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):  April 28, 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 April 28, 2021, Mid-America Apartment Communities, Inc. (“MAA”) issued a press release announcing its consolidated results of operations and financial condition as of March 31, 2021 and for the three 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.

ITEM 9.01Financial Statements and Exhibits.

(d)Exhibits.

Exhibit Number	Description
99.1	Press Release dated April 28, 2021
99.2	Supplemental Data Schedules dated April 28, 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:	April 28, 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:	April 28, 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	6
Consolidated Statements of Operations	7
Share and Unit Data	7
Consolidated Balance Sheets	8
Reconciliation of Non-GAAP Financial Measures	9
Non-GAAP Financial Measures	12
Other Key Definitions	13
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 Interior Redevelopment Pipeline/Multifamily Lease-up Communities/Debt and Debt Covenants as of March 31, 2021	S-7
2021 Guidance/ Reconciliation of Net Income per Diluted Common Share to Core FFO and Core AFFO per Share Guidance	S-9
Credit Ratings/Common Stock/Investor Relations Data	S-10

OVERVIEW

MAA REPORTS FIRST QUARTER RESULTS

GERMANTOWN, TN, April 28, 2021/PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the quarter ended March 31, 2021.

First Quarter 2021 Operating Results	Three months ended March 31,
	2021		2020
Earnings per common share - diluted	$	0.40	$	0.31
Funds from operations (FFO) per Share - diluted	$	1.50	$	1.37
Core FFO per Share - diluted	$	1.64	$	1.62

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. FFO per Share – diluted and Core FFO per Share –diluted include diluted common shares and units.  

Eric Bolton, Chairman and Chief Executive Officer, said, “First quarter results were ahead of expectations.  We are encouraged with the trends in rent growth and continued strong occupancy, reflecting the growing demand for apartment housing across our Sunbelt markets.  We believe our uniquely diversified portfolio across this high-growth region has MAA well positioned as the economy and employment markets begin to recover.  Our development pipeline continues to expand and we look forward to increasing FFO growth from this group of properties over the next couple of years.”

First Quarter 2021 Highlights

• Property revenues from the Same Store Portfolio increased 1.4% during the first quarter of 2021 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.

• Positive momentum in rental pricing continues as Same Store Portfolio blended pricing for both new and renewal leases effective during the first quarter increased 2.7% as compared to expiring leases, which is slightly ahead of the blended pricing MAA achieved in the first quarter of 2020 prior to the onset of the COVID-19 pandemic.  

• Various programs introduced and actions taken by MAA to assist its residents impacted by the COVID-19 pandemic continued to have a positive impact through the first quarter of 2021.  The number of MAA residents seeking rental deferral has continued to decline with only 0.02% of rents billed in April 2021 requesting a 30-day deferral.  Through April 27, 2021, combined cash collections and outstanding 30-day deferral obligations represented 98.7% of billed residential rent for April, up 10 basis points from the combined collections and deferrals of billed residential rent for March as of March 27, 2021.  

• Property operating expenses for the Same Store Portfolio increased 5.4% during the first quarter of 2021 as compared to the same period in the prior year.  As MAA expected, growth in insurance expenses, utility costs and marketing costs contributed to the increase.  

• Net Operating Income (NOI) from the Same Store Portfolio decreased 0.9% during the first quarter of 2021 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 first quarter of 2021 was 46.6% on a rolling twelve month basis.

• MAA completed redevelopment of 964 apartment homes during the first quarter of 2021, capturing average rental rate increases of approximately 10% above non-renovated units.  

• MAA continues its initiative focused on installation of new Smart Home technology at select apartment communities, with 13,975unit installations completed during thefirst quarter of 2021.

• During the first quarter of 2021, MAA completed the development of MAA Frisco Bridges II in the Dallas, Texas market.

• As of the end of the first quarter of 2021, MAA had seven properties under development, representing 2,259 units once complete, with a total projected cost of $528.0 million and an estimated $193.7 million remaining to be funded.

• As of the end of the first quarter of 2021, MAA had two properties in their initial lease-up with physical occupancy averaging 75.6%.  One property is expected to stabilize in the second quarter of 2021 and the other property is expected to stabilize in the first quarter of 2022.

Same Store Portfolio Operating Results

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

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The Same Store Portfolio revenue growth of 1.4% during the first quarter of 2021 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 first quarter of 2021, consistent with the same period in the prior year.  Same Store Portfolio lease pricing for leases effective during the first quarter of 2021, as compared to the prior lease, decreased 0.8% for new leases, increased 6.9% for renewing leases and increased 2.7% for both new and renewing leases on a combined basis.  Property operating expenses for the Same Store Portfolio increased 5.4% for the first quarter of 2021 as compared to the same period in the prior year.  Growth in insurance expenses, utility costs and marketing costs contributed to the increase.The marginal expense from the rollout of the new high-speed bulk cable internet package contributed 0.8% in expense growth for the Same Store Portfolio during the first quarter of 2021.  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 first quarter of 2021 as compared to the same period in the prior year.  

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

Acquisition and Disposition Activity

In April 2021, MAA acquired an 11 acre land parcel located in the Atlanta, Georgia market and a 9 acre land parcel located in the Salt Lake City, Utah market through joint ventures for future development.  

MAA is currently under contract to sell its four Jackson, Mississippi multifamily properties and expects to close on the dispositions in the third quarter of 2021.  

Development and Lease-up Activity

As of the end of the first quarter of 2021, MAA had seven development communities under construction.  MAA expects to complete construction of four of these development communities in 2021, two in 2022 and one in 2023.  Total development costs for the seven communities are projected to be $528.0 million, of which an estimated $193.7 million remained to be funded as of the end of the first quarter of 2021.  The expected average stabilized NOI yield on these communities is 6.0%. During the first quarter of 2021, MAA funded $64.3 million of costs for current and future projects, including predevelopment activities related to a land parcel located in the Denver, Colorado market.

As of the end of the first quarter of 2021, MAA had two apartment communities, representing a total of 516 units, in initial lease-up: Copper Ridge II, located in Ft. Worth, Texas and MAA Frisco Bridges II, located in Dallas, Texas.  Physical occupancy for these lease-up projects averaged 75.6% at the end of the first quarter of 2021.

Property Redevelopment and Repositioning Activity

MAA continued its interior redevelopment program at select apartment communities throughout the portfolio.  During the first quarter of 2021, MAA redeveloped the interior of 964 units at an average cost of $5,556 per unit, achieving average rental rate increases of approximately 10% 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 first quarter of 2021, 13,975 units were installed at an average cost of $1,321 per unit, achieving an average rental rate increase of approximately $25 per unit.  

During the first quarter of 2021, 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%.  Eight properties were selected in 2020 for this program.  As of March 31, 2021, work has been completed at six of these properties with redevelopment work at the remaining two properties expected to be completed by the end of the third quarter of 2021.  For thefirst quarter of 2021, MAA spent $0.7 million on this program. MAA is currently in the planning phase for similar repositioning projects at 10 additional properties, with work likely to commence later in 2021.

Capital Expenditures

Recurring capital expenditures totaled $12.6 million for the first quarter of 2021, or approximately $0.10 per diluted common share and unit (Share), as compared to $14.6 million, or $0.13 per Share, for the same period in the prior year.  These expenditures led to Core Adjusted Funds from Operations (Core AFFO) of $1.54 per Share for the first quarter of 2021, compared to $1.49 per Share for the same period in the prior year.

Redevelopment, revenue enhancing, commercial and other capital expenditures during the first quarter of 2021 were $36.6 million, as compared to $27.9 million for the same period in the prior year. These expenditures led to Funds Available for Distribution (FAD) of $145.2 million for the first quarter of 2021, compared to $148.8 million for the same period in the prior year.

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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 March 31, 2021, MAA had $644.2 million of combined cash and available capacity under its 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.

In February 2021, MAALP retired a $118.6 million mortgage associated with eight apartment communities prior to its June 2021 maturity.

Dividends and distributions paid on shares of common stock and noncontrolling interests during the first quarter of 2021 were $121.4 million, as compared to $118.3 million for the same period in the prior year.

Balance Sheet

As of March 31, 2021:

• Total debt to adjusted total assets (as defined in the covenants for the bonds issued by MAALP) was 31.6%;

• Total debt outstanding was $4.7 billion with an average effective interest rate of approximately 3.4%;

• 91.7% of total debt was fixed against rising interest rates for an average of approximately 7.7 years; and

• Unencumbered NOI was 95.3% of total NOI.

109th Consecutive Quarterly Common Dividend Declared

MAA declared its 109th consecutive quarterly common dividend, which will be paid on April 30, 2021 to holders of record on April 15, 2021.  The current annual dividend rate is $4.10 per common share.

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

MAA is updating and increasing its prior 2021 guidance for Net income per diluted common share, Core FFO per Share and Core AFFO per Share.  

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.

Earnings:	Full Year 2021
Earnings per common share - diluted	$3.34 to $3.64
Midpoint	$3.49
Core FFO per Share - diluted	$6.35 to $6.65
Midpoint	$6.50
Core AFFO per Share - diluted	$5.67 to $5.97
Midpoint	$5.82
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 second quarter of 2021 to be in the range of $1.53 to $1.69 per Share, or $1.61 per Share at the midpoint.  MAA does not forecast Net income per diluted share on a quarterly basis as MAA generally cannot predict the timing of forecasted acquisition and disposition activity within a particular quarter (rather than during the course of the full year).

Supplemental Material and Conference Call

Supplemental data to this release can be found on the “For Investors” page of the MAA website at www.maac.com. MAA will host a conference call to further discuss first quarter results on April 29, 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 the MAA website at www.maac.com.  MAA’s filings with the Securities and Exchange Commission (SEC) are filed under the registrant names of Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P.

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About MAA

MAA, an S&P 500 company, is a real estate investment trust (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities in the Southeast, Southwest, and Mid-Atlantic regions of the United States.  As of March 31, 2021, 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 (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;

• 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;

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• 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 our actions or policies, whether or not warranted;

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

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

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

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FINANCIAL HIGHLIGHTS

Dollars in thousands, except per share data	Three months ended March 31,
	2021			2020
Rental and other property revenues	$	425,005		$	418,098
Net income available for MAA common shareholders	$	46,271		$	35,726
Total NOI (1)	$	262,537		$	264,926
Earnings per common share: (2)
Basic	$	0.40		$	0.31
Diluted	$	0.40		$	0.31
Funds from operations per Share - diluted: (2)
FFO (1)	$	1.50		$	1.37
Core FFO (1)	$	1.64		$	1.62
Core AFFO (1)	$	1.54		$	1.49
Dividends declared per common share	$	1.025		$	1.000
Dividends/Core FFO (diluted) payout ratio		62.5	%		61.7	%
Dividends/Core AFFO (diluted) payout ratio		66.6	%		67.1	%
Consolidated interest expense	$	39,672		$	43,482
Mark-to-market debt adjustment		(83	)		34
Debt discount and debt issuance cost amortization		(1,260	)		(1,190	)
Capitalized interest		2,550			1,391
Total interest incurred	$	40,879		$	43,717
Amortization of principal on notes payable	$	515		$	1,740

⁽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.

Dollars in thousands, except share price
	March 31, 2021		December 31, 2020
Gross Assets (1)	$	14,736,895	$	14,609,896
Gross Real Estate Assets (1)	$	14,538,144	$	14,407,418
Total debt	$	4,657,585	$	4,562,712
Common shares and units outstanding		118,462,055		118,431,384
Share price	$	144.36	$	126.69
Book equity value	$	6,037,361	$	6,103,805
Market equity value	$	17,101,182	$	15,004,072
Net Debt/Adjusted EBITDAre (2)	4.90x		4.81x

⁽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 is calculated for 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.

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CONSOLIDATED STATEMENTS OF OPERATIONS

Dollars in thousands, except per share data	Three months ended March 31,
	2021			2020
Revenues:
Rental and other property revenues	$	425,005		$	418,098
Expenses:
Operating expenses, excluding real estate taxes and insurance		95,961			91,368
Real estate taxes and insurance		66,507			61,804
Depreciation and amortization		131,503			126,388
Total property operating expenses		293,971			279,560
Property management expenses		12,939			14,643
General and administrative expenses		12,979			13,264
Interest expense		39,672			43,482
Loss on sale of depreciable real estate assets		—			29
Loss on sale of non-depreciable real estate assets		—			376
Other non-operating expense		15,913			28,532
Income before income tax expense		49,531			38,212
Income tax expense		(999	)		(667	)
Income from continuing operations before real estate joint venture activity		48,532			37,545
Income from real estate joint venture		332			407
Net income		48,864			37,952
Net income attributable to noncontrolling interests		1,671			1,304
Net income available for shareholders		47,193			36,648
Dividends to MAA Series I preferred shareholders		922			922
Net income available for MAA common shareholders	$	46,271		$	35,726
Earnings per common share - basic:
Net income available for common shareholders	$	0.40		$	0.31
Earnings per common share - diluted:
Net income available for common shareholders	$	0.40		$	0.31

SHARE AND UNIT DATA

Shares and units in thousands	Three months ended March 31,
	2021		2020
Net Income Shares (1)
Weighted average common shares - basic		114,263		114,111
Effect of dilutive securities		312		383
Weighted average common shares - diluted		114,575		114,494
Funds From Operations Shares And Units
Weighted average common shares and units - basic		118,318		118,176
Weighted average common shares and units - diluted		118,456		118,344
Period End Shares And Units
Common shares at March 31,		114,409		114,279
Operating Partnership units at March 31,		4,053		4,059
Total common shares and units at March 31,		118,462		118,338

⁽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 Quarterly Report on Form 10-Q for the three months ended March 31, 2021, expected to be filed with the SEC on or about April 29, 2021.

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CONSOLIDATED BALANCE SHEETS

Dollars in thousands
	March 31, 2021			December 31, 2020
Assets
Real estate assets:
Land	$	1,955,627		$	1,929,181
Buildings and improvements and other		12,176,205			12,065,244
Development and capital improvements in progress		295,933			283,477
		14,427,765			14,277,902
Less: Accumulated depreciation		(3,544,517	)		(3,415,105	)
		10,883,248			10,862,797
Undeveloped land		34,548			60,993
Investment in real estate joint venture		43,211			43,325
Real estate assets, net		10,961,007			10,967,115
Cash and cash equivalents		32,620			25,198
Restricted cash		10,755			10,417
Other assets		187,996			192,061
Total assets	$	11,192,378		$	11,194,791
Liabilities and equity
Liabilities:
Unsecured notes payable	$	4,291,332		$	4,077,373
Secured notes payable		366,253			485,339
Accrued expenses and other liabilities		497,432			528,274
Total liabilities		5,155,017			5,090,986
Redeemable common stock		17,828			15,397
Shareholders’ equity:
Preferred stock		9			9
Common stock		1,142			1,141
Additional paid-in capital		7,182,771			7,176,793
Accumulated distributions in excess of net income		(1,367,347	)		(1,294,182	)
Accumulated other comprehensive loss		(11,859	)		(12,128	)
Total MAA shareholders’ equity		5,804,716			5,871,633
Noncontrolling interests - Operating Partnership units		204,336			206,927
Total Company’s shareholders’ equity		6,009,052			6,078,560
Noncontrolling interests - consolidated real estate entities		10,481			9,848
Total equity		6,019,533			6,088,408
Total liabilities and equity	$	11,192,378		$	11,194,791

8

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 March 31,
	2021			2020
Net income available for MAA common shareholders	$	46,271		$	35,726
Depreciation and amortization of real estate assets		129,752			124,846
Loss on sale of depreciable real estate assets		—			29
Depreciation and amortization of real estate assets of real estate joint venture		155			152
Net income attributable to noncontrolling interests		1,671			1,304
Funds from operations attributable to the Company		177,849			162,057
Loss on embedded derivative in preferred shares (1)		15,108			27,638
Loss on sale of non-depreciable real estate assets		—			376
(Gain) loss from unconsolidated limited partnerships, net of tax (1)(2)		(1,284	)		77
Net casualty loss and other settlement proceeds (3)		2,355			847
Loss (gain) on debt extinguishment (1)		37			(1	)
Non-routine legal costs and settlements (1)		(16	)		40
COVID-19 related costs (1)		310			196
Mark-to-market debt adjustment (4)		83			(34	)
Core funds from operations		194,442			191,196
Recurring capital expenditures		(12,585	)		(14,574	)
Core adjusted funds from operations		181,857			176,622
Redevelopment capital expenditures		(22,732	)		(13,948	)
Revenue enhancing capital expenditures		(7,179	)		(7,928	)
Commercial capital expenditures		(1,054	)		(395	)
Other capital expenditures		(5,679	)		(5,590	)
Funds available for distribution	$	145,213		$	148,761
Dividends and distributions paid	$	121,401		$	118,337
Weighted average common shares - diluted		114,575			114,494
FFO weighted average common shares and units - diluted		118,456			118,344
Earnings per common share - diluted:
Net income available for common shareholders	$	0.40		$	0.31
Funds from operations per Share - diluted	$	1.50		$	1.37
Core funds from operations per Share - diluted	$	1.64		$	1.62
Core adjusted funds from operations per Share - diluted	$	1.54		$	1.49

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

⁽²⁾ For the three months ended March 31, 2021, $1.6 million of gains from unconsolidated limited partnerships are offset by $0.3 million of income tax expense.  

⁽³⁾ During the three months ended March 31, 2021, MAA incurred $16.9 million in casualty losses related to winter storm Uri (primarily building repairs, landscaping and asset write-offs).  The majority of the storm costs are expected to be reimbursed through insurance coverage.  A receivable has been recognized in Other non-operating expense for the amount of the recorded losses that MAA expects to be recovered.  Additional costs related to the storm that are not expected to be recovered through insurance coverage, along with other unrelated casualty losses and recoveries, are reflected in this adjustment.  The adjustment is primarily included in Other non-operating expense in the Consolidated Statements of Operations.  

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

9

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

Dollars in thousands	Three Months Ended
	March 31, 2021			December 31, 2020			March 31, 2020
Net Operating Income
Same Store NOI	$	252,730		$	254,338		$	255,034
Non-Same Store and Other NOI		9,807			9,309			9,892
Total NOI		262,537			263,647			264,926
Depreciation and amortization		(131,503	)		(129,585	)		(126,388	)
Property management expenses		(12,939	)		(13,236	)		(14,643	)
General and administrative expenses		(12,979	)		(11,677	)		(13,264	)
Interest expense		(39,672	)		(40,952	)		(43,482	)
Gain (loss) on sale of depreciable real estate assets		—			16			(29	)
Gain (loss) on sale of non-depreciable real estate assets		—			29			(376	)
Other non-operating (expense) income		(15,913	)		18,504			(28,532	)
Income tax expense		(999	)		(795	)		(667	)
Income from real estate joint venture		332			348			407
Net income attributable to noncontrolling interests		(1,671	)		(2,957	)		(1,304	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(922	)
Net income available for MAA common shareholders	$	46,271		$	82,420		$	35,726

RECONCILIATION OF EBITDA, EBITDAre AND ADJUSTED EBITDAre TO NET INCOME

Dollars in thousands	Three Months Ended						Twelve Months Ended
	March 31, 2021			March 31, 2020			March 31, 2021			December 31, 2020
Net income	$	48,864		$	37,952		$	274,927		$	264,015
Depreciation and amortization		131,503			126,388			515,957			510,842
Interest expense		39,672			43,482			163,752			167,562
Income tax expense		999			667			3,659			3,327
EBITDA		221,038			208,489			958,295			945,746
Gain on sale of depreciable real estate assets		—			29			(38	)		(9	)
Adjustments to reflect the Company’s share of EBITDAre of unconsolidated affiliates		339			336			1,352			1,349
EBITDAre		221,377			208,854			959,609			947,086
Loss (gain) on embedded derivative in preferred shares (1)		15,108			27,638			(15,092	)		(2,562	)
Loss (gain) on sale of non-depreciable real estate assets		—			376			(1,400	)		(1,024	)
(Gain) loss from unconsolidated limited partnerships, net of tax (1)(2)		(1,284	)		77			(6,118	)		(4,757	)
Net casualty loss and other settlement proceeds (3)		2,355			847			1,992			484
Loss (gain) on debt extinguishment (1)		37			(1	)		382			344
Non-routine legal costs and settlements (1)		(16	)		40			(94	)		(38	)
COVID-19 related costs (1)		310			196			3,650			3,536
Mark-to-market debt adjustment (4)		83			(34	)		192			75
Adjusted EBITDAre	$	237,970		$	237,993		$	943,121		$	943,144

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

⁽²⁾ For the three months ended March 31, 2021, $1.6 million of gains from unconsolidated limited partnerships are offset by $0.3 million of income tax expense.  For the twelve months ended March 31, 2021, $7.3 million of gains from unconsolidated limited partnerships are offset by $1.2 million of income tax expense.  For the twelve months ended December 31, 2020, $5.6 million of gains from unconsolidated limited partnerships are offset by $0.8 million of income tax expense.

⁽³⁾ During the three and twelve months ended March 31, 2021, MAA incurred $16.9 million in casualty losses related to winter storm Uri (primarily building repairs, landscaping and asset write-offs).  The majority of the storm costs are expected to be reimbursed through insurance coverage.  A receivable has been recognized in Other non-operating expense for the amount of the recorded losses that MAA expects to be recovered.  Additional costs related to the storm that are not expected to be recovered through insurance coverage, along with other unrelated casualty losses and recoveries, are reflected in this adjustment.  The adjustment is primarily included in Other non-operating expense in the Consolidated Statements of Operations.  

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

10

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

Dollars in thousands
	March 31, 2021			December 31, 2020
Unsecured notes payable	$	4,291,332		$	4,077,373
Secured notes payable		366,253			485,339
Total debt		4,657,585			4,562,712
Cash and cash equivalents		(32,620	)		(25,198	)
Net Debt	$	4,624,965		$	4,537,514

RECONCILIATION OF GROSS ASSETS TO TOTAL ASSETS

Dollars in thousands
	March 31, 2021		December 31, 2020
Total assets	$	11,192,378	$	11,194,791
Accumulated depreciation		3,544,517		3,415,105
Gross Assets	$	14,736,895	$	14,609,896

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

Dollars in thousands
	March 31, 2021		December 31, 2020
Real estate assets, net	$	10,961,007	$	10,967,115
Accumulated depreciation		3,544,517		3,415,105
Cash and cash equivalents		32,620		25,198
Gross Real Estate Assets	$	14,538,144	$	14,407,418

11

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.

12

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.

13

OTHER KEY DEFINITIONS (Continued)

Average Physical Occupancy

Average Physical Occupancy represents the average of the daily physical occupancy for an applicable period.

Development Communities

Communities remain identified as development until certificates of occupancy are obtained for all units under development. Once all units are delivered and available for occupancy, the community moves into the Lease-up Communities portfolio.

Lease-up Communities

New acquisitions acquired during lease-up and newly developed communities remain in the Lease-up Communities portfolio until stabilized.  Communities are considered stabilized after achieving at least 90% average physical occupancy for 90 days.

Non-Same Store and Other Portfolio

Non-Same Store and Other Portfolio includes recently acquired communities, communities in development or lease-up, communities that have been 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% average physical occupancy for 90 days. Communities that have been approved by MAA’s Board of Directors for disposition are excluded from the Same Store Portfolio.  Communities that have 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

14

EX-99.2

Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT MARCH 31, 2021 (In apartment units) ⁽¹⁾

	Same Store		Non-Same Store		Lease-up		Total Completed Communities		Development Units Delivered		Total
Atlanta, GA		11,434		—		—		11,434		—		11,434
Dallas, TX		9,767		—		348		10,115		—		10,115
Austin, TX		7,117		—		—		7,117		—		7,117
Charlotte, NC		5,867		282		—		6,149		—		6,149
Raleigh/Durham, NC		5,350		—		—		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		3,168		—		—		3,168		—		3,168
Phoenix, AZ		2,623		—		—		2,623		138		2,761
Greenville, SC		2,084		271		—		2,355		—		2,355
Savannah, GA		1,837		382		—		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		7,076		1,790		—		8,866		—		8,866
Total Multifamily Units		97,003		2,725		516		100,244		138		100,382

⁽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 March 31, 2021								Average Effective		As of March 31, 2021
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended March 31, 2021		Completed Units		Total Units, Including Development
Atlanta, GA	$	2,009,059		14.3	%		95.4	%	$	1,473		11,434
Dallas, TX		1,418,457		10.1	%		96.0	%		1,292		9,767
Charlotte, NC		971,912		6.9	%		96.5	%		1,245		6,149
Washington, DC		969,129		6.9	%		96.7	%		1,789		4,080
Tampa, FL		883,264		6.3	%		97.6	%		1,534		5,220
Austin, TX		846,050		6.0	%		96.1	%		1,272		7,117
Orlando, FL		831,759		5.9	%		96.0	%		1,453		5,274
Raleigh/Durham, NC		701,931		5.0	%		95.8	%		1,183		5,350
Houston, TX		608,281		4.3	%		95.2	%		1,206		4,867
Nashville, TN		536,232		3.8	%		95.3	%		1,313		4,375
Charleston, SC		404,315		2.9	%		96.7	%		1,271		3,168
Fort Worth, TX		396,806		2.8	%		96.6	%		1,198		4,249
Phoenix, AZ		379,706		2.7	%		97.3	%		1,328		2,623
Jacksonville, FL		291,702		2.1	%		98.1	%		1,180		3,496
Richmond, VA		267,273		1.9	%		97.1	%		1,256		2,004
Savannah, GA		244,229		1.7	%		97.5	%		1,136		2,219
Greenville, SC		228,275		1.6	%		96.7	%		1,025		2,355
Denver, CO		211,582		1.5	%		93.8	%		1,625		812
Kansas City, MO-KS		186,758		1.3	%		94.0	%		1,291		1,110
San Antonio, TX		163,342		1.2	%		97.1	%		1,128		1,504
Birmingham, AL		160,025		1.1	%		96.8	%		1,109		1,462
All Other Markets by State (individual markets <1% gross real assets)
Tennessee	$	183,946		1.3	%		97.1	%	$	1,034		2,754
Florida		177,651		1.3	%		96.9	%		1,391		1,806
Alabama		161,116		1.1	%		97.4	%		1,094		1,648
Virginia		153,546		1.1	%		97.4	%		1,377		1,039
Kentucky		93,833		0.7	%		97.0	%		923		1,308
Mississippi		73,258		0.5	%		97.3	%		956		1,241
Nevada		71,257		0.5	%		96.4	%		1,204		721
South Carolina		36,230		0.3	%		95.8	%		934		576
Stabilized Communities	$	13,660,924		97.0	%		96.3	%	$	1,301		99,728
Orlando, FL	$	132,105		0.9	%									633
Phoenix, AZ		94,626		0.7	%		13.3	%		1,622		138		662
Dallas, TX		64,765		0.5	%		69.0	%		1,498		348		348
Denver, CO		57,536		0.4	%									306
Houston, TX		36,893		0.3	%									308
Fort Worth, TX		26,332		0.2	%		89.3	%		1,308		168		168
Austin, TX		13,198		0.1	%									350
Lease-up / Development Communities	$	425,455		3.0	%		50.7	%	$	1,475		654		2,775
Total Multifamily Communities	$	14,086,379		100.0	%		95.9	%	$	1,302		100,382		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 March 31, 2021				Three Months Ended
	Apartment Units		Gross Real Assets		March 31, 2021		March 31, 2020			Percent Change
Operating Revenues
Same Store Communities		97,003	$	13,317,442	$	407,037	$	401,370			1.4	%
Non-Same Store Communities		2,725		343,482		10,420		10,327
Lease-up/Development Communities		654		425,455		1,721		63
Total Multifamily Portfolio		100,382	$	14,086,379	$	419,178	$	411,760
Commercial Property/Land		—		273,676		5,827		6,338
Total Operating Revenues		100,382	$	14,360,055	$	425,005	$	418,098
Property Operating Expenses
Same Store Communities					$	154,307	$	146,336			5.4	%
Non-Same Store Communities						4,307		4,216
Lease-up/Development Communities						1,361		93
Total Multifamily Portfolio					$	159,975	$	150,645
Commercial Property/Land						2,493		2,527
Total Property Operating Expenses					$	162,468	$	153,172
Net Operating Income
Same Store Communities					$	252,730	$	255,034			-0.9	%
Non-Same Store Communities						6,113		6,111
Lease-up/Development Communities						360		(30	)
Total Multifamily Portfolio					$	259,203	$	261,115
Commercial Property/Land						3,334		3,811
Total Net Operating Income					$	262,537	$	264,926			-0.9	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

	Three Months Ended
	March 31, 2021		March 31, 2020		Percent Change
Personnel	$	33,809	$	33,128		2.1	%
Building Repair and Maintenance		17,134		16,665		2.8	%
Utilities		28,761		26,691		7.8	%
Marketing		5,298		4,673		13.4	%
Office Operations		5,589		5,413		3.3	%
Property Taxes		58,214		56,520		3.0	%
Insurance		5,502		3,246		69.5	%
Total Property Operating Expenses	$	154,307	$	146,336		5.4	%

Supplemental Data S-3

NOI CONTRIBUTION PERCENTAGE BY MARKET

Same Store Portfolio

						Average Physical Occupancy
			Percent of			Three Months Ended
	Apartment Units		Same Store NOI			March 31, 2021			March 31, 2020
Atlanta, GA		11,434		13.2	%		94.8	%		94.9	%
Dallas, TX		9,767		8.6	%		95.2	%		95.7	%
Tampa, FL		5,220		6.6	%		97.0	%		95.5	%
Charlotte, NC		5,867		6.5	%		96.0	%		96.4	%
Washington, DC		4,080		6.2	%		96.1	%		96.4	%
Austin, TX		7,117		6.1	%		95.3	%		95.9	%
Orlando, FL		5,274		6.1	%		95.4	%		95.1	%
Raleigh/Durham, NC		5,350		5.6	%		95.7	%		96.4	%
Nashville, TN		4,375		4.6	%		94.6	%		95.8	%
Houston, TX		4,867		4.0	%		93.9	%		95.2	%
Fort Worth, TX		4,249		3.8	%		95.7	%		95.1	%
Jacksonville, FL		3,496		3.4	%		97.5	%		96.0	%
Charleston, SC		3,168		3.3	%		95.8	%		95.5	%
Phoenix, AZ		2,623		3.2	%		96.9	%		96.9	%
Richmond, VA		2,004		2.2	%		96.9	%		96.2	%
Savannah, GA		1,837		1.8	%		97.1	%		95.7	%
Greenville, SC		2,084		1.7	%		96.0	%		94.5	%
Memphis, TN		1,811		1.5	%		97.6	%		95.7	%
Birmingham, AL		1,462		1.3	%		96.6	%		96.0	%
San Antonio, TX		1,504		1.2	%		94.9	%		96.3	%
Huntsville, AL		1,228		1.2	%		96.8	%		97.1	%
Kansas City, MO-KS		1,110		1.1	%		93.9	%		95.7	%
Other		7,076		6.8	%		96.2	%		95.5	%
Total Same Store		97,003		100.0	%		95.7	%		95.7	%

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		Q1 2021		Q1 2020		% Chg			Q1 2021		Q1 2020		% Chg			Q1 2021		Q1 2020		% Chg			Q1 2021		Q1 2020		% Chg
Atlanta, GA		11,434	$	53,106	$	52,744		0.7	%	$	19,807	$	19,332		2.5	%	$	33,299	$	33,412		(0.3	)%	$	1,473	$	1,465		0.6	%
Dallas, TX		9,767		39,920		40,203		(0.7	)%		18,140		16,949		7.0	%		21,780		23,254		(6.3	)%		1,292		1,299		(0.6	)%
Tampa, FL		5,220		25,872		24,785		4.4	%		9,115		8,606		5.9	%		16,757		16,179		3.6	%		1,534		1,485		3.3	%
Charlotte, NC		5,867		23,770		23,890		(0.5	)%		7,304		6,995		4.4	%		16,466		16,895		(2.5	)%		1,254		1,256		(0.1	)%
Washington, DC		4,080		22,977		23,228		(1.1	)%		7,300		7,068		3.3	%		15,677		16,160		(3.0	)%		1,789		1,800		(0.6	)%
Austin, TX		7,117		28,955		29,454		(1.7	)%		13,530		12,679		6.7	%		15,425		16,775		(8.0	)%		1,272		1,265		0.5	%
Orlando, FL		5,274		24,598		24,635		(0.2	)%		9,193		8,866		3.7	%		15,405		15,769		(2.3	)%		1,454		1,466		(0.9	)%
Raleigh/Durham, NC		5,350		20,845		20,401		2.2	%		6,770		6,514		3.9	%		14,075		13,887		1.4	%		1,183		1,154		2.5	%
Nashville, TN		4,375		18,302		18,240		0.3	%		6,697		6,035		11.0	%		11,605		12,205		(4.9	)%		1,313		1,301		0.9	%
Houston, TX		4,867		18,523		18,820		(1.6	)%		8,359		8,325		0.4	%		10,164		10,495		(3.2	)%		1,206		1,220		(1.2	)%
Fort Worth, TX		4,249		17,016		16,603		2.5	%		7,307		6,676		9.5	%		9,709		9,927		(2.2	)%		1,198		1,171		2.3	%
Jacksonville, FL		3,496		13,134		12,621		4.1	%		4,574		4,282		6.8	%		8,560		8,339		2.7	%		1,180		1,143		3.3	%
Charleston, SC		3,168		13,057		12,536		4.2	%		4,708		4,574		2.9	%		8,349		7,962		4.9	%		1,271		1,227		3.6	%
Phoenix, AZ		2,623		11,262		10,764		4.6	%		3,126		2,941		6.3	%		8,136		7,823		4.0	%		1,328		1,273		4.3	%
Richmond, VA		2,004		8,282		7,866		5.3	%		2,770		2,531		9.4	%		5,512		5,335		3.3	%		1,256		1,214		3.5	%
Savannah, GA		1,837		7,155		6,846		4.5	%		2,715		2,520		7.7	%		4,440		4,326		2.6	%		1,172		1,138		3.0	%
Greenville, SC		2,084		6,846		6,466		5.9	%		2,615		2,484		5.3	%		4,231		3,982		6.3	%		961		931		3.2	%
Memphis, TN		1,811		6,442		5,961		8.1	%		2,575		2,366		8.8	%		3,867		3,595		7.6	%		1,077		1,018		5.8	%
Birmingham, AL		1,462		5,529		5,289		4.5	%		2,164		2,031		6.5	%		3,365		3,258		3.3	%		1,109		1,072		3.5	%
San Antonio, TX		1,504		5,377		5,491		(2.1	)%		2,371		2,381		(0.4	)%		3,006		3,110		(3.3	)%		1,128		1,119		0.9	%
Huntsville, AL		1,228		4,435		3,980		11.4	%		1,499		1,312		14.3	%		2,936		2,668		10.0	%		1,054		963		9.5	%
Kansas City, MO-KS		1,110		4,501		4,499		0.0	%		1,688		1,627		3.7	%		2,813		2,872		(2.1	)%		1,291		1,278		1.0	%
Other		7,076		27,133		26,048		4.2	%		9,980		9,242		8.0	%		17,153		16,806		2.1	%		1,187		1,150		3.3	%
Total Same Store		97,003	$	407,037	$	401,370		1.4	%	$	154,307	$	146,336		5.4	%	$	252,730	$	255,034		(0.9	)%	$	1,305	$	1,288		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		Q1 2021		Q4 2020		% Chg			Q1 2021		Q4 2020		% Chg			Q1 2021		Q4 2020		% Chg			Q1 2021		Q4 2020		% Chg
Atlanta, GA		11,434	$	53,106	$	53,306		(0.4	)%	$	19,807	$	19,617		1.0	%	$	33,299	$	33,689		(1.2	)%	$	1,473	$	1,466		0.5	%
Dallas, TX		9,767		39,920		39,895		0.1	%		18,140		17,958		1.0	%		21,780		21,937		(0.7	)%		1,292		1,290		0.1	%
Tampa, FL		5,220		25,872		25,517		1.4	%		9,115		8,707		4.7	%		16,757		16,810		(0.3	)%		1,534		1,517		1.1	%
Charlotte, NC		5,867		23,770		23,837		(0.3	)%		7,304		7,629		(4.3	)%		16,466		16,208		1.6	%		1,254		1,249		0.5	%
Washington, DC		4,080		22,977		23,214		(1.0	)%		7,300		7,008		4.2	%		15,677		16,206		(3.3	)%		1,789		1,792		(0.2	)%
Austin, TX		7,117		28,955		29,393		(1.5	)%		13,530		13,893		(2.6	)%		15,425		15,500		(0.5	)%		1,272		1,268		0.3	%
Orlando, FL		5,274		24,598		24,383		0.9	%		9,193		9,000		2.1	%		15,405		15,383		0.1	%		1,454		1,452		0.1	%
Raleigh/Durham, NC		5,350		20,845		20,836		0.0	%		6,770		6,881		(1.6	)%		14,075		13,955		0.9	%		1,183		1,177		0.5	%
Nashville, TN		4,375		18,302		18,374		(0.4	)%		6,697		6,704		(0.1	)%		11,605		11,670		(0.6	)%		1,313		1,309		0.3	%
Houston, TX		4,867		18,523		18,619		(0.5	)%		8,359		8,640		(3.3	)%		10,164		9,979		1.9	%		1,206		1,208		(0.2	)%
Fort Worth, TX		4,249		17,016		16,954		0.4	%		7,307		7,082		3.2	%		9,709		9,872		(1.7	)%		1,198		1,189		0.7	%
Jacksonville, FL		3,496		13,134		12,919		1.7	%		4,574		4,335		5.5	%		8,560		8,584		(0.3	)%		1,180		1,168		1.1	%
Charleston, SC		3,168		13,057		12,950		0.8	%		4,708		4,596		2.4	%		8,349		8,354		(0.1	)%		1,271		1,261		0.8	%
Phoenix, AZ		2,623		11,262		11,185		0.7	%		3,126		3,063		2.1	%		8,136		8,122		0.2	%		1,328		1,311		1.3	%
Richmond, VA		2,004		8,282		8,293		(0.1	)%		2,770		2,667		3.9	%		5,512		5,626		(2.0	)%		1,256		1,245		0.9	%
Savannah, GA		1,837		7,155		6,979		2.5	%		2,715		2,530		7.3	%		4,440		4,449		(0.2	)%		1,172		1,156		1.4	%
Greenville, SC		2,084		6,846		6,774		1.1	%		2,615		2,380		9.9	%		4,231		4,394		(3.7	)%		961		952		1.0	%
Memphis, TN		1,811		6,442		6,343		1.6	%		2,575		2,438		5.6	%		3,867		3,905		(1.0	)%		1,077		1,059		1.7	%
Birmingham, AL		1,462		5,529		5,501		0.5	%		2,164		2,072		4.4	%		3,365		3,429		(1.9	)%		1,109		1,096		1.2	%
San Antonio, TX		1,504		5,377		5,460		(1.5	)%		2,371		2,513		(5.7	)%		3,006		2,947		2.0	%		1,128		1,123		0.5	%
Huntsville, AL		1,228		4,435		4,383		1.2	%		1,499		1,494		0.3	%		2,936		2,889		1.6	%		1,054		1,035		1.9	%
Kansas City, MO-KS		1,110		4,501		4,559		(1.3	)%		1,688		1,677		0.7	%		2,813		2,882		(2.4	)%		1,291		1,295		(0.3	)%
Other		7,076		27,133		26,926		0.8	%		9,980		9,378		6.4	%		17,153		17,548		(2.3	)%		1,187		1,179		0.8	%
Total Same Store		97,003	$	407,037	$	406,600		0.1	%	$	154,307	$	152,262		1.3	%	$	252,730	$	254,338		(0.6	)%	$	1,305	$	1,298		0.5	%

Supplemental Data S-6

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands

		Units as of
		March 31, 2021							Projected			Development Costs
									Initial
								Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total		Delivered		Leased		Date	Date	Date	Date (1)	Cost		Q1 2021		After
Novel Midtown (2)	Phoenix, AZ		345		138		76	1Q19	1Q21	2Q21	4Q22	$	84,000	$	78,286	$	5,714
MAA Westglenn	Denver, CO		306	—		—		3Q19	2Q21	4Q21	4Q22		84,500		57,536		26,964
MAA Robinson	Orlando, FL		369	—		—		3Q19	2Q21	4Q21	1Q23		99,000		79,085		19,915
Sand Lake (3)	Orlando, FL		264	—		—		4Q19	2Q21	4Q21	1Q23		68,000		53,020		14,980
MAA Park Point	Houston, TX		308	—		—		4Q19	3Q21	1Q22	1Q23		57,000		36,893		20,107
MAA Windmill Hill	Austin, TX		350	—		—		4Q20	1Q22	3Q22	4Q23		63,000		13,198		49,802
Novel Val Vista (2)	Phoenix, AZ		317	—		—		4Q20	3Q22	1Q23	2Q24		72,500		16,331		56,169
Total Active			2,259		138		76					$	528,000	$	334,349	$	193,651

⁽¹⁾Communities are considered stabilized after achieving 90% average physical 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 INTERIOR REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data

		Three months ended March 31, 2021
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
	964	$	5,356	$	5,556	$	118	10.1%	10,000  -  13,000

MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands

		As of March 31, 2021
	Location	Total Units	Percent Occupied	Construction Finished	Expected Stabilization (1)	Total Cost
Copper Ridge II	Fort Worth, TX	168	89.3%	2Q20	2Q21	$	26,255
MAA Frisco Bridges II	Dallas, TX	348	69.0%	1Q21	1Q22		64,765
Total		516	75.6%			$	91,020

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

DEBT AND DEBT COVENANTS AS OF MARCH 31, 2021

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	$	4,272,585		91.7	%		3.7	%		7.7
Floating (unhedged) debt		385,000		8.3	%		0.2	%		0.1
Total	$	4,657,585		100.0	%		3.4	%		7.1
Secured Versus Unsecured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	4,291,332		92.1	%		3.3	%		5.3
Secured debt		366,253		7.9	%		4.4	%		27.4
Total	$	4,657,585		100.0	%		3.4	%		7.1
Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q1 2021 NOI			Percent of Total
Unencumbered gross assets	$	13,639,888		92.6	%	$	250,155			95.3	%
Encumbered gross assets		1,097,007		7.4	%		12,382			4.7	%
Total	$	14,736,895		100.0	%	$	262,537			100.0	%

Supplemental Data S-7

DEBT AND DEBT COVENANTS AS OF MARCH 31, 2021 (CONTINUED)

Dollars in thousands

FIXED INTEREST RATE MATURITIES

Maturity	Fixed Rate Debt		Effective Rate
2021	$	72,737		5.4	%
2022		366,256		3.6	%
2023		360,563		4.2	%
2024		417,376		4.0	%
2025		402,875		4.2	%
2026		—		—
2027		595,174		3.7	%
2028		395,630		4.2	%
2029		561,415		3.7	%
2030		296,936		3.1	%
Thereafter		803,623		3.0	%
Total	$	4,272,585		3.7	%

DEBT MATURITIES OF OUTSTANDING BALANCES

	Revolving Credit Facility & Commercial Paper ⁽¹⁾ ⁽²⁾		Public Bonds		Other Unsecured		Secured		Total
2021	$	385,000	$	—	$	72,737	$	—	$	457,737
2022		—		249,370		116,886		—		366,256
2023		—		348,329		12,234		—		360,563
2024		—		397,414		19,962		—		417,376
2025		—		396,417		—		6,458		402,875
2026		—		—		—		—		—
2027		—		595,174		—		—		595,174
2028		—		395,630		—		—		395,630
2029		—		561,415		—		—		561,415
2030		—		296,936		—		—		296,936
Thereafter		—		443,828		—		359,795		803,623
Total	$	385,000	$	3,684,513	$	221,819	$	366,253	$	4,657,585

⁽¹⁾ The $385.0 million maturing in 2021 reflects the principal outstanding on MAALP’s unsecured commercial paper program as of March 31, 2021. 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 March 31, 2021, average daily borrowings outstanding under the commercial paper program were $298.1 million.

⁽²⁾ There were no borrowings outstanding under MAALP’s $1.0 billion unsecured revolving credit facility as of March 31, 2021. 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	31.6%	Yes
Total secured debt to adjusted total assets	40% or less	2.5%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	5.6x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	318%	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	2.3%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	5.4x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	26.9%	Yes

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

Supplemental Data S-8

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.

	Full Year 2021
Earnings:
Earnings per common share - diluted	$3.34 to $3.64
Midpoint	$3.49
Core FFO per Share - diluted	$6.35 to $6.65
Midpoint	$6.50
Core AFFO per Share - diluted	$5.67 to $5.97
Midpoint	$5.82
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

	Full Year 2021 Guidance Range
	Low			High
Earnings per common share - diluted	$	3.34		$	3.64
Real estate depreciation and amortization		4.39			4.39
Gains on sale of depreciable assets		(1.54	)		(1.54	)
FFO per Share - diluted		6.19			6.49
Non-Core items (1)		0.16			0.16
Core FFO per Share - diluted		6.35			6.65
Recurring capital expenditures		(0.68	)		(0.68	)
Core AFFO per Share - diluted	$	5.67		$	5.97

⁽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-9

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:	Q2 2021		Q3 2021		Q4 2021		Q1 2022
Earnings release & conference call	Late July		Late October		Late January		Late April
Dividend Information - Common Shares:	Q1 2020		Q2 2020		Q3 2020		Q4 2020		Q1 2021
Declaration date	3/19/2020		5/19/2020		9/24/2020		12/8/2020		3/23/2021
Record date	4/15/2020		7/15/2020		10/15/2020		1/15/2021		4/15/2021
Payment date	4/30/2020		7/31/2020		10/30/2020		1/29/2021		4/30/2021
Distributions per share	$	1.0000	$	1.0000	$	1.0000	$	1.0250	$	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-10

XML

Document And Entity Information	Apr. 28, 2021
Document And Entity Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Apr. 28, 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