Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT JUNE 30, 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
Orlando, FL			5,274				—				633				5,907				—				5,907
Charlotte, NC			5,867				—				—				5,867				—				5,867
Austin, TX			6,829				288				—				7,117				148				7,265
Raleigh/Durham, NC			5,350				—				—				5,350				—				5,350
Nashville, TN			4,375				—				—				4,375				—				4,375
Houston, TX			4,867				—				308				5,175				—				5,175
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
Fort Worth, TX			3,519				168				—				3,687				—				3,687
Northern Virginia			1,888				—				—				1,888				—				1,888
Richmond, VA			2,004				—				—				2,004				—				2,004
Savannah, GA			1,837				—				—				1,837				—				1,837
Fredericksburg, VA			1,435				—				—				1,435				—				1,435
Greenville, SC			2,355				—				—				2,355				—				2,355
Memphis, TN			1,811				—				—				1,811				—				1,811
Birmingham, AL			1,462				—				—				1,462				—				1,462
Denver, CO			812				—				306				1,118				—				1,118
San Antonio, TX			1,504				—				—				1,504				—				1,504
Huntsville, AL			1,228				—				—				1,228				—				1,228
Kansas City, MO-KS			1,110				—				—				1,110				—				1,110
Other			7,078				492				—				7,570				—				7,570
Total Multifamily Units			96,313				1,641				1,247				99,201				148				99,349

(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 June 30, 2022												Average Effective				As of June 30, 2022
		Gross Real Assets				Percent to Total of Gross Real Assets				Physical Occupancy				Rent per Unit for the Three Months Ended June 30, 2022				Completed Units				Total Units, Including Development
Atlanta, GA		$	2,047,860				14.1	%			94.8	%		$	1,706				11,434
Dallas, TX			1,522,499				10.5	%			95.2	%			1,510				10,115
Charlotte, NC			970,785				6.7	%			95.4	%			1,452				5,867
Tampa, FL			903,613				6.2	%			95.5	%			1,895				5,220
Austin, TX			882,070				6.1	%			95.0	%			1,504				7,117
Orlando, FL			846,358				5.8	%			95.5	%			1,736				5,274
Raleigh/Durham, NC			714,309				4.9	%			95.4	%			1,376				5,350
Houston, TX			621,605				4.3	%			95.2	%			1,320				4,867
Northern Virginia			565,089				3.9	%			95.0	%			2,122				1,888
Nashville, TN			545,168				3.8	%			95.8	%			1,532				4,375
Phoenix, AZ			469,459				3.2	%			95.0	%			1,638				2,968
Charleston, SC			415,502				2.9	%			95.7	%			1,521				3,168
Fort Worth, TX			377,549				2.6	%			95.1	%			1,443				3,687
Jacksonville, FL			298,591				2.0	%			96.7	%			1,431				3,496
Richmond, VA			271,855				1.9	%			95.2	%			1,448				2,004
Fredericksburg, VA			249,393				1.7	%			96.5	%			1,714				1,435
Greenville, SC			231,082				1.6	%			96.8	%			1,192				2,355
Savannah, GA			220,321				1.5	%			96.4	%			1,463				1,837
Denver, CO			212,218				1.5	%			95.4	%			1,829				812
Kansas City, MO-KS			188,745				1.3	%			95.7	%			1,423				1,110
San Antonio, TX			167,836				1.2	%			96.3	%			1,288				1,504
Birmingham, AL			164,404				1.1	%			96.1	%			1,280				1,462
All Other Markets by State (individual markets <1% gross real assets)
Tennessee			191,970				1.3	%			94.5	%			1,243				2,754
Florida			181,308				1.3	%			96.0	%			1,638				1,806
Maryland			170,744				1.2	%			94.5	%			1,866				757
Alabama			167,127				1.2	%			96.4	%			1,293				1,648
Virginia			156,140				1.1	%			96.2	%			1,628				1,039
Kentucky			96,156				0.7	%			97.0	%			1,066				1,308
Nevada			72,607				0.5	%			94.6	%			1,487				721
South Carolina			37,384				0.3	%			94.8	%			1,083				576
Stabilized Communities		$	13,959,747				96.4	%			95.4	%		$	1,531				97,954
Orlando, FL			160,896				1.1	%			83.9	%			2,144				633				633
Denver, CO			103,649				0.7	%			89.5	%			1,879				306				658
Salt Lake City, UT			55,342				0.4	%			—				—				—				400
Houston, TX			54,652				0.4	%			68.8	%			1,567				308				308
Austin, TX			54,640				0.4	%			30.6	%			1,544				148				350
Atlanta, GA			49,496				0.3	%			—				—				—				340
Phoenix, AZ			48,869				0.3	%			—				—				—				317
Lease-up / Development Communities		$	527,544				3.6	%			70.4	%		$	1,895				1,395				3,006
Total Multifamily Communities		$	14,487,291				100.0	%			95.0	%		$	1,536				99,349				100,960

(1)Schedule excludes MAA's 35% ownership in a 269 unit joint venture property in Washington, D.C. As of June 30, 2022, the gross investment in real estate for this community is $80.3 million and includes a mortgage note payable of $51.8 million. For the six months ended June 30, 2022, this apartment community achieved NOI of $3.7 million.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

		As of June 30, 2022								Three Months Ended
		Apartment Units				Gross Real Assets				June 30, 2022				June 30, 2021				Percent Change
Operating Revenues
Same Store Communities			96,313			$	13,660,842			$	472,160			$	415,403				13.7	%
Non-Same Store Communities			1,641				298,905				10,734				15,471
Lease-up/Development Communities			1,395				527,544				5,895				149
Total Multifamily Portfolio			99,349			$	14,487,291			$	488,789			$	431,023
Commercial Property/Land			—				330,111				6,251				5,904
Total Operating Revenues			99,349			$	14,817,402			$	495,040			$	436,927
Property Operating Expenses
Same Store Communities										$	171,922			$	159,078				8.1	%
Non-Same Store Communities											4,467				6,645
Lease-up/Development Communities											2,805				575
Total Multifamily Portfolio										$	179,194			$	166,298
Commercial Property/Land											2,483				2,463
Total Property Operating Expenses										$	181,677			$	168,761
Net Operating Income
Same Store Communities										$	300,238			$	256,325				17.1	%
Non-Same Store Communities											6,267				8,826
Lease-up/Development Communities											3,090				(426	)
Total Multifamily Portfolio										$	309,595			$	264,725
Commercial Property/Land											3,768				3,441
Total Net Operating Income										$	313,363			$	268,166				16.9	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

		Three Months Ended												Six Months Ended
		June 30, 2022				June 30, 2021				Percent Change				June 30, 2022				June 30, 2021				Percent Change
Property Taxes		$	61,562			$	58,336				5.5	%		$	119,744			$	116,156				3.1	%
Personnel			37,234				34,599				7.6	%			72,548				68,144				6.5	%
Utilities			29,909				28,398				5.3	%			59,376				56,959				4.2	%
Building Repair and Maintenance			23,439				20,494				14.4	%			41,899				37,417				12.0	%
Office Operations			6,590				5,665				16.3	%			13,488				11,227				20.1	%
Insurance			6,293				5,502				14.4	%			12,512				10,964				14.1	%
Marketing			6,895				6,084				13.3	%			12,190				11,417				6.8	%
Total Property Operating Expenses		$	171,922			$	159,078				8.1	%		$	331,757			$	312,284				6.2	%

Supplemental Data S-3

MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE

										Average Physical Occupancy
						Percent of				Three Months Ended								Six Months Ended
		Apartment Units				Same Store NOI				June 30, 2022				June 30, 2021				June 30, 2022				June 30, 2021
Atlanta, GA			11,434				13.1	%			95.2	%			95.8	%			95.5	%			95.3	%
Dallas, TX			9,767				9.3	%			95.3	%			95.9	%			95.5	%			95.5	%
Tampa, FL			5,220				6.9	%			96.0	%			97.5	%			96.3	%			97.3	%
Orlando, FL			5,274				6.4	%			96.1	%			96.0	%			96.3	%			95.7	%
Charlotte, NC			5,867				6.3	%			95.7	%			96.6	%			95.7	%			96.3	%
Austin, TX			6,829				5.9	%			95.3	%			95.9	%			95.2	%			95.6	%
Raleigh/Durham, NC			5,350				5.3	%			95.4	%			96.1	%			95.4	%			95.9	%
Nashville, TN			4,375				4.7	%			95.9	%			95.9	%			95.7	%			95.2	%
Houston, TX			4,867				3.7	%			95.3	%			95.1	%			95.5	%			94.5	%
Jacksonville, FL			3,496				3.4	%			96.4	%			97.8	%			96.6	%			97.7	%
Charleston, SC			3,168				3.4	%			95.7	%			96.7	%			95.8	%			96.2	%
Phoenix, AZ			2,623				3.4	%			95.5	%			97.2	%			96.0	%			97.1	%
Fort Worth, TX			3,519				3.3	%			95.6	%			96.6	%			95.7	%			96.2	%
Northern Virginia			1,888				2.9	%			95.7	%			95.9	%			95.5	%			95.9	%
Richmond, VA			2,004				2.1	%			95.9	%			97.0	%			96.1	%			96.9	%
Savannah, GA			1,837				2.0	%			96.7	%			97.4	%			96.8	%			97.3	%
Fredericksburg, VA			1,435				1.9	%			97.0	%			97.9	%			96.8	%			97.4	%
Greenville, SC			2,355				1.9	%			96.6	%			96.8	%			96.3	%			96.3	%
Memphis, TN			1,811				1.6	%			94.9	%			97.7	%			95.3	%			97.7	%
Birmingham, AL			1,462				1.3	%			96.0	%			96.8	%			95.7	%			96.7	%
Denver, CO			812				1.1	%			95.7	%			95.2	%			96.1	%			94.4	%
San Antonio, TX			1,504				1.1	%			96.5	%			97.0	%			95.9	%			95.9	%
Huntsville, AL			1,228				1.1	%			95.9	%			97.6	%			96.0	%			97.2	%
Kansas City, MO-KS			1,110				1.1	%			95.4	%			95.3	%			95.6	%			94.6	%
Other			7,078				6.8	%			96.0	%			97.2	%			96.1	%			96.8	%
Total Same Store			96,313				100.0	%			95.7	%			96.4	%			95.8	%			96.0	%

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				Q2 2022				Q2 2021				% Chg				Q2 2022				Q2 2021				% Chg				Q2 2022				Q2 2021				% Chg				Q2 2022				Q2 2021				% Chg
Atlanta, GA			11,434			$	61,641			$	54,281				13.6	%		$	22,386			$	20,642				8.4	%		$	39,255			$	33,639				16.7	%		$	1,706			$	1,505				13.4	%
Dallas, TX			9,767				46,530				40,743				14.2	%			18,676				18,432				1.3	%			27,854				22,311				24.8	%			1,501				1,314				14.2	%
Tampa, FL			5,220				31,285				26,600				17.6	%			10,460				9,191				13.8	%			20,825				17,409				19.6	%			1,895				1,583				19.8	%
Orlando, FL			5,274				29,367				25,084				17.1	%			10,124				9,584				5.6	%			19,243				15,500				24.1	%			1,736				1,484				17.0	%
Charlotte, NC			5,867				27,294				24,333				12.2	%			8,470				7,887				7.4	%			18,824				16,446				14.5	%			1,452				1,281				13.3	%
Austin, TX			6,829				33,167				28,632				15.8	%			15,407				13,829				11.4	%			17,760				14,803				20.0	%			1,515				1,314				15.3	%
Raleigh/Durham, NC			5,350				23,952				21,056				13.8	%			8,002				7,279				9.9	%			15,950				13,777				15.8	%			1,376				1,206				14.1	%
Nashville, TN			4,375				21,528				18,931				13.7	%			7,460				7,007				6.5	%			14,068				11,924				18.0	%			1,532				1,345				13.9	%
Houston, TX			4,867				20,725				18,984				9.2	%			9,490				8,941				6.1	%			11,235				10,043				11.9	%			1,320				1,217				8.5	%
Jacksonville, FL			3,496				15,680				13,480				16.3	%			5,361				4,743				13.0	%			10,319				8,737				18.1	%			1,431				1,211				18.2	%
Charleston, SC			3,168				15,463				13,469				14.8	%			5,305				4,941				7.4	%			10,158				8,528				19.1	%			1,521				1,308				16.3	%
Phoenix, AZ			2,623				13,602				11,627				17.0	%			3,514				3,223				9.0	%			10,088				8,404				20.0	%			1,620				1,370				18.3	%
Fort Worth, TX			3,519				16,838				14,992				12.3	%			7,020				6,404				9.6	%			9,818				8,588				14.3	%			1,438				1,265				13.7	%
Northern Virginia			1,888				12,493				11,883				5.1	%			3,814				3,856				(1.1	)%			8,679				8,027				8.1	%			2,122				2,015				5.3	%
Richmond, VA			2,004				9,459				8,485				11.5	%			3,101				2,754				12.6	%			6,358				5,731				10.9	%			1,448				1,288				12.5	%
Savannah, GA			1,837				8,989				7,472				20.3	%			3,110				2,905				7.1	%			5,879				4,567				28.7	%			1,463				1,217				20.2	%
Fredericksburg, VA			1,435				8,040				7,257				10.8	%			2,186				1,993				9.7	%			5,854				5,264				11.2	%			1,714				1,542				11.2	%
Greenville, SC			2,355				9,486				8,430				12.5	%			3,701				3,399				8.9	%			5,785				5,031				15.0	%			1,192				1,045				14.1	%
Memphis, TN			1,811				7,404				6,688				10.7	%			2,714				2,510				8.1	%			4,690				4,178				12.3	%			1,293				1,116				15.9	%
Birmingham, AL			1,462				6,281				5,611				11.9	%			2,333				2,230				4.6	%			3,948				3,381				16.8	%			1,280				1,143				12.0	%
Denver, CO			812				4,727				4,236				11.6	%			1,323				1,224				8.1	%			3,404				3,012				13.0	%			1,829				1,658				10.3	%
San Antonio, TX			1,504				6,235				5,647				10.4	%			2,839				2,663				6.6	%			3,396				2,984				13.8	%			1,288				1,148				12.2	%
Huntsville, AL			1,228				5,071				4,581				10.7	%			1,783				1,395				27.8	%			3,288				3,186				3.2	%			1,222				1,089				12.1	%
Kansas City, MO-KS			1,110				5,013				4,609				8.8	%			1,834				1,736				5.6	%			3,179				2,873				10.7	%			1,423				1,313				8.4	%
Other			7,078				31,890				28,292				12.7	%			11,509				10,310				11.6	%			20,381				17,982				13.3	%			1,406				1,228				14.5	%
Total Same Store			96,313			$	472,160			$	415,403				13.7	%		$	171,922			$	159,078				8.1	%		$	300,238			$	256,325				17.1	%		$	1,529			$	1,338				14.3	%

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				Q2 2022				Q1 2022				% Chg				Q2 2022				Q1 2022				% Chg				Q2 2022				Q1 2022				% Chg				Q2 2022				Q1 2022				% Chg
Atlanta, GA			11,434			$	61,641			$	59,597				3.4	%		$	22,386			$	21,046				6.4	%		$	39,255			$	38,551				1.8	%		$	1,706			$	1,647				3.5	%
Dallas, TX			9,767				46,530				44,760				4.0	%			18,676				18,579				0.5	%			27,854				26,181				6.4	%			1,501				1,439				4.3	%
Tampa, FL			5,220				31,285				29,930				4.5	%			10,460				10,055				4.0	%			20,825				19,875				4.8	%			1,895				1,798				5.4	%
Orlando, FL			5,274				29,367				27,890				5.3	%			10,124				9,638				5.0	%			19,243				18,252				5.4	%			1,736				1,651				5.1	%
Charlotte, NC			5,867				27,294				26,480				3.1	%			8,470				7,692				10.1	%			18,824				18,788				0.2	%			1,452				1,397				3.9	%
Austin, TX			6,829				33,167				31,781				4.4	%			15,407				12,627				22.0	%			17,760				19,154				(7.3	)%			1,515				1,450				4.5	%
Raleigh/Durham, NC			5,350				23,952				22,907				4.6	%			8,002				7,141				12.1	%			15,950				15,766				1.2	%			1,376				1,326				3.8	%
Nashville, TN			4,375				21,528				20,580				4.6	%			7,460				6,985				6.8	%			14,068				13,595				3.5	%			1,532				1,472				4.1	%
Houston, TX			4,867				20,725				20,220				2.5	%			9,490				8,455				12.2	%			11,235				11,765				(4.5	)%			1,320				1,285				2.7	%
Jacksonville, FL			3,496				15,680				15,206				3.1	%			5,361				4,944				8.4	%			10,319				10,262				0.6	%			1,431				1,369				4.6	%
Charleston, SC			3,168				15,463				14,857				4.1	%			5,305				4,950				7.2	%			10,158				9,907				2.5	%			1,521				1,453				4.6	%
Phoenix, AZ			2,623				13,602				13,112				3.7	%			3,514				3,293				6.7	%			10,088				9,819				2.7	%			1,620				1,560				3.9	%
Fort Worth, TX			3,519				16,838				16,245				3.7	%			7,020				6,046				16.1	%			9,818				10,199				(3.7	)%			1,438				1,382				4.0	%
Northern Virginia			1,888				12,493				12,171				2.6	%			3,814				3,886				(1.9	)%			8,679				8,285				4.8	%			2,122				2,067				2.7	%
Richmond, VA			2,004				9,459				9,007				5.0	%			3,101				3,091				0.3	%			6,358				5,916				7.5	%			1,448				1,404				3.2	%
Savannah, GA			1,837				8,989				8,434				6.6	%			3,110				2,897				7.4	%			5,879				5,537				6.2	%			1,463				1,382				5.9	%
Fredericksburg, VA			1,435				8,040				7,690				4.6	%			2,186				2,294				(4.7	)%			5,854				5,396				8.5	%			1,714				1,671				2.6	%
Greenville, SC			2,355				9,486				9,106				4.2	%			3,701				3,302				12.1	%			5,785				5,804				(0.3	)%			1,192				1,155				3.3	%
Memphis, TN			1,811				7,404				7,314				1.2	%			2,714				2,636				3.0	%			4,690				4,678				0.3	%			1,293				1,250				3.4	%
Birmingham, AL			1,462				6,281				6,010				4.5	%			2,333				2,338				(0.2	)%			3,948				3,672				7.5	%			1,280				1,234				3.7	%
Denver, CO			812				4,727				4,660				1.4	%			1,323				1,338				(1.1	)%			3,404				3,322				2.5	%			1,829				1,776				2.9	%
San Antonio, TX			1,504				6,235				5,940				5.0	%			2,839				2,498				13.7	%			3,396				3,442				(1.3	)%			1,288				1,237				4.1	%
Huntsville, AL			1,228				5,071				4,928				2.9	%			1,783				1,608				10.9	%			3,288				3,320				(1.0	)%			1,222				1,185				3.1	%
Kansas City, MO-KS			1,110				5,013				4,870				2.9	%			1,834				1,765				3.9	%			3,179				3,105				2.4	%			1,423				1,386				2.7	%
Other			7,078				31,890				30,782				3.6	%			11,509				10,731				7.3	%			20,381				20,051				1.6	%			1,406				1,353				3.9	%
Total Same Store			96,313			$	472,160			$	454,477				3.9	%		$	171,922			$	159,835				7.6	%		$	300,238			$	294,642				1.9	%			1,529			$	1,469				4.0	%

Supplemental Data S-6

MULTIFAMILY SAME STORE PORTFOLIO YEAR TO DATE COMPARISONS AS OF JUNE 30, 2022 AND 2021

Dollars in thousands, except Average Effective Rent per Unit

						Revenues												Expenses												NOI												Average Effective Rent per Unit
		Units				Q2 2022				Q2 2021				% Chg				Q2 2022				Q2 2021				% Chg				Q2 2022				Q2 2021				% Chg				Q2 2022				Q2 2021				% Chg
Atlanta, GA			11,434			$	121,238			$	107,387				12.9	%		$	43,432			$	40,449				7.4	%		$	77,806			$	66,938				16.2	%		$	1,676			$	1,489				12.6	%
Dallas, TX			9,767				91,290				80,663				13.2	%			37,255				36,572				1.9	%			54,035				44,091				22.6	%			1,470				1,303				12.8	%
Tampa, FL			5,220				61,215				52,472				16.7	%			20,515				18,306				12.1	%			40,700				34,166				19.1	%			1,847				1,558				18.5	%
Orlando, FL			5,274				57,257				49,682				15.2	%			19,762				18,777				5.2	%			37,495				30,905				21.3	%			1,694				1,469				15.3	%
Charlotte, NC			5,867				53,774				48,103				11.8	%			16,162				15,191				6.4	%			37,612				32,912				14.3	%			1,424				1,268				12.3	%
Austin, TX			6,829				64,948				56,609				14.7	%			28,034				26,871				4.3	%			36,914				29,738				24.1	%			1,482				1,297				14.3	%
Raleigh/Durham, NC			5,350				46,859				41,901				11.8	%			15,143				14,049				7.8	%			31,716				27,852				13.9	%			1,351				1,195				13.1	%
Nashville, TN			4,375				42,108				37,233				13.1	%			14,445				13,704				5.4	%			27,663				23,529				17.6	%			1,502				1,329				13.0	%
Houston, TX			4,867				40,945				37,507				9.2	%			17,945				17,300				3.7	%			23,000				20,207				13.8	%			1,303				1,211				7.5	%
Jacksonville, FL			3,496				30,886				26,614				16.1	%			10,305				9,317				10.6	%			20,581				17,297				19.0	%			1,400				1,196				17.1	%
Charleston, SC			3,168				30,320				26,526				14.3	%			10,255				9,649				6.3	%			20,065				16,877				18.9	%			1,487				1,289				15.3	%
Phoenix, AZ			2,623				26,714				22,889				16.7	%			6,807				6,348				7.2	%			19,907				16,541				20.3	%			1,590				1,349				17.9	%
Fort Worth, TX			3,519				33,083				29,518				12.1	%			13,066				12,540				4.2	%			20,017				16,978				17.9	%			1,410				1,250				12.8	%
Northern Virginia			1,888				24,664				23,887				3.3	%			7,700				7,721				(0.3	)%			16,964				16,166				4.9	%			2,095				2,019				3.8	%
Richmond, VA			2,004				18,466				16,768				10.1	%			6,192				5,525				12.1	%			12,274				11,243				9.2	%			1,426				1,272				12.1	%
Savannah, GA			1,837				17,423				14,627				19.1	%			6,007				5,620				6.9	%			11,416				9,007				26.7	%			1,423				1,195				19.1	%
Fredericksburg, VA			1,435				15,730				14,151				11.2	%			4,480				4,092				9.5	%			11,250				10,059				11.8	%			1,693				1,512				12.0	%
Greenville, SC			2,355				18,592				16,652				11.7	%			7,003				6,651				5.3	%			11,589				10,001				15.9	%			1,174				1,035				13.4	%
Memphis, TN			1,811				14,718				13,130				12.1	%			5,350				5,085				5.2	%			9,368				8,045				16.4	%			1,271				1,096				16.0	%
Birmingham, AL			1,462				12,291				11,139				10.3	%			4,671				4,393				6.3	%			7,620				6,746				13.0	%			1,257				1,126				11.7	%
Denver, CO			812				9,387				8,404				11.7	%			2,661				2,519				5.6	%			6,726				5,885				14.3	%			1,803				1,642				9.8	%
San Antonio, TX			1,504				12,175				11,024				10.4	%			5,337				5,034				6.0	%			6,838				5,990				14.2	%			1,263				1,138				10.9	%
Huntsville, AL			1,228				9,999				9,016				10.9	%			3,391				2,894				17.2	%			6,608				6,122				7.9	%			1,204				1,072				12.3	%
Kansas City, MO-KS			1,110				9,883				9,110				8.5	%			3,599				3,424				5.1	%			6,284				5,686				10.5	%			1,405				1,302				7.9	%
Other			7,078				62,672				55,537				12.8	%			22,240				20,253				9.8	%			40,432				35,284				14.6	%			1,379				1,211				13.9	%
Total Same Store			96,313			$	926,637			$	820,549				12.9	%		$	331,757			$	312,284				6.2	%		$	594,880			$	508,265				17.0	%		$	1,499			$	1,323				13.3	%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands

				Units as of												Development Costs as of
				June 30, 2022												June 30, 2022														Expected
																Expected				Spend				Expected				Start		Initial
		Location		Total				Delivered				Leased				Total				to Date				Remaining				Date		Occupancy		Completion		Stabilization (1)
MAA Windmill Hill		Austin, TX			350				148				144			$	63,000			$	54,640			$	8,360			4Q20		1Q22		4Q22		4Q23
Novel Val Vista (2)		Phoenix, AZ			317			—				—					72,500				48,869				23,631			4Q20		1Q23		3Q23		3Q24
Novel West Midtown (2)		Atlanta, GA			340			—				—					89,500				49,496				40,004			2Q21		4Q22		3Q23		3Q24
Novel Daybreak (2)		Salt Lake City, UT			400			—				—					94,000				55,342				38,658			2Q21		4Q22		3Q23		4Q24
MAA Central Park I		Denver, CO			352			—				—					125,000				22,081				102,919			1Q22		4Q23		4Q24		3Q25
Total Active					1,759				148				144			$	444,000			$	230,428			$	213,572

(1) Communities are considered stabilized when 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 June 30, 2022
		Location		Total Units				Physical Occupancy		Spend to Date				Construction Completed		Expected Stabilization (1)
Sand Lake (2)		Orlando, FL		264				89.4%		$	63,543			4Q21		3Q22
MAA Westglenn		Denver, CO		306				89.5%			81,562			1Q22		3Q22
MAA Robinson		Orlando, FL		369				79.9%			97,354			4Q21		1Q23
MAA Park Point		Houston, TX		308				68.8%			54,619			1Q22		1Q23
Total					1,247			81.5%		$	297,078

(1) Communities are considered stabilized when 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

				Six months ended June 30, 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
	2,942			$	15,780			$	5,364			$	142			10.8%		10,000 - 14,000

Supplemental Data S-8

2022 ACQUISITION ACTIVITY (THROUGH JUNE 30, 2022)

Land Acquisition		Market		Acreage		Closing Date
MAA Florida Street Station		Denver, CO		4		March 2022
MAA Packing District		Orlando, FL		4		May 2022

2022 DISPOSITION ACTIVITY (THROUGH JUNE 30, 2022)

Multifamily Dispositions		Market		Apartment Units		Closing Date
MAA Deer Run		Fort Worth, TX		304		June 2022
MAA Oakbend		Fort Worth, TX		426		June 2022

Land Dispositions		Market		Acreage		Closing Date
Colonial Promenade		Huntsville, AL		2		April 2022

DEBT AND DEBT COVENANTS AS OF JUNE 30, 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		$	4,518,314				100.0	%			3.4	%			8.2
Floating rate debt			—				0.0	%			0.0	%			—
Total		$	4,518,314				100.0	%			3.4	%			8.2
Unsecured Versus Secured Debt		Balance				Percent of Total				Effective Interest Rate				Average Years to Contract Maturity
Unsecured debt		$	4,153,650				91.9	%			3.3	%			6.7
Secured debt			364,664				8.1	%			4.4	%			26.3
Total		$	4,518,314				100.0	%			3.4	%			8.2
Unencumbered Versus Encumbered Assets		Total Cost				Percent of Total				Q2 2022 NOI				Percent of Total
Unencumbered gross assets		$	14,424,804				93.8	%		$	298,030				95.1	%
Encumbered gross assets			945,291				6.2	%			15,333				4.9	%
Total		$	15,370,095				100.0	%		$	313,363				100.0	%

FIXED INTEREST RATE MATURITIES

Maturity		Fixed Rate Debt					Effective Interest Rate
2022		$	124,921					3.3	%
2023			349,172					4.2	%
2024			398,433					4.0	%
2025			402,098					4.2	%
2026			296,816					1.2	%
2027			596,155					3.7	%
2028			396,391					4.2	%
2029			559,749					3.7	%
2030			297,369					3.1	%
2031			444,654					1.8	%
Thereafter			652,556					3.8	%
Total		$	4,518,314					3.4	%

Supplemental Data S-9

DEBT AND DEBT COVENANTS AS OF JUNE 30, 2022 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

Maturity		Commercial Paper & Revolving Credit Facility ⁽¹⁾ ⁽²⁾				Public Bonds				Secured				Total
2022		$	—			$	124,921			$	—			$	124,921
2023			—				349,172				—				349,172
2024			—				398,433				—				398,433
2025			—				397,386				4,712				402,098
2026			—				296,816				—				296,816
2027			—				596,155				—				596,155
2028			—				396,391				—				396,391
2029			—				559,749				—				559,749
2030			—				297,369				—				297,369
2031			—				444,654				—				444,654
Thereafter			—				292,604				359,952				652,556
Total		$	—			$	4,153,650			$	364,664			$	4,518,314

(1)There were no borrowings outstanding under MAALP’s unsecured commercial paper program as of June 30, 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 June 30, 2022, average daily borrowings outstanding under the commercial paper program were $16.3 million.

(2)There were no borrowings outstanding under MAALP’s $1.0 billion unsecured revolving credit facility as of June 30, 2022. In July 2022, MAALP amended its unsecured revolving credit facility, increasing borrowing capacity to $1.25 billion with an option to expand to $2.0 billion. The amended facility has a maturity date of October 2026 with two six-month extension options.

DEBT COVENANT ANALYSIS (1)

Bond Covenants		Required		Actual		Compliance
Total debt to adjusted total assets		60% or less		29.4%		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		6.6x		Yes
Total unencumbered assets to total unsecured debt		Greater than 150%		343.1%		Yes
Bank Covenants		Required		Actual		Compliance
Total debt to total capitalized asset value		60% or less		22.8%		Yes
Total secured debt to total capitalized asset value		40% or Less		1.9%		Yes
Total adjusted EBITDA to fixed charges		1.5x or greater for trailing 4 quarters		6.6x		Yes
Total unsecured debt to total unsecured capitalized asset value		60% or less		21.9%		Yes

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

Supplemental Data S-10

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		$5.65 to $5.89		$5.77
Core FFO per Share - diluted		$8.13 to $8.37		$8.25
Core AFFO per Share - diluted		$7.34 to $7.58		$7.46
MAA Same Store Portfolio:
Number of units				96,313
Average physical occupancy		95.6% to 96.0%		95.8%
Property revenue growth		11.5% to 12.5%		12.0%
Effective rent growth		12.75% to 13.75%		13.25%
Property operating expense growth		6.5% to 7.5%		7.0%
NOI growth		14.0% to 16.0%		15.0%
Real estate tax expense growth		5.0% to 6.0%		5.5%
Corporate Expenses: ($ 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		$175.0 to $225.0		$200.0
Multifamily acquisition volume		$75.0 to $125.0		$100.0
Multifamily disposition volume		$300.0 to $350.0		$325.0
Debt:
Average effective interest rate		3.4% to 3.6%		3.5%
Capitalized interest ($ 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		$	5.65			$	5.89
Real estate depreciation and amortization			4.62				4.62
Gains on sale of depreciable assets			(2.21	)			(2.21	)
FFO per Share - diluted			8.06				8.30
Non-Core FFO items (1)			0.07				0.07
Core FFO per Share - diluted			8.13				8.37
Recurring capital expenditures			(0.79	)			(0.79	)
Core AFFO per Share - diluted		$	7.34			$	7.58

(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-11

CREDIT RATINGS

		Commercial		Long-Term
		Paper Rating		Debt Rating		Outlook
Fitch Ratings (1)		F1		A-		Stable
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:

Q3 2022

Q4 2022

Q1 2023

Q2 2023

Earnings release & conference call

Late October

Early February

Late April

Late July

Dividend Information - Common Shares:

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Q2 2022

Declaration date

5/18/2021

9/28/2021

12/7/2021

3/22/2022

5/17/2022

Record date

7/15/2021

10/15/2021

1/14/2022

4/14/2022

7/15/2022

Payment date

7/30/2021

10/29/2021

1/31/2022

4/29/2022

7/29/2022

Distributions per share

$

1.0250

$

1.0250

$

1.0875

$

1.0875

$

1.2500

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-12