EX-99.2

Exhibit 99.2

     PORTFOLIO STATISTICS

    

TOTAL MULTIFAMILY PORTFOLIO AT MARCH 31, 2025 (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		9,755		362		386		10,503		—		10,503
Austin, TX		6,795		384		—		7,179		—		7,179
Charlotte, NC		5,995		352		—		6,347		—		6,347
Orlando, FL		5,907		—		310		6,217		—		6,217
Raleigh/Durham, NC		5,350		—		306		5,656		224		5,880
Tampa, FL		5,416		—		—		5,416		98		5,514
Houston, TX		4,859		316		—		5,175		—		5,175
Nashville, TN		4,375		—		—		4,375		—		4,375
Fort Worth, TX		3,687		—		—		3,687		—		3,687
Phoenix, AZ		2,968		323		317		3,608		—		3,608
Jacksonville, FL		3,496		—		—		3,496		—		3,496
Charleston, SC		3,168		—		—		3,168		—		3,168
Greenville, SC		2,354		—		—		2,354		—		2,354
Northern Virginia		1,888		—		—		1,888		—		1,888
Savannah, GA		1,837		—		—		1,837		—		1,837
Memphis, TN		1,193		618		—		1,811		—		1,811
Richmond, VA		1,732		—		—		1,732		—		1,732
San Antonio, TX		1,504		—		—		1,504		—		1,504
Denver, CO		1,118		—		352		1,470		—		1,470
Birmingham, AL		1,462		—		—		1,462		—		1,462
Fredericksburg, VA		1,435		—		—		1,435		—		1,435
Huntsville, AL		1,228		—		—		1,228		—		1,228
Kansas City, MO-KS		1,110		—		—		1,110		—		1,110
Other		6,502		96		400		6,998		—		6,998
Total Multifamily Units		96,568		2,451		2,411		101,430		322		101,752

(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 March 31, 2025								Average Effective		As of March 31, 2025
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended March 31, 2025		Completed Units		Total Units, Including Development
Atlanta, GA	$	2,123,823		12.9	%		95.4	%	$	1,793		11,434
Dallas, TX		1,620,045		9.8	%		95.4	%		1,650		10,117
Charlotte, NC		1,256,708		7.6	%		95.9	%		1,651		6,347
Orlando, FL		1,045,174		6.3	%		95.7	%		1,985		5,907
Tampa, FL		1,030,954		6.2	%		96.0	%		2,091		5,416
Austin, TX		972,383		5.9	%		94.4	%		1,547		7,179
Raleigh/Durham, NC		742,878		4.5	%		95.5	%		1,528		5,350
Houston, TX		729,878		4.4	%		95.7	%		1,434		5,175
Phoenix, AZ		598,436		3.6	%		95.9	%		1,718		3,291
Northern Virginia		581,186		3.5	%		96.9	%		2,513		1,888
Nashville, TN		570,467		3.5	%		95.7	%		1,675		4,375
Charleston, SC		442,991		2.7	%		96.3	%		1,817		3,168
Fort Worth, TX		404,497		2.4	%		95.9	%		1,580		3,687
Jacksonville, FL		322,921		2.0	%		96.0	%		1,486		3,496
Denver, CO		298,874		1.8	%		95.6	%		1,951		1,118
Richmond, VA		263,487		1.6	%		96.5	%		1,680		1,732
Fredericksburg, VA		260,212		1.6	%		96.7	%		1,909		1,435
Greenville, SC		247,441		1.5	%		95.9	%		1,336		2,354
Savannah, GA		229,953		1.4	%		95.3	%		1,705		1,837
Kansas City, MO-KS		196,722		1.2	%		94.8	%		1,638		1,110
Birmingham, AL		174,924		1.1	%		96.2	%		1,403		1,462
San Antonio, TX		172,860		1.0	%		95.8	%		1,354		1,504
All Other Markets by State (individual markets <1% gross real assets)
Tennessee		210,593		1.3	%		94.7	%		1,336		2,754
Florida		197,501		1.2	%		95.2	%		1,830		1,806
Alabama		184,840		1.1	%		94.8	%		1,371		1,648
Virginia		172,846		1.0	%		96.0	%		1,801		1,039
Kentucky		105,582		0.6	%		97.1	%		1,280		1,308
Maryland		84,964		0.5	%		96.7	%		2,341		361
Nevada		76,149		0.5	%		96.9	%		1,594		721
Stabilized Communities	$	15,319,289		92.7	%		95.6	%	$	1,684		99,019
Raleigh/Durham, NC		219,174		1.3	%		31.6	%		1,835		530		712
Tampa, FL		165,425		1.0	%		10.1	%		3,138		98		495
Charlotte, NC		153,821		0.9	%		—			—		—		541
Denver, CO		145,454		1.0	%		75.0	%		2,227		352		571
Phoenix, AZ		120,853		0.7	%		66.6	%		1,937		317		662
Dallas, TX		105,881		0.6	%		46.6	%		1,928		386		386
Salt Lake City, UT		93,965		0.6	%		75.0	%		1,750		400		400
Atlanta, GA		91,418		0.6	%		87.6	%		2,072		340		340
Orlando, FL		84,320		0.5	%		90.6	%		2,028		310		310
Richmond, VA		23,451		0.1	%		—					—		306
Lease-up / Development Communities	$	1,203,762		7.3	%		54.6	%	$	1,996		2,733		4,723
Total Multifamily Communities	$	16,523,051		100.0	%		94.3	%	$	1,692		101,752		103,742

(1)

Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C. As of March 31, 2025, the gross investment in real estate for this community was $83.0 million and includes a mortgage note payable of $52.0 million. For the three months ended March 31, 2025, this apartment community achieved NOI of $2.2 million.

Supplemental Data S-2

     COMPONENTS OF NET OPERATING INCOME

    

Dollars in thousands


	Three Months Ended								As of March 31, 2025
	March 31, 2025		March 31, 2024			Percent Change			Apartment Units		Gross Real Assets
Operating Revenues
Same Store Communities	$	518,825	$	518,533			0.1	%		96,568	$	14,935,818
Non-Same Store Communities		13,118		16,719						2,451		383,471
Lease-up/Development Communities		10,582		1,805						2,733		1,203,762
Total Multifamily Portfolio	$	542,525	$	537,057						101,752	$	16,523,051
Commercial Property/Land		6,770		6,565						—		375,921
Total Operating Revenues	$	549,295	$	543,622						101,752	$	16,898,972

Property Operating Expenses
Same Store Communities	$	186,030	$	183,889			1.2	%
Non-Same Store Communities		6,376		6,857
Lease-up/Development Communities		5,833		2,122
Storm Costs		—		2,165
Total Multifamily Portfolio	$	198,239	$	195,033
Commercial Property/Land		3,114		2,769
Total Property Operating Expenses	$	201,353	$	197,802

Net Operating Income
Same Store Communities	$	332,795	$	334,644			-0.6	%
Non-Same Store Communities		6,742		9,862
Lease-up/Development Communities		4,749		(317	)
Storm Costs		—		(2,165	)
Total Multifamily Portfolio	$	344,286	$	342,024
Commercial Property/Land		3,656		3,796
Total Net Operating Income	$	347,942	$	345,820			0.6	%

     COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

    

Dollars in thousands


	Three Months Ended
	March 31, 2025		March 31, 2024		Percent Change
Property Taxes	$	63,335	$	67,867		(6.7	)%
Personnel		41,584		39,472		5.4	%
Utilities		33,911		32,184		5.4	%
Building Repair and Maintenance		22,442		21,664		3.6	%
Office Operations		9,569		8,441		13.4	%
Insurance		8,437		8,163		3.4	%
Marketing		6,752		6,098		10.7	%
Total Property Operating Expenses	$	186,030	$	183,889		1.2	%

Supplemental Data S-3

     MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE

    


						Average Physical Occupancy
			Percent of			Three Months Ended
	Apartment Units		Same Store NOI			March 31, 2025			March 31, 2024
Atlanta, GA		11,434		12.5	%		95.4	%		94.2	%
Dallas, TX		9,755		9.1	%		95.2	%		95.0	%
Orlando, FL		5,907		7.1	%		95.6	%		95.8	%
Tampa, FL		5,416		7.0	%		96.1	%		95.9	%
Charlotte, NC		5,995		6.5	%		95.9	%		95.0	%
Austin, TX		6,795		5.8	%		94.9	%		94.3	%
Raleigh/Durham, NC		5,350		5.4	%		95.7	%		95.5	%
Nashville, TN		4,375		4.7	%		95.8	%		95.8	%
Fort Worth, TX		3,687		3.8	%		95.0	%		95.0	%
Houston, TX		4,859		3.8	%		95.5	%		95.4	%
Charleston, SC		3,168		3.7	%		95.6	%		96.0	%
Phoenix, AZ		2,968		3.5	%		95.9	%		95.2	%
Northern Virginia		1,888		3.1	%		96.7	%		96.5	%
Jacksonville, FL		3,496		3.0	%		95.9	%		95.2	%
Greenville, SC		2,354		2.0	%		95.9	%		95.9	%
Savannah, GA		1,837		2.0	%		95.3	%		95.6	%
Fredericksburg, VA		1,435		1.9	%		97.0	%		97.0	%
Richmond, VA		1,732		1.9	%		96.2	%		96.1	%
Denver, CO		1,118		1.5	%		94.8	%		96.0	%
Birmingham, AL		1,462		1.3	%		96.3	%		95.1	%
San Antonio, TX		1,504		1.2	%		95.2	%		95.1	%
Kansas City, MO-KS		1,110		1.1	%		95.1	%		95.7	%
Huntsville, AL		1,228		1.0	%		94.6	%		94.7	%
Memphis, TN		1,193		1.0	%		94.9	%		96.0	%
Other		6,502		6.1	%		95.4	%		95.7	%
Total Same Store		96,568		100.0	%		95.6	%		95.3	%

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		Q1 2025		Q1 2024		% Chg			Q1 2025		Q1 2024		% Chg			Q1 2025		Q1 2024		% Chg			Q1 2025		Q1 2024		% Chg
Atlanta, GA		11,434	$	64,628	$	65,121		(0.8	)%	$	23,121	$	24,890		(7.1	)%	$	41,507	$	40,231		3.2	%	$	1,793	$	1,839		(2.5	)%
Dallas, TX		9,755		51,062		51,286		(0.4	)%		20,755		20,235		2.6	%		30,307		31,051		(2.4	)%		1,658		1,674		(1.0	)%
Orlando, FL		5,907		36,959		37,325		(1.0	)%		13,190		13,059		1.0	%		23,769		24,266		(2.0	)%		1,985		2,006		(1.1	)%
Tampa, FL		5,416		35,984		35,723		0.7	%		12,630		12,384		2.0	%		23,354		23,339		0.1	%		2,091		2,094		(0.2	)%
Charlotte, NC		5,995		31,263		31,157		0.3	%		9,484		8,883		6.8	%		21,779		22,274		(2.2	)%		1,645		1,657		(0.7	)%
Austin, TX		6,795		34,000		35,060		(3.0	)%		14,751		14,971		(1.5	)%		19,249		20,089		(4.2	)%		1,563		1,626		(3.9	)%
Raleigh/Durham, NC		5,350		26,353		26,498		(0.5	)%		8,450		8,260		2.3	%		17,903		18,238		(1.8	)%		1,528		1,543		(1.0	)%
Nashville, TN		4,375		23,370		23,594		(0.9	)%		7,699		7,533		2.2	%		15,671		16,061		(2.4	)%		1,675		1,698		(1.3	)%
Fort Worth, TX		3,687		19,284		18,959		1.7	%		6,593		6,510		1.3	%		12,691		12,449		1.9	%		1,580		1,575		0.3	%
Houston, TX		4,859		22,549		22,334		1.0	%		10,036		9,901		1.4	%		12,513		12,433		0.6	%		1,444		1,439		0.4	%
Charleston, SC		3,168		18,121		17,815		1.7	%		5,820		5,621		3.5	%		12,301		12,194		0.9	%		1,817		1,780		2.0	%
Phoenix, AZ		2,968		16,125		16,209		(0.5	)%		4,373		4,306		1.6	%		11,752		11,903		(1.3	)%		1,716		1,744		(1.6	)%
Northern Virginia		1,888		14,918		14,006		6.5	%		4,544		4,349		4.5	%		10,374		9,657		7.4	%		2,513		2,376		5.8	%
Jacksonville, FL		3,496		15,970		16,393		(2.6	)%		6,063		5,837		3.9	%		9,907		10,556		(6.1	)%		1,486		1,534		(3.1	)%
Greenville, SC		2,354		10,426		10,356		0.7	%		3,798		3,633		4.5	%		6,628		6,723		(1.4	)%		1,336		1,325		0.8	%
Savannah, GA		1,837		10,109		10,013		1.0	%		3,543		3,557		(0.4	)%		6,566		6,456		1.7	%		1,705		1,695		0.6	%
Fredericksburg, VA		1,435		8,863		8,425		5.2	%		2,557		2,440		4.8	%		6,306		5,985		5.4	%		1,909		1,805		5.8	%
Richmond, VA		1,732		9,065		9,022		0.5	%		2,873		2,784		3.2	%		6,192		6,238		(0.7	)%		1,680		1,644		2.2	%
Denver, CO		1,118		6,934		7,122		(2.6	)%		2,030		2,120		(4.2	)%		4,904		5,002		(2.0	)%		1,951		1,972		(1.1	)%
Birmingham, AL		1,462		6,882		6,670		3.2	%		2,708		2,646		2.3	%		4,174		4,024		3.7	%		1,403		1,393		0.7	%
San Antonio, TX		1,504		6,521		6,593		(1.1	)%		2,551		2,788		(8.5	)%		3,970		3,805		4.3	%		1,354		1,385		(2.3	)%
Kansas City, MO-KS		1,110		5,737		5,564		3.1	%		2,074		1,941		6.9	%		3,663		3,623		1.1	%		1,638		1,579		3.7	%
Huntsville, AL		1,228		5,277		5,304		(0.5	)%		1,905		2,009		(5.2	)%		3,372		3,295		2.3	%		1,286		1,317		(2.4	)%
Memphis, TN		1,193		5,405		5,514		(2.0	)%		2,238		1,889		18.5	%		3,167		3,625		(12.6	)%		1,433		1,432		0.1	%
Other		6,502		33,020		32,470		1.7	%		12,244		11,343		7.9	%		20,776		21,127		(1.7	)%		1,616		1,586		1.9	%
Total Same Store		96,568	$	518,825	$	518,533		0.1	%	$	186,030	$	183,889		1.2	%	$	332,795	$	334,644		(0.6	)%	$	1,690	$	1,699		(0.6	)%

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		Q1 2025		Q4 2024		% Chg			Q1 2025		Q4 2024		% Chg			Q1 2025		Q4 2024		% Chg			Q1 2025		Q4 2024		% Chg
Atlanta, GA		11,434	$	64,628	$	64,825		(0.3	)%	$	23,121	$	26,912		(14.1	)%	$	41,507	$	37,913		9.5	%	$	1,793	$	1,798		(0.3	)%
Dallas, TX		9,755		51,062		51,148		(0.2	)%		20,755		20,914		(0.8	)%		30,307		30,234		0.2	%		1,658		1,662		(0.2	)%
Orlando, FL		5,907		36,959		36,913		0.1	%		13,190		12,575		4.9	%		23,769		24,338		(2.3	)%		1,985		1,990		(0.2	)%
Tampa, FL		5,416		35,984		35,799		0.5	%		12,630		11,884		6.3	%		23,354		23,915		(2.3	)%		2,091		2,086		0.2	%
Charlotte, NC		5,995		31,263		31,299		(0.1	)%		9,484		9,316		1.8	%		21,779		21,983		(0.9	)%		1,645		1,648		(0.2	)%
Austin, TX		6,795		34,000		34,291		(0.8	)%		14,751		14,657		0.6	%		19,249		19,634		(2.0	)%		1,563		1,569		(0.4	)%
Raleigh/Durham, NC		5,350		26,353		26,408		(0.2	)%		8,450		7,750		9.0	%		17,903		18,658		(4.0	)%		1,528		1,533		(0.4	)%
Nashville, TN		4,375		23,370		23,421		(0.2	)%		7,699		7,230		6.5	%		15,671		16,191		(3.2	)%		1,675		1,680		(0.3	)%
Fort Worth, TX		3,687		19,284		19,189		0.5	%		6,593		8,023		(17.8	)%		12,691		11,166		13.7	%		1,580		1,580		0.0	%
Houston, TX		4,859		22,549		22,449		0.4	%		10,036		10,452		(4.0	)%		12,513		11,997		4.3	%		1,444		1,445		(0.1	)%
Charleston, SC		3,168		18,121		18,047		0.4	%		5,820		5,571		4.5	%		12,301		12,476		(1.4	)%		1,817		1,817		(0.0	)%
Phoenix, AZ		2,968		16,125		16,124		0.0	%		4,373		4,422		(1.1	)%		11,752		11,702		0.4	%		1,716		1,721		(0.3	)%
Northern Virginia		1,888		14,918		14,770		1.0	%		4,544		4,505		0.9	%		10,374		10,265		1.1	%		2,513		2,501		0.5	%
Jacksonville, FL		3,496		15,970		15,922		0.3	%		6,063		5,859		3.5	%		9,907		10,063		(1.6	)%		1,486		1,493		(0.5	)%
Greenville, SC		2,354		10,426		10,370		0.5	%		3,798		3,704		2.5	%		6,628		6,666		(0.6	)%		1,336		1,335		0.1	%
Savannah, GA		1,837		10,109		10,221		(1.1	)%		3,543		3,524		0.5	%		6,566		6,697		(2.0	)%		1,705		1,708		(0.2	)%
Fredericksburg, VA		1,435		8,863		8,643		2.5	%		2,557		2,513		1.8	%		6,306		6,130		2.9	%		1,909		1,891		1.0	%
Richmond, VA		1,732		9,065		9,025		0.4	%		2,873		2,776		3.5	%		6,192		6,249		(0.9	)%		1,680		1,672		0.5	%
Denver, CO		1,118		6,934		6,912		0.3	%		2,030		2,177		(6.8	)%		4,904		4,735		3.6	%		1,951		1,968		(0.9	)%
Birmingham, AL		1,462		6,882		6,836		0.7	%		2,708		2,650		2.2	%		4,174		4,186		(0.3	)%		1,403		1,406		(0.2	)%
San Antonio, TX		1,504		6,521		6,543		(0.3	)%		2,551		2,826		(9.7	)%		3,970		3,717		6.8	%		1,354		1,363		(0.7	)%
Kansas City, MO-KS		1,110		5,737		5,764		(0.5	)%		2,074		2,025		2.4	%		3,663		3,739		(2.0	)%		1,638		1,644		(0.4	)%
Huntsville, AL		1,228		5,277		5,339		(1.2	)%		1,905		1,752		8.7	%		3,372		3,587		(6.0	)%		1,286		1,293		(0.5	)%
Memphis, TN		1,193		5,405		5,523		(2.1	)%		2,238		1,944		15.1	%		3,167		3,579		(11.5	)%		1,433		1,448		(1.0	)%
Other		6,502		33,020		33,014		0.0	%		12,244		11,508		6.4	%		20,776		21,506		(3.4	)%		1,616		1,617		(0.1	)%
Total Same Store		96,568	$	518,825	$	518,795		0.0	%	$	186,030	$	187,469		(0.8	)%	$	332,795	$	331,326		0.4	%	$	1,690	$	1,692		(0.1	)%

Supplemental Data S-6

     MULTIFAMILY DEVELOPMENT PIPELINE

    

Dollars in thousands


		Units as of						Development Costs as of
		March 31, 2025						March 31, 2025							Expected
								Expected		Costs		Expected		Start	Initial
	Location	Total		Delivered		Leased		Total		to Date		Remaining		Date	Occupancy	Completion	Stabilization (1)
MAA Nixie	Raleigh/Durham, NC		406		224		45	$	145,500	$	137,349	$	8,151	4Q22	3Q24	3Q25	3Q26
MAA Breakwater	Tampa, FL		495		98		96		197,500		165,425		32,075	4Q22	1Q25	4Q25	1Q27
Modera Liberty Row (2)	Charlotte, NC		239		—		—		112,000		107,647		4,353	1Q22	3Q25	1Q26	4Q26
MAA Plaza Midwood (3)	Charlotte, NC		302		—		—		101,500		46,174		55,326	2Q24	2Q26	4Q26	4Q27
Modera Chandler (3)	Phoenix, AZ		345		—		—		117,500		44,563		72,937	2Q24	2Q26	4Q26	4Q27
MAA Rove (4)	Richmond, VA		306		—		—		99,500		23,451		76,049	3Q24	1Q27	3Q27	1Q28
MAA Milepost 35 II	Denver, CO		219		—		—		78,000		21,869		56,131	4Q24	2Q26	4Q26	4Q27
Total Active			2,312		322		141	$	851,500	$	546,478	$	305,022

(1)

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

(2)

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

(3)

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

(4)

Previously reported as MAA Porter.

     MULTIFAMILY LEASE-UP COMMUNITIES

    

Dollars in thousands


		As of March 31, 2025
	Location	Total Units		Physical Occupancy	Costs to Date		Construction Completed	Expected Stabilization (1)
MAA Boggy Creek	Orlando, FL	310		90.6%	$	84,320	(3)	2Q25
Novel West Midtown (2)	Atlanta, GA	340		87.6%		91,418	3Q23	2Q25
Novel Daybreak (2)	Salt Lake City, UT	400		75.0%		93,965	3Q24	3Q25
MAA Vale	Raleigh/Durham, NC	306		62.7%		81,825	(3)	3Q25
Novel Val Vista (2)	Phoenix, AZ	317		66.6%		76,290	4Q24	3Q25
MAA Milepost 35	Denver, CO	352		75.0%		123,585	4Q24	3Q25
MAA Cathedral Arts	Dallas, TX	386		46.6%		105,881	(3)	2Q26
Total			2,411	71.6%	$	657,284

(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, WIFI RETROFIT AND PROPERTY REPOSITIONING ACTIVITY

    

Dollars in thousands, except per unit data


Three months ended March 31, 2025
Program	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
Interior Redevelopment		1,102	$	6,688	$	6,069	$	90	6.5%	8,000 - 11,000

During the first quarter of 2025, MAA continued its WiFi Retrofit program and its Property Repositioning program to upgrade and reposition the amenity and common areas at select apartment communities for higher and above market rent growth after projects are completed and units are fully repriced. MAA spent $4.1 million on its WiFi Retrofit program and $3.2 million on its Property Repositioning program during the first quarter of 2025.

Supplemental Data S-7

DISPOSITION ACTIVITY AS OF MARCH 31, 2025

    


Multifamily Dispositions	Market	Apartment Units	Closing Date
Fairways	Columbia, SC	240	Mar-25
TPC Columbia	Columbia, SC	336	Mar-25

     DEBT AND DEBT COVENANTS AS OF MARCH 31, 2025

    

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	$	4,732,166		93.9	%		3.8	%		7.4
Floating rate debt		310,000		6.1	%		4.6	%		0.1
Total	$	5,042,166		100.0	%		3.8	%		7.0

Unsecured Versus Secured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	4,681,868		92.9	%		3.8	%		5.7
Secured debt		360,298		7.1	%		4.4	%		23.8
Total	$	5,042,166		100.0	%		3.8	%		7.0

Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q1 2025 NOI			Percent of Total
Unencumbered gross assets	$	16,515,539		95.5	%	$	333,339			95.8	%
Encumbered gross assets		774,626		4.5	%		14,603			4.2	%
Total	$	17,290,165		100.0	%	$	347,942			100.0	%

FIXED INTEREST RATE MATURITIES


Maturity	Fixed Rate Debt		Effective Interest Rate
2025	$	399,538		4.2	%
2026		298,937		1.2	%
2027		598,317		3.7	%
2028		398,063		4.2	%
2029		555,977		3.7	%
2030		298,316		3.1	%
2031		446,466		1.8	%
2032		394,867		5.4	%
2033		—		—
2034		343,965		5.1	%
Thereafter		997,720		4.2	%
Total	$	4,732,166		3.8	%

Supplemental Data S-8

     DEBT AND DEBT COVENANTS AS OF MARCH 31, 2025 (CONTINUED)

    

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES


Maturity	Commercial Paper ⁽¹⁾ & Revolving Credit Facility ⁽²⁾		Public Bonds		Secured		Total
2025	$	310,000	$	399,538	$	—	$	709,538
2026		—		298,937		—		298,937
2027		—		598,317		—		598,317
2028		—		398,063		—		398,063
2029		—		555,977		—		555,977
2030		—		298,316		—		298,316
2031		—		446,466		—		446,466
2032		—		394,867		—		394,867
2033		—		—		—		—
2034		—		343,965		—		343,965
Thereafter		—		637,422		360,298		997,720
Total	$	310,000	$	4,371,868	$	360,298	$	5,042,166

(1)

The $310.0 million maturing in 2025 reflects the principal outstanding under MAALP’s unsecured commercial paper program as of March 31, 2025. 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 March 31, 2025, average daily borrowings outstanding under the commercial paper program were $322.4 million.

(2)

There were no borrowings outstanding under MAALP’s $1.25 billion unsecured revolving credit facility as of March 31, 2025. 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	29.1%	Yes
Total secured debt to adjusted total assets	40% or less	2.1%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	6.5x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	344.7%	Yes

Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	21.5%	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	6.9x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	20.8%	Yes

(1)

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

Supplemental Data S-9

GUIDANCE

    

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


	Full Year 2025
Earnings:	Range	Midpoint
Earnings per common share - diluted	$5.51 to $5.83	$5.67
Core FFO per Share - diluted	$8.61 to $8.93	$8.77
Core AFFO per Share - diluted	$7.63 to $7.95	$7.79

MAA Same Store Portfolio:
Number of units	96,568	96,568
Average physical occupancy	95.30% to 95.90%	95.60%
Property revenue growth	-0.35% to 1.15%	0.40%
Effective rent growth	-0.30% to 0.70%	0.20%
Property operating expense growth	2.45% to 3.95%	3.20%
NOI growth	-2.15% to -0.15%	-1.15%
Real estate tax expense growth	2.00% to 3.50%	2.75%

Corporate Expenses: ($ in millions)
Property management expenses	$75.5 to $77.5	$76.5
General and administrative expenses	$57.0 to $59.0	$58.0
Total overhead	$132.5 to $136.5	$134.5

Transaction/Investment Volume: ($ in millions)
Multifamily acquisition volume	$350.0 to $450.0	$400.0
Multifamily disposition volume	$300.0 to $350.0	$325.0
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)	$20.0 to $22.0	$21.0

Diluted FFO Shares Outstanding:
Diluted common shares and units	119.90 to 120.20 million	120.05 million

     RECONCILIATION OF EARNINGS PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER DILUTED SHARE FOR FULL YEAR 2025 GUIDANCE

    


	Full Year 2025 Guidance Range
	Low			High
Earnings per common share - diluted	$	5.51		$	5.83
Real estate depreciation and amortization		5.09			5.09
Gains on sale of depreciable assets		(2.00	)		(2.00	)
FFO per Share - diluted		8.60			8.92
Non-Core FFO items (1)		0.01			0.01
Core FFO per Share - diluted		8.61			8.93
Recurring capital expenditures		(0.98	)		(0.98	)
Core AFFO per Share - diluted	$	7.63		$	7.95

(1)

Non-Core FFO items may include adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares; gain or loss on sale of non-depreciable assets; gain or loss on investments, net of tax; casualty related charges (recoveries), net; gain or loss on debt extinguishment; legal costs, settlements and (recoveries), net, and mark-to-market debt adjustments.

Supplemental Data S-10

     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:

     Q2 2025

     Q3 2025

     Q4 2025

     Q1 2026

     Earnings release & conference call

     Late
July

     Late
October

     Early
February

     Late
April

     Dividend Information - Common Shares:

     Q1 2024

     Q2 2024

     Q3 2024

     Q4 2024

     Q1 2025

     Declaration date

     3/19/2024

     5/21/2024

     9/24/2024

     12/10/2024

     3/18/2025

     Record date

     4/15/2024

     7/15/2024

     10/15/2024

     1/15/2025

     4/15/2025

     Payment date

     4/30/2024

     7/31/2024

     10/31/2024

     1/31/2025

     4/30/2025

Distributions per share

1.4700

1.4700

1.4700

1.5150

1.5150

     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-11