8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  July 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 July 28, 2021, Mid-America Apartment Communities, Inc. (“MAA”) issued a press release announcing its consolidated results of operations and financial condition as of June 30, 2021 and for the three and six months then ended.  Copies of the press release and supplemental data schedules are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report.

The information in this Current Report 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 July 28, 2021
99.2	Supplemental Data Schedules dated July 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:	July 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:	July 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/Share and Unit Data	7
Consolidated Balance Sheets	8
Reconciliation of Non-GAAP Financial Measures	9
Non-GAAP Financial Measures	13
Other Key Definitions	14
Portfolio Statistics	S-1
Components of Net Operating Income/Components of Same Store Portfolio Property Operating Expenses	S-3
NOI Contribution Percentage by Market	S-4
Multifamily Same Store Portfolio Comparisons	S-5
Multifamily Development Pipeline/Multifamily Interior Redevelopment Pipeline/Multifamily Lease-up Communities/2021 Acquisition Activity/2021 Disposition Activity	S-8
Debt and Debt Covenants as of June 30, 2021	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 SECOND QUARTER RESULTS

GERMANTOWN, TN, July 28, 2021/PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the quarter ended June 30, 2021.

Second Quarter 2021 Operating Results	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Earnings per common share - diluted	$	1.88	$	0.65	$	2.28	$	0.96
Funds from operations (FFO) per Share - diluted	$	1.84	$	1.71	$	3.34	$	3.08
Core FFO per Share - diluted	$	1.69	$	1.59	$	3.33	$	3.21

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, “Strong rent growth and high occupancy, driven by a growing demand for housing across the Sunbelt region, drove solid second quarter results that were ahead of expectations. Given the strong results year-to-date and expectations for continued robust leasing conditions, we have increased our earnings outlook for the year.  We believe our uniquely diversified portfolio across this high-growth region has MAA well positioned as the economy in our Sunbelt markets continues to recover, while these markets attract a growing number of employers, new jobs and households.  Our development pipeline continues to expand, and we expect increasing growth in Core FFO from this group of properties over the next couple of years as well.”

Second Quarter 2021 Highlights

• Property revenues from the Same Store Portfolio increased 4.7% during the second quarter of 2021 as compared to the same period in the prior year, ahead of expectations and supporting an increase in full-year expectations for growth in Core FFO.    

• That increase in Property revenues was driven by a 3.1% growth in Average Effective Rent per Unit for the Same Store Portfolio, reflecting cumulative rent growth over the past year.  In addition, higher Average Physical Occupancy and improved collections on rents and fees during the second quarter of 2021 as compared to the same period in the prior year contributed to the strong results.  

• Positive momentum in rental pricing continues as Same Store Portfolio blended lease-over-lease pricing for both new and renewal leases effective during the second quarter of 2021 increased 8.2% as compared to the expiring leases.  

• Additionally, Same Store Portfolio blended lease-over-lease pricing for both new and renewal leases effective for July 2021 is over 12% through July 26, 2021.

• Various programs introduced and actions taken by MAA to assist its residents impacted by the COVID-19 pandemic continued to have a positive impact during the second quarter of 2021.  The number of MAA residents seeking rental deferral has continued to decline with only 151 residents requesting a deferral on July 2021 rents.  Through July 26, 2021, cash collections represented 99.2% of billed residential rent for the second quarter of 2021.  

• Since the start of the COVID-19 pandemic, MAA has assisted over 8,200 residents with rent deferral plans and modifications to existing lease agreements.

• As expected, Property operating expense growth was elevated for the Same Store Portfolio and increased 6.3% during the second quarter of 2021 as compared to the same period in the prior year when a number of normal operating activities were curtailed during the initial stages of the COVID-19 pandemic.  

• Net Operating Income (NOI) from the Same Store Portfolio increased 3.6% during the second 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 second quarter of 2021 was 47.1% on a rolling twelve month basis.

• During the second quarter of 2021, MAA closed on the disposition of all four of its properties located in the Jackson, Mississippi market for gross proceeds of approximately $160 million resulting in net gains on depreciable assets of $134.8 million.

• MAA completed redevelopment of 1,836 apartment homes during the second quarter of 2021, capturing average rental rate increases of approximately 11% above non-renovated units.  

• MAA continues its initiative focused on installation of new Smart Home technology throughout the portfolio with 7,488 unit installations completed during the second quarter of 2021.

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• During the second quarter of 2021, MAA completed the construction of Novel Midtown in the Phoenix, Arizona market and commenced development of Novel Day Break in the Salt Lake City, Utahmarket and Novel West Midtown in the Atlanta, Georgiamarket under its third-party developer pre-purchase program.  

• As of the end of the second quarter of 2021, MAA had eight properties under development, representing 2,654 units once complete, with a total projected cost of $627.5 million and an estimated $301.3 million remaining to be funded.

• During the second quarter of 2021, MAA completed the initial lease-up of Copper Ridge II in the Fort Worth, Texas market.  As of the end of the second quarter of 2021, MAA had two properties in their initial lease-up with physical occupancy averaging 69.7%.  One property is expected to stabilize in the third quarter of 2021 and the other property is expected to stabilize in the second quarter of 2022.

Same Store Portfolio Operating Results

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

The Same Store Portfolio revenue growth of 4.7% during the second quarter of 2021 was primarily a result of a 3.1% increase in Average Effective Rent per Unit, as compared to the same period in the prior year. Average Physical Occupancy for the Same Store Portfolio was 96.4% for the second quarter of 2021, as compared to 95.4% in the same period in the prior year.  Same Store Portfolio lease pricing for leases effective during the second quarter of 2021, as compared to the prior lease, increased 8.7% for new leases, increased 7.8% for renewing leases and increased 8.2% for both new and renewing leases on a combined basis.  Property operating expenses for the Same Store Portfolio increased 6.3% for the second quarter of 2021 as compared to the same period in the prior year.  Growth in insurance expenses and building repairs and maintenance costs contributed to the increase. These changes resulted in a Same Store NOI increase of 3.6% for the second quarter of 2021 as compared to the same period in the prior year.  

The Same Store Portfolio revenue growth of 3.0% during the six months ended June 30, 2021 was primarily a result of a 2.2% 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 96.0% for the six months ended June 30, 2021, as compared to 95.5% in the same period in the prior year.  Same Store Portfolio lease pricing for leases effective during the six months ended June 30, 2021, as compared to the prior lease, increased 4.7% for new leases, increased 7.4% for renewing leases and increased 6.0% for both new and renewing leases on a combined basis.  Property operating expenses for the Same Store Portfolio increased 5.9% for the six months ended June 30, 2021 as compared to the same period in the prior year.  Growth in insurance expenses and building repairs and maintenance costs contributed to the increase.  These changes resulted in a Same Store NOI increase of 1.3% for the six months ended June 30, 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 closed on the pre-purchase of two multifamily apartment communities located in the Atlanta, Georgia market and the Salt Lake City, Utah market and started development on both properties during the second quarter of 2021.  In June 2021, MAA acquired a 19 acre land parcel located in the Tampa, Florida market for future development.  

In June 2021, MAA exited the Jackson, Mississippi market upon closing on the disposition of its four multifamily properties totaling 1,241 apartment units.  MAA received combined gross proceeds of approximately $160 million and recognized combined net gains on the sale of real estate assets of $134.8 million from the sale of these apartment communities.  

Development and Lease-up Activity

As of the end of the second quarter of 2021, MAA had eight development communities under construction.  MAA expects to complete construction of three of these development communities in 2021, two in 2022 and three in 2023.  Total development costs for the eight communities are projected to be $627.5 million, of which an estimated $301.3 million remained to be funded as of the end of the second quarter of 2021.  The expected average stabilized NOI yield on these communities is 6.0%. During the second quarter of 2021, MAA funded $55.3 million of costs for current and future projects, including predevelopment activities related to a land parcel located in the Denver, Colorado market.

During the second quarter of 2021, MAA completed construction on Novel Midtown, and that apartment community moved into MAA’s lease-up portfolio. As of the end of the second quarter of 2021, MAA had two apartment communities, representing a total of 693 units, in initial lease-up: MAA Frisco Bridges II, located in Dallas, Texas and Novel Midtown, located in Phoenix, Arizona.  Physical occupancy for these lease-up communities averaged 69.7% at the end of the second quarter of 2021.

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Property Redevelopment and Repositioning Activity

MAA continued its interior redevelopment program at select apartment communities throughout the portfolio.  During the second quarter of 2021, MAA redeveloped the interior of 1,836 units, bringing the total renovated units during the six months ended June 30, 2021 to 2,800 at an average cost of $5,634 per unit, achieving average rental rate increases of approximately 11% 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 second quarter of 2021, 7,488 units were installed, bringing the total units installed during the six months ended June 30, 2021 to 21,463 at an average cost of $1,323 per unit, achieving an average rental rate increase of approximately $25 per unit.  

During the second quarter of 2021, MAA continued its property repositioning program to upgrade and reposition the amenity and common areas at select apartment communities.  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 June 30, 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 2021.  For the six months ended June 30, 2021, MAA spent $3.5 million on this program. MAA is currently in the planning phase for similar repositioning projects at eight additional properties, with work likely to commence later in 2021.

Capital Expenditures

Recurring capital expenditures totaled $22.8 million for the second quarter of 2021, or approximately $0.20 per diluted common share and unit (Share), as compared to $25.1 million, or $0.21 per Share, for the same period in the prior year.  These expenditures led to Core Adjusted Funds from Operations (Core AFFO) of $1.49 per Share for the second quarter of 2021, compared to $1.38 per Share for the same period in the prior year.

Redevelopment, revenue enhancing, commercial and other capital expenditures during the second quarter of 2021 were $55.9 million, as compared to $24.8 million for the same period in the prior year. The increase was primarily driven by the investment in the Smart Home technology initiative.  These expenditures led to Funds Available for Distribution (FAD) of $121.0 million for the second quarter of 2021, compared to $139.0 million for the same period in the prior year.

Recurring capital expenditures totaled $35.4 million for the six months ended June 30, 2021, or approximately $0.30 per Share, as compared to $39.7 million, or $0.33 per Share, for the same period in the prior year.  These expenditures led to Core AFFO of $3.03 per Share for the six months ended June 30, 2021, compared to $2.88 per Share for the same period in the prior year.

Redevelopment, revenue enhancing, commercial and other capital expenditures during the six months ended June 30, 2021  were $92.5 million, as compared to $52.6 million for the same period in the prior year. These expenditures led to FAD of $266.3 million for the six months ended June 30, 2021, compared to $287.8 million for the same period in 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 June 30, 2021, MAA had $748.4 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.

Dividends and distributions paid on shares of common stock and noncontrolling interests during the second quarter of 2021 were $121.5 million, as compared to $118.4 million for the same period in the prior year.

During the second quarter of 2021, Fitch Ratings affirmed our long-term debt rating as BBB+ and revised our outlook to Positive from Stable.  

Balance Sheet

As of June 30, 2021:

• Total debt to adjusted total assets (as defined in the covenants for the bonds issued by MAALP) was 30.6%;

• Total debt outstanding was $4.6 billion with an average effective interest rate of approximately 3.5%;

• 93.9% of total debt was fixed against rising interest rates for an average of approximately 7.4 years; and

• Unencumbered NOI was 94.6% of total NOI.

110th Consecutive Quarterly Common Dividend Declared

MAA declared its 110th consecutive quarterly common dividend, which will be paid on July 30, 2021 to holders of record on July 15, 2021.  The current annual dividend rate is $4.10 per common share.

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2021 Earnings and Same Store Portfolio 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 in addition to updating its expectations for growth of Property revenue, Property operating expense and NOI for the Same Store Portfolio.

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	$3.79 to $3.99
Midpoint	$3.89
Core FFO per Share - diluted	$6.65 to $6.85
Midpoint	$6.75
Core AFFO per Share - diluted	$5.97 to $6.17
Midpoint	$6.07
MAA Same Store Portfolio:
Property revenue growth	3.75% to 4.25%
Property operating expense growth	4.25% to 4.75%
NOI growth	3.25% to 4.25%

MAA expects Core FFO for the third quarter of 2021 to be in the range of $1.62 to $1.74 per Share, or $1.68 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 second quarter results on July 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.

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 June 30, 2021, MAA had ownership interest in 102,271 apartment 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

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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;

• 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;

• changes in the legal requirements we are subject to, or the imposition of new legal requirements, that adversely affect our operations;

• 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 June 30,						Six months ended June 30,
	2021			2020			2021			2020
Rental and other property revenues	$	436,927		$	413,026		$	861,932		$	831,124
Net income available for MAA common shareholders	$	215,556		$	74,140		$	261,827		$	109,866
Total NOI (1)	$	268,166		$	255,555		$	530,703		$	520,481
Earnings per common share: (2)
Basic	$	1.88		$	0.65		$	2.29		$	0.96
Diluted	$	1.88		$	0.65		$	2.28		$	0.96
Funds from operations per Share - diluted: (2)
FFO (1)	$	1.84		$	1.71		$	3.34		$	3.08
Core FFO (1)	$	1.69		$	1.59		$	3.33		$	3.21
Core AFFO (1)	$	1.49		$	1.38		$	3.03		$	2.88
Dividends declared per common share	$	1.025		$	1.000		$	2.050		$	2.000
Dividends/Core FFO (diluted) payout ratio		60.7	%		62.9	%		61.6	%		62.3	%
Dividends/Core AFFO (diluted) payout ratio		68.8	%		72.5	%		67.7	%		69.4	%
Consolidated interest expense	$	38,867		$	42,118		$	78,539		$	85,600
Mark-to-market debt adjustment		(83	)		58			(166	)		92
Debt discount and debt issuance cost amortization		(1,248	)		(1,190	)		(2,508	)		(2,380	)
Capitalized interest		2,783			1,628			5,333			3,019
Total interest incurred	$	40,319		$	42,614		$	81,198		$	86,331
Amortization of principal on notes payable	$	329		$	1,743		$	844		$	3,483

⁽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
	June 30, 2021		December 31, 2020
Gross Assets (1)	$	14,867,747	$	14,609,896
Gross Real Estate Assets (1)	$	14,639,909	$	14,407,418
Total debt	$	4,553,237	$	4,562,712
Common shares and units outstanding		118,538,877		118,431,384
Share price	$	168.42	$	126.69
Book equity value	$	6,142,359	$	6,103,805
Market equity value	$	19,964,318	$	15,004,072
Net Debt/Adjusted EBITDAre (2)	4.75x		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 June 30,						Six months ended June 30,
	2021			2020			2021			2020
Revenues:
Rental and other property revenues	$	436,927		$	413,026		$	861,932		$	831,124
Expenses:
Operating expenses, excluding real estate taxes and insurance		101,751			95,555			197,712			186,923
Real estate taxes and insurance		67,010			61,916			133,517			123,720
Depreciation and amortization		131,824			127,190			263,327			253,578
Total property operating expenses		300,585			284,661			594,556			564,221
Property management expenses		13,752			11,730			26,691			26,373
General and administrative expenses		13,114			10,557			26,093			23,821
Interest expense		38,867			42,118			78,539			85,600
(Gain) loss on sale of depreciable real estate assets		(134,828	)		(2	)		(134,828	)		27
(Gain) loss on sale of non-depreciable real estate assets		(32	)		(5	)		(32	)		371
Other non-operating (income) expense		(20,126	)		(14,643	)		(4,213	)		13,889
Income before income tax expense		225,595			78,610			275,126			116,822
Income tax expense		(2,045	)		(1,200	)		(3,044	)		(1,867	)
Income from continuing operations before real estate joint venture activity		223,550			77,410			272,082			114,955
Income from real estate joint venture		325			318			657			725
Net income		223,875			77,728			272,739			115,680
Net income attributable to noncontrolling interests		7,397			2,666			9,068			3,970
Net income available for shareholders		216,478			75,062			263,671			111,710
Dividends to MAA Series I preferred shareholders		922			922			1,844			1,844
Net income available for MAA common shareholders	$	215,556		$	74,140		$	261,827		$	109,866
Earnings per common share - basic:
Net income available for common shareholders	$	1.88		$	0.65		$	2.29		$	0.96
Earnings per common share - diluted:
Net income available for common shareholders	$	1.88		$	0.65		$	2.28		$	0.96

SHARE AND UNIT DATA

Shares and units in thousands	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Net Income Shares (1)
Weighted average common shares - basic		114,494		114,204		114,379		114,158
Effect of dilutive securities		318		234		311		324
Weighted average common shares - diluted		114,812		114,438		114,690		114,482
Funds From Operations Shares And Units
Weighted average common shares and units - basic		118,411		118,263		118,365		118,220
Weighted average common shares and units - diluted		118,536		118,423		118,496		118,383
Period End Shares And Units
Common shares at June 30,		114,920		114,365		114,920		114,365
Operating Partnership units at June 30,		3,619		4,059		3,619		4,059
Total common shares and units at June 30,		118,539		118,424		118,539		118,424

⁽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 and six months ended June 30, 2021, expected to be filed with the SEC on or about July 29, 2021.

7

CONSOLIDATED BALANCE SHEETS

Dollars in thousands
	June 30, 2021			December 31, 2020
Assets
Real estate assets:
Land	$	1,987,412		$	1,929,181
Buildings and improvements and other		12,246,988			12,065,244
Development and capital improvements in progress		295,645			283,477
		14,530,045			14,277,902
Less: Accumulated depreciation		(3,625,627	)		(3,415,105	)
		10,904,418			10,862,797
Undeveloped land		35,050			60,993
Investment in real estate joint venture		42,933			43,325
Real estate assets, net		10,982,401			10,967,115
Cash and cash equivalents		31,881			25,198
Restricted cash		11,123			10,417
Other assets		216,715			192,061
Total assets	$	11,242,120		$	11,194,791
Liabilities and equity
Liabilities:
Unsecured notes payable	$	4,187,292		$	4,077,373
Secured notes payable		365,945			485,339
Accrued expenses and other liabilities		546,524			528,274
Total liabilities		5,099,761			5,090,986
Redeemable common stock		21,692			15,397
Shareholders’ equity:
Preferred stock		9			9
Common stock		1,147			1,141
Additional paid-in capital		7,201,885			7,176,793
Accumulated distributions in excess of net income		(1,272,694	)		(1,294,182	)
Accumulated other comprehensive loss		(11,632	)		(12,128	)
Total MAA shareholders’ equity		5,918,715			5,871,633
Noncontrolling interests - Operating Partnership units		185,340			206,927
Total Company’s shareholders’ equity		6,104,055			6,078,560
Noncontrolling interests - consolidated real estate entities		16,612			9,848
Total equity		6,120,667			6,088,408
Total liabilities and equity	$	11,242,120		$	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 June 30,						Six months ended June 30,
	2021			2020			2021			2020
Net income available for MAA common shareholders	$	215,556		$	74,140		$	261,827		$	109,866
Depreciation and amortization of real estate assets		130,031			125,668			259,783			250,514
(Gain) loss on sale of depreciable real estate assets		(134,828	)		(2	)		(134,828	)		27
Depreciation and amortization of real estate assets of real estate joint venture		154			153			309			305
Net income attributable to noncontrolling interests		7,397			2,666			9,068			3,970
Funds from operations attributable to the Company		218,310			202,625			396,159			364,682
(Gain) loss on embedded derivative in preferred shares (1)		(13,168	)		(11,693	)		1,940			15,945
(Gain) loss on sale of non-depreciable real estate assets		(32	)		(5	)		(32	)		371
Gain from unconsolidated limited partnerships, net of tax (1)(2)		(4,962	)		(4,262	)		(6,246	)		(4,185	)
Net casualty (gain) loss and other settlement proceeds (3)		(595	)		(151	)		1,760			696
Loss (gain) on debt extinguishment (1)		—			—			37			(1	)
Non-routine legal costs and settlements (1)		—			—			(16	)		40
COVID-19 related costs (1)		109			2,411			419			2,607
Mark-to-market debt adjustment (4)		83			(58	)		166			(92	)
Core funds from operations		199,745			188,867			394,187			380,063
Recurring capital expenditures		(22,847	)		(25,118	)		(35,432	)		(39,692	)
Core adjusted funds from operations		176,898			163,749			358,755			340,371
Redevelopment capital expenditures		(26,148	)		(10,075	)		(48,880	)		(24,023	)
Revenue enhancing capital expenditures		(10,907	)		(8,447	)		(18,086	)		(16,375	)
Commercial capital expenditures		(372	)		(1,143	)		(1,426	)		(1,538	)
Other capital expenditures (5)		(18,429	)		(5,086	)		(24,108	)		(10,676	)
Funds available for distribution	$	121,042		$	138,998		$	266,255		$	287,759
Dividends and distributions paid	$	121,492		$	118,407		$	242,893		$	236,744
Weighted average common shares - diluted		114,812			114,438			114,690			114,482
FFO weighted average common shares and units - diluted		118,536			118,423			118,496			118,383
Earnings per common share - diluted:
Net income available for common shareholders	$	1.88		$	0.65		$	2.28		$	0.96
Funds from operations per Share - diluted	$	1.84		$	1.71		$	3.34		$	3.08
Core funds from operations per Share - diluted	$	1.69		$	1.59		$	3.33		$	3.21
Core adjusted funds from operations per Share - diluted	$	1.49		$	1.38		$	3.03		$	2.88

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

⁽²⁾ For the three and six months ended June 30, 2021, $6.3 million and $7.9 million, respectively, of gains from unconsolidated limited partnerships are offset by $1.3 million and $1.7 million, respectively, of income tax expense.  For the three and six months ended June 30, 2020, $5.0 million and $4.9 million, respectively, of gains from unconsolidated limited partnerships are offset by $0.7 million of income tax expense.     

⁽³⁾ During the six months ended June 30, 2021, MAA incurred $37.3 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 (income) 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 (income) expense in the Consolidated Statements of Operations.  

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

⁽⁵⁾ During the three and six months ended June 30, 2021, MAA spent $11.9 million and $14.2 million, respectively, in reconstruction-related capital expenditures due to winter storm Uri.  

9

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

Dollars in thousands	Three Months Ended									Six Months Ended
	June 30, 2021			March 31, 2021			June 30, 2020			June 30, 2021			June 30, 2020
Net Operating Income
Same Store NOI	$	257,071		$	252,730		$	248,034		$	509,801		$	503,068
Non-Same Store and Other NOI		11,095			9,807			7,521			20,902			17,413
Total NOI		268,166			262,537			255,555			530,703			520,481
Depreciation and amortization		(131,824	)		(131,503	)		(127,190	)		(263,327	)		(253,578	)
Property management expenses		(13,752	)		(12,939	)		(11,730	)		(26,691	)		(26,373	)
General and administrative expenses		(13,114	)		(12,979	)		(10,557	)		(26,093	)		(23,821	)
Interest expense		(38,867	)		(39,672	)		(42,118	)		(78,539	)		(85,600	)
Gain (loss) on sale of depreciable real estate assets		134,828			—			2			134,828			(27	)
Gain (loss) on sale of non-depreciable real estate assets		32			—			5			32			(371	)
Other non-operating income (expense)		20,126			(15,913	)		14,643			4,213			(13,889	)
Income tax expense		(2,045	)		(999	)		(1,200	)		(3,044	)		(1,867	)
Income from real estate joint venture		325			332			318			657			725
Net income attributable to noncontrolling interests		(7,397	)		(1,671	)		(2,666	)		(9,068	)		(3,970	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAA common shareholders	$	215,556		$	46,271		$	74,140		$	261,827		$	109,866

10

RECONCILIATION OF EBITDA, EBITDAre AND ADJUSTED EBITDAre TO NET INCOME

Dollars in thousands	Three Months Ended						Twelve Months Ended
	June 30, 2021			June 30, 2020			June 30, 2021			December 31, 2020
Net income	$	223,875		$	77,728		$	421,075		$	264,015
Depreciation and amortization		131,824			127,190			520,591			510,842
Interest expense		38,867			42,118			160,501			167,562
Income tax expense		2,045			1,200			4,504			3,327
EBITDA		396,611			248,236			1,106,671			945,746
Gain on sale of depreciable real estate assets		(134,828	)		(2	)		(134,863	)		(9	)
Adjustments to reflect the Company’s share of EBITDAre of unconsolidated affiliates		338			336			1,353			1,349
EBITDAre		262,121			248,570			973,161			947,086
Gain on embedded derivative in preferred shares (1)		(13,168	)		(11,693	)		(16,567	)		(2,562	)
Gain on sale of non-depreciable real estate assets		(32	)		(5	)		(1,427	)		(1,024	)
Gain from unconsolidated limited partnerships, net of tax (1)(2)		(4,962	)		(4,262	)		(6,817	)		(4,757	)
Net casualty (gain) loss and other settlement proceeds (3)		(595	)		(151	)		1,548			484
Loss on debt extinguishment (1)		—			—			381			344
Non-routine legal costs and settlements (1)		—			—			(94	)		(38	)
COVID-19 related costs (1)		109			2,411			1,349			3,536
Mark-to-market debt adjustment (4)		83			(58	)		333			75
Adjusted EBITDAre	$	243,556		$	234,812		$	951,867		$	943,144

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

⁽²⁾ For the three and twelve months ended June 30, 2021, $6.3 million and $8.6 million, respectively, of gains from unconsolidated limited partnerships are offset by $1.3 million and $1.8 million, respectively, of income tax expense.  For the three months ended June 30, 2020, $5.0 million of gains from unconsolidated limited partnerships are offset by $0.7 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 twelve months ended June 30, 2021, MAA incurred $37.3 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 (income) 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 (income) expense in the Consolidated Statements of Operations.  

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

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

Dollars in thousands
	June 30, 2021			December 31, 2020
Unsecured notes payable	$	4,187,292		$	4,077,373
Secured notes payable		365,945			485,339
Total debt		4,553,237			4,562,712
Cash and cash equivalents		(31,881	)		(25,198	)
Net Debt	$	4,521,356		$	4,537,514

RECONCILIATION OF GROSS ASSETS TO TOTAL ASSETS

Dollars in thousands
	June 30, 2021		December 31, 2020
Total assets	$	11,242,120	$	11,194,791
Accumulated depreciation		3,625,627		3,415,105
Gross Assets	$	14,867,747	$	14,609,896

11

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

Dollars in thousands
	June 30, 2021		December 31, 2020
Real estate assets, net	$	10,982,401	$	10,967,115
Accumulated depreciation		3,625,627		3,415,105
Cash and cash equivalents		31,881		25,198
Gross Real Estate Assets	$	14,639,909	$	14,407,418

12

NON-GAAP FINANCIAL MEASURES

Adjusted EBITDAre

For purposes of calculations in this release, Adjusted Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or Adjusted EBITDAre, 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.

13

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.

14

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

15

EX-99.2

Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT JUNE 30, 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
Orlando, FL		5,274		—		—		5,274		299		5,573
Raleigh/Durham, NC		5,350		—		—		5,350		—		5,350
Tampa, FL		5,220		—		—		5,220		—		5,220
Houston, TX		4,867		—		—		4,867		21		4,888
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		—		345		2,968		—		2,968
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		549		—		7,625		46		7,671
Total Multifamily Units		97,003		1,652		693		99,348		366		99,714

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

Supplemental Data S-1

PORTFOLIO STATISTICS (CONTINUED)

TOTAL MULTIFAMILY COMMUNITY STATISTICS ⁽¹⁾

Dollars in thousands, except Average Effective Rent per Unit

	As of June 30, 2021								Average Effective		As of June 30, 2021
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended June 30, 2021		Completed Units		Total Units, Including Development
Atlanta, GA	$	2,017,324		14.2	%		95.2	%	$	1,505		11,434
Dallas, TX		1,429,262		10.1	%		95.6	%		1,314		9,767
Charlotte, NC		977,038		6.9	%		96.4	%		1,271		6,149
Washington, DC		972,514		6.9	%		95.4	%		1,808		4,080
Tampa, FL		887,261		6.3	%		97.0	%		1,583		5,220
Austin, TX		854,206		6.0	%		95.4	%		1,305		7,117
Orlando, FL		835,465		5.9	%		96.0	%		1,484		5,274
Raleigh/Durham, NC		704,914		5.0	%		95.6	%		1,206		5,350
Houston, TX		611,631		4.3	%		95.7	%		1,217		4,867
Nashville, TN		537,741		3.8	%		95.5	%		1,345		4,375
Fort Worth, TX		427,190		3.0	%		96.5	%		1,231		4,417
Charleston, SC		406,918		2.9	%		96.7	%		1,308		3,168
Phoenix, AZ		381,168		2.7	%		96.6	%		1,370		2,623
Jacksonville, FL		293,967		2.1	%		97.3	%		1,211		3,496
Richmond, VA		268,346		1.9	%		96.6	%		1,288		2,004
Savannah, GA		245,982		1.7	%		96.8	%		1,180		2,219
Greenville, SC		229,345		1.6	%		97.0	%		1,045		2,355
Denver, CO		211,666		1.5	%		95.2	%		1,658		812
Kansas City, MO-KS		187,125		1.3	%		96.0	%		1,313		1,110
San Antonio, TX		164,091		1.2	%		96.7	%		1,148		1,504
Birmingham, AL		160,903		1.1	%		96.4	%		1,143		1,462
All Other Markets by State (individual markets <1% gross real assets)
Tennessee	$	186,700		1.3	%		97.3	%	$	1,071		2,754
Florida		178,803		1.3	%		97.1	%		1,422		1,806
Alabama		162,649		1.1	%		97.1	%		1,133		1,648
Virginia		153,990		1.1	%		97.9	%		1,420		1,039
Kentucky		94,499		0.7	%		97.0	%		950		1,308
Nevada		71,551		0.5	%		96.1	%		1,247		721
South Carolina		36,513		0.3	%		93.2	%		972		576
Stabilized Communities	$	13,688,762		96.7	%		96.1	%	$	1,335		98,655
Orlando, FL	$	148,845		1.1	%		12.5	%		2,005		299		633
Phoenix, AZ		102,399		0.7	%		46.7	%		1,715		345		662
Denver, CO		67,748		0.5	%		10.8	%		1,750		46		306
Dallas, TX		65,483		0.5	%		92.5	%		1,566		348		348
Houston, TX		43,711		0.3	%		3.6	%		1,621		21		308
Austin, TX		17,930		0.1	%									350
Atlanta, GA		14,233		0.1	%									340
Salt Lake City, UT		13,015		0.1	%									400
Lease-up / Development Communities	$	473,364		3.3	%		31.3	%	$	1,748		1,059		3,347
Total Multifamily Communities	$	14,162,126		100.0	%		94.7	%	$	1,339		99,714		102,002

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

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

	As of June 30, 2021				Three Months Ended
	Apartment Units		Gross Real Assets		June 30, 2021		June 30, 2020			Percent Change
Operating Revenues
Same Store Communities		97,003	$	13,391,101	$	417,322	$	398,722			4.7	%
Non-Same Store Communities		1,652		297,661		11,662		10,106
Lease-up/Development Communities		1,059		473,364		2,039		48
Total Multifamily Portfolio		99,714	$	14,162,126	$	431,023	$	408,876
Commercial Property/Land		—		274,747		5,904		4,150
Total Operating Revenues		99,714	$	14,436,873	$	436,927	$	413,026
Property Operating Expenses
Same Store Communities					$	160,251	$	150,688			6.3	%
Non-Same Store Communities						4,607		4,416
Lease-up/Development Communities						1,481		144
Total Multifamily Portfolio					$	166,339	$	155,248
Commercial Property/Land						2,422		2,223
Total Property Operating Expenses					$	168,761	$	157,471
Net Operating Income
Same Store Communities					$	257,071	$	248,034			3.6	%
Non-Same Store Communities						7,055		5,690
Lease-up/Development Communities						558		(96	)
Total Multifamily Portfolio					$	264,684	$	253,628
Commercial Property/Land						3,482		1,927
Total Net Operating Income					$	268,166	$	255,555			4.9	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

	Three Months Ended							Six Months Ended
	June 30, 2021		June 30, 2020		Percent Change			June 30, 2021		June 30, 2020		Percent Change
Personnel	$	34,834	$	33,427		4.2	%	$	68,643	$	66,555		3.1	%
Building Repair and Maintenance		20,735		18,634		11.3	%		37,869		35,299		7.3	%
Utilities		28,619		28,034		2.1	%		57,380		54,725		4.9	%
Marketing		6,068		5,959		1.8	%		11,366		10,632		6.9	%
Office Operations		5,701		4,790		19.0	%		11,290		10,203		10.7	%
Property Taxes		58,751		56,531		3.9	%		116,965		113,051		3.5	%
Insurance		5,543		3,313		67.3	%		11,045		6,559		68.4	%
Total Property Operating Expenses	$	160,251	$	150,688		6.3	%	$	314,558	$	297,024		5.9	%

Supplemental Data S-3

NOI CONTRIBUTION PERCENTAGE BY MARKET

Same Store Portfolio

						Average Physical Occupancy
			Percent of			Three Months Ended						Six Months Ended
	Apartment Units		Same Store NOI			June 30, 2021			June 30, 2020			June 30, 2021			June 30, 2020
Atlanta, GA		11,434		13.1	%		95.8	%		94.8	%		95.3	%		94.8	%
Dallas, TX		9,767		8.7	%		95.9	%		95.0	%		95.5	%		95.3	%
Tampa, FL		5,220		6.8	%		97.5	%		95.5	%		97.3	%		95.5	%
Charlotte, NC		5,867		6.4	%		96.6	%		95.7	%		96.3	%		96.0	%
Washington, DC		4,080		6.2	%		96.5	%		96.3	%		96.3	%		96.3	%
Orlando, FL		5,274		6.0	%		96.0	%		94.6	%		95.7	%		94.9	%
Austin, TX		7,117		6.0	%		95.9	%		95.3	%		95.6	%		95.6	%
Raleigh/Durham, NC		5,350		5.4	%		96.1	%		96.0	%		95.9	%		96.2	%
Nashville, TN		4,375		4.6	%		95.9	%		95.1	%		95.2	%		95.4	%
Houston, TX		4,867		3.9	%		95.1	%		94.5	%		94.5	%		94.8	%
Fort Worth, TX		4,249		3.9	%		96.6	%		95.6	%		96.1	%		95.3	%
Jacksonville, FL		3,496		3.4	%		97.8	%		96.2	%		97.7	%		96.1	%
Charleston, SC		3,168		3.3	%		96.7	%		95.7	%		96.2	%		95.6	%
Phoenix, AZ		2,623		3.3	%		97.2	%		95.4	%		97.1	%		96.2	%
Richmond, VA		2,004		2.2	%		97.0	%		96.6	%		96.9	%		96.4	%
Savannah, GA		1,837		1.8	%		97.4	%		95.0	%		97.3	%		95.4	%
Greenville, SC		2,084		1.6	%		96.9	%		95.9	%		96.5	%		95.2	%
Memphis, TN		1,811		1.6	%		97.7	%		96.7	%		97.7	%		96.2	%
Birmingham, AL		1,462		1.3	%		96.8	%		96.4	%		96.7	%		96.2	%
Huntsville, AL		1,228		1.2	%		97.6	%		97.2	%		97.2	%		97.2	%
San Antonio, TX		1,504		1.2	%		97.0	%		96.3	%		95.9	%		96.3	%
Kansas City, MO-KS		1,110		1.1	%		95.3	%		95.1	%		94.6	%		95.4	%
Other		7,076		7.0	%		97.1	%		95.2	%		96.7	%		95.3	%
Total Same Store		97,003		100.0	%		96.4	%		95.4	%		96.0	%		95.5	%

Supplemental Data S-4

MULTIFAMILY SAME STORE PORTFOLIO QUARTER OVER QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q2 2021		Q2 2020		% Chg			Q2 2021		Q2 2020		% Chg			Q2 2021		Q2 2020		% Chg			Q2 2021		Q2 2020		% Chg
Atlanta, GA		11,434	$	54,281	$	52,261		3.9	%	$	20,642	$	19,782		4.3	%	$	33,639	$	32,479		3.6	%	$	1,505	$	1,462		2.9	%
Dallas, TX		9,767		40,743		39,941		2.0	%		18,432		17,592		4.8	%		22,311		22,349		(0.2	)%		1,314		1,302		0.9	%
Tampa, FL		5,220		26,600		24,504		8.6	%		9,191		8,607		6.8	%		17,409		15,897		9.5	%		1,583		1,493		6.0	%
Charlotte, NC		5,867		24,333		23,715		2.6	%		7,887		7,542		4.6	%		16,446		16,173		1.7	%		1,281		1,261		1.6	%
Washington, DC		4,080		23,260		23,170		0.4	%		7,202		6,861		5.0	%		16,058		16,309		(1.5	)%		1,808		1,809		(0.0	)%
Orlando, FL		5,274		25,084		24,040		4.3	%		9,584		9,099		5.3	%		15,500		14,941		3.7	%		1,484		1,468		1.1	%
Austin, TX		7,117		29,701		29,204		1.7	%		14,390		12,901		11.5	%		15,311		16,303		(6.1	)%		1,305		1,277		2.2	%
Raleigh/Durham, NC		5,350		21,056		20,457		2.9	%		7,279		7,257		0.3	%		13,777		13,200		4.4	%		1,206		1,166		3.5	%
Nashville, TN		4,375		18,931		18,089		4.7	%		7,007		6,825		2.7	%		11,924		11,264		5.9	%		1,345		1,311		2.6	%
Houston, TX		4,867		18,984		18,656		1.8	%		8,941		7,682		16.4	%		10,043		10,974		(8.5	)%		1,217		1,223		(0.5	)%
Fort Worth, TX		4,249		17,545		16,656		5.3	%		7,520		7,041		6.8	%		10,025		9,615		4.3	%		1,227		1,179		4.0	%
Jacksonville, FL		3,496		13,480		12,532		7.6	%		4,743		4,443		6.8	%		8,737		8,089		8.0	%		1,211		1,151		5.2	%
Charleston, SC		3,168		13,469		12,587		7.0	%		4,941		4,768		3.6	%		8,528		7,819		9.1	%		1,308		1,238		5.7	%
Phoenix, AZ		2,623		11,627		10,755		8.1	%		3,222		3,055		5.5	%		8,405		7,700		9.2	%		1,370		1,283		6.7	%
Richmond, VA		2,004		8,486		7,966		6.5	%		2,755		2,611		5.5	%		5,731		5,355		7.0	%		1,288		1,219		5.7	%
Savannah, GA		1,837		7,472		6,732		11.0	%		2,905		2,368		22.7	%		4,567		4,364		4.7	%		1,217		1,142		6.6	%
Greenville, SC		2,084		7,013		6,523		7.5	%		2,784		2,712		2.7	%		4,229		3,811		11.0	%		979		938		4.4	%
Memphis, TN		1,811		6,688		6,007		11.3	%		2,510		2,373		5.8	%		4,178		3,634		15.0	%		1,116		1,032		8.2	%
Birmingham, AL		1,462		5,610		5,273		6.4	%		2,229		2,137		4.3	%		3,381		3,136		7.8	%		1,143		1,071		6.7	%
Huntsville, AL		1,228		4,581		4,043		13.3	%		1,395		1,379		1.2	%		3,186		2,664		19.6	%		1,089		984		10.7	%
San Antonio, TX		1,504		5,647		5,444		3.7	%		2,663		2,423		9.9	%		2,984		3,021		(1.2	)%		1,148		1,117		2.8	%
Kansas City, MO-KS		1,110		4,609		4,493		2.6	%		1,736		1,594		8.9	%		2,873		2,899		(0.9	)%		1,313		1,286		2.1	%
Other		7,076		28,122		25,674		9.5	%		10,293		9,636		6.8	%		17,829		16,038		11.2	%		1,222		1,160		5.4	%
Total Same Store		97,003	$	417,322	$	398,722		4.7	%	$	160,251	$	150,688		6.3	%	$	257,071	$	248,034		3.6	%	$	1,335	$	1,294		3.1	%

Supplemental Data S-5

MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q2 2021		Q1 2021		% Chg			Q2 2021		Q1 2021		% Chg			Q2 2021		Q1 2021		% Chg			Q2 2021		Q1 2021		% Chg
Atlanta, GA		11,434	$	54,281	$	53,106		2.2	%	$	20,642	$	19,807		4.2	%	$	33,639	$	33,299		1.0	%	$	1,505	$	1,473		2.1	%
Dallas, TX		9,767		40,743		39,920		2.1	%		18,432		18,140		1.6	%		22,311		21,780		2.4	%		1,314		1,292		1.7	%
Tampa, FL		5,220		26,600		25,872		2.8	%		9,191		9,115		0.8	%		17,409		16,757		3.9	%		1,583		1,534		3.2	%
Charlotte, NC		5,867		24,333		23,770		2.4	%		7,887		7,304		8.0	%		16,446		16,466		(0.1	)%		1,281		1,254		2.1	%
Washington, DC		4,080		23,260		22,977		1.2	%		7,202		7,300		(1.3	)%		16,058		15,677		2.4	%		1,808		1,789		1.1	%
Orlando, FL		5,274		25,084		24,598		2.0	%		9,584		9,193		4.3	%		15,500		15,405		0.6	%		1,484		1,454		2.1	%
Austin, TX		7,117		29,701		28,955		2.6	%		14,390		13,530		6.4	%		15,311		15,425		(0.7	)%		1,305		1,272		2.6	%
Raleigh/Durham, NC		5,350		21,056		20,845		1.0	%		7,279		6,770		7.5	%		13,777		14,075		(2.1	)%		1,206		1,183		2.0	%
Nashville, TN		4,375		18,931		18,302		3.4	%		7,007		6,697		4.6	%		11,924		11,605		2.7	%		1,345		1,313		2.5	%
Houston, TX		4,867		18,984		18,523		2.5	%		8,941		8,359		7.0	%		10,043		10,164		(1.2	)%		1,217		1,206		0.9	%
Fort Worth, TX		4,249		17,545		17,016		3.1	%		7,520		7,307		2.9	%		10,025		9,709		3.3	%		1,227		1,198		2.4	%
Jacksonville, FL		3,496		13,480		13,134		2.6	%		4,743		4,574		3.7	%		8,737		8,560		2.1	%		1,211		1,180		2.6	%
Charleston, SC		3,168		13,469		13,057		3.2	%		4,941		4,708		4.9	%		8,528		8,349		2.1	%		1,308		1,271		2.9	%
Phoenix, AZ		2,623		11,627		11,262		3.2	%		3,222		3,126		3.1	%		8,405		8,136		3.3	%		1,370		1,328		3.1	%
Richmond, VA		2,004		8,486		8,282		2.5	%		2,755		2,770		(0.5	)%		5,731		5,512		4.0	%		1,288		1,256		2.5	%
Savannah, GA		1,837		7,472		7,155		4.4	%		2,905		2,715		7.0	%		4,567		4,440		2.9	%		1,217		1,172		3.9	%
Greenville, SC		2,084		7,013		6,846		2.4	%		2,784		2,615		6.5	%		4,229		4,231		(0.0	)%		979		961		1.9	%
Memphis, TN		1,811		6,688		6,442		3.8	%		2,510		2,575		(2.5	)%		4,178		3,867		8.0	%		1,116		1,077		3.6	%
Birmingham, AL		1,462		5,610		5,529		1.5	%		2,229		2,164		3.0	%		3,381		3,365		0.5	%		1,143		1,109		3.1	%
Huntsville, AL		1,228		4,581		4,435		3.3	%		1,395		1,499		(6.9	)%		3,186		2,936		8.5	%		1,089		1,054		3.3	%
San Antonio, TX		1,504		5,647		5,377		5.0	%		2,663		2,371		12.3	%		2,984		3,006		(0.7	)%		1,148		1,128		1.8	%
Kansas City, MO-KS		1,110		4,609		4,501		2.4	%		1,736		1,688		2.8	%		2,873		2,813		2.1	%		1,313		1,291		1.7	%
Other		7,076		28,122		27,133		3.6	%		10,293		9,980		3.1	%		17,829		17,153		3.9	%		1,222		1,187		2.9	%
Total Same Store		97,003	$	417,322	$	407,037		2.5	%	$	160,251	$	154,307		3.9	%	$	257,071	$	252,730		1.7	%	$	1,335	$	1,305		2.3	%

Supplemental Data S-6

MULTIFAMILY SAME STORE PORTFOLIO YEAR TO DATE COMPARISONS AS OF JUNE 30, 2021 AND 2020

Dollars in thousands, except unit and per unit data

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q2 2021		Q2 2020		% Chg			Q2 2021		Q2 2020		% Chg			Q2 2021		Q2 2020		% Chg			Q2 2021		Q2 2020		% Chg
Atlanta, GA		11,434	$	107,387	$	105,005		2.3	%	$	40,449	$	39,114		3.4	%	$	66,938	$	65,891		1.6	%	$	1,489	$	1,463		1.7	%
Dallas, TX		9,767		80,663		80,144		0.6	%		36,572		34,541		5.9	%		44,091		45,603		(3.3	)%		1,303		1,301		0.2	%
Tampa, FL		5,220		52,472		49,289		6.5	%		18,306		17,213		6.3	%		34,166		32,076		6.5	%		1,558		1,489		4.6	%
Charlotte, NC		5,867		48,103		47,605		1.0	%		15,191		14,537		4.5	%		32,912		33,068		(0.5	)%		1,268		1,258		0.7	%
Washington, DC		7,117		46,237		46,398		(0.3	)%		14,502		13,929		4.1	%		31,735		32,469		(2.3	)%		1,799		1,805		(0.3	)%
Orlando, FL		5,274		49,682		48,675		2.1	%		18,777		17,965		4.5	%		30,905		30,710		0.6	%		1,469		1,467		0.1	%
Austin, TX		4,080		58,656		58,658		(0.0	)%		27,920		25,580		9.1	%		30,736		33,078		(7.1	)%		1,288		1,271		1.3	%
Raleigh/Durham, NC		4,375		41,901		40,858		2.6	%		14,049		13,771		2.0	%		27,852		27,087		2.8	%		1,195		1,160		3.0	%
Nashville, TN		5,350		37,233		36,329		2.5	%		13,704		12,860		6.6	%		23,529		23,469		0.3	%		1,329		1,306		1.8	%
Houston, TX		4,867		37,507		37,476		0.1	%		17,300		16,007		8.1	%		20,207		21,469		(5.9	)%		1,211		1,222		(0.8	)%
Fort Worth, TX		4,249		34,561		33,259		3.9	%		14,827		13,717		8.1	%		19,734		19,542		1.0	%		1,212		1,175		3.2	%
Jacksonville, FL		3,496		26,614		25,153		5.8	%		9,317		8,725		6.8	%		17,297		16,428		5.3	%		1,196		1,147		4.2	%
Charleston, SC		2,623		26,526		25,123		5.6	%		9,649		9,342		3.3	%		16,877		15,781		6.9	%		1,289		1,232		4.6	%
Phoenix, AZ		3,168		22,889		21,519		6.4	%		6,348		5,996		5.9	%		16,541		15,523		6.6	%		1,349		1,278		5.5	%
Richmond, VA		2,004		16,768		15,832		5.9	%		5,525		5,142		7.4	%		11,243		10,690		5.2	%		1,272		1,216		4.6	%
Savannah, GA		1,837		14,627		13,578		7.7	%		5,620		4,888		15.0	%		9,007		8,690		3.6	%		1,195		1,140		4.8	%
Greenville, SC		2,084		13,859		12,989		6.7	%		5,399		5,196		3.9	%		8,460		7,793		8.6	%		970		934		3.8	%
Memphis, TN		1,811		13,130		11,968		9.7	%		5,085		4,739		7.3	%		8,045		7,229		11.3	%		1,096		1,025		7.0	%
Birmingham, AL		1,462		11,139		10,562		5.5	%		4,393		4,168		5.4	%		6,746		6,394		5.5	%		1,126		1,071		5.1	%
Huntsville, AL		1,110		9,016		8,023		12.4	%		2,894		2,691		7.5	%		6,122		5,332		14.8	%		1,072		974		10.1	%
San Antonio, TX		1,504		11,024		10,935		0.8	%		5,034		4,804		4.8	%		5,990		6,131		(2.3	)%		1,138		1,118		1.8	%
Kansas City, MO-KS		1,228		9,110		8,992		1.3	%		3,424		3,221		6.3	%		5,686		5,771		(1.5	)%		1,302		1,282		1.6	%
Other		7,076		55,255		51,722		6.8	%		20,273		18,878		7.4	%		34,982		32,844		6.5	%		1,205		1,155		4.3	%
Total Same Store		97,003	$	824,359	$	800,092		3.0	%	$	314,558	$	297,024		5.9	%	$	509,801	$	503,068		1.3	%	$	1,320	$	1,291		2.2	%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands

		Units as of
		June 30, 2021							Projected			Development Costs
									Initial
								Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total		Delivered		Leased		Date	Date	Date	Date (1)	Cost		Q2 2021		After
MAA Westglenn	Denver, CO		306		46		73	3Q19	2Q21	4Q21	4Q22		84,500		67,748		16,752
MAA Robinson	Orlando, FL		369		158		84	3Q19	2Q21	4Q21	1Q23		99,000		88,713		10,287
Sand Lake (2)	Orlando, FL		264		141		99	4Q19	2Q21	4Q21	1Q23		68,000		60,132		7,868
MAA Park Point	Houston, TX		308		21		27	4Q19	2Q21	1Q22	1Q23		57,000		43,711		13,289
MAA Windmill Hill	Austin, TX		350	—		—		4Q20	1Q22	3Q22	4Q23		63,000		17,930		45,070
Novel Val Vista (3)	Phoenix, AZ		317	—		—		4Q20	3Q22	1Q23	2Q24		72,500		20,700		51,800
Novel West Midtown (3)	Atlanta, GA		340	—		—		2Q21	4Q22	3Q23	3Q24		89,500		14,233		75,267
Novel Daybreak (3)	Salt Lake City, UT		400	—		—		2Q21	4Q22	3Q23	4Q24		94,000		13,015		80,985
Total Active			2,654		366		283					$	627,500	$	326,182	$	301,318

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

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

⁽³⁾  MAA owns 80% of the joint venture that owns this property.

MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data

		Six months ended June 30, 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
	2,800	$	15,775	$	5,634	$	132	11.3%	8,000  -  11,000

MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands

		As of June 30, 2021
	Location	Total Units	Percent Occupied	Construction Finished	Expected Stabilization (1)	Total Cost
MAA Frisco Bridges II	Dallas, TX	348	92.5%	1Q21	3Q21	$	65,483
Novel Midtown (2)	Phoenix, AZ	345	46.7%	2Q21	2Q22	$	81,699
Total		693	69.7%			$	147,182

⁽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.

2021 ACQUISITION ACTIVITY (THROUGH JUNE 30, 2021)

Multifamily Development Acquisition (1)	Market	Apartment Units		Projected Completion Date	Closing Date
Novel Daybreak	Salt Lake City, UT		400	3Q23	April 2021
Novel West Midtown	Atlanta, GA		340	3Q23	April 2021

⁽¹⁾ MAA owns 80% of the joint ventures that own these properties.

Land Acquisition	Market	Acreage	Closing Date
MAA Westshore	Tampa, FL	19	June 2021

2021 DISPOSITION ACTIVITY (THROUGH JUNE 30, 2021)

Multifamily Disposition	Market	Apartment Units		Closing Date
Crosswinds	Jackson, MS		360	June 2021
Pear Orchard	Jackson, MS		389	June 2021
Reflection Pointe	Jackson, MS		296	June 2021
Lakeshore Landing	Jackson, MS		196	June 2021

Supplemental Data S-8

DEBT AND DEBT COVENANTS AS OF JUNE 30, 2021

Dollars in thousands

DEBT SUMMARIES
Fixed Rate Versus Floating Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Rate Maturity
Fixed rate debt	$	4,273,237		93.9	%		3.7	%		7.4
Floating rate debt		280,000		6.1	%		0.2	%		0.1
Total	$	4,553,237		100.0	%		3.5	%		7.0
Unsecured Versus Secured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	4,187,292		92.0	%		3.4	%		5.2
Secured debt		365,945		8.0	%		4.4	%		27.2
Total	$	4,553,237		100.0	%		3.5	%		7.0
Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q2 2021 NOI			Percent of Total
Unencumbered gross assets	$	13,713,470		92.2	%	$	253,672			94.6	%
Encumbered gross assets		1,154,277		7.8	%		14,494			5.4	%
Total	$	14,867,747		100.0	%	$	268,166			100.0	%

FIXED INTEREST RATE MATURITIES

Maturity	Fixed Rate Debt		Effective Rate
2021	$	72,750		5.4	%
2022		366,368		3.6	%
2023		360,733		4.2	%
2024		417,581		4.0	%
2025		402,730		4.2	%
2026		—		—
2027		595,369		3.7	%
2028		395,782		4.2	%
2029		561,082		3.7	%
2030		297,023		3.1	%
Thereafter		803,819		3.0	%
Total	$	4,273,237		3.7	%

Supplemental Data S-9

DEBT AND DEBT COVENANTS AS OF JUNE 30, 2021 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

	Commercial Paper & Revolving Credit Facility ⁽¹⁾ ⁽²⁾		Public Bonds		Other Unsecured		Secured		Total
2021	$	280,000	$	—	$	72,750	$	—	$	352,750
2022		—		249,465		116,903		—		366,368
2023		—		348,497		12,236		—		360,733
2024		—		397,615		19,966		—		417,581
2025		—		396,611		—		6,119		402,730
2026		—		—		—		—		—
2027		—		595,369		—		—		595,369
2028		—		395,782		—		—		395,782
2029		—		561,082		—		—		561,082
2030		—		297,023		—		—		297,023
Thereafter		—		443,993		—		359,826		803,819
Total	$	280,000	$	3,685,437	$	221,855	$	365,945	$	4,553,237

⁽¹⁾ The $280.0 million maturing in 2021 reflects the principal outstanding on MAALP’s unsecured commercial paper program as of June 30, 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 June 30, 2021, average daily borrowings outstanding under the commercial paper program were $401.8 million.

⁽²⁾ There were no borrowings outstanding under MAALP’s $1.0 billion unsecured revolving credit facility as of June 30, 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	30.6%	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%	327%	Yes
Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	27.1%	Yes
Total secured debt to total capitalized asset value	40% or Less	2.3%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	5.6x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	26.0%	Yes

⁽¹⁾The calculations of the Bond Covenants and Bank Covenants 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.

	Full Year 2021
Earnings:
Earnings per common share - diluted	$3.79 to $3.99
Midpoint	$3.89
Core FFO per Share - diluted	$6.65 to $6.85
Midpoint	$6.75
Core AFFO per Share - diluted	$5.97 to $6.17
Midpoint	$6.07
MAA Same Store Portfolio:
Number of units		97,003
Average physical occupancy	95.70% to 96.10%
Property revenue growth	3.75% to 4.25%
Full year effective blended lease-over-lease pricing	6.50% to 7.50%
Property operating expense growth	4.25% to 4.75%
NOI growth	3.25% to 4.25%
Real estate tax expense growth	3.25% to 4.25%
Corporate Expenses:
General and administrative expenses	$51.0 to $53.0 million
Property management expenses	$55.0 to $57.0 million
Total overhead	$106.0 to $110.0 million
Transaction/Investment Volume:
Multifamily acquisition volume		—
Multifamily disposition volume	$225.0 to $275.0 million
Development investment	$250.0 to $350.0 million
Debt:
Average effective interest rate	3.4% to 3.6%
Capitalized interest	$8.5 to $9.5 million
Diluted FFO Shares Outstanding:
Diluted common shares and units	118.5 million to 119.0 million

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	$	3.79		$	3.99
Real estate depreciation and amortization		4.39			4.39
Gains on sale of depreciable assets		(1.66	)		(1.66	)
FFO per Share - diluted		6.52			6.72
Non-Core FFO items (1)		0.13			0.13
Core FFO per Share - diluted		6.65			6.85
Recurring capital expenditures		(0.68	)		(0.68	)
Core AFFO per Share - diluted	$	5.97		$	6.17

⁽¹⁾ Non-Core FFO items may include adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares, gain or loss on sale of non-depreciable assets, 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.  

CREDIT RATINGS

	Commercial	Long-Term
	Paper Rating	Debt Rating	Outlook
Fitch Ratings (1)	F2	BBB+	Positive
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:	Q3 2021		Q4 2021		Q1 2022		Q2 2022
Earnings release & conference call	Late October		Late January		Late April		Late July
Dividend Information - Common Shares:	Q2 2020		Q3 2020		Q4 2020		Q1 2021		Q2 2021
Declaration date	5/19/2020		9/24/2020		12/8/2020		3/23/2021		5/18/2021
Record date	7/15/2020		10/15/2020		1/15/2021		4/15/2021		7/15/2021
Payment date	7/31/2020		10/30/2020		1/29/2021		4/30/2021		7/30/2021
Distributions per share	$	1.0000	$	1.0000	$	1.0250	$	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-11

XML

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