EX-99.2

EX-99.2 3 maa-ex99_2.htm EX-99.2 EX-99.2

Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT DECEMBER 31, 2023 (1)

In apartment units


	Same Store		Non-Same Store		Lease-up		Total Completed Communities		Development Units Delivered		Total
Atlanta, GA		11,434		—		340		11,774		—		11,774
Dallas, TX		10,116		—		—		10,116		—		10,116
Austin, TX		6,829		350		—		7,179		—		7,179
Charlotte, NC		5,651		560		352		6,563		—		6,563
Orlando, FL		5,274		633		—		5,907		—		5,907
Tampa, FL		5,220		196		—		5,416		—		5,416
Raleigh/Durham, NC		5,350		—		—		5,350		—		5,350
Houston, TX		4,867		308		—		5,175		—		5,175
Nashville, TN		4,375		—		—		4,375		—		4,375
Fort Worth, TX		3,687		—		—		3,687		—		3,687
Jacksonville, FL		3,496		—		—		3,496		—		3,496
Phoenix, AZ		2,623		345		323		3,291		3		3,294
Charleston, SC		3,168		—		—		3,168		—		3,168
Greenville, SC		2,355		—		—		2,355		—		2,355
Richmond, VA		1,732		272		—		2,004		—		2,004
Northern Virginia		1,888		—		—		1,888		—		1,888
Savannah, GA		1,837		—		—		1,837		—		1,837
Memphis, TN		1,811		—		—		1,811		—		1,811
San Antonio, TX		1,504		—		—		1,504		—		1,504
Birmingham, AL		1,462		—		—		1,462		—		1,462
Fredericksburg, VA		1,435		—		—		1,435		—		1,435
Huntsville, AL		1,228		—		—		1,228		—		1,228
Denver, CO		812		306		—		1,118		3		1,121
Kansas City, MO-KS		1,110		—		—		1,110		—		1,110
Other		6,022		1,152		—		7,174		196		7,370
Total Multifamily Units		95,286		4,122		1,015		100,423		202		100,625

(1)

Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C.

Supplemental Data S-1

PORTFOLIO STATISTICS (CONTINUED)

TOTAL MULTIFAMILY COMMUNITY STATISTICS (1)

Dollars in thousands, except Average Effective Rent per Unit


	As of December 31, 2023								Average Effective		As of December 31, 2023
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended December 31, 2023		Completed Units		Total Units, Including Development
Atlanta, GA	$	2,099,011		13.6	%		94.9	%	$	1,850		11,434
Dallas, TX		1,581,062		10.1	%		95.3	%		1,669		10,116
Charlotte, NC		1,150,196		7.4	%		95.7	%		1,652		6,211
Orlando, FL		1,029,405		6.6	%		96.3	%		2,013		5,907
Tampa, FL		1,008,515		6.5	%		96.4	%		2,105		5,416
Austin, TX		956,439		6.1	%		94.9	%		1,620		7,179
Raleigh/Durham, NC		733,776		4.7	%		96.4	%		1,545		5,350
Houston, TX		701,516		4.5	%		96.2	%		1,429		5,175
Northern Virginia		574,576		3.7	%		96.2	%		2,356		1,888
Nashville, TN		561,712		3.6	%		96.1	%		1,700		4,375
Phoenix, AZ		484,590		3.1	%		95.5	%		1,751		2,968
Charleston, SC		430,805		2.8	%		96.3	%		1,771		3,168
Fort Worth, TX		392,220		2.5	%		95.3	%		1,576		3,687
Jacksonville, FL		313,862		2.0	%		96.2	%		1,548		3,496
Denver, CO		296,222		1.9	%		95.9	%		1,977		1,118
Richmond, VA		279,446		1.8	%		96.6	%		1,606		2,004
Fredericksburg, VA		256,103		1.6	%		96.7	%		1,801		1,435
Greenville, SC		239,869		1.5	%		95.9	%		1,327		2,355
Savannah, GA		226,109		1.5	%		96.0	%		1,694		1,837
Kansas City, MO-KS		192,746		1.2	%		95.5	%		1,577		1,110
Birmingham, AL		172,272		1.1	%		95.5	%		1,391		1,462
San Antonio, TX		171,357		1.1	%		95.5	%		1,387		1,504
All Other Markets by State (individual markets <1% gross real assets)
Tennessee		205,054		1.3	%		95.6	%		1,336		2,754
Florida		190,803		1.2	%		95.7	%		1,826		1,806
Alabama		176,224		1.1	%		95.6	%		1,397		1,648
Virginia		163,070		1.0	%		95.6	%		1,734		1,039
Kentucky		101,958		0.7	%		95.6	%		1,211		1,308
Maryland		83,654		0.5	%		94.5	%		2,189		361
Nevada		75,519		0.5	%		97.1	%		1,575		721
South Carolina		39,169		0.3	%		95.7	%		1,209		576
Stabilized Communities	$	14,887,260		95.5	%		95.7	%	$	1,692		99,408
Phoenix, AZ		172,899		1.1	%		86.7	%		1,904		326		640
Charlotte, NC		106,421		0.7	%		81.0	%		1,952		352		352
Tampa, FL		95,949		0.6	%		—			—		—		495
Denver, CO		95,631		0.6	%		—			—		3		352
Salt Lake City, UT		91,627		0.6	%		30.3	%		1,793		196		400
Atlanta, GA		90,645		0.6	%		39.7	%		2,215		340		340
Raleigh/Durham, NC		51,071		0.3	%		—			—		—		406
Lease-up / Development Communities	$	704,243		4.5	%		58.0	%	$	1,987		1,217		2,985
Total Multifamily Communities	$	15,591,503		100.0	%		95.2	%	$	1,696		100,625		102,393

(1)

Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C. As of December 31, 2023, the gross investment in real estate for this community was $81.8 million and includes a mortgage note payable of $51.9 million. For the year ended December 31, 2023, this apartment community achieved NOI of $8.1 million.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands


	Three Months Ended								As of December 31, 2023
	December 31, 2023		December 31, 2022			Percent Change			Apartment Units		Gross Real Assets
Operating Revenues
Same Store Communities	$	508,357	$	498,024			2.1	%		95,286	$	14,057,956
Non-Same Store Communities		24,006		23,487						4,122		829,304
Lease-up/Development Communities		3,568		—						1,217		704,243
Total Multifamily Portfolio	$	535,931	$	521,511						100,625	$	15,591,503
Commercial Property/Land		6,316		6,454						—		373,556
Total Operating Revenues	$	542,247	$	527,965						100,625	$	15,965,059

Property Operating Expenses
Same Store Communities	$	178,538	$	168,566			5.9	%
Non-Same Store Communities		8,500		9,677
Lease-up/Development Communities		1,682		103
Hurricane Expenses		—		227
Total Multifamily Portfolio	$	188,720	$	178,573
Commercial Property/Land		3,062		2,601
Total Property Operating Expenses	$	191,782	$	181,174

Net Operating Income
Same Store Communities	$	329,819	$	329,458			0.1	%
Non-Same Store Communities		15,506		13,810
Lease-up/Development Communities		1,886		(103	)
Hurricane Expenses		—		(227	)
Total Multifamily Portfolio	$	347,211	$	342,938
Commercial Property/Land		3,254		3,853
Total Net Operating Income	$	350,465	$	346,791			1.1	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands


	Three Months Ended							Year Ended
	December 31, 2023		December 31, 2022		Percent Change			December 31, 2023		December 31, 2022		Percent Change
Property Taxes	$	65,568	$	63,210		3.7	%	$	258,052	$	244,476		5.6	%
Personnel		37,750		36,069		4.7	%		154,263		146,319		5.4	%
Utilities		32,325		30,828		4.9	%		128,654		122,563		5.0	%
Building Repair and Maintenance		22,226		20,415		8.9	%		93,753		85,350		9.8	%
Office Operations		7,873		6,869		14.6	%		29,854		27,337		9.2	%
Insurance		7,971		6,849		16.4	%		29,785		26,031		14.4	%
Marketing		4,825		4,326		11.5	%		23,451		22,034		6.4	%
Total Property Operating Expenses	$	178,538	$	168,566		5.9	%	$	717,812	$	674,110		6.5	%

Supplemental Data S-3

MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE


						Average Physical Occupancy
			Percent of			Three Months Ended						Year Ended
	Apartment Units		Same Store NOI			December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022
Atlanta, GA		11,434		12.7	%		94.4	%		95.4	%		94.5	%		95.4	%
Dallas, TX		10,116		9.6	%		95.4	%		95.5	%		95.6	%		95.6	%
Tampa, FL		5,220		7.2	%		96.0	%		95.7	%		95.8	%		96.0	%
Orlando, FL		5,274		6.7	%		96.0	%		96.1	%		96.0	%		96.2	%
Charlotte, NC		5,651		6.3	%		95.4	%		95.7	%		95.6	%		95.8	%
Austin, TX		6,829		5.8	%		94.7	%		94.8	%		95.1	%		95.2	%
Raleigh/Durham, NC		5,350		5.6	%		96.1	%		95.6	%		95.9	%		95.6	%
Nashville, TN		4,375		4.9	%		96.1	%		95.7	%		95.8	%		95.8	%
Houston, TX		4,867		3.8	%		95.8	%		95.9	%		95.6	%		95.6	%
Charleston, SC		3,168		3.7	%		95.8	%		95.8	%		95.9	%		95.9	%
Fort Worth, TX		3,687		3.6	%		95.2	%		95.2	%		95.6	%		95.5	%
Phoenix, AZ		2,623		3.2	%		94.9	%		96.1	%		95.5	%		95.9	%
Jacksonville, FL		3,496		3.2	%		95.3	%		96.2	%		95.7	%		96.5	%
Northern Virginia		1,888		3.0	%		96.2	%		96.0	%		96.2	%		95.7	%
Savannah, GA		1,837		2.1	%		96.1	%		96.1	%		96.2	%		96.7	%
Greenville, SC		2,355		2.0	%		96.0	%		96.1	%		96.1	%		96.3	%
Richmond, VA		1,732		1.9	%		96.0	%		95.9	%		95.9	%		96.2	%
Fredericksburg, VA		1,435		1.8	%		96.9	%		95.9	%		96.4	%		96.3	%
Memphis, TN		1,811		1.5	%		95.3	%		95.1	%		94.7	%		95.0	%
Birmingham, AL		1,462		1.3	%		96.5	%		95.9	%		96.2	%		95.8	%
Kansas City, MO-KS		1,110		1.1	%		95.9	%		95.9	%		95.9	%		95.7	%
San Antonio, TX		1,504		1.1	%		96.0	%		94.8	%		95.8	%		95.6	%
Huntsville, AL		1,228		1.1	%		95.7	%		95.4	%		95.3	%		95.6	%
Denver, CO		812		1.0	%		95.4	%		95.4	%		95.4	%		95.7	%
Other		6,022		5.8	%		95.9	%		96.0	%		95.9	%		96.2	%
Total Same Store		95,286		100.0	%		95.5	%		95.6	%		95.6	%		95.8	%

Supplemental Data S-4

MULTIFAMILY SAME STORE PORTFOLIO QUARTER OVER QUARTER COMPARISONS

Dollars in thousands, except Average Effective Rent per Unit


			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q4 2023		Q4 2022		% Chg			Q4 2023		Q4 2022		% Chg			Q4 2023		Q4 2022		% Chg			Q4 2023		Q4 2022		% Chg
Atlanta, GA		11,434	$	65,782	$	65,170		0.9	%	$	24,002	$	22,595		6.2	%	$	41,780	$	42,575		(1.9	)%	$	1,850	$	1,827		1.3	%
Dallas, TX		10,116		53,058		51,776		2.5	%		21,351		20,702		3.1	%		31,707		31,074		2.0	%		1,669		1,630		2.4	%
Tampa, FL		5,220		34,580		33,693		2.6	%		10,875		10,425		4.3	%		23,705		23,268		1.9	%		2,110		2,065		2.2	%
Orlando, FL		5,274		32,905		32,027		2.7	%		10,911		10,280		6.1	%		21,994		21,747		1.1	%		1,973		1,919		2.8	%
Charlotte, NC		5,651		29,181		28,177		3.6	%		8,496		7,732		9.9	%		20,685		20,445		1.2	%		1,640		1,576		4.1	%
Austin, TX		6,829		35,073		35,160		(0.2	)%		16,102		15,359		4.8	%		18,971		19,801		(4.2	)%		1,617		1,622		(0.3	)%
Raleigh/Durham, NC		5,350		26,664		25,895		3.0	%		8,097		7,467		8.4	%		18,567		18,428		0.8	%		1,545		1,506		2.6	%
Nashville, TN		4,375		23,685		23,059		2.7	%		7,476		7,055		6.0	%		16,209		16,004		1.3	%		1,700		1,671		1.7	%
Houston, TX		4,867		22,117		21,628		2.3	%		9,692		9,634		0.6	%		12,425		11,994		3.6	%		1,418		1,382		2.6	%
Charleston, SC		3,168		17,687		16,999		4.0	%		5,492		4,296		27.8	%		12,195		12,703		(4.0	)%		1,771		1,675		5.7	%
Fort Worth, TX		3,687		19,019		18,807		1.1	%		7,177		7,496		(4.3	)%		11,842		11,311		4.7	%		1,576		1,546		1.9	%
Phoenix, AZ		2,623		14,282		14,499		(1.5	)%		3,615		3,450		4.8	%		10,667		11,049		(3.5	)%		1,741		1,747		(0.3	)%
Jacksonville, FL		3,496		16,487		16,603		(0.7	)%		5,962		5,326		11.9	%		10,525		11,277		(6.7	)%		1,548		1,538		0.6	%
Northern Virginia		1,888		13,850		13,222		4.7	%		3,979		3,717		7.0	%		9,871		9,505		3.9	%		2,356		2,248		4.8	%
Savannah, GA		1,837		10,028		9,609		4.4	%		3,146		2,840		10.8	%		6,882		6,769		1.7	%		1,694		1,604		5.6	%
Greenville, SC		2,355		10,291		10,058		2.3	%		3,650		3,392		7.6	%		6,641		6,666		(0.4	)%		1,327		1,286		3.2	%
Richmond, VA		1,732		9,030		8,826		2.3	%		2,750		2,721		1.1	%		6,280		6,105		2.9	%		1,649		1,591		3.6	%
Fredericksburg, VA		1,435		8,342		8,187		1.9	%		2,356		2,211		6.6	%		5,986		5,976		0.2	%		1,801		1,773		1.6	%
Memphis, TN		1,811		7,937		7,816		1.5	%		2,872		2,717		5.7	%		5,065		5,099		(0.7	)%		1,358		1,348		0.7	%
Birmingham, AL		1,462		6,782		6,446		5.2	%		2,594		2,440		6.3	%		4,188		4,006		4.5	%		1,391		1,353		2.8	%
Kansas City, MO-KS		1,110		5,576		5,306		5.1	%		1,853		1,771		4.6	%		3,723		3,535		5.3	%		1,577		1,514		4.2	%
San Antonio, TX		1,504		6,676		6,547		2.0	%		2,961		2,810		5.4	%		3,715		3,737		(0.6	)%		1,387		1,381		0.4	%
Huntsville, AL		1,228		5,363		5,287		1.4	%		1,782		1,704		4.6	%		3,581		3,583		(0.1	)%		1,319		1,296		1.8	%
Denver, CO		812		5,070		5,019		1.0	%		1,742		1,340		30.0	%		3,328		3,679		(9.5	)%		1,960		1,934		1.4	%
Other		6,022		28,892		28,208		2.4	%		9,605		9,086		5.7	%		19,287		19,122		0.9	%		1,519		1,481		2.6	%
Total Same Store		95,286	$	508,357	$	498,024		2.1	%	$	178,538	$	168,566		5.9	%	$	329,819	$	329,458		0.1	%	$	1,685	$	1,649		2.2	%

Supplemental Data S-5

MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except Average Effective Rent per Unit


			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q4 2023		Q3 2023		% Chg			Q4 2023		Q3 2023		% Chg			Q4 2023		Q3 2023		% Chg			Q4 2023		Q3 2023		% Chg
Atlanta, GA		11,434	$	65,782	$	66,153		(0.6	)%	$	24,002	$	24,773		(3.1	)%	$	41,780	$	41,380		1.0	%	$	1,850	$	1,861		(0.6	)%
Dallas, TX		10,116		53,058		53,563		(0.9	)%		21,351		21,068		1.3	%		31,707		32,495		(2.4	)%		1,669		1,671		(0.2	)%
Tampa, FL		5,220		34,580		34,566		0.0	%		10,875		12,164		(10.6	)%		23,705		22,402		5.8	%		2,110		2,112		(0.1	)%
Orlando, FL		5,274		32,905		32,970		(0.2	)%		10,911		11,348		(3.9	)%		21,994		21,622		1.7	%		1,973		1,981		(0.4	)%
Charlotte, NC		5,651		29,181		29,542		(1.2	)%		8,496		8,766		(3.1	)%		20,685		20,776		(0.4	)%		1,640		1,651		(0.6	)%
Austin, TX		6,829		35,073		35,635		(1.6	)%		16,102		15,824		1.8	%		18,971		19,811		(4.2	)%		1,617		1,635		(1.1	)%
Raleigh/Durham, NC		5,350		26,664		26,769		(0.4	)%		8,097		8,686		(6.8	)%		18,567		18,083		2.7	%		1,545		1,549		(0.2	)%
Nashville, TN		4,375		23,685		23,766		(0.3	)%		7,476		7,979		(6.3	)%		16,209		15,787		2.7	%		1,700		1,705		(0.3	)%
Houston, TX		4,867		22,117		22,049		0.3	%		9,692		10,626		(8.8	)%		12,425		11,423		8.8	%		1,418		1,418		0.0	%
Charleston, SC		3,168		17,687		17,736		(0.3	)%		5,492		5,642		(2.7	)%		12,195		12,094		0.8	%		1,771		1,756		0.8	%
Fort Worth, TX		3,687		19,019		19,181		(0.8	)%		7,177		8,135		(11.8	)%		11,842		11,046		7.2	%		1,576		1,579		(0.2	)%
Phoenix, AZ		2,623		14,282		14,431		(1.0	)%		3,615		3,925		(7.9	)%		10,667		10,506		1.5	%		1,741		1,746		(0.3	)%
Jacksonville, FL		3,496		16,487		16,754		(1.6	)%		5,962		6,407		(6.9	)%		10,525		10,347		1.7	%		1,548		1,559		(0.7	)%
Northern Virginia		1,888		13,850		13,783		0.5	%		3,979		4,344		(8.4	)%		9,871		9,439		4.6	%		2,356		2,345		0.5	%
Savannah, GA		1,837		10,028		10,031		(0.0	)%		3,146		3,399		(7.4	)%		6,882		6,632		3.8	%		1,694		1,684		0.6	%
Greenville, SC		2,355		10,291		10,297		(0.1	)%		3,650		3,637		0.4	%		6,641		6,660		(0.3	)%		1,327		1,329		(0.2	)%
Richmond, VA		1,732		9,030		9,119		(1.0	)%		2,750		2,891		(4.9	)%		6,280		6,228		0.8	%		1,649		1,644		0.3	%
Fredericksburg, VA		1,435		8,342		8,296		0.6	%		2,356		2,473		(4.7	)%		5,986		5,823		2.8	%		1,801		1,801		(0.0	)%
Memphis, TN		1,811		7,937		7,795		1.8	%		2,872		3,098		(7.3	)%		5,065		4,697		7.8	%		1,358		1,362		(0.3	)%
Birmingham, AL		1,462		6,782		6,714		1.0	%		2,594		2,513		3.2	%		4,188		4,201		(0.3	)%		1,391		1,386		0.4	%
Kansas City, MO-KS		1,110		5,576		5,537		0.7	%		1,853		2,164		(14.4	)%		3,723		3,373		10.4	%		1,577		1,569		0.6	%
San Antonio, TX		1,504		6,676		6,716		(0.6	)%		2,961		2,567		15.3	%		3,715		4,149		(10.5	)%		1,387		1,393		(0.4	)%
Huntsville, AL		1,228		5,363		5,358		0.1	%		1,782		2,014		(11.5	)%		3,581		3,344		7.1	%		1,319		1,325		(0.5	)%
Denver, CO		812		5,070		5,111		(0.8	)%		1,742		1,520		14.6	%		3,328		3,591		(7.3	)%		1,960		1,975		(0.7	)%
Other		6,022		28,892		29,007		(0.4	)%		9,605		10,171		(5.6	)%		19,287		18,836		2.4	%		1,519		1,516		0.2	%
Total Same Store		95,286	$	508,357	$	510,879		(0.5	)%	$	178,538	$	186,134		(4.1	)%	$	329,819	$	324,745		1.6	%	$	1,685	$	1,690		(0.3	)%

Supplemental Data S-6

MULTIFAMILY SAME STORE PORTFOLIO FULL YEAR COMPARISONS AS OF DECEMBER 31, 2023 AND 2022

Dollars in thousands, except Average Effective Rent per Unit


			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q4 2023		Q4 2022		% Chg			Q4 2023		Q4 2022		% Chg			Q4 2023		Q4 2022		% Chg			Q4 2023		Q4 2022		% Chg
Atlanta, GA		11,434	$	261,678	$	250,477		4.5	%	$	96,333	$	89,778		7.3	%	$	165,345	$	160,699		2.9	%	$	1,848	$	1,743		6.0	%
Dallas, TX		10,116		211,791		197,971		7.0	%		84,747		79,848		6.1	%		127,044		118,123		7.6	%		1,659		1,546		7.3	%
Tampa, FL		5,220		137,304		127,805		7.4	%		45,760		41,941		9.1	%		91,544		85,864		6.6	%		2,098		1,943		8.0	%
Orlando, FL		5,274		131,110		120,555		8.8	%		44,648		41,448		7.7	%		86,462		79,107		9.3	%		1,964		1,793		9.6	%
Charlotte, NC		5,651		115,988		108,112		7.3	%		34,159		31,492		8.5	%		81,829		76,620		6.8	%		1,626		1,496		8.7	%
Austin, TX		6,829		141,608		134,997		4.9	%		62,503		58,696		6.5	%		79,105		76,301		3.7	%		1,627		1,546		5.2	%
Raleigh/Durham, NC		5,350		105,749		98,179		7.7	%		32,713		30,628		6.8	%		73,036		67,551		8.1	%		1,534		1,421		8.0	%
Nashville, TN		4,375		94,192		87,948		7.1	%		30,212		29,318		3.0	%		63,980		58,630		9.1	%		1,694		1,577		7.4	%
Houston, TX		4,867		87,922		83,856		4.8	%		38,579		36,999		4.3	%		49,343		46,857		5.3	%		1,407		1,337		5.2	%
Charleston, SC		3,168		69,633		63,896		9.0	%		21,705		19,838		9.4	%		47,928		44,058		8.8	%		1,733		1,568		10.5	%
Fort Worth, TX		3,687		76,248		72,164		5.7	%		29,697		28,954		2.6	%		46,551		43,210		7.7	%		1,569		1,473		6.6	%
Phoenix, AZ		2,623		57,709		55,504		4.0	%		14,723		13,890		6.0	%		42,986		41,614		3.3	%		1,745		1,660		5.1	%
Jacksonville, FL		3,496		66,544		63,883		4.2	%		23,681		21,385		10.7	%		42,863		42,498		0.9	%		1,552		1,462		6.2	%
Northern Virginia		1,888		54,574		50,888		7.2	%		16,717		15,776		6.0	%		37,857		35,112		7.8	%		2,319		2,162		7.2	%
Savannah, GA		1,837		39,593		36,489		8.5	%		12,784		12,089		5.7	%		26,809		24,400		9.9	%		1,664		1,505		10.6	%
Greenville, SC		2,355		41,110		38,586		6.5	%		13,785		13,997		(1.5	)%		27,325		24,589		11.1	%		1,316		1,222		7.7	%
Richmond, VA		1,732		35,815		33,969		5.4	%		11,172		10,864		2.8	%		24,643		23,105		6.7	%		1,627		1,522		6.9	%
Fredericksburg, VA		1,435		33,121		31,995		3.5	%		9,485		9,017		5.2	%		23,636		22,978		2.9	%		1,794		1,731		3.7	%
Memphis, TN		1,811		31,435		30,255		3.9	%		11,641		10,954		6.3	%		19,794		19,301		2.6	%		1,354		1,308		3.6	%
Birmingham, AL		1,462		26,738		25,220		6.0	%		10,222		9,613		6.3	%		16,516		15,607		5.8	%		1,376		1,303		5.6	%
Kansas City, MO-KS		1,110		21,875		20,445		7.0	%		7,963		7,407		7.5	%		13,912		13,038		6.7	%		1,556		1,452		7.1	%
San Antonio, TX		1,504		26,584		25,237		5.3	%		11,240		11,002		2.2	%		15,344		14,235		7.8	%		1,388		1,317		5.4	%
Huntsville, AL		1,228		21,405		20,484		4.5	%		7,581		6,868		10.4	%		13,824		13,616		1.5	%		1,313		1,246		5.4	%
Denver, CO		812		20,304		19,322		5.1	%		6,338		5,468		15.9	%		13,966		13,854		0.8	%		1,959		1,859		5.4	%
Other		6,022		114,721		108,766		5.5	%		39,424		36,840		7.0	%		75,297		71,926		4.7	%		1,504		1,415		6.3	%
Total Same Store		95,286	$	2,024,751	$	1,907,003		6.2	%	$	717,812	$	674,110		6.5	%	$	1,306,939	$	1,232,893		6.0	%	$	1,676	$	1,567		7.0	%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands


		Units as of						Development Costs as of
		December 31, 2023						December 31, 2023							Expected
								Expected		Spend		Expected		Start	Initial
	Location	Total		Delivered		Leased		Total		to Date		Remaining		Date	Occupancy	Completion	Stabilization (1)
Novel Daybreak (2)	Salt Lake City, UT		400		196		148	$	99,450	$	91,620	$	7,830	2Q21	2Q23	3Q24	1Q25
Novel Val Vista (2)	Phoenix, AZ		317		3		1		79,800		71,227		8,573	4Q20	4Q23	4Q24	3Q25
MAA Milepost 35	Denver, CO		352		3		1		125,000		92,980		32,020	1Q22	4Q23	4Q24	3Q25
MAA Nixie	Raleigh, NC		406		—		—		145,500		45,932		99,568	4Q22	4Q24	3Q25	3Q26
MAA Breakwater	Tampa, FL		495		—		—		197,500		89,851		107,649	4Q22	1Q25	4Q25	4Q26
Total Active			1,970		202		150	$	647,250	$	391,610	$	255,640

(1)

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

(2)

MAA owns 80% of the joint venture that owns this property.

MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands


		As of December 31, 2023
	Location	Total Units		Physical Occupancy	Spend to Date		Construction Completed	Expected Stabilization (1)
MAA Central Avenue	Phoenix, AZ	323		86.7%	$	101,654	(3)	3Q24
MAA Optimist Park	Charlotte, NC	352		81.0%		105,922	(3)	3Q24
Novel West Midtown (2)	Atlanta, GA	340		39.7%		90,631	3Q23	4Q24
Total			1,015	69.0%	$	298,207

(1)

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

(2)

MAA owns 80% of the joint venture that owns this property.

(3)

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

MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data


Year ended December 31, 2023
Units Completed		Redevelopment Spend		Average Cost per Unit		Increase in Average Effective Rent per Unit		Increase in Average Effective Rent per Unit	Estimated Units Remaining in Pipeline
	6,858	$	44,253	$	6,453	$	98	7.1%	9,000 - 13,000

Supplemental Data S-8

2023 ACQUISITION ACTIVITY 


Multifamily Acquisitions	Market	Apartment Units	Closing Date
MAA Central Ave	Phoenix, AZ	323	October 2023
MAA Optimist Park	Charlotte, NC	352	November 2023


Land Acquisition	Market	Acreage	Closing Date
MAA Packing District II	Orlando, FL	6	February 2023
MAA Nixie	Raleigh, NC	0.4	November 2023

2023 DISPOSITION ACTIVITY 


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

DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2023

Dollars in thousands


DEBT SUMMARIES
Fixed Rate Versus Floating Rate Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Rate Maturity
Fixed rate debt	$	4,045,225		89.1	%		3.4	%		7.6
Floating rate debt		495,000		10.9	%		5.7	%		0.1
Total	$	4,540,225		100.0	%		3.6	%		6.8

Unsecured Versus Secured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	4,180,084		92.1	%		3.6	%		5.2
Secured debt		360,141		7.9	%		4.4	%		25.1
Total	$	4,540,225		100.0	%		3.6	%		6.8

Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q4 2023 NOI			Percent of Total
Unencumbered gross assets	$	15,589,407		95.4	%	$	335,993			95.9	%
Encumbered gross assets		759,786		4.6	%		14,472			4.1	%
Total	$	16,349,193		100.0	%	$	350,465			100.0	%

FIXED INTEREST RATE MATURITIES


Maturity	Fixed Rate Debt		Effective Interest Rate
2024	$	399,659		4.0	%
2025		398,547		4.2	%
2026		297,973		1.2	%
2027		597,334		3.7	%
2028		397,303		4.2	%
2029		557,747		3.7	%
2030		297,887		3.1	%
2031		445,645		1.8	%
2032		—		—
2033		—		—
Thereafter		653,130		3.8	%
Total	$	4,045,225		3.4	%

Supplemental Data S-9

DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2023 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES


Maturity	Commercial Paper ⁽¹⁾ & Revolving Credit Facility ⁽²⁾		Public Bonds		Secured		Total
2024	$	495,000	$	399,659	$	—	$	894,659
2025		—		398,547		—		398,547
2026		—		297,973		—		297,973
2027		—		597,334		—		597,334
2028		—		397,303		—		397,303
2029		—		557,747		—		557,747
2030		—		297,887		—		297,887
2031		—		445,645		—		445,645
2032		—		—		—		—
2033		—		—		—		—
Thereafter		—		292,989		360,141		653,130
Total	$	495,000	$	3,685,084	$	360,141	$	4,540,225

(1)

The $495.0 million maturing in 2024 reflects the principal outstanding under MAALP’s unsecured commercial paper program as of December 31, 2023. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $625.0 million. For the three months ended December 31, 2023, average daily borrowings outstanding under the commercial paper program were $368.8 million.

(2)

There were no borrowings outstanding under MAALP’s $1.25 billion unsecured revolving credit facility as of December 31, 2023. The unsecured revolving credit facility has a maturity date of October 2026 with two six-month extension options.

DEBT COVENANT ANALYSIS (1)


Bond Covenants	Required	Actual	Compliance
Total debt to adjusted total assets	60% or less	27.8%	Yes
Total secured debt to adjusted total assets	40% or less	2.2%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	7.8x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	365.9%	Yes

Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	19.3%	Yes
Total secured debt to total capitalized asset value	40% or Less	1.6%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	8.0x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	18.5%	Yes

(1)

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

Supplemental Data S-10

2024 GUIDANCE

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


	Full Year 2024
Earnings:	Range	Midpoint
Earnings per common share - diluted	$4.45 to $4.85	$4.65
Core FFO per Share - diluted	$8.68 to $9.08	$8.88
Core AFFO per Share - diluted	$7.72 to $8.12	$7.92

MAA Same Store Portfolio:
Number of units	97,290	97,290
Average physical occupancy	95.4% to 96.0%	95.7%
Property revenue growth	0.15% to 1.65%	0.90%
Effective rent growth	0.10% to 1.60%	0.85%
Property operating expense growth	4.10% to 5.60%	4.85%
NOI growth	-2.80% to 0.20%	-1.30%
Real estate tax expense growth	4.00% to 5.50%	4.75%

Corporate Expenses: ($ in millions)
Property management expenses	$72.0 to $74.0	$73.0
General and administrative expenses	$58.5 to $60.5	$59.5
Total overhead	$130.5 to $134.5	$132.5

Transaction/Investment Volume: ($ in millions)
Multifamily acquisition volume	$350.0 to $450.0	$400.0
Multifamily disposition volume	$50.0 to $150.0	$100.0
Development investment	$250.0 to $350.0	$300.0

Debt:
Average effective interest rate	3.5% to 3.7%	3.6%
Capitalized interest ($ in millions)	$13.0 to $15.0	$14.0

Diluted FFO Shares Outstanding:
Diluted common shares and units	119.75 to 120.25 million	120.0 million

RECONCILIATION OF FULL YEAR 2023 PER DILUTED SHARE RESULTS COMPARED TO FULL YEAR 2024 PER DILUTED SHARE GUIDANCE

A reconciliation of full year 2023 results for Earnings per diluted common share and Core FFO per diluted Share to the midpoint of the 2024 guidance is summarized below:


	Earnings per common share			Core FFO
2023 per diluted Share reported results	$	4.71		$	9.17
Same Store NOI		(0.14	)		(0.14	)
Development, Lease-up and Other Non-Same Store NOI		0.13			0.13
Winter storm costs included in NOI		(0.01	)		(0.01	)
Overhead/technology		(0.05	)		(0.05	)
Interest expense (1)		(0.17	)		(0.17	)
Other non-operating income (expense)		(0.04	)		(0.04	)
2024 forecasted acquisitions and dispositions		(0.01	)		(0.01	)
Non-Core FFO items (2)		(0.23	)		—
Gain on sale of depreciable assets and real estate depreciation and amortization expense		0.46			—
2024 per diluted Share guidance midpoint	$	4.65		$	8.88

(1)

The projected year-over-year change in Interest expense is primarily driven by higher interest expense as a result of incremental borrowings related to our acquisition activities in 2023, development activities and debt refinancing.

(2)

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 (recoveries) costs and settlements, net, COVID-19 related costs and mark-to-market debt adjustments.

Supplemental Data S-11

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


	Full Year 2024 Guidance Range
	Low			High
Earnings per common share - diluted	$	4.45		$	4.85
Real estate depreciation and amortization		4.91			4.91
Gains on sale of depreciable assets		(0.69	)		(0.69	)
FFO per Share - diluted		8.67			9.07
Non-Core FFO items (1)		0.01			0.01
Core FFO per Share - diluted		8.68			9.08
Recurring capital expenditures		(0.96	)		(0.96	)
Core AFFO per Share - diluted	$	7.72		$	8.12

(1)

CREDIT RATINGS


	Commercial	Long-Term
	Paper Rating	Debt Rating	Outlook
Fitch Ratings (1)	F1	A-	Stable
Moody’s Investors Service (2)	P-2	A3	Stable
Standard & Poor’s Ratings Services (1)	A-2	A-	Stable

(1)

Corporate credit rating assigned to MAA and MAALP

(2)

Corporate credit rating assigned to MAALP

COMMON STOCK

Stock Symbol:

MAA

Exchange Traded:

NYSE

Estimated Future Dates:

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Earnings release & conference call

Early 
May

Late 
July

Late
October

Early
February

Dividend Information - Common Shares:

Q4 2022

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Declaration date

12/13/2022

3/21/2023

5/16/2023

9/29/2023

12/12/2023

Record date

1/13/2023

4/14/2023

7/14/2023

10/13/2023

1/12/2024

Payment date

1/31/2023

4/28/2023

7/31/2023

10/31/2023

1/31/2024

Distributions per share

1.4000

1.4000

1.4000

1.4000

1.4700

INVESTOR RELATIONS DATA

MAA does not send quarterly reports, earnings releases and supplemental data to shareholders, but provides them upon request.

For recent press releases, SEC filings and other information, call 866-576-9689 (toll free) or email [email protected]. This information, as well as access to MAA’s quarterly conference call, is also available on the “For Investors” page of MAA’s website at www.maac.com.


For Questions Contact:
	Name	Title
	Andrew Schaeffer	Senior Vice President, Treasurer and Director of Capital Markets
	Jennifer Patrick	Director of Investor Relations
	Phone: 866-576-9689 (toll free)
	Email: [email protected]

Supplemental Data S-12