Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT JUNE 30, 2024 (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
Austin, TX			6,829				350				—				7,179				—				7,179
Charlotte, NC			5,651				560				352				6,563				—				6,563
Orlando, FL			5,643				264				—				5,907				—				5,907
Raleigh/Durham, NC			5,350				—				306				5,656				—				5,656
Tampa, FL			5,416				—				—				5,416				—				5,416
Houston, TX			5,175				—				—				5,175				—				5,175
Nashville, TN			4,375				—				—				4,375				—				4,375
Fort Worth, TX			3,687				—				—				3,687				—				3,687
Jacksonville, FL			3,496				—				—				3,496				—				3,496
Phoenix, AZ			2,968				—				323				3,291				191				3,482
Charleston, SC			3,168				—				—				3,168				—				3,168
Greenville, SC			2,354				—				—				2,354				—				2,354
Richmond, VA			1,732				272				—				2,004				—				2,004
Northern Virginia			1,888				—				—				1,888				—				1,888
Savannah, GA			1,837				—				—				1,837				—				1,837
Memphis, TN			1,811				—				—				1,811				—				1,811
San Antonio, TX			1,504				—				—				1,504				—				1,504
Birmingham, AL			1,462				—				—				1,462				—				1,462
Fredericksburg, VA			1,435				—				—				1,435				—				1,435
Denver, CO			1,118				—				—				1,118				174				1,292
Huntsville, AL			1,228				—				—				1,228				—				1,228
Kansas City, MO-KS			1,110				—				—				1,110				—				1,110
Other			6,502				672				—				7,174				372				7,546
Total Multifamily Units			97,289				2,118				1,321				100,728				737				101,465

(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, 2024												Average Effective				As of June 30, 2024
		Gross Real Assets				Percent to Total of Gross Real Assets				Physical Occupancy				Rent per Unit for the Three Months Ended June 30, 2024				Completed Units				Total Units, Including Development
Atlanta, GA		$	2,111,692				13.1	%			94.7	%		$	1,827				11,434
Dallas, TX			1,599,217				10.0	%			95.8	%			1,664				10,116
Charlotte, NC			1,162,201				7.3	%			96.2	%			1,649				6,211
Orlando, FL			1,036,760				6.5	%			96.1	%			2,002				5,907
Tampa, FL			1,018,398				6.4	%			96.4	%			2,097				5,416
Austin, TX			965,600				6.1	%			95.7	%			1,603				7,179
Raleigh/Durham, NC			739,046				4.6	%			96.2	%			1,540				5,350
Houston, TX			712,338				4.5	%			95.7	%			1,431				5,175
Northern Virginia			576,644				3.6	%			96.9	%			2,421				1,888
Nashville, TN			566,790				3.6	%			96.0	%			1,697				4,375
Phoenix, AZ			490,279				3.1	%			96.2	%			1,741				2,968
Charleston, SC			434,667				2.7	%			96.1	%			1,792				3,168
Fort Worth, TX			397,335				2.5	%			95.3	%			1,579				3,687
Jacksonville, FL			319,081				2.0	%			96.3	%			1,519				3,496
Denver, CO			296,894				1.9	%			95.4	%			1,979				1,118
Richmond, VA			281,730				1.8	%			96.7	%			1,609				2,004
Fredericksburg, VA			257,630				1.6	%			97.5	%			1,832				1,435
Greenville, SC			244,163				1.5	%			96.7	%			1,328				2,354
Savannah, GA			227,797				1.4	%			96.1	%			1,706				1,837
Kansas City, MO-KS			194,091				1.2	%			96.5	%			1,598				1,110
Birmingham, AL			174,137				1.1	%			95.8	%			1,402				1,462
San Antonio, TX			172,383				1.1	%			95.9	%			1,375				1,504
All Other Markets by State (individual markets <1% gross real assets)
Tennessee			208,601				1.3	%			95.1	%			1,343				2,754
Florida			195,022				1.2	%			96.1	%			1,831				1,806
Alabama			179,690				1.1	%			96.4	%			1,394				1,648
Virginia			167,963				1.1	%			97.6	%			1,764				1,039
Kentucky			104,165				0.7	%			96.4	%			1,241				1,308
Maryland			84,066				0.5	%			95.8	%			2,241				361
Nevada			75,991				0.5	%			96.0	%			1,576				721
South Carolina			39,494				0.2	%			91.8	%			1,241				576
Stabilized Communities		$	15,033,865				94.2	%			95.9	%		$	1,689				99,407
Phoenix, AZ			196,807				1.2	%			55.6	%			1,893				514				985
Raleigh/Durham, NC			173,071				1.1	%			62.1	%			1,792				306				712
Tampa, FL			127,015				0.8	%			—				—				—				495
Charlotte, NC			124,105				0.8	%			88.4	%			1,921				352				654
Denver, CO			111,561				0.7	%			25.0	%			2,326				174				352
Salt Lake City, UT			94,964				0.6	%			49.0	%			1,766				372				400
Atlanta, GA			91,302				0.6	%			61.2	%			2,133				340				340
Lease-up / Development Communities		$	918,825				5.8	%			56.4	%		$	1,936				2,058				3,938
Total Multifamily Communities		$	15,952,690				100.0	%			95.0	%		$	1,694				101,465				103,345

(1)Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C. As of June 30, 2024, the gross investment in real estate for this community was $82.1 million and includes a mortgage note payable of $51.9 million. For the six months ended June 30, 2024, this apartment community achieved NOI of $4.1 million.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

		Three Months Ended												As of June 30, 2024
		June 30, 2024				June 30, 2023				Percent Change				Apartment Units				Gross Real Assets
Operating Revenues
Same Store Communities		$	521,540			$	517,986				0.7	%			97,289			$	14,663,256
Non-Same Store Communities			11,462				10,699								2,118				370,609
Lease-up/Development Communities			6,913				193								2,058				918,825
Total Multifamily Portfolio		$	539,915			$	528,878								101,465			$	15,952,690
Commercial Property/Land			6,520				6,268								—				367,242
Total Operating Revenues		$	546,435			$	535,146								101,465			$	16,319,932
Property Operating Expenses
Same Store Communities		$	193,260			$	186,375				3.7	%
Non-Same Store Communities			4,710				4,479
Lease-up/Development Communities			3,462				849
Storm Costs			1,485				—
Total Multifamily Portfolio		$	202,917			$	191,703
Commercial Property/Land			2,879				2,630
Total Property Operating Expenses		$	205,796			$	194,333
Net Operating Income
Same Store Communities		$	328,280			$	331,611				-1.0	%
Non-Same Store Communities			6,752				6,220
Lease-up/Development Communities			3,451				(656	)
Storm Costs			(1,485	)			—
Total Multifamily Portfolio		$	336,998			$	337,175
Commercial Property/Land			3,641				3,638
Total Net Operating Income		$	340,639			$	340,813				-0.1	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

		Three Months Ended												Six Months Ended
		June 30, 2024				June 30, 2023				Percent Change				June 30, 2024				June 30, 2023				Percent Change
Property Taxes		$	68,306			$	67,862				0.7	%		$	136,367			$	132,479				2.9	%
Personnel			41,566				39,483				5.3	%			81,332				77,464				5.0	%
Utilities			32,562				31,595				3.1	%			65,173				63,226				3.1	%
Building Repair and Maintenance			26,170				25,718				1.8	%			47,954				46,840				2.4	%
Office Operations			8,500				7,526				12.9	%			17,033				14,597				16.7	%
Insurance			8,195				7,059				16.1	%			16,432				14,171				16.0	%
Marketing			7,961				7,132				11.6	%			14,015				13,100				7.0	%
Total Property Operating Expenses		$	193,260			$	186,375				3.7	%		$	378,306			$	361,877				4.5	%

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, 2024				June 30, 2023				June 30, 2024				June 30, 2023
Atlanta, GA			11,434				11.8	%			94.0	%			94.1	%			94.1	%			94.5	%
Dallas, TX			10,116				9.4	%			95.4	%			95.5	%			95.2	%			95.6	%
Tampa, FL			5,416				7.1	%			96.0	%			95.7	%			95.9	%			95.6	%
Orlando, FL			5,643				6.8	%			96.0	%			95.9	%			96.0	%			96.0	%
Charlotte, NC			5,651				6.2	%			95.6	%			95.4	%			95.3	%			95.5	%
Austin, TX			6,829				5.9	%			94.9	%			95.2	%			94.6	%			95.3	%
Raleigh/Durham, NC			5,350				5.4	%			96.2	%			95.8	%			95.8	%			95.5	%
Nashville, TN			4,375				4.8	%			95.9	%			95.7	%			95.9	%			95.5	%
Houston, TX			5,175				4.4	%			95.3	%			95.1	%			95.3	%			95.5	%
Charleston, SC			3,168				3.7	%			96.2	%			95.8	%			96.1	%			95.7	%
Phoenix, AZ			2,968				3.5	%			94.5	%			95.6	%			94.8	%			95.7	%
Fort Worth, TX			3,687				3.4	%			95.5	%			95.8	%			95.3	%			95.6	%
Jacksonville, FL			3,496				3.1	%			95.8	%			95.8	%			95.5	%			95.9	%
Northern Virginia			1,888				3.0	%			97.1	%			96.1	%			96.8	%			96.0	%
Greenville, SC			2,354				1.9	%			95.9	%			96.3	%			95.9	%			96.2	%
Savannah, GA			1,837				1.9	%			96.1	%			96.3	%			95.8	%			96.1	%
Richmond, VA			1,732				1.9	%			96.9	%			95.8	%			96.5	%			95.8	%
Fredericksburg, VA			1,435				1.9	%			97.1	%			96.3	%			97.0	%			96.2	%
Memphis, TN			1,811				1.5	%			95.5	%			94.6	%			95.4	%			94.8	%
Denver, CO			1,118				1.5	%			95.4	%			95.4	%			95.7	%			95.3	%
Birmingham, AL			1,462				1.2	%			95.5	%			96.3	%			95.3	%			96.0	%
Kansas City, MO-KS			1,110				1.1	%			96.1	%			96.2	%			95.9	%			95.7	%
San Antonio, TX			1,504				1.1	%			95.6	%			95.5	%			95.4	%			95.4	%
Huntsville, AL			1,228				1.1	%			95.1	%			95.2	%			94.9	%			95.4	%
Other			6,502				6.4	%			96.0	%			96.0	%			95.8	%			95.7	%
Total Same Store			97,289				100.0	%			95.5	%			95.5	%			95.4	%			95.5	%

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 2024				Q2 2023				% Chg				Q2 2024				Q2 2023				% Chg				Q2 2024				Q2 2023				% Chg				Q2 2024				Q2 2023				% Chg
Atlanta, GA			11,434			$	64,917			$	65,018				(0.2	)%		$	26,298			$	24,351				8.0	%		$	38,619			$	40,667				(5.0	)%		$	1,827			$	1,849				(1.2	)%
Dallas, TX			10,116				53,009				52,880				0.2	%			22,172				21,794				1.7	%			30,837				31,086				(0.8	)%			1,664				1,654				0.6	%
Tampa, FL			5,416				35,792				35,462				0.9	%			12,541				12,091				3.7	%			23,251				23,371				(0.5	)%			2,097				2,092				0.2	%
Orlando, FL			5,643				35,335				35,418				(0.2	)%			12,898				12,312				4.8	%			22,437				23,106				(2.9	)%			1,982				1,980				0.1	%
Charlotte, NC			5,651				29,368				28,812				1.9	%			9,126				8,990				1.5	%			20,242				19,822				2.1	%			1,638				1,619				1.1	%
Austin, TX			6,829				34,860				35,565				(2.0	)%			15,558				16,197				(3.9	)%			19,302				19,368				(0.3	)%			1,601				1,632				(1.9	)%
Raleigh/Durham, NC			5,350				26,727				26,329				1.5	%			9,005				8,350				7.8	%			17,722				17,979				(1.4	)%			1,540				1,528				0.8	%
Nashville, TN			4,375				23,588				23,486				0.4	%			7,930				7,412				7.0	%			15,658				16,074				(2.6	)%			1,697				1,693				0.2	%
Houston, TX			5,175				23,584				23,429				0.7	%			9,185				9,381				(2.1	)%			14,399				14,048				2.5	%			1,431				1,414				1.2	%
Charleston, SC			3,168				18,015				17,247				4.5	%			5,968				5,450				9.5	%			12,047				11,797				2.1	%			1,792				1,718				4.3	%
Phoenix, AZ			2,968				16,142				16,493				(2.1	)%			4,553				4,253				7.1	%			11,589				12,240				(5.3	)%			1,741				1,758				(1.0	)%
Fort Worth, TX			3,687				19,230				19,149				0.4	%			7,876				7,735				1.8	%			11,354				11,414				(0.5	)%			1,579				1,566				0.8	%
Jacksonville, FL			3,496				16,319				16,740				(2.5	)%			6,188				5,783				7.0	%			10,131				10,957				(7.5	)%			1,519				1,555				(2.3	)%
Northern Virginia			1,888				14,388				13,597				5.8	%			4,357				4,345				0.3	%			10,031				9,252				8.4	%			2,421				2,304				5.1	%
Greenville, SC			2,354				10,331				10,367				(0.3	)%			3,911				3,777				3.5	%			6,420				6,590				(2.6	)%			1,328				1,313				1.2	%
Savannah, GA			1,837				10,157				9,862				3.0	%			3,904				3,201				22.0	%			6,253				6,661				(6.1	)%			1,706				1,654				3.2	%
Richmond, VA			1,732				9,053				8,861				2.2	%			2,805				2,742				2.3	%			6,248				6,119				2.1	%			1,650				1,619				1.9	%
Fredericksburg, VA			1,435				8,522				8,287				2.8	%			2,386				2,311				3.2	%			6,136				5,976				2.7	%			1,832				1,797				2.0	%
Memphis, TN			1,811				7,972				7,876				1.2	%			3,056				2,919				4.7	%			4,916				4,957				(0.8	)%			1,368				1,352				1.2	%
Denver, CO			1,118				7,052				6,999				0.8	%			2,222				2,144				3.6	%			4,830				4,855				(0.5	)%			1,979				1,959				1.0	%
Birmingham, AL			1,462				6,759				6,649				1.7	%			2,739				2,572				6.5	%			4,020				4,077				(1.4	)%			1,402				1,371				2.3	%
Kansas City, MO-KS			1,110				5,654				5,432				4.1	%			2,042				2,059				(0.8	)%			3,612				3,373				7.1	%			1,598				1,554				2.9	%
San Antonio, TX			1,504				6,605				6,655				(0.8	)%			3,001				2,884				4.1	%			3,604				3,771				(4.4	)%			1,375				1,392				(1.2	)%
Huntsville, AL			1,228				5,374				5,368				0.1	%			1,821				2,052				(11.3	)%			3,553				3,316				7.1	%			1,313				1,311				0.1	%
Other			6,502				32,787				32,005				2.4	%			11,718				11,270				4.0	%			21,069				20,735				1.6	%			1,598				1,559				2.5	%
Total Same Store			97,289			$	521,540			$	517,986				0.7	%		$	193,260			$	186,375				3.7	%		$	328,280			$	331,611				(1.0	)%		$	1,690			$	1,681				0.5	%

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				Q2 2024				Q1 2024				% Chg				Q2 2024				Q1 2024				% Chg				Q2 2024				Q1 2024				% Chg				Q2 2024				Q1 2024				% Chg
Atlanta, GA			11,434			$	64,917			$	65,121				(0.3	)%		$	26,298			$	24,890				5.7	%		$	38,619			$	40,231				(4.0	)%		$	1,827			$	1,839				(0.7	)%
Dallas, TX			10,116				53,009				52,950				0.1	%			22,172				20,959				5.8	%			30,837				31,991				(3.6	)%			1,664				1,668				(0.2	)%
Tampa, FL			5,416				35,792				35,723				0.2	%			12,541				12,384				1.3	%			23,251				23,339				(0.4	)%			2,097				2,094				0.1	%
Orlando, FL			5,643				35,335				35,420				(0.2	)%			12,898				12,324				4.7	%			22,437				23,096				(2.9	)%			1,982				1,987				(0.3	)%
Charlotte, NC			5,651				29,368				29,082				1.0	%			9,126				8,425				8.3	%			20,242				20,657				(2.0	)%			1,638				1,638				(0.0	)%
Austin, TX			6,829				34,860				34,813				0.1	%			15,558				15,044				3.4	%			19,302				19,769				(2.4	)%			1,601				1,607				(0.4	)%
Raleigh/Durham, NC			5,350				26,727				26,498				0.9	%			9,005				8,260				9.0	%			17,722				18,238				(2.8	)%			1,540				1,543				(0.2	)%
Nashville, TN			4,375				23,588				23,594				(0.0	)%			7,930				7,533				5.3	%			15,658				16,061				(2.5	)%			1,697				1,698				(0.0	)%
Houston, TX			5,175				23,584				23,585				(0.0	)%			9,185				10,456				(12.2	)%			14,399				13,129				9.7	%			1,431				1,428				0.2	%
Charleston, SC			3,168				18,015				17,815				1.1	%			5,968				5,621				6.2	%			12,047				12,194				(1.2	)%			1,792				1,780				0.6	%
Phoenix, AZ			2,968				16,142				16,209				(0.4	)%			4,553				4,306				5.7	%			11,589				11,903				(2.6	)%			1,741				1,744				(0.2	)%
Fort Worth, TX			3,687				19,230				18,959				1.4	%			7,876				6,510				21.0	%			11,354				12,449				(8.8	)%			1,579				1,575				0.2	%
Jacksonville, FL			3,496				16,319				16,393				(0.5	)%			6,188				5,837				6.0	%			10,131				10,556				(4.0	)%			1,519				1,534				(1.0	)%
Northern Virginia			1,888				14,388				14,006				2.7	%			4,357				4,349				0.2	%			10,031				9,657				3.9	%			2,421				2,376				1.9	%
Greenville, SC			2,354				10,331				10,356				(0.2	)%			3,911				3,633				7.7	%			6,420				6,723				(4.5	)%			1,328				1,325				0.2	%
Savannah, GA			1,837				10,157				10,013				1.4	%			3,904				3,557				9.8	%			6,253				6,456				(3.1	)%			1,706				1,695				0.7	%
Richmond, VA			1,732				9,053				9,022				0.3	%			2,805				2,784				0.8	%			6,248				6,238				0.2	%			1,650				1,644				0.3	%
Fredericksburg, VA			1,435				8,522				8,424				1.2	%			2,386				2,440				(2.2	)%			6,136				5,984				2.5	%			1,832				1,805				1.5	%
Memphis, TN			1,811				7,972				7,923				0.6	%			3,056				2,886				5.9	%			4,916				5,037				(2.4	)%			1,368				1,360				0.6	%
Denver, CO			1,118				7,052				7,122				(1.0	)%			2,222				2,120				4.8	%			4,830				5,002				(3.4	)%			1,979				1,972				0.4	%
Birmingham, AL			1,462				6,759				6,670				1.3	%			2,739				2,646				3.5	%			4,020				4,024				(0.1	)%			1,402				1,393				0.6	%
Kansas City, MO-KS			1,110				5,654				5,564				1.6	%			2,042				1,941				5.2	%			3,612				3,623				(0.3	)%			1,598				1,579				1.2	%
San Antonio, TX			1,504				6,605				6,593				0.2	%			3,001				2,788				7.6	%			3,604				3,805				(5.3	)%			1,375				1,385				(0.8	)%
Huntsville, AL			1,228				5,374				5,304				1.3	%			1,821				2,009				(9.4	)%			3,553				3,295				7.8	%			1,313				1,317				(0.3	)%
Other			6,502				32,787				32,470				1.0	%			11,718				11,344				3.3	%			21,069				21,126				(0.3	)%			1,598				1,586				0.7	%
Total Same Store			97,289			$	521,540			$	519,629				0.4	%		$	193,260			$	185,046				4.4	%		$	328,280			$	334,583				(1.9	)%		$	1,690			$	1,690				0.0	%

Supplemental Data S-6

MULTIFAMILY SAME STORE PORTFOLIO YEAR TO DATE COMPARISONS

Dollars in thousands, except Average Effective Rent per Unit

						Revenues												Expenses												NOI												Average Effective Rent per Unit
		Units				Q2 2024				Q2 2023				% Chg				Q2 2024				Q2 2023				% Chg				Q2 2024				Q2 2023				% Chg				Q2 2024				Q2 2023				% Chg
Atlanta, GA			11,434			$	130,038			$	129,742				0.2	%		$	51,188			$	47,558				7.6	%		$	78,850			$	82,184				(4.1	)%		$	1,833			$	1,840				(0.4	)%
Dallas, TX			10,116				105,959				105,170				0.8	%			43,131				42,328				1.9	%			62,828				62,842				(0.0	)%			1,666				1,648				1.1	%
Tampa, FL			5,416				71,515				70,578				1.3	%			24,925				23,720				5.1	%			46,590				46,858				(0.6	)%			2,096				2,082				0.6	%
Orlando, FL			5,643				70,755				70,316				0.6	%			25,222				24,141				4.5	%			45,533				46,175				(1.4	)%			1,985				1,970				0.7	%
Charlotte, NC			5,651				58,450				57,265				2.1	%			17,551				16,897				3.9	%			40,899				40,368				1.3	%			1,638				1,606				2.0	%
Austin, TX			6,829				69,673				70,900				(1.7	)%			30,602				30,577				0.1	%			39,071				40,323				(3.1	)%			1,604				1,627				(1.4	)%
Raleigh/Durham, NC			5,350				53,225				52,316				1.7	%			17,265				15,930				8.4	%			35,960				36,386				(1.2	)%			1,541				1,521				1.3	%
Nashville, TN			4,375				47,182				46,741				0.9	%			15,463				14,757				4.8	%			31,719				31,984				(0.8	)%			1,698				1,686				0.7	%
Houston, TX			5,175				47,169				46,649				1.1	%			19,641				19,565				0.4	%			27,528				27,084				1.6	%			1,430				1,405				1.8	%
Charleston, SC			3,168				35,830				34,210				4.7	%			11,589				10,571				9.6	%			24,241				23,639				2.5	%			1,786				1,702				4.9	%
Phoenix, AZ			2,968				32,351				32,961				(1.9	)%			8,859				8,254				7.3	%			23,492				24,707				(4.9	)%			1,743				1,759				(0.9	)%
Fort Worth, TX			3,687				38,189				38,048				0.4	%			14,386				14,385				0.0	%			23,803				23,663				0.6	%			1,577				1,561				1.0	%
Jacksonville, FL			3,496				32,712				33,303				(1.8	)%			12,025				11,312				6.3	%			20,687				21,991				(5.9	)%			1,526				1,551				(1.6	)%
Northern Virginia			1,888				28,394				26,941				5.4	%			8,706				8,394				3.7	%			19,688				18,547				6.2	%			2,398				2,286				4.9	%
Greenville, SC			2,354				20,687				20,522				0.8	%			7,544				6,498				16.1	%			13,143				14,024				(6.3	)%			1,327				1,305				1.7	%
Savannah, GA			1,837				20,170				19,534				3.3	%			7,461				6,239				19.6	%			12,709				13,295				(4.4	)%			1,701				1,639				3.8	%
Richmond, VA			1,732				18,075				17,666				2.3	%			5,589				5,531				1.0	%			12,486				12,135				2.9	%			1,647				1,608				2.5	%
Fredericksburg, VA			1,435				16,946				16,483				2.8	%			4,826				4,656				3.7	%			12,120				11,827				2.5	%			1,818				1,787				1.8	%
Memphis, TN			1,811				15,895				15,703				1.2	%			5,942				5,671				4.8	%			9,953				10,032				(0.8	)%			1,364				1,349				1.1	%
Denver, CO			1,118				14,174				13,955				1.6	%			4,342				4,200				3.4	%			9,832				9,755				0.8	%			1,975				1,951				1.3	%
Birmingham, AL			1,462				13,429				13,242				1.4	%			5,385				5,115				5.3	%			8,044				8,127				(1.0	)%			1,398				1,363				2.5	%
Kansas City, MO-KS			1,110				11,218				10,762				4.2	%			3,983				3,946				0.9	%			7,235				6,816				6.1	%			1,589				1,538				3.3	%
San Antonio, TX			1,504				13,198				13,192				0.0	%			5,789				5,712				1.3	%			7,409				7,480				(0.9	)%			1,380				1,386				(0.4	)%
Huntsville, AL			1,228				10,678				10,684				(0.1	)%			3,830				3,785				1.2	%			6,848				6,899				(0.7	)%			1,315				1,304				0.8	%
Other			6,502				65,257				63,534				2.7	%			23,062				22,135				4.2	%			42,195				41,399				1.9	%			1,592				1,551				2.6	%
Total Same Store			97,289			$	1,041,169			$	1,030,417				1.0	%		$	378,306			$	361,877				4.5	%		$	662,863			$	668,540				(0.8	)%		$	1,690			$	1,672				1.0	%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands

				Units as of									Development Costs as of
				June 30, 2024									June 30, 2024												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			372			235		$	99,450		$	94,964		$	4,486			2Q21		2Q23		3Q24		1Q25
Novel Val Vista (2)		Phoenix, AZ			317			191			106			79,800			74,987			4,813			4Q20		4Q23		4Q24		3Q25
MAA Milepost 35		Denver, CO			352			174			121			125,000			111,561			13,439			1Q22		4Q23		4Q24		3Q25
MAA Nixie		Raleigh/Durham, NC			406			—			—			145,500			92,377			53,123			4Q22		4Q24		3Q25		3Q26
MAA Breakwater		Tampa, FL			495			—			—			197,500			127,015			70,485			4Q22		1Q25		4Q25		1Q27
Alta 10th (3)		Charlotte, NC			302			—			—			101,500			17,410			84,090			2Q24		2Q26		4Q26		4Q27
Modera Chandler (3)		Phoenix, AZ			345			—			—			117,500			19,634			97,866			2Q24		2Q26		4Q26		4Q27
Total Active					2,617			737			462		$	866,250		$	537,948		$	328,302

(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)MAA owns 95% of the joint venture that owns this property.

MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands

				As of June 30, 2024
		Location		Total Units				Physical Occupancy		Spend to Date				Construction Completed		Expected Stabilization (1)
MAA Central Avenue		Phoenix, AZ		323				90.4%		$	102,186			(3)		3Q24
MAA Optimist Park		Charlotte, NC		352				88.4%			106,695			(3)		4Q24
Novel West Midtown (2)		Atlanta, GA		340				61.2%			91,302			3Q23		1Q25
MAA Vale		Raleigh/Durham, NC		306				62.1%			80,694			(3)		2Q25
Total					1,321			75.8%		$	380,877

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

MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data

Six months ended June 30, 2024
Units Completed				Redevelopment Spend				Average Cost per Unit				Increase in Average Effective Rent per Unit				Increase in Average Effective Rent per Unit		Estimated Units Remaining in Pipeline
	2,796			$	17,370			$	6,213			$	107			7.6%		7,000 - 11,000

2024 ACQUISITION ACTIVITY (THROUGH JUNE 30, 2024)

Multifamily Acquisitions		Market		Apartment Units		Closing Date
MAA Vale		Raleigh, NC		306		May-24
Modera Chandler (1)		Phoenix, AZ		345		Apr-24

(1)Represents a pre-purchase multifamily development. MAA owns 95% of the joint venture that owns this property. Construction of this development commenced in the second quarter of 2024. See “Multifamily Development Pipeline” above for additional information.

Supplemental Data S-8

DEBT AND DEBT COVENANTS AS OF JUNE 30, 2024

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		$	4,384,864				93.3	%			3.6	%			8.0
Floating rate debt			316,000				6.7	%			5.5	%			0.1
Total		$	4,700,864				100.0	%			3.8	%			7.4
Unsecured Versus Secured Debt		Balance				Percent of Total				Effective Interest Rate				Average Years to Contract Maturity
Unsecured debt		$	4,340,660				92.3	%			3.7	%			6.0
Secured debt			360,204				7.7	%			4.4	%			24.6
Total		$	4,700,864				100.0	%			3.8	%			7.4
Unencumbered Versus Encumbered Assets		Total Cost				Percent of Total				Q2 2024 NOI				Percent of Total
Unencumbered gross assets		$	15,948,218				95.4	%		$	326,693				95.9	%
Encumbered gross assets			764,430				4.6	%			13,946				4.1	%
Total		$	16,712,648				100.0	%		$	340,639				100.0	%

FIXED INTEREST RATE MATURITIES

Maturity		Fixed Rate Debt					Effective Interest Rate
2024		$	—					—
2025			398,944					4.2	%
2026			298,359					1.2	%
2027			597,727					3.7	%
2028			397,607					4.2	%
2029			557,076					3.7	%
2030			298,059					3.1	%
2031			445,973					1.8	%
2032			394,346					5.4	%
2033			—					—
Thereafter			996,773					4.2	%
Total		$	4,384,864					3.6	%

Supplemental Data S-9

DEBT AND DEBT COVENANTS AS OF JUNE 30, 2024 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

Maturity		Commercial Paper (1) & Revolving Credit Facility (2)				Public Bonds				Secured				Total
2024		$	316,000			$	—			$	—			$	316,000
2025			—				398,944				—				398,944
2026			—				298,359				—				298,359
2027			—				597,727				—				597,727
2028			—				397,607				—				397,607
2029			—				557,076				—				557,076
2030			—				298,059				—				298,059
2031			—				445,973				—				445,973
2032			—				394,346				—				394,346
2033			—				—				—				—
Thereafter			—				636,569				360,204				996,773
Total		$	316,000			$	4,024,660			$	360,204			$	4,700,864

(1)The $316.0 million maturing in 2024 reflects the principal outstanding under MAALP’s unsecured commercial paper program as of June 30, 2024. 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, 2024, average daily borrowings outstanding under the commercial paper program were $195.5 million.

(2)There were no borrowings outstanding under MAALP’s $1.25 billion unsecured revolving credit facility as of June 30, 2024. 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		28.1%		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		7.4x		Yes
Total unencumbered assets to total unsecured debt		Greater than 150%		358.6%		Yes
Bank Covenants		Required		Actual		Compliance
Total debt to total capitalized asset value		60% or less		20.4%		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		7.7x		Yes
Total unsecured debt to total unsecured capitalized asset value		60% or less		19.5%		Yes

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

Supplemental Data S-10

2024 GUIDANCE

MAA provides guidance on expected Core FFO per diluted Share and Core AFFO per diluted Share, which are non-GAAP financial measures, along with guidance for expected Earnings per diluted common share. A reconciliation of expected Earnings per diluted common share to expected Core FFO per diluted Share and Core AFFO per diluted Share is provided below.

		Full Year 2024
Earnings:		Current Range		Current Midpoint
Earnings per common share - diluted		$4.37 to $4.65		$4.51
Core FFO per Share - diluted		$8.74 to $9.02		$8.88
Core AFFO per Share - diluted		$7.78 to $8.06		$7.92
MAA Same Store Portfolio:
Number of units		97,290		97,290
Average physical occupancy		95.3% to 95.7%		95.5%
Property revenue growth		0.15% to 1.15%		0.65%
Effective rent growth		0.25% to 0.75%		0.50%
Property operating expense growth		3.75% to 4.75%		4.25%
NOI growth		-2.50% to -0.10%		-1.30%
Real estate tax expense growth		3.5% to 4.5%		4.0%
Corporate Expenses: ($ in millions)
Property management expenses		$72.0 to $74.0		$73.0
General and administrative expenses		$56.5 to $58.5		$57.5
Total overhead		$128.5 to $132.5		$130.5
Transaction/Investment Volume: ($ in millions)
Multifamily acquisition volume		$350.0 to $450.0		$400.0
Multifamily disposition volume		$50.0 to $150.0		$100.0
Development investment		$300.0 to $400.0		$350.0
Debt:
Average effective interest rate		3.5% to 3.7%		3.6%
Capitalized interest ($ in millions)		$15.0 to $19.0		$17.0
Diluted FFO Shares Outstanding:
Diluted common shares and units		119.75 to 120.25 million		120.0 million

RECONCILIATION OF EARNINGS PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER DILUTED SHARE FOR FULL YEAR 2024 GUIDANCE

		Full Year 2024 Guidance Range
		Low				High
Earnings per common share - diluted		$	4.37			$	4.65
Real estate depreciation and amortization			4.83				4.83
Gains on sale of depreciable assets			(0.44	)			(0.44	)
FFO per Share - diluted			8.76				9.04
Non-Core FFO items (1)			(0.02	)			(0.02	)
Core FFO per Share - diluted			8.74				9.02
Recurring capital expenditures			(0.96	)			(0.96	)
Core AFFO per Share - diluted		$	7.78			$	8.06

(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, settlements and (recoveries), net, 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 2024

Q4 2024

Q1 2025

Q2 2025

Earnings release & conference call

Late October

Early February

Early May

Late July

Dividend Information - Common Shares:

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Declaration date

5/16/2023

9/29/2023

12/12/2023

3/19/2024

5/21/2024

Record date

7/14/2023

10/13/2023

1/12/2024

4/15/2024

7/15/2024

Payment date

7/31/2023

10/31/2023

1/31/2024

4/30/2024

7/31/2024

Distributions per share

$

1.4000

$

1.4000

$

1.4700

$

1.4700

$

1.4700

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