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): February 1, 2023

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 2.02. Results of Operations and Financial Condition.

On February 1, 2023, Mid-America Apartment Communities, Inc. (“MAA”) issued a press release announcing its consolidated results of operations and financial condition as of December 31, 2022 and for the three and twelve months then ended. Copies of the press release and supplemental data schedules are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report.

The information in this Current Report 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 Mid-America Apartments, L.P. (“MAALP”) under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”).

ITEM 7.01. Regulation FD Disclosure.

On February 1, 2023, MAA issued a press release announcing its consolidated results of operations and financial condition as of December 31, 2022 and for the three and twelve months then ended. In that press release, MAA also provided certain information with respect to the January 2023 settlement of two forward sales agreements with respect to a total of 1.1 million shares of MAA common stock. 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 February 1, 2023
99.2	Supplemental Data Schedules dated February 1, 2023
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:	February 1, 2023	/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:	February 1, 2023	/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/2022 Disposition Activity	S-9
Debt and Debt Covenants as of December 31, 2022	S-9
2023 Guidance/Reconciliation of Net Income per Diluted Common Share to Core FFO and Core AFFO per Share for 2023 Guidance	S-11
Credit Ratings/Common Stock/Investor Relations Data	S-12

2

EARNINGS RELEASE

MAA REPORTS FOURTH QUARTER AND FULL YEAR 2022 RESULTS

GERMANTOWN, TN, February 1, 2023/PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the quarter ended December 31, 2022.

Fourth Quarter 2022 Operating Results	Three months ended December 31,				Year ended December 31,
	2022		2021		2022		2021
Earnings per common share - diluted	$	1.67	$	1.60	$	5.48	$	4.61
Funds from operations (FFO) per Share - diluted	$	2.12	$	2.01	$	8.20	$	7.20
Core FFO per Share - diluted	$	2.32	$	1.90	$	8.50	$	7.01

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 closed 2022 with better than expected results and carry good momentum into the new year. As the broader economy adjusts to a higher interest rate environment, we believe that MAA is well positioned to capture another year of solid performance from our existing portfolio. Supported by a strong balance sheet, the company is also in position to capture new growth opportunities that we believe are likely to emerge.”

Highlights

•During the fourth quarter of 2022, MAA’s Same Store Portfolio produced increases in property revenues, operating expenses and Net Operating Income (NOI) of 13.6%, 7.9% and 16.8%, respectively, as compared to the same period in the prior year.

•During the fourth quarter of 2022, MAA closed on the disposition of a 396-unit multifamily community in Maryland and a 288-unit multifamily community in the Austin, Texas market for combined gross proceeds of $157.7 million generating a gain on sale of depreciable real estate assets of $82.8 million.

•As of the end of the fourth quarter of 2022, MAA had six communities under development, representing 2,310 units once complete, with a projected total cost of $728.7 million and an estimated $437.0 million remaining to be funded.

•During the fourth quarter of 2022, MAA completed the construction of MAA Windmill Hill, a multifamily development community located in the Austin, Texas market and commenced development of multifamily communities MAA Breakwater located in the Tampa, Florida market and MAA Nixie located in the Raleigh/Durham, North Carolina market.

•During the fourth quarter of 2022, MAA closed on the pre-purchase of a multifamily community located in the Charlotte, North Carolina market with development expected to begin in the second half of 2023.

•As of the end of the fourth quarter of 2022, MAA had a recently completed development community and a recently acquired community in lease-up. One community is expected to stabilize in the second quarter of 2023 and one in the fourth quarter of 2023.

•During the fourth quarter of 2022, MAA completed the lease-up of MAA Westglenn, located in the Denver, Colorado market, MAA Park Point, located in the Houston, Texas market and MAA Robinson located in the Orlando, Florida market.

•MAA completed the redevelopment of 1,327 apartment homes during the fourth quarter of 2022, capturing average rental rate increases of approximately 10% above non-renovated units.

•MAA’s balance sheet remains strong with a historically low Net Debt/Adjusted EBITDAre ratio of 3.71x and $1.3 billion of combined cash and available capacity under MAALP’s unsecured revolving credit facility as of December 31, 2022.

•Subsequent to the end of the fourth quarter of 2022, MAA settled its forward sale agreements with respect to a total of 1.1 million shares of its common stock for net proceeds of approximately $204 million.

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 twelve months ended December 31, 2022 as compared to the same periods in the prior year are summarized below:

	Three months ended December 31, 2022 vs. 2021				Twelve months ended December 31, 2022 vs. 2021
	Revenues	Expenses (1)	NOI	Average Effective Rent per Unit	Revenues	Expenses (2)	NOI	Average Effective Rent per Unit
Same Store Operating Growth	13.6%	7.9%	16.8%	14.9%	13.5%	7.6%	17.1%	14.6%

(1)Excludes $0.2 million in storm-related expenses related to hurricanes that are recorded in Non-Same Store operating expenses.

(2)Excludes $1.8 million in storm-related expenses related to hurricanes that are recorded in Non-Same Store operating expenses.

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.

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Same Store Portfolio operating statistics for the three and twelve months ended December 31, 2022 are summarized below:

	Three months ended December 31, 2022			Twelve months ended December 31, 2022			December 31, 2022
	Average Effective Rent per Unit		Average Physical Occupancy	Average Effective Rent per Unit		Average Physical Occupancy	Resident Turnover
Same Store Operating Statistics	$	1,646	95.6%	$	1,565	95.7%	46.1%

Same Store Portfolio lease pricing for leases effective during the fourth quarter of 2022, as compared to the prior lease, increased 2.2% for leases to new move-in residents, reflecting typically slower seasonal leasing volumes, and increased 10.1% for renewing leases, which produced an increase of 5.7% for both new and renewing leases on a blended basis. The rent-to-resident-income relationship for new leases signed during the fourth quarter of 2022 remained consistent with recent trends in the range of 22%.

Same Store Portfolio lease pricing for leases effective during the year ended December 31, 2022, as compared to the prior lease, increased 13.0% for leases to new move-in residents and increased 14.8% for renewing leases, which produced an increase of 13.9% for both new and renewing leases on a blended basis.

Acquisition and Disposition Activity

During the fourth quarter of 2022, MAA closed on the pre-purchase of a multifamily community, Alta 10th, located in the Charlotte, North Carolina market. The community will be developed through a joint venture with a local developer. Approximately $10 million has been funded as of December 31, 2022, primarily related to land, with development expected to begin in the second half of 2023. During the fourth quarter of 2022, MAA also acquired a six acre land parcel in the Raleigh, North Carolina market for approximately $9 million and started development of MAA Nixie on the property. 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 fourth quarter of 2022, MAA closed on the disposition of a 396-unit multifamily community in Maryland and a 288-unit multifamily community in the Austin, Texas market for combined gross proceeds of $157.7 million, resulting in a combined gain on the sale of depreciable real estate assets of $82.8 million.

Development and Lease-up Activity

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

		Units as of						Development Costs as of						Expected Project
Total		December 31, 2022						December 31, 2022						Completions By Year
Development								Expected		Spend		Expected
Projects		Total		Delivered		Leased		Total		to Date		Remaining		2023		2024		2025
	6		2,310		—		—	$	728,700	$	291,699	$	437,001		2		2		2

The expected average stabilized NOI yield on these communities is 5.6%. During the fourth quarter of 2022, MAA funded $67.0 million of costs for current and planned projects, including predevelopment activities.

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

Total		As of December 31, 2022
Lease-Up		Total		Physical			Spend
Projects (1)		Units		Occupancy			to Date
	2		694		74.6	%	$	198,128

(1)Both lease-up projects are expected to stabilize in 2023.

Property Redevelopment and Repositioning Activity

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

	As of December 31, 2022
	Units		Units		Average Cost		Increase in Average
	Completed		Completed		per Unit		Effective Rent per Unit
	QTD		YTD		YTD		YTD
Redevelopment		1,327		6,574	$	6,109	$	133
Smart Home		2,921		24,029	$	1,535	$	25	(1)

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

As of December 31, 2022, MAA had completed installation of the Smart Home technology (unit entry locks, mobile control of lights and thermostat and leak monitoring) in over 71,000 units across its apartment community portfolio since the initiative began during the first quarter of 2019.

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During the fourth 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 year ended December 31, 2022, work continued on properties selected for this program in 2021. For the year ended December 31, 2022, MAA spent $19.3 million on this program capturing yields on cost averaging approximately 17% between completed projects and those current projects where properties have begun repricing units to higher rents.

Capital Expenditures

A summary of MAA’s capital expenditures and Funds Available for Distribution (FAD) for the three and twelve months ended December 31, 2022 and 2021 is set forth below (dollars in millions, except per Share data):

	Three months ended December 31,						Year ended December 31,
	2022			2021			2022			2021
Core FFO	$	274.7		$	225.2		$	1,008.2		$	830.6
Recurring capital expenditures		(13.9	)		(19.3	)		(98.2	)		(81.1	)
Core adjusted FFO (Core AFFO)		260.8			205.9			910.0			749.5
Redevelopment, revenue enhancing, commercial and other capital expenditures		(61.9	)		(39.1	)		(194.9	)		(154.0	)
FAD	$	198.9		$	166.8		$	715.1		$	595.5
Core FFO per Share - diluted	$	2.32		$	1.90		$	8.50		$	7.01
Core AFFO per Share - diluted	$	2.20		$	1.74		$	7.67		$	6.32

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.

Balance Sheet and Financing Activities

As of December 31, 2022, MAA had $1.3 billion of combined cash and available capacity under MAALP’s unsecured revolving credit facility.

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

In January 2023, MAA physically settled its two forward sale agreements with respect to a total of 1.1 million shares of its common stock and received net proceeds of approximately $204 million.

Balance sheet highlights as of December 31, 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
28.4%	3.71x	$	4.4	3.4%	99.5%		7.9

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

(2)Adjusted EBITDAre is calculated for the trailing twelve month period ended December 31, 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 discussion of the components of Net Debt and Adjusted EBITDAre, can be found later in this release.

ESG

As of the end of 2022, MAA’s corporate initiatives have led to significant progress in key social and environmental performance areas. We have achieved a 21.9% reduction in energy use intensity and a 30.8% reduction in GHG emissions intensity from our 2018 baseline, meeting our goal seven years before our original 2028 target, and we believe we are on track to achieve the same in indoor water use intensity. Additionally, we have updated 35% of our portfolio to maximize energy efficiency and now have 25 green-certified communities, with more in the pipeline.

We also have a number of community engagement efforts underway and have reported our progress through our annual Corporate Sustainability Report, CDP disclosure, and GRESB assessment, the latter of which we have now improved year over year since our first submission in 2020. We will continue to focus on deepening engagement, establishing new targets, and building an integrated pathway for ESG, which is an integral component of our continued resiliency and creates a positive impact for our residents, associates, and investors.

116th Consecutive Quarterly Common Dividend Declared

MAA declared its 116th consecutive quarterly common dividend, which was paid on January 31, 2023 to holders of record on January 13, 2023. The current annual dividend rate is $5.60 per common share, an increase of 12% 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.

5

2023 Earnings and Same Store Portfolio Guidance

MAA is providing initial 2023 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 2023. MAA expects to update its 2023 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 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.

2023 Guidance
Earnings:	Full Year 2023
Earnings per common share - diluted	$5.97 to $6.37
Core FFO per Share - diluted	$8.88 to $9.28
Core AFFO per Share - diluted	$7.96 to $8.36
MAA Same Store Portfolio:
Property revenue growth	5.25% to 7.25%
Property operating expense growth	5.15% to 7.15%
NOI growth	5.30% to 7.30%

MAA expects Core FFO for the first quarter of 2023to be in the range of$2.14 to $2.30 per Share, or $2.22 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 fourth quarter results on February 2, 2023, 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 December 31, 2022, MAA had ownership interest in 101,986 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.

6

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

•inability to generate sufficient cash flows due to 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;

•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 and natural disasters;

•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;

•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.

7

FINANCIAL HIGHLIGHTS

Dollars in thousands, except per share data	Three months ended December 31,						Year ended December 31,
	2022			2021			2022			2021
Rental and other property revenues	$	527,965		$	463,575		$	2,019,866		$	1,778,082
Net income available for MAA common shareholders	$	192,699		$	184,719		$	633,748		$	530,103
Total NOI (1)	$	346,791		$	296,477		$	1,296,172		$	1,106,917
Earnings per common share: (2)
Basic	$	1.67		$	1.60		$	5.49		$	4.62
Diluted	$	1.67		$	1.60		$	5.48		$	4.61
Funds from operations per Share - diluted: (2)
FFO (1)	$	2.12		$	2.01		$	8.20		$	7.20
Core FFO (1)	$	2.32		$	1.90		$	8.50		$	7.01
Core AFFO (1)	$	2.20		$	1.74		$	7.67		$	6.32
Dividends declared per common share	$	1.4000		$	1.0875		$	4.9875		$	4.1625
Dividends/Core FFO (diluted) payout ratio		60.3	%		57.2	%		58.7	%		59.4	%
Dividends/Core AFFO (diluted) payout ratio		63.6	%		62.5	%		65.0	%		65.9	%
Consolidated interest expense	$	38,084		$	39,108		$	154,747		$	156,881
Mark-to-market debt adjustment		13			(36	)		(77	)		(270	)
Debt discount and debt issuance cost amortization		(1,528	)		(1,474	)		(5,985	)		(5,383	)
Capitalized interest		2,582			1,939			8,728			9,720
Total interest incurred	$	39,151		$	39,537		$	157,413		$	160,948
Amortization of principal on notes payable	$	358		$	337		$	1,401		$	1,516

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

Dollars in thousands, except share price
	December 31, 2022		December 31, 2021
Gross Assets (1)	$	15,543,912	$	15,133,343
Gross Real Estate Assets (1)	$	15,336,793	$	14,865,818
Total debt	$	4,414,903	$	4,516,690
Common shares and units outstanding		118,645,269		118,542,994
Share price	$	156.99	$	229.44
Book equity value	$	6,210,419	$	6,184,092
Market equity value	$	18,626,121	$	27,198,505
Net Debt/Adjusted EBITDAre(2)	3.71x		4.39x

(1)A reconciliation of Gross Assets to Total assets and Gross Real Estate Assets to Real estate assets, net, along with 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 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 December 31,						Year ended December 31,
	2022			2021			2022			2021
Revenues:
Rental and other property revenues	$	527,965		$	463,575		$	2,019,866		$	1,778,082
Expenses:
Operating expenses, excluding real estate taxes and insurance		106,594			100,164			435,108			404,288
Real estate taxes and insurance		74,580			66,934			288,586			266,877
Depreciation and amortization		138,237			135,495			542,998			533,433
Total property operating expenses		319,411			302,593			1,266,692			1,204,598
Property management expenses		17,034			15,210			65,463			55,732
General and administrative expenses		14,742			14,121			58,833			52,884
Interest expense		38,084			39,108			154,747			156,881
Gain on sale of depreciable real estate assets		(82,799	)		(85,913	)		(214,762	)		(220,428	)
Gain on sale of non-depreciable real estate assets		—			(609	)		(809	)		(811	)
Other non-operating expense (income)		23,465			(19,345	)		42,713			(33,902	)
Income before income tax expense		198,028			198,410			646,989			563,128
Income tax benefit (expense)		458			(7,790	)		6,208			(13,637	)
Income from continuing operations before real estate joint venture activity		198,486			190,620			653,197			549,491
Income from real estate joint venture		450			296			1,579			1,211
Net income		198,936			190,916			654,776			550,702
Net income attributable to noncontrolling interests		5,315			5,275			17,340			16,911
Net income available for shareholders		193,621			185,641			637,436			533,791
Dividends to MAA Series I preferred shareholders		922			922			3,688			3,688
Net income available for MAA common shareholders	$	192,699		$	184,719		$	633,748		$	530,103
Earnings per common share - basic:
Net income available for common shareholders	$	1.67		$	1.60		$	5.49		$	4.62
Earnings per common share - diluted:
Net income available for common shareholders	$	1.67		$	1.60		$	5.48		$	4.61

SHARE AND UNIT DATA

Shares and units in thousands	Three months ended December 31,				Year ended December 31,
	2022		2021		2022		2021
Net Income Shares (1)
Weighted average common shares - basic		115,398		115,158		115,344		114,717
Effect of dilutive securities		251		458		239		322
Weighted average common shares - diluted		115,649		115,616		115,583		115,039
Funds From Operations Shares And Units
Weighted average common shares and units - basic		118,568		118,433		118,538		118,400
Weighted average common shares and units - diluted		118,646		118,637		118,618		118,519
Period End Shares And Units
Common shares at December 31,		115,480		115,337		115,480		115,337
Operating Partnership units at December 31,		3,165		3,206		3,165		3,206
Total common shares and units at December 31,		118,645		118,543		118,645		118,543

(1)For additional information on the calculation of diluted common shares and earnings per common share, please refer to the Notes to Consolidated Financial Statements in MAA’s Annual Report on Form 10-K for the year ended December 31, 2022, expected to be filed with the SEC on or about February 16, 2023.

9

CONSOLIDATED BALANCE SHEETS

Dollars in thousands (Unaudited)
	December 31, 2022			December 31, 2021
Assets
Real estate assets:
Land	$	2,008,364		$	1,977,813
Buildings and improvements and other		12,841,947			12,454,439
Development and capital improvements in progress		332,035			247,970
		15,182,346			14,680,222
Less: Accumulated depreciation		(4,302,747	)		(3,848,161	)
		10,879,599			10,832,061
Undeveloped land		64,312			24,015
Investment in real estate joint venture		42,290			42,827
Real estate assets, net		10,986,201			10,898,903
Cash and cash equivalents		38,659			54,302
Restricted cash		22,412			76,296
Other assets		193,893			255,681
Total assets		11,241,165			11,285,182
Liabilities and equity
Liabilities:
Unsecured notes payable	$	4,050,910		$	4,151,375
Secured notes payable		363,993			365,315
Accrued expenses and other liabilities		615,843			584,400
Total liabilities		5,030,746			5,101,090
Redeemable common stock		20,671			30,185
Shareholders’ equity:
Preferred stock		9			9
Common stock		1,152			1,151
Additional paid-in capital		7,202,834			7,230,956
Accumulated distributions in excess of net income		(1,188,854	)		(1,255,807	)
Accumulated other comprehensive loss		(10,052	)		(11,132	)
Total MAA shareholders’ equity		6,005,089			5,965,177
Noncontrolling interests - Operating Partnership units		163,595			165,116
Total Company’s shareholders’ equity		6,168,684			6,130,293
Noncontrolling interests - consolidated real estate entities		21,064			23,614
Total equity		6,189,748			6,153,907
Total liabilities and equity	$	11,241,165		$	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 December 31,						Year ended December 31,
	2022			2021			2022			2021
Net income available for MAA common shareholders	$	192,699		$	184,719		$	633,748		$	530,103
Depreciation and amortization of real estate assets		136,469			133,634			535,835			526,220
Gain on sale of depreciable real estate assets		(82,799	)		(85,913	)		(214,762	)		(220,428	)
Depreciation and amortization of real estate assets of real estate joint venture		155			153			621			616
Net income attributable to noncontrolling interests		5,315			5,275			17,340			16,911
FFO attributable to the Company		251,839			237,868			972,782			853,422
Loss on embedded derivative in preferred shares (1)		10,743			16,052			21,107			4,560
Gain on sale of non-depreciable real estate assets		—			(609	)		(809	)		(811	)
Loss (gain) on investments, net of tax (1)(2)		4,786			(26,644	)		35,822			(40,875	)
Casualty related (recoveries) charges, net (3)		(759	)		(480	)		(29,930	)		1,524
Loss on debt extinguishment (1)		—			—			47			13,391
Legal costs and settlements, net (1)		8,000			(1,451	)		8,535			(2,167	)
COVID-19 related costs (1)		73			390			575			1,301
Mark-to-market debt adjustment (4)		(13	)		36			77			270
Core FFO		274,669			225,162			1,008,206			830,615
Recurring capital expenditures		(13,825	)		(19,297	)		(98,168	)		(81,106	)
Core AFFO		260,844			205,865			910,038			749,509
Redevelopment capital expenditures		(23,755	)		(15,835	)		(101,035	)		(85,467	)
Revenue enhancing capital expenditures		(26,472	)		(13,645	)		(65,572	)		(43,133	)
Commercial capital expenditures		(1,938	)		(1,539	)		(4,692	)		(3,842	)
Other capital expenditures (5)		(9,822	)		(8,086	)		(23,595	)		(21,561	)
FAD	$	198,857		$	166,760		$	715,144		$	595,506
Dividends and distributions paid	$	148,306		$	121,505		$	554,532		$	485,898
Weighted average common shares - diluted		115,649			115,616			115,583			115,039
FFO weighted average common shares and units - diluted		118,646			118,637			118,618			118,519
Earnings per common share - diluted:
Net income available for common shareholders	$	1.67		$	1.60		$	5.48		$	4.61
FFO per Share - diluted	$	2.12		$	2.01		$	8.20		$	7.20
Core FFO per Share - diluted	$	2.32		$	1.90		$	8.50		$	7.01
Core AFFO per Share - diluted	$	2.20		$	1.74		$	7.67		$	6.32

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

(2)For the three and twelve months ended December 31, 2022, loss (gain) on investments are presented net of tax benefit of $1.3 million and $9.5 million, respectively. For the three and twelve months ended December 31, 2021, loss (gain) on investments are presented net of tax expense of $7.1 million and $10.8 million, respectively.

(3)For the three and twelve months ended December 31, 2022, MAA incurred $5.8 million in casualty losses related to winter storm Elliot (primarily building repairs, landscaping and asset write-offs). During the year ended December 31, 2021, MAA incurred $26.0 million in casualty losses related to winter storm Uri. The majority of the storm costs are expected to be or have been reimbursed through insurance coverage. An insurance recovery was recognized in Other non-operating expense (income) in the amount of the recognized losses that MAA expects to recover. Additional costs related to the storms that are not expected to be recovered through insurance coverage, along with other unrelated casualty losses and recoveries, including the receipt of insurance proceeds that exceeded its recorded casualty losses from winter storm Uri, are reflected in Casualty related (recoveries) charges, net. For the three and twelve months ended December 31, 2022, MAA recognized a gain of $1.4 million and $29.0 million, respectively, from the receipt of insurance proceeds that exceeded its casualty losses related to winter storm Uri. These adjustments are primarily included in Other non-operating expense (income).

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

(5)For the three and twelve months ended December 31, 2022, $1.1 million and $3.1 million, respectively, of corporate related capital expenditures are excluded from other capital expenditures. For the three and twelve months ended December 31, 2021, $12.7 million and $44.5 million, respectively, of reconstruction-related capital expenditures relating to winter storm Uri and corporate related capital expenditures are excluded from other capital expenditures. The capital expenditures relating to winter storm Uri 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									Year Ended
	December 31, 2022			September 30, 2022			December 31, 2021			December 31, 2022			December 31, 2021
Net Operating Income
Same Store NOI	$	332,199		$	315,616		$	284,425		$	1,242,695		$	1,061,572
Non-Same Store and Other NOI		14,592			13,744			12,052			53,477			45,345
Total NOI		346,791			329,360			296,477			1,296,172			1,106,917
Depreciation and amortization		(138,237	)		(136,879	)		(135,495	)		(542,998	)		(533,433	)
Property management expenses		(17,034	)		(16,262	)		(15,210	)		(65,463	)		(55,732	)
General and administrative expenses		(14,742	)		(12,188	)		(14,121	)		(58,833	)		(52,884	)
Interest expense		(38,084	)		(38,637	)		(39,108	)		(154,747	)		(156,881	)
Gain (loss) on sale of depreciable real estate assets		82,799			(1	)		85,913			214,762			220,428
Gain on sale of non-depreciable real estate assets		—			431			609			809			811
Other non-operating (expense) income		(23,465	)		(1,718	)		19,345			(42,713	)		33,902
Income tax benefit (expense)		458			1,256			(7,790	)		6,208			(13,637	)
Income from real estate joint venture		450			341			296			1,579			1,211
Net income attributable to noncontrolling interests		(5,315	)		(3,392	)		(5,275	)		(17,340	)		(16,911	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(922	)		(3,688	)		(3,688	)
Net income available for MAA common shareholders	$	192,699		$	121,389		$	184,719		$	633,748		$	530,103

12

RECONCILIATION OF EBITDA, EBITDAre AND ADJUSTED EBITDAre TO NET INCOME

Dollars in thousands	Three Months Ended						Year Ended
	December 31, 2022			December 31, 2021			December 31, 2022			December 31, 2021
Net income	$	198,936		$	190,916		$	654,776		$	550,702
Depreciation and amortization		138,237			135,495			542,998			533,433
Interest expense		38,084			39,108			154,747			156,881
Income tax (benefit) expense		(458	)		7,790			(6,208	)		13,637
EBITDA		374,799			373,309			1,346,313			1,254,653
Gain on sale of depreciable real estate assets		(82,799	)		(85,913	)		(214,762	)		(220,428	)
Adjustments to reflect the Company’s share of EBITDAre of unconsolidated affiliates		338			338			1,357			1,352
EBITDAre		292,338			287,734			1,132,908			1,035,577
Loss on embedded derivative in preferred shares (1)		10,743			16,052			21,107			4,560
Gain on sale of non-depreciable real estate assets		—			(609	)		(809	)		(811	)
Loss (gain) on investments (1)		6,068			(33,713	)		45,357			(51,714	)
Casualty related (recoveries) charges, net (2)		(759	)		(480	)		(29,930	)		1,524
Loss on debt extinguishment (1)		—			—			47			13,391
Legal costs and settlements, net (1)		8,000			(1,451	)		8,535			(2,167	)
COVID-19 related costs (1)		73			390			575			1,301
Adjusted EBITDAre	$	316,463		$	267,923		$	1,177,790		$	1,001,661

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

(2)For the three and twelve months ended December 31, 2022, MAA incurred $5.8 million in casualty losses related to winter storm Elliot (primarily building repairs, landscaping and asset write-offs). During the year ended December 31, 2021, MAA incurred $26.0 million in casualty losses related to winter storm Uri. The majority of the storm costs are expected to be or have been reimbursed through insurance coverage. An insurance recovery was recognized in Other non-operating expense (income) in the amount of the recognized losses that MAA expects to recover. Additional costs related to the storms that are not expected to be recovered through insurance coverage, along with other unrelated casualty losses and recoveries, including the receipt of insurance proceeds that exceeded its recorded casualty losses from winter storm Uri, are reflected in Casualty related (recoveries) charges, net. For the three and twelve months ended December 31, 2022, MAA recognized a gain of $1.4 million and $29.0 million, respectively, from the receipt of insurance proceeds that exceeded its casualty losses related to winter storm Uri. These adjustments are primarily included in Other non-operating expense (income).

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

Dollars in thousands
	December 31, 2022			December 31, 2021
Unsecured notes payable	$	4,050,910		$	4,151,375
Secured notes payable		363,993			365,315
Total debt		4,414,903			4,516,690
Cash and cash equivalents		(38,659	)		(54,302	)
1031(b) exchange proceeds included in Restricted cash (1)		(9,186	)		(64,452	)
Net Debt	$	4,367,058		$	4,397,936

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

RECONCILIATION OF GROSS ASSETS TO TOTAL ASSETS

Dollars in thousands
	December 31, 2022		December 31, 2021
Total assets	$	11,241,165	$	11,285,182
Accumulated depreciation		4,302,747		3,848,161
Gross Assets	$	15,543,912	$	15,133,343

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

Dollars in thousands
	December 31, 2022		December 31, 2021
Real estate assets, net	$	10,986,201	$	10,898,903
Accumulated depreciation		4,302,747		3,848,161
Cash and cash equivalents		38,659		54,302
1031(b) exchange proceeds included in Restricted cash (1)		9,186		64,452
Gross Real Estate Assets	$	15,336,793	$	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, casualty related (recoveries) charges, net, 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 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 of tax, casualty related (recoveries) charges, net, gain or loss on debt extinguishment, legal costs and settlements, net, COVID-19 related costs, mark-to-market debt adjustments and other non-core items. 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 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, capital expenditures relating to significant casualty losses that management expects to be reimbursed by insurance proceeds and corporate related capital expenditures. 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 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 includes all storm-related expenses related to hurricanes. 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 excludes storm-related expenses related to hurricanes. 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 DECEMBER 31, 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		196		—		5,416		—		5,416
Orlando, FL		5,274		633		—		5,907		—		5,907
Charlotte, NC		5,867		—		344		6,211		—		6,211
Austin, TX		6,829		—		350		7,179		—		7,179
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		96		—		7,174		—		7,174
Total Multifamily Units		96,313		2,400		694		99,407		—		99,407

(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 December 31, 2022								Average Effective		As of December 31, 2022
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended December 31, 2022		Completed Units		Total Units, Including Development
Atlanta, GA	$	2,066,682		13.9	%		96.1	%	$	1,827		11,434
Dallas, TX		1,537,679		10.4	%		95.9	%		1,630		10,115
Orlando, FL		1,013,392		6.8	%		96.4	%		1,951		5,907
Tampa, FL		987,051		6.7	%		96.0	%		2,063		5,416
Charlotte, NC		984,632		6.6	%		96.1	%		1,570		5,867
Austin, TX		875,479		5.9	%		95.5	%		1,622		6,829
Raleigh/Durham, NC		719,758		4.8	%		96.4	%		1,506		5,350
Houston, TX		684,472		4.6	%		96.6	%		1,391		5,175
Northern Virginia		567,972		3.8	%		95.8	%		2,248		1,888
Nashville, TN		550,620		3.7	%		96.0	%		1,671		4,375
Phoenix, AZ		474,405		3.2	%		95.8	%		1,761		2,968
Charleston, SC		419,758		2.8	%		96.5	%		1,675		3,168
Fort Worth, TX		380,266		2.6	%		95.6	%		1,546		3,687
Jacksonville, FL		301,655		2.0	%		96.9	%		1,538		3,496
Denver, CO		295,472		2.0	%		94.5	%		1,933		1,118
Richmond, VA		273,746		1.8	%		96.4	%		1,551		2,004
Fredericksburg, VA		250,661		1.7	%		94.8	%		1,773		1,435
Greenville, SC		232,148		1.6	%		95.9	%		1,286		2,355
Savannah, GA		221,598		1.5	%		96.5	%		1,604		1,837
Kansas City, MO-KS		190,333		1.3	%		96.0	%		1,514		1,110
San Antonio, TX		168,531		1.1	%		95.0	%		1,381		1,504
Birmingham, AL		166,708		1.1	%		95.6	%		1,353		1,462
All Other Markets by State (individual markets <1% gross real assets)
Tennessee		194,929		1.3	%		95.5	%		1,311		2,754
Florida		182,834		1.2	%		95.2	%		1,788		1,806
Alabama		169,306		1.1	%		95.4	%		1,370		1,648
Virginia		157,423		1.1	%		96.8	%		1,724		1,039
Kentucky		96,655		0.7	%		96.6	%		1,144		1,308
Maryland		82,104		0.6	%		96.7	%		2,034		361
Nevada		73,999		0.5	%		96.1	%		1,575		721
South Carolina		38,252		0.3	%		95.3	%		1,142		576
Stabilized Communities	$	14,358,520		96.7	%		96.0	%	$	1,654		98,713
Charlotte, NC		139,167		0.9	%		84.3	%		2,062		344		344
Salt Lake City, UT		74,195		0.5	%		—			—		—		400
Atlanta, GA		72,536		0.5	%		—			—		—		340
Austin, TX		58,961		0.4	%		65.1	%		1,647		350		350
Phoenix, AZ		57,646		0.4	%		—			—		—		317
Denver, CO		41,324		0.3	%		—			—		—		352
Tampa, FL		32,553		0.2	%		—			—		—		495
Raleigh/Durham, NC		13,445		0.1	%		—			—		—		406
Lease-up / Development Communities	$	489,827		3.3	%		74.6	%	$	1,853		694		3,004
Total Multifamily Communities	$	14,848,347		100.0	%		95.9	%	$	1,655		99,407		101,717

(1)Schedule excludes MAA's 35% ownership in a 269 unit joint venture property in Washington, D.C. As of December 31, 2022, the gross investment in real estate for this community was $80.9 million and includes a mortgage note payable of $51.9 million. For the year ended December 31, 2022, this apartment community achieved NOI of $7.5 million.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

	As of December 31, 2022				Three Months Ended
	Apartment Units		Gross Real Assets		December 31, 2022			December 31, 2021			Percent Change
Operating Revenues
Same Store Communities		96,313	$	13,794,995	$	502,695		$	442,479			13.6	%
Non-Same Store Communities		2,400		563,525		15,578			15,137
Lease-up/Development Communities		694		489,827		3,238			—
Total Multifamily Portfolio		99,407	$	14,848,347	$	521,511		$	457,616
Commercial Property/Land		—		347,688		6,454			5,959
Total Operating Revenues		99,407	$	15,196,035	$	527,965		$	463,575
Property Operating Expenses
Same Store Communities					$	170,496		$	158,054			7.9	%
Non-Same Store Communities						6,647			6,426
Lease-up/Development Communities						1,203			81
Hurricane Expenses						227			—
Total Multifamily Portfolio					$	178,573		$	164,561
Commercial Property/Land						2,601			2,537
Total Property Operating Expenses					$	181,174		$	167,098
Net Operating Income
Same Store Communities					$	332,199		$	284,425			16.8	%
Non-Same Store Communities						8,931			8,711
Lease-up/Development Communities						2,035			(81	)
Hurricane Expenses						(227	)		—
Total Multifamily Portfolio					$	342,938		$	293,055
Commercial Property/Land						3,853			3,422
Total Net Operating Income					$	346,791		$	296,477			17.0	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

	Three Months Ended							Year Ended
	December 31, 2022		December 31, 2021		Percent Change			December 31, 2022		December 31, 2021		Percent Change
Property Taxes	$	63,567	$	57,788		10.0	%	$	246,235	$	231,240		6.5	%
Personnel		36,635		34,800		5.3	%		148,464		138,897		6.9	%
Utilities		31,289		29,263		6.9	%		124,259		117,376		5.9	%
Building Repair and Maintenance		20,732		18,665		11.1	%		86,642		77,442		11.9	%
Office Operations		6,940		6,336		9.5	%		27,704		23,380		18.5	%
Insurance		6,971		6,241		11.7	%		26,494		23,438		13.0	%
Marketing		4,362		4,961		(12.1	)%		22,216		21,889		1.5	%
Total Property Operating Expenses (1)	$	170,496	$	158,054		7.9	%	$	682,014	$	633,662		7.6	%

(1)Excludes $0.2 million and $1.8 million in storm-related expenses related to hurricanes during the three months and year ended December 31, 2022, respectively.

Supplemental Data S-3

MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE

						Average Physical Occupancy
			Percent of			Three Months Ended						Year Ended
	Apartment Units		Same Store NOI			December 31, 2022			December 31, 2021			December 31, 2022			December 31, 2021
Atlanta, GA		11,434		12.8	%		95.4	%		95.7	%		95.4	%		95.5	%
Dallas, TX		9,767		8.9	%		95.5	%		95.7	%		95.6	%		95.7	%
Tampa, FL		5,220		7.0	%		95.7	%		96.6	%		96.0	%		97.1	%
Orlando, FL		5,274		6.5	%		96.1	%		96.4	%		96.2	%		96.0	%
Charlotte, NC		5,867		6.4	%		95.7	%		96.0	%		95.8	%		96.2	%
Austin, TX		6,829		6.0	%		94.8	%		95.1	%		95.2	%		95.6	%
Raleigh/Durham, NC		5,350		5.5	%		95.6	%		95.5	%		95.6	%		95.9	%
Nashville, TN		4,375		4.8	%		95.7	%		95.7	%		95.8	%		95.6	%
Charleston, SC		3,168		3.8	%		95.8	%		96.0	%		95.9	%		96.3	%
Houston, TX		4,867		3.6	%		95.9	%		96.2	%		95.6	%		95.3	%
Jacksonville, FL		3,496		3.4	%		96.2	%		97.2	%		96.5	%		97.5	%
Phoenix, AZ		2,623		3.3	%		96.1	%		96.6	%		95.9	%		96.9	%
Fort Worth, TX		3,519		3.2	%		95.1	%		96.1	%		95.5	%		96.2	%
Northern Virginia		1,888		2.9	%		96.0	%		95.5	%		95.7	%		95.6	%
Richmond, VA		2,004		2.1	%		96.0	%		96.1	%		96.1	%		96.6	%
Savannah, GA		1,837		2.0	%		96.1	%		97.2	%		96.7	%		97.3	%
Greenville, SC		2,355		2.0	%		96.1	%		95.9	%		96.3	%		96.3	%
Fredericksburg, VA		1,435		1.8	%		95.9	%		96.4	%		96.3	%		97.0	%
Memphis, TN		1,811		1.5	%		95.1	%		96.1	%		95.0	%		97.0	%
Birmingham, AL		1,462		1.2	%		95.9	%		95.2	%		95.8	%		96.3	%
San Antonio, TX		1,504		1.1	%		94.8	%		95.6	%		95.6	%		96.1	%
Denver, CO		812		1.1	%		95.4	%		94.5	%		95.7	%		94.8	%
Huntsville, AL		1,228		1.1	%		95.4	%		96.0	%		95.6	%		96.8	%
Kansas City, MO-KS		1,110		1.1	%		95.9	%		95.8	%		95.7	%		95.3	%
Other		7,078		6.9	%		95.8	%		96.3	%		96.0	%		96.7	%
Total Same Store		96,313		100.0	%		95.6	%		96.0	%		95.7	%		96.1	%

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		Q4 2022		Q4 2021		% Chg			Q4 2022 (1)		Q4 2021		% Chg			Q4 2022		Q4 2021		% Chg			Q4 2022		Q4 2021		% Chg
Atlanta, GA		11,434	$	65,166	$	57,933		12.5	%	$	22,590	$	20,417		10.6	%	$	42,576	$	37,516		13.5	%	$	1,827	$	1,611		13.4	%
Dallas, TX		9,767		49,727		43,479		14.4	%		20,106		18,751		7.2	%		29,621		24,728		19.8	%		1,619		1,403		15.4	%
Tampa, FL		5,220		33,693		28,886		16.6	%		10,425		9,225		13.0	%		23,268		19,661		18.3	%		2,065		1,730		19.4	%
Orlando, FL		5,274		32,027		27,000		18.6	%		10,280		9,102		12.9	%		21,747		17,898		21.5	%		1,919		1,594		20.4	%
Charlotte, NC		5,867		29,158		25,704		13.4	%		8,035		7,664		4.8	%		21,123		18,040		17.1	%		1,570		1,365		15.0	%
Austin, TX		6,829		35,160		30,929		13.7	%		15,359		13,373		14.9	%		19,801		17,556		12.8	%		1,622		1,403		15.6	%
Raleigh/Durham, NC		5,350		25,895		22,248		16.4	%		7,467		7,096		5.2	%		18,428		15,152		21.6	%		1,506		1,292		16.5	%
Nashville, TN		4,375		23,059		20,125		14.6	%		7,055		6,690		5.5	%		16,004		13,435		19.1	%		1,671		1,436		16.4	%
Charleston, SC		3,168		16,999		14,380		18.2	%		4,297		4,999		(14.0	)%		12,702		9,381		35.4	%		1,675		1,410		18.8	%
Houston, TX		4,867		21,628		19,825		9.1	%		9,634		9,537		1.0	%		11,994		10,288		16.6	%		1,382		1,266		9.2	%
Jacksonville, FL		3,496		16,603		14,681		13.1	%		5,326		4,760		11.9	%		11,277		9,921		13.7	%		1,538		1,325		16.1	%
Phoenix, AZ		2,623		14,499		12,753		13.7	%		3,451		3,146		9.7	%		11,048		9,607		15.0	%		1,747		1,511		15.6	%
Fort Worth, TX		3,519		17,873		15,825		12.9	%		7,181		6,452		11.3	%		10,692		9,373		14.1	%		1,540		1,351		14.0	%
Northern Virginia		1,888		13,222		11,994		10.2	%		3,718		3,775		(1.5	)%		9,504		8,219		15.6	%		2,248		2,047		9.8	%
Richmond, VA		2,004		9,995		8,827		13.2	%		3,149		2,791		12.8	%		6,846		6,036		13.4	%		1,551		1,373		12.9	%
Savannah, GA		1,837		9,609		8,165		17.7	%		2,840		2,839		0.0	%		6,769		5,326		27.1	%		1,604		1,337		20.0	%
Greenville, SC		2,355		10,058		8,911		12.9	%		3,392		3,290		3.1	%		6,666		5,621		18.6	%		1,286		1,134		13.3	%
Fredericksburg, VA		1,435		8,187		7,727		6.0	%		2,211		2,085		6.0	%		5,976		5,642		5.9	%		1,773		1,673		6.0	%
Memphis, TN		1,811		7,816		7,114		9.9	%		2,717		2,496		8.9	%		5,099		4,618		10.4	%		1,348		1,221		10.4	%
Birmingham, AL		1,462		6,446		5,917		8.9	%		2,440		2,351		3.8	%		4,006		3,566		12.3	%		1,353		1,209		11.9	%
San Antonio, TX		1,504		6,547		5,874		11.5	%		2,810		2,461		14.2	%		3,737		3,413		9.5	%		1,381		1,205		14.6	%
Denver, CO		812		5,019		4,484		11.9	%		1,340		1,268		5.7	%		3,679		3,216		14.4	%		1,934		1,752		10.4	%
Huntsville, AL		1,228		5,288		4,794		10.3	%		1,704		1,601		6.4	%		3,584		3,193		12.2	%		1,296		1,159		11.8	%
Kansas City, MO-KS		1,110		5,306		4,837		9.7	%		1,771		1,640		8.0	%		3,535		3,197		10.6	%		1,514		1,372		10.4	%
Other		7,078		33,715		30,067		12.1	%		11,198		10,245		9.3	%		22,517		19,822		13.6	%		1,507		1,320		14.2	%
Total Same Store		96,313	$	502,695	$	442,479		13.6	%	$	170,496	$	158,054		7.9	%	$	332,199	$	284,425		16.8	%	$	1,646	$	1,433		14.9	%

(1)Excludes $0.2 million in storm-related expenses related to hurricanes.

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		Q4 2022		Q3 2022		% Chg			Q4 2022 (1)		Q3 2022 (2)		% Chg			Q4 2022		Q3 2022		% Chg			Q4 2022		Q3 2022		% Chg
Atlanta, GA		11,434	$	65,166	$	64,073		1.7	%	$	22,590	$	23,756		(4.9	)%	$	42,576	$	40,317		5.6	%	$	1,827	$	1,793		1.9	%
Dallas, TX		9,767		49,727		49,111		1.3	%		20,106		20,199		(0.5	)%		29,621		28,912		2.5	%		1,619		1,585		2.2	%
Tampa, FL		5,220		33,693		32,897		2.4	%		10,425		11,001		(5.2	)%		23,268		21,896		6.3	%		2,065		2,015		2.5	%
Orlando, FL		5,274		32,027		31,271		2.4	%		10,280		11,406		(9.9	)%		21,747		19,865		9.5	%		1,919		1,864		2.9	%
Charlotte, NC		5,867		29,158		28,955		0.7	%		8,035		8,513		(5.6	)%		21,123		20,442		3.3	%		1,570		1,543		1.8	%
Austin, TX		6,829		35,160		34,889		0.8	%		15,359		15,303		0.4	%		19,801		19,586		1.1	%		1,622		1,598		1.5	%
Raleigh/Durham, NC		5,350		25,895		25,425		1.8	%		7,467		8,018		(6.9	)%		18,428		17,407		5.9	%		1,506		1,474		2.2	%
Nashville, TN		4,375		23,059		22,781		1.2	%		7,055		7,818		(9.8	)%		16,004		14,963		7.0	%		1,671		1,634		2.3	%
Charleston, SC		3,168		16,999		16,577		2.5	%		4,297		5,286		(18.7	)%		12,702		11,291		12.5	%		1,675		1,625		3.1	%
Houston, TX		4,867		21,628		21,283		1.6	%		9,634		9,420		2.3	%		11,994		11,863		1.1	%		1,382		1,363		1.4	%
Jacksonville, FL		3,496		16,603		16,394		1.3	%		5,326		5,754		(7.4	)%		11,277		10,640		6.0	%		1,538		1,510		1.9	%
Phoenix, AZ		2,623		14,499		14,291		1.5	%		3,451		3,632		(5.0	)%		11,048		10,659		3.6	%		1,747		1,713		2.0	%
Fort Worth, TX		3,519		17,873		17,633		1.4	%		7,181		7,538		(4.7	)%		10,692		10,095		5.9	%		1,540		1,509		2.1	%
Northern Virginia		1,888		13,222		13,002		1.7	%		3,718		4,358		(14.7	)%		9,504		8,644		9.9	%		2,248		2,211		1.7	%
Richmond, VA		2,004		9,995		9,911		0.8	%		3,149		3,257		(3.3	)%		6,846		6,654		2.9	%		1,551		1,525		1.7	%
Savannah, GA		1,837		9,609		9,457		1.6	%		2,840		3,242		(12.4	)%		6,769		6,215		8.9	%		1,604		1,570		2.1	%
Greenville, SC		2,355		10,058		9,936		1.2	%		3,392		3,602		(5.8	)%		6,666		6,334		5.2	%		1,286		1,256		2.4	%
Fredericksburg, VA		1,435		8,187		8,078		1.3	%		2,211		2,326		(4.9	)%		5,976		5,752		3.9	%		1,773		1,763		0.6	%
Memphis, TN		1,811		7,816		7,721		1.2	%		2,717		2,887		(5.9	)%		5,099		4,834		5.5	%		1,348		1,339		0.7	%
Birmingham, AL		1,462		6,446		6,483		(0.6	)%		2,440		2,502		(2.5	)%		4,006		3,981		0.6	%		1,353		1,342		0.8	%
San Antonio, TX		1,504		6,547		6,515		0.5	%		2,810		2,855		(1.6	)%		3,737		3,660		2.1	%		1,381		1,361		1.5	%
Denver, CO		812		5,019		4,916		2.1	%		1,340		1,467		(8.7	)%		3,679		3,449		6.7	%		1,934		1,898		1.9	%
Huntsville, AL		1,228		5,288		5,197		1.8	%		1,704		1,773		(3.9	)%		3,584		3,424		4.7	%		1,296		1,281		1.2	%
Kansas City, MO-KS		1,110		5,306		5,256		1.0	%		1,771		2,037		(13.1	)%		3,535		3,219		9.8	%		1,514		1,486		1.8	%
Other		7,078		33,715		33,325		1.2	%		11,198		11,811		(5.2	)%		22,517		21,514		4.7	%		1,507		1,481		1.8	%
Total Same Store		96,313	$	502,695	$	495,377		1.5	%	$	170,496	$	179,761		(5.2	)%	$	332,199	$	315,616		5.3	%	$	1,646	$	1,614		2.0	%

(1)Excludes $0.2 million in storm-related expenses related to hurricanes.

(2)Excludes $1.6 million in storm-related expenses related to hurricanes.

Supplemental Data S-6

MULTIFAMILY SAME STORE PORTFOLIO FULL YEAR COMPARISONS AS OF DECEMBER 31, 2022 AND 2021

Dollars in thousands, except Average Effective Rent per Unit

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q4 2022		Q4 2021		% Chg			Q4 2022 (1)		Q4 2021		% Chg			Q4 2022		Q4 2021		% Chg			Q4 2022		Q4 2021		% Chg
Atlanta, GA		11,434	$	250,477	$	222,007		12.8	%	$	89,778	$	82,666		8.6	%	$	160,699	$	139,341		15.3	%	$	1,743	$	1,536		13.5	%
Dallas, TX		9,767		190,128		166,499		14.2	%		77,560		74,308		4.4	%		112,568		92,191		22.1	%		1,536		1,340		14.6	%
Tampa, FL		5,220		127,805		109,245		17.0	%		41,941		37,372		12.2	%		85,864		71,873		19.5	%		1,943		1,624		19.6	%
Orlando, FL		5,274		120,555		102,651		17.4	%		41,448		37,015		12.0	%		79,107		65,636		20.5	%		1,793		1,515		18.3	%
Charlotte, NC		5,867		111,887		99,145		12.9	%		32,710		30,733		6.4	%		79,177		68,412		15.7	%		1,490		1,307		14.1	%
Austin, TX		6,829		134,997		117,757		14.6	%		58,696		53,933		8.8	%		76,301		63,824		19.5	%		1,546		1,340		15.4	%
Raleigh/Durham, NC		5,350		98,179		86,043		14.1	%		30,628		28,685		6.8	%		67,551		57,358		17.8	%		1,421		1,234		15.1	%
Nashville, TN		4,375		87,948		77,087		14.1	%		29,318		27,674		5.9	%		58,630		49,413		18.7	%		1,577		1,371		15.0	%
Charleston, SC		3,168		63,896		55,019		16.1	%		19,838		20,012		(0.9	)%		44,058		35,007		25.9	%		1,568		1,337		17.3	%
Houston, TX		4,867		83,856		76,760		9.2	%		36,999		35,193		5.1	%		46,857		41,567		12.7	%		1,337		1,231		8.6	%
Jacksonville, FL		3,496		63,883		55,456		15.2	%		21,385		19,048		12.3	%		42,498		36,408		16.7	%		1,462		1,245		17.5	%
Phoenix, AZ		2,623		55,504		47,864		16.0	%		13,890		12,964		7.1	%		41,614		34,900		19.2	%		1,660		1,412		17.6	%
Fort Worth, TX		3,519		68,589		60,852		12.7	%		27,785		25,313		9.8	%		40,804		35,539		14.8	%		1,467		1,289		13.8	%
Northern Virginia		1,888		50,888		47,702		6.7	%		15,776		15,521		1.6	%		35,112		32,181		9.1	%		2,162		2,021		7.0	%
Richmond, VA		2,004		38,372		34,280		11.9	%		12,598		11,271		11.8	%		25,774		23,009		12.0	%		1,482		1,308		13.3	%
Savannah, GA		1,837		36,489		30,668		19.0	%		12,089		11,439		5.7	%		24,400		19,229		26.9	%		1,505		1,253		20.2	%
Greenville, SC		2,355		38,586		34,270		12.6	%		13,997		13,347		4.9	%		24,589		20,923		17.5	%		1,222		1,072		14.0	%
Fredericksburg, VA		1,435		31,995		29,456		8.6	%		9,017		8,329		8.3	%		22,978		21,127		8.8	%		1,731		1,579		9.6	%
Memphis, TN		1,811		30,255		27,145		11.5	%		10,954		10,263		6.7	%		19,301		16,882		14.3	%		1,308		1,146		14.1	%
Birmingham, AL		1,462		25,220		22,930		10.0	%		9,613		9,008		6.7	%		15,607		13,922		12.1	%		1,303		1,161		12.2	%
San Antonio, TX		1,504		25,237		22,673		11.3	%		11,002		10,213		7.7	%		14,235		12,460		14.2	%		1,317		1,167		12.9	%
Denver, CO		812		19,322		17,394		11.1	%		5,468		5,180		5.6	%		13,854		12,214		13.4	%		1,859		1,687		10.2	%
Huntsville, AL		1,228		20,484		18,528		10.6	%		6,868		6,080		13.0	%		13,616		12,448		9.4	%		1,246		1,109		12.4	%
Kansas City, MO-KS		1,110		20,445		18,716		9.2	%		7,407		6,875		7.7	%		13,038		11,841		10.1	%		1,452		1,330		9.2	%
Other		7,078		129,712		115,087		12.7	%		45,249		41,220		9.8	%		84,463		73,867		14.3	%		1,381		1,205		14.6	%
Total Same Store		96,313	$	1,924,709	$	1,695,234		13.5	%	$	682,014	$	633,662		7.6	%	$	1,242,695	$	1,061,572		17.1	%	$	1,565	$	1,365		14.6	%

(1)Excludes $1.8 million in storm-related expenses related to hurricanes.

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands

		Units as of						Development Costs as of
		December 31, 2022						December 31, 2022							Expected
								Expected		Spend		Expected		Start	Initial
	Location	Total		Delivered		Leased		Total		to Date		Remaining		Date	Occupancy	Completion	Stabilization (1)
Novel West Midtown (2)	Atlanta, GA		340	—		—			89,500		72,536		16,964	2Q21	1Q23	3Q23	3Q24
Novel Val Vista (2)	Phoenix, AZ		317	—		—			77,200		57,646		19,554	4Q20	3Q23	1Q24	1Q25
Novel Daybreak (2)	Salt Lake City, UT		400	—		—			94,000		74,195		19,805	2Q21	1Q23	4Q23	4Q24
MAA Milepost 35	Denver, CO		352	—		—			125,000		41,324		83,676	1Q22	4Q23	4Q24	3Q25
MAA Nixie	Raleigh, NC		406	—		—			145,500		13,445		132,055	4Q22	4Q24	3Q25	3Q26
MAA Breakwater	Tampa, FL		495	—		—			197,500		32,553		164,947	4Q22	1Q25	4Q25	4Q26
Total Active			2,310		—		—	$	728,700	$	291,699	$	437,001

(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 December 31, 2022
	Location	Total Units		Physical Occupancy	Spend to Date		Construction Completed	Expected Stabilization (1)
MAA LoSo	Charlotte, NC	344		84.3%		139,167	(2)	2Q23
MAA Windmill Hill	Austin, TX	350		65.1%		58,961	4Q22	4Q23
Total			694	74.6%	$	198,128

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

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

MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data

Year ended December 31, 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
	6,574	$	40,161	$	6,109	$	133	10.0%	10,000 - 13,000

Supplemental Data S-8

2022 ACQUISITION ACTIVITY

Multifamily Acquisitions	Market	Apartment Units	Closing Date
MAA Hampton Preserve II	Tampa, FL	196	July 2022
MAA LoSo	Charlotte, NC	344	September 2022
Alta 10th(1)	Charlotte, NC	305	December 2022

(1)Represents a pre-purchase multifamily development. Approximately $10 million has been funded as of December 31, 2022, primarily related to land, with development expected to begin in the second half of 2023. MAA owns 95% of the joint venture that owns this property.

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
MAA Nixie	Raleigh, NC	6	November 2022

2022 DISPOSITION ACTIVITY

Multifamily Dispositions	Market	Apartment Units	Closing Date
MAA Deer Run	Fort Worth, TX	304	June 2022
MAA Oakbend	Fort Worth, TX	426	June 2022
Post Park Maryland	Maryland, MD	396	October 2022
Stassney Woods	Austin, TX	288	December 2022

Land Dispositions	Market	Acreage	Closing Date
Colonial Promenade	Huntsville, AL	2	April 2022
Colonial Promenade	Huntsville, AL	3	August 2022

DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 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	$	4,394,903		99.5	%		3.4	%		8.0
Floating rate debt		20,000		0.5	%		4.7	%		0.1
Total	$	4,414,903		100.0	%		3.4	%		7.9
Unsecured Versus Secured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	4,050,910		91.8	%		3.4	%		6.3
Secured debt		363,993		8.2	%		4.4	%		25.8
Total	$	4,414,903		100.0	%		3.4	%		7.9
Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q4 2022 NOI			Percent of Total
Unencumbered gross assets	$	14,720,706		94.7	%	$	330,039			95.2	%
Encumbered gross assets		823,206		5.3	%		16,752			4.8	%
Total	$	15,543,912		100.0	%	$	346,791			100.0	%

FIXED INTEREST RATE MATURITIES

Maturity	Fixed Rate Debt		Effective Interest Rate
2023	$	349,509		4.2	%
2024		398,842		4.0	%
2025		401,751		4.2	%
2026		297,202		1.2	%
2027		596,548		3.7	%
2028		396,695		4.2	%
2029		559,082		3.7	%
2030		297,542		3.1	%
2031		444,985		1.8	%
2032		—		—
Thereafter		652,747		3.8	%
Total	$	4,394,903		3.4	%

Supplemental Data S-9

DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2022 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

Maturity	Commercial Paper & Revolving Credit Facility ⁽¹⁾ ⁽²⁾		Public Bonds		Secured		Total
2023	$	20,000	$	349,509	$	—	$	369,509
2024		—		398,842		—		398,842
2025		—		397,773		3,978		401,751
2026		—		297,202		—		297,202
2027		—		596,548		—		596,548
2028		—		396,695		—		396,695
2029		—		559,082		—		559,082
2030		—		297,542		—		297,542
2031		—		444,985		—		444,985
2032		—		—		—		—
Thereafter		—		292,732		360,015		652,747
Total	$	20,000	$	4,030,910	$	363,993	$	4,414,903

(1)There was $20.0 million outstanding under MAALP’s unsecured commercial paper program as of December 31, 2022. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $625.0 million. For the three months ended December 31, 2022, average daily borrowings outstanding under the commercial paper program were $79.1 million.

(2)There were no borrowings outstanding under MAALP’s $1.25 billion unsecured revolving credit facility as of December 31, 2022. The unsecured revolving credit 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	28.4%	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	7.2x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	355.3%	Yes
Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	19.5%	Yes
Total secured debt to total capitalized asset value	40% or Less	1.7%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	7.2x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	18.7%	Yes

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

Supplemental Data S-10

2023 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.

	Full Year 2023
Earnings:	Range	Midpoint
Earnings per common share - diluted	$5.97 to $6.37	$6.17
Core FFO per Share - diluted	$8.88 to $9.28	$9.08
Core AFFO per Share - diluted	$7.96 to $8.36	$8.16
MAA Same Store Portfolio:
Number of units	95,285	95,285
Average physical occupancy	95.6% to 96.0%	95.80%
Property revenue growth	5.25% to 7.25%	6.25%
Effective rent growth	6.00% to 8.00%	7.00%
Property operating expense growth	5.15% to 7.15%	6.15%
NOI growth	5.30% to 7.30%	6.30%
Real estate tax expense growth	5.50% to 7.00%	6.25%
Corporate Expenses: ($ in millions)
Property management expenses	$72.0 to $74.0	$73.0
General and administrative expenses	$54.5 to $56.5	$55.5
Total overhead	$126.5 to $130.5	$128.5
Transaction/Investment Volume: ($ in millions)
Multifamily acquisition volume	$350.0 to $450.0	$400.0
Multifamily disposition volume	$250.0 to $350.0	$300.0
Development investment	$250.0 to $350.0	$300.0
Debt:
Average effective interest rate	3.4% to 3.6%	3.5%
Capitalized interest ($ in millions)	$12.0 to $14.0	$13.0
Diluted FFO Shares Outstanding:
Diluted common shares and units	119.5 to 120.0 million	119.75 million

RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER SHARE FOR 2023 GUIDANCE

	Full Year 2023 Guidance Range
	Low			High
Earnings per common share - diluted	$	5.97		$	6.37
Real estate depreciation and amortization		4.72			4.72
Gains on sale of depreciable assets		(1.82	)		(1.82	)
FFO per Share - diluted		8.87			9.27
Non-Core FFO items (1)		0.01			0.01
Core FFO per Share - diluted		8.88			9.28
Recurring capital expenditures		(0.92	)		(0.92	)
Core AFFO per Share - diluted	$	7.96		$	8.36

(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, casualty related charges (recoveries), net, 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	A-	Stable

(1)Corporate credit rating assigned to MAA and MAALP

(2)Corporate credit rating assigned to MAALP

COMMON STOCK

Stock Symbol:	MAA
Exchange Traded:	NYSE
Estimated Future Dates:	Q1 2023		Q2 2023		Q3 2023		Q4 2023
Earnings release & conference call	Late April		Late July		Late October		Early February
Dividend Information - Common Shares:	Q4 2021		Q1 2022		Q2 2022		Q3 2022		Q4 2022
Declaration date	12/7/2021		3/22/2022		5/17/2022		9/27/2022		12/13/2022
Record date	1/14/2022		4/14/2022		7/15/2022		10/14/2022		1/13/2023
Payment date	1/31/2022		4/29/2022		7/29/2022		10/31/2022		1/31/2023
Distributions per share	$	1.0875	$	1.0875	$	1.2500	$	1.2500	$	1.4000

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	Feb. 01, 2023
Document And Entity Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 01, 2023
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