Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT JUNE 30, 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				141				11,575
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
Charlotte, NC			5,651				560				—				6,211				—				6,211
Austin, TX			6,829				—				350				7,179				—				7,179
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
Charleston, SC			3,168				—				—				3,168				—				3,168
Fort Worth, TX			3,687				—				—				3,687				—				3,687
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
Savannah, GA			1,837				—				—				1,837				—				1,837
Greenville, SC			2,355				—				—				2,355				—				2,355
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
Kansas City, MO-KS			1,110				—				—				1,110				—				1,110
Huntsville, AL			1,228				—				—				1,228				—				1,228
Other			6,022				1,152				—				7,174				114				7,288
Total Multifamily Units			95,285				3,772				350				99,407				255				99,662

(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, 2023												Average Effective				As of June 30, 2023
		Gross Real Assets				Percent to Total of Gross Real Assets				Physical Occupancy				Rent per Unit for the Three Months Ended June 30, 2023				Completed Units				Total Units, Including Development
Atlanta, GA		$	2,081,746				13.7	%			94.2	%		$	1,849				11,434
Dallas, TX			1,557,312				10.2	%			95.4	%			1,654				10,115
Charlotte, NC			1,137,376				7.4	%			95.6	%			1,636				6,211
Orlando, FL			1,021,617				6.8	%			95.1	%			1,996				5,907
Tampa, FL			998,113				6.6	%			95.6	%			2,092				5,416
Austin, TX			885,487				5.9	%			94.8	%			1,632				6,829
Raleigh/Durham, NC			727,913				4.8	%			95.2	%			1,528				5,350
Houston, TX			691,125				4.6	%			95.0	%			1,414				5,175
Northern Virginia			571,010				3.8	%			96.1	%			2,304				1,888
Nashville, TN			556,112				3.7	%			95.6	%			1,693				4,375
Phoenix, AZ			479,759				3.2	%			95.4	%			1,758				2,968
Charleston, SC			423,925				2.8	%			96.1	%			1,718				3,168
Fort Worth, TX			386,914				2.6	%			95.3	%			1,566				3,687
Jacksonville, FL			307,916				2.0	%			95.6	%			1,555				3,496
Denver, CO			295,212				2.0	%			95.1	%			1,959				1,118
Richmond, VA			277,307				1.8	%			96.2	%			1,579				2,004
Fredericksburg, VA			252,922				1.7	%			95.3	%			1,797				1,435
Greenville, SC			236,880				1.6	%			96.2	%			1,313				2,355
Savannah, GA			223,204				1.5	%			96.2	%			1,654				1,837
Kansas City, MO-KS			191,508				1.3	%			96.5	%			1,554				1,110
San Antonio, TX			169,861				1.1	%			95.3	%			1,392				1,504
Birmingham, AL			169,820				1.1	%			96.0	%			1,371				1,462
All Other Markets by State (individual markets <1% gross real assets)
Tennessee			201,125				1.3	%			94.0	%			1,325				2,754
Florida			187,319				1.2	%			96.1	%			1,804				1,806
Alabama			172,529				1.1	%			95.2	%			1,388				1,648
Virginia			160,540				1.1	%			95.3	%			1,719				1,039
Kentucky			99,194				0.7	%			96.2	%			1,170				1,308
Maryland			83,121				0.6	%			96.7	%			2,104				361
Nevada			74,494				0.5	%			95.3	%			1,588				721
South Carolina			38,682				0.3	%			93.4	%			1,180				576
Stabilized Communities		$	14,660,043				97.0	%			95.3	%		$	1,680				99,057
Atlanta, GA			87,334				0.6	%			10.3	%			1,996				141				340
Salt Lake City, UT			84,681				0.6	%			13.8	%			1,783				114				400
Denver, CO			68,382				0.4	%			—				—				—				352
Phoenix, AZ			66,466				0.4	%			—				—				—				317
Austin, TX			59,726				0.4	%			83.7	%			1,701				350				350
Tampa, FL			58,071				0.4	%			—				—				—				495
Raleigh/Durham, NC			26,541				0.2	%			—				—				—				406
Lease-up / Development Communities		$	451,201				3.0	%			35.2	%		$	1,785				605				2,660
Total Multifamily Communities		$	15,111,244				100.0	%			94.6	%		$	1,681				99,662				101,717

(1)Schedule excludes MAA's 35% ownership in a 269 unit joint venture property in Washington, D.C. As of June 30, 2023, the gross investment in real estate for this community was $81.4 million and includes a mortgage note payable of $51.9 million. For the six months ended June 30, 2023, this apartment community achieved NOI of $3.9 million.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

		As of June 30, 2023								Three Months Ended
		Apartment Units				Gross Real Assets				June 30, 2023				June 30, 2022				Percent Change
Operating Revenues
Same Store Communities			95,285			$	13,895,107			$	505,505			$	467,805				8.1	%
Non-Same Store Communities			3,772				764,936				21,615				20,687
Lease-up/Development Communities			605				451,201				1,759				297
Total Multifamily Portfolio			99,662			$	15,111,244			$	528,879			$	488,789
Commercial Property/Land			—				363,920				6,267				6,251
Total Operating Revenues			99,662			$	15,475,164			$	535,146			$	495,040
Property Operating Expenses
Same Store Communities										$	182,070			$	169,917				7.2	%
Non-Same Store Communities											7,975				8,975
Lease-up/Development Communities											1,657				302
Total Multifamily Portfolio										$	191,702			$	179,194
Commercial Property/Land											2,631				2,483
Total Property Operating Expenses										$	194,333			$	181,677
Net Operating Income
Same Store Communities										$	323,435			$	297,888				8.6	%
Non-Same Store Communities											13,640				11,712
Lease-up/Development Communities											102				(5	)
Total Multifamily Portfolio										$	337,177			$	309,595
Commercial Property/Land											3,636				3,768
Total Net Operating Income										$	340,813			$	313,363				8.8	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

		Three Months Ended												Six Months Ended
		June 30, 2023				June 30, 2022				Percent Change				June 30, 2023				June 30, 2022				Percent Change
Property Taxes		$	66,037			$	61,085				8.1	%		$	128,650			$	118,786				8.3	%
Personnel			38,671				36,735				5.3	%			75,834				71,511				6.0	%
Utilities			30,995				29,496				5.1	%			61,999				58,549				5.9	%
Building Repair and Maintenance			25,123				23,056				9.0	%			45,753				41,296				10.8	%
Office Operations			7,413				6,526				13.6	%			14,372				13,306				8.0	%
Insurance			6,874				6,196				10.9	%			13,762				12,293				11.9	%
Marketing			6,957				6,823				2.0	%			12,770				12,063				5.9	%
Total Property Operating Expenses		$	182,070			$	169,917				7.2	%		$	353,140			$	327,804				7.7	%

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, 2023				June 30, 2022				June 30, 2023				June 30, 2022
Atlanta, GA			11,434				12.6	%			94.1	%			95.2	%			94.5	%			95.5	%
Dallas, TX			10,115				9.6	%			95.5	%			95.4	%			95.6	%			95.5	%
Tampa, FL			5,220				7.0	%			95.7	%			96.0	%			95.7	%			96.3	%
Orlando, FL			5,274				6.6	%			95.9	%			96.1	%			96.0	%			96.3	%
Charlotte, NC			5,651				6.1	%			95.4	%			95.7	%			95.5	%			95.7	%
Austin, TX			6,829				6.0	%			95.2	%			95.3	%			95.3	%			95.2	%
Raleigh/Durham, NC			5,350				5.6	%			95.8	%			95.4	%			95.5	%			95.4	%
Nashville, TN			4,375				5.0	%			95.7	%			95.9	%			95.5	%			95.7	%
Houston, TX			4,867				4.1	%			95.3	%			95.3	%			95.6	%			95.5	%
Charleston, SC			3,168				3.6	%			95.8	%			95.7	%			95.7	%			95.8	%
Fort Worth, TX			3,687				3.5	%			95.8	%			95.6	%			95.6	%			95.7	%
Jacksonville, FL			3,496				3.4	%			95.8	%			96.4	%			95.9	%			96.6	%
Phoenix, AZ			2,623				3.3	%			95.7	%			95.5	%			95.8	%			96.0	%
Northern Virginia			1,888				2.9	%			96.1	%			95.7	%			96.0	%			95.5	%
Savannah, GA			1,837				2.1	%			96.3	%			96.7	%			96.1	%			96.8	%
Greenville, SC			2,355				2.0	%			96.3	%			96.6	%			96.2	%			96.3	%
Richmond, VA			1,732				1.9	%			95.8	%			96.1	%			95.8	%			96.3	%
Fredericksburg, VA			1,435				1.8	%			96.3	%			97.0	%			96.2	%			96.8	%
Memphis, TN			1,811				1.5	%			94.6	%			94.9	%			94.8	%			95.3	%
Birmingham, AL			1,462				1.3	%			96.3	%			96.0	%			96.0	%			95.7	%
San Antonio, TX			1,504				1.2	%			95.5	%			96.5	%			95.4	%			95.9	%
Denver, CO			812				1.1	%			95.7	%			95.7	%			95.4	%			96.1	%
Kansas City, MO-KS			1,110				1.0	%			96.2	%			95.4	%			95.7	%			95.6	%
Huntsville, AL			1,228				1.0	%			95.2	%			95.9	%			95.4	%			96.0	%
Other			6,022				5.8	%			96.1	%			96.2	%			95.7	%			96.3	%
Total Same Store			95,285				100.0	%			95.5	%			95.7	%			95.5	%			95.8	%

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 2023				Q2 2022				% Chg				Q2 2023				Q2 2022				% Chg				Q2 2023				Q2 2022				% Chg				Q2 2023				Q2 2022				% Chg
Atlanta, GA			11,434			$	65,018			$	61,640				5.5	%		$	24,350			$	22,386				8.8	%		$	40,668			$	39,254				3.6	%		$	1,849			$	1,706				8.4	%
Dallas, TX			10,115				52,880				48,456				9.1	%			21,794				19,236				13.3	%			31,086				29,220				6.4	%			1,654				1,510				9.5	%
Tampa, FL			5,220				34,250				31,285				9.5	%			11,580				10,461				10.7	%			22,670				20,824				8.9	%			2,095				1,895				10.5	%
Orlando, FL			5,274				32,869				29,367				11.9	%			11,534				10,124				13.9	%			21,335				19,243				10.9	%			1,962				1,736				13.0	%
Charlotte, NC			5,651				28,812				26,374				9.2	%			8,990				8,157				10.2	%			19,822				18,217				8.8	%			1,632				1,457				12.0	%
Austin, TX			6,829				35,565				33,168				7.2	%			16,197				15,408				5.1	%			19,368				17,760				9.1	%			1,619				1,515				6.9	%
Raleigh/Durham, NC			5,350				26,329				23,952				9.9	%			8,350				8,002				4.3	%			17,979				15,950				12.7	%			1,528				1,376				11.0	%
Nashville, TN			4,375				23,486				21,528				9.1	%			7,412				7,460				(0.6	)%			16,074				14,068				14.3	%			1,693				1,532				10.5	%
Houston, TX			4,867				21,992				20,725				6.1	%			8,685				9,490				(8.5	)%			13,307				11,235				18.4	%			1,405				1,320				6.4	%
Charleston, SC			3,168				17,247				15,464				11.5	%			5,450				5,305				2.7	%			11,797				10,159				16.1	%			1,718				1,521				13.0	%
Fort Worth, TX			3,687				19,149				17,710				8.1	%			7,735				7,324				5.6	%			11,414				10,386				9.9	%			1,566				1,443				8.5	%
Jacksonville, FL			3,496				16,740				15,680				6.8	%			5,783				5,362				7.9	%			10,957				10,318				6.2	%			1,555				1,431				8.6	%
Phoenix, AZ			2,623				14,513				13,602				6.7	%			3,713				3,514				5.7	%			10,800				10,088				7.1	%			1,747				1,620				7.9	%
Northern Virginia			1,888				13,597				12,492				8.8	%			4,345				3,814				13.9	%			9,252				8,678				6.6	%			2,304				2,122				8.6	%
Savannah, GA			1,837				9,862				8,990				9.7	%			3,201				3,110				2.9	%			6,661				5,880				13.3	%			1,654				1,463				13.0	%
Greenville, SC			2,355				10,367				9,486				9.3	%			3,777				3,701				2.1	%			6,590				5,785				13.9	%			1,313				1,192				10.1	%
Richmond, VA			1,732				8,861				8,375				5.8	%			2,742				2,664				2.9	%			6,119				5,711				7.1	%			1,619				1,488				8.8	%
Fredericksburg, VA			1,435				8,287				8,040				3.1	%			2,311				2,187				5.7	%			5,976				5,853				2.1	%			1,797				1,714				4.8	%
Memphis, TN			1,811				7,876				7,404				6.4	%			2,919				2,714				7.6	%			4,957				4,690				5.7	%			1,352				1,293				4.6	%
Birmingham, AL			1,462				6,649				6,281				5.9	%			2,572				2,333				10.2	%			4,077				3,948				3.3	%			1,371				1,280				7.0	%
San Antonio, TX			1,504				6,655				6,235				6.7	%			2,884				2,839				1.6	%			3,771				3,396				11.0	%			1,392				1,288				8.0	%
Denver, CO			812				5,087				4,726				7.6	%			1,631				1,323				23.3	%			3,456				3,403				1.6	%			1,956				1,829				7.0	%
Kansas City, MO-KS			1,110				5,432				5,013				8.4	%			2,059				1,834				12.3	%			3,373				3,179				6.1	%			1,554				1,423				9.2	%
Huntsville, AL			1,228				5,368				5,071				5.9	%			2,052				1,783				15.1	%			3,316				3,288				0.9	%			1,311				1,222				7.3	%
Other			6,022				28,614				26,741				7.0	%			10,004				9,386				6.6	%			18,610				17,355				7.2	%			1,497				1,386				8.0	%
Total Same Store			95,285			$	505,505			$	467,805				8.1	%		$	182,070			$	169,917				7.2	%		$	323,435			$	297,888				8.6	%		$	1,673			$	1,531				9.3	%

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 2023				Q1 2023				% Chg				Q2 2023				Q1 2023				% Chg				Q2 2023				Q1 2023				% Chg				Q2 2023				Q1 2023				% Chg
Atlanta, GA			11,434			$	65,018			$	64,725				0.5	%		$	24,350			$	23,208				4.9	%		$	40,668			$	41,517				(2.0	)%		$	1,849			$	1,832				0.9	%
Dallas, TX			10,115				52,880				52,290				1.1	%			21,794				20,534				6.1	%			31,086				31,756				(2.1	)%			1,654				1,642				0.8	%
Tampa, FL			5,220				34,250				33,908				1.0	%			11,580				11,141				3.9	%			22,670				22,767				(0.4	)%			2,095				2,075				1.0	%
Orlando, FL			5,274				32,869				32,366				1.6	%			11,534				10,855				6.3	%			21,335				21,511				(0.8	)%			1,962				1,941				1.1	%
Charlotte, NC			5,651				28,812				28,453				1.3	%			8,990				7,907				13.7	%			19,822				20,546				(3.5	)%			1,632				1,593				2.4	%
Austin, TX			6,829				35,565				35,335				0.7	%			16,197				14,380				12.6	%			19,368				20,955				(7.6	)%			1,619				1,623				(0.2	)%
Raleigh/Durham, NC			5,350				26,329				25,987				1.3	%			8,350				7,580				10.2	%			17,979				18,407				(2.3	)%			1,528				1,514				0.9	%
Nashville, TN			4,375				23,486				23,255				1.0	%			7,412				7,345				0.9	%			16,074				15,910				1.0	%			1,693				1,678				0.9	%
Houston, TX			4,867				21,992				21,764				1.0	%			8,685				9,576				(9.3	)%			13,307				12,188				9.2	%			1,405				1,386				1.4	%
Charleston, SC			3,168				17,247				16,963				1.7	%			5,450				5,121				6.4	%			11,797				11,842				(0.4	)%			1,718				1,687				1.8	%
Fort Worth, TX			3,687				19,149				18,899				1.3	%			7,735				6,650				16.3	%			11,414				12,249				(6.8	)%			1,566				1,556				0.7	%
Jacksonville, FL			3,496				16,740				16,563				1.1	%			5,783				5,529				4.6	%			10,957				11,034				(0.7	)%			1,555				1,547				0.5	%
Phoenix, AZ			2,623				14,513				14,483				0.2	%			3,713				3,470				7.0	%			10,800				11,013				(1.9	)%			1,747				1,748				(0.0	)%
Northern Virginia			1,888				13,597				13,344				1.9	%			4,345				4,049				7.3	%			9,252				9,295				(0.5	)%			2,304				2,269				1.6	%
Savannah, GA			1,837				9,862				9,672				2.0	%			3,201				3,038				5.4	%			6,661				6,634				0.4	%			1,654				1,623				1.9	%
Greenville, SC			2,355				10,367				10,155				2.1	%			3,777				2,721				38.8	%			6,590				7,434				(11.4	)%			1,313				1,296				1.3	%
Richmond, VA			1,732				8,861				8,805				0.6	%			2,742				2,789				(1.7	)%			6,119				6,016				1.7	%			1,619				1,596				1.4	%
Fredericksburg, VA			1,435				8,287				8,196				1.1	%			2,311				2,345				(1.4	)%			5,976				5,851				2.1	%			1,797				1,777				1.1	%
Memphis, TN			1,811				7,876				7,827				0.6	%			2,919				2,752				6.1	%			4,957				5,075				(2.3	)%			1,352				1,346				0.5	%
Birmingham, AL			1,462				6,649				6,593				0.8	%			2,572				2,543				1.1	%			4,077				4,050				0.7	%			1,371				1,356				1.1	%
San Antonio, TX			1,504				6,655				6,537				1.8	%			2,884				2,828				2.0	%			3,771				3,709				1.7	%			1,392				1,379				0.9	%
Denver, CO			812				5,087				5,036				1.0	%			1,631				1,445				12.9	%			3,456				3,591				(3.8	)%			1,956				1,946				0.5	%
Kansas City, MO-KS			1,110				5,432				5,330				1.9	%			2,059				1,887				9.1	%			3,373				3,443				(2.0	)%			1,554				1,522				2.1	%
Huntsville, AL			1,228				5,368				5,316				1.0	%			2,052				1,733				18.4	%			3,316				3,583				(7.5	)%			1,311				1,297				1.1	%
Other			6,022				28,614				28,208				1.4	%			10,004				9,644				3.7	%			18,610				18,564				0.2	%			1,497				1,484				0.9	%
Total Same Store			95,285			$	505,505			$	500,010				1.1	%		$	182,070			$	171,070				6.4	%		$	323,435			$	328,940				(1.7	)%		$	1,673			$	1,657				1.0	%

Supplemental Data S-6

MULTIFAMILY SAME STORE PORTFOLIO YEAR TO DATE COMPARISONS AS OF JUNE 30, 2023 AND 2022

Dollars in thousands, except Average Effective Rent per Unit

						Revenues												Expenses												NOI												Average Effective Rent per Unit
		Units				Q2 2023				Q2 2022				% Chg				Q2 2023				Q2 2022				% Chg				Q2 2023				Q2 2022				% Chg				Q2 2023				Q2 2022				% Chg
Atlanta, GA			11,434			$	129,743			$	121,237				7.0	%		$	47,558			$	43,432				9.5	%		$	82,185			$	77,805				5.6	%		$	1,840			$	1,676				9.8	%
Dallas, TX			10,115				105,170				95,023				10.7	%			42,328				38,333				10.4	%			62,842				56,690				10.9	%			1,648				1,479				11.4	%
Tampa, FL			5,220				68,158				61,215				11.3	%			22,721				20,515				10.8	%			45,437				40,700				11.6	%			2,085				1,847				12.9	%
Orlando, FL			5,274				65,235				57,257				13.9	%			22,389				19,762				13.3	%			42,846				37,495				14.3	%			1,951				1,694				15.2	%
Charlotte, NC			5,651				57,265				51,953				10.2	%			16,897				15,565				8.6	%			40,368				36,388				10.9	%			1,606				1,429				12.4	%
Austin, TX			6,829				70,900				64,949				9.2	%			30,577				28,035				9.1	%			40,323				36,914				9.2	%			1,627				1,482				9.8	%
Raleigh/Durham, NC			5,350				52,316				46,859				11.6	%			15,930				15,143				5.2	%			36,386				31,716				14.7	%			1,521				1,351				12.6	%
Nashville, TN			4,375				46,741				42,108				11.0	%			14,757				14,445				2.2	%			31,984				27,663				15.6	%			1,686				1,502				12.2	%
Houston, TX			4,867				43,756				40,945				6.9	%			18,261				17,945				1.8	%			25,495				23,000				10.8	%			1,396				1,303				7.1	%
Charleston, SC			3,168				34,210				30,321				12.8	%			10,571				10,255				3.1	%			23,639				20,066				17.8	%			1,702				1,487				14.5	%
Fort Worth, TX			3,687				38,048				34,786				9.4	%			14,385				13,625				5.6	%			23,663				21,161				11.8	%			1,561				1,415				10.3	%
Jacksonville, FL			3,496				33,303				30,886				7.8	%			11,312				10,305				9.8	%			21,991				20,581				6.9	%			1,551				1,400				10.8	%
Phoenix, AZ			2,623				28,996				26,714				8.5	%			7,183				6,807				5.5	%			21,813				19,907				9.6	%			1,747				1,590				9.9	%
Northern Virginia			1,888				26,941				24,664				9.2	%			8,394				7,700				9.0	%			18,547				16,964				9.3	%			2,286				2,095				9.1	%
Savannah, GA			1,837				19,534				17,424				12.1	%			6,239				6,007				3.9	%			13,295				11,417				16.4	%			1,639				1,423				15.2	%
Greenville, SC			2,355				20,522				18,592				10.4	%			6,498				7,003				(7.2	)%			14,024				11,589				21.0	%			1,305				1,174				11.2	%
Richmond, VA			1,732				17,666				16,383				7.8	%			5,531				5,314				4.1	%			12,135				11,069				9.6	%			1,608				1,466				9.6	%
Fredericksburg, VA			1,435				16,483				15,730				4.8	%			4,656				4,480				3.9	%			11,827				11,250				5.1	%			1,787				1,693				5.5	%
Memphis, TN			1,811				15,703				14,718				6.7	%			5,671				5,350				6.0	%			10,032				9,368				7.1	%			1,349				1,271				6.1	%
Birmingham, AL			1,462				13,242				12,291				7.7	%			5,115				4,671				9.5	%			8,127				7,620				6.7	%			1,363				1,257				8.4	%
San Antonio, TX			1,504				13,192				12,175				8.4	%			5,712				5,337				7.0	%			7,480				6,838				9.4	%			1,386				1,263				9.7	%
Denver, CO			812				10,123				9,386				7.9	%			3,076				2,661				15.6	%			7,047				6,725				4.8	%			1,951				1,803				8.2	%
Kansas City, MO-KS			1,110				10,762				9,883				8.9	%			3,946				3,599				9.6	%			6,816				6,284				8.5	%			1,538				1,405				9.5	%
Huntsville, AL			1,228				10,684				9,999				6.9	%			3,785				3,391				11.6	%			6,899				6,608				4.4	%			1,304				1,204				8.4	%
Other			6,022				56,822				52,630				8.0	%			19,648				18,124				8.4	%			37,174				34,506				7.7	%			1,420				1,297				9.5	%
Total Same Store			95,285			$	1,005,515			$	918,128				9.5	%		$	353,140			$	327,804				7.7	%		$	652,375			$	590,324				10.5	%		$	1,665			$	1,501				10.9	%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands

				Units as of									Development Costs as of
				June 30, 2023									June 30, 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			141			60		$	92,300		$	87,334		$	4,966			2Q21		2Q23		4Q23		3Q24
Novel Daybreak (2)		Salt Lake City, UT			400			114			81			97,500			84,681			12,819			2Q21		2Q23		1Q24		4Q24
Novel Val Vista (2)		Phoenix, AZ			317			—			—			77,200			66,466			10,734			4Q20		3Q23		1Q24		1Q25
MAA Milepost 35		Denver, CO			352			—			—			125,000			68,382			56,618			1Q22		4Q23		4Q24		3Q25
MAA Nixie		Raleigh, NC			406			—			—			145,500			26,541			118,959			4Q22		4Q24		3Q25		3Q26
MAA Breakwater		Tampa, FL			495			—			—			197,500			58,071			139,429			4Q22		1Q25		4Q25		4Q26
Total Active					2,310			255			141		$	735,000		$	391,475		$	343,525

(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, 2023

Location

Total Units

Physical Occupancy

Spend to Date

Construction Completed

Expected Stabilization (1)

MAA Windmill Hill

Austin, TX

350

80.9%

59,726

4Q22

4Q23

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

MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data

Six months ended June 30, 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
	3,206			$	19,932			$	6,217			$	106			7.8%		7,000 - 10,000

Supplemental Data S-8

2023 ACQUISITION ACTIVITY (THROUGH JUNE 30, 2023)

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

2023 DISPOSITION ACTIVITY (THROUGH JUNE 30, 2023)

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

DEBT AND DEBT COVENANTS AS OF JUNE 30, 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		$	4,396,393				100.0	%			3.4	%			7.5
Floating rate debt			—				—				—				—
Total		$	4,396,393				100.0	%			3.4	%			7.5
Unsecured Versus Secured Debt		Balance				Percent of Total				Effective Interest Rate				Average Years to Contract Maturity
Unsecured debt		$	4,033,091				91.7	%			3.4	%			5.8
Secured debt			363,302				8.3	%			4.4	%			25.4
Total		$	4,396,393				100.0	%			3.4	%			7.5
Unencumbered Versus Encumbered Assets		Total Cost				Percent of Total				Q2 2023 NOI				Percent of Total
Unencumbered gross assets		$	15,141,135				94.8	%		$	324,197				95.1	%
Encumbered gross assets			829,152				5.2	%			16,616				4.9	%
Total		$	15,970,287				100.0	%		$	340,813				100.0	%

FIXED INTEREST RATE MATURITIES

Maturity		Fixed Rate Debt					Effective Interest Rate
2023		$	349,846					4.2	%
2024			399,251					4.0	%
2025			401,384					4.2	%
2026			297,587					1.2	%
2027			596,941					3.7	%
2028			396,999					4.2	%
2029			558,415					3.7	%
2030			297,715					3.1	%
2031			445,315					1.8	%
2032			—					—
Thereafter			652,940					3.8	%
Total		$	4,396,393					3.4	%

Supplemental Data S-9

DEBT AND DEBT COVENANTS AS OF JUNE 30, 2023 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

Maturity		Commercial Paper & Revolving Credit Facility ⁽¹⁾ ⁽²⁾				Public Bonds				Secured				Total
2023		$	—			$	349,846			$	—			$	349,846
2024			—				399,251				—				399,251
2025			—				398,161				3,223				401,384
2026			—				297,587				—				297,587
2027			—				596,941				—				596,941
2028			—				396,999				—				396,999
2029			—				558,415				—				558,415
2030			—				297,715				—				297,715
2031			—				445,315				—				445,315
2032			—				—				—				—
Thereafter			—				292,861				360,079				652,940
Total		$	—			$	4,033,091			$	363,302			$	4,396,393

(1)There were no borrowings outstanding under MAALP’s unsecured commercial paper program as of June 30, 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 June 30, 2023, average daily borrowings outstanding under the commercial paper program were $0.7 million.

(2)There were no borrowings outstanding under MAALP’s $1.25 billion unsecured revolving credit facility as of June 30, 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		27.5%		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		7.7x		Yes
Total unencumbered assets to total unsecured debt		Greater than 150%		365.5%		Yes
Bank Covenants		Required		Actual		Compliance
Total debt to total capitalized asset value		60% or less		19.1%		Yes
Total secured debt to total capitalized asset value		40% or Less		1.7%		Yes
Total adjusted EBITDA to fixed charges		1.5x or greater for trailing 4 quarters		7.8x		Yes
Total unsecured debt to total unsecured capitalized asset value		60% or less		18.4%		Yes

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

Supplemental Data S-10

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		$5.04 to $5.32		$5.18
Core FFO per Share - diluted		$9.00 to $9.28		$9.14
Core AFFO per Share - diluted		$8.08 to $8.36		$8.22
MAA Same Store Portfolio:
Number of units		95,285		95,285
Average physical occupancy		95.4% to 95.6%		95.5%
Property revenue growth		5.50% to 7.00%		6.25%
Effective rent growth		6.75% to 7.75%		7.25%
Property operating expense growth		5.30% to 6.80%		6.05%
NOI growth		5.60% to 7.10%		6.35%
Real estate tax expense growth		5.00% to 6.50%		5.75%
Corporate Expenses: ($ in millions)
Property management expenses		$71.5 to $73.5		$72.5
General and administrative expenses		$55.0 to $57.0		$56.0
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		$175.0 to $225.0		$200.0
Multifamily disposition volume		$75.0 to $125.0		$100.0
Development investment		$200.0 to $300.0		$250.0
Debt:
Average effective interest rate		3.4% to 3.6%		3.5%
Capitalized interest ($ in millions)		$12.0 to $13.0		$12.5
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		$	5.04			$	5.32
Real estate depreciation and amortization			4.64				4.64
Gains on sale of depreciable assets			(0.54	)			(0.54	)
FFO per Share - diluted			9.14				9.42
Non-Core FFO items (1)			(0.14	)			(0.14	)
Core FFO per Share - diluted			9.00				9.28
Recurring capital expenditures			(0.92	)			(0.92	)
Core AFFO per Share - diluted		$	8.08			$	8.36

(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-11

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:

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Earnings release & conference call

Late October

Early February

Early May

Late July

Dividend Information - Common Shares:

Q2 2022

Q3 2022

Q4 2022

Q1 2023

Q2 2023

Declaration date

5/17/2022

9/27/2022

12/13/2022

3/21/2023

5/16/2023

Record date

7/15/2022

10/14/2022

1/13/2023

4/14/2023

7/14/2023

Payment date

7/29/2022

10/31/2022

1/31/2023

4/28/2023

7/31/2023

Distributions per share

$

1.2500

$

1.2500

$

1.4000

$

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-12