8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  February 3, 2021

MID-AMERICA APARTMENT COMMUNITIES, INC.

(Exact name of registrant as specified in its charter)

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

MID-AMERICA APARTMENTS, L.P.

(Exact name of registrant as specified in its charter)

Tennessee	333-190028-01	62-1543816
(State or Other Jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

6815 Poplar Avenue, Suite 500
Germantown, Tennessee	38138
(Address of Principal Executive Offices)	(Zip Code)

(901) 682-6600

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.01 per share (Mid-America Apartment Communities, Inc.)	MAA	New York Stock Exchange
8.50% Series I Cumulative Redeemable Preferred Stock, $.01 par value per share (Mid-America Apartment Communities, Inc.)	MAA*I	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02Results of Operations and Financial Condition.

On February 3, 2021, Mid-America Apartment Communities, Inc. (“MAA”) issued a press release announcing its consolidated results of operations and financial condition as of December 31, 2020 and for the three and twelve months then ended.  Copies of the press release and supplemental data schedules are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report.

The information in this Current Report under this Item 2.02 (including Exhibits 99.1 and 99.2) is being “furnished” and shall not be deemed to be “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any previous or future filings by MAA or Mid-America Apartments, L.P. (“MAALP”) under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”).

ITEM 9.01Financial Statements and Exhibits.

(d)Exhibits.

Exhibit Number	Description
99.1	Press Release dated February 3, 2021
99.2	Supplemental Data Schedules dated February 3, 2021
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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

		MID-AMERICA APARTMENT COMMUNITIES, INC.
Date:	February 3, 2021	/s/Albert M. Campbell, III
		Albert M. Campbell, III
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer)

		MID-AMERICA APARTMENTS, L.P.
		By: Mid-America Apartment Communities, Inc., its general partner
Date:	February 3, 2021	/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	7
Consolidated Statements of Operations	9
Share and Unit Data	10
Consolidated Balance Sheets	11
Reconciliation of Non-GAAP Financial Measures	12
Non-GAAP Financial Measures	15
Other Key Definitions	16
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/2020 Acquisition Activity/2020 Disposition Activity	S-8
Investments In Unconsolidated Real Estate Entities/Debt and Debt Covenants as of December 31, 2020	S-9
2021 Guidance/ Reconciliation of Net Income per Diluted Common Share to Core FFO and Core AFFO per Share Guidance	S-11
Credit Ratings/Common Stock/Investor Relations Data	S-12

OVERVIEW

MAA REPORTS FOURTH QUARTER AND FULL YEAR RESULTS

GERMANTOWN, TN, February 3, 2021/PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the quarter and year ended December 31, 2020.

Net Income Available for Common Shareholders

For the quarter ended December 31, 2020, net income available for MAA common shareholders was $82.4 million, or $0.72 per diluted common share, compared to $148.7 million, or $1.30 per diluted common share, for the quarter ended December 31, 2019.  Results for the quarter ended December 31, 2020, included $17.2 million, or $0.15 per diluted common share, of non-cash income related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares.  Results for the quarter ended December 31, 2019, included $82.8 million, or $0.72 per diluted common share, of gains related to the sale of real estate assets and $1.7 million, or $0.01 per diluted common share, of non-cash expense related to the embedded derivative in the preferred shares.

For the year ended December 31, 2020, net income available for MAA common shareholders was $251.3 million, or $2.19 per diluted common share, compared to $350.1 million, or $3.07 per diluted common share, for the year ended December 31, 2019.  Results for the year ended December 31, 2020, included $2.6 million, or $0.02 per diluted common share, of non-cash income related to the fair value adjustment of the embedded derivative in the preferred shares and $1.0 million, or $0.01 per diluted common share, of gains related to the sale of real estate assets.  Results for the year ended December 31, 2019, included $93.0 million, or $0.82 per diluted common share, of gains related to the sale of real estate assets and $17.9 million, or $0.16 per diluted common share, of non-cash income related to the embedded derivative in the preferred shares.

Core Funds from Operations (FFO) and FFO

Core FFO, which adjusts FFO for items that are not considered part of MAA’s core business operations, for the quarter ended December 31, 2020 was $195.4 million, or $1.65 per diluted common share and unit, or per Share, as compared to $196.0 million, or $1.66 per Share, for the quarter ended December 31, 2019. For the quarter ended December 31, 2020, FFO was $213.4 million, or $1.80 per Share, compared to $198.2 million, or $1.68 per Share, for the quarter ended December 31, 2019.  FFO results for the quarter ended December 31, 2020, included $17.2 million, or $0.14 per Share, of non-cash income related to the fair value adjustment of the embedded derivative in the preferred shares. FFO results for the quarter ended December 31, 2019, included $2.8 million, or $0.02 per Share, of gains related to the sale of non-depreciable real estate assets and $1.7 million, or $0.01 per Share, of non-cash expense related to the embedded derivative in the preferred shares.

Core FFO for the year ended December 31, 2020 was $761.4 million, or $6.43 per Share, as compared to $739.2 million, or $6.26 per Share, for the year ended December 31, 2019. For the year ended December 31, 2020, FFO was $765.3 million, or $6.46 per Share, compared to $773.2 million, or $6.55 per Share, for the year ended December 31, 2019.  FFO results for the year ended December 31, 2020, included $2.6 million, or $0.02 per Share, of non-cash income related to the fair value adjustment of the embedded derivative in the preferred shares.  FFO results for the year ended December 31, 2019, included $12.0 million, or $0.10 per Share, of gains related to the sale of non-depreciable real estate assets and $17.9 million, or $0.15 per Share, of non-cash income related to the embedded derivative in the preferred shares.

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

Eric Bolton, Chairman and Chief Executive Officer, said, “We continue to capture strong demand for apartment housing across our Sunbelt markets.  Improving job growth and in-migration trends, that are higher than national trends, continue to support solid occupancy and positive rent growth in our portfolio.  We carry good momentum into 2021 and continue to believe that we are early in a multiyear recovery cycle.  

Calendar year 2020 demonstrated, once again, the full-cycle and resilient performance profile of our strategy.  Our team delivered exceptional service, results and support to our residents, associates and shareholders, while also supporting over 8,000 households impacted by COVID job loss with interest free rent deferral, waived fees and lease termination options.”    

Fourth Quarter 2020 Highlights

• Property revenues from the Same Store Portfolio increased 1.8% during the fourth quarter of 2020 as compared to the same period in the prior year.  Results were driven by a 1.3% growth in Average Effective Rent per Unit for the Same Store Portfolio.

• Property operating expenses for the Same Store Portfolio increased 6.9% during the fourth quarter of 2020 as compared to the same period in the prior year.  Growth in real estate taxes, utility costs, insurance expenses, and personnel costs drove the majority of the increase.  

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• Net Operating Income, or NOI, from the Same Store Portfolio decreased0.9% during the fourth quarter of 2020 as compared to the same period in the prior year.

• Resident turnover remained low as resident move outs for the Same Store Portfolio for the fourth quarter of 2020 was 46.1% on a rolling twelve month basis.

• MAA completed redevelopment of 911 apartment homes during the fourth quarter of 2020, bringing the total units redeveloped during the year ended December 31, 2020 to 4,211 homes, capturing average rental rate increases of approximately 9.5% above non-renovated units.  

• The company’s initiative focused on installation of new Smart Home technology at select apartment communities continued in the fourth quarter of 2020 with 23,950 unit installations completed during the year ended December 31, 2020.

• During the fourth quarter of 2020, MAA closed on the pre-purchase of a 317-unit multifamily apartment community development, Novel Val Vista, located in the Phoenix, Arizona market and began development of the property.

• In addition, MAA started development of MAA Windmill Hill, a new 350-unit apartment community located in Austin, TX, during the fourth quarter of 2020.

• As of the end of the fourth quarter of 2020, MAA had eight properties under development, representing 2,607 units once complete, with a total projected cost of $595.0 million and an estimated $259.4 million remaining to be funded.

• During the fourth quarter of 2020, MAA completed the initial lease-up of The Greene in the Greenville, South Carolina market.

• As of the end of the fourth quarter of 2020, MAA had one property in its initial lease-up with physical occupancy of 79.8%.  That property is expected to stabilize in the second quarter of 2021.

COVID-19 Developments

MAA believes the best way it can continue to help its residents is to work with those who have lost wages or compensation due to the COVID-19 pandemic so that they can remain in their homes. During 2020, MAA supported our impacted residents in need of assistance by:

• Providing interest-free rent deferral (assisting over 8,000 households)

• Waiving late payment fees

• Waiving lease termination fees

MAA’s on-site leasing offices have remained open throughout the COVID-19 pandemic while adhering to orders and directives issued by state and local governments. During the fourth quarter of 2020, MAA continued normal operations at its on-site leasing offices, permitting public access and walk-in traffic, subject to social distancing restrictions. Further, property amenities were open as permitted by governmental orders, directives and guidelines.

MAA continues to support its associates with enhanced leave and sick time policies, enhanced flextime arrangements and additional COVID-19 paid time off, among other benefits. MAA continues to monitor and comply with the various federal, state and local laws, orders and directives issued in response to the COVID-19 pandemic that affect apartment owners and operators.

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 1.8% during the fourth quarter of 2020 was primarily a result of a 1.3% increase in Average Effective Rent per Unit, as compared to the same period in the prior year. Average Physical Occupancy for the Same Store Portfolio was 95.7% for the fourth quarter of 2020, as compared to 95.6% in the same period in the prior year.  Property operating expenses for the Same Store Portfolio increased 6.9% for the fourth quarter of 2020 as compared to the same period in the prior year.  Growth in real estate taxes, utility costs, insurance expenses, and personnel costs drove the majority of the increase.The rollout of the new high-speed bulk cable internet package contributed 0.6% in revenue growth and 1.3% in expense growth for the Same Store Portfolio during the fourth quarter of 2020.  The expense associated with the high-speed bulk cable internet package is reflected in Utilities in Same Store Portfolio Property Operating Expenses presented on page S-3 of the supplemental data schedules. These changes resulted in a Same Store NOI decrease of 0.9% for the fourth quarter of 2020 as compared to the same period in the prior year.  Through February 1, 2021, Same Store Portfolio rent cash collections, represented 99.2% of billed residential rent for the fourth quarter of 2020.  Same Store Portfolio lease pricing for leases effective during the fourth quarter of 2020 as compared to the prior lease decreased 2.5% for new leases, increased 5.2% for renewing leases and increased 0.8% for both new and renewing leases on a combined basis.

The Same Store Portfolio revenue growth of 2.5% during the year ended December 31, 2020 was primarily a result of a 2.6% increase in Average Effective Rent per Unit, as compared to the prior year.  Lease pricing for the Same Store Portfolio for both

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new and renewing leases, as compared to the prior lease, on a combined basis increased an average of 1.3% during theyear ended December 31, 2020.  Average Physical Occupancy for the Same Store Portfolio was 95.6% for theyear ended December 31, 2020, as compared to 95.9% for the prior year.  Property operating expenses for the Same Store Portfolio increased 4.9% for the year ended December 31, 2020 as compared to the prior year. The rollout of the new high-speed bulk cable internet package contributed 0.6% in revenue growth and 0.4% in expense growth for the Same Store Portfolio during the year ended December 31, 2020. These changes resulted in Same Store NOI growth of 1.2% for the year ended December 31, 2020 as compared to 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 fourth quarter of 2020, MAA had eight development communities under construction.  MAA expects to complete construction of five of these development communities in 2021, two in 2022 and one in 2023.  Total development costs for the eight communities are projected to be $595.0 million, of which an estimated $259.4 million remained to be funded as of the end of the fourth quarter of 2020.  The expected average stabilized NOI yield on these communities is 6.1%. During the fourth quarter of 2020, MAA funded $103.9 million of costs for current and future projects, including the purchase of a land parcel located in the Denver, Colorado market and a pre-purchase development located in the Phoenix, Arizona market, both of which are referenced below.

As of the end of the fourth quarter of 2020, MAA had one apartment community, with 168 units, remaining in initial lease-up: Copper Ridge II, located in Ft. Worth, Texas.  Physical occupancy for this lease-up project was 79.8% at the end of the fourth quarter of 2020.

Acquisition and Disposition Activity

In November 2020, MAA acquired a 27-acre land parcel located in the Denver, Colorado market for future development.

In December 2020, MAA closed on a pre-purchase of a 317-unit multifamily apartment community development located in the Phoenix, Arizona market.  

Property Redevelopment and Repositioning Activity

MAA continued its interior redevelopment program at select apartment communities throughout the portfolio.  During the fourth quarter of 2020, MAA redeveloped the interior of 911 units, bringing the total units renovated during the year ended December 31, 2020 to 4,211 at an average cost of $6,201 per unit, achieving average rental rate increases of approximately 9.5% above non-renovated units.

MAA continued its Smart Home technology initiative (mobile control of lights, thermostat and security, as well as leak monitoring) at select apartment communities.  During the fourth quarter of 2020, 2,066 units were installed, bringing the total units installed during the year ended December 31, 2020 to 23,950 at an average cost of $1,376 per unit, achieving an average rental rate increase of approximately $25 per unit.  

During the fourth quarter of 2020, MAA continued its program to upgrade and reposition the amenity and common areas at select properties. The program includes targeted plans to move all units at the properties to higher rents that are expected to deliver yields on cost averaging 8% beginning in calendar year 2021.  During the fourth quarter of 2020, repositioning work continued at eight of these properties.  For the year ended December 31, 2020, MAA spent $13.0 million on this program.

Capital Expenditures

Recurring capital expenditures totaled $21.0 million for the fourth quarter of 2020, or approximately $0.18 per Share, as compared to $14.3 million, or $0.12 per Share, for the same period in the prior year.  These expenditures led to Core Adjusted Funds from Operations, or Core AFFO, of $1.47 per Share for the fourth quarter of 2020, compared to $1.54 per Share for the same period in the prior year.

Redevelopment, revenue enhancing, commercial and other capital expenditures during the fourth quarter of 2020 were $65.6 million, as compared to $27.8 million for the same period in the prior year. These expenditures led to Funds Available for Distribution, or FAD, of $108.9 million for the fourth quarter of 2020, compared to $153.9 million for the same period in the prior year.

Recurring capital expenditures totaled $80.4 million for the year ended December 31, 2020, or approximately $0.68 per Share, as compared to $72.8 million, or $0.62 per Share, for the prior year.  These expenditures led to Core AFFO of $5.75 per Share for the year ended December 31, 2020, compared to $5.64 per Share for the prior year.

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Redevelopment, revenue enhancing, commercial and other capital expenditures during the year ended December 31, 2020 were $145.1 million, as compared to $117.4 million for the prior year. These expenditures led to FAD of $535.8 million for the year ended December 31, 2020, compared to $549.0 million for the prior year.

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

Financing Activities

As of December 31, 2020, MAA had $849.8 million of combined cash and available capacity under MAA’s operating partnership’s (Mid-America Apartments, L.P., referred to as MAALP or the Operating Partnership) unsecured revolving credit facility, net of commercial paper borrowings.

Dividends and distributions paid on shares of common stock and noncontrolling interests during the fourth quarter of 2020 were $118.6 million, as compared to $113.6 million for the same period in the prior year.

Balance Sheet

As of December 31, 2020:

• Total debt to adjusted total assets (as defined in the covenants for the bonds issued by MAALP) was 31.2%;

• Total debt outstanding was $4.6 billion with an average effective interest rate of approximately 3.6%;

• 96.2% of total debt was fixed against rising interest rates for an average of approximately 7.7 years; and

• Unencumbered NOI was 93.4% of total NOI.

108th Consecutive Quarterly Common Dividend Declared

MAA declared its 108th consecutive quarterly common dividend, which was paid on January 29, 2021 to holders of record on January 15, 2021.  The current annual dividend rate is $4.10 per common share, an increase of 2.5% from the prior year’s annual rate of $4.00.     

2021 Net Income per Diluted Common Share, Core FFO per Share and Core AFFO per Share Guidance

MAA is providing initial 2021 guidance for Net income per diluted common share, as well as Core FFO per Share, and Core AFFO per Share.  MAA expects to update its 2021 Net income per diluted common share, Core FFO per Share and Core AFFO per Share guidance on a quarterly basis.

FFO, Core FFO and Core AFFO are non-GAAP measures. Acquisition and disposition activity materially affects depreciation and capital gains or losses, which combined, generally represent the majority of the difference between Net income available for common shareholders and FFO. As discussed in the definitions of non-GAAP measures found later in this release, MAA's definition of FFO is in accordance with the National Association of Real Estate Investment Trusts', or NAREIT's, definition, and Core FFO represents FFO further adjusted for items that are not considered part of MAA’s core business operations.  MAA believes that Core FFO is helpful in understanding operating performance in that Core FFO excludes not only depreciation expense of real estate assets and certain other non-routine items, but it also excludes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.

2021 Guidance
Earnings:	Full Year 2021
Earnings per common share - diluted	$3.26 to $3.56
Midpoint	$3.41
Core FFO per Share - diluted	$6.30 to $6.60
Midpoint	$6.45
Core AFFO per Share - diluted	$5.62 to $5.92
Midpoint	$5.77
MAA Same Store Communities:
Property revenue growth	1.00% to 3.00%
Property operating expense growth	3.00% to 5.00%
NOI growth	0.00% to 2.00%

MAA expects Core FFO for the first quarter of 2021 to be in the range of $1.51 to $1.67 per Share, or $1.59 per Share at the midpoint. MAA does not forecast Net income per diluted share on a quarterly basis as MAA cannot accurately predict the timing of forecasted acquisition and disposition activity within a particular quarter (rather than during the course of the full year).

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Supplemental Material and Conference Call

Supplemental data to this release can be found on the “For Investors” page of our website at www.maac.com. MAA will host a conference call to further discuss fourth quarter results on Thursday, February 4, 2021, at 9:00 AM Central Time.  The conference call-in number is 877-830-2598.  You may also join the live webcast of the conference call by accessing the “For Investors” page of 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 December 31, 2020, MAA had ownership interest in 102,772apartment units, including communities currently in development, across 16 states and the District of Columbia. For further details, please visit the MAA website at www.maac.com or contact Investor Relations at investor.relations@maac.com, or via mail at MAA, 6815 Poplar Ave., Suite 500, Germantown, TN 38138, Attn: Investor Relations.

Forward-Looking Statements

Sections of this release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to our expectations for future periods. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions or other items related to the future.  Such forward-looking statements include, without limitation, statements regarding the potential impact of the ongoing COVID-19 pandemic on our business, statements regarding expected operating performance and results, property stabilizations, property acquisition and disposition activity, joint venture activity, development and renovation activity and other capital expenditures, and capital raising and financing activity, as well as lease pricing, revenue and expense growth, occupancy, interest rate and other economic expectations. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “forecasts,” “projects,” “assumes,” “will,” “may,” “could,” “should,” “budget,” “target,” “outlook,” “guidance” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, as described below, which may cause our actual results, performance or achievements to be materially different from the results of operations, financial conditions or plans expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such forward-looking statements included in this release may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved.

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

• the COVID-19 pandemic and measures taken or that may be taken by federal, state and local governmental authorities to combat the spread of the disease;  

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

• exposure to risks inherent in investments in a single industry and sector;

• adverse changes in real estate markets, including, but not limited to, the extent of future demand for multifamily units in our significant markets, barriers of entry into new markets which we may seek to enter in the future, limitations on our ability to increase or collect rental rates, competition, our ability to identify and consummate attractive acquisitions or development projects on favorable terms, our ability to consummate any planned dispositions in a timely manner on acceptable terms, and our ability to reinvest sale proceeds in a manner that generates favorable returns;

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

• unexpected capital needs;

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

• inability to obtain appropriate insurance coverage at reasonable rates, or at all, or losses from catastrophes in excess of our insurance coverage;

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

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

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

• 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;

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

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• 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 or our service providers’ information technology systems, or business operations disruptions;

• potential liability for environmental contamination;

• adverse legislative or regulatory developments;

• extreme weather, natural disasters, disease outbreak and other public health events;

• legal proceedings or class action lawsuits;

• impact of reputational harm caused by negative press of MAA’s actions or policies, whether or not warranted;

• compliance costs associated with numerous federal, state and local laws and regulations; and

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

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

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FINANCIAL HIGHLIGHTS

Dollars in thousands, except per share data	Three months ended December 31,						Year ended December 31,
	2020			2019			2020			2019
Rental and other property revenues	$	423,661		$	416,817		$	1,677,984		$	1,641,017
Net income available for MAA common shareholders	$	82,420		$	148,667		$	251,274		$	350,123
Total NOI (1)	$	263,647		$	267,030		$	1,037,513		$	1,028,172
Earnings per common share: (2)
Basic	$	0.72		$	1.30		$	2.20		$	3.07
Diluted	$	0.72		$	1.30		$	2.19		$	3.07
Funds from operations per Share - diluted: (2)
FFO (1)	$	1.80		$	1.68		$	6.46		$	6.55
Core FFO (1)	$	1.65		$	1.66		$	6.43		$	6.26
Core AFFO (1)	$	1.47		$	1.54		$	5.75		$	5.64
Dividends declared per common share	$	1.0250		$	1.0000		$	4.0250		$	3.8800
Dividends/Core FFO (diluted) payout ratio		62.1	%		60.2	%		62.6	%		62.0	%
Dividends/Core AFFO (diluted) payout ratio		69.7	%		64.9	%		70.0	%		68.8	%
Consolidated interest expense	$	40,952		$	43,698		$	167,562		$	179,847
Mark-to-market debt adjustment		(83	)		34			(75	)		256
Debt discount and debt issuance cost amortization		(1,283	)		(1,170	)		(4,886	)		(6,098	)
Capitalized interest		2,129			1,042			6,912			2,889
Total interest incurred	$	41,715		$	43,604		$	169,513		$	176,894
Amortization of principal on notes payable	$	886		$	1,779		$	5,424		$	7,247

⁽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, Core FFO and Core AFFO to Net income available for MAA common shareholders.

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

7

FINANCIAL HIGHLIGHTS (CONTINUED)

Dollars in thousands, except share price
	December 31, 2020		December 31, 2019
Gross Assets (1)	$	14,609,896	$	14,185,703
Gross Real Estate Assets (1)	$	14,407,418	$	13,996,700
Total debt	$	4,562,712	$	4,454,598
Common shares and units outstanding		118,431,384		118,313,567
Share price	$	126.69	$	131.86
Book equity value	$	6,103,805	$	6,303,590
Market equity value	$	15,004,072	$	15,600,827
Net Debt/Recurring Adjusted EBITDAre (2) (3)	4.81x		4.71x

⁽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⁾ 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 and Adjusted EBITDAre to Net income; and (ii) Net Debt to Unsecured notes payable and Secured notes payable.

8

CONSOLIDATED STATEMENTS OF OPERATIONS

Dollars in thousands, except per share data	Three months ended December 31,						Year ended December 31,
	2020			2019			2020			2019
Revenues:
Rental and other property revenues	$	423,661		$	416,817		$	1,677,984		$	1,641,017
Expenses:
Operating expenses, excluding real estate taxes and insurance		95,935			91,169			387,966			377,453
Real estate taxes and insurance		64,079			58,618			252,505			235,392
Depreciation and amortization		129,585			125,426			510,842			496,843
Total property operating expenses		289,599			275,213			1,151,313			1,109,688
Property management expenses		13,236			13,816			52,300			55,011
General and administrative expenses		11,677			10,885			46,858			43,845
Interest expense		40,952			43,698			167,562			179,847
Gain on sale of depreciable real estate assets		(16	)		(80,001	)		(9	)		(80,988	)
Gain on sale of non-depreciable real estate assets		(29	)		(2,787	)		(1,024	)		(12,047	)
Other non-operating (income) expense		(18,504	)		495			(4,857	)		(22,999	)
Income before income tax expense		86,746			155,498			265,841			368,660
Income tax expense		(795	)		(882	)		(3,327	)		(3,696	)
Income from continuing operations before real estate joint venture activity		85,951			154,616			262,514			364,964
Income from real estate joint venture		348			444			1,501			1,654
Net income		86,299			155,060			264,015			366,618
Net income attributable to noncontrolling interests		2,957			5,471			9,053			12,807
Net income available for shareholders		83,342			149,589			254,962			353,811
Dividends to MAA Series I preferred shareholders		922			922			3,688			3,688
Net income available for MAA common shareholders	$	82,420		$	148,667		$	251,274		$	350,123
Earnings per common share - basic:
Net income available for common shareholders	$	0.72		$	1.30		$	2.20		$	3.07
Earnings per common share - diluted:
Net income available for common shareholders	$	0.72		$	1.30		$	2.19		$	3.07

9

SHARE AND UNIT DATA

Shares and units in thousands	Three months ended December 31,				Year ended December 31,
	2020		2019		2020		2019
Net Income Shares (1)
Weighted average common shares - basic		114,220		113,967		114,188		113,854
Effect of dilutive securities		315		342		312		259
Weighted average common shares - diluted		114,535		114,309		114,500		114,113
Funds From Operations Shares And Units
Weighted average common shares and units - basic		118,279		118,037		118,248		117,944
Weighted average common shares and units - diluted		118,437		118,214		118,409		118,127
Period End Shares And Units
Common shares at December 31,		114,374		114,247		114,374		114,247
Operating Partnership units at December 31,		4,058		4,067		4,058		4,067
Total common shares and units at December 31,		118,432		118,314		118,432		118,314

⁽¹⁾ For additional information on the calculation of diluted common shares and earnings per common share, please refer to the Notes to Consolidated Financial Statements in MAA’s Annual Report on Form 10-K for the year ended December 31, 2020, expected to be filed with the SEC on or about February 18, 2021.

10

CONSOLIDATED BALANCE SHEETS

Dollars in thousands
	December 31, 2020			December 31, 2019
Assets
Real estate assets:
Land	$	1,929,181		$	1,905,757
Buildings and improvements and other		12,065,244			11,841,978
Development and capital improvements in progress		283,477			116,424
		14,277,902			13,864,159
Less: Accumulated depreciation		(3,415,105	)		(2,955,253	)
		10,862,797			10,908,906
Undeveloped land		60,993			34,548
Investment in real estate joint venture		43,325			43,674
Real estate assets, net		10,967,115			10,987,128
Cash and cash equivalents		25,198			20,476
Restricted cash		10,417			50,065
Other assets		192,061			172,781
Total assets	$	11,194,791		$	11,230,450
Liabilities and equity
Liabilities:
Unsecured notes payable	$	4,077,373		$	3,828,201
Secured notes payable		485,339			626,397
Accrued expenses and other liabilities		528,274			472,262
Total liabilities		5,090,986			4,926,860
Redeemable common stock		15,397			14,131
Shareholders’ equity:
Preferred stock		9			9
Common stock		1,141			1,140
Additional paid-in capital		7,176,793			7,166,073
Accumulated distributions in excess of net income		(1,294,182	)		(1,085,479	)
Accumulated other comprehensive loss		(12,128	)		(13,178	)
Total MAA shareholders’ equity		5,871,633			6,068,565
Noncontrolling interests - Operating Partnership units		206,927			214,647
Total Company’s shareholders’ equity		6,078,560			6,283,212
Noncontrolling interests - consolidated real estate entities		9,848			6,247
Total equity		6,088,408			6,289,459
Total liabilities and equity	$	11,194,791		$	11,230,450

11

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

Amounts in thousands, except per share and unit data	Three months ended December 31,						Year ended December 31,
	2020			2019			2020			2019
Net income available for MAA common shareholders	$	82,420		$	148,667		$	251,274		$	350,123
Depreciation and amortization of real estate assets		127,934			123,928			504,364			490,632
Gain on sale of depreciable real estate assets		(16	)		(80,001	)		(9	)		(80,988	)
Depreciation and amortization of real estate assets of real estate joint venture		154			153			612			618
Net income attributable to noncontrolling interests		2,957			5,471			9,053			12,807
Funds from operations attributable to the Company		213,449			198,218			765,294			773,192
(Income) loss on embedded derivative in preferred shares (1)		(17,165	)		1,706			(2,562	)		(17,886	)
Gain on sale of non-depreciable real estate assets		(29	)		(2,787	)		(1,024	)		(12,047	)
(Gain) loss from unconsolidated limited partnerships, net of tax (1)(2)		(672	)		215			(4,757	)		(2,954	)
Net casualty (gain) loss and other settlement proceeds (1)		(723	)		(1,491	)		484			(3,390	)
Loss on debt extinguishment (1)		—			193			344			253
Non-routine legal costs and settlements (1)		(78	)		—			(38	)		2,276
COVID-19 related costs (1)		553			—			3,536			—
Mark-to-market debt adjustment (3)		83			(34	)		75			(256	)
Core funds from operations		195,418			196,020			761,352			739,188
Recurring capital expenditures		(21,008	)		(14,320	)		(80,420	)		(72,781	)
Core adjusted funds from operations		174,410			181,700			680,932			666,407
Redevelopment capital expenditures		(41,078	)		(13,139	)		(76,728	)		(58,199	)
Revenue enhancing capital expenditures		(15,019	)		(6,804	)		(39,529	)		(32,871	)
Commercial capital expenditures		(1,174	)		(2,056	)		(3,477	)		(7,075	)
Other capital expenditures		(8,287	)		(5,785	)		(25,352	)		(19,280	)
Funds available for distribution	$	108,852		$	153,916		$	535,846		$	548,982
Dividends and distributions paid	$	118,622		$	113,630		$	473,598		$	453,682
Weighted average common shares - diluted		114,535			114,309			114,500			114,113
FFO weighted average common shares and units - diluted		118,437			118,214			118,409			118,127
Earnings per common share - diluted:
Net income available for common shareholders	$	0.72		$	1.30		$	2.19		$	3.07
Funds from operations per Share - diluted	$	1.80		$	1.68		$	6.46		$	6.55
Core funds from operations per Share - diluted	$	1.65		$	1.66		$	6.43		$	6.26
Core adjusted funds from operations per Share - diluted	$	1.47		$	1.54		$	5.75		$	5.64

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

⁽²⁾ For the year ended December 31, 2020, $5.6 million of gains from unconsolidated limited partnerships are offset by $0.8 million of income tax expense as compared to $3.9 million of gains from unconsolidated limited partnerships offset by $0.9 million of income tax expense for the year ended December 31, 2019.

⁽³⁾ Included in Interest expense in the Consolidated Statements of Operations.

12

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

Dollars in thousands	Three Months Ended									Year Ended
	December 31, 2020			September 30, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Net Operating Income
Same Store NOI	$	248,628		$	238,702		$	250,974		$	979,330		$	968,190
Non-Same Store and Other NOI		15,019			14,683			16,056			58,183			59,982
Total NOI		263,647			253,385			267,030			1,037,513			1,028,172
Depreciation and amortization		(129,585	)		(127,679	)		(125,426	)		(510,842	)		(496,843	)
Property management expenses		(13,236	)		(12,691	)		(13,816	)		(52,300	)		(55,011	)
General and administrative expenses		(11,677	)		(11,360	)		(10,885	)		(46,858	)		(43,845	)
Interest expense		(40,952	)		(41,010	)		(43,698	)		(167,562	)		(179,847	)
Gain on sale of depreciable real estate assets		16			20			80,001			9			80,988
Gain on sale of non-depreciable real estate assets		29			1,366			2,787			1,024			12,047
Other non-operating income (expense)		18,504			242			(495	)		4,857			22,999
Income tax expense		(795	)		(665	)		(882	)		(3,327	)		(3,696	)
Income from real estate joint venture		348			428			444			1,501			1,654
Net income attributable to noncontrolling interests		(2,957	)		(2,126	)		(5,471	)		(9,053	)		(12,807	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(922	)		(3,688	)		(3,688	)
Net income available for MAA common shareholders	$	82,420		$	58,988		$	148,667		$	251,274		$	350,123

RECONCILIATION OF EBITDA, EBITDAre AND ADJUSTED EBITDAre TO NET INCOME

Dollars in thousands	Three Months Ended						Year Ended
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Net income	$	86,299		$	155,060		$	264,015		$	366,618
Depreciation and amortization		129,585			125,426			510,842			496,843
Interest expense		40,952			43,698			167,562			179,847
Income tax expense		795			882			3,327			3,696
EBITDA		257,631			325,066			945,746			1,047,004
Gain on sale of depreciable real estate assets		(16	)		(80,001	)		(9	)		(80,988	)
Adjustments to reflect the Company’s share of EBITDAre of unconsolidated affiliates		339			336			1,349			1,351
EBITDAre		257,954			245,401			947,086			967,367
(Gain) loss on embedded derivative in preferred shares (1)		(17,165	)		1,706			(2,562	)		(17,886	)
Gain on sale of non-depreciable real estate assets		(29	)		(2,787	)		(1,024	)		(12,047	)
(Gain) loss from unconsolidated limited partnerships, net of tax (1)(2)		(672	)		215			(4,757	)		(2,954	)
Net casualty (gain) loss and other settlement proceeds (1)		(723	)		(1,491	)		484			(3,390	)
Loss on debt extinguishment (1)		—			193			344			253
Non-routine legal costs and settlements (1)		(78	)		—			(38	)		2,276
COVID-19 related costs (1)		553			—			3,536			—
Mark-to-market debt adjustment (3)		83			(34	)		75			(256	)
Adjusted EBITDAre	$	239,923		$	243,203		$	943,144		$	933,363

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

⁽²⁾ For the year ended December 31, 2020, $5.6 million of gains from unconsolidated limited partnerships are offset by $0.8 million of income tax expense as compared to $3.9 million of gains from unconsolidated limited partnerships offset by $0.9 million of income tax expense for the year ended December 31, 2019.

⁽³⁾ Included in Interest expense in the Consolidated Statements of Operations.

13

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

Dollars in thousands
	December 31, 2020			December 31, 2019
Unsecured notes payable	$	4,077,373		$	3,828,201
Secured notes payable		485,339			626,397
Total debt		4,562,712			4,454,598
Cash and cash equivalents		(25,198	)		(20,476	)
1031(b) exchange proceeds included in Restricted cash (1)		—			(33,843	)
Net Debt	$	4,537,514		$	4,400,279

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

RECONCILIATION OF GROSS ASSETS TO TOTAL ASSETS

Dollars in thousands
	December 31, 2020		December 31, 2019
Total assets	$	11,194,791	$	11,230,450
Accumulated depreciation		3,415,105		2,955,253
Gross Assets	$	14,609,896	$	14,185,703

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

Dollars in thousands
	December 31, 2020		December 31, 2019
Real estate assets, net	$	10,967,115	$	10,987,128
Accumulated depreciation		3,415,105		2,955,253
Cash and cash equivalents		25,198		20,476
1031(b) exchange proceeds included in Restricted cash (1)		—		33,843
Gross Real Estate Assets	$	14,407,418	$	13,996,700

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

14

NON-GAAP FINANCIAL MEASURES

Adjusted EBITDAre

For purposes of calculations in this release, Adjusted Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or Adjusted EBITDAre, represents EBITDAre further adjusted for items that are not considered part of MAA’s core operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares, gain or loss on sale of non-depreciable assets, adjustments for gains or losses from unconsolidated limited partnerships, net casualty gain or loss, gain or loss on debt extinguishment, non-routine legal costs and settlements, COVID-19 related costs and mark-to-market debt adjustments.  As an owner and operator of real estate, MAA considers Adjusted EBITDAre to be an important measure of performance from core operations because Adjusted EBITDAre does not include various income and expense items that are not indicative of operating performance.  MAA’s computation of Adjusted EBITDAre may differ from the methodology utilized by other companies to calculate Adjusted EBITDAre.  Adjusted EBITDAre should not be considered as an alternative to Net income as an indicator of operating performance.

Core Adjusted Funds from Operations (Core AFFO)

Core AFFO is composed of Core FFO less recurring capital expenditures. Core AFFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance.  As an owner and operator of real estate, MAA considers Core AFFO to be an important measure of performance from operations because Core AFFO measures the ability to control revenues, expenses and recurring capital expenditures.

Core Funds from Operations (Core FFO)

Core FFO represents FFO as adjusted for items that are not considered part of MAA’s core business operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares, gain or loss on sale of non-depreciable assets, adjustments for gains or losses from unconsolidated limited partnerships, net casualty gain or loss, gain or loss on debt extinguishment, non-routine legal costs and settlements, COVID-19 related costs and mark-to-market debt adjustments. While MAA's definition of Core FFO may be similar to others in the industry, MAA’s methodology for calculating Core FFO may differ from that utilized by other REITs and, accordingly, may not be comparable to such other REITs. Core FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. MAA believes that Core FFO is helpful in understanding its core operating performance between periods in that it removes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.

EBITDA

For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization, or EBITDA, is composed of net income plus depreciation and amortization, interest expense, and income taxes.  As an owner and operator of real estate, MAA considers EBITDA to be an important measure of performance from core operations because EBITDA does not include various expense items that are not indicative of operating performance. EBITDA should not be considered as an alternative to Net income as an indicator of operating performance.

EBITDAre

For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or EBITDAre, is composed of EBITDA further adjusted for the gain or loss on sale of depreciable asset sales and 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 as an indicator of operating performance.

Funds Available for Distribution (FAD)

FAD is composed of Core 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 indicator of operating performance.  As an owner and operator of real estate, MAA considers FAD to be an important measure of performance from core operations because FAD measures the ability to control revenues, expenses and total capital expenditures.

15

NON-GAAP FINANCIAL MEASURES (Continued)

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 net income attributable to noncontrolling interests is added back, FFO, when used in this document, represents FFO attributable to the Company.  While MAA’s definition of FFO is in accordance with NAREIT’s definition, it may differ from the methodology for calculating FFO utilized by other companies and, accordingly, may not be comparable to such other companies.  FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance.  MAA believes that FFO is helpful in understanding operating performance in that FFO excludes depreciation and amortization of real estate assets.  MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

Gross Assets

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

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 and amortization, for all properties held during the period, regardless of their status as held for sale. NOI should not be considered as an alternative to Net income available for MAA common shareholders.  MAA believes NOI 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.

Same Store NOI

Same Store NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties classified within the Same Store Portfolio during the period. Same Store NOI 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.

Non-Same Store and Other NOI

Non-Same Store and Other NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties classified within the Non-Same Store and Other Portfolio during the period. Non-Same Store and Other NOI should not be considered as an alternative to Net income available for MAA common shareholders.  MAA believes Non-Same Store and Other NOI is a helpful tool in evaluating 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.

16

OTHER KEY DEFINITIONS (Continued)

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 and Other Portfolio

Non-Same Store and Other Portfolio includes recently acquired communities, communities in development or lease-up, communities that have been identified for disposition, communities that have undergone a significant casualty loss, stabilized communities that do not meet the requirements defined by the Same Store Portfolio, retail properties and commercial properties.

Same Store Portfolio

MAA reviews its Same Store Portfolio at the beginning of each calendar year, or as significant transactions or events warrant. Communities are generally added into the Same Store Portfolio if they were owned and stabilized at the beginning of the previous year.  Communities are considered stabilized 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

17

EX-99.2

Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT DECEMBER 31, 2020 (In apartment units) ⁽¹⁾

	Same Store		Non-Same Store		Lease-up		Total Completed Communities		Development Units Delivered		Total
Atlanta, GA		10,996		438		—		11,434		—		11,434
Dallas, TX		9,405		362		—		9,767		325		10,092
Austin, TX		7,117		—		—		7,117		—		7,117
Charlotte, NC		6,149		—		—		6,149		—		6,149
Raleigh/Durham, NC		4,397		953		—		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
Fort Worth, TX		4,249		—		168		4,417		—		4,417
Nashville, TN		4,375		—		—		4,375		—		4,375
Washington, DC		4,080		—		—		4,080		—		4,080
Jacksonville, FL		3,496		—		—		3,496		—		3,496
Charleston, SC		2,726		442		—		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
Kansas City, MO-KS		1,110		—		—		1,110		—		1,110
Other		6,717		2,149		—		8,866		—		8,866
Total Multifamily Units		95,113		4,615		168		99,896		325		100,221

⁽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, 2020								Average Effective		As of December 31, 2020
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended December 31, 2020		Completed Units		Total Units, Including Development
Atlanta, GA	$	2,006,946		14.4	%		95.4	%	$	1,466		11,434
Dallas, TX		1,412,258		10.1	%		95.0	%		1,290		9,767
Charlotte, NC		968,540		6.9	%		96.3	%		1,239		6,149
Washington, DC		965,608		6.9	%		95.8	%		1,792		4,080
Tampa, FL		880,767		6.3	%		96.8	%		1,517		5,220
Austin, TX		843,598		6.0	%		95.1	%		1,268		7,117
Orlando, FL		830,391		6.0	%		95.7	%		1,452		5,274
Raleigh/Durham, NC		700,126		5.0	%		96.0	%		1,177		5,350
Houston, TX		605,508		4.3	%		94.1	%		1,208		4,867
Nashville, TN		534,190		3.8	%		94.9	%		1,309		4,375
Charleston, SC		402,663		2.9	%		96.5	%		1,261		3,168
Fort Worth, TX		395,747		2.8	%		95.4	%		1,189		4,249
Phoenix, AZ		379,160		2.7	%		97.3	%		1,311		2,623
Jacksonville, FL		289,634		2.1	%		97.6	%		1,168		3,496
Richmond, VA		266,770		1.9	%		96.8	%		1,245		2,004
Savannah, GA		242,516		1.7	%		97.0	%		1,121		2,219
Greenville, SC		227,759		1.6	%		96.6	%		1,018		2,355
Denver, CO		211,546		1.5	%		92.9	%		1,628		812
Kansas City, MO-KS		186,617		1.3	%		94.2	%		1,295		1,110
San Antonio, TX		163,056		1.2	%		94.2	%		1,123		1,504
Birmingham, AL		159,507		1.1	%		97.0	%		1,096		1,462
All Other Markets by State (individual markets <1% gross real assets)
Tennessee	$	182,999		1.3	%		97.1	%	$	1,019		2,754
Florida		176,985		1.3	%		96.2	%		1,382		1,806
Alabama		160,254		1.2	%		97.4	%		1,072		1,648
Virginia		153,247		1.1	%		96.5	%		1,369		1,039
Kentucky		93,618		0.7	%		96.4	%		916		1,308
Mississippi		72,887		0.5	%		96.2	%		946		1,241
Nevada		71,078		0.5	%		97.1	%		1,182		721
South Carolina		36,093		0.3	%		95.1	%		930		576
Stabilized Communities	$	13,620,068		97.4	%		95.8	%	$	1,294		99,728
Orlando, FL	$	103,509		0.7	%									633
Phoenix, AZ		85,257		0.6	%									662
Dallas, TX		64,355		0.5	%		45.7	%		1,547		325		348
Denver, CO		44,241		0.3	%									306
Houston, TX		28,933		0.2	%									308
Fort Worth, TX		26,255		0.2	%		79.8	%		1,319		168		168
Austin, TX		9,279		0.1	%									350
Lease-up / Development Communities	$	361,829		2.6	%		56.8	%	$	1,469		493		2,775
Total Multifamily Communities	$	13,981,897		100.0	%		95.6	%	$	1,295		100,221		102,503

⁽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, 2020				Three Months Ended
	Apartment Units		Gross Real Assets		December 31, 2020		December 31, 2019			Percent Change
Operating Revenues
Same Store Communities		95,113	$	12,877,048	$	397,595	$	390,382			1.8	%
Non-Same Store Communities		4,615		743,020		19,468		20,516
Lease-up/Development Communities		493		361,829		1,292		(29	)
Total Multifamily Portfolio		100,221	$	13,981,897	$	418,355	$	410,869
Commercial Property/Land		—		245,583		5,306		5,948
Total Operating Revenues		100,221	$	14,227,480	$	423,661	$	416,817
Property Operating Expenses
Same Store Communities					$	148,967	$	139,408			6.9	%
Non-Same Store Communities						7,761		7,845
Lease-up/Development Communities						821		72
Total Multifamily Portfolio					$	157,549	$	147,325
Commercial Property/Land						2,465		2,462
Total Property Operating Expenses					$	160,014	$	149,787
Net Operating Income
Same Store Communities					$	248,628	$	250,974			-0.9	%
Non-Same Store Communities						11,707		12,671
Lease-up/Development Communities						471		(101	)
Total Multifamily Portfolio					$	260,806	$	263,544
Commercial Property/Land						2,841		3,486
Total Net Operating Income					$	263,647	$	267,030			-1.3	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

	Three Months Ended							Year Ended
	December 31, 2020		December 31, 2019		Percent Change			December 31, 2020		December 31, 2019		Percent Change
Personnel	$	34,912	$	33,482		4.3	%	$	140,343	$	137,825		1.8	%
Building Repair and Maintenance		14,475		14,065		2.9	%		62,936		61,853		1.8	%
Utilities		28,841		26,521		8.7	%		113,457		108,026		5.0	%
Marketing		4,736		4,234		11.9	%		21,562		18,081		19.3	%
Office Operations		5,806		5,454		6.5	%		22,085		21,238		4.0	%
Property Taxes		54,921		52,506		4.6	%		220,744		210,986		4.6	%
Insurance		5,276		3,146		67.7	%		16,994		12,076		40.7	%
Total Property Operating Expenses	$	148,967	$	139,408		6.9	%	$	598,121	$	570,085		4.9	%

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, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Atlanta, GA		10,996	12.8%		95.3	%		94.9	%		95.0	%		95.5	%
Dallas, TX		9,405	8.6%		95.0	%		95.4	%		95.2	%		95.3	%
Tampa, FL		5,220	6.8%		96.7	%		96.0	%		96.0	%		96.0	%
Charlotte, NC		6,149	6.7%		96.2	%		96.2	%		96.1	%		96.2	%
Washington, DC		4,080	6.5%		96.2	%		96.3	%		96.3	%		96.7	%
Austin, TX		7,117	6.2%		95.3	%		95.6	%		95.4	%		95.8	%
Orlando, FL		5,274	6.2%		94.8	%		95.3	%		94.6	%		95.5	%
Nashville, TN		4,375	4.7%		94.5	%		95.7	%		95.0	%		95.9	%
Raleigh/Durham, NC		4,397	4.6%		96.1	%		96.2	%		96.2	%		96.5	%
Houston, TX		4,867	4.0%		93.7	%		94.9	%		94.3	%		95.3	%
Fort Worth, TX		4,249	4.0%		95.1	%		95.4	%		95.3	%		95.5	%
Jacksonville, FL		3,496	3.5%		96.8	%		95.9	%		96.4	%		96.2	%
Phoenix, AZ		2,623	3.3%		96.7	%		96.9	%		96.3	%		96.7	%
Charleston, SC		2,726	2.9%		96.3	%		94.9	%		95.9	%		95.4	%
Richmond, VA		2,004	2.3%		97.0	%		96.3	%		96.7	%		96.6	%
Savannah, GA		2,219	2.0%		97.1	%		95.1	%		96.2	%		95.4	%
Greenville, SC		2,084	1.8%		96.2	%		95.5	%		95.6	%		95.7	%
Memphis, TN		1,811	1.6%		97.6	%		95.3	%		96.8	%		95.7	%
Birmingham, AL		1,462	1.4%		96.7	%		96.5	%		96.6	%		96.6	%
San Antonio, TX		1,504	1.2%		95.6	%		95.7	%		96.2	%		96.3	%
Huntsville, AL		1,228	1.2%		96.9	%		97.9	%		97.1	%		97.6	%
Kansas City, MO-KS		1,110	1.2%		94.5	%		95.1	%		95.3	%		95.6	%
Other		6,717	6.5%		96.4	%		95.6	%		96.0	%		96.3	%
Total Same Store		95,113	100.0%		95.7	%		95.6	%		95.6	%		95.9	%

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 2020		Q4 2019		% Chg			Q4 2020		Q4 2019		% Chg			Q4 2020		Q4 2019		% Chg			Q4 2020		Q4 2019		% Chg
Atlanta, GA		10,996	$	51,220	$	50,651		1.1	%	$	18,728	$	18,147		3.2	%	$	32,492	$	32,504		(0.0	)%	$	1,465	$	1,462		0.1	%
Dallas, TX		9,405		38,644		38,763		(0.3	)%		17,360		16,176		7.3	%		21,284		22,587		(5.8	)%		1,297		1,301		(0.3	)%
Tampa, FL		5,220		25,517		24,707		3.3	%		8,707		8,190		6.3	%		16,810		16,517		1.8	%		1,517		1,476		2.8	%
Charlotte, NC		6,149		24,771		24,609		0.7	%		7,994		7,359		8.6	%		16,777		17,250		(2.7	)%		1,239		1,238		0.1	%
Washington, DC		4,080		23,214		23,213		0.0	%		7,008		6,902		1.5	%		16,206		16,311		(0.6	)%		1,792		1,800		(0.5	)%
Austin, TX		7,117		29,393		29,091		1.0	%		13,893		12,077		15.0	%		15,500		17,014		(8.9	)%		1,268		1,260		0.6	%
Orlando, FL		5,274		24,383		24,610		(0.9	)%		9,000		8,731		3.1	%		15,383		15,879		(3.1	)%		1,452		1,462		(0.7	)%
Nashville, TN		4,375		18,374		18,184		1.0	%		6,704		5,917		13.3	%		11,670		12,267		(4.9	)%		1,309		1,293		1.2	%
Raleigh/Durham, NC		4,397		16,979		16,507		2.9	%		5,653		5,202		8.7	%		11,326		11,305		0.2	%		1,151		1,121		2.6	%
Houston, TX		4,867		18,619		18,647		(0.2	)%		8,640		7,904		9.3	%		9,979		10,743		(7.1	)%		1,208		1,214		(0.5	)%
Fort Worth, TX		4,249		16,954		16,617		2.0	%		7,082		6,372		11.1	%		9,872		10,245		(3.6	)%		1,189		1,169		1.7	%
Jacksonville, FL		3,496		12,919		12,494		3.4	%		4,335		4,159		4.2	%		8,584		8,335		3.0	%		1,168		1,136		2.8	%
Phoenix, AZ		2,623		11,185		10,700		4.5	%		3,063		2,878		6.4	%		8,122		7,822		3.8	%		1,311		1,257		4.3	%
Charleston, SC		2,726		10,900		10,427		4.5	%		3,746		3,854		(2.8	)%		7,154		6,573		8.8	%		1,219		1,181		3.3	%
Richmond, VA		2,004		8,293		7,884		5.2	%		2,667		2,435		9.5	%		5,626		5,449		3.2	%		1,245		1,207		3.1	%
Savannah, GA		2,219		8,150		7,884		3.4	%		3,066		2,833		8.2	%		5,084		5,051		0.7	%		1,121		1,095		2.3	%
Greenville, SC		2,084		6,774		6,487		4.4	%		2,380		2,317		2.7	%		4,394		4,170		5.4	%		952		927		2.7	%
Memphis, TN		1,811		6,343		5,868		8.1	%		2,438		2,391		2.0	%		3,905		3,477		12.3	%		1,059		1,013		4.6	%
Birmingham, AL		1,462		5,501		5,257		4.6	%		2,072		1,840		12.6	%		3,429		3,417		0.4	%		1,096		1,060		3.3	%
San Antonio, TX		1,504		5,460		5,422		0.7	%		2,513		2,304		9.1	%		2,947		3,118		(5.5	)%		1,123		1,118		0.5	%
Huntsville, AL		1,228		4,383		3,943		11.2	%		1,494		1,302		14.7	%		2,889		2,641		9.4	%		1,035		949		9.1	%
Kansas City, MO-KS		1,110		4,559		4,477		1.8	%		1,677		1,583		5.9	%		2,882		2,894		(0.4	)%		1,295		1,267		2.2	%
Other		6,717		25,060		23,940		4.7	%		8,747		8,535		2.5	%		16,313		15,405		5.9	%		1,150		1,110		3.6	%
Total Same Store		95,113	$	397,595	$	390,382		1.8	%	$	148,967	$	139,408		6.9	%	$	248,628	$	250,974		(0.9	)%	$	1,293	$	1,277		1.3	%

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 2020		Q3 2020		% Chg			Q4 2020		Q3 2020		% Chg			Q4 2020		Q3 2020		% Chg			Q4 2020		Q3 2020		% Chg
Atlanta, GA		10,996	$	51,220	$	51,356		(0.3	)%	$	18,728	$	20,063		(6.7	)%	$	32,492	$	31,293		3.8	%	$	1,465	$	1,463		0.1	%
Dallas, TX		9,405		38,644		39,024		(1.0	)%		17,360		18,281		(5.0	)%		21,284		20,743		2.6	%		1,297		1,312		(1.1	)%
Tampa, FL		5,220		25,517		25,176		1.4	%		8,707		9,387		(7.2	)%		16,810		15,789		6.5	%		1,517		1,502		1.0	%
Charlotte, NC		6,149		24,771		25,015		(1.0	)%		7,994		8,105		(1.4	)%		16,777		16,910		(0.8	)%		1,239		1,249		(0.8	)%
Washington, DC		4,080		23,214		23,275		(0.3	)%		7,008		7,496		(6.5	)%		16,206		15,779		2.7	%		1,792		1,812		(1.1	)%
Austin, TX		7,117		29,393		29,554		(0.5	)%		13,893		14,645		(5.1	)%		15,500		14,909		4.0	%		1,268		1,281		(1.0	)%
Orlando, FL		5,274		24,383		24,161		0.9	%		9,000		9,686		(7.1	)%		15,383		14,475		6.3	%		1,452		1,462		(0.7	)%
Nashville, TN		4,375		18,374		18,430		(0.3	)%		6,704		7,118		(5.8	)%		11,670		11,312		3.2	%		1,309		1,310		(0.1	)%
Raleigh/Durham, NC		4,397		16,979		17,123		(0.8	)%		5,653		5,773		(2.1	)%		11,326		11,350		(0.2	)%		1,151		1,147		0.3	%
Houston, TX		4,867		18,619		18,735		(0.6	)%		8,640		9,003		(4.0	)%		9,979		9,732		2.5	%		1,208		1,222		(1.1	)%
Fort Worth, TX		4,249		16,954		17,010		(0.3	)%		7,082		7,627		(7.1	)%		9,872		9,383		5.2	%		1,189		1,184		0.4	%
Jacksonville, FL		3,496		12,919		12,860		0.5	%		4,335		4,671		(7.2	)%		8,584		8,189		4.8	%		1,168		1,157		0.9	%
Phoenix, AZ		2,623		11,185		11,117		0.6	%		3,063		3,300		(7.2	)%		8,122		7,817		3.9	%		1,311		1,294		1.3	%
Charleston, SC		2,726		10,900		10,896		0.0	%		3,746		4,329		(13.5	)%		7,154		6,567		8.9	%		1,219		1,199		1.7	%
Richmond, VA		2,004		8,293		8,187		1.3	%		2,667		2,908		(8.3	)%		5,626		5,279		6.6	%		1,245		1,229		1.3	%
Savannah, GA		2,219		8,150		8,147		0.0	%		3,066		3,171		(3.3	)%		5,084		4,976		2.2	%		1,121		1,108		1.1	%
Greenville, SC		2,084		6,774		6,698		1.1	%		2,380		2,782		(14.5	)%		4,394		3,916		12.2	%		952		945		0.7	%
Memphis, TN		1,811		6,343		6,245		1.6	%		2,438		2,546		(4.2	)%		3,905		3,699		5.6	%		1,059		1,043		1.6	%
Birmingham, AL		1,462		5,501		5,466		0.6	%		2,072		2,154		(3.8	)%		3,429		3,312		3.5	%		1,096		1,081		1.4	%
San Antonio, TX		1,504		5,460		5,536		(1.4	)%		2,513		2,663		(5.6	)%		2,947		2,873		2.6	%		1,123		1,117		0.5	%
Huntsville, AL		1,228		4,383		4,293		2.1	%		1,494		1,492		0.1	%		2,889		2,801		3.1	%		1,035		1,004		3.1	%
Kansas City, MO-KS		1,110		4,559		4,600		(0.9	)%		1,677		1,848		(9.3	)%		2,882		2,752		4.7	%		1,295		1,295		(0.0	)%
Other		6,717		25,060		24,696		1.5	%		8,747		9,850		(11.2	)%		16,313		14,846		9.9	%		1,150		1,138		1.1	%
Total Same Store		95,113	$	397,595	$	397,600		(0.0	)%	$	148,967	$	158,898		(6.2	)%	$	248,628	$	238,702		4.2	%	$	1,293	$	1,293		(0.0	)%

Supplemental Data S-6

MULTIFAMILY SAME STORE PORTFOLIO FULL YEAR COMPARISONS AS OF DECEMBER 31, 2020 AND 2019

Dollars in thousands, except unit and per unit data

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		2020		2019		% Chg			2020		2019		% Chg			2020		2019		% Chg			2020		2019		% Chg
Atlanta, GA		10,996	$	203,637	$	200,770		1.4	%	$	76,026	$	73,631		3.3	%	$	127,611	$	127,139		0.4	%	$	1,464	$	1,440		1.7	%
Dallas, TX		9,405		155,234		152,944		1.5	%		69,004		65,519		5.3	%		86,230		87,425		(1.4	)%		1,305		1,287		1.4	%
Charlotte, NC		6,149		99,219		96,447		2.9	%		31,256		30,118		3.8	%		67,963		66,329		2.5	%		1,245		1,220		2.1	%
Tampa, FL		5,220		99,982		96,885		3.2	%		35,307		33,820		4.4	%		64,675		63,065		2.6	%		1,500		1,453		3.3	%
Washington, DC		4,080		92,887		92,439		0.5	%		28,433		27,903		1.9	%		64,454		64,536		(0.1	)%		1,802		1,783		1.0	%
Austin, TX		7,117		117,605		113,956		3.2	%		54,119		50,005		8.2	%		63,486		63,951		(0.7	)%		1,272		1,235		3.0	%
Orlando, FL		5,274		97,219		97,150		0.1	%		36,651		35,121		4.4	%		60,568		62,029		(2.4	)%		1,461		1,445		1.1	%
Nashville, TN		4,375		73,133		71,335		2.5	%		26,682		24,114		10.6	%		46,451		47,221		(1.6	)%		1,309		1,262		3.7	%
Raleigh/Durham, NC		4,397		67,414		64,100		5.2	%		22,677		21,358		6.2	%		44,737		42,742		4.7	%		1,142		1,096		4.3	%
Houston, TX		4,867		74,830		74,079		1.0	%		33,651		32,032		5.1	%		41,179		42,047		(2.1	)%		1,217		1,197		1.7	%
Fort Worth, TX		4,249		67,223		65,442		2.7	%		28,426		27,079		5.0	%		38,797		38,363		1.1	%		1,181		1,156		2.2	%
Jacksonville, FL		3,496		50,932		49,879		2.1	%		17,730		17,040		4.0	%		33,202		32,839		1.1	%		1,156		1,126		2.7	%
Phoenix, AZ		2,623		43,821		41,180		6.4	%		12,359		11,885		4.0	%		31,462		29,295		7.4	%		1,292		1,212		6.6	%
Charleston, SC		2,726		42,926		41,511		3.4	%		15,761		15,310		2.9	%		27,165		26,201		3.7	%		1,202		1,165		3.1	%
Richmond, VA		2,004		32,312		30,985		4.3	%		10,717		9,770		9.7	%		21,595		21,215		1.8	%		1,228		1,187		3.5	%
Savannah, GA		2,219		32,141		31,390		2.4	%		12,071		11,628		3.8	%		20,070		19,762		1.6	%		1,110		1,084		2.4	%
Greenville, SC		2,084		26,461		25,271		4.7	%		10,358		10,080		2.8	%		16,103		15,191		6.0	%		942		910		3.6	%
Memphis, TN		1,811		24,556		23,178		5.9	%		9,722		9,630		1.0	%		14,834		13,548		9.5	%		1,039		994		4.5	%
Birmingham, AL		1,462		21,529		20,209		6.5	%		8,394		8,198		2.4	%		13,135		12,011		9.4	%		1,080		1,028		5.1	%
San Antonio, TX		1,504		21,931		21,513		1.9	%		9,980		9,336		6.9	%		11,951		12,177		(1.9	)%		1,119		1,101		1.6	%
Kansas City, MO-KS		1,110		18,151		17,581		3.2	%		6,746		6,521		3.5	%		11,405		11,060		3.1	%		1,289		1,239		4.0	%
Huntsville, AL		1,228		16,699		15,231		9.6	%		5,677		5,290		7.3	%		11,022		9,941		10.9	%		999		915		9.2	%
Other		6,717		97,609		94,800		3.0	%		36,374		34,697		4.8	%		61,235		60,103		1.9	%		1,133		1,087		4.3	%
Total Same Store		95,113	$	1,577,451	$	1,538,275		2.5	%	$	598,121	$	570,085		4.9	%	$	979,330	$	968,190		1.2	%	$	1,290	$	1,256		2.6	%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands

		Units as of
		December 31, 2020							Projected			Development Costs
									Initial
								Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total		Delivered		Leased		Date	Date	Date	Date(1)	Cost		Q4 2020		After
MAA Frisco Bridges II	Dallas, TX		348		325		164	2Q18	2Q20	1Q21	1Q22	$	69,000	$	64,355	$	4,645
Novel Midtown (2)	Phoenix, AZ		345	—		—		1Q19	1Q21	2Q21	4Q22		82,000		72,303		9,697
Westglenn	Denver, CO		306	—		—		3Q19	2Q21	4Q21	4Q22		84,500		44,241		40,259
The Robinson	Orlando, FL		369	—		—		3Q19	2Q21	4Q21	1Q23		99,000		64,650		34,350
Sand Lake (3)	Orlando, FL		264	—		—		4Q19	2Q21	4Q21	1Q23		68,000		38,859		29,141
Long Point	Houston, TX		308	—		—		4Q19	3Q21	1Q22	1Q23		57,000		28,933		28,067
MAA Windmill Hill	Austin, TX		350	—		—		4Q20	1Q22	3Q22	4Q23		63,000		9,279		53,721
Novel Val Vista (2)	Phoenix, AZ		317	—		—		4Q20	3Q22	1Q23	2Q24		72,500		12,954		59,546
Total Active			2,607		325		164					$	595,000	$	335,574	$	259,426

⁽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, 2020
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
	4,211	$	26,113	$	6,201	$	110	9.5%	10,000  -  13,000

MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands

		As of December 31, 2020
	Location	Total Units	Percent Occupied	Construction Finished	Expected Stabilization(1)	Total Cost
Copper Ridge II	Fort Worth, TX	168	79.8%	2Q20	2Q21	$	26,255

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

2020 ACQUISITION ACTIVITY (THROUGH DECEMBER 31, 2020)

Land Acquisition	Market	Acreage	Closing Date
MAA Windmill Hill	Austin, TX	22	January 2020
MAA Central Park	Denver, CO	27	November 2020
Novel Val Vista (1)	Phoenix, AZ	13	December 2020

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

2020 DISPOSITION ACTIVITY (THROUGH DECEMBER 31, 2020)

Land Disposition	Market	Acreage	Closing Date
Colonial Promenade	Huntsville, AL	27	September 2020

Supplemental Data S-8

INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES

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%

Dollars in thousands	As of December 31, 2020
Joint Venture Property	Gross Investment in Real Estate			Mortgage Notes Payable			Company’s Equity Investment
Post Massachusetts Avenue	$	79,758	(1)	$	51,757	(2)	$	43,325

	Three months ended December 31, 2020				Year ended December 31, 2020
Joint Venture Property	Entity NOI		Company’s Equity in Income		Entity NOI		Company’s Equity in Income
Post Massachusetts Avenue	$	1,732	$	348	$	7,513	$	1,501

⁽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.

DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2020

Dollars in thousands

DEBT SUMMARIES
Floating Versus Fixed Rate Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Rate Maturity
Fixed rate debt	$	4,390,712		96.2	%		3.7	%		7.7
Floating (unhedged) debt		172,000		3.8	%		0.3	%		0.1
Total	$	4,562,712		100.0	%		3.6	%		7.4
Secured Versus Unsecured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	4,077,373		89.4	%		3.5	%		5.8
Secured debt		485,339		10.6	%		4.6	%		21.0
Total	$	4,562,712		100.0	%		3.6	%		7.4
Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q4 2020 NOI			Percent of Total
Unencumbered gross assets	$	13,354,045		91.4	%	$	246,374			93.4	%
Encumbered gross assets		1,255,851		8.6	%		17,273			6.6	%
Total	$	14,609,896		100.0	%	$	263,647			100.0	%

FIXED INTEREST RATE MATURITIES

Maturity	Fixed Rate Debt		Effective Rate
2021	$	191,505		5.2	%
2022		366,144		3.6	%
2023		360,392		4.2	%
2024		417,172		4.0	%
2025		403,018		4.2	%
2026		—		—
2027		594,980		3.7	%
2028		395,478		4.2	%
2029		561,748		3.7	%
2030		296,850		3.1	%
Thereafter		803,425		3.0	%
Total	$	4,390,712		3.7	%

Supplemental Data S-9

DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2020 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

	Revolving Credit Facility & Commercial Paper ⁽¹⁾ ⁽²⁾		Public Bonds		Other Unsecured		Secured		Total
2021	$	172,000	$	—	$	72,724	$	118,781	$	363,505
2022		—		249,276		116,868		—		366,144
2023		—		348,160		12,232		—		360,392
2024		—		397,212		19,960		—		417,172
2025		—		396,223		—		6,795		403,018
2026		—		—		—		—		—
2027		—		594,980		—		—		594,980
2028		—		395,478		—		—		395,478
2029		—		561,748		—		—		561,748
2030		—		296,850		—		—		296,850
Thereafter		—		443,662		—		359,763		803,425
Total	$	172,000	$	3,683,589	$	221,784	$	485,339	$	4,562,712

⁽¹⁾ The $172.0 million maturing in 2021 reflects the principal outstanding on MAALP’s unsecured commercial paper program as of December 31, 2020. 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, 2020, average daily borrowings outstanding under the commercial paper program were $96.5 million.

⁽²⁾ There were no borrowings outstanding under MAALP’s $1.0 billion unsecured revolving credit facility as of December 31, 2020. 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	31.2%	Yes
Total secured debt to adjusted total assets	40% or less	3.3%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	5.4x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	327%	Yes
Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	27.7%	Yes
Total secured debt to total capitalized asset value	40% or Less	3.1%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	5.2x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	26.4%	Yes

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

Supplemental Data S-10

2021 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 2021
Earnings per common share - diluted	$3.26 to $3.56
Midpoint	$3.41
Core FFO per Share - diluted	$6.30 to $6.60
Midpoint	$6.45
Core AFFO per Share - diluted	$5.62 to $5.92
Midpoint	$5.77
MAA Same Store Communities:
Number of units		97,003
Average physical occupancy	95.25% to 95.75%
Property revenue growth (1)	1.00% to 3.00%
Property operating expense growth (1)	3.00% to 5.00%
NOI growth (1)	0.00% to 2.00%
Real estate tax expense growth	3.25% to 4.25%
Corporate Expenses:
General and administrative expenses	$47.5 to $49.5 million
Property management expenses	$57.5 to $59.5 million
Total overhead	$105.0 to $109.0 million
Transaction/Investment Volume:
Multifamily acquisition volume		—
Multifamily disposition volume	$200.0 to $250.0 million
Development investment	$250.0 to $350.0 million
Debt:
Average effective interest rate	3.5% to 3.7%
Capitalized interest	$7.0 to $8.0 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 0.3% to 0.4% of property revenue growth, 0.7% to 0.8% of property operating expense growth and 0.1% to 0.2% of NOI growth to the results for the year ending December 31, 2021.  

RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER SHARE FOR 2021 GUIDANCE

	2021 Full Year Guidance Range
	Low			High
Earnings per common share - diluted	$	3.26		$	3.56
Real estate depreciation and amortization		4.35			4.35
Gains on sale of depreciable assets		(1.34	)		(1.34	)
FFO per Share - diluted		6.27			6.57
Non-Core items (1)		0.03			0.03
Core FFO per Share - diluted		6.30			6.60
Recurring capital expenditures		(0.68	)		(0.68	)
Core AFFO per Share - diluted	$	5.62		$	5.92

⁽¹⁾ Non-Core items may include adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares, gain or loss on sale of non-depreciable assets, adjustments for gains or losses from unconsolidated limited partnerships, net casualty gain or loss, gain or loss on debt extinguishment, non-routine legal costs and settlements, COVID-19 related costs, and mark-to-market debt adjustments.  

Supplemental Data S-11

CREDIT RATINGS

	Commercial	Long-Term
	Paper Rating	Debt Rating	Outlook
Fitch Ratings (1)	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 2021		Q2 2021		Q3 2021		Q4 2021
Earnings release & conference call	Late April		Late July		Late October		Late January
Dividend Information - Common Shares:	Q4 2019		Q1 2020		Q2 2020		Q3 2020		Q4 2020
Declaration date	12/10/2019		3/19/2020		5/19/2020		9/24/2020		12/8/2020
Record date	1/15/2020		4/15/2020		7/15/2020		10/15/2020		1/15/2021
Payment date	1/31/2020		4/30/2020		7/31/2020		10/30/2020		1/29/2021
Distributions per share	$	1.0000	$	1.0000	$	1.0000	$	1.0000	$	1.0250

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-12

XML

Document And Entity Information	Feb. 03, 2021
Document And Entity Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 03, 2021
Entity Registrant Name	MID-AMERICA APARTMENT COMMUNITIES, INC.
Entity Central Index Key	0000912595
Entity Emerging Growth Company	false
Entity File Number	001-12762
Entity Incorporation, State or Country Code	TN
Entity Tax Identification Number	62-1543819
Entity Address, Address Line One	6815 Poplar Avenue, Suite 500
Entity Address, City or Town	Germantown
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	38138
City Area Code	901
Local Phone Number	682-6600
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Common Stock [Member]
Document And Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol(s)	MAA
Security Exchange Name	NYSE
Cumulative Preferred Stock [Member]
Document And Entity Information [Line Items]
Title of 12(b) Security	8.50% Series I Cumulative Redeemable Preferred Stock, $.01 par value per share
Trading Symbol(s)	MAA*I
Security Exchange Name	NYSE
Limited Partner [Member]
Document And Entity Information [Line Items]
Entity Registrant Name	MID-AMERICA APARTMENTS, L.P.
Entity File Number	333-190028-01
Entity Incorporation, State or Country Code	TN
Entity Tax Identification Number	62-1543816