, legal costs and settlements, net, COVID-19 related costs and mark-to-market debt adjustments.

Supplemental Data S-11

CREDIT RATINGS

	Commercial	Long-Term
	Paper Rating	Debt Rating	Outlook
Fitch Ratings (1)	F1	A-	Stable
Moody’s Investors Service (2)	P-2	Baa1	Positive
Standard & Poor’s Ratings Services (1)	A-2	BBB+	Positive

(1)Corporate credit rating assigned to MAA and MAALP

(2)Corporate credit rating assigned to MAALP

COMMON STOCK

Stock Symbol:	MAA
Exchange Traded:	NYSE
Estimated Future Dates:	Q3 2022		Q4 2022		Q1 2023		Q2 2023
Earnings release & conference call	Late October		Early February		Late April		Late July
Dividend Information - Common Shares:	Q2 2021		Q3 2021		Q4 2021		Q1 2022		Q2 2022
Declaration date	5/18/2021		9/28/2021		12/7/2021		3/22/2022		5/17/2022
Record date	7/15/2021		10/15/2021		1/14/2022		4/14/2022		7/15/2022
Payment date	7/30/2021		10/29/2021		1/31/2022		4/29/2022		7/29/2022
Distributions per share	$	1.0250	$	1.0250	$	1.0875	$	1.0875	$	1.2500

INVESTOR RELATIONS DATA

MAA does not send quarterly reports, earnings releases and supplemental data to shareholders, but provides them upon request.

For recent press releases, SEC filings and other information, call 866-576-9689 (toll free) or email investor.relations@maac.com. This information, as well as access to MAA’s quarterly conference call, is also available on the “For Investors” page of MAA’s website at www.maac.com.

For Questions Contact:
	Name	Title
	Andrew Schaeffer	Senior Vice President, Treasurer and Director of Capital Markets
	Jennifer Patrick	Director of Investor Relations
	Phone: 866-576-9689 (toll free)
	Email: investor.relations@maac.com

Supplemental Data S-12

XML

Document And Entity Information	Jul. 25, 2022
Document And Entity Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jul. 25, 2022
Entity Registrant Name	MID-AMERICA APARTMENT COMMUNITIES, INC.
Entity Central Index Key	0000912595
Entity Emerging Growth Company	false
Entity File Number	001-12762
Entity Incorporation, State or Country Code	TN
Entity Tax Identification Number	62-1543819
Entity Address, Address Line One	6815 Poplar Avenue
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Germantown
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	38138
City Area Code	901
Local Phone Number	682-6600
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Common Stock [Member]
Document And Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol(s)	MAA
Security Exchange Name	NYSE
Cumulative Preferred Stock [Member]
Document And Entity Information [Line Items]
Title of 12(b) Security	8.50% Series I Cumulative Redeemable Preferred Stock, $.01 par value per share
Trading Symbol(s)	MAA*I
Security Exchange Name	NYSE
Limited Partner [Member]
Document And Entity Information [Line Items]
Entity Registrant Name	MID-AMERICA APARTMENTS, L.P.
Entity File Number	333-190028-01
Entity Incorporation, State or Country Code	TN
Entity Tax Identification Number	62-1543816