8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  July 31, 2019

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)

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

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

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 2.02Results of Operations and Financial Condition.

On July 31, 2019, the Registrant issued a press release announcing its consolidated results of operations and financial condition as of June 30, 2019 for the three and six months then ended.  Copies of the press release and supplemental data schedules are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report.

The information in this Current Report (including Exhibits 99.1 and 99.2) is being furnished pursuant to Item 2.02 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 the Registrant under the Exchange Act or the Securities Act of 1933, as amended.

ITEM 9.01Financial Statements and Exhibits.

(d)Exhibits. The following exhibits are being furnished as part of this Report.

Exhibit Number	Description
99.1	Press Release dated July 31, 2019
99.2	Supplemental Data Schedules dated June 30, 2019

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		MID-AMERICA APARTMENT COMMUNITIES, INC.
Date:	July 31, 2019	/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.
Date:	July 31, 2019	/s/Albert M. Campbell, III
		Albert M. Campbell, III
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer)

EX-99.1

Exhibit 99.1

TABLE OF CONTENTS
Overview	1
Financial Highlights	6
Consolidated Statements of Operations	8
Share and Unit Data	9
Consolidated Balance Sheets	10
Reconciliation of Non-GAAP Financial Measures	11
Non-GAAP Financial Measures	13
Other Key Definitions	14
Portfolio Statistics	S-1
Components of Net Operating Income/Components of Same Store Portfolio Property Operating Expenses	S-3
NOI Contribution Percentage by Market	S-4
Multifamily Same Store Portfolio Comparisons	S-5
Multifamily Development Pipeline/Multifamily Redevelopment Pipeline/Multifamily Lease-up Communities/2019 Acquisition Activity & Disposition Activity (Through June 30, 2019)	S-8
Investments in Unconsolidated Real Estate Entities	S-9
Debt and Debt Covenants as of June 30, 2019	S-10
2019 Guidance/Reconciliation of Net Income per Diluted Common Share Guidance to FFO and AFFO per Share Guidance	S-12
Credit Ratings/Common Stock/Investor Relations Data	S-13

OVERVIEW

MAA REPORTS SECOND QUARTER RESULTS

GERMANTOWN, TN, July 31, 2019 /PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the quarter ended June 30, 2019.

Net Income Available for Common Shareholders

For the quarter ended June 30, 2019, net income available for MAA common shareholders was $61.0 million, or $0.53 per diluted common share, compared to $58.9 million, or $0.52 per diluted common share, for the quarter ended June 30, 2018. Results for the quarter ended June 30, 2019 included $4.6 million, or $0.04 per diluted common share, of non-cash incomerelated to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares. Results for the quarter ended June 30, 2018 included $4.4 million, or $0.04 per diluted common share, of income related to the settlement of an executive life insurance policy claim and $2.8 million, or $0.02 per diluted common share, of non-cash income related to the embedded derivative in the preferred shares.

For the six months ended June 30, 2019, net income available for MAA common shareholders was $123.7 million, or $1.09 per diluted common share, compared to $107.0 million, or $0.94 per diluted common share, for the six months ended June 30, 2018. Results for the six months ended June 30, 2019 included $4.1 million, or $0.04 per diluted common share, of non-cash incomerelated to the embedded derivative in the preferred shares and $9.2 million, or $0.08 per diluted common share, of gains related to the sale of real estate assets. Results for the six months ended June 30, 2018 included $4.4 million, or $0.04 per diluted common share, of income related to the settlement of an executive life insurance policy claim and $2.9 million, or $0.03 per diluted common share, of gains related to the sale of real estate assets. Non-cash income related to the embedded derivative in the preferred shares was negligible for the six months ended June 30, 2018.

Funds from Operations (FFO)

For the quarter ended June 30, 2019, FFO was $185.7 million, or $1.57 per diluted common share and unit, or per Share, compared to $182.9 million, or $1.55 per Share, for the quarter ended June 30, 2018.  Results for the quarter ended June 30, 2019 included $4.6 million, or $0.04 per Share, of non-cash income related to the embedded derivative in the preferred shares.  Results for the quarter ended June 30, 2018 included $4.4 million, or $0.04 per Share, of income related to the settlement of an executive life insurance policy claim and $2.8 million, or $0.02 per Share, of non-cash income related to the embedded derivative in the preferred shares.

For the six months ended June 30, 2019, FFO was $372.1 million, or $3.15 per Share, compared to $352.6 million, or $2.99 per Share, for the six months ended June 30, 2018.  Results for the six months ended June 30, 2019 included $4.1 million, or $0.03 per Share, of non-cash expense related to the embedded derivative in the preferred shares and $9.2 million, or $0.08 per Share, of gains related to the sale of non-depreciable real estate assets.  Results for the six months ended June 30, 2018 included $4.4 million, or $0.04 per Share, of income related to the settlement of an executive life insurance policy claim.  Non-cash income related to the embedded derivative in the preferred shares was negligible for the six months ended June 30, 2018.

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

Eric Bolton, Chairman and Chief Executive Officer, said, “Demand for apartment housing remains strong across our high-growth Sunbelt markets.  Rent growth trends are the strongest we have captured over the past eight quarters and performance is ahead of expectations.  As a result, we have increased our revenue forecast for the year and also increased our expectations for higher FFO growth.”

Highlights

• Property revenues from the Same Store Portfolio increased 3.2% during the second quarter of 2019 as compared to the same period in the prior year, which was a 90 basis point improvement from the performance in the first quarter of 2019.  Results were driven by a 3.2% growth in Average Effective Rent per Unit and continued strong Average Physical Occupancy of 96.0%.

• Property operating expenses for the Same Store Portfolio increased 3.6% during the second quarter of 2019 as compared to the same period in the prior year.

• Net Operating Income, or NOI, from the Same Store Portfolio increased 3.0% during the second quarter of 2019 as compared to the same period in the prior year.

• As a result of the strong performance year-to-date, MAA is revising revenue growth expectations for the Same Store Portfolio from a mid-point of 2.3% to a mid-point of 3.0%.  In addition, NOI for the Same Store Portfolio for the year has been increased from a mid-point of 1.8% to 3.0%.  

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• Strong demand for apartment housing continues to support low resident turnover as resident move outs for the Same Store Portfolio for the second quarter of 2019 remained low at 47.3% on a rolling twelve month basis.

• As of the end of the second quarter of 2019, MAA had five development projects under construction, which included 1,090 units, with a total projected cost of $230.5 million and an estimated $148.0 million remaining to be funded.

• As of the end of the second quarter of 2019, MAA had two properties in their initial lease-up, and average physical occupancy for the lease-up portfolio was 63.8%.  These properties are expected to stabilize over the remainder of 2019.

• Redevelopment activity across the portfolio remains robust with plans to upgrade interiors at 7,500 to 8,500 units over the course of the year with expected rent increases averaging 9% to 10%.  

Same Store Portfolio Operating Results

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

The Same Store Portfolio revenue growth of 3.2% during the second quarter of 2019 was primarily a result of a 3.2% increase in Average Effective Rent per Unit, as compared to the same period in the prior year.  Rent growth for both new and renewing leases, as compared to the prior lease, on a combined basis increased an average of 5.0% during the second quarter of 2019, a 170 basis point improvement over the performance from same period in the prior year.  Average Physical Occupancy for the Same Store Portfolio was strong at 96.0% for the second quarter of 2019, consistent with the same period in the prior year.  Property operating expenses increased 3.6% for the second quarter of 2019 as compared to the same period in the prior year, primarily driven by a 4.6% increase in real estate property taxes. This resulted in Same Store Portfolio NOI growth of 3.0% for the second quarter of 2019 as compared to the same period in the prior year.

The Same Store Portfolio revenue growth of 2.8% during the six months ended June 30, 2019 was primarily a result of a 3.1% increase in Average Effective Rent per Unit, as compared to the same period in the prior year.  Rent growth for both new and renewing leases, as compared to the prior lease, on a combined basis increased an average of 4.5% during the six months ended June 30, 2019, a 200 basis point improvement over the performance from same period in the prior year.  Average Physical Occupancy for the Same Store Portfolio was strong at 95.9% for the six months ended June 30, 2019, a slight decrease from 96.1% in the same period in the prior year.  Property operating expenses increased 2.8% for the six months ended June 30, 2019 as compared to the same period in the prior year, primarily driven by a 5.3% increase in real estate property taxes. This resulted in Same Store Portfolio NOI growth of 2.7% for the six months ended June 30, 2019 as compared to the same period in the prior year.

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

Development and Lease-up Activity

As of the end of the second quarter of 2019, MAA had five development communities under construction.  Total development costs for the five communities are projected to be $230.5 million, of which an estimated $148.0 million remained to be funded as of the end of the second quarter of 2019.  The expected average stabilized NOI yield on these communities is 6.2%. During the second quarter of 2019, MAA funded $25.9 million of construction costs on current and completed development projects.  MAA expects to complete two of these developments in the second half of 2019, one development in the first half of 2020, one in the second half of 2020 and one in the first half of 2021.

During the second quarter of 2019, MAA had two apartment communities, Sync 36 I and Post River North, both located in Denver, Colorado, complete their initial lease-up and move into MAA's stabilized portfolio.  MAA had two apartment communities, containing a total of 578 units, remaining in initial lease-up as of the end of the second quarter of 2019: 1201 Midtown II, located in Charleston, South Carolina and Post Centennial Park, located in Atlanta, Georgia.  Physical occupancy for both of these lease-up projects averaged 63.8% at the end of the second quarter of 2019.

Acquisition and Disposition Activity

In April 2019, MAA acquired a two acre parcel of land located in the Orlando, Florida market and is currently performing pre-development work with a development start expected in late 2019.  

In April 2019, MAA closed on the disposition of a four acre land parcel located in the Huntsville, Alabama market.

Redevelopment Activity

MAA continues its redevelopment program at select apartment communities throughout the portfolio.  During the second quarter of 2019, MAA redeveloped the interiors of 2,185 units at an average cost of $5,547 per unit, bringing the total units renovated during the six months ended June 30, 2019 to 3,864 at an average cost of $5,831 per unit.  MAA expects a total of 7,500 to 8,500 units to be redeveloped in 2019, achieving average rental rate increases of approximately 9% to 10% above non-renovated units.

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Capital Expenditures

Recurring capital expenditures totaled $24.4 million for the second quarter of 2019, or approximately $0.20 per Share, as compared to $24.9 million, or $0.21 per Share, for the same period in the prior year.  These expenditures led to Adjusted Funds from Operations, or AFFO, of $1.37 per Share for the second quarter of 2019, compared to $1.34 per Share for the same period in the prior year.

Redevelopment, revenue enhancing, commercial and other capital expenditures during the second quarter of 2019 were $29.9 million, as compared to $36.2 million for the same period in the prior year. These expenditures led to Funds Available for Distribution, or FAD, of $131.5 million for the second quarter of 2019, compared to $121.9 million for the same period in the prior year.

Recurring capital expenditures totaled $36.9 million for the six months ended June 30, 2019, or approximately $0.31 per Share, as compared to $34.4 million, or $0.29 per Share, for the same period in the prior year.  These expenditures led to AFFO of $2.84 per Share for the six months ended June 30, 2019, compared to $2.70 per Share for the same period in the prior year.

Redevelopment, revenue enhancing, commercial and other capital expenditures during the six months ended June 30, 2019 were $55.7 million, as compared to $62.3 million for the same period in the prior year. These expenditures led to FAD of $279.5 million for the six months ended June 30, 2019, compared to $255.9 million for the same period in the prior year.

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

Financing Activities

During the second quarter of 2019, MAA's operating partnership, Mid-America Apartments, L.P. (referred to as MAALP or the Operating Partnership), entered into a new unsecured revolving credit facility, replacing the previous credit facility, with a borrowing capacity remaining at $1.0 billion and an option to expand to $1.5 billion. The new facility extends the maturity date of the credit facility to May 2023 with two six-month extension options, and bears interest at the London Interbank Offered Rate, or LIBOR, plus a spread based on an investment ratings grid, currently at 0.83%.  As of June 30, 2019, there was no outstanding balance drawn on the credit facility.  

During the second quarter of 2019, MAALP established a $500.0 million unsecured commercial paper program (the “CP Program”) in the United States. Under the CP Program, MAALP may issue, from time-to-time, commercial paper notes up to a maximum aggregate amount outstanding of $500.0 million.  As of June 30, 2019, approximately $367.0 million of borrowings were outstanding on the CP Program with a weighted average interest rate of approximately 2.68% and a weighted average maturity of 16 days.

As of June 30, 2019, MAA had approximately $671.5 millioncombined cash and available capacity under MAALP's unsecured revolving credit facility, net of commercial paper borrowings.

Dividends and distributions paid on shares of common stock and noncontrolling interests during the second quarter of 2019 were $113.4 million, as compared to $108.8 million for the same period in the prior year.

Balance Sheet

As of June 30, 2019:

• Total debt to adjusted total assets (as defined in the covenants for the bonds issued by MAALP) was 32.3%;

• Total debt outstanding was $4.5 billion with an average effective interest rate of approximately 3.8%;

• 85.3% of total debt was fixed or hedged against rising interest rates for an average of approximately 7.7 years; and

• Unencumbered NOI was 90.1% of total NOI, as compared to 92.6% as of December 31, 2018.

102nd Consecutive Quarterly Common Dividend Declared

MAA declared its 102nd consecutive quarterly common dividend.  The current annual dividend rate is $3.84 per common share, which was paid on July 31, 2019 to holders of record on July 15, 2019.

2019 Net Income per Diluted Common Share and FFO and AFFO per Share Guidance

MAA is updating and increasing prior 2019 guidance for Net income per diluted common share, as well as FFO per Share and AFFO per Share.  FFO and AFFO are non-GAAP 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 outlined in the definitions of non-GAAP measures accompanying this release, MAA's definition of FFO is in accordance with the National Association of Real Estate Investment Trusts', or NAREIT's, definition. MAA believes that FFO is helpful in understanding operating performance in that FFO excludes depreciation expense of real estate assets and certain other non-routine items.

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Net income per diluted common share is expected to be in the range of $2.67 to $2.83 per diluted common share, or $2.75 per diluted common share at the midpoint, for the full year of 2019.  FFO per Share for the year is expected to be in the range of $6.20to $6.36 per Share, or $6.28 per Share at the midpoint.  AFFO per Share for the year is expected to be in the range of $5.56 to $5.72 per Share, or $5.64 per Share at the midpoint.  MAA expects FFO for the third quarter of 2019 to be in the range of $1.51 to $1.59 per Share, or $1.55 per Share at the midpoint.  The full year guidance for Net income, FFO and AFFOassumes that the net impact from the fair value adjustment of the embedded derivative in the preferred shares will be $0, with the adjustment reflected in our fourth quarter forecast.MAA does not forecast Net income per diluted share on a quarterly basis as it is not reasonable to accurately predict the timing of forecasted acquisition and disposition activity within a particular quarter (rather than during the course of the full year).

Supplemental Material and Conference Call

Supplemental data to this release can be found under the "Financial Results" navigation tab on the "For Investors" page of our website at www.maac.com. MAA will host a conference call to further discuss second quarter results Thursday, August 1, 2019, at 9:00 AM Central Time.  The conference call-in number is 877-830-2596.  You may also join the live webcast of the conference call by accessing the "For Investors" page of our website at www.maac.com.  MAA's filings with the Securities and Exchange Commission, or 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, or REIT, focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities in the Southeast, Southwest, and Mid-Atlantic regions of the United States.  As of June 30, 2019, MAA had ownership interest in 101,954 apartment units, including communities currently in development, across 17 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 concerning forecasted operating performance and results, property acquisitions and dispositions, joint venture activity, development and renovation activity as well as other capital expenditures, capital raising activities, rent and expense growth, occupancy, financing activities, and interest rate and other economic expectations. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, as described below, which may cause our actual results, performance or achievements to be materially different from the results of operations, financial conditions or plans expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such forward-looking statements included in this release may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved.

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

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

• exposure, as a multifamily focused REIT, 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 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 new acquisitions to achieve anticipated results or be efficiently integrated;

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

• unexpected capital needs;

• changes in operating costs, including real estate taxes, utilities and insurance costs;

• losses from catastrophes in excess of our insurance coverage;

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

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

• loss of hedge accounting treatment for interest rate swaps;

• the continuation of the good credit of our interest rate swap providers;

• price volatility, dislocations and liquidity disruptions in the financial markets and the resulting impact on financing;

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

• the effect of the phase-out of the London Interbank Offered Rate, or LIBOR, as a variable rate debt benchmark by the end of 2021 and the transition to a different benchmark interest rate could have adverse effects on our interest expense and our cash flow for general corporate requirements;

• significant decline in market value of real estate serving as collateral for mortgage obligations;

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

• our 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 privacy or information security systems;

• potential liability for environmental contamination;

• adverse legislative or regulatory tax changes;

• legal proceedings relating to various issues, which, among other things, could result in a class action lawsuit;

• compliance costs associated with laws requiring access for disabled persons; and

• other risks identified in this press release and, from time to time, in reports we file with the SEC or in other documents that we publicly disseminate.

New factors may also emerge from time to time that could have a material adverse effect on our business.  Except as required by law, we undertake no obligation to publicly update or revise forward-looking statements contained in this release to reflect events, circumstances or changes in expectations after the date of this release.

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FINANCIAL HIGHLIGHTS

Dollars in thousands, except per share data	Three months ended June 30,						Six months ended June 30,
	2019			2018			2019			2018
Rental and other property revenues	$	407,390		$	390,073		$	808,568		$	776,090
Net income available for MAA common shareholders	$	60,995		$	58,885		$	123,733		$	106,982
Total NOI(1)	$	253,248		$	241,343		$	505,049		$	482,956
Earnings per common share:(2)
Basic	$	0.53		$	0.52		$	1.09		$	0.94
Diluted	$	0.53		$	0.52		$	1.09		$	0.94
Funds from operations per Share - diluted:(2)
FFO(1)	$	1.57		$	1.55		$	3.15		$	2.99
AFFO(1)	$	1.37		$	1.34		$	2.84		$	2.70
Dividends declared per common share	$	0.9600		$	0.9225		$	1.9200		$	1.8450
Dividends/ FFO (diluted) payout ratio		61.1	%		59.5	%		61.0	%		61.7	%
Dividends/ AFFO (diluted) payout ratio		70.1	%		68.8	%		67.6	%		68.3	%
Consolidated interest expense	$	45,936		$	43,585		$	91,636		$	84,490
Mark-to-market debt adjustment		86			2,901			171			5,852
Debt discount and debt issuance cost amortization		(1,835	)		(1,501	)		(3,640	)		(2,884	)
Capitalized interest		705			488			1,093			1,283
Total interest incurred	$	44,892		$	45,473		$	89,260		$	88,741
Amortization of principal on notes payable	$	1,825		$	2,580		$	3,672		$	5,290

⁽¹⁾ A reconciliation of the following items and an expanded discussion of their respective components can be found later in this release: (i) NOI to Net income available for MAA common shareholders; and (ii) FFO and AFFO to Net income available for MAA common shareholders.

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

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FINANCIAL HIGHLIGHTS (CONTINUED)

Dollars in thousands, except share price
	June 30, 2019		December 31, 2018
Gross Assets(1)	$	14,066,436	$	13,873,068
Gross Real Estate Assets(1)	$	13,900,428	$	13,735,247
Total debt	$	4,539,989	$	4,528,328
Common shares and units outstanding		118,133,172		117,955,568
Share price	$	117.76	$	95.70
Book equity value	$	6,284,629	$	6,381,603
Market equity value	$	13,911,362	$	11,288,348
Net Debt/Recurring Adjusted EBITDAre (2)	4.92x		4.99x

⁽¹⁾ A reconciliation of Gross Assets to Total assets and Gross Real Estate Assets to Real estate assets, net, along with an expanded discussion of their components, can be found later in this release.

⁽²⁾ Recurring Adjusted EBITDAre in this calculation represents the trailing twelve month period for each date presented. A reconciliation of the following items and an expanded discussion of their respective components can be found later in this release: (i) EBITDA, EBITDAre, Adjusted EBITDAre and Recurring Adjusted EBITDAre to Net income; and (ii) Net Debt to Unsecured notes payable and Secured notes payable.

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CONSOLIDATED STATEMENTS OF OPERATIONS

Dollars in thousands, except per share data	Three months ended June 30,						Six months ended June 30,
	2019			2018			2019			2018
Revenues:
Rental and other property revenues	$	407,390		$	390,073		$	808,568		$	776,090
Expenses:
Operating expense, excluding real estate taxes and insurance		96,172			92,980			185,965			182,128
Real estate taxes and insurance		57,970			55,750			117,554			111,006
Depreciation and amortization		123,944			122,925			246,733			243,669
Total property operating expenses		278,086			271,655			550,252			536,803
Property management expenses		13,454			11,396			27,296			24,276
General and administrative expenses		10,598			9,211			23,751			19,343
Merger and integration related expenses		—			2,826			—			6,625
Interest expense		45,936			43,585			91,636			84,490
(Gain) loss on sale of depreciable real estate assets		—			(2	)		13			(2	)
Gain on sale of non-depreciable real estate assets		(297	)		(2,761	)		(9,260	)		(2,911	)
Other non-operating income		(4,775	)		(8,032	)		(5,710	)		(5,691	)
Income before income tax expense		64,388			62,195			130,590			113,157
Income tax expense		(682	)		(570	)		(1,323	)		(1,210	)
Income from continuing operations before real estate joint venture         activity		63,706			61,625			129,267			111,947
Income from real estate joint venture		435			356			832			854
Net income		64,141			61,981			130,099			112,801
Net income attributable to noncontrolling interests		2,224			2,174			4,522			3,975
Net income available for shareholders		61,917			59,807			125,577			108,826
Dividends to MAA Series I preferred shareholders		922			922			1,844			1,844
Net income available for MAA common shareholders	$	60,995		$	58,885		$	123,733		$	106,982
Earnings per common share - basic:
Net income available for common shareholders	$	0.53		$	0.52		$	1.09		$	0.94
Earnings per common share - diluted:
Net income available for common shareholders	$	0.53		$	0.52		$	1.09		$	0.94

8

SHARE AND UNIT DATA

Shares and units in thousands	Three months ended June 30,				Six months ended June 30,
	2019		2018		2019		2018
Net Income Shares (1)
Weighted average common shares - basic		113,838		113,646		113,783		113,595
Effect of dilutive securities		249		207		211		174
Weighted average common shares - diluted		114,087		113,853		113,994		113,769
Funds From Operations Shares And Units
Weighted average common shares and units - basic		117,935		117,783		117,886		117,754
Weighted average common shares and units - diluted		118,139		117,951		118,079		117,922
Period End Shares And Units
Common shares at June 30,		114,043		113,808		114,043		113,808
Operating Partnership units at June 30,		4,090		4,136		4,090		4,136
Total common shares and units at June 30,		118,133		117,944		118,133		117,944

⁽¹⁾ For additional information on the calculation of diluted common shares and earnings per common share, please refer to the Notes to Condensed Consolidated Financial Statements in MAA's Quarterly Report on Form 10-Q for the three and six months ended June 30, 2019, expected to be filed with the SEC on or about August 1, 2019.

9

CONSOLIDATED BALANCE SHEETS

Dollars in thousands
	June 30, 2019			December 31, 2018
Assets
Real estate assets:
Land	$	1,883,960		$	1,868,828
Buildings and improvements and other		11,775,716			11,670,216
Development and capital improvements in progress		97,526			59,506
		13,757,202			13,598,550
Less: Accumulated depreciation		(2,791,606	)		(2,549,287	)
		10,965,596			11,049,263
Undeveloped land		58,257			58,257
Investment in real estate joint venture		43,997			44,181
Real estate assets, net		11,067,850			11,151,701
Cash and cash equivalents		40,972			34,259
Restricted cash		16,712			17,414
Other assets		149,296			120,407
Total assets	$	11,274,830		$	11,323,781
Liabilities and equity
Liabilities:
Unsecured notes payable	$	3,879,526		$	4,053,302
Secured notes payable		660,463			475,026
Accrued expenses and other liabilities		450,212			413,850
Total liabilities		4,990,201			4,942,178
Redeemable common stock		12,103			9,414
Shareholders' equity:
Preferred stock		9			9
Common stock		1,138			1,136
Additional paid-in capital		7,146,076			7,138,170
Accumulated distributions in excess of net income		(1,086,665	)		(989,263	)
Accumulated other comprehensive loss		(9,092	)		(212	)
Total MAA shareholders' equity		6,051,466			6,149,840
Noncontrolling interests - Operating Partnership units		215,404			220,043
Total Company's shareholders' equity		6,266,870			6,369,883
Noncontrolling interest - consolidated real estate entities		5,656			2,306
Total equity		6,272,526			6,372,189
Total liabilities and equity	$	11,274,830		$	11,323,781

10

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

Amounts in thousands, except per share and unit data	Three months ended June 30,						Six months ended June 30,
	2019			2018			2019			2018
Net income available for MAA common shareholders	$	60,995		$	58,885		$	123,733		$	106,982
Depreciation and amortization of real estate assets		122,323			121,745			243,533			241,311
(Gain) loss on sale of depreciable real estate assets		—			(2	)		13			(2	)
Depreciation and amortization of real estate assets of real estate joint venture		166			144			311			289
Net income attributable to noncontrolling interests		2,224			2,174			4,522			3,975
Funds from operations attributable to the Company		185,708			182,946			372,112			352,555
Recurring capital expenditures		(24,358	)		(24,925	)		(36,918	)		(34,402	)
Adjusted funds from operations		161,350			158,021			335,194			318,153
Redevelopment capital expenditures		(14,826	)		(13,645	)		(27,271	)		(24,429	)
Revenue enhancing capital expenditures		(9,813	)		(9,345	)		(17,852	)		(14,008	)
Commercial capital expenditures		(1,037	)		(3,288	)		(2,456	)		(4,339	)
Other capital expenditures		(4,187	)		(9,885	)		(8,164	)		(19,512	)
Funds available for distribution	$	131,487		$	121,858		$	279,451		$	255,865
Dividends and distributions paid	$	113,373		$	108,787		$	226,644		$	217,528
Weighted average common shares - diluted		114,087			113,853			113,994			113,769
FFO weighted average common shares and units - diluted		118,139			117,951			118,079			117,922
Earnings per common share - diluted:
Net income available for common shareholders	$	0.53		$	0.52		$	1.09		$	0.94
Funds from operations per Share - diluted	$	1.57		$	1.55		$	3.15		$	2.99
Adjusted funds from operations per Share - diluted	$	1.37		$	1.34		$	2.84		$	2.70

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

Dollars in thousands	Three Months Ended									Six Months Ended
	June 30, 2019			March 31, 2019			June 30, 2018			June 30, 2019			June 30, 2018
Net Operating Income
Same Store NOI	$	237,305		$	237,439		$	230,414		$	474,744		$	462,069
Non-Same Store NOI		15,943			14,362			10,929			30,305			20,887
Total NOI		253,248			251,801			241,343			505,049			482,956
Depreciation and amortization		(123,944	)		(122,789	)		(122,925	)		(246,733	)		(243,669	)
Property management expenses		(13,454	)		(13,842	)		(11,396	)		(27,296	)		(24,276	)
General and administrative expenses		(10,598	)		(13,153	)		(9,211	)		(23,751	)		(19,343	)
Merger and integration expenses		—			—			(2,826	)		—			(6,625	)
Interest expense		(45,936	)		(45,700	)		(43,585	)		(91,636	)		(84,490	)
(Loss) gain on sale of depreciable real estate assets		—			(13	)		2			(13	)		2
Gain on sale of non-depreciable real estate assets		297			8,963			2,761			9,260			2,911
Other non-operating income		4,775			935			8,032			5,710			5,691
Income tax expense		(682	)		(641	)		(570	)		(1,323	)		(1,210	)
Income from real estate joint venture		435			397			356			832			854
Net income attributable to noncontrolling interests		(2,224	)		(2,298	)		(2,174	)		(4,522	)		(3,975	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAA common shareholders	$	60,995		$	62,738		$	58,885		$	123,733		$	106,982

11

RECONCILIATION OF EBITDA, EBITDAre, ADJUSTED EBITDAre AND RECURRING ADJUSTED EBITDAre TO NET INCOME

Dollars in thousands	Three Months Ended						Twelve Months Ended
	June 30, 2019			June 30, 2018			June 30, 2019			December 31, 2018
Net income	$	64,141		$	61,981		$	248,321		$	231,022
Depreciation and amortization		123,944			122,925			492,823			489,759
Interest expense		45,936			43,585			180,740			173,594
Income tax expense		682			570			2,724			2,611
EBITDA		234,703			229,061			924,608			896,986
(Gain) loss on sale of depreciable real estate assets		—			(2	)		54			39
Adjustments to reflect the Company's share of EBITDAre of unconsolidated affiliates		339			303			1,311			1,242
EBITDAre		235,042			229,362			925,973			898,267
Loss (gain) on debt extinguishment (1)		47			—			(1,905	)		(2,179	)
Net casualty gain and other settlement proceeds (1)		(309	)		(794	)		(1,774	)		(724	)
Gain on sale of non-depreciable assets		(297	)		(2,761	)		(10,881	)		(4,532	)
Adjusted EBITDAre		234,483			225,807			911,413			890,832
Merger and integration expenses		—			2,826			2,486			9,112
Recurring Adjusted EBITDAre	$	234,483		$	228,633		$	913,899		$	899,944

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

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

Dollars in thousands
	June 30, 2019			December 31, 2018
Unsecured notes payable	$	3,879,526		$	4,053,302
Secured notes payable		660,463			475,026
Total debt		4,539,989			4,528,328
Cash and cash equivalents		(40,972	)		(34,259	)
Net Debt	$	4,499,017		$	4,494,069

RECONCILIATION OF GROSS ASSETS TO TOTAL ASSETS

Dollars in thousands
	June 30, 2019		December 31, 2018
Total assets	$	11,274,830	$	11,323,781
Accumulated depreciation		2,791,606		2,549,287
Gross Assets	$	14,066,436	$	13,873,068

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

Dollars in thousands
	June 30, 2019		December 31, 2018
Real estate assets, net	$	11,067,850	$	11,151,701
Accumulated depreciation		2,791,606		2,549,287
Cash and cash equivalents		40,972		34,259
Gross Real Estate Assets	$	13,900,428	$	13,735,247

12

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, is composed of EBITDAre adjusted for net gain or loss on non-depreciable asset sales, insurance and other settlement proceeds, and gain or loss on debt extinguishment.  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 available for MAA common shareholders as an indicator of financial performance.

Adjusted Funds From Operations (AFFO)

AFFO is composed of FFO less recurring capital expenditures. In order to better align the classification of capital expenditures with business goals, certain capital expenditures related to commercial properties have been reclassified out of recurring and revenue enhancing capital expenditures for comparative purposes. AFFO should not be considered as an alternative to Net income available for MAA common shareholders.  As an owner and operator of real estate, MAA considers AFFO to be an important measure of performance from operations because AFFO measures the ability to control revenues, expenses and recurring capital expenditures.

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 available for MAA common shareholders as an indicator of financial 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, as defined above, excluding the gain or loss on sale of depreciable asset sales and plus adjustments to reflect MAA's share of EBITDAre of unconsolidated affiliates.  As an owner and operator of real estate, MAA considers EBITDAre to be an important measure of performance from core operations because EBITDAre does not include various expense items that are not indicative of operating performance. While MAA's definition of EBITDAre is in accordance with NAREIT's definition, it may differ from the methodology utilized by other companies to calculate EBITDAre. EBITDAre should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of financial performance.

Funds Available for Distribution (FAD)

FAD is composed of FFO less total capital expenditures, excluding development spending and property acquisitions. FAD should not be considered as an alternative to Net income available for MAA common shareholders.  As an owner and operator of real estate, MAA considers FAD to be an important measure of performance from core operations because FAD measures the ability to control revenues, expenses and total capital expenditures.

Funds From Operations (FFO)

FFO represents net income available for MAA common shareholders (calculated in accordance with GAAP) excluding gains or losses 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 noncontrolling interest 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

13

NON-GAAP FINANCIAL MEASURES (CONTINUED)

assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

Gross Real Estate Assets

Gross Real Estate Assets represents Real estate assets, net plus Accumulated depreciation and Cash and cash equivalents.  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.  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, 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 by market is a helpful tool in evaluating the operating performance within MAA's markets because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

Recurring Adjusted EBITDAre

Recurring Adjusted EBITDAre represents Adjusted EBITDAre further adjusted to exclude certain items that are not considered part of MAA's core business operations such as acquisition and merger and integration expenses.  MAA believes Recurring Adjusted EBITDAre is an important performance measure as it adjusts for certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.  MAA's definition of Recurring Adjusted EBITDAre may differ from the methodology utilized by other companies to calculate Recurring Adjusted EBITDAre. Recurring Adjusted EBITDAre should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance.

Same Store NOI

Same Store NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation, for all properties classified within the Same Store Portfolio during the period. Same Store NOI should not be considered as an alternative to Net income available for MAA common shareholders.  MAA believes Same Store NOI is a helpful tool in evaluating the operating performance within MAA's markets 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 the respective 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 after achieving at least 90% occupancy for 90 days.

Non-Same Store Portfolio

Non-Same Store Portfolio includes recent acquisitions, communities that have been identified for disposition, communities that have undergone a significant casualty loss, and stabilized communities that do not meet the requirements defined by the Same Store Portfolio.

14

OTHER KEY DEFINITIONS (CONTINUED)

Same Store Portfolio

MAA reviews its Same Store Portfolio at the beginning of each calendar year, or as significant transactions 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 after achieving at least 90% 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 undergone a significant casualty loss are also excluded from the Same Store Portfolio.

Unencumbered NOI

Unencumbered NOI represents NOI generated by unencumbered assets (as defined in MAALP's bond covenants).

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

15

EX-99.2

Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT JUNE 30, 2019 (In apartment units)⁽¹⁾

	Same Store		Non-Same Store		Lease-up		Total Completed Communities		Development Units Delivered		Total
Atlanta, GA		10,664		332		438		11,434		—		11,434
Dallas, TX		9,404		362		—		9,766		—		9,766
Austin, TX		6,475		642		—		7,117		—		7,117
Charlotte, NC		6,149		—		—		6,149		—		6,149
Orlando, FL		5,274		—		—		5,274		—		5,274
Tampa, FL		5,220		—		—		5,220		—		5,220
Raleigh/Durham, NC		4,397		803		—		5,200		20		5,220
Houston, TX		4,867		—		—		4,867		—		4,867
Nashville, TN		4,055		320		—		4,375		—		4,375
Fort Worth, TX		4,249		—		—		4,249		—		4,249
Washington, DC		4,080		—		—		4,080		—		4,080
Jacksonville, FL		3,496		—		—		3,496		—		3,496
Charleston, SC		2,726		302		140		3,168		—		3,168
Phoenix, AZ		2,623		—		—		2,623		—		2,623
Savannah, GA		2,219		—		—		2,219		—		2,219
Greenville, SC		2,084		—		—		2,084		—		2,084
Richmond, VA		2,004		—		—		2,004		—		2,004
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
Huntsville, AL		1,228		—		—		1,228		—		1,228
Other		9,929		1,336		-		11,265		—		11,265
Total Multifamily Units		95,920		4,097		578		100,595		20		100,615

⁽¹⁾ Schedule excludes a 269 unit joint venture property in Washington, D.C.

Supplemental Data S-1

PORTFOLIO STATISTICS (CONTINUED)

TOTAL MULTIFAMILY COMMUNITY STATISTICS⁽¹⁾

Dollars in thousands, except Average Effective Rent per Unit

	As of June 30, 2019								Average Effective		As of June 30, 2019
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended June 30, 2019		Completed Units		Total Units, Including Development
Atlanta, GA	$	1,879,100		13.9	%		95.8	%	$	1,429		10,996
Dallas, TX		1,374,418		10.2	%		95.7	%		1,271		9,766
Washington, DC		948,359		7.0	%		96.7	%		1,776		4,080
Charlotte, NC		946,383		7.0	%		96.2	%		1,212		6,149
Tampa, FL		866,887		6.4	%		95.8	%		1,442		5,220
Austin, TX		831,218		6.2	%		95.8	%		1,223		7,117
Orlando, FL		818,424		6.1	%		95.6	%		1,436		5,274
Raleigh/Durham, NC		664,539		4.9	%		95.7	%		1,105		5,200
Houston, TX		598,934		4.5	%		96.2	%		1,190		4,867
Nashville, TN		527,778		3.9	%		97.1	%		1,247		4,375
Fort Worth, TX		389,605		2.9	%		96.1	%		1,149		4,249
Phoenix, AZ		373,177		2.8	%		97.2	%		1,192		2,623
Charleston, SC		366,672		2.7	%		95.5	%		1,182		3,028
Jacksonville, FL		291,967		2.2	%		96.8	%		1,119		3,496
Richmond, VA		261,724		1.9	%		97.0	%		1,178		2,004
Savannah, GA		238,590		1.8	%		96.6	%		1,078		2,219
Denver, CO		188,037		1.4	%		95.6	%		1,612		733
Kansas City, MO-KS		183,226		1.4	%		95.8	%		1,227		1,110
San Antonio, TX		161,266		1.2	%		96.9	%		1,094		1,504
Birmingham, AL		155,780		1.2	%		96.9	%		1,010		1,462
Greenville, SC		153,909		1.1	%		95.9	%		900		2,084
Memphis, TN		129,838		1.0	%		95.7	%		986		1,811
All Other Markets by State (individual markets <1% gross real assets)
Florida	$	175,074		1.3	%		96.6	%	$	1,311		1,806
Alabama		156,105		1.2	%		97.6	%		959		1,648
Virginia		151,184		1.1	%		97.5	%		1,284		1,039
Arkansas		117,853		0.9	%		96.1	%		882		1,368
Kentucky		93,250		0.7	%		96.2	%		877		1,308
Mississippi		73,739		0.5	%		96.0	%		876		1,241
Nevada		69,393		0.5	%		97.4	%		1,039		721
Tennessee		51,712		0.4	%		96.3	%		871		943
South Carolina		36,578		0.3	%		96.2	%		854		576
Stabilized Communities	$	13,274,719		98.6	%		96.2	%	$	1,223		100,017
Atlanta, GA	$	85,993		0.7	%		63.2	%	$	1,590		438		438
Charleston, SC		28,612		0.2	%		65.7	%		1,559		140		140
Dallas, TX		24,110		0.2	%									348
Denver, CO		18,428		0.1	%									79
Phoenix, AZ		18,041		0.1	%									345
Raleigh/Durham, NC		16,835		0.1	%							20		150
Fort Worth, TX		5,108		0.0	%									168
Lease-up / Development Communities	$	197,127		1.4	%		63.8	%	$	1,582		598		1,668
Total Multifamily Communities	$	13,471,846		100.0	%		96.0	%	$	1,242		100,615		101,685

⁽¹⁾ Schedule excludes one joint venture property in Washington, D.C.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

	As of June 30, 2019				Three Months Ended
	Apartment Units		Gross Real Assets		June 30, 2019		June 30, 2018			Percent Change
Operating Revenue
Same Store Communities		95,920	$	12,478,842	$	380,609	$	368,729			3.2	%
Non-Same Store Communities		4,097		795,877		19,192		15,696
Lease-up/Development Communities		598		197,127		1,479		108
Total Multifamily Portfolio		100,615	$	13,471,846	$	401,280	$	384,533
Commercial Property/Land		—		221,812		6,110		5,540
Total Operating Revenue		100,615	$	13,693,658	$	407,390	$	390,073
Property Operating Expenses
Same Store Communities					$	143,304	$	138,315			3.6	%
Non-Same Store Communities						7,946		7,800
Lease-up/Development Communities						587		370
Total Multifamily Portfolio					$	151,837	$	146,485
Commercial Property/Land						2,305		2,245
Total Property Operating Expenses					$	154,142	$	148,730
Net Operating Income
Same Store Communities					$	237,305	$	230,414			3.0	%
Non-Same Store Communities						11,246		7,896
Lease-up/Development Communities						892		(262	)
Total Multifamily Portfolio					$	249,443	$	238,048
Commercial Property/Land						3,805		3,295
Total Net Operating Income					$	253,248	$	241,343			4.9	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

	Three Months Ended							Six Months Ended
	June 30, 2019		June 30, 2018		Percent Change			June 30, 2019		June 30, 2018		Percent Change
Personnel	$	34,887	$	33,473		4.2	%	$	68,285	$	65,830		3.7	%
Building Repair and Maintenance		17,029		16,453		3.5	%		31,118		30,726		1.3	%
Utilities		26,685		26,816		(0.5	)%		52,965		53,499		(1.0	)%
Marketing		4,980		4,491		10.9	%		9,010		8,185		10.1	%
Office Operations		5,323		5,085		4.7	%		10,387		11,284		(7.9	)%
Property Taxes		51,558		49,292		4.6	%		103,876		98,658		5.3	%
Insurance		2,842		2,705		5.1	%		5,764		5,449		5.8	%
Total Property Operating Expenses	$	143,304	$	138,315		3.6	%	$	281,405	$	273,631		2.8	%

Supplemental Data S-3

NOI CONTRIBUTION PERCENTAGE BY MARKET

Same Store Portfolio

				Average Physical Occupancy
			Percent of	Three Months Ended						Six Months Ended
	Apartment Units		Same Store NOI	June 30, 2019			June 30, 2018			June 30, 2019			June 30, 2018
Atlanta, GA		10,664	12.4%		95.6	%		95.6	%		95.7	%		95.8	%
Dallas, TX		9,404	9.1%		95.2	%		95.1	%		95.1	%		95.3	%
Washington, DC		4,080	6.9%		97.1	%		96.6	%		96.9	%		96.6	%
Charlotte, NC		6,149	6.7%		96.3	%		96.1	%		96.2	%		96.3	%
Tampa, FL		5,220	6.5%		95.9	%		96.0	%		96.1	%		96.2	%
Orlando, FL		5,274	6.4%		95.5	%		96.2	%		95.7	%		96.3	%
Austin, TX		6,475	5.8%		95.8	%		95.5	%		95.8	%		95.7	%
Houston, TX		4,867	4.6%		95.4	%		96.0	%		95.4	%		96.5	%
Nashville, TN		4,055	4.5%		96.2	%		95.9	%		95.8	%		95.9	%
Raleigh/Durham, NC		4,397	4.4%		96.6	%		95.9	%		96.5	%		96.3	%
Fort Worth, TX		4,249	3.9%		95.4	%		95.6	%		95.4	%		95.7	%
Jacksonville, FL		3,496	3.6%		96.5	%		96.8	%		96.4	%		96.7	%
Phoenix, AZ		2,623	3.0%		96.7	%		95.9	%		96.5	%		96.3	%
Charleston, SC		2,726	2.8%		95.9	%		95.9	%		95.6	%		96.0	%
Richmond, VA		2,004	2.2%		97.1	%		97.0	%		96.8	%		96.9	%
Savannah, GA		2,219	2.0%		95.4	%		96.3	%		95.6	%		96.7	%
Greenville, SC		2,084	1.5%		95.7	%		95.7	%		95.9	%		96.0	%
Memphis, TN		1,811	1.4%		96.2	%		96.7	%		95.7	%		96.2	%
San Antonio, TX		1,504	1.3%		96.6	%		96.1	%		96.6	%		95.8	%
Birmingham, AL		1,462	1.2%		96.5	%		95.9	%		96.2	%		95.8	%
Huntsville, AL		1,228	1.0%		97.5	%		97.6	%		97.3	%		97.4	%
Other		9,929	8.8%		96.2	%		96.3	%		96.2	%		96.3	%
Total Same Store		95,920	100.0%		96.0	%		96.0	%		95.9	%		96.1	%

Supplemental Data S-4

MULTIFAMILY SAME STORE PORTFOLIO QUARTER OVER QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q2 2019		Q2 2018		% Chg			Q2 2019		Q2 2018		% Chg			Q2 2019		Q2 2018		% Chg			Q2 2019		Q2 2018		% Chg
Atlanta, GA		10,664	$	47,760	$	46,511		2.7	%	$	18,267	$	16,328		11.9	%	$	29,493	$	30,183		(2.3	)%	$	1,403	$	1,365		2.8	%
Dallas, TX		9,404		37,961		37,628		0.9	%		16,410		16,440		(0.2	)%		21,551		21,188		1.7	%		1,279		1,270		0.7	%
Washington, DC		4,080		23,148		22,274		3.9	%		6,861		6,744		1.7	%		16,287		15,530		4.9	%		1,776		1,726		2.9	%
Charlotte, NC		6,149		23,841		23,188		2.8	%		7,955		7,135		11.5	%		15,886		16,053		(1.0	)%		1,212		1,172		3.4	%
Tampa, FL		5,220		23,959		22,906		4.6	%		8,507		8,159		4.3	%		15,452		14,747		4.8	%		1,442		1,383		4.2	%
Orlando, FL		5,274		24,121		23,521		2.6	%		8,913		8,417		5.9	%		15,208		15,104		0.7	%		1,436		1,392		3.1	%
Austin, TX		6,475		25,032		24,216		3.4	%		11,360		10,915		4.1	%		13,672		13,301		2.8	%		1,183		1,148		3.1	%
Houston, TX		4,867		18,404		17,820		3.3	%		7,585		8,044		(5.7	)%		10,819		9,776		10.7	%		1,190		1,146		3.8	%
Nashville, TN		4,055		16,172		15,639		3.4	%		5,535		5,337		3.7	%		10,637		10,302		3.3	%		1,223		1,196		2.3	%
Raleigh/Durham, NC		4,397		15,771		15,148		4.1	%		5,425		5,101		6.4	%		10,346		10,047		3.0	%		1,081		1,047		3.2	%
Fort Worth, TX		4,249		16,228		15,750		3.0	%		6,951		6,509		6.8	%		9,277		9,241		0.4	%		1,149		1,118		2.8	%
Jacksonville, FL		3,496		12,474		12,045		3.6	%		4,025		4,265		(5.6	)%		8,449		7,780		8.6	%		1,119		1,073		4.3	%
Phoenix, AZ		2,623		10,172		9,467		7.4	%		2,995		2,928		2.3	%		7,177		6,539		9.8	%		1,192		1,119		6.5	%
Charleston, SC		2,726		10,385		10,149		2.3	%		3,812		3,690		3.3	%		6,573		6,459		1.8	%		1,155		1,131		2.2	%
Richmond, VA		2,004		7,726		7,391		4.5	%		2,458		2,385		3.1	%		5,268		5,006		5.2	%		1,178		1,121		5.1	%
Savannah, GA		2,219		7,806		7,598		2.7	%		2,952		2,780		6.2	%		4,854		4,818		0.7	%		1,078		1,041		3.5	%
Greenville, SC		2,084		6,248		6,005		4.0	%		2,657		2,562		3.7	%		3,591		3,443		4.3	%		900		865		4.1	%
Memphis, TN		1,811		5,784		5,539		4.4	%		2,398		2,338		2.6	%		3,386		3,201		5.8	%		986		944		4.4	%
San Antonio, TX		1,504		5,360		5,173		3.6	%		2,196		2,362		(7.0	)%		3,164		2,811		12.6	%		1,094		1,061		3.1	%
Birmingham, AL		1,462		4,957		4,772		3.9	%		2,061		2,043		0.9	%		2,896		2,729		6.1	%		1,010		965		4.7	%
Huntsville, AL		1,228		3,753		3,576		4.9	%		1,350		1,337		1.0	%		2,403		2,239		7.3	%		900		834		7.9	%
Other		9,929		33,547		32,413		3.5	%		12,631		12,496		1.1	%		20,916		19,917		5.0	%		1,036		998		3.8	%
Total Same Store		95,920	$	380,609	$	368,729		3.2	%	$	143,304	$	138,315		3.6	%	$	237,305	$	230,414		3.0	%		1,230		1,192		3.2	%

Supplemental Data S-5

MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q2 2019		Q1 2019		% Chg			Q2 2019		Q1 2019		% Chg			Q2 2019		Q1 2019		% Chg			Q2 2019		Q1 2019		% Chg
Atlanta, GA		10,664	$	47,760	$	47,304		1.0	%	$	18,267	$	16,559		10.3	%	$	29,493	$	30,745		(4.1	)%	$	1,403	$	1,390		0.9	%
Dallas, TX		9,404		37,961		37,678		0.8	%		16,410		16,637		(1.4	)%		21,551		21,041		2.4	%		1,279		1,271		0.6	%
Washington, DC		4,080		23,148		22,636		2.3	%		6,861		6,935		(1.1	)%		16,287		15,701		3.7	%		1,776		1,753		1.3	%
Charlotte, NC		6,149		23,841		23,581		1.1	%		7,955		7,032		13.1	%		15,886		16,549		(4.0	)%		1,212		1,195		1.4	%
Tampa, FL		5,220		23,959		23,685		1.2	%		8,507		8,330		2.1	%		15,452		15,355		0.6	%		1,442		1,427		1.0	%
Orlando, FL		5,274		24,121		23,942		0.7	%		8,913		8,518		4.6	%		15,208		15,424		(1.4	)%		1,436		1,426		0.7	%
Austin, TX		6,475		25,032		24,728		1.2	%		11,360		11,162		1.8	%		13,672		13,566		0.8	%		1,183		1,168		1.3	%
Houston, TX		4,867		18,404		18,382		0.1	%		7,585		8,119		(6.6	)%		10,819		10,263		5.4	%		1,190		1,177		1.1	%
Nashville, TN		4,055		16,172		15,776		2.5	%		5,535		5,220		6.0	%		10,637		10,556		0.8	%		1,223		1,206		1.4	%
Raleigh/Durham, NC		4,397		15,771		15,568		1.3	%		5,425		4,890		10.9	%		10,346		10,678		(3.1	)%		1,081		1,068		1.3	%
Fort Worth, TX		4,249		16,228		16,059		1.1	%		6,951		6,686		4.0	%		9,277		9,373		(1.0	)%		1,149		1,138		1.0	%
Jacksonville, FL		3,496		12,474		12,291		1.5	%		4,025		4,002		0.6	%		8,449		8,289		1.9	%		1,119		1,110		0.8	%
Phoenix, AZ		2,623		10,172		9,804		3.8	%		2,995		2,823		6.1	%		7,177		6,981		2.8	%		1,192		1,166		2.3	%
Charleston, SC		2,726		10,385		10,213		1.7	%		3,812		3,589		6.2	%		6,573		6,624		(0.8	)%		1,155		1,145		0.9	%
Richmond, VA		2,004		7,726		7,517		2.8	%		2,458		2,369		3.8	%		5,268		5,148		2.3	%		1,178		1,156		1.9	%
Savannah, GA		2,219		7,806		7,806		0.0	%		2,952		2,805		5.2	%		4,854		5,001		(2.9	)%		1,078		1,068		0.9	%
Greenville, SC		2,084		6,248		6,205		0.7	%		2,657		2,448		8.5	%		3,591		3,757		(4.4	)%		900		889		1.3	%
Memphis, TN		1,811		5,784		5,650		2.4	%		2,398		2,356		1.8	%		3,386		3,294		2.8	%		986		973		1.3	%
San Antonio, TX		1,504		5,360		5,288		1.4	%		2,196		2,351		(6.6	)%		3,164		2,937		7.7	%		1,094		1,081		1.2	%
Birmingham, AL		1,462		4,957		4,817		2.9	%		2,061		2,022		1.9	%		2,896		2,795		3.6	%		1,010		997		1.3	%
Huntsville, AL		1,228		3,753		3,642		3.0	%		1,350		1,277		5.7	%		2,403		2,365		1.6	%		900		877		2.7	%
Other		9,929		33,547		32,968		1.8	%		12,631		11,971		5.5	%		20,916		20,997		(0.4	)%		1,036		1,022		1.4	%
Total Same Store		95,920	$	380,609	$	375,540		1.3	%	$	143,304	$	138,101		3.8	%	$	237,305	$	237,439		(0.1	)%	$	1,230	$	1,216		1.2	%

Supplemental Data S-6

MULTIFAMILY SAME STORE PORTFOLIO YEAR TO DATE COMPARISONS

Dollars in thousands, except unit and per unit data

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q2 2019		Q2 2018		% Chg			Q2 2019		Q2 2018		% Chg			Q2 2019		Q2 2018		% Chg			Q2 2019		Q2 2018		% Chg
Atlanta, GA		10,664	$	95,064	$	93,015		2.2	%	$	34,826	$	32,332		7.7	%	$	60,238	$	60,683		(0.7	)%	$	1,397	$	1,360		2.7	%
Dallas, TX		9,404		75,639		75,363		0.4	%		33,047		32,732		1.0	%		42,592		42,631		(0.1	)%		1,275		1,268		0.6	%
Washington, DC		4,080		45,784		44,353		3.2	%		13,796		13,771		0.2	%		31,988		30,582		4.6	%		1,765		1,719		2.6	%
Charlotte, NC		6,149		47,422		46,285		2.5	%		14,987		13,737		9.1	%		32,435		32,548		(0.3	)%		1,204		1,166		3.2	%
Tampa, FL		5,220		47,644		45,773		4.1	%		16,837		16,061		4.8	%		30,807		29,712		3.7	%		1,434		1,375		4.3	%
Orlando, FL		5,274		48,063		46,797		2.7	%		17,431		16,657		4.6	%		30,632		30,140		1.6	%		1,431		1,380		3.7	%
Austin, TX		6,475		49,760		48,382		2.8	%		22,522		21,764		3.5	%		27,238		26,618		2.3	%		1,176		1,144		2.7	%
Houston, TX		4,867		36,786		35,420		3.9	%		15,704		16,075		(2.3	)%		21,082		19,345		9.0	%		1,184		1,136		4.2	%
Nashville, TN		4,055		31,948		31,230		2.3	%		10,755		10,418		3.2	%		21,193		20,812		1.8	%		1,215		1,191		2.0	%
Raleigh/Durham, NC		4,397		31,339		30,287		3.5	%		10,315		10,070		2.4	%		21,024		20,217		4.0	%		1,074		1,043		3.0	%
Fort Worth, TX		4,249		32,287		31,487		2.5	%		13,637		13,173		3.5	%		18,650		18,314		1.8	%		1,144		1,114		2.6	%
Jacksonville, FL		3,496		24,765		23,974		3.3	%		8,027		8,273		(3.0	)%		16,738		15,701		6.6	%		1,115		1,066		4.5	%
Phoenix, AZ		2,623		19,976		18,829		6.1	%		5,818		5,727		1.6	%		14,158		13,102		8.1	%		1,179		1,108		6.4	%
Charleston, SC		2,726		20,598		20,272		1.6	%		7,401		7,203		2.7	%		13,197		13,069		1.0	%		1,150		1,126		2.1	%
Richmond, VA		2,004		15,243		14,631		4.2	%		4,827		4,741		1.8	%		10,416		9,890		5.3	%		1,167		1,109		5.3	%
Savannah, GA		2,219		15,612		15,130		3.2	%		5,757		5,555		3.6	%		9,855		9,575		2.9	%		1,073		1,033		3.9	%
Greenville, SC		2,084		12,453		11,996		3.8	%		5,105		4,917		3.8	%		7,348		7,079		3.8	%		894		858		4.2	%
Memphis, TN		1,811		11,434		10,977		4.2	%		4,754		4,658		2.1	%		6,680		6,319		5.7	%		979		934		4.8	%
San Antonio, TX		1,504		10,648		10,330		3.1	%		4,547		4,751		(4.3	)%		6,101		5,579		9.4	%		1,088		1,060		2.6	%
Birmingham, AL		1,462		9,774		9,495		2.9	%		4,083		3,987		2.4	%		5,691		5,508		3.3	%		1,004		960		4.5	%
Huntsville, AL		1,228		7,395		7,066		4.7	%		2,627		2,626		0.0	%		4,768		4,440		7.4	%		889		826		7.6	%
Other		9,929		66,515		64,608		3.0	%		24,602		24,403		0.8	%		41,913		40,205		4.2	%		1,029		993		3.6	%
Total Same Store		95,920	$	756,149	$	735,700		2.8	%	$	281,405	$	273,631		2.8	%	$	474,744	$	462,069		2.7	%	$	1,223	$	1,186		3.1	%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands
		Units as of June 30, 2019							Projected			Development Costs
									Initial
								Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total		Delivered		Leased		Date	Date	Date	Date(1)	Cost		Q2 2019		After
Post Parkside at Wade III	Raleigh, NC		150		20		—	2Q18	3Q19	4Q19	1Q20	$	25,000	$	16,835	$	8,165
Sync 36 II	Denver, CO		79		—		—	3Q18	4Q19	4Q19	1Q20		24,500		18,428		6,072
Copper Ridge II	Fort Worth, TX		168		—		—	1Q19	1Q20	2Q20	1Q21		30,000		5,108		24,892
Post Sierra at Frisco Bridges II	Dallas, TX		348		—		—	2Q18	2Q20	3Q20	3Q21		69,000		24,110		44,890
Novel Midtown (2)	Phoenix, AZ		345		—		—	1Q19	4Q20	2Q21	3Q22		82,000		18,041		63,959
Total Active			1,090		20		—					$	230,500	$	82,522	$	147,978

⁽¹⁾ Communities are considered stabilized after achieving 90% occupancy for 90 days.

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

MULTIFAMILY REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data
		Six months ended June 30, 2019
Units Redeveloped		Redevelopment Spend		Spend per Unit		Increase in Average Effective Rent per Unit		Increase in Average Effective Rent per Unit	Estimated Units Remaining in Pipeline
	3,864	$	22,531	$	5,831	$	113	9.7%	13,800  -  15,300

MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands		As of June 30, 2019
		Total	Percent	Construction	Expected	Total
	Location	Units	Occupied	Finished	Stabilization(1)	Cost
1201 Midtown II	Charleston, SC	140	65.7%	4Q18	4Q19		28,612
Post Centennial Park	Atlanta, GA	438	63.2%	3Q18	4Q19		95,474
Total		578	63.8%			$	124,086

⁽¹⁾ Communities are considered stabilized after achieving 90% occupancy for 90 days.

2019 ACQUISITION ACTIVITY  (THROUGH JUNE 30, 2019)

Multifamily Development Acquisition	Market	Apartment Units		Projected Completion Date	Closing Date
Novel Midtown (1)	Phoenix, AZ		345	2Q21	February 2019

⁽¹⁾ MAA owns 80% of the joint venture that owns this property.

Land Acquisition	Market	Acreage	Closing Date
North Orange Avenue	Orlando, FL	2	April 2019

2019 DISPOSITION ACTIVITY  (THROUGH JUNE 30, 2019)

Land Disposition	Market	Acreage	Closing Date
Peachtree Road - Outparcel	Atlanta, GA	1	February 2019
Colonial Promenade - Outparcel	Huntsville, AL	4	April 2019

Commercial Disposition	Market	Square Feet		Closing Date
Poplar Avenue Office	Memphis, TN		42,000	March 2019

Supplemental Data S-8

INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES

Dollars in thousands

MAA holds an investment in a real estate joint venture with an institutional investor and accounts for its investment using the equity method of accounting.  A summary of non-financial and financial information for this joint venture is provided below.

Joint Venture Property	Market	# of units	Ownership Interest
Post Massachusetts Avenue	Washington, D.C.	269	35%

	As of June 30, 2019
Joint Venture Property	Gross Investment in Real Estate			Mortgage Notes Payable			Company's Equity Investment
Post Massachusetts Avenue	$	79,034	(1)	$	51,682	(2)	$	43,997

	Three months ended June 30, 2019				Six months ended June 30, 2019
Joint Venture Property	Entity NOI		Company's Equity in Income		Entity NOI		Company's Equity in Income
Post Massachusetts Avenue	$	1,880	$	435	$	3,734	$	832

⁽¹⁾Represents GAAP basis net book value plus accumulated depreciation.

⁽²⁾This mortgage note has an outstanding principal value of $52 million, bears interest at a stated fixed rate of 3.93% and matures in December 2025.

Supplemental Data S-9

DEBT AND DEBT COVENANTS AS OF JUNE 30, 2019

Dollars in thousands

DEBT SUMMARIES
									Average
						Effective			Years
			Percent of			Interest			to Rate
	Balance		Total			Rate			Maturity
Floating Versus Fixed Rate or Hedged Debt
Fixed rate or hedged debt	$	3,873,304		85.3	%		4.0	%		7.7
Floating (unhedged) debt		666,685		14.7	%		3.0	%		0.1
Total	$	4,539,989		100.0	%		3.8	%		6.7
									Average
						Effective			Years
			Percent of			Interest			to Contract
	Balance		Total			Rate			Maturity
Secured Versus Unsecured Debt
Unsecured debt	$	3,879,526		85.5	%		3.7	%		5.1
Secured debt		660,463		14.5	%		4.5	%		16.9
Total	$	4,539,989		100.0	%		3.8	%		6.8
	Total		Percent of			Q2 2019			Percent of
	Cost		Total			NOI			Total
Unencumbered Versus Encumbered Assets
Unencumbered gross assets	$	12,500,796		88.9	%	$	228,208			90.1	%
Encumbered gross assets		1,565,640		11.1	%		25,040			9.9	%
Total	$	14,066,436		100.0	%	$	253,248			100.0	%

FIXED OR HEDGED INTEREST RATE MATURITIES

	Fixed		Interest		Total Fixed		Effective
Maturity	Rate Debt		Rate Swaps		or Hedged		Rate
2019	$	33,255	$	—	$	33,255		3.7	%
2020		157,049		299,455		456,504		3.0	%
2021		194,509		—		194,509		5.2	%
2022		365,469		—		365,469		3.6	%
2023		359,379		—		359,379		4.2	%
Thereafter		2,464,188		—		2,464,188		4.1	%
Total	$	3,573,849	$	299,455	$	3,873,304		4.0	%

Supplemental Data S-10

DEBT AND DEBT COVENANTS AS OF JUNE 30, 2019 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

	Revolving Credit Facility & Commercial Paper ⁽¹⁾ ⁽²⁾		Public Bonds		Other Unsecured		Secured		Total
2019	$	367,000	$	—	$	19,993	$	13,262	$	400,255
2020		—		—		149,937		157,049		306,986
2021		—		—		222,395		121,862		344,257
2022		—		248,710		416,214		—		664,924
2023		—		347,158		12,221		—		359,379
Thereafter		—		2,075,953		19,945		368,290		2,464,188
Total	$	367,000	$	2,671,821	$	840,705	$	660,463	$	4,539,989

⁽¹⁾ The $367.0 million maturing in 2019 reflects the principal outstanding on MAALP’s unsecured commercial paper program as of June 30, 2019.  Under the terms of the program, MAALP may issue up to a maximum aggregate outstanding of $500.0 million.  

⁽²⁾ There are no borrowings outstanding on MAALP’s $1.0 billion unsecured revolving credit facility as of June 30, 2019. The unsecured revolving credit facility has a maturity date of May 2023 with two six-month extensions.

DEBT COVENANT ANALYSIS⁽¹⁾

Bond Covenants	Required	Actual	Compliance
Total debt to adjusted total assets	60% or less	32.3%	Yes
Total secured debt to adjusted total assets	40% or less	4.7%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	4.99x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	322%	Yes
Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	28.8%	Yes
Total secured debt to total capitalized asset value	40% or Less	4.3%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	4.60x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	27.3%	Yes

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

Supplemental Data S-11

2019 GUIDANCE

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

	Full Year 2019
Earnings:
Earnings per common share - diluted	$2.67 to $2.83
Midpoint	$2.75
FFO per Share - diluted	$6.20 to $6.36
Midpoint	$6.28
AFFO per Share - diluted	$5.56 to $5.72
Midpoint	$5.64
MAA Same Store Communities:
Number of units		94,552
Lease over lease pricing growth for new leases and renewals	3.40% to 4.40%
Average physical occupancy	95.70% to 96.10%
Property revenue growth	2.75% to 3.25%
Property operating expense growth	2.50% to 3.50%
NOI growth	2.50% to 3.50%
Real estate tax expense growth	4.25% to 5.25%
Corporate Expenses:
General and administrative expenses	$43.0 to $44.0 million
Property management expenses	$53.5 to $54.5 million
Total overhead	$96.5 to $98.5 million
Income tax expense	$2.5 to $3.0 million
Full year valuation of Embedded Derivative in Preferred Shares	$ 0.0
Transaction/Investment Volume:
Multifamily acquisition volume	$50.0 to $100.0 million
Multifamily disposition volume	$125.0 to $175.0 million
Development investment	$125.0 to $175.0 million
Debt:
Average effective interest rate	3.9% to 4.1%
Capitalized interest	$2.5 to $3.5 million

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

	2019 Full Year Guidance Range
	Low			High
Earnings per common share - diluted	$	2.67		$	2.83
Real estate depreciation		4.10			4.10
Amortization other		0.04			0.04
Gains on sale of depreciable assets		(0.61	)		(0.61	)
FFO per Share - diluted		6.20			6.36
Recurring capital expenditures		(0.64	)		(0.64	)
AFFO per Share - diluted	$	5.56		$	5.72

Supplemental Data S-12

CREDIT RATINGS

	Commercial	Long-Term
	Paper Rating	Debt Rating	Outlook
Fitch Ratings(1)	F2	BBB+	Stable
Moody's Investors Service(2)	P-2	Baa1	Stable
Standard & Poor's Ratings Services(1)	A-2	BBB+	Stable

⁽¹⁾ Corporate credit rating assigned to MAA and MAALP

⁽²⁾ Corporate credit rating assigned to MAALP, the operating partnership of MAA

COMMON STOCK

Stock Symbol:	MAA
Exchange Traded:	NYSE
Estimated Future Dates:	Q3 2019		Q4 2019		Q1 2020		Q2 2020
Earnings release & conference call	Late October		Late January		Late April		Late July
Dividend Information - Common Shares:	Q2 2018		Q3 2018		Q4 2018		Q1 2019		Q2 2019
Declaration date	5/22/2018		9/25/2018		12/4/2018		3/21/2019		5/21/2019
Record date	7/13/2018		10/15/2018		1/15/2019		4/15/2019		7/15/2019
Payment date	7/31/2018		10/31/2018		1/31/2019		4/30/2019		7/31/2019
Distributions per share	$	0.9225	$	0.9225	$	0.9600	$	0.9600	$	0.9600

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
	Tim Argo	Senior Vice President, Director of Finance
	Jennifer Patrick	Investor Relations
	Phone: 866-576-9689 (toll free)
	Email: investor.relations@maac.com

Supplemental Data S-13