# EDGAR Filing Document

**Accession Number:** 0000912595
**File Stem:** 0000950170-23-001608
**Filing Date:** 2023-2
**Character Count:** 109735
**Document Hash:** 1c3a5e9b04011ce27847fd54e2a8eccc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-001608.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0000950170-23-001608

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20230201

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MID AMERICA APARTMENT COMMUNITIES INC.
- **CENTRAL INDEX KEY:** 0000912595
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 621543819
- **STATE OF INCORPORATION:** TN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12762
- **FILM NUMBER:** 23577012

**BUSINESS ADDRESS:**
- **STREET 1:** 6815 POPLAR AVENUE
- **STREET 2:** SUITE 500
- **CITY:** GERMANTOWN
- **STATE:** TN
- **ZIP:** 38138
- **BUSINESS PHONE:** 9016826600

**MAIL ADDRESS:**
- **STREET 1:** 6815 POPLAR AVENUE
- **STREET 2:** SUITE 500
- **CITY:** GERMANTOWN
- **STATE:** TN
- **ZIP:** 38138

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MID AMERICA APARTMENT COMMUNITIES INC
- **DATE OF NAME CHANGE:** 19930927
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mid-America Apartments, L.P.
- **CENTRAL INDEX KEY:** 0001581776
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 621543816
- **STATE OF INCORPORATION:** TN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-190028-01
- **FILM NUMBER:** 23577013

**BUSINESS ADDRESS:**
- **STREET 1:** 6815 POPLAR AVENUE
- **STREET 2:** SUITE 500
- **CITY:** GERMANTOWN
- **STATE:** TN
- **ZIP:** 38138
- **BUSINESS PHONE:** (901) 248-4126

**MAIL ADDRESS:**
- **STREET 1:** 6815 POPLAR AVENUE
- **STREET 2:** SUITE 500
- **CITY:** GERMANTOWN
- **STATE:** TN
- **ZIP:** 38138

?xml version="1.0" encoding="ASCII"? 8-K

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM** 8-K

------

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)** 

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** February 1, 2023

MID-AMERICA APARTMENT COMMUNITIES, INC.

(Exact name of registrant as specified in its charter)

Tennessee 001-12762 62-1543819 <br> (State or Other Jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

MID-AMERICA APARTMENTS, L.P.

(Exact name of registrant as specified in its charter)

------

Tennessee 333-190028-01 62-1543816 <br> (State or Other Jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

---

| | |
|:---|:---|
| 6815 Poplar Avenue**,** Suite 500 |  |
| Germantown**,** Tennessee | 38138 |
| (Address of Principal Executive Offices) | (Zip Code) |

---

**(**901**)** 682-6600

(Registrant's telephone number, including area code)

**N/A**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange on which**<br>**registered** |
| Common Stock, par value $.01 per share (Mid-America Apartment Communities, Inc.) | MAA | New York Stock Exchange |
| 8.50% Series I Cumulative Redeemable Preferred Stock, $.01 par value per share (Mid-America Apartment Communities, Inc.) | MAA\*I | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**ITEM 2.02. Results of Operations and Financial Condition.**

On February 1, 2023, Mid-America Apartment Communities, Inc. ("MAA") issued a press release announcing its consolidated results of operations and financial condition as of December 31, 2022 and for the three and twelve months then ended. Copies of the press release and supplemental data schedules are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report.

The information in this Current Report under this Item 2.02 (including Exhibits 99.1 and 99.2) is being "furnished" and shall not be deemed to be "filed" for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any previous or future filings by MAA or Mid-America Apartments, L.P. ("MAALP") under the Exchange Act or the Securities Act of 1933, as amended (the "Securities Act").

**ITEM 7.01. Regulation FD Disclosure.**

On February 1, 2023, MAA issued a press release announcing its consolidated results of operations and financial condition as of December 31, 2022 and for the three and twelve months then ended. In that press release, MAA also provided certain information with respect to the January 2023 settlement of two forward sales agreements with respect to a total of 1.1 million shares of MAA common stock. A copy of the press release is furnished as Exhibit 99.1 to this Current Report.

The information in this Current Report under this Item 7.01 (including Exhibit 99.1) is being "furnished" and shall not be deemed to be "filed" for any purpose, including for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any previous or future filings by MAA or MAALP under the Exchange Act or the Securities Act.

**ITEM 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| Exhibit Number | Description |
| 99.1 | [<u>Press Release dated February 1, 2023</u>](maa-ex99_1.htm) |
| 99.2 | [<u>Supplemental Data Schedules dated February 1, 2023</u>](maa-ex99_2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  |  | MID-AMERICA APARTMENT COMMUNITIES, INC. |
| Date: | February 1, 2023 | /s/Albert M. Campbell, III |
|  |  | Albert M. Campbell, III |
|  |  | Executive Vice President and Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

---

| | | |
|:---|:---|:---|
|  |  | MID-AMERICA APARTMENTS, L.P. |
|  |  | By: Mid-America Apartment Communities, Inc., its general partner |
| Date: | February 1, 2023 | /s/Albert M. Campbell, III |
|  |  | Albert M. Campbell, III |
|  |  | Executive Vice President and Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

------

## Exhibit 99.1

![img267427320_0.jpg](img267427320_0.jpg)

------

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** |  |
| [<u>Earnings Release</u>](#earningsrelease1) | 3 |
| [<u>Financial Highlights</u>](#financialhighlights2) | 8 |
| [<u>Consolidated Statements of Operations/Share and Unit Data</u>](#consolidatedstatementsofoperations3) | 9 |
| [<u>Consolidated Balance Sheets</u>](#consolidatedbalancesheets4) | 10 |
| [<u>Reconciliation of Non-GAAP Financial Measures</u>](#reconciliation5) | 11 |
| [<u>Non-GAAP Financial Measures</u>](#nongaapfinancialmeasures6) | 14 |
| [<u>Other Key Definitions</u>](#otherkeydefinitions7) | 15 |
| [<u>Portfolio Statistics</u>](maa-ex99_2.htm) | S-1 |
| [<u>Components of Net Operating Income/Components of Same Store Portfolio Property Operating Expenses</u>](maa-ex99_2.htm) | S-3 |
| [<u>Multifamily Same Store Portfolio NOI Contribution Percentage</u>](maa-ex99_2.htm) | S-4 |
| [<u>Multifamily Same Store Portfolio Comparisons</u>](maa-ex99_2.htm) | S-5 |
| [<u>Multifamily Development Pipeline/Multifamily Lease-up Communities/Multifamily Interior Redevelopment Pipeline</u>](maa-ex99_2.htm) | S-8 |
| [<u>2022 Acquisition Activity/2022 Disposition Activity</u>](maa-ex99_2.htm) | S-9 |
| [<u>Debt and Debt Covenants as of December 31, 2022</u>](maa-ex99_2.htm) | S-9 |
| [<u>2023 Guidance/Reconciliation of Net Income per Diluted Common Share to Core FFO and Core AFFO per Share for 2023 Guidance</u>](maa-ex99_2.htm) | S-11 |
| [<u>Credit Ratings/Common Stock/Investor Relations Data</u>](maa-ex99_2.htm) | S-12 |

---

------

**EARNINGS RELEASE**<br>

**MAA REPORTS FOURTH QUARTER AND FULL YEAR 2022 RESULTS**

GERMANTOWN, TN, February 1, 2023/PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the quarter ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fourth Quarter 2022 Operating Results** | **Three months ended December 31,** | **Three months ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Earnings per common share - diluted | $1.67 | $1.60 | $5.48 | $4.61 |
| Funds from operations (FFO) per Share - diluted | $2.12 | $2.01 | $8.20 | $7.20 |
| Core FFO per Share - diluted | $2.32 | $1.90 | $8.50 | $7.01 |

---

A reconciliation of FFO and Core FFO to Net income available for MAA common shareholders, and discussion of the components of FFO and Core FFO, can be found later in this release. FFO per Share – diluted and Core FFO per Share – diluted include diluted common shares and units.

Eric Bolton, Chairman and Chief Executive Officer, said, "We closed 2022 with better than expected results and carry good momentum into the new year. As the broader economy adjusts to a higher interest rate environment, we believe that MAA is well positioned to capture another year of solid performance from our existing portfolio. Supported by a strong balance sheet, the company is also in position to capture new growth opportunities that we believe are likely to emerge."

**Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•During the fourth quarter of 2022, MAA's Same Store Portfolio produced increases in property revenues, operating expenses and Net Operating Income (NOI) of 13.6%, 7.9% and 16.8%, respectively, as compared to the same period in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•During the fourth quarter of 2022, MAA closed on the disposition of a 396-unit multifamily community in Maryland and a 288-unit multifamily community in the Austin, Texas market for combined gross proceeds of $157.7 million generating a gain on sale of depreciable real estate assets of $82.8 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•As of the end of the fourth quarter of 2022, MAA had six communities under development, representing 2,310 units once complete, with a projected total cost of $728.7 million and an estimated $437.0 million remaining to be funded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•During the fourth quarter of 2022, MAA completed the construction of MAA Windmill Hill, a multifamily development community located in the Austin, Texas market and commenced development of multifamily communities MAA Breakwater located in the Tampa, Florida market and MAA Nixie located in the Raleigh/Durham, North Carolina market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•During the fourth quarter of 2022, MAA closed on the pre-purchase of a multifamily community located in the Charlotte, North Carolina market with development expected to begin in the second half of 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•As of the end of the fourth quarter of 2022, MAA had a recently completed development community and a recently acquired community in lease-up. One community is expected to stabilize in the second quarter of 2023 and one in the fourth quarter of 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•During the fourth quarter of 2022, MAA completed the lease-up of MAA Westglenn, located in the Denver, Colorado market, MAA Park Point, located in the Houston, Texas market and MAA Robinson located in the Orlando, Florida market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•MAA completed the redevelopment of 1,327 apartment homes during the fourth quarter of 2022, capturing average rental rate increases of approximately 10% above non-renovated units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•MAA's balance sheet remains strong with a historically low Net Debt/Adjusted EBITDAre ratio of 3.71x and $1.3 billion of combined cash and available capacity under MAALP's unsecured revolving credit facility as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Subsequent to the end of the fourth quarter of 2022, MAA settled its forward sale agreements with respect to a total of 1.1 million shares of its common stock for net proceeds of approximately $204 million.

**Same Store Portfolio Operating Results**

To ensure comparable reporting with prior periods, the Same Store Portfolio includes properties that were owned by MAA and stabilized at the beginning of the previous year.

Same Store Portfolio results for the three and twelve months ended December 31, 2022 as compared to the same periods in the prior year are summarized below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended December 31, 2022 vs. 2021** | **Three months ended December 31, 2022 vs. 2021** | **Three months ended December 31, 2022 vs. 2021** | **Three months ended December 31, 2022 vs. 2021** | **Twelve months ended December 31, 2022 vs. 2021** | **Twelve months ended December 31, 2022 vs. 2021** | **Twelve months ended December 31, 2022 vs. 2021** | **Twelve months ended December 31, 2022 vs. 2021** |
|  | **Revenues** | **Expenses (1)** | **NOI** | **Average Effective Rent per Unit** | **Revenues** | **Expenses (2)** | **NOI** | **Average Effective Rent per Unit** |
| **Same Store Operating Growth** | 13.6% | 7.9% | 16.8% | 14.9% | 13.5% | 7.6% | 17.1% | 14.6% |

---

<sup>(1)</sup> Excludes $0.2 million in storm-related expenses related to hurricanes that are recorded in Non-Same Store operating expenses.

<sup>(2)</sup> Excludes $1.8 million in storm-related expenses related to hurricanes that are recorded in Non-Same Store operating expenses.

A reconciliation of NOI, including Same Store NOI, to Net income available for MAA common shareholders, and discussion of the components of NOI, can be found later in this release.

------

Same Store Portfolio operating statistics for the three and twelve months ended December 31, 2022 are summarized below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three months ended December 31, 2022** | **Three months ended December 31, 2022** | **Twelve months ended December 31, 2022** | **Twelve months ended December 31, 2022** | **December 31, 2022** |
|  | **Average Effective Rent per Unit** | **Average Physical Occupancy** | **Average Effective Rent per Unit** | **Average Physical Occupancy** | **Resident Turnover** |
| **Same Store Operating Statistics** | $1646 | 95.6% | $1565 | 95.7% | 46.1% |

---

Same Store Portfolio lease pricing for leases effective during the fourth quarter of 2022, as compared to the prior lease, increased 2.2% for leases to new move-in residents, reflecting typically slower seasonal leasing volumes, and increased 10.1% for renewing leases, which produced an increase of 5.7% for both new and renewing leases on a blended basis. The rent-to-resident-income relationship for new leases signed during the fourth quarter of 2022 remained consistent with recent trends in the range of 22%.

Same Store Portfolio lease pricing for leases effective during the year ended December 31, 2022, as compared to the prior lease, increased 13.0% for leases to new move-in residents and increased 14.8% for renewing leases, which produced an increase of 13.9% for both new and renewing leases on a blended basis.

**Acquisition and Disposition Activity**

During the fourth quarter of 2022, MAA closed on the pre-purchase of a multifamily community, Alta 10th, located in the Charlotte, North Carolina market. The community will be developed through a joint venture with a local developer. Approximately $10 million has been funded as of December 31, 2022, primarily related to land, with development expected to begin in the second half of 2023. During the fourth quarter of 2022, MAA also acquired a six acre land parcel in the Raleigh, North Carolina market for approximately $9 million and started development of MAA Nixie on the property. MAA expects to begin multifamily development projects on four to six land parcels currently owned or under contract over the next 18 to 24 months.

During the fourth quarter of 2022, MAA closed on the disposition of a 396-unit multifamily community in Maryland and a 288-unit multifamily community in the Austin, Texas market for combined gross proceeds of $157.7 million, resulting in a combined gain on the sale of depreciable real estate assets of $82.8 million.

**Development and Lease-up Activity**

A summary of MAA's development communities under construction as of the end of the fourth quarter of 2022 is set forth below (dollars in thousands):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Units as of** | **Units as of** | **Units as of** | **Development Costs as of** | **Development Costs as of** | **Development Costs as of** | **Expected Project** | **Expected Project** | **Expected Project** |
| **Total** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **Completions By Year** | **Completions By Year** | **Completions By Year** |
| **Development** |  |  |  | **Expected** | **Spend** | **Expected** |  |  |  |
| **Projects** | **Total** | **Delivered** | **Leased** | **Total** | **to Date** | **Remaining** | **2023** | **2024** | **2025** |
| 6 | 2310 |  |  | $728700 | $291699 | $437001 | 2 | 2 | 2 |

---

The expected average stabilized NOI yield on these communities is 5.6%. During the fourth quarter of 2022, MAA funded $67.0 million of costs for current and planned projects, including predevelopment activities.

A summary of the total units, cost and the average physical occupancy of MAA's lease-up communities as of the end of the fourth quarter of 2022 is set forth below (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Total** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** |
| **Lease-Up** | **Total** | **Physical** | **Spend** |
| **Projects (1)** | **Units** | **Occupancy** | **to Date** |
| 2 | 694 | 74.6% | $198128 |

---

<sup>(1)</sup> Both lease-up projects are expected to stabilize in 2023.

**Property Redevelopment and Repositioning Activity**

A summary of MAA's interior redevelopment program and Smart Home technology initiative as of the end of the fourth quarter of 2022 is set forth below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** |  |
|  | **Units** | **Units** | **Average Cost** | **Increase in Average** |  |
|  | **Completed** | **Completed** | **per Unit** | **Effective Rent per Unit** |  |
|  | **QTD** | **YTD** | **YTD** | **YTD** |  |
| **Redevelopment** | 1327 | 6574 | $6109 | $133 |  |
| **Smart Home** | 2921 | 24029 | $1535 | $25 | (1) |

---

<sup>(1)</sup> Projected increase upon lease renewal, opt in or unit turnover.

As of December 31, 2022, MAA had completed installation of the Smart Home technology (unit entry locks, mobile control of lights and thermostat and leak monitoring) in over 71,000 units across its apartment community portfolio since the initiative began during the first quarter of 2019.

------

During the fourth quarter of 2022, MAA continued its property repositioning program to upgrade and reposition the amenity and common areas at select apartment communities. The program includes targeted plans to move all units at the properties to higher rents that are expected to deliver yields on cost averaging 8%. During the year ended December 31, 2022, work continued on properties selected for this program in 2021. For the year ended December 31, 2022, MAA spent $19.3 million on this program capturing yields on cost averaging approximately 17% between completed projects and those current projects where properties have begun repricing units to higher rents.

**Capital Expenditures**

A summary of MAA's capital expenditures and Funds Available for Distribution (FAD) for the three and twelve months ended December 31, 2022 and 2021 is set forth below (dollars in millions, except per Share data):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended December 31,** | **Three months ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Core FFO | $274.7 | $225.2 | $1008.2 | $830.6 |
| Recurring capital expenditures | (13.9) | (19.3) | (98.2) | (81.1) |
| Core adjusted FFO (Core AFFO) | 260.8 | 205.9 | 910.0 | 749.5 |
| Redevelopment, revenue enhancing, commercial and other capital expenditures | (61.9) | (39.1) | (194.9) | (154.0) |
| FAD | $198.9 | $166.8 | $715.1 | $595.5 |
| Core FFO per Share - diluted | $2.32 | $1.90 | $8.50 | $7.01 |
| Core AFFO per Share - diluted | $2.20 | $1.74 | $7.67 | $6.32 |

---

A reconciliation of FFO, Core FFO, Core AFFO and FAD to Net income available for MAA common shareholders, and discussion of the components of FFO, Core FFO, Core AFFO and FAD, can be found later in this release.

**Balance Sheet and Financing Activities**

As of December 31, 2022, MAA had $1.3 billion of combined cash and available capacity under MAALP's unsecured revolving credit facility.

Dividends and distributions paid on shares of common stock and noncontrolling interests during the fourth quarter of 2022 were $148.3 million, as compared to $121.5 million for the same period in the prior year.

In January 2023, MAA physically settled its two forward sale agreements with respect to a total of 1.1 million shares of its common stock and received net proceeds of approximately $204 million.

Balance sheet highlights as of December 31, 2022 are summarized below (dollars in billions):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Total debt to adjusted total assets (1)** | **Net Debt/Adjusted EBITDAre (2)** | **Total debt outstanding** | **Average effective interest rate** | **Fixed rate debt as a % of total debt** | **Total debt average years to maturity** |
| 28.4% | 3.71x | $4.4 | 3.4% | 99.5% | 7.9 |

---

<sup>(1)</sup> As defined in the covenants for the bonds issued by MAALP.

<sup>(2)</sup> Adjusted EBITDAre is calculated for the trailing twelve month period ended December 31, 2022.

A reconciliation of Net Debt to Unsecured notes payable and Secured notes payable and a reconciliation of Adjusted EBITDAre to Net income, along with discussion of the components of Net Debt and Adjusted EBITDAre, can be found later in this release.

**ESG**

As of the end of 2022, MAA's corporate initiatives have led to significant progress in key social and environmental performance areas. We have achieved a 21.9% reduction in energy use intensity and a 30.8% reduction in GHG emissions intensity from our 2018 baseline, meeting our goal seven years before our original 2028 target, and we believe we are on track to achieve the same in indoor water use intensity. Additionally, we have updated 35% of our portfolio to maximize energy efficiency and now have 25 green-certified communities, with more in the pipeline.

We also have a number of community engagement efforts underway and have reported our progress through our annual Corporate Sustainability Report, CDP disclosure, and GRESB assessment, the latter of which we have now improved year over year since our first submission in 2020. We will continue to focus on deepening engagement, establishing new targets, and building an integrated pathway for ESG, which is an integral component of our continued resiliency and creates a positive impact for our residents, associates, and investors.

**116th Consecutive Quarterly Common Dividend Declared**

MAA declared its 116th consecutive quarterly common dividend, which was paid on January 31, 2023 to holders of record on January 13, 2023. The current annual dividend rate is $5.60 per common share, an increase of 12% from the immediately prior rate. The timing and amount of future dividends will depend on actual cash flows from operations, MAA's financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986 and other factors as MAA's Board of Directors deems relevant. MAA's Board of Directors may modify the dividend policy from time to time.

------

**2023 Earnings and Same Store Portfolio Guidance**

MAA is providing initial 2023 guidance for Net income per diluted common share, Core FFO per Share and Core AFFO per Share, along with its expectations for growth of Property revenue, Property operating expense and NOI for the Same Store Portfolio in 2023. MAA expects to update its 2023 Net income per diluted common share, Core FFO per Share and Core AFFO per Share guidance on a quarterly basis.

FFO, Core FFO and Core AFFO are non-GAAP financial measures. Acquisition and disposition activity materially affects depreciation and capital gains or losses, which combined, generally represent the majority of the difference between Net income available for common shareholders and FFO. As discussed in the definitions of non-GAAP financial measures found later in this release, MAA's definition of FFO is in accordance with the National Association of Real Estate Investment Trusts', or NAREIT's, definition, and Core FFO represents FFO further adjusted for items that are not considered part of MAA's core business operations. MAA believes that Core FFO is helpful in understanding operating performance in that Core FFO excludes not only depreciation expense of real estate assets and certain other non-routine items, but it also excludes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.

---

| | |
|:---|:---|
| **2023 Guidance** |  |
| **Earnings:** | **Full Year 2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings per common share - diluted | $5.97 to $6.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core FFO per Share - diluted | $8.88 to $9.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core AFFO per Share - diluted | $7.96 to $8.36 |
| **MAA Same Store Portfolio:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property revenue growth | 5.25% to 7.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Property operating expense growth | 5.15% to 7.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;NOI growth | 5.30% to 7.30% |

---

MAA expects Core FFO for the first quarter of 2023 to be in the range of $2.14 to $2.30 per Share, or $2.22 per Share at the midpoint. MAA does not forecast Net income per diluted common share on a quarterly basis as MAA generally cannot predict the timing of forecasted acquisition and disposition activity within a particular quarter (rather than during the course of the full year). Additional details and guidance items are provided in the Supplemental Data to this release.

**Supplemental Material and Conference Call**

Supplemental data to this release can be found on the "For Investors" page of the MAA website at www.maac.com. MAA will host a conference call to further discuss fourth quarter results on February 2, 2023, at 9:00 AM Central Time. The conference call-in number is 877-830-2598. You may also join the live webcast of the conference call by accessing the "For Investors" page of the MAA website at www.maac.com. MAA's filings with the Securities and Exchange Commission (SEC) are filed under the registrant names of Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P.

**About MAA**

MAA, an S&P 500 company, is a real estate investment trust (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States. As of December 31, 2022, MAA had ownership interest in 101,986 apartment units, including communities currently in development, across 16 states and the District of Columbia. For further details, please visit the MAA website at www.maac.com or contact Investor Relations at investor.relations@maac.com, or via mail at MAA, 6815 Poplar Ave., Suite 500, Germantown, TN 38138, Attn: Investor Relations.

**Forward-Looking Statements**

Sections of this release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to our expectations for future periods. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions or other items related to the future. Such forward-looking statements include, without limitation, statements regarding expected operating performance and results, property stabilizations, property acquisition and disposition activity, joint venture activity, development and renovation activity and other capital expenditures, and capital raising and financing activity, as well as lease pricing, revenue and expense growth, occupancy, interest rate and other economic expectations. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "forecasts," "projects," "assumes," "will," "may," "could," "should," "budget," "target," "outlook," "proforma," "opportunity," "guidance" and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, as described below, which may cause our actual results, performance or achievements to be materially different from the results of operations, financial conditions or plans expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such forward-looking statements included in this release may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved.

------

The following factors, among others, could cause our actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inability to generate sufficient cash flows due to unfavorable economic and market conditions, changes in supply and/or demand, competition, uninsured losses, changes in tax and housing laws, or other factors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•exposure to risks inherent in investments in a single industry and sector;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•adverse changes in real estate markets, including, but not limited to, the extent of future demand for multifamily units in our significant markets, barriers of entry into new markets which we may seek to enter in the future, limitations on our ability to increase or collect rental rates, competition, our ability to identify and consummate attractive acquisitions or development projects on favorable terms, our ability to consummate any planned dispositions in a timely manner on acceptable terms, and our ability to reinvest sale proceeds in a manner that generates favorable returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•failure of development communities to be completed within budget and on a timely basis, if at all, to lease-up as anticipated or to achieve anticipated results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•unexpected capital needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•material changes in operating costs, including real estate taxes, utilities and insurance costs, due to inflation and other factors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inability to obtain appropriate insurance coverage at reasonable rates, or at all, or losses from catastrophes in excess of our insurance coverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•ability to obtain financing at favorable rates, if at all, or refinance existing debt as it matures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•level and volatility of interest or capitalization rates or capital market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effect of any rating agency actions on the cost and availability of new debt financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•significant change in the mortgage financing market or other factors that would cause single-family housing or other alternative housing options, either as an owned or rental product, to become a more significant competitive product;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•ability to continue to satisfy complex rules in order to maintain our status as a REIT for federal income tax purposes, the ability of MAALP to satisfy the rules to maintain its status as a partnership for federal income tax purposes, the ability of our taxable REIT subsidiaries to maintain their status as such for federal income tax purposes, and our ability and the ability of our subsidiaries to operate effectively within the limitations imposed by these rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inability to attract and retain qualified personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•cyber liability or potential liability for breaches of our or our service providers' information technology systems, or business operations disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential liability for environmental contamination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the legal requirements we are subject to, or the imposition of new legal requirements, that adversely affect our operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•extreme weather and natural disasters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•disease outbreaks and other public health events, such as the COVID-19 pandemic, and measures that are taken by federal, state, and local governmental authorities in response to such outbreaks and events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•impact of climate change on our properties or operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•legal proceedings or class action lawsuits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•impact of reputational harm caused by negative press or social media postings of our actions or policies, whether or not warranted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•compliance costs associated with numerous federal, state and local laws and regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•other risks identified in this release and in reports we file with the SEC or in other documents that we publicly disseminate.

New factors may also emerge from time to time that could have a material adverse effect on our business. Except as required by law, we undertake no obligation to publicly update or revise forward-looking statements contained in this release to reflect events, circumstances or changes in expectations after the date of this release.

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**FINANCIAL HIGHLIGHTS**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Dollars in thousands, except per share data | **Three months ended December 31,** | **Three months ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Rental and other property revenues | $527965 | $463575 | $2019866 | $1778082 |
| Net income available for MAA common shareholders | $192699 | $184719 | $633748 | $530103 |
| Total NOI (1) | $346791 | $296477 | $1296172 | $1106917 |
| Earnings per common share: (2) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $1.67 | $1.60 | $5.49 | $4.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $1.67 | $1.60 | $5.48 | $4.61 |
| Funds from operations per Share - diluted: (2) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;FFO (1) | $2.12 | $2.01 | $8.20 | $7.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core FFO (1) | $2.32 | $1.90 | $8.50 | $7.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core AFFO (1) | $2.20 | $1.74 | $7.67 | $6.32 |
| Dividends declared per common share | $1.4000 | $1.0875 | $4.9875 | $4.1625 |
| Dividends/Core FFO (diluted) payout ratio | 60.3% | 57.2% | 58.7% | 59.4% |
| Dividends/Core AFFO (diluted) payout ratio | 63.6% | 62.5% | 65.0% | 65.9% |
| Consolidated interest expense | $38084 | $39108 | $154747 | $156881 |
| Mark-to-market debt adjustment | 13 | (36) | (77) | (270) |
| Debt discount and debt issuance cost amortization | (1528) | (1474) | (5985) | (5383) |
| Capitalized interest | 2582 | 1939 | 8728 | 9720 |
| Total interest incurred | $39151 | $39537 | $157413 | $160948 |
| Amortization of principal on notes payable | $358 | $337 | $1401 | $1516 |

---

<sup>(1)</sup> A reconciliation of the following items and discussion of their respective components can be found later in this release: (i) NOI to Net income available for MAA common shareholders; and (ii) FFO, Core FFO and Core AFFO to Net income available for MAA common shareholders.

<sup>(2)</sup> See the "Share and Unit Data" section for additional information.

---

| | | |
|:---|:---|:---|
| Dollars in thousands, except share price |  |  |
|  | **December 31, 2022** | **December 31, 2021** |
| Gross Assets (1) | $15543912 | $15133343 |
| Gross Real Estate Assets (1) | $15336793 | $14865818 |
| Total debt | $4414903 | $4516690 |
| Common shares and units outstanding | 118645269 | 118542994 |
| Share price | $156.99 | $229.44 |
| Book equity value | $6210419 | $6184092 |
| Market equity value | $18626121 | $27198505 |
| Net Debt/Adjusted EBITDAre (2) | 3.71x | 4.39x |

---

<sup>(1)</sup> A reconciliation of Gross Assets to Total assets and Gross Real Estate Assets to Real estate assets, net, along with discussion of their components, can be found later in this release.

<sup>(2)</sup> Adjusted EBITDAre is calculated for the trailing twelve month period for each date presented. A reconciliation of the following items and discussion of their respective components can be found later in this release: (i) Net Debt to Unsecured notes payable and Secured notes payable; and (ii) EBITDA, EBITDAre and Adjusted EBITDAre to Net income.

------

**CONSOLIDATED STATEMENTS OF OPERATIONS**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Dollars in thousands, except per share data (Unaudited) | **Three months ended December 31,** | **Three months ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental and other property revenues | $527965 | $463575 | $2019866 | $1778082 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses, excluding real estate taxes and insurance | 106594 | 100164 | 435108 | 404288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate taxes and insurance | 74580 | 66934 | 288586 | 266877 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 138237 | 135495 | 542998 | 533433 |
| Total property operating expenses | 319411 | 302593 | 1266692 | 1204598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property management expenses | 17034 | 15210 | 65463 | 55732 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 14742 | 14121 | 58833 | 52884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 38084 | 39108 | 154747 | 156881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of depreciable real estate assets | (82799) | (85913) | (214762) | (220428) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of non-depreciable real estate assets |  | (609) | (809) | (811) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-operating expense (income) | 23465 | (19345) | 42713 | (33902) |
| Income before income tax expense | 198028 | 198410 | 646989 | 563128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit (expense) | 458 | (7790) | 6208 | (13637) |
| Income from continuing operations before real estate joint venture activity | 198486 | 190620 | 653197 | 549491 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from real estate joint venture | 450 | 296 | 1579 | 1211 |
| Net income | 198936 | 190916 | 654776 | 550702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interests | 5315 | 5275 | 17340 | 16911 |
| Net income available for shareholders | 193621 | 185641 | 637436 | 533791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends to MAA Series I preferred shareholders | 922 | 922 | 3688 | 3688 |
| Net income available for MAA common shareholders | $192699 | $184719 | $633748 | $530103 |
| Earnings per common share - basic: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income available for common shareholders | $1.67 | $1.60 | $5.49 | $4.62 |
| Earnings per common share - diluted: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income available for common shareholders | $1.67 | $1.60 | $5.48 | $4.61 |

---

**SHARE AND UNIT DATA**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares and units in thousands | **Three months ended December 31,** | **Three months ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **Net Income Shares (1)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares - basic | 115398 | 115158 | 115344 | 114717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of dilutive securities | 251 | 458 | 239 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares - diluted | 115649 | 115616 | 115583 | 115039 |
| **Funds From Operations Shares And Units** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares and units - basic | 118568 | 118433 | 118538 | 118400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares and units - diluted | 118646 | 118637 | 118618 | 118519 |
| **Period End Shares And Units** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common shares at December 31, | 115480 | 115337 | 115480 | 115337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Partnership units at December 31, | 3165 | 3206 | 3165 | 3206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total common shares and units at December 31, | 118645 | 118543 | 118645 | 118543 |

---

<sup>(1)</sup> For additional information on the calculation of diluted common shares and earnings per common share, please refer to the Notes to Consolidated Financial Statements in MAA's Annual Report on Form 10-K for the year ended December 31, 2022, expected to be filed with the SEC on or about February 16, 2023.

------

**CONSOLIDATED BALANCE SHEETS**<br>

---

| | | |
|:---|:---|:---|
| Dollars in thousands (Unaudited) |  |  |
|  | **December 31, 2022** | **December 31, 2021** |
| **Assets** |  |  |
| Real estate assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land | $2008364 | $1977813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements and other | 12841947 | 12454439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Development and capital improvements in progress | 332035 | 247970 |
|  | 15182346 | 14680222 |
| Less: Accumulated depreciation | (4302747) | (3848161) |
|  | 10879599 | 10832061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Undeveloped land | 64312 | 24015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in real estate joint venture | 42290 | 42827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate assets, net | 10986201 | 10898903 |
| Cash and cash equivalents | 38659 | 54302 |
| Restricted cash | 22412 | 76296 |
| Other assets | 193893 | 255681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 11241165 | 11285182 |
| **Liabilities and equity** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured notes payable | $4050910 | $4151375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Secured notes payable | 363993 | 365315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 615843 | 584400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 5030746 | 5101090 |
| Redeemable common stock | 20671 | 30185 |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock | 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 1152 | 1151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 7202834 | 7230956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated distributions in excess of net income | (1188854) | (1255807) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (10052) | (11132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total MAA shareholders' equity | 6005089 | 5965177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests - Operating Partnership units | 163595 | 165116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Company's shareholders' equity | 6168684 | 6130293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests - consolidated real estate entities | 21064 | 23614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 6189748 | 6153907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $11241165 | $11285182 |

---

------

**RECONCILIATION OF FFO, CORE FFO, CORE AFFO AND FAD TO NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Amounts in thousands, except per share and unit data | **Three months ended December 31,** | **Three months ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Net income available for MAA common shareholders | $192699 | $184719 | $633748 | $530103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets | 136469 | 133634 | 535835 | 526220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of depreciable real estate assets | (82799) | (85913) | (214762) | (220428) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets of real estate joint venture | 155 | 153 | 621 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interests | 5315 | 5275 | 17340 | 16911 |
| FFO attributable to the Company | 251839 | 237868 | 972782 | 853422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on embedded derivative in preferred shares (1) | 10743 | 16052 | 21107 | 4560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of non-depreciable real estate assets |  | (609) | (809) | (811) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on investments, net of tax (1)(2) | 4786 | (26644) | 35822 | (40875) |
| &nbsp;&nbsp;&nbsp;&nbsp;Casualty related (recoveries) charges, net (3) | (759) | (480) | (29930) | 1524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment (1) |  |  | 47 | 13391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal costs and settlements, net (1) | 8000 | (1451) | 8535 | (2167) |
| &nbsp;&nbsp;&nbsp;&nbsp;COVID-19 related costs (1) | 73 | 390 | 575 | 1301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mark-to-market debt adjustment (4) | (13) | 36 | 77 | 270 |
| Core FFO | 274669 | 225162 | 1008206 | 830615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring capital expenditures | (13825) | (19297) | (98168) | (81106) |
| Core AFFO | 260844 | 205865 | 910038 | 749509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redevelopment capital expenditures | (23755) | (15835) | (101035) | (85467) |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue enhancing capital expenditures | (26472) | (13645) | (65572) | (43133) |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial capital expenditures | (1938) | (1539) | (4692) | (3842) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other capital expenditures (5) | (9822) | (8086) | (23595) | (21561) |
| FAD | $198857 | $166760 | $715144 | $595506 |
| Dividends and distributions paid | $148306 | $121505 | $554532 | $485898 |
| Weighted average common shares - diluted | 115649 | 115616 | 115583 | 115039 |
| FFO weighted average common shares and units - diluted | 118646 | 118637 | 118618 | 118519 |
| Earnings per common share - diluted: |  |  |  |  |
| Net income available for common shareholders | $1.67 | $1.60 | $5.48 | $4.61 |
| FFO per Share - diluted | $2.12 | $2.01 | $8.20 | $7.20 |
| Core FFO per Share - diluted | $2.32 | $1.90 | $8.50 | $7.01 |
| Core AFFO per Share - diluted | $2.20 | $1.74 | $7.67 | $6.32 |

---

<sup>(1)</sup> Included in Other non-operating expense (income) in the Consolidated Statements of Operations.

<sup>(2)</sup> For the three and twelve months ended December 31, 2022, loss (gain) on investments are presented net of tax benefit of $1.3 million and $9.5 million, respectively. For the three and twelve months ended December 31, 2021, loss (gain) on investments are presented net of tax expense of $7.1 million and $10.8 million, respectively.

<sup>(3)</sup> For the three and twelve months ended December 31, 2022, MAA incurred $5.8 million in casualty losses related to winter storm Elliot (primarily building repairs, landscaping and asset write-offs). During the year ended December 31, 2021, MAA incurred $26.0 million in casualty losses related to winter storm Uri. The majority of the storm costs are expected to be or have been reimbursed through insurance coverage. An insurance recovery was recognized in Other non-operating expense (income) in the amount of the recognized losses that MAA expects to recover. Additional costs related to the storms that are not expected to be recovered through insurance coverage, along with other unrelated casualty losses and recoveries, including the receipt of insurance proceeds that exceeded its recorded casualty losses from winter storm Uri, are reflected in Casualty related (recoveries) charges, net. For the three and twelve months ended December 31, 2022, MAA recognized a gain of $1.4 million and $29.0 million, respectively, from the receipt of insurance proceeds that exceeded its casualty losses related to winter storm Uri. These adjustments are primarily included in Other non-operating expense (income).

<sup>(4)</sup> Included in Interest expense in the Consolidated Statements of Operations.

<sup>(5)</sup> For the three and twelve months ended December 31, 2022, $1.1 million and $3.1 million, respectively, of corporate related capital expenditures are excluded from other capital expenditures. For the three and twelve months ended December 31, 2021, $12.7 million and $44.5 million, respectively, of reconstruction-related capital expenditures relating to winter storm Uri and corporate related capital expenditures are excluded from other capital expenditures. The capital expenditures relating to winter storm Uri have been reimbursed through insurance coverage.

------

**RECONCILIATION OF NET OPERATING INCOME TO NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Dollars in thousands | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,<br>2022** | **September 30,<br>2022** | **December 31,<br>2021** | **December 31,<br>2022** | **December 31,<br>2021** |
| **Net Operating Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Same Store NOI | $332199 | $315616 | $284425 | $1242695 | $1061572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Same Store and Other NOI | 14592 | 13744 | 12052 | 53477 | 45345 |
| Total NOI | 346791 | 329360 | 296477 | 1296172 | 1106917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | (138237) | (136879) | (135495) | (542998) | (533433) |
| &nbsp;&nbsp;&nbsp;&nbsp;Property management expenses | (17034) | (16262) | (15210) | (65463) | (55732) |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | (14742) | (12188) | (14121) | (58833) | (52884) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (38084) | (38637) | (39108) | (154747) | (156881) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on sale of depreciable real estate assets | 82799 | (1) | 85913 | 214762 | 220428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of non-depreciable real estate assets |  | 431 | 609 | 809 | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-operating (expense) income | (23465) | (1718) | 19345 | (42713) | 33902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit (expense) | 458 | 1256 | (7790) | 6208 | (13637) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from real estate joint venture | 450 | 341 | 296 | 1579 | 1211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interests | (5315) | (3392) | (5275) | (17340) | (16911) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends to MAA Series I preferred shareholders | (922) | (922) | (922) | (3688) | (3688) |
| Net income available for MAA common shareholders | $192699 | $121389 | $184719 | $633748 | $530103 |

---

------

**RECONCILIATION OF EBITDA, EBITDAre AND ADJUSTED EBITDAre TO NET INCOME**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Dollars in thousands | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2021** | **December 31, 2022** | **December 31, 2021** |
| Net income | $198936 | $190916 | $654776 | $550702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 138237 | 135495 | 542998 | 533433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 38084 | 39108 | 154747 | 156881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax (benefit) expense | (458) | 7790 | (6208) | 13637 |
| EBITDA | 374799 | 373309 | 1346313 | 1254653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of depreciable real estate assets | (82799) | (85913) | (214762) | (220428) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reflect the Company's share of EBITDAre of unconsolidated affiliates | 338 | 338 | 1357 | 1352 |
| EBITDAre | 292338 | 287734 | 1132908 | 1035577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on embedded derivative in preferred shares (1) | 10743 | 16052 | 21107 | 4560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of non-depreciable real estate assets |  | (609) | (809) | (811) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on investments (1) | 6068 | (33713) | 45357 | (51714) |
| &nbsp;&nbsp;&nbsp;&nbsp;Casualty related (recoveries) charges, net (2) | (759) | (480) | (29930) | 1524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment (1) |  |  | 47 | 13391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal costs and settlements, net (1) | 8000 | (1451) | 8535 | (2167) |
| &nbsp;&nbsp;&nbsp;&nbsp;COVID-19 related costs (1) | 73 | 390 | 575 | 1301 |
| Adjusted EBITDAre | $316463 | $267923 | $1177790 | $1001661 |

---

<sup>(1)</sup> Included in Other non-operating expense (income) in the Consolidated Statements of Operations.

<sup>(2)</sup> For the three and twelve months ended December 31, 2022, MAA incurred $5.8 million in casualty losses related to winter storm Elliot (primarily building repairs, landscaping and asset write-offs). During the year ended December 31, 2021, MAA incurred $26.0 million in casualty losses related to winter storm Uri. The majority of the storm costs are expected to be or have been reimbursed through insurance coverage. An insurance recovery was recognized in Other non-operating expense (income) in the amount of the recognized losses that MAA expects to recover. Additional costs related to the storms that are not expected to be recovered through insurance coverage, along with other unrelated casualty losses and recoveries, including the receipt of insurance proceeds that exceeded its recorded casualty losses from winter storm Uri, are reflected in Casualty related (recoveries) charges, net. For the three and twelve months ended December 31, 2022, MAA recognized a gain of $1.4 million and $29.0 million, respectively, from the receipt of insurance proceeds that exceeded its casualty losses related to winter storm Uri. These adjustments are primarily included in Other non-operating expense (income).

**RECONCILIATION OF NET DEBT TO UNSECURED NOTES PAYABLE AND SECURED NOTES PAYABLE**<br>

---

| | | |
|:---|:---|:---|
| Dollars in thousands |  |  |
|  | **December 31, 2022** | **December 31, 2021** |
| Unsecured notes payable | $4050910 | $4151375 |
| Secured notes payable | 363993 | 365315 |
| Total debt | 4414903 | 4516690 |
| Cash and cash equivalents | (38659) | (54302) |
| 1031(b) exchange proceeds included in Restricted cash (1) | (9186) | (64452) |
| Net Debt | $4367058 | $4397936 |

---

<sup>(1)</sup> Included in Restricted cash in the Consolidated Balance Sheets.

**RECONCILIATION OF GROSS ASSETS TO TOTAL ASSETS**<br>

---

| | | |
|:---|:---|:---|
| Dollars in thousands |  |  |
|  | **December 31, 2022** | **December 31, 2021** |
| Total assets | $11241165 | $11285182 |
| Accumulated depreciation | 4302747 | 3848161 |
| Gross Assets | $15543912 | $15133343 |

---

**RECONCILIATION OF GROSS REAL ESTATE ASSETS TO REAL ESTATE ASSETS, NET**<br>

---

| | | |
|:---|:---|:---|
| Dollars in thousands |  |  |
|  | **December 31, 2022** | **December 31, 2021** |
| Real estate assets, net | $10986201 | $10898903 |
| Accumulated depreciation | 4302747 | 3848161 |
| Cash and cash equivalents | 38659 | 54302 |
| 1031(b) exchange proceeds included in Restricted cash (1) | 9186 | 64452 |
| Gross Real Estate Assets | $15336793 | $14865818 |

---

<sup>(1)</sup> Included in Restricted cash in the Consolidated Balance Sheets.

------

**NON-GAAP FINANCIAL MEASURES**<br>

**Adjusted EBITDAre**

For purposes of calculations in this release, Adjusted Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or Adjusted EBITDAre, represents EBITDAre further adjusted for items that are not considered part of MAA's core operations such as 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 (recoveries) charges, net, gain or loss on debt extinguishment, legal costs and settlements, net and COVID-19 related costs. As an owner and operator of real estate, MAA considers Adjusted EBITDAre to be an important measure of performance from core operations because Adjusted EBITDAre does not include various income and expense items that are not indicative of operating performance. MAA's computation of Adjusted EBITDAre may differ from the methodology utilized by other companies to calculate Adjusted EBITDAre. Adjusted EBITDAre should not be considered as an alternative to Net income as an indicator of operating performance.

**Core Adjusted Funds from Operations (Core AFFO)**

Core AFFO is composed of Core FFO less recurring capital expenditures. Core AFFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. As an owner and operator of real estate, MAA considers Core AFFO to be an important measure of performance from operations because Core AFFO measures the ability to control revenues, expenses and recurring capital expenditures.

**Core Funds from Operations (Core FFO)**

Core FFO represents FFO as adjusted for items that are not considered part of MAA's core business operations such as 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 (recoveries) charges, net, gain or loss on debt extinguishment, legal costs and settlements, net, COVID-19 related costs, mark-to-market debt adjustments and other non-core items. While MAA's definition of Core FFO may be similar to others in the industry, MAA's methodology for calculating Core FFO may differ from that utilized by other REITs and, accordingly, may not be comparable to such other REITs. Core FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. MAA believes that Core FFO is helpful in understanding its core operating performance between periods in that it removes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.

**EBITDA**

For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization, or EBITDA, is composed of net income plus depreciation and amortization, interest expense, and income taxes. As an owner and operator of real estate, MAA considers EBITDA to be an important measure of performance from core operations because EBITDA does not include various expense items that are not indicative of operating performance. EBITDA should not be considered as an alternative to Net income as an indicator of operating performance.

**EBITDAre**

For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or EBITDAre, is composed of EBITDA further adjusted for the gain or loss on sale of depreciable asset sales and adjustments to reflect MAA's share of EBITDAre of unconsolidated affiliates. As an owner and operator of real estate, MAA considers EBITDAre to be an important measure of performance from core operations because EBITDAre does not include various expense items that are not indicative of operating performance. While MAA's definition of EBITDAre is in accordance with NAREIT's definition, it may differ from the methodology utilized by other companies to calculate EBITDAre. EBITDAre should not be considered as an alternative to Net income as an indicator of operating performance.

**Funds Available for Distribution (FAD)**

FAD is composed of Core FFO less total capital expenditures, excluding development spending, property acquisitions, capital expenditures relating to significant casualty losses that management expects to be reimbursed by insurance proceeds and corporate related capital expenditures. FAD should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. As an owner and operator of real estate, MAA considers FAD to be an important measure of performance from core operations because FAD measures the ability to control revenues, expenses and capital expenditures.

**Funds From Operations (FFO)**

FFO represents net income available for MAA common shareholders (calculated in accordance with GAAP) excluding gain or loss on disposition of operating properties and asset impairment, plus depreciation and amortization of real estate assets, net income attributable to noncontrolling interests, and adjustments for joint ventures. Because net income attributable to noncontrolling interests is added back, FFO, when used in this document, represents FFO attributable to the Company. While MAA's definition of FFO is in accordance with NAREIT's definition, it may differ from the methodology for calculating FFO utilized by other companies and, accordingly, may not be comparable to such other companies. FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. MAA believes that FFO is helpful in understanding operating performance in that FFO excludes depreciation and amortization of real estate assets. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

**Gross Assets**

Gross Assets represents Total assets plus Accumulated depreciation. MAA believes that Gross Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

------

**NON-GAAP FINANCIAL MEASURES (Continued)**<br>

**Gross Real Estate Assets**

Gross Real Estate Assets represents Real estate assets, net plus Accumulated depreciation, Cash and cash equivalents and 1031(b) exchange proceeds included in Restricted cash. MAA believes that Gross Real Estate Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

**Net Debt**

Net Debt represents Unsecured notes payable and Secured notes payable less Cash and cash equivalents and 1031(b) exchange proceeds included in Restricted cash. MAA believes Net Debt is a helpful tool in evaluating its debt position.

**Net Operating Income (NOI)**

Net Operating Income represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties held during the period, regardless of their status as held for sale. NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

**Non-Same Store and Other NOI**

Non-Same Store and Other NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties classified within the Non-Same Store and Other Portfolio during the period. Non-Same Store and Other NOI includes all storm-related expenses related to hurricanes. Non-Same Store and Other NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes Non-Same Store and Other NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

**Same Store NOI**

Same Store NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties classified within the Same Store Portfolio during the period. Same Store NOI excludes storm-related expenses related to hurricanes. Same Store NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes Same Store NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

**OTHER KEY DEFINITIONS**<br>

**Average Effective Rent per Unit**

Average Effective Rent per Unit represents the average of gross rent amounts after the effect of leasing concessions for occupied units plus prevalent market rates asked for unoccupied units, divided by the total number of units. Leasing concessions represent discounts to the current market rate. MAA believes average effective rent is a helpful measurement in evaluating average pricing. It does not represent actual rental revenue collected per unit.

**Average Physical Occupancy**

Average Physical Occupancy represents the average of the daily physical occupancy for an applicable period.

**Development Communities**

Communities remain identified as development until certificates of occupancy are obtained for all units under development. Once all units are delivered and available for occupancy, the community moves into the Lease-up Communities portfolio.

**Lease-up Communities**

New acquisitions acquired during lease-up and newly developed communities remain in the Lease-up Communities portfolio until stabilized. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.

**Non-Same Store and Other Portfolio**

Non-Same Store and Other Portfolio includes recently acquired communities, communities in development or lease-up, communities that have been disposed of or identified for disposition, communities that have experienced a significant casualty loss, stabilized communities that do not meet the requirements defined by the Same Store Portfolio, retail properties and commercial properties.

**Resident Turnover**

Resident turnover represents resident move outs excluding transfers within the Same Store Portfolio as a percentage of expiring leases on a rolling twelve month basis as of the end of the reported quarter.

**Same Store Portfolio**

MAA reviews its Same Store Portfolio at the beginning of each calendar year, or as significant transactions or events warrant. Communities are generally added into the Same Store Portfolio if they were owned and stabilized at the beginning of the previous year. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days. Communities that have been approved by MAA's Board of Directors for disposition are excluded from the Same Store Portfolio. Communities that have experienced a significant casualty loss are also excluded from the Same Store Portfolio.

CONTACT: Investor Relations of MAA, 866-576-9689 (toll free), investor.relations@maac.com

------

## Exhibit 99.2

**Exhibit 99.2**

**PORTFOLIO STATISTICS**<br>

**TOTAL MULTIFAMILY PORTFOLIO AT DECEMBER 31, 2022** <sup>(1)</sup>

In apartment units

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Same<br>Store** | **Non-Same<br>Store** | **Lease-up** | **Total<br>Completed<br>Communities** | **Development<br>Units<br>Delivered** | **Total** |
| Atlanta, GA | 11434 |  |  | 11434 |  | 11434 |
| Dallas, TX | 9767 | 348 |  | 10115 |  | 10115 |
| Tampa, FL | 5220 | 196 |  | 5416 |  | 5416 |
| Orlando, FL | 5274 | 633 |  | 5907 |  | 5907 |
| Charlotte, NC | 5867 |  | 344 | 6211 |  | 6211 |
| Austin, TX | 6829 |  | 350 | 7179 |  | 7179 |
| Raleigh/Durham, NC | 5350 |  |  | 5350 |  | 5350 |
| Nashville, TN | 4375 |  |  | 4375 |  | 4375 |
| Houston, TX | 4867 | 308 |  | 5175 |  | 5175 |
| Jacksonville, FL | 3496 |  |  | 3496 |  | 3496 |
| Charleston, SC | 3168 |  |  | 3168 |  | 3168 |
| Phoenix, AZ | 2623 | 345 |  | 2968 |  | 2968 |
| Fort Worth, TX | 3519 | 168 |  | 3687 |  | 3687 |
| Northern Virginia | 1888 |  |  | 1888 |  | 1888 |
| Richmond, VA | 2004 |  |  | 2004 |  | 2004 |
| Savannah, GA | 1837 |  |  | 1837 |  | 1837 |
| Fredericksburg, VA | 1435 |  |  | 1435 |  | 1435 |
| Greenville, SC | 2355 |  |  | 2355 |  | 2355 |
| Memphis, TN | 1811 |  |  | 1811 |  | 1811 |
| Birmingham, AL | 1462 |  |  | 1462 |  | 1462 |
| Denver, CO | 812 | 306 |  | 1118 |  | 1118 |
| San Antonio, TX | 1504 |  |  | 1504 |  | 1504 |
| Huntsville, AL | 1228 |  |  | 1228 |  | 1228 |
| Kansas City, MO-KS | 1110 |  |  | 1110 |  | 1110 |
| Other | 7078 | 96 |  | 7174 |  | 7174 |
| **Total Multifamily Units** | **96313** | **2400** | **694** | **99407** |  | **99407** |

---

<sup>(1)</sup> Schedule excludes MAA's 35% ownership in a 269 unit joint venture property in Washington, D.C.

Supplemental Data S-1

------

**PORTFOLIO STATISTICS (CONTINUED)**<br>

**TOTAL MULTIFAMILY COMMUNITY STATISTICS** <sup>(1)</sup>

Dollars in thousands, except Average Effective Rent per Unit

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **Average<br>Effective** | **As of December 31, 2022** | **As of December 31, 2022** |
|  | **Gross Real <br>Assets** | **Percent to<br>Total of<br>Gross Real <br>Assets** | **Physical<br>Occupancy** | **Rent per<br>Unit for <br>the Three<br>Months Ended <br>December 31, 2022** | **Completed<br>Units** | **Total Units,<br>Including<br>Development** |
| Atlanta, GA | $2066682 | 13.9% | 96.1% | $1827 | 11434 |  |
| Dallas, TX | 1537679 | 10.4% | 95.9% | 1630 | 10115 |  |
| Orlando, FL | 1013392 | 6.8% | 96.4% | 1951 | 5907 |  |
| Tampa, FL | 987051 | 6.7% | 96.0% | 2063 | 5416 |  |
| Charlotte, NC | 984632 | 6.6% | 96.1% | 1570 | 5867 |  |
| Austin, TX | 875479 | 5.9% | 95.5% | 1622 | 6829 |  |
| Raleigh/Durham, NC | 719758 | 4.8% | 96.4% | 1506 | 5350 |  |
| Houston, TX | 684472 | 4.6% | 96.6% | 1391 | 5175 |  |
| Northern Virginia | 567972 | 3.8% | 95.8% | 2248 | 1888 |  |
| Nashville, TN | 550620 | 3.7% | 96.0% | 1671 | 4375 |  |
| Phoenix, AZ | 474405 | 3.2% | 95.8% | 1761 | 2968 |  |
| Charleston, SC | 419758 | 2.8% | 96.5% | 1675 | 3168 |  |
| Fort Worth, TX | 380266 | 2.6% | 95.6% | 1546 | 3687 |  |
| Jacksonville, FL | 301655 | 2.0% | 96.9% | 1538 | 3496 |  |
| Denver, CO | 295472 | 2.0% | 94.5% | 1933 | 1118 |  |
| Richmond, VA | 273746 | 1.8% | 96.4% | 1551 | 2004 |  |
| Fredericksburg, VA | 250661 | 1.7% | 94.8% | 1773 | 1435 |  |
| Greenville, SC | 232148 | 1.6% | 95.9% | 1286 | 2355 |  |
| Savannah, GA | 221598 | 1.5% | 96.5% | 1604 | 1837 |  |
| Kansas City, MO-KS | 190333 | 1.3% | 96.0% | 1514 | 1110 |  |
| San Antonio, TX | 168531 | 1.1% | 95.0% | 1381 | 1504 |  |
| Birmingham, AL | 166708 | 1.1% | 95.6% | 1353 | 1462 |  |
| All Other Markets by State (individual markets <1% gross real assets) | All Other Markets by State (individual markets <1% gross real assets) | All Other Markets by State (individual markets <1% gross real assets) | All Other Markets by State (individual markets <1% gross real assets) | All Other Markets by State (individual markets <1% gross real assets) | All Other Markets by State (individual markets <1% gross real assets) | All Other Markets by State (individual markets <1% gross real assets) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tennessee | 194929 | 1.3% | 95.5% | 1311 | 2754 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida | 182834 | 1.2% | 95.2% | 1788 | 1806 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alabama | 169306 | 1.1% | 95.4% | 1370 | 1648 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Virginia | 157423 | 1.1% | 96.8% | 1724 | 1039 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Kentucky | 96655 | 0.7% | 96.6% | 1144 | 1308 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Maryland | 82104 | 0.6% | 96.7% | 2034 | 361 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nevada | 73999 | 0.5% | 96.1% | 1575 | 721 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;South Carolina | 38252 | 0.3% | 95.3% | 1142 | 576 |  |
| **Stabilized Communities** | $**14358520** | **96.7%** | **96.0%** | $**1654** | **98713** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Charlotte, NC | 139167 | 0.9% | 84.3% | 2062 | 344 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Salt Lake City, UT | 74195 | 0.5% |  |  |  | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Atlanta, GA | 72536 | 0.5% |  |  |  | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Austin, TX | 58961 | 0.4% | 65.1% | 1647 | 350 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Phoenix, AZ | 57646 | 0.4% |  |  |  | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Denver, CO | 41324 | 0.3% |  |  |  | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tampa, FL | 32553 | 0.2% |  |  |  | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Raleigh/Durham, NC | 13445 | 0.1% |  |  |  | 406 |
| **Lease-up / Development Communities** | $**489827** | **3.3%** | **74.6%** | $**1853** | **694** | **3004** |
| **Total Multifamily Communities** | $**14848347** | **100.0%** | **95.9%** | $**1655** | **99407** | **101717** |

---

<sup>(1)</sup> Schedule excludes MAA's 35% ownership in a 269 unit joint venture property in Washington, D.C. As of December 31, 2022, the gross investment in real estate for this community was $80.9 million and includes a mortgage note payable of $51.9 million. For the year ended December 31, 2022, this apartment community achieved NOI of $7.5 million.

Supplemental Data S-2

------

**COMPONENTS OF NET OPERATING INCOME**<br>

Dollars in thousands

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2022** | **As of December 31, 2022** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **Apartment Units** | **Gross Real Assets** | **December 31, 2022** | **December 31, 2021** | **Percent<br>Change** |
| **Operating Revenues** |  |  |  |  |  |
| Same Store Communities | 96313 | $13794995 | $502695 | $442479 | 13.6% |
| Non-Same Store Communities | 2400 | 563525 | 15578 | 15137 |  |
| Lease-up/Development Communities | 694 | 489827 | 3238 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Multifamily Portfolio** | **99407** | $**14848347** | $**521511** | $**457616** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Property/Land |  | 347688 | 6454 | 5959 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Revenues** | **99407** | $**15196035** | $**527965** | $**463575** |  |
| **Property Operating Expenses** |  |  |  |  |  |
| Same Store Communities |  |  | $170496 | $158054 | 7.9% |
| Non-Same Store Communities |  |  | 6647 | 6426 |  |
| Lease-up/Development Communities |  |  | 1203 | 81 |  |
| Hurricane Expenses |  |  | 227 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Multifamily Portfolio** |  |  | $**178573** | $**164561** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Property/Land |  |  | 2601 | 2537 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Property Operating Expenses** |  |  | $**181174** | $**167098** |  |
| **Net Operating Income** |  |  |  |  |  |
| Same Store Communities |  |  | $332199 | $284425 | 16.8% |
| Non-Same Store Communities |  |  | 8931 | 8711 |  |
| Lease-up/Development Communities |  |  | 2035 | (81) |  |
| Hurricane Expenses |  |  | (227) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Multifamily Portfolio** |  |  | $**342938** | $**293055** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Property/Land |  |  | 3853 | 3422 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Net Operating Income** |  |  | $**346791** | $**296477** | 17.0% |

---

**COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES**<br>

Dollars in thousands

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2021** | **Percent Change** | **December 31, 2022** | **December 31, 2021** | **Percent<br>Change** |
| Property Taxes | $63567 | $57788 | 10.0% | $246235 | $231240 | 6.5% |
| Personnel | 36635 | 34800 | 5.3% | 148464 | 138897 | 6.9% |
| Utilities | 31289 | 29263 | 6.9% | 124259 | 117376 | 5.9% |
| Building Repair and Maintenance | 20732 | 18665 | 11.1% | 86642 | 77442 | 11.9% |
| Office Operations | 6940 | 6336 | 9.5% | 27704 | 23380 | 18.5% |
| Insurance | 6971 | 6241 | 11.7% | 26494 | 23438 | 13.0% |
| Marketing | 4362 | 4961 | (12.1)% | 22216 | 21889 | 1.5% |
| **Total Property Operating Expenses (1)** | $**170496** | $**158054** | **7.9%** | $**682014** | $**633662** | **7.6%** |

---

<sup>(1)</sup> Excludes $0.2 million and $1.8 million in storm-related expenses related to hurricanes during the three months and year ended December 31, 2022, respectively.

Supplemental Data S-3

------

**MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Average Physical Occupancy** | **Average Physical Occupancy** | **Average Physical Occupancy** | **Average Physical Occupancy** |
|  |  | **Percent of** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **Apartment Units** | **Same Store NOI** | **December 31, 2022** | **December 31, 2021** | **December 31, 2022** | **December 31, 2021** |
| Atlanta, GA | 11434 | 12.8% | 95.4% | 95.7% | 95.4% | 95.5% |
| Dallas, TX | 9767 | 8.9% | 95.5% | 95.7% | 95.6% | 95.7% |
| Tampa, FL | 5220 | 7.0% | 95.7% | 96.6% | 96.0% | 97.1% |
| Orlando, FL | 5274 | 6.5% | 96.1% | 96.4% | 96.2% | 96.0% |
| Charlotte, NC | 5867 | 6.4% | 95.7% | 96.0% | 95.8% | 96.2% |
| Austin, TX | 6829 | 6.0% | 94.8% | 95.1% | 95.2% | 95.6% |
| Raleigh/Durham, NC | 5350 | 5.5% | 95.6% | 95.5% | 95.6% | 95.9% |
| Nashville, TN | 4375 | 4.8% | 95.7% | 95.7% | 95.8% | 95.6% |
| Charleston, SC | 3168 | 3.8% | 95.8% | 96.0% | 95.9% | 96.3% |
| Houston, TX | 4867 | 3.6% | 95.9% | 96.2% | 95.6% | 95.3% |
| Jacksonville, FL | 3496 | 3.4% | 96.2% | 97.2% | 96.5% | 97.5% |
| Phoenix, AZ | 2623 | 3.3% | 96.1% | 96.6% | 95.9% | 96.9% |
| Fort Worth, TX | 3519 | 3.2% | 95.1% | 96.1% | 95.5% | 96.2% |
| Northern Virginia | 1888 | 2.9% | 96.0% | 95.5% | 95.7% | 95.6% |
| Richmond, VA | 2004 | 2.1% | 96.0% | 96.1% | 96.1% | 96.6% |
| Savannah, GA | 1837 | 2.0% | 96.1% | 97.2% | 96.7% | 97.3% |
| Greenville, SC | 2355 | 2.0% | 96.1% | 95.9% | 96.3% | 96.3% |
| Fredericksburg, VA | 1435 | 1.8% | 95.9% | 96.4% | 96.3% | 97.0% |
| Memphis, TN | 1811 | 1.5% | 95.1% | 96.1% | 95.0% | 97.0% |
| Birmingham, AL | 1462 | 1.2% | 95.9% | 95.2% | 95.8% | 96.3% |
| San Antonio, TX | 1504 | 1.1% | 94.8% | 95.6% | 95.6% | 96.1% |
| Denver, CO | 812 | 1.1% | 95.4% | 94.5% | 95.7% | 94.8% |
| Huntsville, AL | 1228 | 1.1% | 95.4% | 96.0% | 95.6% | 96.8% |
| Kansas City, MO-KS | 1110 | 1.1% | 95.9% | 95.8% | 95.7% | 95.3% |
| Other | 7078 | 6.9% | 95.8% | 96.3% | 96.0% | 96.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Same Store** | **96313** | **100.0%** | **95.6%** | **96.0%** | **95.7%** | **96.1%** |

---

Supplemental Data S-4

------

**MULTIFAMILY SAME STORE PORTFOLIO QUARTER OVER QUARTER COMPARISONS**<br>

Dollars in thousands, except Average Effective Rent per Unit

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Revenues** | **Revenues** | **Revenues** | **Expenses** | **Expenses** | **Expenses** | **NOI** | **NOI** | **NOI** | **Average Effective Rent per Unit** | **Average Effective Rent per Unit** | **Average Effective Rent per Unit** |
|  | **Units** | **Q4 2022** | **Q4 2021** | **% Chg** | **Q4 2022 (1)** | **Q4 2021** | **% Chg** | **Q4 2022** | **Q4 2021** | **% Chg** | **Q4 2022** | **Q4 2021** | **% Chg** |
| Atlanta, GA | 11434 | $65166 | $57933 | 12.5% | $22590 | $20417 | 10.6% | $42576 | $37516 | 13.5% | $1827 | $1611 | 13.4% |
| Dallas, TX | 9767 | 49727 | 43479 | 14.4% | 20106 | 18751 | 7.2% | 29621 | 24728 | 19.8% | 1619 | 1403 | 15.4% |
| Tampa, FL | 5220 | 33693 | 28886 | 16.6% | 10425 | 9225 | 13.0% | 23268 | 19661 | 18.3% | 2065 | 1730 | 19.4% |
| Orlando, FL | 5274 | 32027 | 27000 | 18.6% | 10280 | 9102 | 12.9% | 21747 | 17898 | 21.5% | 1919 | 1594 | 20.4% |
| Charlotte, NC | 5867 | 29158 | 25704 | 13.4% | 8035 | 7664 | 4.8% | 21123 | 18040 | 17.1% | 1570 | 1365 | 15.0% |
| Austin, TX | 6829 | 35160 | 30929 | 13.7% | 15359 | 13373 | 14.9% | 19801 | 17556 | 12.8% | 1622 | 1403 | 15.6% |
| Raleigh/Durham, NC | 5350 | 25895 | 22248 | 16.4% | 7467 | 7096 | 5.2% | 18428 | 15152 | 21.6% | 1506 | 1292 | 16.5% |
| Nashville, TN | 4375 | 23059 | 20125 | 14.6% | 7055 | 6690 | 5.5% | 16004 | 13435 | 19.1% | 1671 | 1436 | 16.4% |
| Charleston, SC | 3168 | 16999 | 14380 | 18.2% | 4297 | 4999 | (14.0)% | 12702 | 9381 | 35.4% | 1675 | 1410 | 18.8% |
| Houston, TX | 4867 | 21628 | 19825 | 9.1% | 9634 | 9537 | 1.0% | 11994 | 10288 | 16.6% | 1382 | 1266 | 9.2% |
| Jacksonville, FL | 3496 | 16603 | 14681 | 13.1% | 5326 | 4760 | 11.9% | 11277 | 9921 | 13.7% | 1538 | 1325 | 16.1% |
| Phoenix, AZ | 2623 | 14499 | 12753 | 13.7% | 3451 | 3146 | 9.7% | 11048 | 9607 | 15.0% | 1747 | 1511 | 15.6% |
| Fort Worth, TX | 3519 | 17873 | 15825 | 12.9% | 7181 | 6452 | 11.3% | 10692 | 9373 | 14.1% | 1540 | 1351 | 14.0% |
| Northern Virginia | 1888 | 13222 | 11994 | 10.2% | 3718 | 3775 | (1.5)% | 9504 | 8219 | 15.6% | 2248 | 2047 | 9.8% |
| Richmond, VA | 2004 | 9995 | 8827 | 13.2% | 3149 | 2791 | 12.8% | 6846 | 6036 | 13.4% | 1551 | 1373 | 12.9% |
| Savannah, GA | 1837 | 9609 | 8165 | 17.7% | 2840 | 2839 | 0.0% | 6769 | 5326 | 27.1% | 1604 | 1337 | 20.0% |
| Greenville, SC | 2355 | 10058 | 8911 | 12.9% | 3392 | 3290 | 3.1% | 6666 | 5621 | 18.6% | 1286 | 1134 | 13.3% |
| Fredericksburg, VA | 1435 | 8187 | 7727 | 6.0% | 2211 | 2085 | 6.0% | 5976 | 5642 | 5.9% | 1773 | 1673 | 6.0% |
| Memphis, TN | 1811 | 7816 | 7114 | 9.9% | 2717 | 2496 | 8.9% | 5099 | 4618 | 10.4% | 1348 | 1221 | 10.4% |
| Birmingham, AL | 1462 | 6446 | 5917 | 8.9% | 2440 | 2351 | 3.8% | 4006 | 3566 | 12.3% | 1353 | 1209 | 11.9% |
| San Antonio, TX | 1504 | 6547 | 5874 | 11.5% | 2810 | 2461 | 14.2% | 3737 | 3413 | 9.5% | 1381 | 1205 | 14.6% |
| Denver, CO | 812 | 5019 | 4484 | 11.9% | 1340 | 1268 | 5.7% | 3679 | 3216 | 14.4% | 1934 | 1752 | 10.4% |
| Huntsville, AL | 1228 | 5288 | 4794 | 10.3% | 1704 | 1601 | 6.4% | 3584 | 3193 | 12.2% | 1296 | 1159 | 11.8% |
| Kansas City, MO-KS | 1110 | 5306 | 4837 | 9.7% | 1771 | 1640 | 8.0% | 3535 | 3197 | 10.6% | 1514 | 1372 | 10.4% |
| Other | 7078 | 33715 | 30067 | 12.1% | 11198 | 10245 | 9.3% | 22517 | 19822 | 13.6% | 1507 | 1320 | 14.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Same Store** | **96313** | $**502695** | $**442479** | **13.6%** | $**170496** | $**158054** | **7.9%** | $**332199** | $**284425** | **16.8%** | $**1646** | $**1433** | **14.9%** |

---

<sup>(1)</sup> Excludes $0.2 million in storm-related expenses related to hurricanes.

Supplemental Data S-5

------

**MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS**<br>

Dollars in thousands, except Average Effective Rent per Unit

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Revenues** | **Revenues** | **Revenues** | **Expenses** | **Expenses** | **Expenses** | **NOI** | **NOI** | **NOI** | **Average Effective Rent per Unit** | **Average Effective Rent per Unit** | **Average Effective Rent per Unit** |
|  | **Units** | **Q4 2022** | **Q3 2022** | **% Chg** | **Q4 2022 (1)** | **Q3 2022 (2)** | **% Chg** | **Q4 2022** | **Q3 2022** | **% Chg** | **Q4 2022** | **Q3 2022** | **% Chg** |
| Atlanta, GA | 11434 | $65166 | $64073 | 1.7% | $22590 | $23756 | (4.9)% | $42576 | $40317 | 5.6% | $1827 | $1793 | 1.9% |
| Dallas, TX | 9767 | 49727 | 49111 | 1.3% | 20106 | 20199 | (0.5)% | 29621 | 28912 | 2.5% | 1619 | 1585 | 2.2% |
| Tampa, FL | 5220 | 33693 | 32897 | 2.4% | 10425 | 11001 | (5.2)% | 23268 | 21896 | 6.3% | 2065 | 2015 | 2.5% |
| Orlando, FL | 5274 | 32027 | 31271 | 2.4% | 10280 | 11406 | (9.9)% | 21747 | 19865 | 9.5% | 1919 | 1864 | 2.9% |
| Charlotte, NC | 5867 | 29158 | 28955 | 0.7% | 8035 | 8513 | (5.6)% | 21123 | 20442 | 3.3% | 1570 | 1543 | 1.8% |
| Austin, TX | 6829 | 35160 | 34889 | 0.8% | 15359 | 15303 | 0.4% | 19801 | 19586 | 1.1% | 1622 | 1598 | 1.5% |
| Raleigh/Durham, NC | 5350 | 25895 | 25425 | 1.8% | 7467 | 8018 | (6.9)% | 18428 | 17407 | 5.9% | 1506 | 1474 | 2.2% |
| Nashville, TN | 4375 | 23059 | 22781 | 1.2% | 7055 | 7818 | (9.8)% | 16004 | 14963 | 7.0% | 1671 | 1634 | 2.3% |
| Charleston, SC | 3168 | 16999 | 16577 | 2.5% | 4297 | 5286 | (18.7)% | 12702 | 11291 | 12.5% | 1675 | 1625 | 3.1% |
| Houston, TX | 4867 | 21628 | 21283 | 1.6% | 9634 | 9420 | 2.3% | 11994 | 11863 | 1.1% | 1382 | 1363 | 1.4% |
| Jacksonville, FL | 3496 | 16603 | 16394 | 1.3% | 5326 | 5754 | (7.4)% | 11277 | 10640 | 6.0% | 1538 | 1510 | 1.9% |
| Phoenix, AZ | 2623 | 14499 | 14291 | 1.5% | 3451 | 3632 | (5.0)% | 11048 | 10659 | 3.6% | 1747 | 1713 | 2.0% |
| Fort Worth, TX | 3519 | 17873 | 17633 | 1.4% | 7181 | 7538 | (4.7)% | 10692 | 10095 | 5.9% | 1540 | 1509 | 2.1% |
| Northern Virginia | 1888 | 13222 | 13002 | 1.7% | 3718 | 4358 | (14.7)% | 9504 | 8644 | 9.9% | 2248 | 2211 | 1.7% |
| Richmond, VA | 2004 | 9995 | 9911 | 0.8% | 3149 | 3257 | (3.3)% | 6846 | 6654 | 2.9% | 1551 | 1525 | 1.7% |
| Savannah, GA | 1837 | 9609 | 9457 | 1.6% | 2840 | 3242 | (12.4)% | 6769 | 6215 | 8.9% | 1604 | 1570 | 2.1% |
| Greenville, SC | 2355 | 10058 | 9936 | 1.2% | 3392 | 3602 | (5.8)% | 6666 | 6334 | 5.2% | 1286 | 1256 | 2.4% |
| Fredericksburg, VA | 1435 | 8187 | 8078 | 1.3% | 2211 | 2326 | (4.9)% | 5976 | 5752 | 3.9% | 1773 | 1763 | 0.6% |
| Memphis, TN | 1811 | 7816 | 7721 | 1.2% | 2717 | 2887 | (5.9)% | 5099 | 4834 | 5.5% | 1348 | 1339 | 0.7% |
| Birmingham, AL | 1462 | 6446 | 6483 | (0.6)% | 2440 | 2502 | (2.5)% | 4006 | 3981 | 0.6% | 1353 | 1342 | 0.8% |
| San Antonio, TX | 1504 | 6547 | 6515 | 0.5% | 2810 | 2855 | (1.6)% | 3737 | 3660 | 2.1% | 1381 | 1361 | 1.5% |
| Denver, CO | 812 | 5019 | 4916 | 2.1% | 1340 | 1467 | (8.7)% | 3679 | 3449 | 6.7% | 1934 | 1898 | 1.9% |
| Huntsville, AL | 1228 | 5288 | 5197 | 1.8% | 1704 | 1773 | (3.9)% | 3584 | 3424 | 4.7% | 1296 | 1281 | 1.2% |
| Kansas City, MO-KS | 1110 | 5306 | 5256 | 1.0% | 1771 | 2037 | (13.1)% | 3535 | 3219 | 9.8% | 1514 | 1486 | 1.8% |
| Other | 7078 | 33715 | 33325 | 1.2% | 11198 | 11811 | (5.2)% | 22517 | 21514 | 4.7% | 1507 | 1481 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Same Store** | **96313** | $**502695** | $**495377** | **1.5%** | $**170496** | $**179761** | **(5.2)%** | $**332199** | $**315616** | **5.3%** | $**1646** | $**1614** | **2.0%** |

---

<sup>(1)</sup> Excludes $0.2 million in storm-related expenses related to hurricanes.

<sup>(2)</sup> Excludes $1.6 million in storm-related expenses related to hurricanes.

Supplemental Data S-6

------

**MULTIFAMILY SAME STORE PORTFOLIO FULL YEAR COMPARISONS AS OF DECEMBER 31, 2022 AND 2021** <br>

Dollars in thousands, except Average Effective Rent per Unit

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Revenues** | **Revenues** | **Revenues** | **Expenses** | **Expenses** | **Expenses** | **NOI** | **NOI** | **NOI** | **Average Effective Rent per Unit** | **Average Effective Rent per Unit** | **Average Effective Rent per Unit** |
|  | **Units** | **Q4 2022** | **Q4 2021** | **% Chg** | **Q4 2022 (1)** | **Q4 2021** | **% Chg** | **Q4 2022** | **Q4 2021** | **% Chg** | **Q4 2022** | **Q4 2021** | **% Chg** |
| Atlanta, GA | 11434 | $250477 | $222007 | 12.8% | $89778 | $82666 | 8.6% | $160699 | $139341 | 15.3% | $1743 | $1536 | 13.5% |
| Dallas, TX | 9767 | 190128 | 166499 | 14.2% | 77560 | 74308 | 4.4% | 112568 | 92191 | 22.1% | 1536 | 1340 | 14.6% |
| Tampa, FL | 5220 | 127805 | 109245 | 17.0% | 41941 | 37372 | 12.2% | 85864 | 71873 | 19.5% | 1943 | 1624 | 19.6% |
| Orlando, FL | 5274 | 120555 | 102651 | 17.4% | 41448 | 37015 | 12.0% | 79107 | 65636 | 20.5% | 1793 | 1515 | 18.3% |
| Charlotte, NC | 5867 | 111887 | 99145 | 12.9% | 32710 | 30733 | 6.4% | 79177 | 68412 | 15.7% | 1490 | 1307 | 14.1% |
| Austin, TX | 6829 | 134997 | 117757 | 14.6% | 58696 | 53933 | 8.8% | 76301 | 63824 | 19.5% | 1546 | 1340 | 15.4% |
| Raleigh/Durham, NC | 5350 | 98179 | 86043 | 14.1% | 30628 | 28685 | 6.8% | 67551 | 57358 | 17.8% | 1421 | 1234 | 15.1% |
| Nashville, TN | 4375 | 87948 | 77087 | 14.1% | 29318 | 27674 | 5.9% | 58630 | 49413 | 18.7% | 1577 | 1371 | 15.0% |
| Charleston, SC | 3168 | 63896 | 55019 | 16.1% | 19838 | 20012 | (0.9)% | 44058 | 35007 | 25.9% | 1568 | 1337 | 17.3% |
| Houston, TX | 4867 | 83856 | 76760 | 9.2% | 36999 | 35193 | 5.1% | 46857 | 41567 | 12.7% | 1337 | 1231 | 8.6% |
| Jacksonville, FL | 3496 | 63883 | 55456 | 15.2% | 21385 | 19048 | 12.3% | 42498 | 36408 | 16.7% | 1462 | 1245 | 17.5% |
| Phoenix, AZ | 2623 | 55504 | 47864 | 16.0% | 13890 | 12964 | 7.1% | 41614 | 34900 | 19.2% | 1660 | 1412 | 17.6% |
| Fort Worth, TX | 3519 | 68589 | 60852 | 12.7% | 27785 | 25313 | 9.8% | 40804 | 35539 | 14.8% | 1467 | 1289 | 13.8% |
| Northern Virginia | 1888 | 50888 | 47702 | 6.7% | 15776 | 15521 | 1.6% | 35112 | 32181 | 9.1% | 2162 | 2021 | 7.0% |
| Richmond, VA | 2004 | 38372 | 34280 | 11.9% | 12598 | 11271 | 11.8% | 25774 | 23009 | 12.0% | 1482 | 1308 | 13.3% |
| Savannah, GA | 1837 | 36489 | 30668 | 19.0% | 12089 | 11439 | 5.7% | 24400 | 19229 | 26.9% | 1505 | 1253 | 20.2% |
| Greenville, SC | 2355 | 38586 | 34270 | 12.6% | 13997 | 13347 | 4.9% | 24589 | 20923 | 17.5% | 1222 | 1072 | 14.0% |
| Fredericksburg, VA | 1435 | 31995 | 29456 | 8.6% | 9017 | 8329 | 8.3% | 22978 | 21127 | 8.8% | 1731 | 1579 | 9.6% |
| Memphis, TN | 1811 | 30255 | 27145 | 11.5% | 10954 | 10263 | 6.7% | 19301 | 16882 | 14.3% | 1308 | 1146 | 14.1% |
| Birmingham, AL | 1462 | 25220 | 22930 | 10.0% | 9613 | 9008 | 6.7% | 15607 | 13922 | 12.1% | 1303 | 1161 | 12.2% |
| San Antonio, TX | 1504 | 25237 | 22673 | 11.3% | 11002 | 10213 | 7.7% | 14235 | 12460 | 14.2% | 1317 | 1167 | 12.9% |
| Denver, CO | 812 | 19322 | 17394 | 11.1% | 5468 | 5180 | 5.6% | 13854 | 12214 | 13.4% | 1859 | 1687 | 10.2% |
| Huntsville, AL | 1228 | 20484 | 18528 | 10.6% | 6868 | 6080 | 13.0% | 13616 | 12448 | 9.4% | 1246 | 1109 | 12.4% |
| Kansas City, MO-KS | 1110 | 20445 | 18716 | 9.2% | 7407 | 6875 | 7.7% | 13038 | 11841 | 10.1% | 1452 | 1330 | 9.2% |
| Other | 7078 | 129712 | 115087 | 12.7% | 45249 | 41220 | 9.8% | 84463 | 73867 | 14.3% | 1381 | 1205 | 14.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Same Store** | **96313** | $**1924709** | $**1695234** | **13.5%** | $**682014** | $**633662** | **7.6%** | $**1242695** | $**1061572** | **17.1%** | $**1565** | $**1365** | **14.6%** |

---

<sup>(1)</sup> Excludes $1.8 million in storm-related expenses related to hurricanes.

Supplemental Data S-7

------

**MULTIFAMILY DEVELOPMENT PIPELINE**<br>

Dollars in thousands

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Units as of** | **Units as of** | **Units as of** | **Development Costs as of** | **Development Costs as of** | **Development Costs as of** |  |  |  |  |
|  |  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |  | **Expected** | **Expected** | **Expected** |
|  |  |  |  |  | **Expected** | **Spend** | **Expected** | **Start** | **Initial** |  |  |
|  | **Location** | **Total** | **Delivered** | **Leased** | **Total** | **to Date** | **Remaining** | **Date** | **Occupancy** | **Completion** | **Stabilization (1)** |
| Novel West Midtown (2) | Atlanta, GA | 340 |  |  | 89500 | 72536 | 16964 | 2Q21 | 1Q23 | 3Q23 | 3Q24 |
| Novel Val Vista (2) | Phoenix, AZ | 317 |  |  | 77200 | 57646 | 19554 | 4Q20 | 3Q23 | 1Q24 | 1Q25 |
| Novel Daybreak (2) | Salt Lake City, UT | 400 |  |  | 94000 | 74195 | 19805 | 2Q21 | 1Q23 | 4Q23 | 4Q24 |
| MAA Milepost 35 | Denver, CO | 352 |  |  | 125000 | 41324 | 83676 | 1Q22 | 4Q23 | 4Q24 | 3Q25 |
| MAA Nixie | Raleigh, NC | 406 |  |  | 145500 | 13445 | 132055 | 4Q22 | 4Q24 | 3Q25 | 3Q26 |
| MAA Breakwater | Tampa, FL | 495 |  |  | 197500 | 32553 | 164947 | 4Q22 | 1Q25 | 4Q25 | 4Q26 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Active** |  | **2310** |  |  | $**728700** | $**291699** | $**437001** |  |  |  |  |

---

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

<sup>(2)</sup> MAA owns 80% of the joint venture that owns this property.

**MULTIFAMILY LEASE-UP COMMUNITIES**<br>

Dollars in thousands

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** |  |  |
|  | **Location** | **Total Units** | **Physical Occupancy** | **Spend to Date** | **Construction Completed** | **Expected Stabilization (1)** |
| MAA LoSo | Charlotte, NC | 344 | 84.3% | 139167 | (2) | 2Q23 |
| MAA Windmill Hill | Austin, TX | 350 | 65.1% | 58961 | 4Q22 | 4Q23 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** |  | **694** | **74.6%** | $**198128** |  |  |

---

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

<sup>(2)</sup> Property was acquired while in lease-up; construction was completed prior to acquisition by MAA.

**MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE**<br>

Dollars in thousands, except per unit data

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  |
| **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** |
| 6574 | $40161 | $6109 | $133 | 10.0% | 10000 - 13000 |

---

Supplemental Data S-8

------

**2022 ACQUISITION ACTIVITY** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Multifamily Acquisitions** | **Market** | **Apartment Units** | **Closing Date** |
| MAA Hampton Preserve II | Tampa, FL | 196 | July 2022 |
| MAA LoSo | Charlotte, NC | 344 | September 2022 |
| Alta 10th (1) | Charlotte, NC | 305 | December 2022 |

---

<sup>(1)</sup> Represents a pre-purchase multifamily development. Approximately $10 million has been funded as of December 31, 2022, primarily related to land, with development expected to begin in the second half of 2023. MAA owns 95% of the joint venture that owns this property.

---

| | | | |
|:---|:---|:---|:---|
| **Land Acquisition** | **Market** | **Acreage** | **Closing Date** |
| MAA Florida Street Station | Denver, CO | 4 | March 2022 |
| MAA Packing District | Orlando, FL | 4 | May 2022 |
| MAA Panorama | Denver, CO | 6 | July 2022 |
| MAA Nixie | Raleigh, NC | 6 | November 2022 |

---

**2022 DISPOSITION ACTIVITY**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Multifamily Dispositions** | **Market** | **Apartment Units** | **Closing Date** |
| MAA Deer Run | Fort Worth, TX | 304 | June 2022 |
| MAA Oakbend | Fort Worth, TX | 426 | June 2022 |
| Post Park Maryland | Maryland, MD | 396 | October 2022 |
| Stassney Woods | Austin, TX | 288 | December 2022 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Land Dispositions** | **Market** | **Acreage** | **Closing Date** |
| Colonial Promenade | Huntsville, AL | 2 | April 2022 |
| Colonial Promenade | Huntsville, AL | 3 | August 2022 |

---

**DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2022**<br>

Dollars in thousands

---

| | | | | |
|:---|:---|:---|:---|:---|
| **DEBT SUMMARIES** |  |  |  |  |
| **Fixed Rate Versus Floating Rate Debt** | **Balance** | **Percent of Total** | **Effective Interest Rate** | **Average Years to Rate Maturity** |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed rate debt | $4394903 | 99.5% | 3.4% | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Floating rate debt | 20000 | 0.5% | 4.7% | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**4414903** | **100.0%** | **3.4%** | **7.9** |
| **Unsecured Versus Secured Debt** | **Balance** | **Percent of Total** | **Effective Interest Rate** | **Average Years to Contract Maturity** |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured debt | $4050910 | 91.8% | 3.4% | 6.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Secured debt | 363993 | 8.2% | 4.4% | 25.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**4414903** | **100.0%** | **3.4%** | **7.9** |
| **Unencumbered Versus Encumbered Assets** | **Total Cost** | **Percent of Total** | **Q4 2022 NOI** | **Percent of Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Unencumbered gross assets | $14720706 | 94.7% | $330039 | 95.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encumbered gross assets | 823206 | 5.3% | 16752 | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**15543912** | **100.0%** | $**346791** | **100.0%** |

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**FIXED INTEREST RATE MATURITIES**

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| | | |
|:---|:---|:---|
| **Maturity** | **Fixed Rate Debt** | **Effective Interest Rate** |
| 2023 | $349509 | 4.2% |
| 2024 | 398842 | 4.0% |
| 2025 | 401751 | 4.2% |
| 2026 | 297202 | 1.2% |
| 2027 | 596548 | 3.7% |
| 2028 | 396695 | 4.2% |
| 2029 | 559082 | 3.7% |
| 2030 | 297542 | 3.1% |
| 2031 | 444985 | 1.8% |
| 2032 |  |  |
| Thereafter | 652747 | 3.8% |
| **Total** | $**4394903** | **3.4%** |

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Supplemental Data S-9

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**DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2022 (CONTINUED)**<br>

Dollars in thousands

**DEBT MATURITIES OF OUTSTANDING BALANCES**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Maturity** | **Commercial Paper & Revolving Credit Facility ⁽¹⁾ ⁽²⁾** | **Public Bonds** | **Secured** | **Total** |
| 2023 | $20000 | $349509 | $— | $369509 |
| 2024 |  | 398842 |  | 398842 |
| 2025 |  | 397773 | 3978 | 401751 |
| 2026 |  | 297202 |  | 297202 |
| 2027 |  | 596548 |  | 596548 |
| 2028 |  | 396695 |  | 396695 |
| 2029 |  | 559082 |  | 559082 |
| 2030 |  | 297542 |  | 297542 |
| 2031 |  | 444985 |  | 444985 |
| 2032 |  |  |  |  |
| Thereafter |  | 292732 | 360015 | 652747 |
| **Total** | $**20000** | $**4030910** | $**363993** | $**4414903** |

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<sup>(1)</sup> There was $20.0 million outstanding under MAALP's unsecured commercial paper program as of December 31, 2022. 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 December 31, 2022, average daily borrowings outstanding under the commercial paper program were $79.1 million.

<sup>(2)</sup> There were no borrowings outstanding under MAALP's $1.25 billion unsecured revolving credit facility as of December 31, 2022. The unsecured revolving credit facility has a maturity date of October 2026 with two six-month extension options.

**DEBT COVENANT ANALYSIS** <sup>(1)</sup>

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| | | | |
|:---|:---|:---|:---|
| **Bond Covenants** | **Required** | **Actual** | **Compliance** |
| Total debt to adjusted total assets | 60% or less | 28.4% | Yes |
| Total secured debt to adjusted total assets | 40% or less | 2.3% | Yes |
| Consolidated income available for debt service to total annual debt service charge | 1.5x or greater for trailing 4 quarters | 7.2x | Yes |
| Total unencumbered assets to total unsecured debt | Greater than 150% | 355.3% | Yes |
| **Bank Covenants** | **Required** | **Actual** | **Compliance** |
| Total debt to total capitalized asset value | 60% or less | 19.5% | Yes |
| Total secured debt to total capitalized asset value | 40% or Less | 1.7% | Yes |
| Total adjusted EBITDA to fixed charges | 1.5x or greater for trailing 4 quarters | 7.2x | Yes |
| Total unsecured debt to total unsecured capitalized asset value | 60% or less | 18.7% | Yes |

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<sup>(1)</sup> The calculations of the Bond Covenants and Bank Covenants are specifically defined in MAALP's debt agreements.

Supplemental Data S-10

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**2023 GUIDANCE**<br>

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 Net income per diluted common share. A reconciliation of expected Net income per diluted common share to expected Core FFO per Share and Core AFFO per Share is provided below.

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| | | |
|:---|:---|:---|
|  | **Full Year 2023** | **Full Year 2023** |
| **Earnings:** | **Range** | **Midpoint** |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings per common share - diluted | $5.97 to $6.37 | $6.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core FFO per Share - diluted | $8.88 to $9.28 | $9.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core AFFO per Share - diluted | $7.96 to $8.36 | $8.16 |
| **MAA Same Store Portfolio:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of units | 95285 | 95285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical occupancy | 95.6% to 96.0% | 95.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Property revenue growth | 5.25% to 7.25% | 6.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective rent growth | 6.00% to 8.00% | 7.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Property operating expense growth | 5.15% to 7.15% | 6.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;NOI growth | 5.30% to 7.30% | 6.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate tax expense growth | 5.50% to 7.00% | 6.25% |
| **Corporate Expenses: ($ in millions)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property management expenses | $72.0 to $74.0 | $73.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | $54.5 to $56.5 | $55.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total overhead | $126.5 to $130.5 | $128.5 |
| **Transaction/Investment Volume: ($ in millions)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily acquisition volume | $350.0 to $450.0 | $400.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily disposition volume | $250.0 to $350.0 | $300.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Development investment | $250.0 to $350.0 | $300.0 |
| **Debt:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average effective interest rate | 3.4% to 3.6% | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized interest ($ in millions) | $12.0 to $14.0 | $13.0 |
| **Diluted FFO Shares Outstanding:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted common shares and units | 119.5 to 120.0 million | 119.75 million |

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**RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER SHARE FOR 2023 GUIDANCE**<br>

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| | | |
|:---|:---|:---|
|  | **Full Year 2023 Guidance Range** | **Full Year 2023 Guidance Range** |
|  | **Low** | **High** |
| Earnings per common share - diluted | $5.97 | $6.37 |
| Real estate depreciation and amortization | 4.72 | 4.72 |
| Gains on sale of depreciable assets | (1.82) | (1.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;FFO per Share - diluted | 8.87 | 9.27 |
| Non-Core FFO items (1) | 0.01 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core FFO per Share - diluted | 8.88 | 9.28 |
| Recurring capital expenditures | (0.92) | (0.92) |
| &nbsp;&nbsp;&nbsp;&nbsp;Core AFFO per Share - diluted | $7.96 | $8.36 |

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<sup>(1)</sup> 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

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**CREDIT RATINGS**<br>

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| | | | |
|:---|:---|:---|:---|
|  | **Commercial** | **Long-Term** |  |
|  | **Paper Rating** | **Debt Rating** | **Outlook** |
| Fitch Ratings (1) | F1 | A- | Stable |
| Moody's Investors Service (2) | P-2 | Baa1 | Positive |
| Standard & Poor's Ratings Services (1) | A-2 | A- | Stable |

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<sup>(1)</sup> Corporate credit rating assigned to MAA and MAALP

<sup>(2)</sup> Corporate credit rating assigned to MAALP

**COMMON STOCK**<br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Stock Symbol:** | **MAA** |  |  |  |  |
| **Exchange Traded:** | **NYSE** |  |  |  |  |
| **Estimated Future Dates:** | **Q1 2023** | **Q2 2023** | **Q3 2023** | **Q4 2023** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings release & conference call | Late<br>April | Late<br>July | Late<br>October | Early<br>February |  |
| **Dividend Information - Common Shares:** | **Q4 2021** | **Q1 2022** | **Q2 2022** | **Q3 2022** | **Q4 2022** |
| &nbsp;&nbsp;&nbsp;&nbsp;Declaration date | 12/7/2021 | 3/22/2022 | 5/17/2022 | 9/27/2022 | 12/13/2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Record date | 1/14/2022 | 4/14/2022 | 7/15/2022 | 10/14/2022 | 1/13/2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment date | 1/31/2022 | 4/29/2022 | 7/29/2022 | 10/31/2022 | 1/31/2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions per share | $1.0875 | $1.0875 | $1.2500 | $1.2500 | $1.4000 |

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**INVESTOR RELATIONS DATA**<br>

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 <u>investor.relations@maac.com</u>. 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 <u>www.maac.com</u>.<br>

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| | | |
|:---|:---|:---|
| For Questions Contact: | 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) | Phone: 866-576-9689 (toll free) |
|  | Email: investor.relations@maac.com | Email: investor.relations@maac.com |

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Supplemental Data S-12

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