maa-ex992

EX-99.2 3 maa-ex992_6.htm EX-99.2 maa-ex992_6.htm

Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT DECEMBER 31, 2019 (In apartment units) ⁽¹⁾

	Same Store		Non-Same Store		Lease-up		Total Completed Communities		Development Units Delivered		Total
Atlanta, GA		10,664		770		—		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
Raleigh/Durham, NC		4,397		803		150		5,350		—		5,350
Orlando, FL		5,274		—		—		5,274		—		5,274
Tampa, FL		5,220		—		—		5,220		—		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		35		4,284
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
Greenville, SC		2,084		—		271		2,355		—		2,355
Savannah, GA		2,219		—		—		2,219		—		2,219
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		8,561		1,336		79		9,976		—		9,976
Total Multifamily Units		94,552		4,535		640		99,727		35		99,762

⁽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 December 31, 2019								Average Effective		As of December 31, 2019
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended December 31, 2019		Completed Units		Total Units, Including Development
Atlanta, GA	$	1,978,670		14.6	%		94.9	%	$	1,462		11,434
Dallas, TX		1,384,501		10.2	%		95.5	%		1,292		9,766
Washington, DC		953,381		7.0	%		95.7	%		1,800		4,080
Charlotte, NC		953,187		7.0	%		96.2	%		1,238		6,149
Tampa, FL		872,087		6.4	%		95.9	%		1,476		5,220
Austin, TX		834,286		6.1	%		95.3	%		1,260		7,117
Orlando, FL		821,910		6.0	%		95.6	%		1,462		5,274
Raleigh/Durham, NC		667,455		4.9	%		96.4	%		1,145		5,200
Houston, TX		599,645		4.4	%		95.3	%		1,214		4,867
Nashville, TN		529,731		3.9	%		95.8	%		1,293		4,375
Fort Worth, TX		391,789		2.9	%		94.8	%		1,169		4,249
Phoenix, AZ		373,983		2.8	%		97.0	%		1,257		2,623
Charleston, SC		369,192		2.7	%		95.4	%		1,208		3,028
Jacksonville, FL		291,093		2.1	%		96.9	%		1,136		3,496
Richmond, VA		263,122		1.9	%		96.2	%		1,207		2,004
Savannah, GA		239,565		1.8	%		96.2	%		1,095		2,219
Denver, CO		188,263		1.4	%		95.6	%		1,637		733
Kansas City, MO-KS		183,726		1.4	%		95.6	%		1,267		1,110
San Antonio, TX		161,767		1.2	%		95.1	%		1,118		1,504
Birmingham, AL		156,589		1.2	%		96.2	%		1,060		1,462
Greenville, SC		154,086		1.1	%		94.9	%		927		2,084
All Other Markets by State (individual markets <1% gross real assets)
Tennessee		180,102		1.3	%		95.2	%		973		2,754
Florida		174,988		1.3	%		95.9	%		1,351		1,806
Alabama		157,738		1.2	%		96.8	%		1,000		1,648
Virginia		152,045		1.1	%		96.1	%		1,320		1,039
Kentucky		93,482		0.7	%		96.0	%		896		1,308
Mississippi		73,526		0.5	%		96.4	%		899		1,241
Nevada		70,080		0.5	%		95.3	%		1,105		721
South Carolina		36,410		0.3	%		95.0	%		888		576
Stabilized Communities	$	13,306,399		97.9	%		95.7	%	$	1,276		99,087
Greenville, SC	$	72,063		0.5	%		82.7	%	$	1,742		271		271
Dallas, TX		40,930		0.3	%		—			—		—		348
Denver, CO		38,741		0.3	%		45.6	%		1,699		79		385
Phoenix, AZ		30,116		0.2	%		—			—		—		345
Charleston, SC		28,646		0.2	%		92.9	%		1,513		140		140
Orlando, FL		26,974		0.2	%		—			—		—		633
Raleigh/Durham, NC		23,724		0.2	%		96.7	%		1,117		150		150
Fort Worth, TX		18,533		0.1	%		—			—		35		168
Houston, TX		10,468		0.1	%		—			—		—		308
Lease-up / Development Communities	$	290,195		2.1	%		83.6	%	$	1,540		675		2,748
Total Multifamily Communities	$	13,596,594		100.0	%		95.6	%	$	1,278		99,762		101,835

⁽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 December 31, 2019				Three Months Ended
	Apartment Units		Gross Real Assets		December 31, 2019		December 31, 2018		Percent Change
Operating Revenue
Same Store Communities		94,552	$	12,424,609	$	385,116	$	369,963		4.1	%
Non-Same Store Communities		4,535		881,790		23,961		22,270
Lease-up/Development Communities		640		290,195		1,754		143
Total Multifamily Portfolio		99,727	$	13,596,594	$	410,831	$	392,376
Commercial Property/Land		—		230,675		5,986		5,772
Total Operating Revenue		99,727	$	13,827,269	$	416,817	$	398,148

Property Operating Expenses
Same Store Communities					$	137,377	$	133,997		2.5	%
Non-Same Store Communities						9,583		10,140
Lease-up/Development Communities						326		100
Total Multifamily Portfolio					$	147,286	$	144,237
Commercial Property/Land						2,501		2,477
Total Property Operating Expenses					$	149,787	$	146,714

Net Operating Income
Same Store Communities					$	247,739	$	235,966		5.0	%
Non-Same Store Communities						14,378		12,130
Lease-up/Development Communities						1,428		43
Total Multifamily Portfolio					$	263,545	$	248,139
Commercial Property/Land						3,485		3,295
Total Net Operating Income					$	267,030	$	251,434		6.2	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

	Three Months Ended							Year Ended
	December 31, 2019		December 31, 2018		Percent Change			December 31, 2019		December 31, 2018		Percent Change
Personnel	$	32,853	$	32,147		2.2	%	$	135,470	$	131,790		2.8	%
Building Repair and Maintenance		13,984		14,051		(0.5	)%		61,556		60,214		2.2	%
Utilities		26,483		26,763		(1.0	)%		107,788		108,020		(0.2	)%
Marketing		4,252		4,019		5.8	%		17,805		17,075		4.3	%
Office Operations		5,420		5,647		(4.0	)%		21,138		21,958		(3.7	)%
Property Taxes		51,263		48,592		5.5	%		206,053		196,070		5.1	%
Insurance		3,122		2,778		12.4	%		11,990		11,093		8.1	%
Total Property Operating Expenses	$	137,377	$	133,997		2.5	%	$	561,800	$	546,220		2.9	%

Supplemental Data S-3

NOI CONTRIBUTION PERCENTAGE BY MARKET

Same Store Portfolio

				Average Physical Occupancy
			Percent of	Three Months Ended						Year Ended
	Apartment Units		Same Store NOI	December 31, 2019			December 31, 2018			December 31, 2019			December 31, 2018
Atlanta, GA		10,664	12.3%		95.2	%		95.9	%		95.6	%		95.9	%
Dallas, TX		9,404	9.1%		95.4	%		95.4	%		95.3	%		95.3	%
Charlotte, NC		6,149	7.0%		96.2	%		96.4	%		96.2	%		96.2	%
Tampa, FL		5,220	6.7%		96.0	%		96.6	%		96.0	%		96.3	%
Washington, DC		4,080	6.6%		96.3	%		97.0	%		96.7	%		96.7	%
Orlando, FL		5,274	6.4%		95.3	%		95.9	%		95.5	%		96.0	%
Austin, TX		6,475	6.1%		95.7	%		95.9	%		95.9	%		95.8	%
Raleigh/Durham, NC		4,397	4.6%		96.2	%		96.5	%		96.5	%		96.3	%
Nashville, TN		4,055	4.5%		95.6	%		95.5	%		95.9	%		95.6	%
Houston, TX		4,867	4.4%		94.9	%		96.3	%		95.3	%		96.2	%
Fort Worth, TX		4,249	4.1%		95.4	%		95.7	%		95.5	%		95.8	%
Jacksonville, FL		3,496	3.4%		95.9	%		96.5	%		96.2	%		96.6	%
Phoenix, AZ		2,623	3.2%		96.9	%		97.3	%		96.7	%		96.6	%
Charleston, SC		2,726	2.7%		94.9	%		95.5	%		95.4	%		95.8	%
Richmond, VA		2,004	2.2%		96.3	%		96.5	%		96.6	%		96.7	%
Savannah, GA		2,219	2.0%		95.1	%		96.4	%		95.4	%		96.6	%
Greenville, SC		2,084	1.7%		95.5	%		96.3	%		95.7	%		96.1	%
Memphis, TN		1,811	1.4%		95.3	%		95.0	%		95.7	%		95.7	%
Birmingham, AL		1,462	1.4%		96.5	%		96.3	%		96.6	%		96.2	%
San Antonio, TX		1,504	1.3%		95.7	%		96.4	%		96.3	%		96.0	%
Huntsville, AL		1,228	1.1%		97.9	%		97.0	%		97.6	%		97.3	%
Other		8,561	7.8%		95.6	%		96.5	%		96.2	%		96.4	%
Total Same Store		94,552	100.0%		95.7	%		96.1	%		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		Q4 2019		Q4 2018		% Chg			Q4 2019		Q4 2018		% Chg			Q4 2019		Q4 2018		% Chg			Q4 2019		Q4 2018		% Chg
Atlanta, GA		10,664	$	48,536	$	47,026		3.2	%	$	17,407	$	16,213		7.4	%	$	31,129	$	30,813		1.0	%	$	1,436	$	1,380		4.1	%
Dallas, TX		9,404		38,763		37,547		3.2	%		16,146		16,495		(2.1	)%		22,617		21,052		7.4	%		1,301		1,267		2.7	%
Charlotte, NC		6,149		24,609		23,458		4.9	%		7,359		6,937		6.1	%		17,250		16,521		4.4	%		1,238		1,187		4.3	%
Tampa, FL		5,220		24,707		23,632		4.5	%		8,190		7,916		3.5	%		16,517		15,716		5.1	%		1,476		1,416		4.3	%
Washington, DC		4,080		23,213		22,655		2.5	%		6,901		6,708		2.9	%		16,312		15,947		2.3	%		1,800		1,744		3.2	%
Orlando, FL		5,274		24,610		23,872		3.1	%		8,731		8,426		3.6	%		15,879		15,446		2.8	%		1,462		1,416		3.3	%
Austin, TX		6,475		25,886		24,526		5.5	%		10,814		10,694		1.1	%		15,072		13,832		9.0	%		1,219		1,160		5.1	%
Raleigh/Durham, NC		4,397		16,507		15,513		6.4	%		5,202		5,053		2.9	%		11,305		10,460		8.1	%		1,121		1,061		5.7	%
Nashville, TN		4,055		16,595		15,690		5.8	%		5,416		5,344		1.3	%		11,179		10,346		8.1	%		1,267		1,198		5.7	%
Houston, TX		4,867		18,647		18,227		2.3	%		7,865		7,803		0.8	%		10,782		10,424		3.4	%		1,214		1,168		3.9	%
Fort Worth, TX		4,249		16,617		15,952		4.2	%		6,340		6,088		4.1	%		10,277		9,864		4.2	%		1,169		1,132		3.3	%
Jacksonville, FL		3,496		12,494		12,250		2.0	%		4,159		3,612		15.1	%		8,335		8,638		(3.5	)%		1,136		1,102		3.2	%
Phoenix, AZ		2,623		10,700		9,785		9.4	%		2,878		2,864		0.5	%		7,822		6,921		13.0	%		1,257		1,151		9.2	%
Charleston, SC		2,726		10,427		10,140		2.8	%		3,854		3,692		4.4	%		6,573		6,448		1.9	%		1,181		1,136		3.9	%
Richmond, VA		2,004		7,884		7,528		4.7	%		2,435		2,364		3.0	%		5,449		5,164		5.5	%		1,207		1,146		5.3	%
Savannah, GA		2,219		7,884		7,759		1.6	%		2,833		2,987		(5.2	)%		5,051		4,772		5.8	%		1,095		1,064		2.9	%
Greenville, SC		2,084		6,487		6,143		5.6	%		2,317		2,461		(5.9	)%		4,170		3,682		13.3	%		927		880		5.4	%
Memphis, TN		1,811		5,868		5,620		4.4	%		2,391		2,374		0.7	%		3,477		3,246		7.1	%		1,013		968		4.7	%
Birmingham, AL		1,462		5,257		4,841		8.6	%		1,840		1,992		(7.6	)%		3,417		2,849		19.9	%		1,060		986		7.5	%
San Antonio, TX		1,504		5,422		5,215		4.0	%		2,291		2,217		3.3	%		3,131		2,998		4.4	%		1,118		1,071		4.3	%
Huntsville, AL		1,228		3,943		3,640		8.3	%		1,302		1,281		1.6	%		2,641		2,359		12.0	%		949		873		8.7	%
Other		8,561		30,060		28,944		3.9	%		10,706		10,476		2.2	%		19,354		18,468		4.8	%		1,093		1,036		5.5	%
Total Same Store		94,552	$	385,116	$	369,963		4.1	%	$	137,377	$	133,997		2.5	%	$	247,739	$	235,966		5.0	%	$	1,265	$	1,212		4.3	%

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		Q4 2019		Q3 2019		% Chg			Q4 2019		Q3 2019		% Chg			Q4 2019		Q3 2019		% Chg			Q4 2019		Q3 2019		% Chg
Atlanta, GA		10,664	$	48,536	$	48,561		(0.1	)%	$	17,407	$	18,596		(6.4	)%	$	31,129	$	29,965		3.9	%	$	1,436	$	1,428		0.6	%
Dallas, TX		9,404		38,763		38,542		0.6	%		16,146		16,233		(0.5	)%		22,617		22,309		1.4	%		1,301		1,295		0.4	%
Charlotte, NC		6,149		24,609		24,416		0.8	%		7,359		7,772		(5.3	)%		17,250		16,644		3.6	%		1,238		1,233		0.4	%
Tampa, FL		5,220		24,707		24,534		0.7	%		8,190		8,793		(6.9	)%		16,517		15,741		4.9	%		1,476		1,466		0.7	%
Washington, DC		4,080		23,213		23,442		(1.0	)%		6,901		7,202		(4.2	)%		16,312		16,240		0.4	%		1,800		1,804		(0.2	)%
Orlando, FL		5,274		24,610		24,477		0.5	%		8,731		8,959		(2.5	)%		15,879		15,518		2.3	%		1,462		1,458		0.3	%
Austin, TX		6,475		25,886		25,739		0.6	%		10,814		11,346		(4.7	)%		15,072		14,393		4.7	%		1,219		1,211		0.7	%
Raleigh/Durham, NC		4,397		16,507		16,254		1.6	%		5,202		5,841		(10.9	)%		11,305		10,413		8.6	%		1,121		1,113		0.8	%
Nashville, TN		4,055		16,595		16,789		(1.2	)%		5,416		5,775		(6.2	)%		11,179		11,014		1.5	%		1,267		1,255		0.9	%
Houston, TX		4,867		18,647		18,646		0.0	%		7,865		8,346		(5.8	)%		10,782		10,300		4.7	%		1,214		1,207		0.6	%
Fort Worth, TX		4,249		16,617		16,538		0.5	%		6,340		7,005		(9.5	)%		10,277		9,533		7.8	%		1,169		1,165		0.4	%
Jacksonville, FL		3,496		12,494		12,620		(1.0	)%		4,159		4,854		(14.3	)%		8,335		7,766		7.3	%		1,136		1,137		(0.1	)%
Phoenix, AZ		2,623		10,700		10,504		1.9	%		2,878		3,189		(9.8	)%		7,822		7,315		6.9	%		1,257		1,234		1.8	%
Charleston, SC		2,726		10,427		10,486		(0.6	)%		3,854		4,055		(5.0	)%		6,573		6,431		2.2	%		1,181		1,180		0.1	%
Richmond, VA		2,004		7,884		7,858		0.3	%		2,435		2,508		(2.9	)%		5,449		5,350		1.9	%		1,207		1,206		0.1	%
Savannah, GA		2,219		7,884		7,894		(0.1	)%		2,833		3,038		(6.7	)%		5,051		4,856		4.0	%		1,095		1,094		0.1	%
Greenville, SC		2,084		6,487		6,331		2.5	%		2,317		2,658		(12.8	)%		4,170		3,673		13.5	%		927		923		0.5	%
Memphis, TN		1,811		5,868		5,876		(0.1	)%		2,391		2,485		(3.8	)%		3,477		3,391		2.5	%		1,013		1,007		0.6	%
Birmingham, AL		1,462		5,257		5,178		1.5	%		1,840		2,275		(19.1	)%		3,417		2,903		17.7	%		1,060		1,043		1.7	%
San Antonio, TX		1,504		5,422		5,443		(0.4	)%		2,291		2,460		(6.9	)%		3,131		2,983		5.0	%		1,118		1,113		0.5	%
Huntsville, AL		1,228		3,943		3,893		1.3	%		1,302		1,361		(4.3	)%		2,641		2,532		4.3	%		949		934		1.5	%
Other		8,561		30,060		30,292		(0.8	)%		10,706		11,425		(6.3	)%		19,354		18,867		2.6	%		1,093		1,085		0.7	%
Total Same Store		94,552	$	385,116	$	384,313		0.2	%	$	137,377	$	146,176		(6.0	)%	$	247,739	$	238,137		4.0	%	$	1,265	$	1,258		0.6	%

Supplemental Data S-6

MULTIFAMILY SAME STORE PORTFOLIO FULL YEAR COMPARISONS AS OF DECEMBER 31, 2019 AND 2018

Dollars in thousands, except unit and per unit data

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		2019		2018		% Chg			2019		2018		% Chg			2019		2018		% Chg			2019		2018		% Chg
Atlanta, GA		10,664	$	192,161	$	187,204		2.6	%	$	70,829	$	65,727		7.8	%	$	121,332	$	121,477		(0.1	)%	$	1,414	$	1,369		3.3	%
Dallas, TX		9,404		152,944		150,895		1.4	%		65,426		66,324		(1.4	)%		87,518		84,571		3.5	%		1,287		1,268		1.4	%
Charlotte, NC		6,149		96,447		93,087		3.6	%		30,118		28,033		7.4	%		66,329		65,054		2.0	%		1,220		1,178		3.6	%
Tampa, FL		5,220		96,885		92,836		4.4	%		33,820		32,590		3.8	%		63,065		60,246		4.7	%		1,453		1,393		4.3	%
Washington, DC		4,080		92,439		89,460		3.3	%		27,899		27,641		0.9	%		64,540		61,819		4.4	%		1,783		1,731		3.0	%
Orlando, FL		5,274		97,150		94,536		2.8	%		35,121		34,372		2.2	%		62,029		60,164		3.1	%		1,445		1,398		3.4	%
Austin, TX		6,475		101,385		97,435		4.1	%		44,682		43,894		1.8	%		56,703		53,541		5.9	%		1,195		1,152		3.7	%
Raleigh/Durham, NC		4,397		64,100		61,214		4.7	%		21,358		20,479		4.3	%		42,742		40,735		4.9	%		1,096		1,053		4.0	%
Nashville, TN		4,055		65,332		62,546		4.5	%		21,946		21,245		3.3	%		43,386		41,301		5.0	%		1,238		1,196		3.5	%
Houston, TX		4,867		74,079		71,811		3.2	%		31,915		31,895		0.1	%		42,164		39,916		5.6	%		1,197		1,152		3.9	%
Fort Worth, TX		4,249		65,442		63,330		3.3	%		26,982		26,172		3.1	%		38,460		37,158		3.5	%		1,156		1,122		3.0	%
Jacksonville, FL		3,496		49,879		48,439		3.0	%		17,040		16,065		6.1	%		32,839		32,374		1.4	%		1,126		1,082		4.0	%
Phoenix, AZ		2,623		41,180		38,329		7.4	%		11,885		11,654		2.0	%		29,295		26,675		9.8	%		1,212		1,126		7.6	%
Charleston, SC		2,726		41,511		40,600		2.2	%		15,310		14,574		5.1	%		26,201		26,026		0.7	%		1,165		1,132		2.9	%
Richmond, VA		2,004		30,985		29,787		4.0	%		9,770		9,532		2.5	%		21,215		20,255		4.7	%		1,187		1,126		5.4	%
Savannah, GA		2,219		31,390		30,666		2.4	%		11,628		11,414		1.9	%		19,762		19,252		2.6	%		1,084		1,048		3.4	%
Greenville, SC		2,084		25,271		24,249		4.2	%		10,080		9,874		2.1	%		15,191		14,375		5.7	%		910		868		4.8	%
Memphis, TN		1,811		23,178		22,164		4.6	%		9,630		9,434		2.1	%		13,548		12,730		6.4	%		994		951		4.5	%
Birmingham, AL		1,462		20,209		19,160		5.5	%		8,198		7,931		3.4	%		12,011		11,229		7.0	%		1,028		973		5.6	%
San Antonio, TX		1,504		21,513		20,763		3.6	%		9,298		9,433		(1.4	)%		12,215		11,330		7.8	%		1,101		1,065		3.4	%
Huntsville, AL		1,228		15,231		14,345		6.2	%		5,290		5,243		0.9	%		9,941		9,102		9.2	%		915		847		8.0	%
Other		8,561		119,164		114,604		4.0	%		43,575		42,694		2.1	%		75,589		71,910		5.1	%		1,071		1,023		4.7	%
Total Same Store		94,552	$	1,517,875	$	1,467,460		3.4	%	$	561,800	$	546,220		2.9	%	$	956,075	$	921,240		3.8	%	$	1,245	$	1,201		3.6	%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands		Units as of
		December 31, 2019							Projected			Development Costs
									Initial
								Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total		Delivered		Leased		Date	Date	Date	Date⁽¹⁾	Cost		Q4 2019		After
Copper Ridge II	Fort Worth, TX		168		35		—	1Q19	1Q20	2Q20	1Q21	$	30,000	$	18,533	$	11,467
MAA Frisco Bridges II	Dallas, TX		348		—		—	2Q18	2Q20	3Q20	4Q21		69,000		40,930		28,070
Novel Midtown ⁽²⁾	Phoenix, AZ		345		—		—	1Q19	4Q20	2Q21	3Q22		82,000		30,116		51,884
Westglenn	Denver, CO		306		—		—	3Q19	2Q21	4Q21	3Q22		84,500		16,926		67,574
336 N Orange	Orlando, FL		369		—		—	3Q19	2Q21	4Q21	4Q22		99,000		11,574		87,426
Long Point	Houston, TX		308		—		—	4Q19	3Q21	1Q22	4Q22		57,000		10,468		46,532
Jefferson Sand Lake ⁽³⁾	Orlando, FL		264		—		—	4Q19	2Q21	4Q21	4Q22		68,000		15,400		52,600
Total Active			2,108		35		—					$	489,500	$	143,946	$	345,554

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

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

⁽³⁾MAA owns 95% of the joint venture that owns this property.

MULTIFAMILY REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data
		Year ended December 31, 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
	8,329	$	48,945	$	5,876	$	114	9.8%	12,000 - 14,000

MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands

As of December 31, 2019

Total

Percent

Construction

Expected

Total

Location

Units

Occupied

Finished

Stabilization⁽¹⁾

Cost

Post Parkside at Wade III

Raleigh, NC

150

96.7%

4Q19

1Q20

23,724

1201 Midtown II

Charleston, SC

140

92.9%

4Q18

1Q20

28,646

Sync 36 II

Denver, CO

45.6%

3Q19

2Q20

21,815

The Greene

Greenville, SC

271

82.7%

⁽²⁾

3Q20

72,063

Total

640

83.6%

146,248

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

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

2019 ACQUISITION ACTIVITY

Dollars in thousands

Multifamily Acquisition

Market

Apartment Units

Year Built

Closing Date

2019 NOI

The Greene

Greenville, SC

271

2019

November 2019

382

Multifamily Development Acquisitions

Market

Apartment Units

Projected Completion Date

Closing Date

Novel Midtown ⁽¹⁾

Phoenix, AZ

345

2Q21

February 2019

Jefferson Sand Lake ⁽²⁾

Orlando, FL

264

4Q21

October 2019

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

⁽²⁾MAA owns 95% of the joint venture that owns this property.

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

Commercial Acquisition

Market

Square Feet

Year Built

Closing Date

220 Riverside Retail

Jacksonville, FL

14,941

2015

August 2019

Supplemental Data S-8

2019 DISPOSITION ACTIVITY

Multifamily Dispositions	Market	Units	Closing Date
Ridge at Chenal Valley	Little Rock, AR	312	October 2019
Calais Forest	Little Rock, AR	260	November 2019
Napa Valley	Little Rock, AR	240	November 2019
Westside Creek	Little Rock, AR	308	November 2019
Palisades at Chenal Valley	Little Rock, AR	248	December 2019

Land Dispositions	Market	Acreage	Closing Date
Peachtree Road - Outparcel	Atlanta, GA	1	February 2019
Colonial Promenade - Outparcel	Huntsville, AL	4	April 2019
Forty Seven Canal Place - Outparcel	Gulf Shores, AL	45	October 2019
Craft Farms - Outparcel	Gulf Shores, AL	33	December 2019

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

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 December 31, 2019

Joint Venture Property

Gross

Investment in

Real Estate

Mortgage

Notes Payable

Company's

Equity

Investment

Post Massachusetts Avenue

79,257

⁽¹⁾

51,707

⁽²⁾

43,674

	Three months ended December 31, 2019				Year ended December 31, 2019
Joint Venture Property	Entity NOI		Company's Equity in Income		Entity NOI		Company's Equity in Income
Post Massachusetts Avenue	$	2,000	$	444	$	7,639	$	1,654

⁽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 DECEMBER 31, 2019

Dollars in thousands

DEBT SUMMARIES									Average
						Effective			Years
			Percent of			Interest			to Rate
Floating Versus Fixed Rate or Hedged Debt	Balance		Total			Rate			Maturity
Fixed rate or hedged debt	$	4,384,598		98.4	%		3.9	%		7.6
Floating (unhedged) debt		70,000		1.6	%		2.1	%		0.1
Total	$	4,454,598		100.0	%		3.8	%		7.5

									Average
						Effective			Years
			Percent of			Interest			to Contract
Secured Versus Unsecured Debt	Balance		Total			Rate			Maturity
Unsecured debt	$	3,828,201		85.9	%		3.7	%		6.1
Secured debt		626,397		14.1	%		4.5	%		17.3
Total	$	4,454,598		100.0	%		3.8	%		7.7

	Total		Percent of			Q4 2019			Percent of
Unencumbered Versus Encumbered Assets	Cost		Total			NOI			Total
Unencumbered gross assets	$	12,686,577		89.4	%	$	240,838			90.2	%
Encumbered gross assets		1,499,126		10.6	%		26,192			9.8	%
Total	$	14,185,703		100.0	%	$	267,030			100.0	%

FIXED OR HEDGED INTEREST RATE MATURITIES

	Fixed		Interest		Total Fixed		Effective
Maturity	Rate Debt		Rate Swaps		or Hedged		Rate
2020	$	137,805	$	299,557	$	437,362		2.9	%
2021		193,535		—		193,535		5.2	%
2022		365,694		—		365,694		3.6	%
2023		359,715		—		359,715		4.2	%
2024		416,388		—		416,388		4.0	%
Thereafter		2,611,904		—		2,611,904		3.9	%
Total	$	4,085,041	$	299,557	$	4,384,598		3.9	%

Supplemental Data S-10

DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2019 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

	Revolving Credit Facility & Commercial Paper ⁽¹⁾ ⁽²⁾		Public Bonds		Other Unsecured		Secured		Total
2020	$	70,000	$	—	$	—	$	137,805	$	207,805
2021		—		—		72,673		120,862		193,535
2022		—		248,899		416,352		—		665,251
2023		—		347,490		12,225		—		359,715
2024		—		396,438		19,950		—		416,388
Thereafter		—		2,244,174		—		367,730		2,611,904
Total	$	70,000	$	3,237,001	$	521,200	$	626,397	$	4,454,598

⁽¹⁾ The $70.0 million maturing in 2020 reflects the principal outstanding on MAALP’s unsecured commercial paper program as of December 31, 2019. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $500.0 million. For the three months ended December 31, 2019, our average daily borrowings outstanding under the commercial paper program were $140.0 million.

⁽²⁾There were no borrowings outstanding under MAALP’s $1.0 billion unsecured revolving credit facility as of December 31, 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	31.4%	Yes
Total secured debt to adjusted total assets	40% or less	4.4%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	5.10x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	331%	Yes

Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	27.1%	Yes
Total secured debt to total capitalized asset value	40% or Less	3.9%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	4.9x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	25.6%	Yes

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

Supplemental Data S-11

2020 GUIDANCE

MAA provides guidance on expected Core FFO per Share and Core 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 Core FFO per Share and Core AFFO per Share is provided below.

Earnings:	Full Year 2020
Earnings per common share - diluted	$3.02 to $3.26
Midpoint	$3.14
Core FFO per Share - diluted	$6.38 to $6.62
Midpoint	$6.50
Core AFFO per Share - diluted	$5.71 to $5.95
Midpoint	$5.83

MAA Same Store Communities:
Number of units		95,112
Lease over lease pricing growth for new leases and renewals	2.90% to 3.90%
Average physical occupancy	95.60% to 96.00%
Property revenue growth ⁽¹⁾	3.25% to 4.25%
Property operating expense growth ⁽¹⁾	3.75% to 4.75%
NOI growth ⁽¹⁾	3.00% to 4.00%
Real estate tax expense growth	4.00% to 5.00%

Corporate Expenses:
General and administrative expenses	$45.0 to $47.0 million
Property management expenses	$57.0 to $59.0 million
Total overhead	$102.0 to $106.0 million

Transaction/Investment Volume:
Multifamily acquisition volume	$175.0 to $225.0 million
Multifamily disposition volume	$125.0 to $150.0 million
Development investment	$225.0 to $275.0 million

Debt:
Average effective interest rate	3.9% to 4.1%
Capitalized interest	$6.0 to $7.0 million

Diluted FFO Shares Outstanding:
Diluted common shares and units	118.5 million to 119.0 million

⁽¹⁾

Guidance includes impact of Double Play bulk internet program, which is expected to contribute 0.50% to 0.60% of property revenue growth, 0.60% to 0.70% of property operating expense growth and 0.45% to 0.55% of NOI growth to the results for the year ending December 31, 2020.

RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER SHARE FOR 2019 RESULTS AND 2020 GUIDANCE

	Year ended				2020 Full Year Guidance Range
	December 31, 2019				Low			High
Earnings per common share - diluted	$	3.07			$	3.02		$	3.26
Real estate depreciation and amortization		4.17				4.23			4.23
Gains on sale of depreciable assets		(0.69	)			(0.89	)		(0.89	)
FFO per Share - diluted		6.55				6.36			6.60
Non-Core items		(0.29	)	⁽¹⁾		0.02			0.02
Core FFO per Share - diluted		6.26				6.38			6.62
Recurring capital expenditures		(0.62	)			(0.67	)		(0.67	)
Core AFFO per Share - diluted	$	5.64			$	5.71		$	5.95

⁽¹⁾

Non-Core items may include adjustments related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares, adjustments for gains or losses from an unconsolidated limited partnership, merger and integration expenses, mark-to-market debt adjustments, loss or gain on debt extinguishment, net casualty gain or loss, and loss or gain on sale of non-depreciable assets. Results for the year ended December 31, 2019 included $0.15 per Share of non-cash income related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares, $0.10 per Share of gains related to the sale of non-depreciable real estate assets and $0.04 per Share of income related to other net adjustments.

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

COMMON STOCK

Stock Symbol:

MAA

Exchange Traded:

NYSE

Estimated Future Dates:

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Earnings release & conference call

Late

April

Late

July

Late

October

Late

January

Dividend Information - Common Shares:

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Declaration date

12/4/2018

3/21/2019

5/21/2019

9/26/2019

12/10/2019

Record date

1/15/2019

4/15/2019

7/15/2019

10/15/2019

1/15/2020

Payment date

1/31/2019

4/30/2019

7/31/2019

10/31/2019

1/31/2020

Distributions per share

0.9600

1.0000

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	Director of Investor Relations
	Phone: 866-576-9689 (toll free)
	Email: investor.relations@maac.com

Supplemental Data S-13