Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT MARCH 31, 2023 (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			10,115				—				—				10,115				—				10,115
Tampa, FL			5,220				196				—				5,416				—				5,416
Orlando, FL			5,274				633				—				5,907				—				5,907
Austin, TX			6,829				—				350				7,179				—				7,179
Charlotte, NC			5,651				216				344				6,211				—				6,211
Raleigh/Durham, NC			5,350				—				—				5,350				—				5,350
Nashville, TN			4,375				—				—				4,375				—				4,375
Fort Worth, TX			3,687				—				—				3,687				—				3,687
Houston, TX			4,867				308				—				5,175				—				5,175
Charleston, SC			3,168				—				—				3,168				—				3,168
Jacksonville, FL			3,496				—				—				3,496				—				3,496
Phoenix, AZ			2,623				345				—				2,968				—				2,968
Northern Virginia			1,888				—				—				1,888				—				1,888
Greenville, SC			2,355				—				—				2,355				—				2,355
Savannah, GA			1,837				—				—				1,837				—				1,837
Richmond, VA			1,732				272				—				2,004				—				2,004
Fredericksburg, VA			1,435				—				—				1,435				—				1,435
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
Huntsville, AL			1,228				—				—				1,228				—				1,228
Kansas City, MO-KS			1,110				—				—				1,110				—				1,110
Other			6,022				1,152				—				7,174				6				7,180
Total Multifamily Units			95,285				3,428				694				99,407				6				99,413

(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, 2023												Average Effective				As of March 31, 2023
		Gross Real Assets				Percent to Total of Gross Real Assets				Physical Occupancy				Rent per Unit for the Three Months Ended March 31, 2023				Completed Units				Total Units, Including Development
Atlanta, GA		$	2,072,383				13.9	%			94.4	%		$	1,832				11,434
Dallas, TX			1,545,306				10.3	%			95.5	%			1,642				10,115
Orlando, FL			1,017,648				6.8	%			95.8	%			1,979				5,907
Tampa, FL			991,963				6.6	%			96.1	%			2,073				5,416
Charlotte, NC			990,124				6.6	%			95.6	%			1,587				5,867
Austin, TX			879,141				5.9	%			95.3	%			1,623				6,829
Raleigh/Durham, NC			723,638				4.8	%			95.8	%			1,514				5,350
Houston, TX			686,065				4.6	%			95.7	%			1,395				5,175
Northern Virginia			569,472				3.8	%			96.6	%			2,269				1,888
Nashville, TN			553,207				3.7	%			95.3	%			1,678				4,375
Phoenix, AZ			476,709				3.2	%			95.9	%			1,760				2,968
Charleston, SC			420,754				2.8	%			95.5	%			1,687				3,168
Fort Worth, TX			383,561				2.6	%			95.8	%			1,556				3,687
Jacksonville, FL			304,941				2.0	%			96.5	%			1,547				3,496
Denver, CO			294,979				2.0	%			95.8	%			1,943				1,118
Richmond, VA			276,296				1.8	%			96.1	%			1,558				2,004
Fredericksburg, VA			251,690				1.7	%			96.3	%			1,777				1,435
Greenville, SC			234,258				1.6	%			96.3	%			1,296				2,355
Savannah, GA			222,199				1.5	%			96.4	%			1,623				1,837
Kansas City, MO-KS			190,843				1.3	%			95.8	%			1,522				1,110
San Antonio, TX			168,794				1.1	%			95.9	%			1,379				1,504
Birmingham, AL			168,328				1.1	%			95.9	%			1,356				1,462
All Other Markets by State (individual markets <1% gross real assets)
Tennessee			196,666				1.3	%			96.0	%			1,314				2,754
Florida			185,500				1.2	%			95.7	%			1,791				1,806
Alabama			170,375				1.1	%			96.4	%			1,372				1,648
Virginia			158,802				1.1	%			96.2	%			1,709				1,039
Kentucky			97,931				0.7	%			96.5	%			1,152				1,308
Maryland			82,195				0.5	%			97.0	%			2,062				361
Nevada			74,153				0.5	%			97.2	%			1,587				721
South Carolina			38,417				0.3	%			95.1	%			1,153				576
Stabilized Communities		$	14,426,338				96.5	%			95.7	%		$	1,662				98,713
Charlotte, NC			139,337				0.9	%			84.9	%			2,033				344				344
Salt Lake City, UT			81,395				0.5	%			—				—				6				400
Atlanta, GA			81,347				0.5	%			—				—				—				340
Phoenix, AZ			63,897				0.4	%			—				—				—				317
Austin, TX			59,517				0.4	%			74.6	%			1,671				350				350
Denver, CO			53,564				0.4	%			—				—				—				352
Tampa, FL			42,255				0.3	%			—				—				—				495
Raleigh/Durham, NC			20,177				0.1	%			—				—				—				406
Lease-up / Development Communities		$	541,489				3.5	%			79.7	%		$	1,850				700				3,004
Total Multifamily Communities		$	14,967,827				100.0	%			95.5	%		$	1,664				99,413				101,717

(1)Schedule excludes MAA's 35% ownership in a 269 unit joint venture property in Washington, D.C. As of March 31, 2023, the gross investment in real estate for this community was $81.3 million and includes a mortgage note payable of $51.9 million. For the three months ended March 31, 2023, this apartment community achieved NOI of $2.0 million.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

		As of March 31, 2023								Three Months Ended
		Apartment Units				Gross Real Assets				March 31, 2023				March 31, 2022				Percent Change
Operating Revenues
Same Store Communities			95,285			$	13,802,326			$	500,010			$	450,323				11.0	%
Non-Same Store Communities			3,428				624,012				19,347				19,715
Lease-up/Development Communities			700				541,489				3,234				23
Total Multifamily Portfolio			99,413			$	14,967,827			$	522,591			$	470,061
Commercial Property/Land			—				360,490				6,442				6,017
Total Operating Revenues			99,413			$	15,328,317			$	529,033			$	476,078
Property Operating Expenses
Same Store Communities										$	171,070			$	157,887				8.3	%
Non-Same Store Communities											7,462				8,798
Lease-up/Development Communities											1,588				211
Total Multifamily Portfolio										$	180,120			$	166,896
Commercial Property/Land											2,683				2,524
Total Property Operating Expenses										$	182,803			$	169,420
Net Operating Income
Same Store Communities										$	328,940			$	292,436				12.5	%
Non-Same Store Communities											11,885				10,917
Lease-up/Development Communities											1,646				(188	)
Total Multifamily Portfolio										$	342,471			$	303,165
Commercial Property/Land											3,759				3,493
Total Net Operating Income										$	346,230			$	306,658				12.9	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

		Three Months Ended
		March 31, 2023				March 31, 2022				Percent Change
Property Taxes		$	62,613			$	57,701				8.5	%
Personnel			37,163				34,776				6.9	%
Utilities			31,004				29,053				6.7	%
Building Repair and Maintenance			20,630				18,240				13.1	%
Office Operations			6,959				6,780				2.6	%
Insurance			6,888				6,097				13.0	%
Marketing			5,813				5,240				10.9	%
Total Property Operating Expenses		$	171,070			$	157,887				8.3	%

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, 2023				March 31, 2022
Atlanta, GA			11,434				12.6	%			94.9	%			95.8	%
Dallas, TX			10,115				9.7	%			95.6	%			95.6	%
Tampa, FL			5,220				6.9	%			95.6	%			96.6	%
Orlando, FL			5,274				6.5	%			96.1	%			96.4	%
Austin, TX			6,829				6.4	%			95.3	%			95.2	%
Charlotte, NC			5,651				6.2	%			95.6	%			95.7	%
Raleigh/Durham, NC			5,350				5.6	%			95.2	%			95.5	%
Nashville, TN			4,375				4.8	%			95.4	%			95.6	%
Fort Worth, TX			3,687				3.7	%			95.4	%			95.8	%
Houston, TX			4,867				3.7	%			96.0	%			95.7	%
Charleston, SC			3,168				3.6	%			95.6	%			96.0	%
Jacksonville, FL			3,496				3.4	%			96.0	%			96.9	%
Phoenix, AZ			2,623				3.3	%			95.8	%			96.4	%
Northern Virginia			1,888				2.8	%			95.9	%			95.4	%
Greenville, SC			2,355				2.3	%			96.0	%			95.9	%
Savannah, GA			1,837				2.0	%			96.0	%			96.9	%
Richmond, VA			1,732				1.8	%			95.8	%			96.6	%
Fredericksburg, VA			1,435				1.8	%			96.2	%			96.5	%
Memphis, TN			1,811				1.5	%			95.0	%			95.7	%
Birmingham, AL			1,462				1.2	%			95.8	%			95.4	%
San Antonio, TX			1,504				1.1	%			95.3	%			95.2	%
Denver, CO			812				1.1	%			95.1	%			96.4	%
Huntsville, AL			1,228				1.1	%			95.7	%			96.1	%
Kansas City, MO-KS			1,110				1.0	%			95.2	%			95.7	%
Other			6,022				5.9	%			95.3	%			96.4	%
Total Same Store			95,285				100.0	%			95.5	%			95.9	%

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 2023				Q1 2022				% Chg				Q1 2023				Q1 2022				% Chg				Q1 2023				Q1 2022				% Chg				Q1 2023				Q1 2022				% Chg
Atlanta, GA			11,434			$	64,725			$	59,597				8.6	%		$	23,208			$	21,046				10.3	%		$	41,517			$	38,551				7.7	%		$	1,832			$	1,647				11.2	%
Dallas, TX			10,115				52,290				46,567				12.3	%			20,534				19,097				7.5	%			31,756				27,470				15.6	%			1,642				1,448				13.3	%
Tampa, FL			5,220				33,908				29,930				13.3	%			11,141				10,054				10.8	%			22,767				19,876				14.5	%			2,075				1,798				15.4	%
Orlando, FL			5,274				32,366				27,890				16.0	%			10,855				9,638				12.6	%			21,511				18,252				17.9	%			1,941				1,651				17.6	%
Austin, TX			6,829				35,335				31,781				11.2	%			14,380				12,627				13.9	%			20,955				19,154				9.4	%			1,623				1,450				11.9	%
Charlotte, NC			5,651				28,453				25,579				11.2	%			7,907				7,408				6.7	%			20,546				18,171				13.1	%			1,593				1,401				13.7	%
Raleigh/Durham, NC			5,350				25,987				22,907				13.4	%			7,580				7,141				6.1	%			18,407				15,766				16.8	%			1,514				1,326				14.2	%
Nashville, TN			4,375				23,255				20,580				13.0	%			7,345				6,985				5.2	%			15,910				13,595				17.0	%			1,678				1,472				14.0	%
Fort Worth, TX			3,687				18,899				17,076				10.7	%			6,650				6,301				5.5	%			12,249				10,775				13.7	%			1,556				1,386				12.2	%
Houston, TX			4,867				21,764				20,220				7.6	%			9,576				8,455				13.3	%			12,188				11,765				3.6	%			1,386				1,285				7.9	%
Charleston, SC			3,168				16,963				14,857				14.2	%			5,121				4,950				3.5	%			11,842				9,907				19.5	%			1,687				1,453				16.1	%
Jacksonville, FL			3,496				16,563				15,206				8.9	%			5,529				4,943				11.9	%			11,034				10,263				7.5	%			1,547				1,369				13.0	%
Phoenix, AZ			2,623				14,483				13,112				10.5	%			3,470				3,293				5.4	%			11,013				9,819				12.2	%			1,748				1,560				12.0	%
Northern Virginia			1,888				13,344				12,172				9.6	%			4,049				3,886				4.2	%			9,295				8,286				12.2	%			2,269				2,067				9.7	%
Greenville, SC			2,355				10,155				9,106				11.5	%			2,721				3,302				(17.6	)%			7,434				5,804				28.1	%			1,296				1,155				12.3	%
Savannah, GA			1,837				9,672				8,434				14.7	%			3,038				2,897				4.9	%			6,634				5,537				19.8	%			1,623				1,382				17.4	%
Richmond, VA			1,732				8,805				8,008				10.0	%			2,789				2,650				5.2	%			6,016				5,358				12.3	%			1,596				1,445				10.4	%
Fredericksburg, VA			1,435				8,196				7,690				6.6	%			2,345				2,293				2.3	%			5,851				5,397				8.4	%			1,777				1,671				6.3	%
Memphis, TN			1,811				7,827				7,314				7.0	%			2,752				2,636				4.4	%			5,075				4,678				8.5	%			1,346				1,250				7.6	%
Birmingham, AL			1,462				6,593				6,010				9.7	%			2,543				2,338				8.8	%			4,050				3,672				10.3	%			1,356				1,234				9.9	%
San Antonio, TX			1,504				6,537				5,940				10.1	%			2,828				2,498				13.2	%			3,709				3,442				7.8	%			1,379				1,237				11.5	%
Denver, CO			812				5,036				4,660				8.1	%			1,445				1,338				8.0	%			3,591				3,322				8.1	%			1,946				1,776				9.5	%
Huntsville, AL			1,228				5,316				4,928				7.9	%			1,733				1,608				7.8	%			3,583				3,320				7.9	%			1,297				1,185				9.4	%
Kansas City, MO-KS			1,110				5,330				4,870				9.4	%			1,887				1,765				6.9	%			3,443				3,105				10.9	%			1,522				1,386				9.8	%
Other			6,022				28,208				25,889				9.0	%			9,644				8,738				10.4	%			18,564				17,151				8.2	%			1,484				1,334				11.2	%
Total Same Store			95,285			$	500,010			$	450,323				11.0	%		$	171,070			$	157,887				8.3	%		$	328,940			$	292,436				12.5	%		$	1,657			$	1,472				12.6	%

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 2023				Q4 2022				% Chg				Q1 2023				Q4 2022				% Chg				Q1 2023				Q4 2022				% Chg				Q1 2023				Q4 2022				% Chg
Atlanta, GA			11,434			$	64,725			$	65,166				(0.7	)%		$	23,208			$	22,590				2.7	%		$	41,517			$	42,576				(2.5	)%		$	1,832			$	1,827				0.2	%
Dallas, TX			10,115				52,290				51,776				1.0	%			20,534				20,702				(0.8	)%			31,756				31,074				2.2	%			1,642				1,630				0.7	%
Tampa, FL			5,220				33,908				33,693				0.6	%			11,141				10,425				6.9	%			22,767				23,268				(2.2	)%			2,075				2,065				0.5	%
Orlando, FL			5,274				32,366				32,026				1.1	%			10,855				10,280				5.6	%			21,511				21,746				(1.1	)%			1,941				1,919				1.1	%
Austin, TX			6,829				35,335				35,159				0.5	%			14,380				15,359				(6.4	)%			20,955				19,800				5.8	%			1,623				1,622				0.0	%
Charlotte, NC			5,651				28,453				28,178				1.0	%			7,907				7,732				2.3	%			20,546				20,446				0.5	%			1,593				1,576				1.1	%
Raleigh/Durham, NC			5,350				25,987				25,895				0.4	%			7,580				7,467				1.5	%			18,407				18,428				(0.1	)%			1,514				1,506				0.5	%
Nashville, TN			4,375				23,255				23,059				0.8	%			7,345				7,055				4.1	%			15,910				16,004				(0.6	)%			1,678				1,671				0.4	%
Fort Worth, TX			3,687				18,899				18,807				0.5	%			6,650				7,497				(11.3	)%			12,249				11,310				8.3	%			1,556				1,546				0.6	%
Houston, TX			4,867				21,764				21,628				0.6	%			9,576				9,634				(0.6	)%			12,188				11,994				1.6	%			1,386				1,382				0.3	%
Charleston, SC			3,168				16,963				16,999				(0.2	)%			5,121				4,297				19.2	%			11,842				12,702				(6.8	)%			1,687				1,675				0.7	%
Jacksonville, FL			3,496				16,563				16,603				(0.2	)%			5,529				5,326				3.8	%			11,034				11,277				(2.2	)%			1,547				1,538				0.6	%
Phoenix, AZ			2,623				14,483				14,499				(0.1	)%			3,470				3,451				0.6	%			11,013				11,048				(0.3	)%			1,748				1,747				0.0	%
Northern Virginia			1,888				13,344				13,222				0.9	%			4,049				3,717				8.9	%			9,295				9,505				(2.2	)%			2,269				2,248				0.9	%
Greenville, SC			2,355				10,155				10,058				1.0	%			2,721				3,392				(19.8	)%			7,434				6,666				11.5	%			1,296				1,286				0.8	%
Savannah, GA			1,837				9,672				9,609				0.7	%			3,038				2,840				7.0	%			6,634				6,769				(2.0	)%			1,623				1,604				1.2	%
Richmond, VA			1,732				8,805				8,827				(0.2	)%			2,789				2,720				2.5	%			6,016				6,107				(1.5	)%			1,596				1,591				0.3	%
Fredericksburg, VA			1,435				8,196				8,187				0.1	%			2,345				2,210				6.1	%			5,851				5,977				(2.1	)%			1,777				1,773				0.2	%
Memphis, TN			1,811				7,827				7,816				0.1	%			2,752				2,717				1.3	%			5,075				5,099				(0.5	)%			1,346				1,348				(0.2	)%
Birmingham, AL			1,462				6,593				6,446				2.3	%			2,543				2,440				4.2	%			4,050				4,006				1.1	%			1,356				1,353				0.2	%
San Antonio, TX			1,504				6,537				6,547				(0.2	)%			2,828				2,810				0.6	%			3,709				3,737				(0.7	)%			1,379				1,381				(0.1	)%
Denver, CO			812				5,036				5,019				0.3	%			1,445				1,339				7.9	%			3,591				3,680				(2.4	)%			1,946				1,934				0.6	%
Huntsville, AL			1,228				5,316				5,288				0.5	%			1,733				1,704				1.7	%			3,583				3,584				(0.0	)%			1,297				1,296				0.1	%
Kansas City, MO-KS			1,110				5,330				5,306				0.5	%			1,887				1,771				6.5	%			3,443				3,535				(2.6	)%			1,522				1,514				0.5	%
Other			6,022				28,208				28,211				(0.0	)%			9,644				9,091				6.1	%			18,564				19,120				(2.9	)%			1,484				1,481				0.2	%
Total Same Store			95,285			$	500,010			$	498,024				0.4	%		$	171,070			$	168,566				1.5	%		$	328,940			$	329,458				(0.2	)%		$	1,657			$	1,649				0.5	%

Supplemental Data S-6

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands

				Units as of									Development Costs as of
				March 31, 2023									March 31, 2023												Expected
													Expected			Spend			Expected				Start		Initial
		Location		Total			Delivered			Leased			Total			to Date			Remaining				Date		Occupancy		Completion		Stabilization (1)
Novel West Midtown (2)		Atlanta, GA			340			—			—		$	92,300		$	81,347		$	10,953			2Q21		2Q23		4Q23		3Q24
Novel Daybreak (2)		Salt Lake City, UT			400			6			29			94,000			81,395			12,605			2Q21		2Q23		4Q23		4Q24
Novel Val Vista (2)		Phoenix, AZ			317			—			—			77,200			63,897			13,303			4Q20		3Q23		1Q24		1Q25
MAA Milepost 35		Denver, CO			352			—			—			125,000			53,564			71,436			1Q22		4Q23		4Q24		3Q25
MAA Nixie		Raleigh, NC			406			—			—			145,500			20,177			125,323			4Q22		4Q24		3Q25		3Q26
MAA Breakwater		Tampa, FL			495			—			—			197,500			42,255			155,245			4Q22		1Q25		4Q25		4Q26
Total Active					2,310			6			29		$	731,500		$	342,635		$	388,865

(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 March 31, 2023
		Location		Total Units				Physical Occupancy		Spend to Date				Construction Completed		Expected Stabilization (1)
MAA LoSo		Charlotte, NC		344				84.9%		$	139,337			(2)		2Q23
MAA Windmill Hill		Austin, TX		350				74.6%			59,517			4Q22		4Q23
Total					694			79.7%		$	198,854

(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

Three months ended March 31, 2023
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
	1,328			$	8,503			$	6,403			$	108			8.1%		9,000 - 12,000

Supplemental Data S-7

2023 ACQUISITION ACTIVITY

Land Acquisition		Market		Acreage		Closing Date
MAA Packing District II		Orlando, FL		6		February 2023

2023 DISPOSITION ACTIVITY

Land Dispositions		Market		Acreage		Closing Date
Traditions Commercial Lots		Gulf Shores, AL		21		March 2023

DEBT AND DEBT COVENANTS AS OF MARCH 31, 2023

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		$	4,395,650				100.0	%			3.4	%			7.7
Floating rate debt			—				—				—				—
Total		$	4,395,650				100.0	%			3.4	%			7.7
Unsecured Versus Secured Debt		Balance				Percent of Total				Effective Interest Rate				Average Years to Contract Maturity
Unsecured debt		$	4,032,000				91.7	%			3.4	%			6.1
Secured debt			363,650				8.3	%			4.4	%			25.6
Total		$	4,395,650				100.0	%			3.4	%			7.7
Unencumbered Versus Encumbered Assets		Total Cost				Percent of Total				Q1 2023 NOI				Percent of Total
Unencumbered gross assets		$	14,968,257				94.8	%		$	329,435				95.1	%
Encumbered gross assets			824,574				5.2	%			16,795				4.9	%
Total		$	15,792,831				100.0	%		$	346,230				100.0	%

FIXED INTEREST RATE MATURITIES

Maturity		Fixed Rate Debt					Effective Interest Rate
2023		$	349,677					4.2	%
2024			399,046					4.0	%
2025			401,570					4.2	%
2026			297,395					1.2	%
2027			596,745					3.7	%
2028			396,847					4.2	%
2029			558,749					3.7	%
2030			297,629					3.1	%
2031			445,150					1.8	%
2032			—					—
Thereafter			652,842					3.8	%
Total		$	4,395,650					3.4	%

Supplemental Data S-8

DEBT AND DEBT COVENANTS AS OF MARCH 31, 2023 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

Maturity		Commercial Paper & Revolving Credit Facility ⁽¹⁾ ⁽²⁾				Public Bonds				Secured				Total
2023		$	—			$	349,677			$	—			$	349,677
2024			—				399,046				—				399,046
2025			—				397,967				3,603				401,570
2026			—				297,395				—				297,395
2027			—				596,745				—				596,745
2028			—				396,847				—				396,847
2029			—				558,749				—				558,749
2030			—				297,629				—				297,629
2031			—				445,150				—				445,150
2032			—				—				—				—
Thereafter			—				292,795				360,047				652,842
Total		$	—			$	4,032,000			$	363,650			$	4,395,650

(1)There were no borrowings outstanding under MAALP’s unsecured commercial paper program as of March 31, 2023. 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 March 31, 2023, average daily borrowings outstanding under the commercial paper program were $8.2 million.

(2)There were no borrowings outstanding under MAALP’s $1.25 billion unsecured revolving credit facility as of March 31, 2023. 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		27.8%		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		7.5x		Yes
Total unencumbered assets to total unsecured debt		Greater than 150%		359.8%		Yes
Bank Covenants		Required		Actual		Compliance
Total debt to total capitalized asset value		60% or less		18.8%		Yes
Total secured debt to total capitalized asset value		40% or Less		1.6%		Yes
Total adjusted EBITDA to fixed charges		1.5x or greater for trailing 4 quarters		7.5x		Yes
Total unsecured debt to total unsecured capitalized asset value		60% or less		18.1%		Yes

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

Supplemental Data S-9

2023 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 Earnings per common share. A reconciliation of expected Earnings per common share to expected Core FFO per Share and Core AFFO per Share is provided below.

		Current Range		Current Midpoint
Earnings:
Earnings per common share - diluted		$6.05 to $6.41		$6.23
Core FFO per Share - diluted		$8.93 to $9.29		$9.11
Core AFFO per Share - diluted		$8.01 to $8.37		$8.19
MAA Same Store Portfolio:
Number of units		95,285		95,285
Average physical occupancy		95.6% to 96.0%		95.8%
Property revenue growth		5.25% to 7.25%		6.25%
Effective rent growth		6.00% to 8.00%		7.00%
Property operating expense growth		5.15% to 7.15%		6.15%
NOI growth		5.30% to 7.30%		6.30%
Real estate tax expense growth		5.50% to 7.00%		6.25%
Corporate Expenses: ($ in millions)
Property management expenses		$72.0 to $74.0		$73.0
General and administrative expenses		$54.5 to $56.5		$55.5
Total overhead		$126.5 to $130.5		$128.5
Income tax expense		$4.0 to $5.0		$4.5
Transaction/Investment Volume: ($ in millions)
Multifamily acquisition volume		$350.0 to $450.0		$400.0
Multifamily disposition volume		$250.0 to $350.0		$300.0
Development investment		$250.0 to $350.0		$300.0
Debt:
Average effective interest rate		3.4% to 3.6%		3.5%
Capitalized interest ($ in millions)		$12.0 to $14.0		$13.0
Diluted FFO Shares Outstanding:
Diluted common shares and units		119.5 to 120.0 million		119.75 million

RECONCILIATION OF EARNINGS PER COMMON SHARE TO CORE FFO AND CORE AFFO PER SHARE FOR 2023 GUIDANCE

		Full Year 2023 Guidance Range
		Low				High
Earnings per common share - diluted		$	6.05			$	6.41
Real estate depreciation and amortization			4.71				4.71
Gains on sale of depreciable assets			(1.82	)			(1.82	)
FFO per Share - diluted			8.94				9.30
Non-Core FFO items (1)			(0.01	)			(0.01	)
Core FFO per Share - diluted			8.93				9.29
Recurring capital expenditures			(0.92	)			(0.92	)
Core AFFO per Share - diluted		$	8.01			$	8.37

(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, casualty related charges (recoveries), net, 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)		F1		A-		Stable
Moody’s Investors Service (2)		P-2		A3		Stable
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:

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Earnings release & conference call

Late July

Late October

Early February

Early May

Dividend Information - Common Shares:

Q1 2022

Q2 2022

Q3 2022

Q4 2022

Q1 2023

Declaration date

3/22/2022

5/17/2022

9/27/2022

12/13/2022

3/21/2023

Record date

4/14/2022

7/15/2022

10/14/2022

1/13/2023

4/14/2023

Payment date

4/29/2022

7/29/2022

10/31/2022

1/31/2023

4/28/2023

Distributions per share

$

1.0875

$

1.2500

$

1.2500

$

1.4000

$

1.4000

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