Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT MARCH 31, 2022 (1)

In apartment units

		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
Tampa, FL			5,220				—				—				5,220				—				5,220
Austin, TX			6,829				288				—				7,117				46				7,163
Charlotte, NC			5,867				—				—				5,867				—				5,867
Orlando, FL			5,274				—				633				5,907				—				5,907
Washington, DC			3,684				396				—				4,080				—				4,080
Raleigh/Durham, NC			5,350				—				—				5,350				—				5,350
Nashville, TN			4,375				—				—				4,375				—				4,375
Fort Worth, TX			3,519				898				—				4,417				—				4,417
Houston, TX			4,867				—				308				5,175				—				5,175
Jacksonville, FL			3,496				—				—				3,496				—				3,496
Phoenix, AZ			2,623				345				—				2,968				—				2,968
Charleston, SC			3,168				—				—				3,168				—				3,168
Richmond, VA			2,004				—				—				2,004				—				2,004
Savannah, GA			1,837				—				—				1,837				—				1,837
Greenville, SC			2,355				—				—				2,355				—				2,355
Memphis, TN			1,811				—				—				1,811				—				1,811
Birmingham, AL			1,462				—				—				1,462				—				1,462
San Antonio, TX			1,504				—				—				1,504				—				1,504
Denver, CO			812				—				306				1,118				—				1,118
Kansas City, MO-KS			1,110				—				—				1,110				—				1,110
Huntsville, AL			1,228				—				—				1,228				—				1,228
Other			6,717				96				—				6,813				—				6,813
Total Multifamily Units			96,313				2,371				1,247				99,931				46				99,977

(1)Schedule excludes MAA's 35% ownership in 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, 2022												Average Effective				As of March 31, 2022
		Gross Real Assets				Percent to Total of Gross Real Assets				Physical Occupancy				Rent per Unit for the Three Months Ended March 31, 2022				Completed Units				Total Units, Including Development
Atlanta, GA		$	2,035,257				14.1	%			95.3	%		$	1,647				11,434
Dallas, TX			1,512,976				10.5	%			95.0	%			1,448				10,115
Washington, DC			982,540				6.8	%			95.9	%			1,887				4,080
Charlotte, NC			965,169				6.7	%			95.4	%			1,397				5,867
Tampa, FL			897,730				6.2	%			96.2	%			1,798				5,220
Austin, TX			875,601				6.1	%			94.8	%			1,439				7,117
Orlando, FL			843,259				5.8	%			96.9	%			1,651				5,274
Raleigh/Durham, NC			709,277				4.9	%			95.5	%			1,326				5,350
Houston, TX			618,151				4.3	%			95.3	%			1,285				4,867
Nashville, TN			541,752				3.8	%			95.8	%			1,472				4,375
Phoenix, AZ			466,922				3.2	%			95.9	%			1,577				2,968
Fort Worth, TX			431,801				3.0	%			95.9	%			1,348				4,417
Charleston, SC			411,852				2.9	%			96.1	%			1,453				3,168
Jacksonville, FL			295,372				2.0	%			96.6	%			1,369				3,496
Richmond, VA			270,794				1.9	%			95.8	%			1,404				2,004
Greenville, SC			230,217				1.6	%			95.6	%			1,155				2,355
Savannah, GA			218,750				1.5	%			96.7	%			1,382				1,837
Denver, CO			212,123				1.5	%			94.7	%			1,776				812
Kansas City, MO-KS			187,980				1.3	%			95.0	%			1,386				1,110
San Antonio, TX			165,161				1.1	%			95.2	%			1,237				1,504
Birmingham, AL			162,980				1.1	%			96.1	%			1,234				1,462
All Other Markets by State (individual markets <1% gross real assets)
Tennessee			188,402				1.3	%			96.0	%			1,197				2,754
Florida			179,781				1.2	%			96.7	%			1,565				1,806
Alabama			164,063				1.1	%			96.2	%			1,239				1,648
Virginia			155,180				1.1	%			97.4	%			1,572				1,039
Kentucky			95,081				0.7	%			96.4	%			1,033				1,308
Nevada			72,298				0.5	%			95.4	%			1,441				721
South Carolina			36,968				0.3	%			93.2	%			1,060				576
Stabilized Communities		$	13,927,437				96.6	%			95.7	%		$	1,470				98,684
Orlando, FL			160,803				1.1	%			70.6	%			2,164				633				633
Denver, CO			98,006				0.7	%			70.6	%			1,842				306				658
Houston, TX			54,368				0.4	%			48.4	%			1,562				308				308
Austin, TX			48,371				0.3	%			5.1	%			1,535				46				350
Phoenix, AZ			44,510				0.3	%			—				—				—				317
Salt Lake City, UT			44,101				0.3	%			—				—				—				400
Atlanta, GA			38,997				0.3	%			—				—				—				340
Lease-up / Development Communities		$	489,156				3.4	%			52.0	%		$	1,922				1,293				3,006
Total Multifamily Communities		$	14,416,593				100.0	%			95.0	%		$	1,476				99,977				101,690

(1)Schedule excludes MAA's 35% ownership in a 269 unit joint venture property in Washington, D.C. As of March 31, 2022, the gross investment in real estate for this community is $80.2 million and includes a mortgage note payable of $51.8 million. For the three months ended March 31, 2022, this apartment community achieved NOI of $1.9 million.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

		As of March 31, 2022								Three Months Ended
		Apartment Units				Gross Real Assets				March 31, 2022				March 31, 2021				Percent Change
Operating Revenues
Same Store Communities			96,313			$	13,569,996			$	454,477			$	405,146				12.2	%
Non-Same Store Communities			2,371				357,441				11,172				14,031
Lease-up/Development Communities			1,293				489,156				4,412				1
Total Multifamily Portfolio			99,977			$	14,416,593			$	470,061			$	419,178
Commercial Property/Land			—				291,398				6,017				5,827
Total Operating Revenues			99,977			$	14,707,991			$	476,078			$	425,005
Property Operating Expenses
Same Store Communities										$	159,835			$	153,206				4.3	%
Non-Same Store Communities											4,450				6,454
Lease-up/Development Communities											2,610				273
Total Multifamily Portfolio										$	166,895			$	159,933
Commercial Property/Land											2,525				2,535
Total Property Operating Expenses										$	169,420			$	162,468
Net Operating Income
Same Store Communities										$	294,642			$	251,940				16.9	%
Non-Same Store Communities											6,722				7,577
Lease-up/Development Communities											1,802				(272	)
Total Multifamily Portfolio										$	303,166			$	259,245
Commercial Property/Land											3,492				3,292
Total Net Operating Income										$	306,658			$	262,537				16.8	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

		Three Months Ended
		March 31, 2022				March 31, 2021				Percent Change
Personnel		$	35,314			$	33,545				5.3	%
Building Repair and Maintenance			18,460				16,923				9.1	%
Utilities			29,467				28,561				3.2	%
Marketing			5,295				5,333				(0.7	)%
Office Operations			6,898				5,562				24.0	%
Property Taxes			58,182				57,820				0.6	%
Insurance			6,219				5,462				13.9	%
Total Property Operating Expenses		$	159,835			$	153,206				4.3	%

Supplemental Data S-3

MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE

										Average Physical Occupancy
						Percent of				Three Months Ended
		Apartment Units				Same Store NOI				March 31, 2022				March 31, 2021
Atlanta, GA			11,434				13.1	%			95.8	%			94.8	%
Dallas, TX			9,767				8.9	%			95.6	%			95.2	%
Tampa, FL			5,220				6.7	%			96.6	%			97.0	%
Austin, TX			6,829				6.5	%			95.2	%			95.3	%
Charlotte, NC			5,867				6.4	%			95.7	%			96.0	%
Orlando, FL			5,274				6.2	%			96.4	%			95.4	%
Raleigh/Durham, NC			5,350				5.3	%			95.5	%			95.7	%
Washington, DC			3,684				5.1	%			95.8	%			96.2	%
Nashville, TN			4,375				4.6	%			95.6	%			94.6	%
Houston, TX			4,867				4.0	%			95.7	%			93.9	%
Jacksonville, FL			3,496				3.5	%			96.9	%			97.5	%
Fort Worth, TX			3,519				3.5	%			95.8	%			95.8	%
Charleston, SC			3,168				3.4	%			96.0	%			95.8	%
Phoenix, AZ			2,623				3.3	%			96.4	%			96.9	%
Richmond, VA			2,004				2.0	%			96.3	%			96.9	%
Greenville, SC			2,355				2.0	%			95.9	%			95.9	%
Savannah, GA			1,837				1.9	%			96.9	%			97.1	%
Memphis, TN			1,811				1.6	%			95.7	%			97.6	%
Birmingham, AL			1,462				1.2	%			95.4	%			96.6	%
San Antonio, TX			1,504				1.2	%			95.2	%			94.9	%
Denver, CO			812				1.1	%			96.4	%			93.6	%
Huntsville, AL			1,228				1.1	%			96.1	%			96.8	%
Kansas City, MO-KS			1,110				1.1	%			95.7	%			93.9	%
Other			6,717				6.3	%			96.3	%			96.4	%
Total Same Store			96,313				100.0	%			95.9	%			95.7	%

Supplemental Data S-4

MULTIFAMILY SAME STORE PORTFOLIO QUARTER OVER QUARTER COMPARISONS

Dollars in thousands, except Average Effective Rent per Unit

						Revenues												Expenses												NOI												Average Effective Rent per Unit
		Units				Q1 2022				Q1 2021				% Chg				Q1 2022				Q1 2021				% Chg				Q1 2022				Q1 2021				% Chg				Q1 2022				Q1 2021				% Chg
Atlanta, GA			11,434			$	59,597			$	53,106				12.2	%		$	21,046			$	19,807				6.3	%		$	38,551			$	33,299				15.8	%		$	1,647			$	1,473				11.8	%
Dallas, TX			9,767				44,760				39,920				12.1	%			18,579				18,140				2.4	%			26,181				21,780				20.2	%			1,439				1,292				11.4	%
Tampa, FL			5,220				29,930				25,872				15.7	%			10,055				9,115				10.3	%			19,875				16,757				18.6	%			1,798				1,534				17.2	%
Austin, TX			6,829				31,781				27,977				13.6	%			12,627				13,042				(3.2	)%			19,154				14,935				28.2	%			1,450				1,280				13.2	%
Charlotte, NC			5,867				26,480				23,770				11.4	%			7,692				7,304				5.3	%			18,788				16,466				14.1	%			1,397				1,254				11.3	%
Orlando, FL			5,274				27,890				24,598				13.4	%			9,638				9,193				4.8	%			18,252				15,405				18.5	%			1,651				1,454				13.6	%
Raleigh/Durham, NC			5,350				22,907				20,845				9.9	%			7,141				6,770				5.5	%			15,766				14,075				12.0	%			1,326				1,183				12.1	%
Washington, DC			3,684				21,971				20,916				5.0	%			6,869				6,580				4.4	%			15,102				14,336				5.3	%			1,895				1,791				5.8	%
Nashville, TN			4,375				20,580				18,302				12.4	%			6,985				6,697				4.3	%			13,595				11,605				17.1	%			1,472				1,313				12.1	%
Houston, TX			4,867				20,220				18,523				9.2	%			8,455				8,359				1.1	%			11,765				10,164				15.8	%			1,285				1,206				6.6	%
Jacksonville, FL			3,496				15,206				13,134				15.8	%			4,944				4,574				8.1	%			10,262				8,560				19.9	%			1,369				1,180				16.0	%
Fort Worth, TX			3,519				16,245				14,526				11.8	%			6,046				6,136				(1.5	)%			10,199				8,390				21.6	%			1,382				1,235				11.9	%
Charleston, SC			3,168				14,857				13,057				13.8	%			4,950				4,708				5.1	%			9,907				8,349				18.7	%			1,453				1,271				14.4	%
Phoenix, AZ			2,623				13,112				11,262				16.4	%			3,293				3,125				5.4	%			9,819				8,137				20.7	%			1,560				1,328				17.4	%
Richmond, VA			2,004				9,007				8,283				8.7	%			3,091				2,771				11.5	%			5,916				5,512				7.3	%			1,404				1,256				11.8	%
Greenville, SC			2,355				9,106				8,222				10.8	%			3,302				3,252				1.5	%			5,804				4,970				16.8	%			1,155				1,025				12.6	%
Savannah, GA			1,837				8,434				7,155				17.9	%			2,897				2,715				6.7	%			5,537				4,440				24.7	%			1,382				1,172				17.9	%
Memphis, TN			1,811				7,314				6,442				13.5	%			2,636				2,575				2.4	%			4,678				3,867				21.0	%			1,250				1,077				16.1	%
Birmingham, AL			1,462				6,010				5,528				8.7	%			2,338				2,163				8.1	%			3,672				3,365				9.1	%			1,234				1,109				11.3	%
San Antonio, TX			1,504				5,940				5,377				10.5	%			2,498				2,371				5.4	%			3,442				3,006				14.5	%			1,237				1,128				9.7	%
Denver, CO			812				4,660				4,168				11.8	%			1,338				1,295				3.3	%			3,322				2,873				15.6	%			1,776				1,625				9.3	%
Huntsville, AL			1,228				4,928				4,435				11.1	%			1,608				1,499				7.3	%			3,320				2,936				13.1	%			1,185				1,054				12.4	%
Kansas City, MO-KS			1,110				4,870				4,501				8.2	%			1,765				1,688				4.6	%			3,105				2,813				10.4	%			1,386				1,291				7.4	%
Other			6,717				28,672				25,227				13.7	%			10,042				9,327				7.7	%			18,630				15,900				17.2	%			1,324				1,160				14.1	%
Total Same Store			96,313			$	454,477			$	405,146				12.2	%		$	159,835			$	153,206				4.3	%		$	294,642			$	251,940				16.9	%		$	1,469			$	1,308				12.4	%

Supplemental Data S-5

MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except Average Effective Rent per Unit

						Revenues												Expenses												NOI												Average Effective Rent per Unit
		Units				Q1 2022				Q4 2021				% Chg				Q1 2022				Q4 2021				% Chg				Q1 2022				Q4 2021				% Chg				Q1 2022				Q4 2021				% Chg
Atlanta, GA			11,434			$	59,597			$	57,929				2.9	%		$	21,046			$	20,417				3.1	%		$	38,551			$	37,512				2.8	%		$	1,647			$	1,611				2.3	%
Dallas, TX			9,767				44,760				43,479				2.9	%			18,579				18,750				(0.9	)%			26,181				24,729				5.9	%			1,439				1,403				2.6	%
Tampa, FL			5,220				29,930				28,886				3.6	%			10,055				9,226				9.0	%			19,875				19,660				1.1	%			1,798				1,730				3.9	%
Austin, TX			6,829				31,781				30,929				2.8	%			12,627				13,372				(5.6	)%			19,154				17,557				9.1	%			1,450				1,403				3.3	%
Charlotte, NC			5,867				26,480				25,704				3.0	%			7,692				7,664				0.4	%			18,788				18,040				4.1	%			1,397				1,365				2.3	%
Orlando, FL			5,274				27,890				27,000				3.3	%			9,638				9,103				5.9	%			18,252				17,897				2.0	%			1,651				1,594				3.6	%
Raleigh/Durham, NC			5,350				22,907				22,249				3.0	%			7,141				7,096				0.6	%			15,766				15,153				4.0	%			1,326				1,292				2.7	%
Washington, DC			3,684				21,971				21,807				0.8	%			6,869				6,507				5.6	%			15,102				15,300				(1.3	)%			1,895				1,883				0.6	%
Nashville, TN			4,375				20,580				20,124				2.3	%			6,985				6,689				4.4	%			13,595				13,435				1.2	%			1,472				1,436				2.5	%
Houston, TX			4,867				20,220				19,825				2.0	%			8,455				9,537				(11.3	)%			11,765				10,288				14.4	%			1,285				1,266				1.5	%
Jacksonville, FL			3,496				15,206				14,681				3.6	%			4,944				4,759				3.9	%			10,262				9,922				3.4	%			1,369				1,325				3.3	%
Fort Worth, TX			3,519				16,245				15,825				2.7	%			6,046				6,452				(6.3	)%			10,199				9,373				8.8	%			1,382				1,351				2.3	%
Charleston, SC			3,168				14,857				14,380				3.3	%			4,950				4,999				(1.0	)%			9,907				9,381				5.6	%			1,453				1,410				3.1	%
Phoenix, AZ			2,623				13,112				12,753				2.8	%			3,293				3,146				4.7	%			9,819				9,607				2.2	%			1,560				1,511				3.2	%
Richmond, VA			2,004				9,007				8,827				2.0	%			3,091				2,791				10.7	%			5,916				6,036				(2.0	)%			1,404				1,373				2.3	%
Greenville, SC			2,355				9,106				8,910				2.2	%			3,302				3,290				0.4	%			5,804				5,620				3.3	%			1,155				1,134				1.8	%
Savannah, GA			1,837				8,434				8,165				3.3	%			2,897				2,839				2.0	%			5,537				5,326				4.0	%			1,382				1,337				3.4	%
Memphis, TN			1,811				7,314				7,113				2.8	%			2,636				2,496				5.6	%			4,678				4,617				1.3	%			1,250				1,221				2.4	%
Birmingham, AL			1,462				6,010				5,918				1.6	%			2,338				2,351				(0.6	)%			3,672				3,567				2.9	%			1,234				1,209				2.1	%
San Antonio, TX			1,504				5,940				5,875				1.1	%			2,498				2,461				1.5	%			3,442				3,414				0.8	%			1,237				1,205				2.7	%
Denver, CO			812				4,660				4,484				3.9	%			1,338				1,268				5.5	%			3,322				3,216				3.3	%			1,776				1,752				1.4	%
Huntsville, AL			1,228				4,928				4,795				2.8	%			1,608				1,602				0.4	%			3,320				3,193				4.0	%			1,185				1,159				2.3	%
Kansas City, MO-KS			1,110				4,870				4,837				0.7	%			1,765				1,639				7.7	%			3,105				3,198				(2.9	)%			1,386				1,372				1.0	%
Other			6,717				28,672				27,984				2.5	%			10,042				9,600				4.6	%			18,630				18,384				1.3	%			1,324				1,291				2.6	%
Total Same Store			96,313			$	454,477			$	442,479				2.7	%		$	159,835			$	158,054				1.1	%		$	294,642			$	284,425				3.6	%		$	1,469			$	1,433				2.6	%

Supplemental Data S-6

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands

				Units as of																				Development Costs as of
				March 31, 2022														Expected						March 31, 2022
																Start		Initial						Expected				Spend				Expected
		Location		Total				Delivered				Leased				Date		Occupancy		Completion		Stabilization (1)		Total				to Date				Remaining
MAA Windmill Hill		Austin, TX			350				46				29			4Q20		1Q22		4Q22		4Q23		$	63,000			$	48,371			$	14,629
Novel Val Vista (2)		Phoenix, AZ			317			—				—				4Q20		4Q22		2Q23		2Q24			72,500				44,510				27,990
Novel West Midtown (2)		Atlanta, GA			340			—				—				2Q21		4Q22		3Q23		3Q24			89,500				38,997				50,503
Novel Daybreak (2)		Salt Lake City, UT			400			—				—				2Q21		4Q22		3Q23		4Q24			94,000				44,101				49,899
MAA Central Park I		Denver, CO			352			—				—				1Q22		4Q23		3Q24		3Q25			125,000				16,796				108,204
Total Active					1,759				46				29											$	444,000			$	192,775			$	251,225

(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.

MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands

				As of March 31, 2022
		Location		Total Units				Physical Occupancy		Spend to Date				Construction Finished		Expected Stabilization (1)
Sand Lake (2)		Orlando, FL		264				79.5%		$	63,558			4Q21		3Q22
MAA Westglenn		Denver, CO		306				70.6%			81,210			1Q22		4Q22
MAA Robinson		Orlando, FL		369				64.2%			97,245			4Q21		1Q23
MAA Park Point		Houston, TX		308				48.4%			54,345			1Q22		1Q23
Total					1,247			65.1%		$	296,358

(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.

MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data

				Three months ended March 31, 2022
Units Completed				Redevelopment Spend				Average Cost per Unit				Increase in Average Effective Rent per Unit				Increase in Average Effective Rent per Unit		Estimated Units Remaining in Pipeline
	1,098			$	6,202			$	5,648			$	140			11.0%		11,000 - 15,000

2022 ACQUISITION ACTIVITY (THROUGH MARCH 31, 2022)

Land Acquisition		Market		Acreage		Closing Date
MAA Florida Street Station		Denver, CO		4		March 2022

Supplemental Data S-7

DEBT AND DEBT COVENANTS AS OF MARCH 31, 2022

Dollars in thousands

DEBT SUMMARIES
Fixed Rate Versus Floating Rate Debt		Balance				Percent of Total				Effective Interest Rate				Average Years to Rate Maturity
Fixed rate debt		$	4,517,505				99.6	%			3.4	%			8.5
Floating rate debt			20,000				0.4	%			0.6	%			0.1
Total		$	4,537,505				100.0	%			3.4	%			8.4
Unsecured Versus Secured Debt		Balance				Percent of Total				Effective Interest Rate				Average Years to Contract Maturity
Unsecured debt		$	4,172,513				92.0	%			3.3	%			6.9
Secured debt			364,992				8.0	%			4.4	%			26.5
Total		$	4,537,505				100.0	%			3.4	%			8.4
Unencumbered Versus Encumbered Assets		Total Cost				Percent of Total				Q1 2022 NOI				Percent of Total
Unencumbered gross assets		$	14,275,149				94.0	%		$	291,964				95.2	%
Encumbered gross assets			905,704				6.0	%			14,694				4.8	%
Total		$	15,180,853				100.0	%		$	306,658				100.0	%

FIXED INTEREST RATE MATURITIES

Maturity		Fixed Rate Debt					Effective Interest Rate
2022		$	124,874					3.3	%
2023			349,003					4.2	%
2024			398,229					4.0	%
2025			402,264					4.2	%
2026			296,623					1.2	%
2027			595,958					3.7	%
2028			396,239					4.2	%
2029			560,082					3.7	%
2030			297,282					3.1	%
2031			444,489					1.8	%
Thereafter			652,462					3.8	%
Total		$	4,517,505					3.4	%

DEBT MATURITIES OF OUTSTANDING BALANCES

		Commercial Paper & Revolving Credit Facility ⁽¹⁾ ⁽²⁾				Public Bonds				Secured				Total
2022		$	20,000			$	124,874			$	—			$	144,874
2023			—				349,003				—				349,003
2024			—				398,229				—				398,229
2025			—				397,193				5,071				402,264
2026			—				296,623				—				296,623
2027			—				595,958				—				595,958
2028			—				396,239				—				396,239
2029			—				560,082				—				560,082
2030			—				297,282				—				297,282
2031			—				444,489				—				444,489
Thereafter			—				292,541				359,921				652,462
Total		$	20,000			$	4,152,513			$	364,992			$	4,537,505

(1)The $20.0 million maturing in 2022 reflects the principal outstanding under MAALP’s unsecured commercial paper program as of March 31, 2022. 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, 2022, average daily borrowings outstanding under the commercial paper program were $13.8 million.

(2)There were no borrowings outstanding under MAALP’s $1.0 billion unsecured revolving credit facility as of March 31, 2022. The unsecured revolving credit facility has a maturity date of May 2023 with two six-month extensions.

Supplemental Data S-8

DEBT AND DEBT COVENANTS AS OF MARCH 31, 2022 (CONTINUED)

Dollars in thousands

DEBT COVENANT ANALYSIS (1)

Bond Covenants		Required		Actual		Compliance
Total debt to adjusted total assets		60% or less		29.9%		Yes
Total secured debt to adjusted total assets		40% or less		2.4%		Yes
Consolidated income available for debt service to total annual debt service charge		1.5x or greater for trailing 4 quarters		6.3x		Yes
Total unencumbered assets to total unsecured debt		Greater than 150%		339.2%		Yes
Bank Covenants		Required		Actual		Compliance
Total debt to total capitalized asset value		60% or less		23.6%		Yes
Total secured debt to total capitalized asset value		40% or Less		2.0%		Yes
Total adjusted EBITDA to fixed charges		1.5x or greater for trailing 4 quarters		6.4x		Yes
Total unsecured debt to total unsecured capitalized asset value		60% or less		22.7%		Yes

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

Supplemental Data S-9

2022 GUIDANCE

MAA provides guidance on expected Core FFO per Share and Core AFFO per Share, which are non-GAAP financial 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.

		Revised Range		Revised Midpoint
Earnings:
Earnings per common share - diluted		$5.96 to $6.28		$6.12
Core FFO per Share - diluted		$7.92 to $8.24		$8.08
Core AFFO per Share - diluted		$7.14 to $7.46		$7.30
MAA Same Store Portfolio:
Number of units				96,313
Average physical occupancy		95.6% to 96.0%		95.8%
Property revenue growth		10.0% to 12.0%		11.0%
Effective rent growth		11.0% to 13.0%		12.0%
Property operating expense growth		5.5% to 6.5%		6.0%
NOI growth		12.5% to 14.5%		13.5%
Real estate tax expense growth		4.0% to 5.0%		4.5%
Corporate Expenses: ($ in millions)
General and administrative expenses		$60.5 to $62.5		$61.5
Property management expenses		$62.0 to $64.0		$63.0
Total overhead		$122.5 to $126.5		$124.5
Transaction/Investment Volume: ($ in millions)
Development investment		$200.0 to $300.0		$250.0
Multifamily acquisition volume		$75.0 to $125.0		$100.0
Multifamily disposition volume		$325.0 to $375.0		$350.0
Debt:
Average effective interest rate		3.4% to 3.6%		3.5%
Capitalized interest ($ in millions)		$7.5 to $8.5		$8.0
Diluted FFO Shares Outstanding:
Diluted common shares and units		118.5 to 119.0 million		118.75 million

RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER SHARE FOR 2022 GUIDANCE

		Full Year 2022 Guidance Range
		Low				High
Earnings per common share - diluted		$	5.96			$	6.28
Real estate depreciation and amortization			4.57				4.57
Gains on sale of depreciable assets			(2.53	)			(2.53	)
FFO per Share - diluted			8.00				8.32
Non-Core FFO items (1)			(0.08	)			(0.08	)
Core FFO per Share - diluted			7.92				8.24
Recurring capital expenditures			(0.78	)			(0.78	)
Core AFFO per Share - diluted		$	7.14			$	7.46

(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, gain or loss on investments, net casualty gain or loss, gain or loss on debt extinguishment, legal costs and settlements, net, COVID-19 related costs and mark-to-market debt adjustments.

Supplemental Data S-10

CREDIT RATINGS

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

(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 2022

Q3 2022

Q4 2022

Q1 2023

Earnings release & conference call

Late July

Late October

Early February

Late April

Dividend Information - Common Shares:

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Declaration date

3/23/2021

5/18/2021

9/28/2021

12/7/2021

3/22/2022

Record date

4/15/2021

7/15/2021

10/15/2021

1/14/2022

4/14/2022

Payment date

4/30/2021

7/30/2021

10/29/2021

1/31/2022

4/29/2022

Distributions per share

$

1.0250

$

1.0250

$

1.0250

$

1.0875

$

1.0875

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
	Andrew Schaeffer		Senior Vice President, Treasurer and Director of Capital Markets
	Jennifer Patrick		Director of Investor Relations
	Phone: 866-576-9689 (toll free)
	Email: investor.relations@maac.com

Supplemental Data S-11