Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT SEPTEMBER 30, 2023 (1)

In apartment units

		Same Store				Non-Same Store				Lease-up				Total Completed Communities				Development Units Delivered				Total
Atlanta, GA			11,434				—				340				11,774				—				11,774
Dallas, TX			10,116				—				—				10,116				—				10,116
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
Charleston, SC			3,168				—				—				3,168				—				3,168
Houston, TX			4,867				308				—				5,175				—				5,175
Fort Worth, TX			3,687				—				—				3,687				—				3,687
Phoenix, AZ			2,623				345				—				2,968				—				2,968
Jacksonville, FL			3,496				—				—				3,496				—				3,496
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
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				182				7,356
Total Multifamily Units			95,286				3,772				690				99,748				182				99,930

(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, 2023												Average Effective				As of September 30, 2023
		Gross Real Assets				Percent to Total of Gross Real Assets				Physical Occupancy				Rent per Unit for the Three Months Ended September 30, 2023				Completed Units				Total Units, Including Development
Atlanta, GA		$	2,089,773				13.7	%			94.9	%		$	1,861				11,434
Dallas, TX			1,568,538				10.3	%			96.4	%			1,671				10,116
Charlotte, NC			1,143,349				7.5	%			95.5	%			1,663				6,211
Orlando, FL			1,025,944				6.7	%			96.5	%			2,019				5,907
Tampa, FL			1,003,505				6.6	%			96.0	%			2,108				5,416
Austin, TX			891,132				5.8	%			95.4	%			1,635				6,829
Raleigh/Durham, NC			730,943				4.8	%			96.4	%			1,549				5,350
Houston, TX			695,625				4.6	%			95.7	%			1,427				5,175
Northern Virginia			572,749				3.8	%			96.9	%			2,345				1,888
Nashville, TN			559,175				3.7	%			96.7	%			1,705				4,375
Phoenix, AZ			481,791				3.2	%			95.4	%			1,756				2,968
Charleston, SC			427,783				2.8	%			96.4	%			1,756				3,168
Fort Worth, TX			390,227				2.6	%			96.4	%			1,579				3,687
Jacksonville, FL			310,576				2.0	%			95.9	%			1,559				3,496
Denver, CO			295,620				1.9	%			95.8	%			1,983				1,118
Richmond, VA			278,393				1.8	%			96.2	%			1,601				2,004
Fredericksburg, VA			254,773				1.7	%			96.7	%			1,801				1,435
Greenville, SC			238,304				1.6	%			96.0	%			1,329				2,355
Savannah, GA			224,406				1.5	%			96.6	%			1,684				1,837
Kansas City, MO-KS			192,132				1.3	%			96.1	%			1,569				1,110
Birmingham, AL			171,132				1.1	%			96.9	%			1,386				1,462
San Antonio, TX			170,341				1.1	%			97.3	%			1,393				1,504
All Other Markets by State (individual markets <1% gross real assets)
Tennessee			203,496				1.3	%			95.9	%			1,340				2,754
Florida			188,905				1.2	%			96.0	%			1,822				1,806
Alabama			174,435				1.1	%			95.0	%			1,403				1,648
Virginia			161,221				1.1	%			95.9	%			1,731				1,039
Kentucky			101,114				0.7	%			97.5	%			1,201				1,308
Maryland			83,404				0.5	%			95.8	%			2,145				361
Nevada			75,032				0.5	%			95.0	%			1,585				721
South Carolina			38,947				0.3	%			95.5	%			1,203				576
Stabilized Communities		$	14,742,765				96.8	%			96.0	%		$	1,696				99,058
Atlanta, GA			90,356				0.6	%			28.2	%			2,241				340				340
Salt Lake City, UT			87,516				0.6	%			25.5	%			1,806				182				400
Denver, CO			80,826				0.5	%			—				—				—				352
Tampa, FL			76,165				0.5	%			—				—				—				495
Phoenix, AZ			68,643				0.4	%			—				—				—				317
Austin, TX			59,715				0.4	%			91.1	%			1,687				350				350
Raleigh/Durham, NC			33,114				0.2	%			—				—				—				406
Lease-up / Development Communities		$	496,335				3.2	%			47.4	%		$	1,928				872				2,660
Total Multifamily Communities		$	15,239,100				100.0	%			95.4	%		$	1,698				99,930				101,718

(1)Schedule excludes MAA's 35% ownership in a 269 unit joint venture property in Washington, D.C. As of September 30, 2023, the gross investment in real estate for this community was $81.6 million and includes a mortgage note payable of $51.9 million. For the nine months ended September 30, 2023, this apartment community achieved NOI of $6.0 million.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

		Three Months Ended												As of September 30, 2023
		September 30, 2023				September 30, 2022				Percent Change				Apartment Units				Gross Real Assets
Operating Revenues
Same Store Communities		$	510,879			$	490,851				4.1	%			95,286			$	13,975,986
Non-Same Store Communities			22,024				22,865								3,772				766,779
Lease-up/Development Communities			2,678				850								872				496,335
Total Multifamily Portfolio		$	535,581			$	514,566								99,930			$	15,239,100
Commercial Property/Land			6,461				6,217								—				367,913
Total Operating Revenues		$	542,042			$	520,783								99,930			$	15,607,013
Property Operating Expenses
Same Store Communities		$	186,134			$	177,740				4.7	%
Non-Same Store Communities			8,295				8,693
Lease-up/Development Communities			2,045				736
Hurricane Expenses			—				1,602
Total Multifamily Portfolio		$	196,474			$	188,771
Commercial Property/Land			2,749				2,652
Total Property Operating Expenses		$	199,223			$	191,423
Net Operating Income
Same Store Communities		$	324,745			$	313,111				3.7	%
Non-Same Store Communities			13,729				14,172
Lease-up/Development Communities			633				114
Hurricane Expenses			—				(1,602	)
Total Multifamily Portfolio		$	339,107			$	325,795
Commercial Property/Land			3,712				3,565
Total Net Operating Income		$	342,819			$	329,360				4.1	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

		Three Months Ended												Nine Months Ended
		September 30, 2023				September 30, 2022				Percent Change				September 30, 2023				September 30, 2022				Percent Change
Property Taxes		$	63,834			$	62,480				2.2	%		$	192,484			$	181,266				6.2	%
Personnel			40,679				38,739				5.0	%			116,513				110,250				5.7	%
Utilities			34,330				33,186				3.4	%			96,329				91,735				5.0	%
Building Repair and Maintenance			25,774				23,639				9.0	%			71,527				64,935				10.2	%
Office Operations			7,609				7,162				6.2	%			21,981				20,468				7.4	%
Insurance			8,052				6,889				16.9	%			21,814				19,182				13.7	%
Marketing			5,856				5,645				3.7	%			18,626				17,708				5.2	%
Total Property Operating Expenses		$	186,134			$	177,740				4.7	%		$	539,274			$	505,544				6.7	%

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, 2023				September 30, 2022				September 30, 2023				September 30, 2022
Atlanta, GA			11,434				12.7	%			94.5	%			95.3	%			94.5	%			95.4	%
Dallas, TX			10,116				10.0	%			96.0	%			95.8	%			95.7	%			95.6	%
Tampa, FL			5,220				6.9	%			95.9	%			95.8	%			95.8	%			96.1	%
Orlando, FL			5,274				6.7	%			96.1	%			96.2	%			96.0	%			96.3	%
Charlotte, NC			5,651				6.4	%			95.8	%			96.0	%			95.6	%			95.8	%
Austin, TX			6,829				6.1	%			95.3	%			95.5	%			95.3	%			95.3	%
Raleigh/Durham, NC			5,350				5.6	%			96.4	%			95.8	%			95.8	%			95.5	%
Nashville, TN			4,375				4.9	%			96.1	%			96.1	%			95.7	%			95.9	%
Charleston, SC			3,168				3.7	%			96.6	%			96.1	%			96.0	%			95.9	%
Houston, TX			4,867				3.5	%			95.3	%			95.5	%			95.5	%			95.5	%
Fort Worth, TX			3,687				3.4	%			95.9	%			95.5	%			95.7	%			95.6	%
Phoenix, AZ			2,623				3.2	%			95.4	%			95.7	%			95.6	%			95.9	%
Jacksonville, FL			3,496				3.2	%			95.6	%			96.4	%			95.8	%			96.6	%
Northern Virginia			1,888				2.9	%			96.6	%			95.6	%			96.2	%			95.6	%
Greenville, SC			2,355				2.1	%			96.0	%			96.6	%			96.1	%			96.4	%
Savannah, GA			1,837				2.0	%			96.5	%			96.9	%			96.2	%			96.8	%
Richmond, VA			1,732				1.9	%			96.2	%			96.1	%			95.9	%			96.3	%
Fredericksburg, VA			1,435				1.8	%			96.2	%			95.8	%			96.2	%			96.4	%
Memphis, TN			1,811				1.4	%			94.0	%			94.4	%			94.5	%			95.0	%
Birmingham, AL			1,462				1.3	%			96.4	%			95.8	%			96.2	%			95.7	%
San Antonio, TX			1,504				1.3	%			96.3	%			96.0	%			95.7	%			95.9	%
Denver, CO			812				1.1	%			95.4	%			95.1	%			95.4	%			95.8	%
Kansas City, MO-KS			1,110				1.0	%			96.2	%			95.8	%			95.9	%			95.6	%
Huntsville, AL			1,228				1.0	%			94.7	%			95.1	%			95.2	%			95.7	%
Other			6,022				5.9	%			96.4	%			96.1	%			95.9	%			96.2	%
Total Same Store			95,286				100.0	%			95.7	%			95.8	%			95.6	%			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				Q3 2023				Q3 2022				% Chg				Q3 2023				Q3 2022				% Chg				Q3 2023				Q3 2022				% Chg				Q3 2023				Q3 2022				% Chg
Atlanta, GA			11,434			$	66,153			$	64,070				3.3	%		$	24,773			$	23,751				4.3	%		$	41,380			$	40,319				2.6	%		$	1,861			$	1,793				3.8	%
Dallas, TX			10,116				53,563				51,172				4.7	%			21,068				20,813				1.2	%			32,495				30,359				7.0	%			1,671				1,595				4.8	%
Tampa, FL			5,220				34,566				32,897				5.1	%			12,164				11,001				10.6	%			22,402				21,896				2.3	%			2,112				2,015				4.8	%
Orlando, FL			5,274				32,970				31,271				5.4	%			11,348				11,406				(0.5	)%			21,622				19,865				8.8	%			1,981				1,864				6.3	%
Charlotte, NC			5,651				29,542				27,982				5.6	%			8,766				8,195				7.0	%			20,776				19,787				5.0	%			1,651				1,549				6.6	%
Austin, TX			6,829				35,635				34,888				2.1	%			15,824				15,302				3.4	%			19,811				19,586				1.1	%			1,635				1,598				2.3	%
Raleigh/Durham, NC			5,350				26,769				25,425				5.3	%			8,686				8,018				8.3	%			18,083				17,407				3.9	%			1,549				1,474				5.1	%
Nashville, TN			4,375				23,766				22,781				4.3	%			7,979				7,818				2.1	%			15,787				14,963				5.5	%			1,705				1,634				4.4	%
Charleston, SC			3,168				17,736				16,576				7.0	%			5,642				5,287				6.7	%			12,094				11,289				7.1	%			1,756				1,625				8.1	%
Houston, TX			4,867				22,049				21,283				3.6	%			10,626				9,420				12.8	%			11,423				11,863				(3.7	)%			1,418				1,363				4.1	%
Fort Worth, TX			3,687				19,181				18,571				3.3	%			8,135				7,833				3.9	%			11,046				10,738				2.9	%			1,579				1,515				4.2	%
Phoenix, AZ			2,623				14,431				14,291				1.0	%			3,925				3,633				8.0	%			10,506				10,658				(1.4	)%			1,746				1,713				1.9	%
Jacksonville, FL			3,496				16,754				16,394				2.2	%			6,407				5,754				11.3	%			10,347				10,640				(2.8	)%			1,559				1,510				3.2	%
Northern Virginia			1,888				13,783				13,002				6.0	%			4,344				4,359				(0.3	)%			9,439				8,643				9.2	%			2,345				2,211				6.1	%
Greenville, SC			2,355				10,297				9,936				3.6	%			3,637				3,602				1.0	%			6,660				6,334				5.1	%			1,329				1,256				5.8	%
Savannah, GA			1,837				10,031				9,456				6.1	%			3,399				3,242				4.8	%			6,632				6,214				6.7	%			1,684				1,570				7.2	%
Richmond, VA			1,732				9,119				8,760				4.1	%			2,891				2,829				2.2	%			6,228				5,931				5.0	%			1,644				1,565				5.0	%
Fredericksburg, VA			1,435				8,296				8,078				2.7	%			2,473				2,326				6.3	%			5,823				5,752				1.2	%			1,801				1,763				2.1	%
Memphis, TN			1,811				7,795				7,721				1.0	%			3,098				2,887				7.3	%			4,697				4,834				(2.8	)%			1,362				1,339				1.7	%
Birmingham, AL			1,462				6,714				6,483				3.6	%			2,513				2,502				0.4	%			4,201				3,981				5.5	%			1,386				1,342				3.2	%
San Antonio, TX			1,504				6,716				6,515				3.1	%			2,567				2,855				(10.1	)%			4,149				3,660				13.4	%			1,393				1,361				2.4	%
Denver, CO			812				5,111				4,917				3.9	%			1,520				1,467				3.6	%			3,591				3,450				4.1	%			1,975				1,898				4.0	%
Kansas City, MO-KS			1,110				5,537				5,256				5.3	%			2,164				2,037				6.2	%			3,373				3,219				4.8	%			1,569				1,486				5.5	%
Huntsville, AL			1,228				5,358				5,198				3.1	%			2,014				1,773				13.6	%			3,344				3,425				(2.4	)%			1,325				1,281				3.5	%
Other			6,022				29,007				27,928				3.9	%			10,171				9,630				5.6	%			18,836				18,298				2.9	%			1,516				1,457				4.0	%
Total Same Store			95,286			$	510,879			$	490,851				4.1	%		$	186,134			$	177,740				4.7	%		$	324,745			$	313,111				3.7	%		$	1,690			$	1,617				4.5	%

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 2023				Q2 2023				% Chg				Q3 2023				Q2 2023				% Chg				Q3 2023				Q2 2023				% Chg				Q3 2023				Q2 2023				% Chg
Atlanta, GA			11,434			$	66,153			$	65,018				1.7	%		$	24,773			$	24,350				1.7	%		$	41,380			$	40,668				1.8	%		$	1,861			$	1,849				0.7	%
Dallas, TX			10,116				53,563				52,880				1.3	%			21,068				21,794				(3.3	)%			32,495				31,086				4.5	%			1,671				1,654				1.0	%
Tampa, FL			5,220				34,566				34,250				0.9	%			12,164				11,580				5.0	%			22,402				22,670				(1.2	)%			2,112				2,095				0.8	%
Orlando, FL			5,274				32,970				32,869				0.3	%			11,348				11,534				(1.6	)%			21,622				21,335				1.3	%			1,981				1,962				1.0	%
Charlotte, NC			5,651				29,542				28,812				2.5	%			8,766				8,990				(2.5	)%			20,776				19,822				4.8	%			1,651				1,619				2.0	%
Austin, TX			6,829				35,635				35,565				0.2	%			15,824				16,197				(2.3	)%			19,811				19,368				2.3	%			1,635				1,632				0.2	%
Raleigh/Durham, NC			5,350				26,769				26,329				1.7	%			8,686				8,350				4.0	%			18,083				17,979				0.6	%			1,549				1,528				1.4	%
Nashville, TN			4,375				23,766				23,486				1.2	%			7,979				7,412				7.6	%			15,787				16,074				(1.8	)%			1,705				1,693				0.7	%
Charleston, SC			3,168				17,736				17,247				2.8	%			5,642				5,450				3.5	%			12,094				11,797				2.5	%			1,756				1,718				2.2	%
Houston, TX			4,867				22,049				21,992				0.3	%			10,626				8,685				22.3	%			11,423				13,307				(14.2	)%			1,418				1,405				0.9	%
Fort Worth, TX			3,687				19,181				19,149				0.2	%			8,135				7,735				5.2	%			11,046				11,414				(3.2	)%			1,579				1,566				0.8	%
Phoenix, AZ			2,623				14,431				14,513				(0.6	)%			3,925				3,713				5.7	%			10,506				10,800				(2.7	)%			1,746				1,747				(0.1	)%
Jacksonville, FL			3,496				16,754				16,740				0.1	%			6,407				5,783				10.8	%			10,347				10,957				(5.6	)%			1,559				1,555				0.3	%
Northern Virginia			1,888				13,783				13,597				1.4	%			4,344				4,345				(0.0	)%			9,439				9,252				2.0	%			2,345				2,304				1.8	%
Greenville, SC			2,355				10,297				10,367				(0.7	)%			3,637				3,777				(3.7	)%			6,660				6,590				1.1	%			1,329				1,313				1.2	%
Savannah, GA			1,837				10,031				9,862				1.7	%			3,399				3,201				6.2	%			6,632				6,661				(0.4	)%			1,684				1,654				1.8	%
Richmond, VA			1,732				9,119				8,861				2.9	%			2,891				2,742				5.4	%			6,228				6,119				1.8	%			1,644				1,619				1.5	%
Fredericksburg, VA			1,435				8,296				8,287				0.1	%			2,473				2,311				7.0	%			5,823				5,976				(2.6	)%			1,801				1,797				0.2	%
Memphis, TN			1,811				7,795				7,876				(1.0	)%			3,098				2,919				6.1	%			4,697				4,957				(5.2	)%			1,362				1,352				0.7	%
Birmingham, AL			1,462				6,714				6,649				1.0	%			2,513				2,572				(2.3	)%			4,201				4,077				3.0	%			1,386				1,371				1.1	%
San Antonio, TX			1,504				6,716				6,655				0.9	%			2,567				2,884				(11.0	)%			4,149				3,771				10.0	%			1,393				1,392				0.1	%
Denver, CO			812				5,111				5,087				0.5	%			1,520				1,631				(6.8	)%			3,591				3,456				3.9	%			1,975				1,956				1.0	%
Kansas City, MO-KS			1,110				5,537				5,432				1.9	%			2,164				2,059				5.1	%			3,373				3,373				0.0	%			1,569				1,554				1.0	%
Huntsville, AL			1,228				5,358				5,368				(0.2	)%			2,014				2,052				(1.9	)%			3,344				3,316				0.8	%			1,325				1,311				1.1	%
Other			6,022				29,007				28,614				1.4	%			10,171				10,004				1.7	%			18,836				18,610				1.2	%			1,516				1,497				1.2	%
Total Same Store			95,286			$	510,879			$	505,505				1.1	%		$	186,134			$	182,070				2.2	%		$	324,745			$	323,435				0.4	%		$	1,690			$	1,673				1.0	%

Supplemental Data S-6

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

Dollars in thousands, except Average Effective Rent per Unit

						Revenues												Expenses												NOI												Average Effective Rent per Unit
		Units				Q3 2023				Q3 2022				% Chg				Q3 2023				Q3 2022				% Chg				Q3 2023				Q3 2022				% Chg				Q3 2023				Q3 2022				% Chg
Atlanta, GA			11,434			$	195,896			$	185,307				5.7	%		$	72,331			$	67,183				7.7	%		$	123,565			$	118,124				4.6	%		$	1,847			$	1,715				7.7	%
Dallas, TX			10,116				158,733				146,195				8.6	%			63,396				59,146				7.2	%			95,337				87,049				9.5	%			1,656				1,518				9.1	%
Tampa, FL			5,220				102,724				94,112				9.2	%			34,885				31,516				10.7	%			67,839				62,596				8.4	%			2,094				1,903				10.1	%
Orlando, FL			5,274				98,205				88,528				10.9	%			33,737				31,168				8.2	%			64,468				57,360				12.4	%			1,961				1,750				12.1	%
Charlotte, NC			5,651				86,807				79,935				8.6	%			25,663				23,760				8.0	%			61,144				56,175				8.8	%			1,621				1,469				10.3	%
Austin, TX			6,829				106,535				99,837				6.7	%			46,401				43,337				7.1	%			60,134				56,500				6.4	%			1,630				1,521				7.2	%
Raleigh/Durham, NC			5,350				79,085				72,284				9.4	%			24,616				23,161				6.3	%			54,469				49,123				10.9	%			1,530				1,392				9.9	%
Nashville, TN			4,375				70,507				64,889				8.7	%			22,736				22,263				2.1	%			47,771				42,626				12.1	%			1,692				1,546				9.5	%
Charleston, SC			3,168				51,946				46,897				10.8	%			16,213				15,542				4.3	%			35,733				31,355				14.0	%			1,720				1,533				12.2	%
Houston, TX			4,867				65,805				62,228				5.7	%			28,887				27,365				5.6	%			36,918				34,863				5.9	%			1,403				1,323				6.1	%
Fort Worth, TX			3,687				57,229				53,357				7.3	%			22,520				21,458				4.9	%			34,709				31,899				8.8	%			1,567				1,448				8.2	%
Phoenix, AZ			2,623				43,427				41,005				5.9	%			11,108				10,440				6.4	%			32,319				30,565				5.7	%			1,747				1,631				7.1	%
Jacksonville, FL			3,496				50,057				47,280				5.9	%			17,719				16,059				10.3	%			32,338				31,221				3.6	%			1,554				1,437				8.1	%
Northern Virginia			1,888				40,724				37,666				8.1	%			12,738				12,059				5.6	%			27,986				25,607				9.3	%			2,306				2,134				8.1	%
Greenville, SC			2,355				30,819				28,528				8.0	%			10,135				10,605				(4.4	)%			20,684				17,923				15.4	%			1,313				1,201				9.3	%
Savannah, GA			1,837				29,565				26,880				10.0	%			9,638				9,249				4.2	%			19,927				17,631				13.0	%			1,654				1,472				12.3	%
Richmond, VA			1,732				26,785				25,143				6.5	%			8,422				8,143				3.4	%			18,363				17,000				8.0	%			1,620				1,499				8.0	%
Fredericksburg, VA			1,435				24,779				23,808				4.1	%			7,129				6,806				4.7	%			17,650				17,002				3.8	%			1,792				1,716				4.4	%
Memphis, TN			1,811				23,498				22,439				4.7	%			8,769				8,237				6.5	%			14,729				14,202				3.7	%			1,353				1,294				4.6	%
Birmingham, AL			1,462				19,956				18,774				6.3	%			7,628				7,173				6.3	%			12,328				11,601				6.3	%			1,371				1,286				6.6	%
San Antonio, TX			1,504				19,908				18,690				6.5	%			8,279				8,192				1.1	%			11,629				10,498				10.8	%			1,388				1,295				7.2	%
Denver, CO			812				15,234				14,303				6.5	%			4,596				4,128				11.3	%			10,638				10,175				4.6	%			1,959				1,834				6.8	%
Kansas City, MO-KS			1,110				16,299				15,139				7.7	%			6,110				5,636				8.4	%			10,189				9,503				7.2	%			1,548				1,432				8.1	%
Huntsville, AL			1,228				16,042				15,197				5.6	%			5,799				5,164				12.3	%			10,243				10,033				2.1	%			1,311				1,229				6.7	%
Other			6,022				85,829				80,558				6.5	%			29,819				27,754				7.4	%			56,010				52,804				6.1	%			1,499				1,392				7.7	%
Total Same Store			95,286			$	1,516,394			$	1,408,979				7.6	%		$	539,274			$	505,544				6.7	%		$	977,120			$	903,435				8.2	%		$	1,673			$	1,540				8.7	%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands

				Units as of									Development Costs as of
				September 30, 2023									September 30, 2023												Expected
													Expected			Spend			Expected				Start		Initial
		Location		Total			Delivered			Leased			Total			to Date			Remaining				Date		Occupancy		Completion		Stabilization (1)
Novel Daybreak (2)		Salt Lake City, UT			400			182			130		$	97,500		$	87,516		$	9,984			2Q21		2Q23		2Q24		4Q24
Novel Val Vista (2)		Phoenix, AZ			317			—			—			77,200			68,643			8,557			4Q20		4Q23		2Q24		2Q25
MAA Milepost 35		Denver, CO			352			—			—			125,000			80,826			44,174			1Q22		4Q23		4Q24		3Q25
MAA Nixie		Raleigh, NC			406			—			—			145,500			33,114			112,386			4Q22		4Q24		3Q25		3Q26
MAA Breakwater		Tampa, FL			495			—			—			197,500			76,165			121,335			4Q22		1Q25		4Q25		4Q26
Total Active					1,970			182			130		$	642,700		$	346,264		$	296,436

(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 September 30, 2023
		Location		Total Units				Physical Occupancy		Spend to Date				Construction Completed		Expected Stabilization (1)
MAA Windmill Hill		Austin, TX		350				91.1%		$	59,715			4Q22		4Q23
Novel West Midtown (2)		Atlanta, GA		340				28.2%			90,356			3Q23		3Q24
Total					690			60.1%		$	150,071

(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 INTERIOR REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data

Nine months ended September 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
	5,464			$	33,820			$	6,190			$	101			7.3%		10,000 - 14,000

Supplemental Data S-8

2023 ACQUISITION ACTIVITY (THROUGH SEPTEMBER 30, 2023)

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

2023 DISPOSITION ACTIVITY (THROUGH SEPTEMBER 30, 2023)

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

DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2023

Dollars in thousands

DEBT SUMMARIES
Fixed Rate Versus Floating Rate Debt		Balance				Percent of Total				Average Effective Interest Rate				Average Years to Rate Maturity
Fixed rate debt		$	4,394,263				100.0	%			3.4	%			7.2
Floating rate debt			—				—				—				—
Total		$	4,394,263				100.0	%			3.4	%			7.2
Unsecured Versus Secured Debt		Balance				Percent of Total				Average Effective Interest Rate				Average Years to Contract Maturity
Unsecured debt		$	4,034,153				91.8	%			3.4	%			5.6
Secured debt			360,110				8.2	%			4.4	%			25.3
Total		$	4,394,263				100.0	%			3.4	%			7.2
Unencumbered Versus Encumbered Assets		Total Cost				Percent of Total				Q3 2023 NOI				Percent of Total
Unencumbered gross assets		$	15,351,655				95.3	%		$	328,336				95.8	%
Encumbered gross assets			755,766				4.7	%			14,483				4.2	%
Total		$	16,107,421				100.0	%		$	342,819				100.0	%

FIXED INTEREST RATE MATURITIES

Maturity		Fixed Rate Debt				Average Effective Interest Rate
2023		$	349,986				4.2	%
2024			399,455				4.0	%
2025			398,355				4.2	%
2026			297,780				1.2	%
2027			597,138				3.7	%
2028			397,151				4.2	%
2029			558,082				3.7	%
2030			297,802				3.1	%
2031			445,481				1.8	%
2032			—				—
Thereafter			653,033				3.8	%
Total		$	4,394,263				3.4	%

Supplemental Data S-9

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

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

Maturity		Commercial Paper & Revolving Credit Facility (1) (2)				Public Bonds				Secured				Total
2023		$	—			$	349,986			$	—			$	349,986
2024			—				399,455				—				399,455
2025			—				398,355				—				398,355
2026			—				297,780				—				297,780
2027			—				597,138				—				597,138
2028			—				397,151				—				397,151
2029			—				558,082				—				558,082
2030			—				297,802				—				297,802
2031			—				445,481				—				445,481
2032			—				—				—				—
Thereafter			—				292,923				360,110				653,033
Total		$	—			$	4,034,153			$	360,110			$	4,394,263

(1)There were no borrowings outstanding under MAALP’s unsecured commercial paper program as of September 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 September 30, 2023, there were no borrowings outstanding under the commercial paper program.

(2)There were no borrowings outstanding under MAALP’s $1.25 billion unsecured revolving credit facility as of September 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		27.3%		Yes
Total secured debt to adjusted total assets		40% or less		2.2%		Yes
Consolidated income available for debt service to total annual debt service charge		1.5x or greater for trailing 4 quarters		7.8x		Yes
Total unencumbered assets to total unsecured debt		Greater than 150%		370.7%		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		8.0x		Yes
Total unsecured debt to total unsecured capitalized asset value		60% or less		18.3%		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		$4.36 to $4.52		$4.44
Core FFO per Share - diluted		$9.06 to $9.22		$9.14
Core AFFO per Share - diluted		$8.14 to $8.30		$8.22
MAA Same Store Portfolio:
Number of units		95,285		95,285
Average physical occupancy		95.50% to 95.70%		95.60%
Property revenue growth		5.75% to 6.75%		6.25%
Effective rent growth		6.75% to 7.25%		7.00%
Property operating expense growth		6.00% to 7.00%		6.50%
NOI growth		5.50% to 6.50%		6.00%
Real estate tax expense growth		5.25% to 6.25%		5.75%
Corporate Expenses: ($ in millions)
Property management expenses		$68.0 to $70.0		$69.0
General and administrative expenses		$56.5 to $58.5		$57.5
Total overhead		$124.5 to $128.5		$126.5
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		—		—
Development investment		$225.0 to $275.0		$250.0
Debt:
Average effective interest rate		3.4% to 3.6%		3.5%
Capitalized interest ($ 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		$	4.36			$	4.52
Real estate depreciation and amortization			4.70				4.70
Gains on sale of depreciable assets			—				—
FFO per Share - diluted			9.06				9.22
Non-Core FFO items (1)			—				—
Core FFO per Share - diluted			9.06				9.22
Recurring capital expenditures			(0.92	)			(0.92	)
Core AFFO per Share - diluted		$	8.14			$	8.30

(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:

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Earnings release & conference call

Early February

Early May

Late July

Late October

Dividend Information - Common Shares:

Q3 2022

Q4 2022

Q1 2023

Q2 2023

Q3 2023

Declaration date

9/27/2022

12/13/2022

3/21/2023

5/16/2023

9/29/2023

Record date

10/14/2022

1/13/2023

4/14/2023

7/14/2023

10/13/2023

Payment date

10/31/2022

1/31/2023

4/28/2023

7/31/2023

10/31/2023

Distributions per share

$

1.2500

$

1.4000

$

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