8-K

GERMANTOWN, TN, October 26, 2022/PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the quarter ended September 30, 2022.

A reconciliation of FFO and Core FFO to Net income available for MAA common shareholders, and 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, “We continue to see strong demand for apartment housing across our Sunbelt markets as steady growth in jobs and wages, along with positive new household formations and migration trends across our markets, fuels a growing need for housing. Our new development pipeline continues to expand as we work to respond to this growing demand. As evidenced by affordable rent-to-income ratios, strong rent payment performance, low resident turnover and strong occupancy, MAA is well-positioned as we head into the new calendar year.”

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During the third quarter of 2022, MAA’s Same Store Portfolio produced increases in property revenues, operating expenses and Net Operating Income (NOI) of 14.6%, 10.1% and 17.4%, respectively, as compared to the same period in the prior year.

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During the third quarter of 2022, MAA acquired two recently completed communities, a 196-unit multifamily community located in the Tampa, Florida market and a 344-unit multifamily community located in the Charlotte, North Carolina market, as well as a six acre land parcel in the Denver, Colorado market for future development expected to begin in late 2023.

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As of the end of the third 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 $177.9 million remaining to be funded. Subsequent to the end of the third quarter of 2022, MAA began construction of a 495-unit multifamily community in the Tampa, Florida market with projected total costs of $197 million.

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As of the end of the third quarter of 2022, MAA had three recently completed development communities and the recently acquired Charlotte, North Carolina community in initial lease-up. Two communities are expected to stabilize in the fourth quarter of 2022 and two in the first quarter of 2023.

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During the third quarter of 2022, Mid-America Apartments, L.P. (MAALP), MAA’s operating partnership, amended its unsecured revolving credit facility increasing borrowing capacity to $1.25 billion with an option to expand to $2.0 billion and amended its commercial paper program to increase the maximum aggregate principal amount of notes that may be outstanding under the program to $625.0 million.

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 nine months ended September 30, 2022 as compared to the same periods in the prior year are summarized below:

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

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

Same Store Portfolio lease pricing for leases effective during the third quarter of 2022, as compared to the prior lease, increased 13.7% for leases to new move-in residents and increased 14.0% for renewing leases, which produced an increase of 13.9% for both new and renewing leases on a blended basis. The rent-to-resident-income relationship for new leases signed during the third quarter of 2022 remained consistent with recent trends in the range of 22%.

Same Store Portfolio lease pricing for leases effective during the nine months ended September 30, 2022, as compared to the prior lease, increased 15.7% for both leases to new move-in residents and renewing leases.

In July 2022, MAA acquired a stabilized 196-unit multifamily community located in the Tampa, Florida market for $73.0 million. In September 2022, MAA acquired a 344-unit multifamily community located in the Charlotte, North Carolina market for $140.0 million and expects the property to stabilize during the first quarter of 2023.

During the third quarter of 2022, MAA also acquired a six acre land parcel in the Denver, Colorado market for approximately $23 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.

During the third quarter of 2022, MAA closed on the disposition of a three acre land parcel located in the Huntsville, Alabama market.

In October 2022, MAA closed on the disposition of a 396-unit multifamily community in Maryland. MAA received gross proceeds of $103.5 million.

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

The expected average stabilized NOI yield on these communities is 5.7%. During the third quarter of 2022, MAA funded $62.6 million of costs for current and planned 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 third quarter of 2022 is set forth below (dollars in thousands):

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

As of September 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 68,000 units across its apartment community portfolio since the initiative began during the first quarter of 2019.

During the third 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 nine months ended September 30, 2022, work continued on properties selected for this program in 2021. For the nine months ended September 30, 2022, MAA spent $13.1 million on this program.

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

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

As of September 30, 2022, MAA had $1.2 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 0.725%.

In September 2022, MAALP amended its unsecured commercial paper program, increasing the maximum aggregate principal amount of notes that may be outstanding from time to time under the program from $500.0 million to $625.0 million.

In September 2022, MAALP retired the remaining $125.0 million portion of the $250.0 million in aggregate principal amount of publicly issued unsecured senior notes due in December 2022.

Dividends and distributions paid on shares of common stock and noncontrolling interests during the third quarter of 2022 were $148.3 million, as compared to $121.5 million for the same period in the prior year.

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

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

MAA declared its 115th consecutive quarterly common dividend, which will be paid on October 31, 2022 to holders of record on October 14, 2022. The current annual dividend rate is $5.00 per common share. 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.

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.

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 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.

MAA expects Core FFO for the fourth quarter of 2022 to be in the range of $2.19 to $2.35 per Share, or $2.27 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 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 third quarter results on October 27, 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.

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 September 30, 2022, MAA had ownership interest in 101,769 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.

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:

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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;

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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;

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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;

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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;

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disease outbreaks and other public health events, such as the COVID-19 pandemic, and measures that are taken by federal, state, and local governmental authorities in response to such outbreaks and events;

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.

(1)

A reconciliation of the following items and 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)

Adjusted EBITDAre is calculated for the trailing twelve month period for each date presented. A reconciliation of the following items and 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.

(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 nine months ended September 30, 2022, expected to be filed with the SEC on or about October 27, 2022.

(2)

For the three and nine months ended September 30, 2022, loss (gain) on investments are presented net of tax benefit of $1.7 million and $8.3 million, respectively. For the three and nine months ended September 30, 2021, loss (gain) on investments are presented net of tax expense of $2.1 million and $3.8 million, respectively.

(3)

For the three and nine months ended September 30, 2022, MAA recognized a gain of $7.2 million and $27.6 million, respectively, from the receipt of insurance proceeds that exceeded its casualty losses related to winter storm Uri. The gain is reflected in Other non-operating expense (income) in the Consolidated Statements of Operations. During the three and nine months ended September 30, 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).

(5)

For the three and nine months ended September 30, 2021, $15.0 million and $28.3 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.

(2)

For the three and twelve months ended September 30, 2022, MAA recognized a gain of $7.2 million and $27.6 million from the receipt of insurance proceeds that exceeded its casualty losses related to winter storm Uri. The gain is reflected in Other non-operating expense (income) in the Consolidated Statements of Operations. During the three months ended September 30, 2021 and the twelve months ended 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).

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 and COVID-19 related costs. 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 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 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.

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.

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 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.

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.

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

Gross Real Estate Assets represents Real estate assets, net plus Accumulated depreciation, Assets held for sale, net plus Accumulated depreciation for Assets held for sale, 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 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 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 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 includes all storm-related expenses related to Hurricane Ian. 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 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 excludes storm-related expenses related to Hurricane Ian. 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.

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 represents the average of the daily physical occupancy for an applicable period.

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.

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

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


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


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)


☐		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))


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


Exhibit Number		Description
99.1		Press Release dated October 26, 2022
99.2		Supplemental Data Schedules dated October 26, 2022
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)


		MID-AMERICA APARTMENT COMMUNITIES, INC.

Date:	October 26, 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:	October 26, 2022	/s/Albert M. Campbell, III
		Albert M. Campbell, III
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer)


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 September 30, 2022)/2022 Disposition Activity (Through September 30, 2022)	S-9
Debt and Debt Covenants as of September 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


Third Quarter 2022 Operating Results	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Earnings per common share - diluted	$	1.05	$	0.73	$	3.82	$	3.01

Funds from operations (FFO) per Share - diluted	$	2.19	$	1.85	$	6.08	$	5.19

Core FFO per Share - diluted	$	2.19	$	1.78	$	6.18	$	5.11


	Three months ended September 30, 2022 vs. 2021				Nine months ended September 30, 2022 vs. 2021
	Revenues	Expenses (1)	NOI	Average Effective Rent per Unit	Revenues	Expenses (1)	NOI	Average Effective Rent per Unit
Same Store Operating Growth	14.6%	10.1%	17.4%	16.7%	13.5%	7.6%	17.2%	14.5%


	Three months ended September 30, 2022			Nine months ended September 30, 2022			September 30, 2022
	Average Effective Rent per Unit		Average Physical Occupancy	Average Effective Rent per Unit		Average Physical Occupancy	Resident Turnover
Same Store Operating Statistics	$	1,614	95.8%	$	1,537	95.8%	45.6%


		Units as of						Development Costs as of						Expected Project
Total		September 30, 2022						September 30, 2022						Completions By Year
Development								Expected		Spend		Expected
Projects		Total		Delivered		Leased		Total		to Date		Remaining		2022		2023		2024
	5		1,759		323		213	$	444,000	$	266,127	$	177,873		1		3		1


Total		As of September 30, 2022							Expected Project Stabilizations By Year
Lease-Up		Total		Physical			Spend
Projects		Units		Occupancy			to Date		2022		2023
	4		1,327		89.5	%	$	372,930		2		2


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
29.1%	3.97x	$	4.5	3.4%	97.2%		8.0


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	$5.65 to $5.89	$5.77	$5.59 to $5.75	$5.67
Core FFO per Share - diluted	$8.13 to $8.37	$8.25	$8.37 to $8.53	$8.45
Core AFFO per Share - diluted	$7.34 to $7.58	$7.46	$7.59 to $7.75	$7.67

MAA Same Store Portfolio:
Property revenue growth	11.5% to 12.5%	12.0%	13.0% to 14.0%	13.5%
Property operating expense growth	6.5% to 7.5%	7.0%	7.0% to 7.5%	7.25%
NOI growth	14.0% to 16.0%	15.0%	16.0% to 18.0%	17.0%


Dollars in thousands (Unaudited)
	September 30, 2022			December 31, 2021
Assets
Real estate assets:
Land	$	1,991,472		$	1,977,813
Buildings and improvements and other		12,787,864			12,454,439
Development and capital improvements in progress		297,416			247,970
		15,076,752			14,680,222
Less: Accumulated depreciation		(4,180,694	)		(3,848,161	)
		10,896,058			10,832,061
Undeveloped land		64,312			24,015
Investment in real estate joint venture		42,442			42,827
Real estate assets, net		11,002,812			10,898,903

Cash and cash equivalents		38,996			54,302
Restricted cash		14,558			76,296
Other assets		215,347			255,681
Assets held for sale		66,514			—
Total assets	$	11,338,227		$	11,285,182

Liabilities and equity
Liabilities:
Unsecured notes payable	$	4,154,820		$	4,151,375
Secured notes payable		364,331			365,315
Accrued expenses and other liabilities		647,176			584,400
Total liabilities		5,166,327			5,101,090

Redeemable common stock		20,145			30,185

Shareholders’ equity:
Preferred stock		9			9
Common stock		1,152			1,151
Additional paid-in capital		7,196,504			7,230,956
Accumulated distributions in excess of net income		(1,219,599	)		(1,255,807	)
Accumulated other comprehensive loss		(10,321	)		(11,132	)
Total MAA shareholders’ equity		5,967,745			5,965,177
Noncontrolling interests - Operating Partnership units		164,230			165,116
Total Company’s shareholders’ equity		6,131,975			6,130,293
Noncontrolling interests - consolidated real estate entities		19,780			23,614


Dollars in thousands	Three Months Ended									Nine Months Ended
	September 30, 2022			June 30, 2022			September 30, 2021			September 30, 2022			September 30, 2021
Net Operating Income
Same Store NOI	$	315,616		$	300,238		$	268,882		$	910,496		$	777,147
Non-Same Store and Other NOI		13,744			13,125			10,855			38,885			33,293
Total NOI		329,360			313,363			279,737			949,381			810,440
Depreciation and amortization		(136,879	)		(134,144	)		(134,611	)		(404,761	)		(397,938	)
Property management expenses		(16,262	)		(15,630	)		(13,831	)		(48,429	)		(40,522	)
General and administrative expenses		(12,188	)		(15,580	)		(12,670	)		(44,091	)		(38,763	)
Interest expense		(38,637	)		(38,905	)		(39,234	)		(116,663	)		(117,773	)
(Loss) gain on sale of depreciable real estate assets		(1	)		131,965			(313	)		131,963			134,515
Gain on sale of non-depreciable real estate assets		431			355			170			809			202
Other non-operating (expense) income		(1,718	)		(28,325	)		10,344			(19,248	)		14,557
Income tax benefit (expense)		1,256			3,052			(2,803	)		5,750			(5,847	)
Income from real estate joint venture		341			409			258			1,129			915
Net income attributable to noncontrolling interests		(3,392	)		(5,858	)		(2,568	)		(12,025	)		(11,636	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAA common shareholders	$	121,389		$	209,780		$	83,557		$	441,049		$	345,384


Dollars in thousands	Three Months Ended						Twelve Months Ended
	September 30, 2022			September 30, 2021			September 30, 2022			December 31, 2021
Net income	$	125,703		$	87,047		$	646,756		$	550,702
Depreciation and amortization		136,879			134,611			540,256			533,433
Interest expense		38,637			39,234			155,771			156,881
Income tax (benefit) expense		(1,256	)		2,803			2,040			13,637
EBITDA		299,963			263,695			1,344,823			1,254,653
Loss (gain) on sale of depreciable real estate assets		1			313			(217,876	)		(220,428	)
Adjustments to reflect the Company’s share of EBITDAre of unconsolidated affiliates		341			337			1,357			1,352
EBITDAre		300,305			264,345			1,128,304			1,035,577
Loss (gain) on embedded derivative in preferred shares (1)		425			(13,432	)		26,416			4,560
Gain on sale of non-depreciable real estate assets		(431	)		(170	)		(1,418	)		(811	)
Loss (gain) on investments (1)		8,197			(10,099	)		5,576			(51,714	)
Net casualty (gain) loss and other settlement proceeds (2)		(7,046	)		244			(29,651	)		1,524
Loss on debt extinguishment (1)		47			13,354			47			13,391
Legal costs and settlements, net (1)		—			(700	)		(916	)		(2,167	)
COVID-19 related costs (1)		60			492			892			1,301
Adjusted EBITDAre	$	301,557		$	254,034		$	1,129,250		$	1,001,661


Dollars in thousands, except per share data	Three months ended September 30,						Nine months ended September 30,
	2022			2021			2022			2021
Rental and other property revenues	$	520,783		$	452,575		$	1,491,901		$	1,314,507

Net income available for MAA common shareholders	$	121,389		$	83,557		$	441,049		$	345,384

Total NOI (1)	$	329,360		$	279,737		$	949,381		$	810,440

Earnings per common share: (2)
Basic	$	1.05		$	0.73		$	3.82		$	3.01
Diluted	$	1.05		$	0.73		$	3.82		$	3.01

Funds from operations per Share - diluted: (2)
FFO (1)	$	2.19		$	1.85		$	6.08		$	5.19
Core FFO (1)	$	2.19		$	1.78		$	6.18		$	5.11
Core AFFO (1)	$	1.86		$	1.56		$	5.47		$	4.59

Dividends declared per common share	$	1.2500		$	1.0250		$	3.5875		$	3.0750

Dividends/Core FFO (diluted) payout ratio		57.1	%		57.6	%		58.1	%		60.2	%
Dividends/Core AFFO (diluted) payout ratio		67.2	%		65.7	%		65.6	%		67.0	%

Consolidated interest expense	$	38,637		$	39,234		$	116,663		$	117,773
Mark-to-market debt adjustment		(19	)		(67	)		(90	)		(234	)
Debt discount and debt issuance cost amortization		(1,510	)		(1,401	)		(4,457	)		(3,909	)
Capitalized interest		2,253			2,448			6,146			7,781
Total interest incurred	$	39,361		$	40,214		$	118,262		$	121,411

Amortization of principal on notes payable	$	352		$	334		$	1,043		$	1,180


Dollars in thousands, except share price
	September 30, 2022		December 31, 2021
Gross Assets (1)	$	15,543,024	$	15,133,343
Gross Real Estate Assets (1)	$	15,314,297	$	14,865,818
Total debt	$	4,519,151	$	4,516,690
Common shares and units outstanding		118,643,681		118,542,994
Share price	$	155.07	$	229.44
Book equity value	$	6,171,900	$	6,184,092
Market equity value	$	18,398,076	$	27,198,505
Net Debt/Adjusted EBITDAre (2)	3.97x		4.39x


Shares and units in thousands	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Net Income Shares (1)
Weighted average common shares - basic		115,363		114,933		115,325		114,568
Effect of dilutive securities		205		296		267		305
Weighted average common shares - diluted		115,568		115,229		115,592		114,873
Funds From Operations Shares And Units
Weighted average common shares and units - basic		118,564		118,430		118,528		118,389
Weighted average common shares and units - diluted		118,643		118,540		118,626		118,511
Period End Shares And Units
Common shares at September 30,		115,448		115,138		115,448		115,138
Operating Partnership units at September 30,		3,196		3,403		3,196		3,403
Total common shares and units at September 30,		118,644		118,541		118,644		118,541


Amounts in thousands, except per share and unit data	Three months ended September 30,						Nine months ended September 30,
	2022			2021			2022			2021
Net income available for MAA common shareholders	$	121,389		$	83,557		$	441,049		$	345,384
Depreciation and amortization of real estate assets		135,023			132,803			399,366			392,586
Loss (gain) on sale of depreciable real estate assets		1			313			(131,963	)		(134,515	)
Depreciation and amortization of real estate assets of real estate joint venture		156			154			466			463
Net income attributable to noncontrolling interests		3,392			2,568			12,025			11,636
FFO attributable to the Company		259,961			219,395			720,943			615,554
Loss (gain) on embedded derivative in preferred shares (1)		425			(13,432	)		10,364			(11,492	)
Gain on sale of non-depreciable real estate assets		(431	)		(170	)		(809	)		(202	)
Loss (gain) on investments, net of tax (1)(2)		6,470			(7,985	)		31,036			(14,231	)
Net casualty (gain) loss and other settlement proceeds (3)		(7,046	)		244			(29,171	)		2,004
Loss on debt extinguishment (1)		47			13,354			47			13,391
Legal costs and settlements, net (1)		—			(700	)		535			(716	)
COVID-19 related costs (1)		60			492			502			911
Mark-to-market debt adjustment (4)		19			67			90			234
Core FFO		259,505			211,265			733,537			605,453
Recurring capital expenditures		(38,669	)		(26,377	)		(84,343	)		(61,809	)
Core AFFO		220,836			184,888			649,194			543,644
Redevelopment capital expenditures		(23,773	)		(20,752	)		(77,280	)		(69,632	)
Revenue enhancing capital expenditures		(16,172	)		(11,402	)		(39,100	)		(29,488	)
Commercial capital expenditures		(727	)		(877	)		(2,754	)		(2,303	)
Other capital expenditures (5)		(7,031	)		(6,272	)		(15,744	)		(17,020	)
FAD	$	173,133		$	145,585		$	514,316		$	425,201

Dividends and distributions paid	$	148,301		$	121,500		$	406,226		$	364,393

Weighted average common shares - diluted		115,568			115,229			115,592			114,873
FFO weighted average common shares and units - diluted		118,643			118,540			118,626			118,511

Earnings per common share - diluted:
Net income available for common shareholders	$	1.05		$	0.73		$	3.82		$	3.01

FFO per Share - diluted	$	2.19		$	1.85		$	6.08		$	5.19
Core FFO per Share - diluted	$	2.19		$	1.78		$	6.18		$	5.11
Core AFFO per Share - diluted	$	1.86		$	1.56		$	5.47		$	4.59


	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		196		—		5,416		—		5,416
Orlando, FL		5,274		264		369		5,907		—		5,907
Charlotte, NC		5,867		—		344		6,211		—		6,211
Austin, TX		6,829		288		—		7,117		323		7,440
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		2,101		1,327		99,741		323		100,064


	As of September 30, 2022								Average Effective		As of September 30, 2022
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended September 30, 2022		Completed Units		Total Units, Including Development
Atlanta, GA	$	2,058,201		14.0	%		95.9	%	$	1,793		11,434
Dallas, TX		1,530,476		10.3	%		95.9	%		1,595		10,115
Tampa, FL		982,215		6.6	%		95.5	%		2,015		5,416
Charlotte, NC		977,952		6.6	%		95.8	%		1,543		5,867
Orlando, FL		912,513		6.2	%		96.2	%		1,881		5,538
Austin, TX		888,441		6.0	%		95.2	%		1,587		7,117
Raleigh/Durham, NC		716,513		4.8	%		95.6	%		1,474		5,350
Houston, TX		624,165		4.2	%		95.7	%		1,363		4,867
Northern Virginia		566,836		3.8	%		95.9	%		2,211		1,888
Nashville, TN		547,556		3.7	%		96.1	%		1,634		4,375
Phoenix, AZ		471,487		3.2	%		95.9	%		1,728		2,968
Charleston, SC		417,605		2.8	%		96.4	%		1,625		3,168
Fort Worth, TX		378,646		2.6	%		95.6	%		1,515		3,687
Jacksonville, FL		299,626		2.0	%		96.7	%		1,510		3,496
Richmond, VA		272,830		1.8	%		96.3	%		1,525		2,004
Fredericksburg, VA		250,094		1.7	%		96.6	%		1,763		1,435
Greenville, SC		231,124		1.6	%		96.7	%		1,256		2,355
Savannah, GA		220,793		1.5	%		96.7	%		1,570		1,837
Denver, CO		212,386		1.4	%		96.4	%		1,898		812
Kansas City, MO-KS		189,830		1.3	%		95.7	%		1,486		1,110
San Antonio, TX		168,221		1.1	%		95.7	%		1,361		1,504
Birmingham, AL		165,371		1.1	%		95.1	%		1,342		1,462
All Other Markets by State (individual markets <1% gross real assets)
Tennessee		193,239		1.3	%		95.5	%		1,295		2,754
Florida		182,531		1.2	%		96.0	%		1,751		1,806
Maryland		171,446		1.2	%		95.2	%		1,940		757
Alabama		168,103		1.1	%		95.3	%		1,357		1,648
Virginia		157,063		1.1	%		95.9	%		1,694		1,039
Kentucky		96,194		0.6	%		96.4	%		1,127		1,308
Nevada		72,736		0.5	%		95.8	%		1,548		721
South Carolina		37,971		0.3	%		95.3	%		1,127		576
Stabilized Communities	$	14,162,164		95.6	%		95.9	%	$	1,619		98,414
Charlotte, NC		139,071		0.9	%		91.6	%		2,084		344		344
Denver, CO		112,255		0.8	%		90.2	%		1,906		306		658
Orlando, FL		97,380		0.7	%		89.7	%		2,205		369		369
Salt Lake City, UT		65,399		0.4	%		—			—		—		400
Atlanta, GA		58,366		0.4	%		—			—		—		340
Austin, TX		57,737		0.4	%		56.6	%		1,635		323		350
Houston, TX		54,792		0.4	%		86.4	%		1,560		308		308
Phoenix, AZ		54,057		0.4	%		—			—		—		317
Lease-up / Development Communities	$	639,057		4.4	%		82.6	%	$	1,892		1,650		3,086
Total Multifamily Communities	$	14,801,221		100.0	%		95.7	%	$	1,624		100,064		101,500


	As of September 30, 2022				Three Months Ended
	Apartment Units		Gross Real Assets		September 30, 2022			September 30, 2021		Percent Change
Operating Revenues
Same Store Communities		96,313	$	13,726,445	$	495,377		$	432,206		14.6	%
Non-Same Store Communities		2,101		435,719		12,876			13,323
Lease-up/Development Communities		1,650		639,057		6,313			1,094
Total Multifamily Portfolio		100,064	$	14,801,221	$	514,566		$	446,623
Commercial Property/Land		—		357,028		6,217			5,952
Total Operating Revenues		100,064	$	15,158,249	$	520,783		$	452,575

Property Operating Expenses
Same Store Communities					$	179,761		$	163,324		10.1	%
Non-Same Store Communities						4,569			6,209
Lease-up/Development Communities						2,839			709
Hurricane Expenses						1,602			—
Total Multifamily Portfolio					$	188,771		$	170,242
Commercial Property/Land						2,652			2,596
Total Property Operating Expenses					$	191,423		$	172,838

Net Operating Income
Same Store Communities					$	315,616		$	268,882		17.4	%
Non-Same Store Communities						8,307			7,114
Lease-up/Development Communities						3,474			385
Hurricane Expenses						(1,602	)		—
Total Multifamily Portfolio					$	325,795		$	276,381
Commercial Property/Land						3,565			3,356
Total Net Operating Income					$	329,360		$	279,737		17.7	%


						Average Physical Occupancy
			Percent of			Three Months Ended						Nine Months Ended
	Apartment Units		Same Store NOI			September 30, 2022			September 30, 2021			September 30, 2022			September 30, 2021
Atlanta, GA		11,434		12.8	%		95.3	%		95.6	%		95.4	%		95.4	%
Dallas, TX		9,767		9.2	%		95.8	%		96.2	%		95.6	%		95.7	%
Tampa, FL		5,220		6.9	%		95.8	%		97.1	%		96.1	%		97.2	%
Charlotte, NC		5,867		6.5	%		96.0	%		96.5	%		95.8	%		96.3	%
Orlando, FL		5,274		6.3	%		96.2	%		96.3	%		96.3	%		95.9	%
Austin, TX		6,829		6.2	%		95.5	%		96.1	%		95.3	%		95.8	%
Raleigh/Durham, NC		5,350		5.5	%		95.8	%		96.2	%		95.5	%		96.0	%
Nashville, TN		4,375		4.7	%		96.1	%		96.2	%		95.9	%		95.5	%
Houston, TX		4,867		3.8	%		95.5	%		96.0	%		95.5	%		95.0	%
Charleston, SC		3,168		3.6	%		96.1	%		96.7	%		95.9	%		96.4	%
Phoenix, AZ		2,623		3.4	%		95.7	%		97.0	%		95.9	%		97.0	%
Jacksonville, FL		3,496		3.4	%		96.4	%		97.3	%		96.6	%		97.5	%
Fort Worth, TX		3,519		3.2	%		95.5	%		96.4	%		95.6	%		96.3	%
Northern Virginia		1,888		2.7	%		95.6	%		95.3	%		95.6	%		95.7	%
Richmond, VA		2,004		2.1	%		96.1	%		96.5	%		96.1	%		96.8	%
Greenville, SC		2,355		2.0	%		96.6	%		96.4	%		96.4	%		96.4	%
Savannah, GA		1,837		2.0	%		96.9	%		97.4	%		96.8	%		97.3	%
Fredericksburg, VA		1,435		1.8	%		95.8	%		96.6	%		96.4	%		97.1	%
Memphis, TN		1,811		1.5	%		94.4	%		96.7	%		95.0	%		97.3	%
Birmingham, AL		1,462		1.3	%		95.8	%		96.6	%		95.7	%		96.7	%
San Antonio, TX		1,504		1.2	%		96.0	%		97.0	%		95.9	%		96.3	%
Denver, CO		812		1.1	%		95.1	%		95.7	%		95.8	%		94.8	%
Huntsville, AL		1,228		1.1	%		95.1	%		96.6	%		95.7	%		97.0	%
Kansas City, MO-KS		1,110		1.0	%		95.8	%		96.1	%		95.6	%		95.1	%
Other		7,078		6.7	%		95.9	%		96.9	%		96.0	%		96.8	%
Total Same Store		96,313		100.0	%		95.8	%		96.4	%		95.8	%		96.2	%


			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q3 2022		Q3 2021		% Chg			Q3 2022 (1)		Q3 2021		% Chg			Q3 2022		Q3 2021		% Chg			Q3 2022		Q3 2021		% Chg
Atlanta, GA		11,434	$	64,073	$	56,687		13.0	%	$	23,756	$	21,800		9.0	%	$	40,317	$	34,887		15.6	%	$	1,793	$	1,553		15.4	%
Dallas, TX		9,767		49,111		42,357		15.9	%		20,199		18,985		6.4	%		28,912		23,372		23.7	%		1,585		1,352		17.2	%
Tampa, FL		5,220		32,897		27,887		18.0	%		11,001		9,841		11.8	%		21,896		18,046		21.3	%		2,015		1,651		22.0	%
Charlotte, NC		5,867		28,955		25,338		14.3	%		8,513		7,878		8.1	%		20,442		17,460		17.1	%		1,543		1,325		16.4	%
Orlando, FL		5,274		31,271		25,969		20.4	%		11,406		9,136		24.8	%		19,865		16,833		18.0	%		1,864		1,530		21.9	%
Austin, TX		6,829		34,889		30,219		15.5	%		15,303		13,689		11.8	%		19,586		16,530		18.5	%		1,598		1,361		17.4	%
Raleigh/Durham, NC		5,350		25,425		21,894		16.1	%		8,018		7,540		6.3	%		17,407		14,354		21.3	%		1,474		1,253		17.6	%
Nashville, TN		4,375		22,781		19,729		15.5	%		7,818		7,280		7.4	%		14,963		12,449		20.2	%		1,634		1,391		17.5	%
Houston, TX		4,867		21,283		19,428		9.5	%		9,420		8,356		12.7	%		11,863		11,072		7.1	%		1,363		1,236		10.3	%
Charleston, SC		3,168		16,577		14,113		17.5	%		5,286		5,364		(1.5	)%		11,291		8,749		29.1	%		1,625		1,361		19.4	%
Phoenix, AZ		2,623		14,291		12,222		16.9	%		3,632		3,470		4.7	%		10,659		8,752		21.8	%		1,713		1,437		19.2	%
Jacksonville, FL		3,496		16,394		14,161		15.8	%		5,754		4,971		15.8	%		10,640		9,190		15.8	%		1,510		1,262		19.7	%
Fort Worth, TX		3,519		17,633		15,509		13.7	%		7,538		6,321		19.3	%		10,095		9,188		9.9	%		1,509		1,306		15.5	%
Northern Virginia		1,888		13,002		11,821		10.0	%		4,358		4,025		8.3	%		8,644		7,796		10.9	%		2,211		1,999		10.6	%
Richmond, VA		2,004		9,911		8,685		14.1	%		3,257		2,955		10.2	%		6,654		5,730		16.1	%		1,525		1,314		16.1	%
Greenville, SC		2,355		9,936		8,707		14.1	%		3,602		3,406		5.8	%		6,334		5,301		19.5	%		1,256		1,083		15.9	%
Savannah, GA		1,837		9,457		7,876		20.1	%		3,242		2,980		8.8	%		6,215		4,896		26.9	%		1,570		1,284		22.3	%
Fredericksburg, VA		1,435		8,078		7,578		6.6	%		2,326		2,152		8.1	%		5,752		5,426		6.0	%		1,763		1,618		9.0	%
Memphis, TN		1,811		7,721		6,901		11.9	%		2,887		2,682		7.6	%		4,834		4,219		14.6	%		1,339		1,171		14.4	%
Birmingham, AL		1,462		6,483		5,874		10.4	%		2,502		2,264		10.5	%		3,981		3,610		10.3	%		1,342		1,183		13.4	%
San Antonio, TX		1,504		6,515		5,775		12.8	%		2,855		2,718		5.0	%		3,660		3,057		19.7	%		1,361		1,186		14.8	%
Denver, CO		812		4,916		4,506		9.1	%		1,467		1,393		5.3	%		3,449		3,113		10.8	%		1,898		1,712		10.9	%
Huntsville, AL		1,228		5,197		4,718		10.2	%		1,773		1,585		11.9	%		3,424		3,133		9.3	%		1,281		1,132		13.1	%
Kansas City, MO-KS		1,110		5,256		4,769		10.2	%		2,037		1,811		12.5	%		3,219		2,958		8.8	%		1,486		1,343		10.6	%
Other		7,078		33,325		29,483		13.0	%		11,811		10,722		10.2	%		21,514		18,761		14.7	%		1,481		1,279		15.8	%
Total Same Store		96,313	$	495,377	$	432,206		14.6	%	$	179,761	$	163,324		10.1	%	$	315,616	$	268,882		17.4	%	$	1,614	$	1,383		16.7	%


		As of September 30, 2022
	Location	Total Units		Physical Occupancy	Spend to Date		Construction Completed	Expected Stabilization (1)
MAA Westglenn	Denver, CO	306		90.2%		81,686	1Q22	4Q22
MAA Park Point	Houston, TX	308		86.4%		54,792	1Q22	4Q22
MAA LoSo	Charlotte, NC	344		91.6%		139,072	(2)	1Q23
MAA Robinson	Orlando, FL	369		89.7%		97,380	4Q21	1Q23
Total			1,327	89.5%	$	372,930


Nine months ended September 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
	5,247	$	29,907	$	5,700	$	138	10.4%	12,000 - 15,000


Multifamily Acquisitions	Market	Apartment Units	Closing Date
MAA Hampton Preserve II	Tampa, FL	196	July 2022
MAA LoSo	Charlotte, NC	344	September 2022


Land Acquisition	Market	Acreage	Closing Date
MAA Florida Street Station	Denver, CO	4	March 2022
MAA Packing District	Orlando, FL	4	May 2022
MAA Panorama	Denver, CO	6	July 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
Colonial Promenade	Huntsville, AL	3	August 2022


DEBT SUMMARIES
Fixed Rate Versus Floating Rate Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Rate Maturity
Fixed rate debt	$	4,394,151		97.2	%		3.4	%		8.2
Floating rate debt		125,000		2.8	%		3.4	%		0.1
Total	$	4,519,151		100.0	%		3.4	%		8.0

Unsecured Versus Secured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	4,154,820		91.9	%		3.4	%		6.4
Secured debt		364,331		8.1	%		4.4	%		26.1
Total	$	4,519,151		100.0	%		3.4	%		8.0

Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q3 2022 NOI			Percent of Total
Unencumbered gross assets	$	14,515,719		93.4	%	$	313,408			95.2	%
Encumbered gross assets		1,027,305		6.6	%		15,952			4.8	%
Total	$	15,543,024		100.0	%	$	329,360			100.0	%


Maturity	Fixed Rate Debt		Effective Interest Rate
2022	$	—		—
2023		349,340		4.2	%
2024		398,637		4.0	%
2025		401,927		4.2	%
2026		297,009		1.2	%
2027		596,351		3.7	%
2028		396,543		4.2	%
2029		559,415		3.7	%
2030		297,456		3.1	%
2031		444,819		1.8	%
Thereafter		652,654		3.8	%
Total	$	4,394,151		3.4	%


Maturity	Commercial Paper & Revolving Credit Facility ⁽¹⁾ ⁽²⁾		Public Bonds		Secured		Total
2022	$	125,000	$	—	$	—	$	125,000
2023		—		349,340		—		349,340
2024		—		398,637		—		398,637
2025		—		397,580		4,347		401,927
2026		—		297,009		—		297,009
2027		—		596,351		—		596,351
2028		—		396,543		—		396,543
2029		—		559,415		—		559,415
2030		—		297,456		—		297,456
2031		—		444,819		—		444,819
Thereafter		—		292,670		359,984		652,654
Total	$	125,000	$	4,029,820	$	364,331	$	4,519,151


Bond Covenants	Required	Actual	Compliance
Total debt to adjusted total assets	60% or less	29.1%	Yes
Total secured debt to adjusted total assets	40% or less	2.3%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	6.9x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	346.4%	Yes

Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	21.1%	Yes
Total secured debt to total capitalized asset value	40% or Less	1.8%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	6.9x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	20.2%	Yes


	Full Year 2022 Guidance Range
	Low			High
Earnings per common share - diluted	$	5.59		$	5.75
Real estate depreciation and amortization		4.59			4.59
Gains on sale of depreciable assets		(1.92	)		(1.92	)
FFO per Share - diluted		8.26			8.42
Non-Core FFO items (1)		0.11			0.11
Core FFO per Share - diluted		8.37			8.53
Recurring capital expenditures		(0.78	)		(0.78	)
Core AFFO per Share - diluted	$	7.59		$	7.75