Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT SEPTEMBER 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				310				6,217				—				6,217
Raleigh/Durham, NC			5,350				—				306				5,656				26				5,682
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				215				3,506
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				265				1,383
Huntsville, AL			1,228				—				—				1,228				—				1,228
Kansas City, MO-KS			1,110				—				—				1,110				—				1,110
Other			6,502				672				400				7,574				—				7,574
Total Multifamily Units			97,289				2,441				1,708				101,438				506				101,944

(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, 2024												Average Effective				As of September 30, 2024
		Gross Real Assets				Percent to Total of Gross Real Assets				Physical Occupancy				Rent per Unit for the Three Months Ended September 30, 2024				Completed Units				Total Units, Including Development
Atlanta, GA		$	2,112,564				13.0	%			95.2	%		$	1,813				11,434
Dallas, TX			1,604,908				9.9	%			95.3	%			1,663				10,116
Charlotte, NC			1,164,345				7.2	%			95.7	%			1,651				6,211
Orlando, FL			1,037,612				6.4	%			95.6	%			1,997				5,907
Tampa, FL			1,021,710				6.3	%			96.0	%			2,093				5,416
Austin, TX			963,975				5.9	%			94.9	%			1,582				7,179
Raleigh/Durham, NC			737,874				4.5	%			95.6	%			1,544				5,350
Houston, TX			719,650				4.4	%			95.3	%			1,436				5,175
Phoenix, AZ			594,192				3.7	%			95.7	%			1,738				3,291
Northern Virginia			577,851				3.6	%			96.6	%			2,484				1,888
Nashville, TN			565,251				3.5	%			95.9	%			1,690				4,375
Charleston, SC			435,344				2.7	%			96.1	%			1,815				3,168
Fort Worth, TX			398,572				2.5	%			96.1	%			1,582				3,687
Jacksonville, FL			318,905				2.0	%			95.7	%			1,510				3,496
Denver, CO			297,533				1.8	%			95.6	%			1,978				1,118
Richmond, VA			283,208				1.7	%			96.7	%			1,627				2,004
Fredericksburg, VA			258,465				1.6	%			96.6	%			1,873				1,435
Greenville, SC			245,184				1.5	%			94.7	%			1,336				2,354
Savannah, GA			227,245				1.4	%			95.5	%			1,713				1,837
Kansas City, MO-KS			194,665				1.2	%			95.5	%			1,634				1,110
Birmingham, AL			172,927				1.1	%			95.3	%			1,412				1,462
San Antonio, TX			172,037				1.1	%			95.7	%			1,367				1,504
All Other Markets by State (individual markets <1% gross real assets)
Tennessee			207,772				1.3	%			95.1	%			1,348				2,754
Florida			194,801				1.2	%			95.6	%			1,839				1,806
Alabama			179,947				1.1	%			95.9	%			1,394				1,648
Virginia			169,423				1.0	%			93.6	%			1,778				1,039
Kentucky			103,711				0.6	%			95.9	%			1,270				1,308
Maryland			84,485				0.5	%			97.0	%			2,288				361
Nevada			75,588				0.5	%			96.3	%			1,592				721
South Carolina			39,437				0.2	%			93.1	%			1,263				576
Stabilized Communities		$	15,159,181				93.4	%			95.5	%		$	1,690				99,730
Charlotte, NC			224,002				1.4	%			85.5	%			1,889				352				893
Raleigh/Durham, NC			195,656				1.2	%			28.1	%			1,807				332				712
Tampa, FL			141,539				0.9	%			—				—				—				495
Denver, CO			119,942				0.7	%			44.9	%			2,298				265				352
Phoenix, AZ			102,312				0.6	%			45.1	%			1,947				215				662
Salt Lake City, UT			94,997				0.6	%			64.0	%			1,761				400				400
Atlanta, GA			91,353				0.6	%			78.8	%			2,094				340				340
Orlando, FL			83,727				0.5	%			89.7	%			2,026				310				310
Richmond, VA			14,679				0.1	%			—				—				—				306
Lease-up / Development Communities		$	1,068,207				6.6	%			57.6	%		$	1,959				2,214				4,470
Total Multifamily Communities		$	16,227,388				100.0	%			94.5	%		$	1,696				101,944				104,200

(1)Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C. As of September 30, 2024, the gross investment in real estate for this community was $82.5 million and includes a mortgage note payable of $51.9 million. For the nine months ended September 30, 2024, this apartment community achieved NOI of $6.2 million.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

		Three Months Ended												As of September 30, 2024
		September 30, 2024				September 30, 2023				Percent Change				Apartment Units				Gross Real Assets
Operating Revenues
Same Store Communities		$	523,533			$	523,510				0.0	%			97,289			$	14,685,767
Non-Same Store Communities			13,312				11,171								2,441				473,414
Lease-up/Development Communities			7,779				901								2,214				1,068,207
Total Multifamily Portfolio		$	544,624			$	535,582								101,944			$	16,227,388
Commercial Property/Land			6,502				6,460								—				372,532
Total Operating Revenues		$	551,126			$	542,042								101,944			$	16,599,920
Property Operating Expenses
Same Store Communities		$	196,266			$	190,537				3.0	%
Non-Same Store Communities			4,693				4,688
Lease-up/Development Communities			4,351				1,256
Storm Costs			3,349				—
Total Multifamily Portfolio		$	208,659			$	196,481
Commercial Property/Land			2,902				2,742
Total Property Operating Expenses		$	211,561			$	199,223
Net Operating Income
Same Store Communities		$	327,267			$	332,973				-1.7	%
Non-Same Store Communities			8,619				6,483
Lease-up/Development Communities			3,428				(355	)
Storm Costs			(3,349	)			—
Total Multifamily Portfolio		$	335,965			$	339,101
Commercial Property/Land			3,600				3,718
Total Net Operating Income		$	339,565			$	342,819				-0.9	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

		Three Months Ended												Nine Months Ended
		September 30, 2024				September 30, 2023				Percent Change				September 30, 2024				September 30, 2023				Percent Change
Property Taxes		$	65,593			$	65,428				0.3	%		$	201,960			$	197,907				2.0	%
Personnel			43,205				41,598				3.9	%			124,537				119,062				4.6	%
Utilities			36,347				35,018				3.8	%			101,520				98,244				3.3	%
Building Repair and Maintenance			26,888				26,371				2.0	%			74,842				73,211				2.2	%
Office Operations			8,881				7,765				14.4	%			25,914				22,362				15.9	%
Insurance			8,324				8,320				0.0	%			24,756				22,491				10.1	%
Marketing			7,028				6,037				16.4	%			21,043				19,137				10.0	%
Total Property Operating Expenses		$	196,266			$	190,537				3.0	%		$	574,572			$	552,414				4.0	%

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, 2024				September 30, 2023				September 30, 2024				September 30, 2023
Atlanta, GA			11,434				11.7	%			95.0	%			94.5	%			94.4	%			94.5	%
Dallas, TX			10,116				9.1	%			95.7	%			96.0	%			95.3	%			95.7	%
Orlando, FL			5,643				7.3	%			95.9	%			96.1	%			96.0	%			96.0	%
Tampa, FL			5,416				7.3	%			96.0	%			95.9	%			95.9	%			95.7	%
Charlotte, NC			5,651				6.1	%			95.9	%			95.8	%			95.5	%			95.6	%
Austin, TX			6,829				5.4	%			95.5	%			95.3	%			94.9	%			95.3	%
Raleigh/Durham, NC			5,350				5.4	%			95.7	%			96.4	%			95.8	%			95.8	%
Nashville, TN			4,375				4.8	%			96.0	%			96.1	%			95.9	%			95.7	%
Houston, TX			5,175				4.2	%			95.4	%			95.3	%			95.3	%			95.5	%
Charleston, SC			3,168				3.8	%			96.5	%			96.6	%			96.2	%			96.0	%
Fort Worth, TX			3,687				3.6	%			95.5	%			95.9	%			95.3	%			95.7	%
Phoenix, AZ			2,968				3.5	%			96.0	%			95.3	%			95.2	%			95.6	%
Jacksonville, FL			3,496				3.2	%			95.9	%			95.6	%			95.6	%			95.8	%
Northern Virginia			1,888				3.1	%			96.6	%			96.6	%			96.7	%			96.2	%
Greenville, SC			2,354				1.9	%			95.3	%			96.0	%			95.7	%			96.1	%
Savannah, GA			1,837				1.9	%			95.5	%			96.5	%			95.7	%			96.2	%
Richmond, VA			1,732				1.9	%			96.6	%			96.2	%			96.5	%			95.9	%
Fredericksburg, VA			1,435				1.8	%			96.4	%			96.2	%			96.8	%			96.2	%
Memphis, TN			1,811				1.5	%			95.3	%			94.0	%			95.4	%			94.5	%
Denver, CO			1,118				1.5	%			95.6	%			95.5	%			95.7	%			95.4	%
Birmingham, AL			1,462				1.2	%			96.0	%			96.4	%			95.6	%			96.2	%
San Antonio, TX			1,504				1.2	%			96.0	%			96.3	%			95.6	%			95.7	%
Kansas City, MO-KS			1,110				1.1	%			96.0	%			96.2	%			96.0	%			95.9	%
Huntsville, AL			1,228				1.0	%			95.4	%			94.7	%			95.1	%			95.2	%
Other			6,502				6.5	%			96.0	%			96.3	%			95.9	%			95.9	%
Total Same Store			97,289				100.0	%			95.7	%			95.7	%			95.5	%			95.6	%

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 2024				Q3 2023				% Chg				Q3 2024				Q3 2023				% Chg				Q3 2024				Q3 2023				% Chg				Q3 2024				Q3 2023				% Chg
Atlanta, GA			11,434			$	65,177			$	66,155				(1.5	)%		$	26,808			$	24,772				8.2	%		$	38,369			$	41,383				(7.3	)%		$	1,813			$	1,861				(2.6	)%
Dallas, TX			10,116				53,356				53,563				(0.4	)%			23,411				21,068				11.1	%			29,945				32,495				(7.8	)%			1,663				1,671				(0.5	)%
Orlando, FL			5,643				35,215				35,497				(0.8	)%			11,347				12,164				(6.7	)%			23,868				23,333				2.3	%			1,978				2,000				(1.1	)%
Tampa, FL			5,416				35,722				35,757				(0.1	)%			11,892				12,469				(4.6	)%			23,830				23,288				2.3	%			2,093				2,108				(0.7	)%
Charlotte, NC			5,651				29,557				29,542				0.1	%			9,503				8,766				8.4	%			20,054				20,776				(3.5	)%			1,642				1,651				(0.5	)%
Austin, TX			6,829				34,750				35,635				(2.5	)%			17,041				15,824				7.7	%			17,709				19,811				(10.6	)%			1,580				1,635				(3.4	)%
Raleigh/Durham, NC			5,350				26,725				26,769				(0.2	)%			9,171				8,686				5.6	%			17,554				18,083				(2.9	)%			1,544				1,549				(0.3	)%
Nashville, TN			4,375				23,616				23,766				(0.6	)%			8,064				7,979				1.1	%			15,552				15,787				(1.5	)%			1,690				1,705				(0.9	)%
Houston, TX			5,175				23,707				23,578				0.5	%			10,065				11,282				(10.8	)%			13,642				12,296				10.9	%			1,436				1,427				0.6	%
Charleston, SC			3,168				18,264				17,736				3.0	%			5,868				5,642				4.0	%			12,396				12,094				2.5	%			1,815				1,756				3.4	%
Fort Worth, TX			3,687				19,311				19,181				0.7	%			7,537				8,135				(7.4	)%			11,774				11,046				6.6	%			1,582				1,579				0.2	%
Phoenix, AZ			2,968				16,355				16,402				(0.3	)%			4,818				4,564				5.6	%			11,537				11,838				(2.5	)%			1,730				1,756				(1.5	)%
Jacksonville, FL			3,496				16,198				16,754				(3.3	)%			5,708				6,407				(10.9	)%			10,490				10,347				1.4	%			1,510				1,559				(3.1	)%
Northern Virginia			1,888				14,695				13,783				6.6	%			4,705				4,344				8.3	%			9,990				9,439				5.8	%			2,484				2,345				5.9	%
Greenville, SC			2,354				10,314				10,297				0.2	%			3,946				3,637				8.5	%			6,368				6,660				(4.4	)%			1,336				1,329				0.5	%
Savannah, GA			1,837				10,078				10,031				0.5	%			3,845				3,399				13.1	%			6,233				6,632				(6.0	)%			1,713				1,684				1.7	%
Richmond, VA			1,732				9,114				9,119				(0.1	)%			2,949				2,891				2.0	%			6,165				6,228				(1.0	)%			1,668				1,644				1.4	%
Fredericksburg, VA			1,435				8,623				8,296				3.9	%			2,606				2,473				5.4	%			6,017				5,823				3.3	%			1,873				1,801				4.0	%
Memphis, TN			1,811				7,983				7,795				2.4	%			3,144				3,098				1.5	%			4,839				4,697				3.0	%			1,378				1,362				1.2	%
Denver, CO			1,118				7,046				7,082				(0.5	)%			2,214				2,196				0.8	%			4,832				4,886				(1.1	)%			1,978				1,983				(0.3	)%
Birmingham, AL			1,462				6,886				6,714				2.6	%			2,821				2,513				12.3	%			4,065				4,201				(3.2	)%			1,412				1,386				1.9	%
San Antonio, TX			1,504				6,612				6,716				(1.5	)%			2,684				2,567				4.6	%			3,928				4,149				(5.3	)%			1,367				1,393				(1.9	)%
Kansas City, MO-KS			1,110				5,761				5,537				4.0	%			2,153				2,164				(0.5	)%			3,608				3,373				7.0	%			1,634				1,569				4.1	%
Huntsville, AL			1,228				5,354				5,358				(0.1	)%			2,012				2,014				(0.1	)%			3,342				3,344				(0.1	)%			1,307				1,325				(1.4	)%
Other			6,502				33,114				32,447				2.1	%			11,954				11,483				4.1	%			21,160				20,964				0.9	%			1,613				1,579				2.2	%
Total Same Store			97,289			$	523,533			$	523,510				0.0	%		$	196,266			$	190,537				3.0	%		$	327,267			$	332,973				(1.7	)%		$	1,691			$	1,697				(0.4	)%

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 2024				Q2 2024				% Chg				Q3 2024				Q2 2024				% Chg				Q3 2024				Q2 2024				% Chg				Q3 2024				Q2 2024				% Chg
Atlanta, GA			11,434			$	65,177			$	64,917				0.4	%		$	26,808			$	26,298				1.9	%		$	38,369			$	38,619				(0.6	)%		$	1,813			$	1,827				(0.8	)%
Dallas, TX			10,116				53,356				53,009				0.7	%			23,411				22,172				5.6	%			29,945				30,837				(2.9	)%			1,663				1,664				(0.0	)%
Orlando, FL			5,643				35,215				35,335				(0.3	)%			11,347				12,898				(12.0	)%			23,868				22,437				6.4	%			1,978				1,982				(0.2	)%
Tampa, FL			5,416				35,722				35,792				(0.2	)%			11,892				12,541				(5.2	)%			23,830				23,251				2.5	%			2,093				2,097				(0.2	)%
Charlotte, NC			5,651				29,557				29,368				0.6	%			9,503				9,126				4.1	%			20,054				20,242				(0.9	)%			1,642				1,638				0.3	%
Austin, TX			6,829				34,750				34,860				(0.3	)%			17,041				15,558				9.5	%			17,709				19,302				(8.3	)%			1,580				1,601				(1.3	)%
Raleigh/Durham, NC			5,350				26,725				26,727				(0.0	)%			9,171				9,005				1.8	%			17,554				17,722				(0.9	)%			1,544				1,540				0.3	%
Nashville, TN			4,375				23,616				23,588				0.1	%			8,064				7,930				1.7	%			15,552				15,658				(0.7	)%			1,690				1,697				(0.5	)%
Houston, TX			5,175				23,707				23,584				0.5	%			10,065				9,185				9.6	%			13,642				14,399				(5.3	)%			1,436				1,431				0.3	%
Charleston, SC			3,168				18,264				18,015				1.4	%			5,868				5,968				(1.7	)%			12,396				12,047				2.9	%			1,815				1,792				1.3	%
Fort Worth, TX			3,687				19,311				19,230				0.4	%			7,537				7,876				(4.3	)%			11,774				11,354				3.7	%			1,582				1,579				0.2	%
Phoenix, AZ			2,968				16,355				16,142				1.3	%			4,818				4,553				5.8	%			11,537				11,589				(0.4	)%			1,730				1,741				(0.6	)%
Jacksonville, FL			3,496				16,198				16,319				(0.7	)%			5,708				6,188				(7.8	)%			10,490				10,131				3.5	%			1,510				1,519				(0.6	)%
Northern Virginia			1,888				14,695				14,388				2.1	%			4,705				4,357				8.0	%			9,990				10,031				(0.4	)%			2,484				2,421				2.6	%
Greenville, SC			2,354				10,314				10,331				(0.2	)%			3,946				3,911				0.9	%			6,368				6,420				(0.8	)%			1,336				1,328				0.6	%
Savannah, GA			1,837				10,078				10,157				(0.8	)%			3,845				3,904				(1.5	)%			6,233				6,253				(0.3	)%			1,713				1,706				0.4	%
Richmond, VA			1,732				9,114				9,053				0.7	%			2,949				2,805				5.1	%			6,165				6,248				(1.3	)%			1,668				1,650				1.1	%
Fredericksburg, VA			1,435				8,623				8,522				1.2	%			2,606				2,386				9.2	%			6,017				6,136				(1.9	)%			1,873				1,832				2.3	%
Memphis, TN			1,811				7,983				7,972				0.1	%			3,144				3,056				2.9	%			4,839				4,916				(1.6	)%			1,378				1,368				0.7	%
Denver, CO			1,118				7,046				7,052				(0.1	)%			2,214				2,222				(0.4	)%			4,832				4,830				0.0	%			1,978				1,979				(0.0	)%
Birmingham, AL			1,462				6,886				6,759				1.9	%			2,821				2,739				3.0	%			4,065				4,020				1.1	%			1,412				1,402				0.7	%
San Antonio, TX			1,504				6,612				6,605				0.1	%			2,684				3,001				(10.6	)%			3,928				3,604				9.0	%			1,367				1,375				(0.5	)%
Kansas City, MO-KS			1,110				5,761				5,654				1.9	%			2,153				2,042				5.4	%			3,608				3,612				(0.1	)%			1,634				1,598				2.2	%
Huntsville, AL			1,228				5,354				5,374				(0.4	)%			2,012				1,821				10.5	%			3,342				3,553				(5.9	)%			1,307				1,313				(0.5	)%
Other			6,502				33,114				32,787				1.0	%			11,954				11,718				2.0	%			21,160				21,069				0.4	%			1,613				1,598				0.9	%
Total Same Store			97,289			$	523,533			$	521,540				0.4	%		$	196,266			$	193,260				1.6	%		$	327,267			$	328,280				(0.3	)%		$	1,691			$	1,690				0.1	%

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				Q3 2024				Q3 2023				% Chg				Q3 2024				Q3 2023				% Chg				Q3 2024				Q3 2023				% Chg				Q3 2024				Q3 2023				% Chg
Atlanta, GA			11,434			$	195,215			$	195,897				(0.3	)%		$	77,996			$	72,330				7.8	%		$	117,219			$	123,567				(5.1	)%		$	1,826			$	1,847				(1.1	)%
Dallas, TX			10,116				159,315				158,733				0.4	%			66,542				63,396				5.0	%			92,773				95,337				(2.7	)%			1,665				1,656				0.6	%
Orlando, FL			5,643				105,970				105,813				0.1	%			36,569				36,305				0.7	%			69,401				69,508				(0.2	)%			1,982				1,980				0.1	%
Tampa, FL			5,416				107,237				106,335				0.8	%			36,817				36,189				1.7	%			70,420				70,146				0.4	%			2,095				2,091				0.2	%
Charlotte, NC			5,651				88,007				86,807				1.4	%			27,054				25,663				5.4	%			60,953				61,144				(0.3	)%			1,639				1,621				1.1	%
Austin, TX			6,829				104,423				106,535				(2.0	)%			47,643				46,401				2.7	%			56,780				60,134				(5.6	)%			1,596				1,630				(2.1	)%
Raleigh/Durham, NC			5,350				79,950				79,085				1.1	%			26,436				24,616				7.4	%			53,514				54,469				(1.8	)%			1,542				1,530				0.8	%
Nashville, TN			4,375				70,798				70,507				0.4	%			23,527				22,736				3.5	%			47,271				47,771				(1.0	)%			1,695				1,692				0.2	%
Houston, TX			5,175				70,876				70,227				0.9	%			29,706				30,847				(3.7	)%			41,170				39,380				4.5	%			1,432				1,412				1.4	%
Charleston, SC			3,168				54,094				51,946				4.1	%			17,457				16,213				7.7	%			36,637				35,733				2.5	%			1,796				1,720				4.4	%
Fort Worth, TX			3,687				57,500				57,229				0.5	%			21,923				22,520				(2.7	)%			35,577				34,709				2.5	%			1,579				1,567				0.8	%
Phoenix, AZ			2,968				48,706				49,363				(1.3	)%			13,677				12,818				6.7	%			35,029				36,545				(4.1	)%			1,738				1,758				(1.1	)%
Jacksonville, FL			3,496				48,910				50,057				(2.3	)%			17,733				17,719				0.1	%			31,177				32,338				(3.6	)%			1,521				1,554				(2.1	)%
Northern Virginia			1,888				43,089				40,724				5.8	%			13,411				12,738				5.3	%			29,678				27,986				6.0	%			2,427				2,306				5.2	%
Greenville, SC			2,354				31,001				30,819				0.6	%			11,490				10,135				13.4	%			19,511				20,684				(5.7	)%			1,330				1,313				1.3	%
Savannah, GA			1,837				30,248				29,565				2.3	%			11,306				9,638				17.3	%			18,942				19,927				(4.9	)%			1,705				1,654				3.1	%
Richmond, VA			1,732				27,189				26,785				1.5	%			8,538				8,422				1.4	%			18,651				18,363				1.6	%			1,654				1,620				2.1	%
Fredericksburg, VA			1,435				25,569				24,779				3.2	%			7,432				7,129				4.3	%			18,137				17,650				2.8	%			1,837				1,792				2.5	%
Memphis, TN			1,811				23,878				23,498				1.6	%			9,086				8,769				3.6	%			14,792				14,729				0.4	%			1,369				1,353				1.1	%
Denver, CO			1,118				21,220				21,037				0.9	%			6,556				6,396				2.5	%			14,664				14,641				0.2	%			1,976				1,961				0.8	%
Birmingham, AL			1,462				20,315				19,956				1.8	%			8,206				7,628				7.6	%			12,109				12,328				(1.8	)%			1,403				1,371				2.3	%
San Antonio, TX			1,504				19,810				19,908				(0.5	)%			8,473				8,279				2.3	%			11,337				11,629				(2.5	)%			1,376				1,388				(0.9	)%
Kansas City, MO-KS			1,110				16,979				16,299				4.2	%			6,136				6,110				0.4	%			10,843				10,189				6.4	%			1,604				1,548				3.6	%
Huntsville, AL			1,228				16,032				16,042				(0.1	)%			5,842				5,799				0.7	%			10,190				10,243				(0.5	)%			1,312				1,311				0.1	%
Other			6,502				98,371				95,981				2.5	%			35,016				33,618				4.2	%			63,355				62,363				1.6	%			1,599				1,560				2.5	%
Total Same Store			97,289			$	1,564,702			$	1,553,927				0.7	%		$	574,572			$	552,414				4.0	%		$	990,130			$	1,001,513				(1.1	)%		$	1,690			$	1,681				0.6	%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands

				Units as of									Development Costs as of
				September 30, 2024									September 30, 2024												Expected
													Expected			Spend			Expected				Start		Initial
		Location		Total			Delivered			Leased			Total			to Date			Remaining				Date		Occupancy		Completion		Stabilization (1)
Novel Val Vista (2)		Phoenix, AZ			317			215			176		$	79,800		$	77,279		$	2,521			4Q20		4Q23		4Q24		3Q25
MAA Milepost 35		Denver, CO			352			265			178			125,000			119,942			5,058			1Q22		4Q23		4Q24		3Q25
MAA Nixie		Raleigh/Durham, NC			406			26			2			145,500			114,668			30,832			4Q22		3Q24		3Q25		3Q26
MAA Breakwater		Tampa, FL			495			—			—			197,500			141,539			55,961			4Q22		1Q25		4Q25		1Q27
Modera Liberty Row (3)		Charlotte, NC			239			—			—			112,000			90,860			21,140			1Q22		3Q25		1Q26		4Q26
MAA Plaza Midwood (4) (5)		Charlotte, NC			302			—			—			101,500			26,370			75,130			2Q24		2Q26		4Q26		4Q27
Modera Chandler (5)		Phoenix, AZ			345			—			—			117,500			25,033			92,467			2Q24		2Q26		4Q26		4Q27
MAA Porter		Richmond, VA			306			—			—			99,500			14,679			84,821			3Q24		1Q27		3Q27		1Q28
Total Active					2,762			506			356		$	978,300		$	610,370		$	367,930

(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)In July 2024, MAA agreed to finance the third party development of this property currently under construction. MAA has the option to purchase the development once it is stabilized.

(4)Previously reported as Alta 10th.

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

MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands

				As of September 30, 2024
		Location		Total Units				Physical Occupancy		Spend to Date				Construction Completed		Expected Stabilization (1)
MAA Optimist Park		Charlotte, NC		352				85.5%		$	106,772			(3)		4Q24
MAA Boggy Creek		Orlando, FL		310				89.7%			83,727			(3)		4Q24
Novel West Midtown (2)		Atlanta, GA		340				78.8%			91,353			3Q23		1Q25
Novel Daybreak (2)		Salt Lake City, UT		400				64.0%			94,997			3Q24		2Q25
MAA Vale		Raleigh/Durham, NC		306				65.0%			80,988			(3)		2Q25
Total					1,708			76.2%		$	457,837

(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

Nine months ended September 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
	4,535			$	29,053			$	6,406			$	107			7.5%		6,000 - 10,000

Supplemental Data S-8

2024 ACQUISITION ACTIVITY (THROUGH SEPTEMBER 30, 2024)

Multifamily Acquisitions		Market		Apartment Units		Closing Date
MAA Boggy Creek		Orlando, FL		310		Sep-24
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.

Land Acquisition		Market		Acreage		Closing Date
MAA Porter		Richmond, VA		3.3		Aug-24

DEBT AND DEBT COVENANTS AS OF SEPTEMBER 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		$	4,385,968				90.0	%			3.6	%			7.7
Floating rate debt			490,000				10.0	%			5.1	%			0.1
Total		$	4,875,968				100.0	%			3.8	%			7.0
Unsecured Versus Secured Debt		Balance				Percent of Total				Effective Interest Rate				Average Years to Contract Maturity
Unsecured debt		$	4,515,733				92.6	%			3.7	%			5.6
Secured debt			360,235				7.4	%			4.4	%			24.3
Total		$	4,875,968				100.0	%			3.8	%			7.0
Unencumbered Versus Encumbered Assets		Total Cost				Percent of Total				Q3 2024 NOI				Percent of Total
Unencumbered gross assets		$	16,216,116				95.5	%		$	325,427				95.8	%
Encumbered gross assets			768,396				4.5	%			14,138				4.2	%
Total		$	16,984,512				100.0	%		$	339,565				100.0	%

FIXED INTEREST RATE MATURITIES

Maturity		Fixed Rate Debt					Effective Interest Rate
2024		$	—					—
2025			399,142					4.2	%
2026			298,552					1.2	%
2027			597,924					3.7	%
2028			397,759					4.2	%
2029			556,740					3.7	%
2030			298,144					3.1	%
2031			446,138					1.8	%
2032			394,531					5.4	%
2033			—					—
Thereafter			997,038					4.2	%
Total		$	4,385,968					3.6	%

Supplemental Data S-9

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

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

Maturity		Commercial Paper (1) & Revolving Credit Facility (2)				Public Bonds				Secured				Total
2024		$	490,000			$	—			$	—			$	490,000
2025			—				399,142				—				399,142
2026			—				298,552				—				298,552
2027			—				597,924				—				597,924
2028			—				397,759				—				397,759
2029			—				556,740				—				556,740
2030			—				298,144				—				298,144
2031			—				446,138				—				446,138
2032			—				394,531				—				394,531
2033			—				—				—				—
Thereafter			—				636,803				360,235				997,038
Total		$	490,000			$	4,025,733			$	360,235			$	4,875,968

(1)The $490.0 million maturing in 2024 reflects the principal outstanding under MAALP’s unsecured commercial paper program as of September 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 September 30, 2024, average daily borrowings outstanding under the commercial paper program were $403.8 million.

(2)There were no borrowings outstanding under MAALP’s $1.25 billion unsecured revolving credit facility as of September 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		28.7%		Yes
Total secured debt to adjusted total assets		40% or less		2.1%		Yes
Consolidated income available for debt service to total annual debt service charge		1.5x or greater for trailing 4 quarters		7.0x		Yes
Total unencumbered assets to total unsecured debt		Greater than 150%		350.4%		Yes
Bank Covenants		Required		Actual		Compliance
Total debt to total capitalized asset value		60% or less		21.1%		Yes
Total secured debt to total capitalized asset value		40% or less		1.6%		Yes
Total adjusted EBITDA to fixed charges		1.5x or greater for trailing 4 quarters		7.4x		Yes
Total unsecured debt to total unsecured capitalized asset value		60% or less		20.3%		Yes

(1)The calculations of the Bond Covenants and Bank Covenants are specifically defined in MAALP’s debt agreements, which have been filed by MAA and MAALP with the SEC.

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		$4.45 to $4.61		$4.53
Core FFO per Share - diluted		$8.80 to $8.96		$8.88
Core AFFO per Share - diluted		$7.84 to $8.00		$7.92
MAA Same Store Portfolio:
Number of units		97,290		97,290
Average physical occupancy		95.4% to 95.6%		95.5%
Property revenue growth		0.25% to 0.75%		0.50%
Effective rent growth		0.25% to 0.45%		0.35%
Property operating expense growth		3.25% to 4.25%		3.75%
NOI growth		-1.90% to -0.70%		-1.30%
Real estate tax expense growth		1.5% to 2.5%		2.0%
Corporate Expenses: ($ in millions)
Property management expenses		$71.5 to $72.5		$72.0
General and administrative expenses		$56.0 to $57.0		$56.5
Total overhead		$127.5 to $129.5		$128.5
Transaction/Investment Volume: ($ in millions)
Multifamily acquisition volume		$350.0 to $450.0		$400.0
Multifamily disposition volume		$80.0 to $90.0		$85.0
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)		$16.0 to $18.0		$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		$	4.45			$	4.61
Real estate depreciation and amortization			4.83				4.83
Gains on sale of depreciable assets			(0.47	)			(0.47	)
Gain on consolidation of third-party development			(0.09	)			(0.09	)
FFO per Share - diluted			8.72				8.88
Non-Core FFO items (1)			0.08				0.08
Core FFO per Share - diluted			8.80				8.96
Recurring capital expenditures			(0.96	)			(0.96	)
Core AFFO per Share - diluted		$	7.84			$	8.00

(1)Non-Core FFO items may include adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares; gain or loss on sale of non-depreciable assets; gain or loss on investments, net of tax; 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:

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Earnings release & conference call

Early February

Early May

Late July

Late October

Dividend Information - Common Shares:

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Declaration date

9/29/2023

12/12/2023

3/19/2024

5/21/2024

9/24/2024

Record date

10/13/2023

1/12/2024

4/15/2024

7/15/2024

10/15/2024

Payment date

10/31/2023

1/31/2024

4/30/2024

7/31/2024

10/31/2024

Distributions per share

$

1.4000

$

1.4700

$

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