EX-99.2

EX-99.2 3 maa-ex99_2.htm EX-99.2 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