Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT SEPTEMBER 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				196				—				5,416				—				5,416
Orlando, FL			5,274				264				369				5,907				—				5,907
Charlotte, NC			5,867				—				344				6,211				—				6,211
Austin, TX			6,829				288				—				7,117				323				7,440
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				2,101				1,327				99,741				323				100,064

(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 September 30, 2022												Average Effective				As of September 30, 2022
		Gross Real Assets				Percent to Total of Gross Real Assets				Physical Occupancy				Rent per Unit for the Three Months Ended September 30, 2022				Completed Units				Total Units, Including Development
Atlanta, GA		$	2,058,201				14.0	%			95.9	%		$	1,793				11,434
Dallas, TX			1,530,476				10.3	%			95.9	%			1,595				10,115
Tampa, FL			982,215				6.6	%			95.5	%			2,015				5,416
Charlotte, NC			977,952				6.6	%			95.8	%			1,543				5,867
Orlando, FL			912,513				6.2	%			96.2	%			1,881				5,538
Austin, TX			888,441				6.0	%			95.2	%			1,587				7,117
Raleigh/Durham, NC			716,513				4.8	%			95.6	%			1,474				5,350
Houston, TX			624,165				4.2	%			95.7	%			1,363				4,867
Northern Virginia			566,836				3.8	%			95.9	%			2,211				1,888
Nashville, TN			547,556				3.7	%			96.1	%			1,634				4,375
Phoenix, AZ			471,487				3.2	%			95.9	%			1,728				2,968
Charleston, SC			417,605				2.8	%			96.4	%			1,625				3,168
Fort Worth, TX			378,646				2.6	%			95.6	%			1,515				3,687
Jacksonville, FL			299,626				2.0	%			96.7	%			1,510				3,496
Richmond, VA			272,830				1.8	%			96.3	%			1,525				2,004
Fredericksburg, VA			250,094				1.7	%			96.6	%			1,763				1,435
Greenville, SC			231,124				1.6	%			96.7	%			1,256				2,355
Savannah, GA			220,793				1.5	%			96.7	%			1,570				1,837
Denver, CO			212,386				1.4	%			96.4	%			1,898				812
Kansas City, MO-KS			189,830				1.3	%			95.7	%			1,486				1,110
San Antonio, TX			168,221				1.1	%			95.7	%			1,361				1,504
Birmingham, AL			165,371				1.1	%			95.1	%			1,342				1,462
All Other Markets by State (individual markets <1% gross real assets)
Tennessee			193,239				1.3	%			95.5	%			1,295				2,754
Florida			182,531				1.2	%			96.0	%			1,751				1,806
Maryland			171,446				1.2	%			95.2	%			1,940				757
Alabama			168,103				1.1	%			95.3	%			1,357				1,648
Virginia			157,063				1.1	%			95.9	%			1,694				1,039
Kentucky			96,194				0.6	%			96.4	%			1,127				1,308
Nevada			72,736				0.5	%			95.8	%			1,548				721
South Carolina			37,971				0.3	%			95.3	%			1,127				576
Stabilized Communities		$	14,162,164				95.6	%			95.9	%		$	1,619				98,414
Charlotte, NC			139,071				0.9	%			91.6	%			2,084				344				344
Denver, CO			112,255				0.8	%			90.2	%			1,906				306				658
Orlando, FL			97,380				0.7	%			89.7	%			2,205				369				369
Salt Lake City, UT			65,399				0.4	%			—				—				—				400
Atlanta, GA			58,366				0.4	%			—				—				—				340
Austin, TX			57,737				0.4	%			56.6	%			1,635				323				350
Houston, TX			54,792				0.4	%			86.4	%			1,560				308				308
Phoenix, AZ			54,057				0.4	%			—				—				—				317
Lease-up / Development Communities		$	639,057				4.4	%			82.6	%		$	1,892				1,650				3,086
Total Multifamily Communities		$	14,801,221				100.0	%			95.7	%		$	1,624				100,064				101,500

(1)Schedule excludes MAA's 35% ownership in a 269 unit joint venture property in Washington, D.C. As of September 30, 2022, the gross investment in real estate for this community was $80.4 million and includes a mortgage note payable of $51.8 million. For the nine months ended September 30, 2022, this apartment community achieved NOI of $5.5 million.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

		As of September 30, 2022								Three Months Ended
		Apartment Units				Gross Real Assets				September 30, 2022				September 30, 2021				Percent Change
Operating Revenues
Same Store Communities			96,313			$	13,726,445			$	495,377			$	432,206				14.6	%
Non-Same Store Communities			2,101				435,719				12,876				13,323
Lease-up/Development Communities			1,650				639,057				6,313				1,094
Total Multifamily Portfolio			100,064			$	14,801,221			$	514,566			$	446,623
Commercial Property/Land			—				357,028				6,217				5,952
Total Operating Revenues			100,064			$	15,158,249			$	520,783			$	452,575
Property Operating Expenses
Same Store Communities										$	179,761			$	163,324				10.1	%
Non-Same Store Communities											4,569				6,209
Lease-up/Development Communities											2,839				709
Hurricane Expenses											1,602				—
Total Multifamily Portfolio										$	188,771			$	170,242
Commercial Property/Land											2,652				2,596
Total Property Operating Expenses										$	191,423			$	172,838
Net Operating Income
Same Store Communities										$	315,616			$	268,882				17.4	%
Non-Same Store Communities											8,307				7,114
Lease-up/Development Communities											3,474				385
Hurricane Expenses											(1,602	)			—
Total Multifamily Portfolio										$	325,795			$	276,381
Commercial Property/Land											3,565				3,356
Total Net Operating Income										$	329,360			$	279,737				17.7	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

		Three Months Ended												Nine Months Ended
		September 30, 2022				September 30, 2021				Percent Change				September 30, 2022				September 30, 2021				Percent Change
Property Taxes		$	62,924			$	57,296				9.8	%		$	182,668			$	173,452				5.3	%
Personnel			39,281				35,953				9.3	%			111,829				104,097				7.4	%
Utilities			33,594				31,154				7.8	%			92,970				88,113				5.5	%
Building Repair and Maintenance			24,011				21,360				12.4	%			65,910				58,777				12.1	%
Office Operations			7,276				5,817				25.1	%			20,764				17,044				21.8	%
Insurance			7,011				6,233				12.5	%			19,523				17,197				13.5	%
Marketing			5,664				5,511				2.8	%			17,854				16,928				5.5	%
Total Property Operating Expenses (1)		$	179,761			$	163,324				10.1	%		$	511,518			$	475,608				7.6	%

(1)Excludes $1.6 million in storm-related expenses related to Hurricane Ian.

Supplemental Data S-3

MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE

										Average Physical Occupancy
						Percent of				Three Months Ended								Nine Months Ended
		Apartment Units				Same Store NOI				September 30, 2022				September 30, 2021				September 30, 2022				September 30, 2021
Atlanta, GA			11,434				12.8	%			95.3	%			95.6	%			95.4	%			95.4	%
Dallas, TX			9,767				9.2	%			95.8	%			96.2	%			95.6	%			95.7	%
Tampa, FL			5,220				6.9	%			95.8	%			97.1	%			96.1	%			97.2	%
Charlotte, NC			5,867				6.5	%			96.0	%			96.5	%			95.8	%			96.3	%
Orlando, FL			5,274				6.3	%			96.2	%			96.3	%			96.3	%			95.9	%
Austin, TX			6,829				6.2	%			95.5	%			96.1	%			95.3	%			95.8	%
Raleigh/Durham, NC			5,350				5.5	%			95.8	%			96.2	%			95.5	%			96.0	%
Nashville, TN			4,375				4.7	%			96.1	%			96.2	%			95.9	%			95.5	%
Houston, TX			4,867				3.8	%			95.5	%			96.0	%			95.5	%			95.0	%
Charleston, SC			3,168				3.6	%			96.1	%			96.7	%			95.9	%			96.4	%
Phoenix, AZ			2,623				3.4	%			95.7	%			97.0	%			95.9	%			97.0	%
Jacksonville, FL			3,496				3.4	%			96.4	%			97.3	%			96.6	%			97.5	%
Fort Worth, TX			3,519				3.2	%			95.5	%			96.4	%			95.6	%			96.3	%
Northern Virginia			1,888				2.7	%			95.6	%			95.3	%			95.6	%			95.7	%
Richmond, VA			2,004				2.1	%			96.1	%			96.5	%			96.1	%			96.8	%
Greenville, SC			2,355				2.0	%			96.6	%			96.4	%			96.4	%			96.4	%
Savannah, GA			1,837				2.0	%			96.9	%			97.4	%			96.8	%			97.3	%
Fredericksburg, VA			1,435				1.8	%			95.8	%			96.6	%			96.4	%			97.1	%
Memphis, TN			1,811				1.5	%			94.4	%			96.7	%			95.0	%			97.3	%
Birmingham, AL			1,462				1.3	%			95.8	%			96.6	%			95.7	%			96.7	%
San Antonio, TX			1,504				1.2	%			96.0	%			97.0	%			95.9	%			96.3	%
Denver, CO			812				1.1	%			95.1	%			95.7	%			95.8	%			94.8	%
Huntsville, AL			1,228				1.1	%			95.1	%			96.6	%			95.7	%			97.0	%
Kansas City, MO-KS			1,110				1.0	%			95.8	%			96.1	%			95.6	%			95.1	%
Other			7,078				6.7	%			95.9	%			96.9	%			96.0	%			96.8	%
Total Same Store			96,313				100.0	%			95.8	%			96.4	%			95.8	%			96.2	%

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				Q3 2022				Q3 2021				% Chg				Q3 2022 (1)				Q3 2021				% Chg				Q3 2022				Q3 2021				% Chg				Q3 2022				Q3 2021				% Chg
Atlanta, GA			11,434			$	64,073			$	56,687				13.0	%		$	23,756			$	21,800				9.0	%		$	40,317			$	34,887				15.6	%		$	1,793			$	1,553				15.4	%
Dallas, TX			9,767				49,111				42,357				15.9	%			20,199				18,985				6.4	%			28,912				23,372				23.7	%			1,585				1,352				17.2	%
Tampa, FL			5,220				32,897				27,887				18.0	%			11,001				9,841				11.8	%			21,896				18,046				21.3	%			2,015				1,651				22.0	%
Charlotte, NC			5,867				28,955				25,338				14.3	%			8,513				7,878				8.1	%			20,442				17,460				17.1	%			1,543				1,325				16.4	%
Orlando, FL			5,274				31,271				25,969				20.4	%			11,406				9,136				24.8	%			19,865				16,833				18.0	%			1,864				1,530				21.9	%
Austin, TX			6,829				34,889				30,219				15.5	%			15,303				13,689				11.8	%			19,586				16,530				18.5	%			1,598				1,361				17.4	%
Raleigh/Durham, NC			5,350				25,425				21,894				16.1	%			8,018				7,540				6.3	%			17,407				14,354				21.3	%			1,474				1,253				17.6	%
Nashville, TN			4,375				22,781				19,729				15.5	%			7,818				7,280				7.4	%			14,963				12,449				20.2	%			1,634				1,391				17.5	%
Houston, TX			4,867				21,283				19,428				9.5	%			9,420				8,356				12.7	%			11,863				11,072				7.1	%			1,363				1,236				10.3	%
Charleston, SC			3,168				16,577				14,113				17.5	%			5,286				5,364				(1.5	)%			11,291				8,749				29.1	%			1,625				1,361				19.4	%
Phoenix, AZ			2,623				14,291				12,222				16.9	%			3,632				3,470				4.7	%			10,659				8,752				21.8	%			1,713				1,437				19.2	%
Jacksonville, FL			3,496				16,394				14,161				15.8	%			5,754				4,971				15.8	%			10,640				9,190				15.8	%			1,510				1,262				19.7	%
Fort Worth, TX			3,519				17,633				15,509				13.7	%			7,538				6,321				19.3	%			10,095				9,188				9.9	%			1,509				1,306				15.5	%
Northern Virginia			1,888				13,002				11,821				10.0	%			4,358				4,025				8.3	%			8,644				7,796				10.9	%			2,211				1,999				10.6	%
Richmond, VA			2,004				9,911				8,685				14.1	%			3,257				2,955				10.2	%			6,654				5,730				16.1	%			1,525				1,314				16.1	%
Greenville, SC			2,355				9,936				8,707				14.1	%			3,602				3,406				5.8	%			6,334				5,301				19.5	%			1,256				1,083				15.9	%
Savannah, GA			1,837				9,457				7,876				20.1	%			3,242				2,980				8.8	%			6,215				4,896				26.9	%			1,570				1,284				22.3	%
Fredericksburg, VA			1,435				8,078				7,578				6.6	%			2,326				2,152				8.1	%			5,752				5,426				6.0	%			1,763				1,618				9.0	%
Memphis, TN			1,811				7,721				6,901				11.9	%			2,887				2,682				7.6	%			4,834				4,219				14.6	%			1,339				1,171				14.4	%
Birmingham, AL			1,462				6,483				5,874				10.4	%			2,502				2,264				10.5	%			3,981				3,610				10.3	%			1,342				1,183				13.4	%
San Antonio, TX			1,504				6,515				5,775				12.8	%			2,855				2,718				5.0	%			3,660				3,057				19.7	%			1,361				1,186				14.8	%
Denver, CO			812				4,916				4,506				9.1	%			1,467				1,393				5.3	%			3,449				3,113				10.8	%			1,898				1,712				10.9	%
Huntsville, AL			1,228				5,197				4,718				10.2	%			1,773				1,585				11.9	%			3,424				3,133				9.3	%			1,281				1,132				13.1	%
Kansas City, MO-KS			1,110				5,256				4,769				10.2	%			2,037				1,811				12.5	%			3,219				2,958				8.8	%			1,486				1,343				10.6	%
Other			7,078				33,325				29,483				13.0	%			11,811				10,722				10.2	%			21,514				18,761				14.7	%			1,481				1,279				15.8	%
Total Same Store			96,313			$	495,377			$	432,206				14.6	%		$	179,761			$	163,324				10.1	%		$	315,616			$	268,882				17.4	%		$	1,614			$	1,383				16.7	%

(1)Excludes $1.6 million in storm-related expenses related to Hurricane Ian.

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				Q3 2022				Q2 2022				% Chg				Q3 2022 (1)				Q2 2022				% Chg				Q3 2022				Q2 2022				% Chg				Q3 2022				Q2 2022				% Chg
Atlanta, GA			11,434			$	64,073			$	61,641				3.9	%		$	23,756			$	22,386				6.1	%		$	40,317			$	39,255				2.7	%		$	1,793			$	1,706				5.1	%
Dallas, TX			9,767				49,111				46,530				5.5	%			20,199				18,676				8.2	%			28,912				27,854				3.8	%			1,585				1,501				5.6	%
Tampa, FL			5,220				32,897				31,285				5.2	%			11,001				10,460				5.2	%			21,896				20,825				5.1	%			2,015				1,895				6.3	%
Charlotte, NC			5,867				28,955				27,294				6.1	%			8,513				8,470				0.5	%			20,442				18,824				8.6	%			1,543				1,452				6.3	%
Orlando, FL			5,274				31,271				29,367				6.5	%			11,406				10,124				12.7	%			19,865				19,243				3.2	%			1,864				1,736				7.4	%
Austin, TX			6,829				34,889				33,167				5.2	%			15,303				15,407				(0.7	)%			19,586				17,760				10.3	%			1,598				1,515				5.5	%
Raleigh/Durham, NC			5,350				25,425				23,952				6.1	%			8,018				8,002				0.2	%			17,407				15,950				9.1	%			1,474				1,376				7.1	%
Nashville, TN			4,375				22,781				21,528				5.8	%			7,818				7,460				4.8	%			14,963				14,068				6.4	%			1,634				1,532				6.7	%
Houston, TX			4,867				21,283				20,725				2.7	%			9,420				9,490				(0.7	)%			11,863				11,235				5.6	%			1,363				1,320				3.3	%
Charleston, SC			3,168				16,577				15,463				7.2	%			5,286				5,305				(0.4	)%			11,291				10,158				11.2	%			1,625				1,521				6.9	%
Phoenix, AZ			2,623				14,291				13,602				5.1	%			3,632				3,514				3.4	%			10,659				10,088				5.7	%			1,713				1,620				5.7	%
Jacksonville, FL			3,496				16,394				15,680				4.6	%			5,754				5,361				7.3	%			10,640				10,319				3.1	%			1,510				1,431				5.5	%
Fort Worth, TX			3,519				17,633				16,838				4.7	%			7,538				7,020				7.4	%			10,095				9,818				2.8	%			1,509				1,438				4.9	%
Northern Virginia			1,888				13,002				12,493				4.1	%			4,358				3,814				14.3	%			8,644				8,679				(0.4	)%			2,211				2,122				4.2	%
Richmond, VA			2,004				9,911				9,459				4.8	%			3,257				3,101				5.0	%			6,654				6,358				4.7	%			1,525				1,448				5.3	%
Greenville, SC			2,355				9,936				9,486				4.7	%			3,602				3,701				(2.7	)%			6,334				5,785				9.5	%			1,256				1,192				5.3	%
Savannah, GA			1,837				9,457				8,989				5.2	%			3,242				3,110				4.2	%			6,215				5,879				5.7	%			1,570				1,463				7.3	%
Fredericksburg, VA			1,435				8,078				8,040				0.5	%			2,326				2,186				6.4	%			5,752				5,854				(1.7	)%			1,763				1,714				2.8	%
Memphis, TN			1,811				7,721				7,404				4.3	%			2,887				2,714				6.4	%			4,834				4,690				3.1	%			1,339				1,293				3.6	%
Birmingham, AL			1,462				6,483				6,281				3.2	%			2,502				2,333				7.2	%			3,981				3,948				0.8	%			1,342				1,280				4.8	%
San Antonio, TX			1,504				6,515				6,235				4.5	%			2,855				2,839				0.6	%			3,660				3,396				7.8	%			1,361				1,288				5.7	%
Denver, CO			812				4,916				4,727				4.0	%			1,467				1,323				10.9	%			3,449				3,404				1.3	%			1,898				1,829				3.8	%
Huntsville, AL			1,228				5,197				5,071				2.5	%			1,773				1,783				(0.6	)%			3,424				3,288				4.1	%			1,281				1,222				4.9	%
Kansas City, MO-KS			1,110				5,256				5,013				4.8	%			2,037				1,834				11.1	%			3,219				3,179				1.3	%			1,486				1,423				4.4	%
Other			7,078				33,325				31,890				4.5	%			11,811				11,509				2.6	%			21,514				20,381				5.6	%			1,481				1,406				5.3	%
Total Same Store			96,313			$	495,377			$	472,160				4.9	%		$	179,761			$	171,922				4.6	%		$	315,616			$	300,238				5.1	%		$	1,614			$	1,529				5.6	%

(1)Excludes $1.6 million in storm-related expenses related to Hurricane Ian.

Supplemental Data S-6

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

Dollars in thousands, except Average Effective Rent per Unit

						Revenues												Expenses												NOI												Average Effective Rent per Unit
		Units				Q3 2022				Q3 2021				% Chg				Q3 2022 (1)				Q3 2021				% Chg				Q3 2022				Q3 2021				% Chg				Q3 2022				Q3 2021				% Chg
Atlanta, GA			11,434			$	185,311			$	164,074				12.9	%		$	67,188			$	62,249				7.9	%		$	118,123			$	101,825				16.0	%		$	1,715			$	1,511				13.6	%
Dallas, TX			9,767				140,401				123,020				14.1	%			57,454				55,557				3.4	%			82,947				67,463				23.0	%			1,508				1,319				14.3	%
Tampa, FL			5,220				94,112				80,359				17.1	%			31,516				28,147				12.0	%			62,596				52,212				19.9	%			1,903				1,589				19.7	%
Charlotte, NC			5,867				82,729				73,441				12.6	%			24,675				23,069				7.0	%			58,054				50,372				15.3	%			1,464				1,287				13.7	%
Orlando, FL			5,274				88,528				75,651				17.0	%			31,168				27,913				11.7	%			57,360				47,738				20.2	%			1,750				1,489				17.6	%
Austin, TX			6,829				99,837				86,828				15.0	%			43,337				40,560				6.8	%			56,500				46,268				22.1	%			1,521				1,319				15.3	%
Raleigh/Durham, NC			5,350				72,284				63,795				13.3	%			23,161				21,589				7.3	%			49,123				42,206				16.4	%			1,392				1,214				14.6	%
Nashville, TN			4,375				64,889				56,962				13.9	%			22,263				20,984				6.1	%			42,626				35,978				18.5	%			1,546				1,349				14.5	%
Houston, TX			4,867				62,228				56,935				9.3	%			27,365				25,656				6.7	%			34,863				31,279				11.5	%			1,323				1,219				8.5	%
Charleston, SC			3,168				46,897				40,639				15.4	%			15,541				15,013				3.5	%			31,356				25,626				22.4	%			1,533				1,313				16.7	%
Phoenix, AZ			2,623				41,005				35,111				16.8	%			10,439				9,818				6.3	%			30,566				25,293				20.8	%			1,631				1,378				18.3	%
Jacksonville, FL			3,496				47,280				40,775				16.0	%			16,059				14,288				12.4	%			31,221				26,487				17.9	%			1,437				1,218				18.0	%
Fort Worth, TX			3,519				50,716				45,027				12.6	%			20,604				18,861				9.2	%			30,112				26,166				15.1	%			1,443				1,269				13.7	%
Northern Virginia			1,888				37,666				35,708				5.5	%			12,058				11,746				2.7	%			25,608				23,962				6.9	%			2,134				2,012				6.0	%
Richmond, VA			2,004				28,377				25,453				11.5	%			9,449				8,480				11.4	%			18,928				16,973				11.5	%			1,459				1,286				13.5	%
Greenville, SC			2,355				28,528				25,359				12.5	%			10,605				10,057				5.4	%			17,923				15,302				17.1	%			1,201				1,051				14.2	%
Savannah, GA			1,837				26,880				22,503				19.5	%			9,249				8,600				7.5	%			17,631				13,903				26.8	%			1,472				1,224				20.2	%
Fredericksburg, VA			1,435				23,808				21,729				9.6	%			6,806				6,244				9.0	%			17,002				15,485				9.8	%			1,716				1,547				10.9	%
Memphis, TN			1,811				22,439				20,031				12.0	%			8,237				7,767				6.1	%			14,202				12,264				15.8	%			1,294				1,121				15.4	%
Birmingham, AL			1,462				18,774				17,013				10.4	%			7,173				6,657				7.8	%			11,601				10,356				12.0	%			1,286				1,145				12.3	%
San Antonio, TX			1,504				18,690				16,799				11.3	%			8,192				7,752				5.7	%			10,498				9,047				16.0	%			1,295				1,154				12.2	%
Denver, CO			812				14,303				12,910				10.8	%			4,128				3,912				5.5	%			10,175				8,998				13.1	%			1,834				1,665				10.2	%
Huntsville, AL			1,228				15,196				13,734				10.6	%			5,164				4,479				15.3	%			10,032				9,255				8.4	%			1,229				1,092				12.6	%
Kansas City, MO-KS			1,110				15,139				13,879				9.1	%			5,636				5,235				7.7	%			9,503				8,644				9.9	%			1,432				1,316				8.8	%
Other			7,078				95,997				85,020				12.9	%			34,051				30,975				9.9	%			61,946				54,045				14.6	%			1,358				1,184				14.7	%
Total Same Store			96,313			$	1,422,014			$	1,252,755				13.5	%		$	511,518			$	475,608				7.6	%		$	910,496			$	777,147				17.2	%		$	1,537			$	1,343				14.5	%

(1)Excludes $1.6 million in storm-related expenses related to Hurricane Ian.

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands

				Units as of									Development Costs as of
				September 30, 2022									September 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			323			213		$	63,000		$	57,737		$	5,263			4Q20		1Q22		4Q22		4Q23
Novel Val Vista (2)		Phoenix, AZ			317		—			—				72,500			54,057			18,443			4Q20		2Q23		4Q23		4Q24
Novel West Midtown (2)		Atlanta, GA			340		—			—				89,500			58,366			31,134			2Q21		1Q23		3Q23		3Q24
Novel Daybreak (2)		Salt Lake City, UT			400		—			—				94,000			65,399			28,601			2Q21		4Q22		3Q23		4Q24
MAA Milepost 35 (3)		Denver, CO			352		—			—				125,000			30,568			94,432			1Q22		4Q23		4Q24		3Q25
Total Active					1,759			323			213		$	444,000		$	266,127		$	177,873

(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.

(3) Previously reported as MAA Central Park I.

MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands

				As of September 30, 2022
		Location		Total Units				Physical Occupancy		Spend to Date				Construction Completed		Expected Stabilization (1)
MAA Westglenn		Denver, CO		306				90.2%			81,686			1Q22		4Q22
MAA Park Point		Houston, TX		308				86.4%			54,792			1Q22		4Q22
MAA LoSo		Charlotte, NC		344				91.6%			139,072			(2)		1Q23
MAA Robinson		Orlando, FL		369				89.7%			97,380			4Q21		1Q23
Total					1,327			89.5%		$	372,930

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

(2) Property was acquired while in lease-up; construction was completed prior to acquisition by MAA.

MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data

Nine months ended September 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
	5,247			$	29,907			$	5,700			$	138			10.4%		12,000 - 15,000

Supplemental Data S-8

2022 ACQUISITION ACTIVITY (THROUGH SEPTEMBER 30, 2022)

Multifamily Acquisitions		Market		Apartment Units		Closing Date
MAA Hampton Preserve II		Tampa, FL		196		July 2022
MAA LoSo		Charlotte, NC		344		September 2022

Land Acquisition		Market		Acreage		Closing Date
MAA Florida Street Station		Denver, CO		4		March 2022
MAA Packing District		Orlando, FL		4		May 2022
MAA Panorama		Denver, CO		6		July 2022

2022 DISPOSITION ACTIVITY (THROUGH SEPTEMBER 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
Colonial Promenade		Huntsville, AL		3		August 2022

DEBT AND DEBT COVENANTS AS OF SEPTEMBER 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		$	4,394,151				97.2	%			3.4	%			8.2
Floating rate debt			125,000				2.8	%			3.4	%			0.1
Total		$	4,519,151				100.0	%			3.4	%			8.0
Unsecured Versus Secured Debt		Balance				Percent of Total				Effective Interest Rate				Average Years to Contract Maturity
Unsecured debt		$	4,154,820				91.9	%			3.4	%			6.4
Secured debt			364,331				8.1	%			4.4	%			26.1
Total		$	4,519,151				100.0	%			3.4	%			8.0
Unencumbered Versus Encumbered Assets		Total Cost				Percent of Total				Q3 2022 NOI				Percent of Total
Unencumbered gross assets		$	14,515,719				93.4	%		$	313,408				95.2	%
Encumbered gross assets			1,027,305				6.6	%			15,952				4.8	%
Total		$	15,543,024				100.0	%		$	329,360				100.0	%

FIXED INTEREST RATE MATURITIES

Maturity		Fixed Rate Debt					Effective Interest Rate
2022		$	—					—
2023			349,340					4.2	%
2024			398,637					4.0	%
2025			401,927					4.2	%
2026			297,009					1.2	%
2027			596,351					3.7	%
2028			396,543					4.2	%
2029			559,415					3.7	%
2030			297,456					3.1	%
2031			444,819					1.8	%
Thereafter			652,654					3.8	%
Total		$	4,394,151					3.4	%

Supplemental Data S-9

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

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

Maturity		Commercial Paper & Revolving Credit Facility ⁽¹⁾ ⁽²⁾				Public Bonds				Secured				Total
2022		$	125,000			$	—			$	—			$	125,000
2023			—				349,340				—				349,340
2024			—				398,637				—				398,637
2025			—				397,580				4,347				401,927
2026			—				297,009				—				297,009
2027			—				596,351				—				596,351
2028			—				396,543				—				396,543
2029			—				559,415				—				559,415
2030			—				297,456				—				297,456
2031			—				444,819				—				444,819
Thereafter			—				292,670				359,984				652,654
Total		$	125,000			$	4,029,820			$	364,331			$	4,519,151

(1)As of September 30, 2022, borrowings of $125.0 million were outstanding under MAALP’s unsecured commercial paper program. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $625.0 million. For the three months ended September 30, 2022, average daily borrowings outstanding under the commercial paper program were $29.8 million.

(2)There were no borrowings outstanding under MAALP’s $1.25 billion unsecured revolving credit facility as of September 30, 2022. The unsecured revolving credit 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		29.1%		Yes
Total secured debt to adjusted total assets		40% or less		2.3%		Yes
Consolidated income available for debt service to total annual debt service charge		1.5x or greater for trailing 4 quarters		6.9x		Yes
Total unencumbered assets to total unsecured debt		Greater than 150%		346.4%		Yes
Bank Covenants		Required		Actual		Compliance
Total debt to total capitalized asset value		60% or less		21.1%		Yes
Total secured debt to total capitalized asset value		40% or Less		1.8%		Yes
Total adjusted EBITDA to fixed charges		1.5x or greater for trailing 4 quarters		6.9x		Yes
Total unsecured debt to total unsecured capitalized asset value		60% or less		20.2%		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		$5.59 to $5.75		$5.67
Core FFO per Share - diluted		$8.37 to $8.53		$8.45
Core AFFO per Share - diluted		$7.59 to $7.75		$7.67
MAA Same Store Portfolio:
Number of units				96,313
Average physical occupancy		95.6% to 96.0%		95.8%
Property revenue growth		13.0% to 14.0%		13.5%
Effective rent growth		14.0% to 15.0%		14.5%
Property operating expense growth		7.0% to 7.5%		7.25%
NOI growth		16.0% to 18.0%		17.0%
Real estate tax expense growth		5.5% to 6.0%		5.75%
Corporate Expenses: ($ in millions)
Property management expenses		$64.0 to $66.0		$65.0
General and administrative expenses		$58.5 to $60.5		$59.5
Total overhead		$122.5 to $126.5		$124.5
Transaction/Investment Volume: ($ in millions)
Multifamily acquisition volume		$213.0		$213.0
Multifamily disposition volume		$300.0 to $350.0		$325.0
Development investment		$200.0 to $250.0		$225.0
Debt:
Average effective interest rate		3.4% to 3.6%		3.5%
Capitalized interest ($ 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		$	5.59			$	5.75
Real estate depreciation and amortization			4.59				4.59
Gains on sale of depreciable assets			(1.92	)			(1.92	)
FFO per Share - diluted			8.26				8.42
Non-Core FFO items (1)			0.11				0.11
Core FFO per Share - diluted			8.37				8.53
Recurring capital expenditures			(0.78	)			(0.78	)
Core AFFO per Share - diluted		$	7.59			$	7.75

(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		A-		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:

Q4 2022

Q1 2023

Q2 2023

Q3 2023

Earnings release & conference call

Early February

Late April

Late July

Late October

Dividend Information - Common Shares:

Q3 2021

Q4 2021

Q1 2022

Q2 2022

Q3 2022

Declaration date

9/28/2021

12/7/2021

3/22/2022

5/17/2022

9/27/2022

Record date

10/15/2021

1/14/2022

4/14/2022

7/15/2022

10/14/2022

Payment date

10/29/2021

1/31/2022

4/29/2022

7/29/2022

10/31/2022

Distributions per share

$

1.0250

$

1.0875

$

1.0875

$

1.2500

$

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