Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT MARCH 31, 2024 (1)

In apartment units

	Same Store		Non-Same Store		Lease-up		Total Completed Communities		Development Units Delivered		Total
Atlanta, GA		11,434		—		340		11,774		—		11,774
Dallas, TX		10,116		—		—		10,116		—		10,116
Austin, TX		6,829		350		—		7,179		—		7,179
Charlotte, NC		5,651		560		352		6,563		—		6,563
Orlando, FL		5,643		264		—		5,907		—		5,907
Tampa, FL		5,416		—		—		5,416		—		5,416
Raleigh/Durham, NC		5,350		—		—		5,350		—		5,350
Houston, TX		5,175		—		—		5,175		—		5,175
Nashville, TN		4,375		—		—		4,375		—		4,375
Fort Worth, TX		3,687		—		—		3,687		—		3,687
Jacksonville, FL		3,496		—		—		3,496		—		3,496
Phoenix, AZ		2,968		—		323		3,291		112		3,403
Charleston, SC		3,168		—		—		3,168		—		3,168
Greenville, SC		2,354		—		—		2,354		—		2,354
Richmond, VA		1,732		272		—		2,004		—		2,004
Northern Virginia		1,888		—		—		1,888		—		1,888
Savannah, GA		1,837		—		—		1,837		—		1,837
Memphis, TN		1,811		—		—		1,811		—		1,811
San Antonio, TX		1,504		—		—		1,504		—		1,504
Birmingham, AL		1,462		—		—		1,462		—		1,462
Fredericksburg, VA		1,435		—		—		1,435		—		1,435
Huntsville, AL		1,228		—		—		1,228		—		1,228
Denver, CO		1,118		—		—		1,118		84		1,202
Kansas City, MO-KS		1,110		—		—		1,110		—		1,110
Other		6,502		672		—		7,174		262		7,436
Total Multifamily Units		97,289		2,118		1,015		100,422		458		100,880

(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 March 31, 2024								Average Effective		As of March 31, 2024
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended March 31, 2024		Completed Units		Total Units, Including Development
Atlanta, GA	$	2,104,322		13.3	%		94.1	%	$	1,839		11,434
Dallas, TX		1,588,183		10.1	%		95.6	%		1,668		10,116
Charlotte, NC		1,154,714		7.4	%		95.9	%		1,651		6,211
Orlando, FL		1,032,421		6.6	%		96.0	%		2,006		5,907
Tampa, FL		1,012,979		6.5	%		96.4	%		2,094		5,416
Austin, TX		959,501		6.1	%		94.2	%		1,610		7,179
Raleigh/Durham, NC		735,801		4.7	%		96.2	%		1,543		5,350
Houston, TX		705,043		4.5	%		95.4	%		1,428		5,175
Northern Virginia		575,284		3.7	%		97.5	%		2,376		1,888
Nashville, TN		563,404		3.6	%		96.3	%		1,698		4,375
Phoenix, AZ		486,052		3.1	%		95.0	%		1,744		2,968
Charleston, SC		432,000		2.8	%		96.6	%		1,780		3,168
Fort Worth, TX		394,061		2.5	%		95.9	%		1,575		3,687
Jacksonville, FL		315,856		2.0	%		96.3	%		1,534		3,496
Denver, CO		296,322		1.9	%		95.7	%		1,972		1,118
Richmond, VA		280,021		1.8	%		97.4	%		1,603		2,004
Fredericksburg, VA		256,625		1.6	%		98.0	%		1,805		1,435
Greenville, SC		240,793		1.5	%		96.8	%		1,325		2,354
Savannah, GA		226,793		1.4	%		96.4	%		1,695		1,837
Kansas City, MO-KS		193,265		1.2	%		96.1	%		1,579		1,110
Birmingham, AL		172,998		1.1	%		95.5	%		1,393		1,462
San Antonio, TX		171,743		1.1	%		95.7	%		1,385		1,504
All Other Markets by State (individual markets <1% gross real assets)
Tennessee		206,073		1.3	%		96.0	%		1,337		2,754
Florida		192,518		1.2	%		96.0	%		1,826		1,806
Alabama		177,441		1.1	%		95.0	%		1,393		1,648
Virginia		165,160		1.1	%		96.0	%		1,744		1,039
Kentucky		102,791		0.7	%		97.5	%		1,220		1,308
Maryland		83,913		0.5	%		97.0	%		2,218		361
Nevada		75,684		0.5	%		96.9	%		1,570		721
South Carolina		39,313		0.3	%		92.5	%		1,220		576
Stabilized Communities	$	14,941,074		95.2	%		95.7	%	$	1,689		99,407
Phoenix, AZ		174,764		1.1	%		43.1	%		1,923		435		640
Charlotte, NC		106,564		0.7	%		81.5	%		1,935		352		352
Tampa, FL		110,917		0.7	%		—			—		—		495
Denver, CO		102,732		0.7	%		6.8	%		2,335		84		352
Salt Lake City, UT		93,927		0.6	%		38.5	%		1,796		262		400
Atlanta, GA		91,187		0.6	%		49.7	%		2,200		340		340
Raleigh/Durham, NC		65,154		0.4	%		—			—		—		406
Lease-up / Development Communities	$	745,245		4.8	%		43.7	%	$	1,991		1,473		2,985
Total Multifamily Communities	$	15,686,319		100.0	%		94.6	%	$	1,693		100,880		102,392

(1)Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C. As of March 31, 2024, the gross investment in real estate for this community was $81.9 million and includes a mortgage note payable of $51.9 million. For the three months ended March 31, 2024, this apartment community achieved NOI of $2.1 million.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

	Three Months Ended									As of March 31, 2024
	March 31, 2024			March 31, 2023			Percent Change			Apartment Units		Gross Real Assets
Operating Revenues
Same Store Communities	$	519,629		$	512,431			1.4	%		97,289	$	14,571,491
Non-Same Store Communities		12,197			10,159						2,118		369,583
Lease-up/Development Communities		5,231			1						1,473		745,245
Total Multifamily Portfolio	$	537,057		$	522,591						100,880	$	15,686,319
Commercial Property/Land		6,565			6,442						—		378,940
Total Operating Revenues	$	543,622		$	529,033						100,880	$	16,065,259
Property Operating Expenses
Same Store Communities	$	185,046		$	175,502			5.4	%
Non-Same Store Communities		4,495			4,276
Lease-up/Development Communities		3,402			341
Storm Costs		2,165			—
Total Multifamily Portfolio	$	195,108		$	180,119
Commercial Property/Land		2,694			2,684
Total Property Operating Expenses	$	197,802		$	182,803
Net Operating Income
Same Store Communities	$	334,583		$	336,929			-0.7	%
Non-Same Store Communities		7,702			5,883
Lease-up/Development Communities		1,829			(340	)
Storm Costs		(2,165	)		—
Total Multifamily Portfolio	$	341,949		$	342,472
Commercial Property/Land		3,871			3,758
Total Net Operating Income	$	345,820		$	346,230			-0.1	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

	Three Months Ended
	March 31, 2024		March 31, 2023		Percent Change
Property Taxes	$	68,061	$	64,617		5.3	%
Personnel		39,766		37,981		4.7	%
Utilities		32,611		31,631		3.1	%
Building Repair and Maintenance		21,784		21,122		3.1	%
Office Operations		8,533		7,071		20.7	%
Insurance		8,237		7,112		15.8	%
Marketing		6,054		5,968		1.4	%
Total Property Operating Expenses	$	185,046	$	175,502		5.4	%

Supplemental Data S-3

MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE

						Average Physical Occupancy
			Percent of			Three Months Ended
	Apartment Units		Same Store NOI			March 31, 2024			March 31, 2023
Atlanta, GA		11,434		12.0	%		94.2	%		94.9	%
Dallas, TX		10,116		9.6	%		95.0	%		95.6	%
Tampa, FL		5,416		7.0	%		95.9	%		95.5	%
Orlando, FL		5,643		6.9	%		95.9	%		96.1	%
Charlotte, NC		5,651		6.2	%		95.0	%		95.6	%
Austin, TX		6,829		5.9	%		94.3	%		95.3	%
Raleigh/Durham, NC		5,350		5.5	%		95.5	%		95.2	%
Nashville, TN		4,375		4.8	%		95.8	%		95.4	%
Houston, TX		5,175		3.9	%		95.3	%		95.9	%
Fort Worth, TX		3,687		3.7	%		95.0	%		95.4	%
Charleston, SC		3,168		3.6	%		96.0	%		95.6	%
Phoenix, AZ		2,968		3.6	%		95.2	%		95.8	%
Jacksonville, FL		3,496		3.2	%		95.2	%		96.0	%
Northern Virginia		1,888		2.9	%		96.5	%		95.9	%
Greenville, SC		2,354		2.0	%		95.9	%		96.0	%
Savannah, GA		1,837		1.9	%		95.6	%		96.0	%
Richmond, VA		1,732		1.9	%		96.1	%		95.8	%
Fredericksburg, VA		1,435		1.8	%		97.0	%		96.2	%
Memphis, TN		1,811		1.5	%		95.3	%		95.0	%
Denver, CO		1,118		1.5	%		96.0	%		95.2	%
Birmingham, AL		1,462		1.2	%		95.1	%		95.8	%
San Antonio, TX		1,504		1.1	%		95.1	%		95.3	%
Kansas City, MO-KS		1,110		1.1	%		95.7	%		95.2	%
Huntsville, AL		1,228		1.0	%		94.7	%		95.7	%
Other		6,502		6.2	%		95.7	%		95.3	%
Total Same Store		97,289		100.0	%		95.3	%		95.5	%

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		Q1 2024		Q1 2023		% Chg			Q1 2024		Q1 2023		% Chg			Q1 2024		Q1 2023		% Chg			Q1 2024		Q1 2023		% Chg
Atlanta, GA		11,434	$	65,121	$	64,724		0.6	%	$	24,890	$	23,207		7.3	%	$	40,231	$	41,517		(3.1	)%	$	1,839	$	1,832		0.4	%
Dallas, TX		10,116		52,950		52,290		1.3	%		20,959		20,534		2.1	%		31,991		31,756		0.7	%		1,668		1,642		1.6	%
Tampa, FL		5,416		35,723		35,116		1.7	%		12,384		11,629		6.5	%		23,339		23,487		(0.6	)%		2,094		2,073		1.1	%
Orlando, FL		5,643		35,420		34,898		1.5	%		12,324		11,829		4.2	%		23,096		23,069		0.1	%		1,987		1,960		1.4	%
Charlotte, NC		5,651		29,082		28,453		2.2	%		8,425		7,907		6.6	%		20,657		20,546		0.5	%		1,638		1,593		2.9	%
Austin, TX		6,829		34,813		35,335		(1.5	)%		15,044		14,380		4.6	%		19,769		20,955		(5.7	)%		1,607		1,623		(0.9	)%
Raleigh/Durham, NC		5,350		26,498		25,987		2.0	%		8,260		7,580		9.0	%		18,238		18,407		(0.9	)%		1,543		1,514		1.9	%
Nashville, TN		4,375		23,594		23,255		1.5	%		7,533		7,345		2.6	%		16,061		15,910		0.9	%		1,698		1,678		1.2	%
Houston, TX		5,175		23,585		23,220		1.6	%		10,456		10,184		2.7	%		13,129		13,036		0.7	%		1,428		1,395		2.4	%
Fort Worth, TX		3,687		18,959		18,899		0.3	%		6,510		6,650		(2.1	)%		12,449		12,249		1.6	%		1,575		1,556		1.3	%
Charleston, SC		3,168		17,815		16,963		5.0	%		5,621		5,121		9.8	%		12,194		11,842		3.0	%		1,780		1,687		5.5	%
Phoenix, AZ		2,968		16,209		16,468		(1.6	)%		4,306		4,001		7.6	%		11,903		12,467		(4.5	)%		1,744		1,760		(0.9	)%
Jacksonville, FL		3,496		16,393		16,563		(1.0	)%		5,837		5,529		5.6	%		10,556		11,034		(4.3	)%		1,534		1,547		(0.9	)%
Northern Virginia		1,888		14,006		13,344		5.0	%		4,349		4,049		7.4	%		9,657		9,295		3.9	%		2,376		2,269		4.7	%
Greenville, SC		2,354		10,356		10,155		2.0	%		3,633		2,721		33.5	%		6,723		7,434		(9.6	)%		1,325		1,296		2.2	%
Savannah, GA		1,837		10,013		9,672		3.5	%		3,557		3,038		17.1	%		6,456		6,634		(2.7	)%		1,695		1,623		4.4	%
Richmond, VA		1,732		9,022		8,805		2.5	%		2,784		2,789		(0.2	)%		6,238		6,016		3.7	%		1,644		1,596		3.0	%
Fredericksburg, VA		1,435		8,424		8,196		2.8	%		2,440		2,345		4.1	%		5,984		5,851		2.3	%		1,805		1,777		1.6	%
Memphis, TN		1,811		7,923		7,827		1.2	%		2,886		2,752		4.9	%		5,037		5,075		(0.7	)%		1,360		1,346		1.1	%
Denver, CO		1,118		7,122		6,956		2.4	%		2,120		2,056		3.1	%		5,002		4,900		2.1	%		1,972		1,943		1.5	%
Birmingham, AL		1,462		6,670		6,593		1.2	%		2,646		2,543		4.1	%		4,024		4,050		(0.6	)%		1,393		1,356		2.7	%
San Antonio, TX		1,504		6,593		6,537		0.9	%		2,788		2,828		(1.4	)%		3,805		3,709		2.6	%		1,385		1,379		0.4	%
Kansas City, MO-KS		1,110		5,564		5,330		4.4	%		1,941		1,887		2.9	%		3,623		3,443		5.2	%		1,579		1,522		3.8	%
Huntsville, AL		1,228		5,304		5,316		(0.2	)%		2,009		1,733		15.9	%		3,295		3,583		(8.0	)%		1,317		1,297		1.5	%
Other		6,502		32,470		31,529		3.0	%		11,344		10,865		4.4	%		21,126		20,664		2.2	%		1,586		1,544		2.8	%
Total Same Store		97,289	$	519,629	$	512,431		1.4	%	$	185,046	$	175,502		5.4	%	$	334,583	$	336,929		(0.7	)%	$	1,690	$	1,664		1.5	%

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		Q1 2024		Q4 2023		% Chg			Q1 2024		Q4 2023		% Chg			Q1 2024		Q4 2023		% Chg			Q1 2024		Q4 2023		% Chg
Atlanta, GA		11,434	$	65,121	$	65,781		(1.0	)%	$	24,890	$	24,003		3.7	%	$	40,231	$	41,778		(3.7	)%	$	1,839	$	1,850		(0.6	)%
Dallas, TX		10,116		52,950		53,058		(0.2	)%		20,959		21,351		(1.8	)%		31,991		31,707		0.9	%		1,668		1,669		(0.1	)%
Tampa, FL		5,416		35,723		35,767		(0.1	)%		12,384		11,364		9.0	%		23,339		24,403		(4.4	)%		2,094		2,105		(0.5	)%
Orlando, FL		5,643		35,420		35,461		(0.1	)%		12,324		11,835		4.1	%		23,096		23,626		(2.2	)%		1,987		1,992		(0.2	)%
Charlotte, NC		5,651		29,082		29,181		(0.3	)%		8,425		8,496		(0.8	)%		20,657		20,685		(0.1	)%		1,638		1,640		(0.1	)%
Austin, TX		6,829		34,813		35,073		(0.7	)%		15,044		16,102		(6.6	)%		19,769		18,971		4.2	%		1,607		1,617		(0.6	)%
Raleigh/Durham, NC		5,350		26,498		26,664		(0.6	)%		8,260		8,097		2.0	%		18,238		18,567		(1.8	)%		1,543		1,545		(0.2	)%
Nashville, TN		4,375		23,594		23,684		(0.4	)%		7,533		7,476		0.8	%		16,061		16,208		(0.9	)%		1,698		1,700		(0.1	)%
Houston, TX		5,175		23,585		23,666		(0.3	)%		10,456		10,294		1.6	%		13,129		13,372		(1.8	)%		1,428		1,429		(0.0	)%
Fort Worth, TX		3,687		18,959		19,019		(0.3	)%		6,510		7,177		(9.3	)%		12,449		11,842		5.1	%		1,575		1,576		(0.0	)%
Charleston, SC		3,168		17,815		17,687		0.7	%		5,621		5,492		2.3	%		12,194		12,195		(0.0	)%		1,780		1,771		0.5	%
Phoenix, AZ		2,968		16,209		16,254		(0.3	)%		4,306		4,153		3.7	%		11,903		12,101		(1.6	)%		1,744		1,751		(0.4	)%
Jacksonville, FL		3,496		16,393		16,487		(0.6	)%		5,837		5,962		(2.1	)%		10,556		10,525		0.3	%		1,534		1,548		(0.9	)%
Northern Virginia		1,888		14,006		13,851		1.1	%		4,349		3,979		9.3	%		9,657		9,872		(2.2	)%		2,376		2,356		0.8	%
Greenville, SC		2,354		10,356		10,291		0.6	%		3,633		3,651		(0.5	)%		6,723		6,640		1.3	%		1,325		1,327		(0.1	)%
Savannah, GA		1,837		10,013		10,027		(0.1	)%		3,557		3,146		13.1	%		6,456		6,881		(6.2	)%		1,695		1,694		0.1	%
Richmond, VA		1,732		9,022		9,030		(0.1	)%		2,784		2,750		1.2	%		6,238		6,280		(0.7	)%		1,644		1,649		(0.3	)%
Fredericksburg, VA		1,435		8,424		8,342		1.0	%		2,440		2,356		3.6	%		5,984		5,986		(0.0	)%		1,805		1,801		0.2	%
Memphis, TN		1,811		7,923		7,937		(0.2	)%		2,886		2,872		0.5	%		5,037		5,065		(0.6	)%		1,360		1,358		0.1	%
Denver, CO		1,118		7,122		7,121		0.0	%		2,120		2,327		(8.9	)%		5,002		4,794		4.3	%		1,972		1,977		(0.3	)%
Birmingham, AL		1,462		6,670		6,782		(1.7	)%		2,646		2,594		2.0	%		4,024		4,188		(3.9	)%		1,393		1,391		0.2	%
San Antonio, TX		1,504		6,593		6,675		(1.2	)%		2,788		2,961		(5.8	)%		3,805		3,714		2.5	%		1,385		1,387		(0.1	)%
Kansas City, MO-KS		1,110		5,564		5,576		(0.2	)%		1,941		1,853		4.7	%		3,623		3,723		(2.7	)%		1,579		1,577		0.2	%
Huntsville, AL		1,228		5,304		5,363		(1.1	)%		2,009		1,782		12.7	%		3,295		3,581		(8.0	)%		1,317		1,319		(0.1	)%
Other		6,502		32,470		32,391		0.2	%		11,344		10,798		5.1	%		21,126		21,593		(2.2	)%		1,586		1,583		0.2	%
Total Same Store		97,289	$	519,629	$	521,168		(0.3	)%	$	185,046	$	182,871		1.2	%	$	334,583	$	338,297		(1.1	)%	$	1,690	$	1,693		(0.2	)%

Supplemental Data S-6

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands

		Units as of						Development Costs as of
		March 31, 2024						March 31, 2024							Expected
								Expected		Spend		Expected		Start	Initial
	Location	Total		Delivered		Leased		Total		to Date		Remaining		Date	Occupancy	Completion	Stabilization (1)
Novel Daybreak (2)	Salt Lake City, UT		400		262		177	$	99,450	$	93,927	$	5,523	2Q21	2Q23	3Q24	1Q25
Novel Val Vista (2)	Phoenix, AZ		317		112		17		79,800		72,842		6,958	4Q20	4Q23	4Q24	3Q25
MAA Milepost 35	Denver, CO		352		84		49		125,000		102,732		22,268	1Q22	4Q23	4Q24	3Q25
MAA Nixie	Raleigh, NC		406		—		—		145,500		65,154		80,346	4Q22	4Q24	3Q25	3Q26
MAA Breakwater	Tampa, FL		495		—		—		197,500		110,917		86,583	4Q22	1Q25	4Q25	4Q26
Total Active			1,970		458		243	$	647,250	$	445,572	$	201,678

(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 March 31, 2024
	Location	Total Units		Physical Occupancy	Spend to Date		Construction Completed	Expected Stabilization (1)
MAA Central Avenue	Phoenix, AZ	323		82.0%	$	101,922	(3)	3Q24
MAA Optimist Park	Charlotte, NC	352		81.5%		106,564	(3)	3Q24
Novel West Midtown (2)	Atlanta, GA	340		49.7%		91,187	3Q23	4Q24
Total			1,015	71.0%	$	299,673

(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.

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

MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data

Three months ended March 31, 2024
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
	1,099	$	6,936	$	6,311	$	93	6.6%	8,000 - 12,000

Supplemental Data S-7

DEBT AND DEBT COVENANTS AS OF MARCH 31, 2024

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	$	4,389,463		94.9	%		3.5	%		7.5
Floating rate debt		235,000		5.1	%		5.6	%		0.1
Total	$	4,624,463		100.0	%		3.6	%		7.2
Unsecured Versus Secured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	4,264,290		92.2	%		3.6	%		5.7
Secured debt		360,173		7.8	%		4.4	%		24.8
Total	$	4,624,463		100.0	%		3.6	%		7.2
Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q1 2024 NOI			Percent of Total
Unencumbered gross assets	$	15,714,297		95.4	%	$	331,337			95.8	%
Encumbered gross assets		762,661		4.6	%		14,483			4.2	%
Total	$	16,476,958		100.0	%	$	345,820			100.0	%

FIXED INTEREST RATE MATURITIES

Maturity	Fixed Rate Debt		Effective Interest Rate
2024	$	399,864		4.0	%
2025		398,745		4.2	%
2026		298,166		1.2	%
2027		597,531		3.7	%
2028		397,455		4.2	%
2029		557,411		3.7	%
2030		297,973		3.1	%
2031		445,809		1.8	%
2032		—		—
2033		—		—
Thereafter		996,509		4.2	%
Total	$	4,389,463		3.5	%

Supplemental Data S-8

DEBT AND DEBT COVENANTS AS OF MARCH 31, 2024 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

Maturity	Commercial Paper (1) & Revolving Credit Facility (2)		Public Bonds		Secured		Total
2024	$	235,000	$	399,864	$	—	$	634,864
2025		—		398,745		—		398,745
2026		—		298,166		—		298,166
2027		—		597,531		—		597,531
2028		—		397,455		—		397,455
2029		—		557,411		—		557,411
2030		—		297,973		—		297,973
2031		—		445,809		—		445,809
2032		—		—		—		—
2033		—		—		—		—
Thereafter		—		636,336		360,173		996,509
Total	$	235,000	$	4,029,290	$	360,173	$	4,624,463

(1)The $235.0 million maturing in 2024 reflects the principal outstanding under MAALP’s unsecured commercial paper program as of March 31, 2024. 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 March 31, 2024, average daily borrowings outstanding under the commercial paper program were $235.7 million.

(2)There were no borrowings outstanding under MAALP’s $1.25 billion unsecured revolving credit facility as of March 31, 2024. 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	28.1%	Yes
Total secured debt to adjusted total assets	40% or less	2.2%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	7.6x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	357.8%	Yes
Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	19.8%	Yes
Total secured debt to total capitalized asset value	40% or less	1.6%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	7.9x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	18.9%	Yes

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

Supplemental Data S-9

2024 GUIDANCE

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

	Full Year 2024
Earnings:	Current Range	Current Midpoint
Earnings per common share - diluted	$4.66 to $5.02	$4.84
Core FFO per Share - diluted	$8.70 to $9.06	$8.88
Core AFFO per Share - diluted	$7.74 to $8.10	$7.92
MAA Same Store Portfolio:
Number of units	97,290	97,290
Average physical occupancy	95.4% to 96.0%	95.7%
Property revenue growth	0.15% to 1.65%	0.90%
Effective rent growth	0.10% to 1.60%	0.85%
Property operating expense growth	4.10% to 5.60%	4.85%
NOI growth	-2.80% to 0.20%	-1.30%
Real estate tax expense growth	4.00% to 5.50%	4.75%
Corporate Expenses: ($ in millions)
Property management expenses	$72.0 to $74.0	$73.0
General and administrative expenses	$58.5 to $60.5	$59.5
Total overhead	$130.5 to $134.5	$132.5
Transaction/Investment Volume: ($ in millions)
Multifamily acquisition volume	$350.0 to $450.0	$400.0
Multifamily disposition volume	$50.0 to $150.0	$100.0
Development investment	$250.0 to $350.0	$300.0
Debt:
Average effective interest rate	3.5% to 3.7%	3.6%
Capitalized interest ($ in millions)	$13.0 to $15.0	$14.0
Diluted FFO Shares Outstanding:
Diluted common shares and units	119.75 to 120.25 million	120.0 million

RECONCILIATION OF EARNINGS PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER DILUTED SHARE FOR FULL YEAR 2024 GUIDANCE

	Full Year 2024 Guidance Range
	Low			High
Earnings per common share - diluted	$	4.66		$	5.02
Real estate depreciation and amortization		4.91			4.91
Gains on sale of depreciable assets		(0.69	)		(0.69	)
FFO per Share - diluted		8.88			9.24
Non-Core FFO items (1)		(0.18	)		(0.18	)
Core FFO per Share - diluted		8.70			9.06
Recurring capital expenditures		(0.96	)		(0.96	)
Core AFFO per Share - diluted	$	7.74		$	8.10

(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 (recoveries) charges, net, gain or loss on debt extinguishment, legal (recoveries), costs and settlements, net, and mark-to-market debt adjustments.

Supplemental Data S-10

CREDIT RATINGS

	Commercial	Long-Term
	Paper Rating	Debt Rating	Outlook
Fitch Ratings (1)	F1	A-	Stable
Moody’s Investors Service (2)	P-2	A3	Stable
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:	Q2 2024		Q3 2024		Q4 2024		Q1 2025
Earnings release & conference call	Late July		Late October		Early February		Early May
Dividend Information - Common Shares:	Q1 2023		Q2 2023		Q3 2023		Q4 2023		Q1 2024
Declaration date	3/21/2023		5/16/2023		9/29/2023		12/12/2023		3/19/2024
Record date	4/14/2023		7/14/2023		10/13/2023		1/12/2024		4/15/2024
Payment date	4/28/2023		7/31/2023		10/31/2023		1/31/2024		4/30/2024
Distributions per share	$	1.4000	$	1.4000	$	1.4000	$	1.4700	$	1.4700

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-11