8-K


TABLE OF CONTENTS
Overview	3
Financial Highlights	8
Consolidated Statements of Operations/Share and Unit Data	9
Consolidated Balance Sheets	10
Reconciliation of Non-GAAP Financial Measures	11
Non-GAAP Financial Measures	14
Other Key Definitions	16
Portfolio Statistics	S-1
Components of Net Operating Income/Components of Same Store Portfolio Property Operating Expenses	S-3
NOI Contribution Percentage by Market	S-4
Multifamily Same Store Portfolio Comparisons	S-5
Multifamily Development Pipeline/Multifamily Lease-up Communities/Multifamily Interior Redevelopment Pipeline/2021 Acquisition Activity/2021 Disposition Activity	S-8
Investments in Unconsolidated Real Estate Entities/Debt and Debt Covenants as of December 31, 2021	S-9
2022 Guidance/Reconciliation of Net Income per Diluted Common Share to Core FFO and Core AFFO per Share for 2022 Guidance	S-11
Credit Ratings/Common Stock/Investor Relations Data	S-12

OVERVIEW

MAA REPORTS FOURTH QUARTER AND FULL YEAR RESULTS

GERMANTOWN, TN, February 2, 2022/PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the quarter and year ended December 31, 2021.


Fourth quarter 2021 Operating Results	Three months ended December 31,				Year ended December 31,
	2021		2020		2021		2020
Earnings per common share - diluted	$	1.60	$	0.72	$	4.61	$	2.19

Funds from operations (FFO) per Share - diluted	$	2.01	$	1.80	$	7.20	$	6.46

Core FFO per Share - diluted	$	1.90	$	1.65	$	7.01	$	6.43

A reconciliation of FFO and Core FFO to net income available for MAA common shareholders and an expanded 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, “Results for the fourth quarter were ahead of expectations with strong rent growth and high occupancy. The demand for apartment housing across our markets continues to accelerate. We are carrying strong pricing momentum into 2022 and expect leasing conditions in the coming year will remain very favorable. Several new technology initiatives along with significant redevelopment opportunities will further support revenue growth and margin expansion in the coming year. Our new development pipeline is also growing with several new projects scheduled to get underway in 2022. MAA is well positioned for another year of strong performance.”

Fourth quarter 2021 Highlights

•

Property revenues from the Same Store Portfolio increased 9.3% during the fourth quarter of 2021 as compared to the same period in the prior year, ahead of expectations. That increase was primarily driven by a 10.1% growth in Average Effective Rent per Unit for the Same Store Portfolio.

•

Property operating expenses for the Same Store Portfolio increased 4.6% during the fourth quarter of 2021 as compared to the same period in the prior year, in line with expectations.

•

Net Operating Income (NOI) from the Same Store Portfolio increased 12.1% during the fourth quarter of 2021 as compared to the same period in the prior year.

•

Resident turnover remained low as resident move outs within the Same Store Portfolio represented 45.2% of expiring leases on a rolling twelve month basis as of the end of the fourth quarter of 2021 .

•

During the fourth quarter of 2021, MAA closed on the disposition of two Savannah, Georgia multifamily communities and one Charlotte, North Carolina multifamily community for combined gross proceeds of approximately $125 million, resulting in combined gain on the sale of depreciable real estate assets of approximately $86 million.

•

As of the end of the fourth quarter of 2021, MAA had six communities under development, representing 2,021 units once complete, with a total projected cost of $460.5 million and an estimated $186.8 million remaining to be funded.

•

During the fourth quarter of 2021, MAA completed the construction of two development communities, Sand Lake and MAA Robinson, both located in the Orlando, Florida market.

•

As of the end of the fourth quarter of 2021, MAA had three recently completed development communities in lease-up. One community is expected to stabilize in the first quarter of 2022, one in the third quarter of 2022 and one in the first quarter of 2023.

•

MAA completed redevelopment of 1,368 apartment homes during the fourth quarter of 2021, capturing average rental rate increases of approximately 12% above non-renovated units.

•

Standard and Poor’s Rating Services affirmed MAA’s long-term debt rating as BBB+ and revised their outlook from Stable to Positive.

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.

The Same Store Portfolio revenue growth of 9.3% during the fourth quarter of 2021 was primarily a result of a 10.1% increase in Average Effective Rent per Unit, as compared to the same period in the prior year. Average Physical Occupancy for the Same Store Portfolio was 96.0% for the fourth quarter of 2021, as compared to 95.7% for the same period in the prior year. Same Store Portfolio lease pricing for leases effective during the fourth quarter of 2021, as compared to the prior lease, increased 17.6% for leases to new move-in residents and increased 14.4% for renewing leases, which produced an increase of 16.0% for both new and renewing leases on a blended basis. Strong

pricing and occupancy trends for the Same Store Portfolio continued through the month ended January 31, 2022 with average blended lease pricing of 16.3% and Average Physical Occupancy of 95.9%. Property operating expenses for the Same Store Portfolio increased 4.6% for the fourth quarter of 2021 as compared to the same period in the prior year. Growth in insurance expense and building repair and maintenance costs contributed to the increase. These changes resulted in a Same Store NOI increase of 12.1% for the fourth quarter of 2021 as compared to the same period in the prior year.

The Same Store Portfolio revenue growth of 5.5% during the year ended December 31, 2021 was primarily a result of a 5.2% increase in Average Effective Rent per Unit, as compared to the prior year. Average Physical Occupancy for the Same Store Portfolio was 96.1% for the year ended December 31, 2021, as compared to 95.6% for the prior year. Same Store Portfolio lease pricing for leases effective during the year ended December 31, 2021, as compared to the prior lease, increased 11.8% for leases to new move-in residents and increased 9.7% for renewing leases, which produced an increase of 10.7% for both new and renewing leases on a blended basis. Property operating expenses for the Same Store Portfolio increased 4.4% for the year ended December 31, 2021 as compared to the prior year. Growth in insurance expense and building repair and maintenance costs contributed to the increase. These changes resulted in a Same Store NOI increase of 6.2% for the year ended December 31, 2021 as compared to the prior year.

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

Acquisition and Disposition Activity

In November 2021, MAA closed on the disposition of two Savannah, Georgia multifamily communities totaling 382 units and a 282 unit multifamily community in Charlotte, North Carolina. MAA received combined gross proceeds of approximately $125 million and recognized combined gain on the sale of depreciable real estate assets of approximately $86 million. The combined gross proceeds received from the disposition of seven multifamily communities for the year ended December 31, 2021 was approximately $285 million and resulted in combined gain on the sale of depreciable real estate assets of $220.4 million.

During the fourth quarter of 2021, MAA closed on the disposition of two land parcels totaling 14 acres located in the Phoenix, Arizona market and one land parcel totaling 118 acres located in the Gulf Shores, Alabama market for combined gross proceeds of $11.7 million, resulting in gain on sale of non-depreciable real estate assets of $0.6 million.

Development and Lease-up Activity

As of the end of the fourth quarter of 2021, MAA had six development communities under construction. MAA expects to complete construction of three of these development communities in 2022 and three in 2023. Total development costs for the six communities are projected to be $460.5 million, of which an estimated $186.8 million remained to be funded as of the end of the fourth quarter of 2021. The expected average stabilized NOI yield on these communities is 5.9%. During the fourth quarter of 2021, MAA funded $51.8 million of costs for current and future projects, including predevelopment activities related to land parcels located in the Denver, Colorado market and the Tampa, Florida market.

As of the end of the fourth quarter of 2021, MAA had three multifamily communities, representing a total of 978 units, in lease-up: Sand Lake and MAA Robinson, both located in the Orlando, Florida market; and Novel Midtown, located in the Phoenix, Arizona market. Physical occupancy for these lease-up communities averaged 68.0% at the end of the fourth quarter of 2021.

Property Redevelopment and Repositioning Activity

MAA continued its interior redevelopment program at select apartment communities throughout the portfolio. During the fourth quarter of 2021, MAA redeveloped the interior of 1,368 units, bringing the total renovated units during the year ended December 31, 2021 to 6,360 at an average cost of $5,893 per unit, achieving average rental rate increases of approximately 12% above non-renovated units.

MAA continued its Smart Home technology initiative (unit entry locks, mobile control of lights and thermostat and leak monitoring) at select apartment communities. During the year ended December 31, 2021, 23,579 units were installed at an average cost of $1,395 per unit and a projected average rental rate increase of approximately $25 per unit upon lease renewal or unit turnover. As of December 31, 2021, MAA had completed installation of the Smart Home technology in nearly 48,000 units across its apartment community portfolio since the initiative began.

During the fourth quarter of 2021, 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, 2021, work was completed on eight properties selected for this program in 2020. MAA began construction on similar repositioning projects at eight additional properties during 2021 with work expected to continue in 2022. For the year ended December 31, 2021, MAA spent $9.2 million on this program.

Capital Expenditures

Recurring capital expenditures totaled $19.3 million for the fourth quarter of 2021, or approximately $0.16 per diluted common share and unit (Share), as compared to $21.0 million, or $0.18 per Share, for the same period in the prior year. These expenditures led to Core Adjusted Funds from Operations (Core AFFO) of $1.74 per Share for the fourth quarter of 2021, compared to $1.47 per Share for the same period in the prior year.

Redevelopment, revenue enhancing, commercial and other capital expenditures during the fourth quarter of 2021 were $51.8 million, as compared to $65.6 million for the same period in the prior year. These expenditures led to Funds Available for Distribution (FAD) of $154.1 million for the fourth quarter of 2021, compared to $108.9 million for the same period in the prior year.

Recurring capital expenditures totaled $81.1 million for the year ended December 31, 2021, or approximately $0.69 per Share, as compared to $80.4 million, or $0.68 per Share, for the prior year. These expenditures led to Core AFFO of $6.32 per Share for the year ended December 31, 2021, compared to $5.75 per Share for the prior year.

Redevelopment, revenue enhancing, commercial and other capital expenditures during the year ended December 31, 2021 were $198.5 million, as compared to $145.1 million for the prior year. The increase was primarily driven by capital spend totaling $41.7 million related to winter storm Uri, the majority of which is expected to be reimbursed through insurance proceeds. These expenditures led to FAD of $551.0 million for the year ended December 31, 2021, compared to $535.8 million for the prior year.

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

Financing Activities

As of December 31, 2021, MAA had $1.1 billion of combined cash and available capacity under MAALP’s unsecured revolving credit facility. MAALP refers to Mid-America Apartments, L.P., which is MAA’s operating partnership.

Dividends and distributions paid on shares of common stock and noncontrolling interests during the fourth quarter of 2021 were $121.5 million, as compared to $118.6 million for the same period in the prior year.

During the fourth quarter of 2021, Standard and Poor’s Ratings Services affirmed our long-term debt rating as BBB+ and revised our outlook to Positive from Stable.

Balance Sheet

As of December 31, 2021:

•

Total debt to adjusted total assets (as defined in the covenants for the bonds issued by MAALP) was 29.8%;

•

Total debt outstanding was $4.5 billion with an average effective interest rate of approximately 3.4%;

•

100.0% of total debt was fixed against rising interest rates for an average of approximately 8.7 years; and

•

Unencumbered NOI was 95.2% of total NOI.

112th Consecutive Quarterly Common Dividend Declared

MAA declared its 112th consecutive quarterly common dividend, which was paid on January 31, 2022 to holders of record on January 14, 2022. The current annual dividend rate is $4.35 per common share, an increase of 6.1% from the prior year's annual rate of $4.10.

2022 Earnings and Same Store Portfolio Guidance

MAA is providing initial 2022 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 2022. MAA expects to update its 2022 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 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 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.


Earnings:		Full Year 2022
Earnings per common share - diluted		$4.87 to $5.23
Midpoint		$5.05
Core FFO per Share - diluted		$7.74 to $8.10
Midpoint		$7.92
Core AFFO per Share - diluted		$6.95 to $7.31
Midpoint		$7.13

MAA Same Store Portfolio:
Property revenue growth		8.0% to 10.0%
Property operating expense growth		5.0% to 6.0%
NOI growth		10.0% to 12.0%

MAA expects Core FFO for the first quarter of 2022 to be in the range of $1.83 to $1.99 per Share, or $1.91 per Share at the midpoint. MAA does not forecast Net income per diluted 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 3, 2022, 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 in the Southeast, Southwest, and Mid-Atlantic regions of the United States. As of December 31, 2021, MAA had ownership interest in 101,607 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 [email protected], 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 the potential impact of the ongoing COVID-19 pandemic on our business, 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,” “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:

•

the COVID-19 pandemic and measures taken or that may be taken by federal, state and local governmental authorities to combat the spread of the disease;

•

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;

•

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

•

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;

•

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;

•

unexpected capital needs;

•

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

•

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

•

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

•

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

•

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

•

the effect of the phase-out of the London Interbank Offered Rate (LIBOR) as a variable rate debt benchmark and the transition to a different benchmark interest rate;

•

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;

•

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;

•

inability to attract and retain qualified personnel;

•

cyber liability or potential liability for breaches of our or our service providers’ information technology systems, or business operations disruptions;

•

potential liability for environmental contamination;

•

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

•

extreme weather, natural disasters, disease outbreaks and other public health events;

•

impact of climate change on our properties or operations;

•

legal proceedings or class action lawsuits;

•

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

•

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

•

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.

FINANCIAL HIGHLIGHTS


Dollars in thousands, except per share data	Three months ended December 31,						Year ended December 31,
	2021			2020			2021			2020
Rental and other property revenues	$	463,575		$	423,661		$	1,778,082		$	1,677,984

Net income available for MAA common shareholders	$	184,719		$	82,420		$	530,103		$	251,274

Total NOI (1)	$	296,477		$	263,647		$	1,106,917		$	1,037,513

Earnings per common share: (2)
Basic	$	1.60		$	0.72		$	4.62		$	2.20
Diluted	$	1.60		$	0.72		$	4.61		$	2.19

Funds from operations per Share - diluted: (2)
FFO (1)	$	2.01		$	1.80		$	7.20		$	6.46
Core FFO (1)	$	1.90		$	1.65		$	7.01		$	6.43
Core AFFO (1)	$	1.74		$	1.47		$	6.32		$	5.75

Dividends declared per common share	$	1.0875		$	1.0250		$	4.1625		$	4.0250

Dividends/Core FFO (diluted) payout ratio		57.2	%		62.1	%		59.4	%		62.6	%
Dividends/Core AFFO (diluted) payout ratio		62.5	%		69.7	%		65.9	%		70.0	%

Consolidated interest expense	$	39,108		$	40,952		$	156,881		$	167,562
Mark-to-market debt adjustment		(36	)		(83	)		(270	)		(75	)
Debt discount and debt issuance cost amortization		(1,474	)		(1,283	)		(5,383	)		(4,886	)
Capitalized interest		1,939			2,129			9,720			6,912
Total interest incurred	$	39,537		$	41,715		$	160,948		$	169,513

Amortization of principal on notes payable	$	337		$	886		$	1,516		$	5,424

(1)

A reconciliation of the following items and an expanded 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.

(2)

See the “Share and Unit Data” section for additional information.


Dollars in thousands, except share price
	December 31, 2021		December 31, 2020
Gross Assets (1)	$	15,133,343	$	14,609,896
Gross Real Estate Assets (1)	$	14,865,818	$	14,407,418
Total debt	$	4,516,690	$	4,562,712
Common shares and units outstanding		118,542,994		118,431,384
Share price	$	229.44	$	126.69
Book equity value	$	6,184,092	$	6,103,805
Market equity value	$	27,198,505	$	15,004,072
Net Debt/Adjusted EBITDAre (2)	4.34x		4.81x

(1)

A reconciliation of Gross Assets to Total assets and Gross Real Estate Assets to Real estate assets, net, along with an expanded discussion of their components, can be found later in this release.

(2)

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

CONSOLIDATED STATEMENTS OF OPERATIONS


Dollars in thousands, except per share data	Three months ended December 31,						Year ended December 31,
	2021			2020			2021			2020
Revenues:
Rental and other property revenues	$	463,575		$	423,661		$	1,778,082		$	1,677,984
Expenses:
Operating expenses, excluding real estate taxes and insurance		100,164			95,935			404,288			387,966
Real estate taxes and insurance		66,934			64,079			266,877			252,505
Depreciation and amortization		135,495			129,585			533,433			510,842
Total property operating expenses		302,593			289,599			1,204,598			1,151,313
Property management expenses		15,210			13,236			55,732			52,300
General and administrative expenses		14,121			11,677			52,884			46,858
Interest expense		39,108			40,952			156,881			167,562
Gain on sale of depreciable real estate assets		(85,913	)		(16	)		(220,428	)		(9	)
Gain on sale of non-depreciable real estate assets		(609	)		(29	)		(811	)		(1,024	)
Other non-operating income		(19,345	)		(18,504	)		(33,902	)		(4,857	)
Income before income tax expense		198,410			86,746			563,128			265,841
Income tax expense		(7,790	)		(795	)		(13,637	)		(3,327	)
Income from continuing operations before real estate joint venture activity		190,620			85,951			549,491			262,514
Income from real estate joint venture		296			348			1,211			1,501
Net income		190,916			86,299			550,702			264,015
Net income attributable to noncontrolling interests		5,275			2,957			16,911			9,053
Net income available for shareholders		185,641			83,342			533,791			254,962
Dividends to MAA Series I preferred shareholders		922			922			3,688			3,688
Net income available for MAA common shareholders	$	184,719		$	82,420		$	530,103		$	251,274

Earnings per common share - basic:
Net income available for common shareholders	$	1.60		$	0.72		$	4.62		$	2.20

Earnings per common share - diluted:
Net income available for common shareholders	$	1.60		$	0.72		$	4.61		$	2.19

SHARE AND UNIT DATA


Shares and units in thousands	Three months ended December 31,				Year ended December 31,
	2021		2020		2021		2020
Net Income Shares (1)
Weighted average common shares - basic		115,158		114,220		114,717		114,188
Effect of dilutive securities		458		315		322		312
Weighted average common shares - diluted		115,616		114,535		115,039		114,500
Funds From Operations Shares And Units
Weighted average common shares and units - basic		118,433		118,279		118,400		118,248
Weighted average common shares and units - diluted		118,637		118,437		118,519		118,409
Period End Shares And Units
Common shares at December 31,		115,337		114,374		115,337		114,374
Operating Partnership units at December 31,		3,206		4,058		3,206		4,058
Total common shares and units at December 31,		118,543		118,432		118,543		118,432

(1)

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, 2021, expected to be filed with the SEC on or about February 17, 2022.

CONSOLIDATED BALANCE SHEETS


Dollars in thousands
	December 31, 2021			December 31, 2020
Assets
Real estate assets:
Land	$	1,977,813		$	1,929,181
Buildings and improvements and other		12,454,439			12,065,244
Development and capital improvements in progress		247,970			283,477
		14,680,222			14,277,902
Less: Accumulated depreciation		(3,848,161	)		(3,415,105	)
		10,832,061			10,862,797
Undeveloped land		24,015			60,993
Investment in real estate joint venture		42,827			43,325
Real estate assets, net		10,898,903			10,967,115

Cash and cash equivalents		54,302			25,198
Restricted cash		76,296			10,417
Other assets		255,681			192,061
Total assets	$	11,285,182		$	11,194,791

Liabilities and equity
Liabilities:
Unsecured notes payable	$	4,151,375		$	4,077,373
Secured notes payable		365,315			485,339
Accrued expenses and other liabilities		584,400			528,274
Total liabilities		5,101,090			5,090,986

Redeemable common stock		30,185			15,397

Shareholders’ equity:
Preferred stock		9			9
Common stock		1,151			1,141
Additional paid-in capital		7,230,956			7,176,793
Accumulated distributions in excess of net income		(1,255,807	)		(1,294,182	)
Accumulated other comprehensive loss		(11,132	)		(12,128	)
Total MAA shareholders’ equity		5,965,177			5,871,633
Noncontrolling interests - Operating Partnership units		165,116			206,927
Total Company’s shareholders’ equity		6,130,293			6,078,560
Noncontrolling interests - consolidated real estate entities		23,614			9,848
Total equity		6,153,907			6,088,408
Total liabilities and equity	$	11,285,182		$	11,194,791

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


Amounts in thousands, except per share and unit data	Three months ended December 31,						Year ended December 31,
	2021			2020			2021			2020
Net income available for MAA common shareholders	$	184,719		$	82,420		$	530,103		$	251,274
Depreciation and amortization of real estate assets		133,634			127,934			526,220			504,364
Gain on sale of depreciable real estate assets		(85,913	)		(16	)		(220,428	)		(9	)
Depreciation and amortization of real estate assets of real estate joint venture		153			154			616			612
Net income attributable to noncontrolling interests		5,275			2,957			16,911			9,053
Funds from operations attributable to the Company		237,868			213,449			853,422			765,294
Loss (gain) on embedded derivative in preferred shares (1)		16,052			(17,165	)		4,560			(2,562	)
Gain on sale of non-depreciable real estate assets		(609	)		(29	)		(811	)		(1,024	)
Gain from unconsolidated limited partnerships, net of tax (1)(2)		(26,644	)		(672	)		(40,875	)		(4,757	)
Net casualty (gain) loss and other settlement proceeds (3)		(480	)		(723	)		1,524			484
Loss on debt extinguishment (1)		—			—			13,391			344
Legal costs and settlements, net (1)		(1,451	)		(78	)		(2,167	)		(38	)
COVID-19 related costs (1)		390			553			1,301			3,536
Mark-to-market debt adjustment (4)		36			83			270			75
Core funds from operations		225,162			195,418			830,615			761,352
Recurring capital expenditures		(19,297	)		(21,008	)		(81,106	)		(80,420	)
Core adjusted funds from operations		205,865			174,410			749,509			680,932
Redevelopment capital expenditures		(15,835	)		(41,078	)		(85,467	)		(76,728	)
Revenue enhancing capital expenditures		(13,645	)		(15,019	)		(43,133	)		(39,529	)
Commercial capital expenditures		(1,539	)		(1,174	)		(3,842	)		(3,477	)
Other capital expenditures (5)		(20,755	)		(8,287	)		(66,086	)		(25,352	)
Funds available for distribution	$	154,091		$	108,852		$	550,981		$	535,846

Dividends and distributions paid	$	121,505		$	118,622		$	485,898		$	473,598

Weighted average common shares - diluted		115,616			114,535			115,039			114,500
FFO weighted average common shares and units - diluted		118,637			118,437			118,519			118,409

Earnings per common share - diluted:
Net income available for common shareholders	$	1.60		$	0.72		$	4.61		$	2.19

Funds from operations per Share - diluted	$	2.01		$	1.80		$	7.20		$	6.46
Core funds from operations per Share - diluted	$	1.90		$	1.65		$	7.01		$	6.43
Core adjusted funds from operations per Share - diluted	$	1.74		$	1.47		$	6.32		$	5.75

(1)

Included in Other non-operating income in the Consolidated Statements of Operations.

(2)

For the three and twelve months ended December 31, 2021, $33.7 million and $51.7 million, respectively, of gains from unconsolidated limited partnerships are offset by $7.1 million and $10.8 million, respectively, of income tax expense. For the year ended December 31, 2020, $5.6 million of gains from unconsolidated limited partnerships are offset by $0.8 million of income tax expense.

(3)

During the year ended December 31, 2021, MAA incurred $26.0 million in casualty losses related to winter storm Uri (primarily building repairs, landscaping and asset write-offs). The majority of the casualty losses are expected to be reimbursed through insurance coverage. A receivable has been recognized in Other non-operating income for the amount of the recorded losses that MAA expects to be recovered. Additional costs related to the storm that are not expected to be recovered through insurance coverage, along with other unrelated casualty losses and recoveries, are also reflected in this adjustment. The adjustment is primarily included in Other non-operating income in the Consolidated Statements of Operations.

(4)

Included in Interest expense in the Consolidated Statements of Operations.

(5)

During the three and twelve months ended December 31, 2021, MAA spent $11.5 million and $41.7 million, respectively, in reconstruction-related capital expenditures due to winter storm Uri. The majority of the storm costs are expected to be reimbursed through insurance coverage.

RECONCILIATION OF NET OPERATING INCOME TO NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS


Dollars in thousands	Three Months Ended									Year Ended
	December 31, 2021			September 30, 2021			December 31, 2020			December 31, 2021			December 31, 2020
Net Operating Income
Same Store NOI	$	285,114		$	269,393		$	254,338		$	1,064,308		$	1,001,919
Non-Same Store and Other NOI		11,363			10,344			9,309			42,609			35,594
Total NOI		296,477			279,737			263,647			1,106,917			1,037,513
Depreciation and amortization		(135,495	)		(134,611	)		(129,585	)		(533,433	)		(510,842	)
Property management expenses		(15,210	)		(13,831	)		(13,236	)		(55,732	)		(52,300	)
General and administrative expenses		(14,121	)		(12,670	)		(11,677	)		(52,884	)		(46,858	)
Interest expense		(39,108	)		(39,234	)		(40,952	)		(156,881	)		(167,562	)
Gain (loss) on sale of depreciable real estate assets		85,913			(313	)		16			220,428			9
Gain on sale of non-depreciable real estate assets		609			170			29			811			1,024
Other non-operating income		19,345			10,344			18,504			33,902			4,857
Income tax expense		(7,790	)		(2,803	)		(795	)		(13,637	)		(3,327	)
Income from real estate joint venture		296			258			348			1,211			1,501
Net income attributable to noncontrolling interests		(5,275	)		(2,568	)		(2,957	)		(16,911	)		(9,053	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(922	)		(3,688	)		(3,688	)
Net income available for MAA common shareholders	$	184,719		$	83,557		$	82,420		$	530,103		$	251,274

RECONCILIATION OF EBITDA, EBITDAre AND ADJUSTED EBITDAre TO NET INCOME


Dollars in thousands	Three Months Ended						Year Ended
	December 31, 2021			December 31, 2020			December 31, 2021			December 31, 2020
Net income	$	190,916		$	86,299		$	550,702		$	264,015
Depreciation and amortization		135,495			129,585			533,433			510,842
Interest expense		39,108			40,952			156,881			167,562
Income tax expense		7,790			795			13,637			3,327
EBITDA		373,309			257,631			1,254,653			945,746
Gain on sale of depreciable real estate assets		(85,913	)		(16	)		(220,428	)		(9	)
Adjustments to reflect the Company’s share of EBITDAre of unconsolidated affiliates		338			339			1,352			1,349
EBITDAre		287,734			257,954			1,035,577			947,086
Loss (gain) on embedded derivative in preferred shares (1)		16,052			(17,165	)		4,560			(2,562	)
Gain on sale of non-depreciable real estate assets		(609	)		(29	)		(811	)		(1,024	)
Gain from unconsolidated limited partnerships, net of tax (1)(2)		(26,644	)		(672	)		(40,875	)		(4,757	)
Net casualty (gain) loss and other settlement proceeds (3)		(480	)		(723	)		1,524			484
Loss on debt extinguishment (1)		—			—			13,391			344
Legal costs and settlements, net (1)		(1,451	)		(78	)		(2,167	)		(38	)
COVID-19 related costs (1)		390			553			1,301			3,536
Mark-to-market debt adjustment (4)		36			83			270			75
Adjusted EBITDAre	$	275,028		$	239,923		$	1,012,770		$	943,144

(1)

Included in Other non-operating income in the Consolidated Statements of Operations.

(2)

For the three and twelve months ended December 31, 2021, $33.7 million and $51.7 million, respectively, of gains from unconsolidated limited partnerships are offset by $7.1 million and $10.8 million, respectively, of income tax expense. For the twelve months ended December 31, 2020, $5.6 million of gains from unconsolidated limited partnerships are offset by $0.8 million of income tax expense.

(3)

During the twelve months ended December 31, 2021, MAA incurred $26.0 million in casualty losses related to winter storm Uri (primarily building repairs, landscaping and asset write-offs). The majority of the casualty losses are expected to be reimbursed through insurance coverage. A receivable has been recognized in Other non-operating income for the amount of the recorded losses that MAA expects to be recovered. Additional costs related to the storm that are not expected to be recovered through insurance coverage, along with other unrelated casualty losses and recoveries, are also reflected in this adjustment. The adjustment is primarily included in Other non-operating income in the Consolidated Statements of Operations.

(4)

Included in Interest expense in the Consolidated Statements of Operations.

RECONCILIATION OF NET DEBT TO UNSECURED NOTES PAYABLE AND SECURED NOTES PAYABLE


Dollars in thousands
	December 31, 2021			December 31, 2020
Unsecured notes payable	$	4,151,375		$	4,077,373
Secured notes payable		365,315			485,339
Total debt		4,516,690			4,562,712
Cash and cash equivalents		(54,302	)		(25,198	)
1031(b) exchange proceeds included in Restricted cash (1)		(64,452	)		—
Net Debt	$	4,397,936		$	4,537,514

(1)

Included in Restricted cash in the Consolidated Balance Sheets.

RECONCILIATION OF GROSS ASSETS TO TOTAL ASSETS


Dollars in thousands
	December 31, 2021		December 31, 2020
Total assets	$	11,285,182	$	11,194,791
Accumulated depreciation		3,848,161		3,415,105
Gross Assets	$	15,133,343	$	14,609,896

RECONCILIATION OF GROSS REAL ESTATE ASSETS TO REAL ESTATE ASSETS, NET


Dollars in thousands
	December 31, 2021		December 31, 2020
Real estate assets, net	$	10,898,903	$	10,967,115
Accumulated depreciation		3,848,161		3,415,105
Cash and cash equivalents		54,302		25,198
1031(b) exchange proceeds included in Restricted cash (1)		64,452		—
Gross Real Estate Assets	$	14,865,818	$	14,407,418

(1)

Included in Restricted cash in the Consolidated Balance Sheets.

NON-GAAP FINANCIAL MEASURES

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, adjustments for gains or losses from unconsolidated limited partnerships, net casualty gain or loss, gain or loss on debt extinguishment, legal costs and settlements, net, COVID-19 related costs and mark-to-market debt adjustments. 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, adjustments for gains or losses from unconsolidated limited partnerships, net casualty gain or loss, gain or loss on debt extinguishment, legal costs and settlements, net, COVID-19 related costs and mark-to-market debt adjustments. 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 plus 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.

NON-GAAP FINANCIAL MEASURES (Continued)

Funds Available for Distribution (FAD)

FAD is composed of Core FFO less total capital expenditures, excluding development spending and property acquisitions. 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 total capital expenditures.

Funds From Operations (FFO)

FFO represents net income available for MAA common shareholders (calculated in accordance with GAAP) excluding gains or losses 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.

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 by market is a helpful tool in evaluating the operating performance within MAA’s markets 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 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 the operating performance within MAA’s markets 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 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 the operating performance within MAA’s markets 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

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 after achieving at least 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 identified for disposition, communities that have undergone a significant casualty loss, stabilized communities that do not meet the requirements defined by the Same Store Portfolio, retail properties and commercial properties.

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 after achieving at least 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 undergone a significant casualty loss are also excluded from the Same Store Portfolio.

Unencumbered NOI

Unencumbered NOI represents NOI generated by unencumbered assets (as defined in MAALP’s bond covenants).

CONTACT: Investor Relations of MAA, 866-576-9689 (toll free), [email protected]

Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT DECEMBER 31, 2021 (In apartment units) (1)


	Same Store		Non-Same Store		Lease-up		Total Completed Communities		Development Units Delivered		Total
Atlanta, GA		11,434		—		—		11,434		—		11,434
Dallas, TX		9,767		348		—		10,115		—		10,115
Tampa, FL		5,220		—		—		5,220		—		5,220
Austin, TX		7,117		—		—		7,117		—		7,117
Charlotte, NC		5,867		—		—		5,867		—		5,867
Orlando, FL		5,274		—		633		5,907		—		5,907
Washington, DC		4,080		—		—		4,080		—		4,080
Raleigh/Durham, NC		5,350		—		—		5,350		—		5,350
Nashville, TN		4,375		—		—		4,375		—		4,375
Fort Worth, TX		4,249		168		—		4,417		—		4,417
Houston, TX		4,867		—		—		4,867		222		5,089
Jacksonville, FL		3,496		—		—		3,496		—		3,496
Phoenix, AZ		2,623		—		345		2,968		—		2,968
Charleston, SC		3,168		—		—		3,168		—		3,168
Richmond, VA		2,004		—		—		2,004		—		2,004
Savannah, GA		1,837		—		—		1,837		—		1,837
Greenville, SC		2,084		271		—		2,355		—		2,355
Memphis, TN		1,811		—		—		1,811		—		1,811
Birmingham, AL		1,462		—		—		1,462		—		1,462
San Antonio, TX		1,504		—		—		1,504		—		1,504
Kansas City, MO-KS		1,110		—		—		1,110		—		1,110
Huntsville, AL		1,228		—		—		1,228		—		1,228
Other		7,076		549		—		7,625		194		7,819
Total Multifamily Units		97,003		1,336		978		99,317		416		99,733

(1)

Schedule excludes 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, 2021								Average Effective		As of December 31, 2021
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended December 31, 2021		Completed Units		Total Units, Including Development
Atlanta, GA	$	2,030,633		14.2	%		96.4	%	$	1,611		11,434
Dallas, TX		1,511,785		10.5	%		95.8	%		1,411		10,115
Washington, DC		982,329		6.9	%		95.4	%		1,877		4,080
Charlotte, NC		962,027		6.7	%		96.3	%		1,365		5,867
Tampa, FL		894,011		6.2	%		96.6	%		1,730		5,220
Austin, TX		878,607		6.1	%		95.2	%		1,394		7,117
Orlando, FL		841,430		5.9	%		96.5	%		1,594		5,274
Raleigh/Durham, NC		708,020		4.9	%		95.8	%		1,292		5,350
Houston, TX		617,381		4.3	%		96.3	%		1,266		4,867
Nashville, TN		540,478		3.8	%		95.8	%		1,436		4,375
Fort Worth, TX		431,932		3.0	%		96.1	%		1,313		4,417
Charleston, SC		410,314		2.9	%		96.1	%		1,410		3,168
Phoenix, AZ		383,246		2.7	%		96.8	%		1,511		2,623
Jacksonville, FL		294,429		2.1	%		97.0	%		1,325		3,496
Richmond, VA		270,158		1.9	%		96.4	%		1,373		2,004
Greenville, SC		229,740		1.6	%		96.6	%		1,134		2,355
Savannah, GA		218,004		1.5	%		96.8	%		1,337		1,837
Denver, CO		211,955		1.5	%		96.3	%		1,752		812
Kansas City, MO-KS		187,652		1.3	%		96.0	%		1,372		1,110
San Antonio, TX		165,194		1.2	%		95.5	%		1,205		1,504
Birmingham, AL		162,406		1.1	%		95.3	%		1,209		1,462
All Other Markets by State (individual markets <1% gross real assets)
Tennessee		187,182		1.3	%		96.5	%		1,166		2,754
Florida		178,950		1.2	%		96.2	%		1,513		1,806
Alabama		163,510		1.1	%		96.5	%		1,204		1,648
Virginia		154,747		1.1	%		97.7	%		1,547		1,039
Kentucky		94,768		0.7	%		96.7	%		1,021		1,308
Nevada		72,122		0.5	%		96.1	%		1,399		721
South Carolina		36,746		0.3	%		95.3	%		1,046		576
Stabilized Communities	$	13,819,756		96.4	%		96.2	%	$	1,432		98,339
Orlando, FL		159,433		1.1	%		56.2	%		2,156		633		633
Phoenix, AZ		119,456		0.8	%		89.6	%		1,779		345		662
Denver, CO		80,727		0.6	%		54.6	%		1,885		194		306
Houston, TX		52,466		0.4	%		39.3	%		1,599		222		308
Austin, TX		39,761		0.3	%		—			—		—		350
Salt Lake City, UT		33,917		0.2	%		—			—		—		400
Atlanta, GA		30,262		0.2	%		—			—		—		340
Lease-up / Development Communities	$	516,022		3.6	%		59.8	%	$	1,936		1,394		2,999
Total Multifamily Communities	$	14,335,778		100.0	%		95.6	%	$	1,439		99,733		101,338

(1)

Schedule excludes a 269 unit joint venture property in Washington, D.C.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands


	As of December 31, 2021				Three Months Ended
	Apartment Units		Gross Real Assets		December 31, 2021		December 31, 2020			Percent Change
Operating Revenues
Same Store Communities		97,003	$	13,510,460	$	444,386	$	406,600			9.3	%
Non-Same Store Communities		1,336		309,296		8,357		11,754
Lease-up/Development Communities		1,394		516,022		4,873		—
Total Multifamily Portfolio		99,733	$	14,335,778	$	457,616	$	418,354
Commercial Property/Land		—		278,910		5,959		5,307
Total Operating Revenues		99,733	$	14,614,688	$	463,575	$	423,661

Property Operating Expenses
Same Store Communities					$	159,272	$	152,262			4.6	%
Non-Same Store Communities						3,489		5,098
Lease-up/Development Communities						1,840		190
Total Multifamily Portfolio					$	164,601	$	157,550
Commercial Property/Land						2,497		2,464
Total Property Operating Expenses					$	167,098	$	160,014

Net Operating Income
Same Store Communities					$	285,114	$	254,338			12.1	%
Non-Same Store Communities						4,868		6,656
Lease-up/Development Communities						3,033		(190	)
Total Multifamily Portfolio					$	293,015	$	260,804
Commercial Property/Land						3,462		2,843
Total Net Operating Income					$	296,477	$	263,647			12.5	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands


	Three Months Ended							Year Ended
	December 31, 2021		December 31, 2020		Percent Change			December 31, 2021		December 31, 2020		Percent Change
Personnel	$	35,082	$	33,804		3.8	%	$	139,988	$	135,599		3.2	%
Building Repair and Maintenance		18,877		16,766		12.6	%		78,423		72,830		7.7	%
Utilities		29,476		29,376		0.3	%		118,205		115,462		2.4	%
Marketing		4,934		4,916		0.4	%		21,776		22,269		(2.2	)%
Office Operations		6,407		5,742		11.6	%		23,565		21,945		7.4	%
Property Taxes		58,210		56,219		3.5	%		232,867		225,899		3.1	%
Insurance		6,286		5,439		15.6	%		23,609		17,446		35.3	%
Total Property Operating Expenses	$	159,272	$	152,262		4.6	%	$	638,433	$	611,450		4.4	%

Supplemental Data S-3

NOI CONTRIBUTION PERCENTAGE BY MARKET

Same Store Portfolio


						Average Physical Occupancy
			Percent of			Three Months Ended						Year Ended
	Apartment Units		Same Store NOI			December 31, 2021			December 31, 2020			December 31, 2021			December 31, 2020
Atlanta, GA		11,434		13.2	%		95.7	%		95.4	%		95.5	%		95.0	%
Dallas, TX		9,767		8.7	%		95.7	%		94.9	%		95.7	%		95.2	%
Tampa, FL		5,220		6.9	%		96.6	%		96.7	%		97.1	%		96.0	%
Austin, TX		7,117		6.4	%		95.1	%		95.3	%		95.6	%		95.4	%
Charlotte, NC		5,867		6.3	%		96.0	%		96.2	%		96.2	%		96.1	%
Orlando, FL		5,274		6.3	%		96.4	%		94.8	%		96.0	%		94.6	%
Washington, DC		4,080		5.8	%		95.7	%		96.2	%		96.0	%		96.3	%
Raleigh/Durham, NC		5,350		5.3	%		95.5	%		96.1	%		95.9	%		96.1	%
Nashville, TN		4,375		4.7	%		95.7	%		94.5	%		95.6	%		95.0	%
Fort Worth, TX		4,249		3.8	%		96.1	%		95.1	%		96.2	%		95.3	%
Houston, TX		4,867		3.6	%		96.2	%		93.7	%		95.3	%		94.3	%
Jacksonville, FL		3,496		3.5	%		97.2	%		96.8	%		97.5	%		96.4	%
Phoenix, AZ		2,623		3.4	%		96.6	%		96.7	%		96.9	%		96.3	%
Charleston, SC		3,168		3.3	%		96.0	%		95.9	%		96.3	%		95.6	%
Richmond, VA		2,004		2.1	%		96.1	%		97.0	%		96.6	%		96.7	%
Savannah, GA		1,837		1.9	%		97.2	%		97.0	%		97.3	%		96.1	%
Greenville, SC		2,084		1.7	%		96.0	%		96.2	%		96.4	%		95.6	%
Memphis, TN		1,811		1.6	%		96.1	%		97.6	%		97.0	%		96.8	%
Birmingham, AL		1,462		1.2	%		95.2	%		96.7	%		96.3	%		96.6	%
San Antonio, TX		1,504		1.2	%		95.6	%		95.6	%		96.1	%		96.2	%
Kansas City, MO-KS		1,110		1.1	%		95.8	%		94.5	%		95.3	%		95.3	%
Huntsville, AL		1,228		1.1	%		96.0	%		96.9	%		96.8	%		97.1	%
Other		7,076		6.9	%		96.3	%		96.1	%		96.6	%		95.7	%
Total Same Store		97,003		100.0	%		96.0	%		95.7	%		96.1	%		95.6	%

Supplemental Data S-4

MULTIFAMILY SAME STORE PORTFOLIO QUARTER OVER QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data


			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q4 2021		Q4 2020		% Chg			Q4 2021		Q4 2020		% Chg			Q4 2021		Q4 2020		% Chg			Q4 2021		Q4 2020		% Chg
Atlanta, GA		11,434	$	57,929	$	53,305		8.7	%	$	20,417	$	19,617		4.1	%	$	37,512	$	33,688		11.4	%	$	1,611	$	1,466		9.9	%
Dallas, TX		9,767		43,479		39,895		9.0	%		18,751		17,958		4.4	%		24,728		21,937		12.7	%		1,403		1,290		8.8	%
Tampa, FL		5,220		28,886		25,517		13.2	%		9,225		8,707		5.9	%		19,661		16,810		17.0	%		1,730		1,517		14.0	%
Austin, TX		7,117		32,043		29,393		9.0	%		13,907		13,893		0.1	%		18,136		15,500		17.0	%		1,394		1,268		9.9	%
Charlotte, NC		5,867		25,704		23,837		7.8	%		7,664		7,629		0.5	%		18,040		16,208		11.3	%		1,365		1,249		9.3	%
Orlando, FL		5,274		27,000		24,383		10.7	%		9,102		9,000		1.1	%		17,898		15,383		16.3	%		1,594		1,452		9.8	%
Washington, DC		4,080		23,822		23,214		2.6	%		7,262		7,008		3.6	%		16,560		16,206		2.2	%		1,877		1,792		4.7	%
Raleigh/Durham, NC		5,350		22,248		20,837		6.8	%		7,096		6,882		3.1	%		15,152		13,955		8.6	%		1,292		1,177		9.8	%
Nashville, TN		4,375		20,125		18,374		9.5	%		6,690		6,704		(0.2	)%		13,435		11,670		15.1	%		1,436		1,309		9.7	%
Fort Worth, TX		4,249		18,555		16,954		9.4	%		7,642		7,082		7.9	%		10,913		9,872		10.5	%		1,308		1,189		10.0	%
Houston, TX		4,867		19,825		18,619		6.5	%		9,537		8,640		10.4	%		10,288		9,979		3.1	%		1,266		1,208		4.8	%
Jacksonville, FL		3,496		14,681		12,919		13.6	%		4,760		4,334		9.8	%		9,921		8,585		15.6	%		1,325		1,168		13.5	%
Phoenix, AZ		2,623		12,753		11,185		14.0	%		3,146		3,062		2.7	%		9,607		8,123		18.3	%		1,511		1,311		15.3	%
Charleston, SC		3,168		14,380		12,950		11.0	%		4,999		4,598		8.7	%		9,381		8,352		12.3	%		1,410		1,261		11.8	%
Richmond, VA		2,004		8,828		8,293		6.5	%		2,791		2,667		4.6	%		6,037		5,626		7.3	%		1,373		1,245		10.3	%
Savannah, GA		1,837		8,165		6,979		17.0	%		2,839		2,530		12.2	%		5,326		4,449		19.7	%		1,337		1,156		15.6	%
Greenville, SC		2,084		7,384		6,774		9.0	%		2,670		2,380		12.2	%		4,714		4,394		7.3	%		1,058		952		11.2	%
Memphis, TN		1,811		7,114		6,343		12.2	%		2,496		2,438		2.4	%		4,618		3,905		18.3	%		1,221		1,059		15.3	%
Birmingham, AL		1,462		5,917		5,501		7.6	%		2,351		2,072		13.5	%		3,566		3,429		4.0	%		1,209		1,096		10.3	%
San Antonio, TX		1,504		5,874		5,460		7.6	%		2,461		2,513		(2.1	)%		3,413		2,947		15.8	%		1,205		1,123		7.3	%
Kansas City, MO-KS		1,110		4,837		4,559		6.1	%		1,640		1,677		(2.2	)%		3,197		2,882		10.9	%		1,372		1,295		5.9	%
Huntsville, AL		1,228		4,794		4,383		9.4	%		1,601		1,494		7.2	%		3,193		2,889		10.5	%		1,159		1,035		12.0	%
Other		7,076		30,043		26,926		11.6	%		10,225		9,377		9.0	%		19,818		17,549		12.9	%		1,318		1,179		11.8	%
Total Same Store		97,003	$	444,386	$	406,600		9.3	%	$	159,272	$	152,262		4.6	%	$	285,114	$	254,338		12.1	%	$	1,429	$	1,298		10.1	%

Supplemental Data S-5

MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data


			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q4 2021		Q3 2021		% Chg			Q4 2021		Q3 2021		% Chg			Q4 2021		Q3 2021		% Chg			Q4 2021		Q3 2021		% Chg
Atlanta, GA		11,434	$	57,929	$	56,688		2.2	%	$	20,417	$	21,799		(6.3	)%	$	37,512	$	34,889		7.5	%	$	1,611	$	1,553		3.7	%
Dallas, TX		9,767		43,479		42,357		2.6	%		18,751		18,985		(1.2	)%		24,728		23,372		5.8	%		1,403		1,352		3.8	%
Tampa, FL		5,220		28,886		27,887		3.6	%		9,225		9,841		(6.3	)%		19,661		18,046		8.9	%		1,730		1,651		4.8	%
Austin, TX		7,117		32,043		31,328		2.3	%		13,907		14,207		(2.1	)%		18,136		17,121		5.9	%		1,394		1,351		3.1	%
Charlotte, NC		5,867		25,704		25,338		1.4	%		7,664		7,878		(2.7	)%		18,040		17,460		3.3	%		1,365		1,325		3.0	%
Orlando, FL		5,274		27,000		25,969		4.0	%		9,102		9,136		(0.4	)%		17,898		16,833		6.3	%		1,594		1,530		4.2	%
Washington, DC		4,080		23,822		23,514		1.3	%		7,262		7,680		(5.4	)%		16,560		15,834		4.6	%		1,877		1,830		2.6	%
Raleigh/Durham, NC		5,350		22,248		21,894		1.6	%		7,096		7,540		(5.9	)%		15,152		14,354		5.6	%		1,292		1,253		3.1	%
Nashville, TN		4,375		20,125		19,729		2.0	%		6,690		7,280		(8.1	)%		13,435		12,449		7.9	%		1,436		1,391		3.3	%
Fort Worth, TX		4,249		18,555		18,138		2.3	%		7,642		7,591		0.7	%		10,913		10,547		3.5	%		1,308		1,265		3.4	%
Houston, TX		4,867		19,825		19,428		2.0	%		9,537		8,356		14.1	%		10,288		11,072		(7.1	)%		1,266		1,236		2.5	%
Jacksonville, FL		3,496		14,681		14,161		3.7	%		4,760		4,971		(4.2	)%		9,921		9,190		8.0	%		1,325		1,262		5.0	%
Phoenix, AZ		2,623		12,753		12,222		4.3	%		3,146		3,470		(9.3	)%		9,607		8,752		9.8	%		1,511		1,437		5.2	%
Charleston, SC		3,168		14,380		14,113		1.9	%		4,999		5,364		(6.8	)%		9,381		8,749		7.2	%		1,410		1,361		3.6	%
Richmond, VA		2,004		8,828		8,685		1.6	%		2,791		2,955		(5.5	)%		6,037		5,730		5.4	%		1,373		1,314		4.6	%
Savannah, GA		1,837		8,165		7,876		3.7	%		2,839		2,980		(4.7	)%		5,326		4,896		8.8	%		1,337		1,284		4.1	%
Greenville, SC		2,084		7,384		7,224		2.2	%		2,670		2,783		(4.1	)%		4,714		4,441		6.1	%		1,058		1,015		4.3	%
Memphis, TN		1,811		7,114		6,901		3.1	%		2,496		2,682		(6.9	)%		4,618		4,219		9.5	%		1,221		1,171		4.3	%
Birmingham, AL		1,462		5,917		5,874		0.7	%		2,351		2,264		3.8	%		3,566		3,610		(1.2	)%		1,209		1,183		2.2	%
San Antonio, TX		1,504		5,874		5,775		1.7	%		2,461		2,718		(9.5	)%		3,413		3,057		11.6	%		1,205		1,186		1.6	%
Kansas City, MO-KS		1,110		4,837		4,769		1.4	%		1,640		1,811		(9.4	)%		3,197		2,958		8.1	%		1,372		1,343		2.1	%
Huntsville, AL		1,228		4,794		4,718		1.6	%		1,601		1,585		1.0	%		3,193		3,133		1.9	%		1,159		1,132		2.3	%
Other		7,076		30,043		29,408		2.2	%		10,225		10,727		(4.7	)%		19,818		18,681		6.1	%		1,318		1,273		3.5	%
Total Same Store		97,003	$	444,386	$	433,996		2.4	%	$	159,272	$	164,603		(3.2	)%	$	285,114	$	269,393		5.8	%	$	1,429	$	1,379		3.6	%

Supplemental Data S-6

MULTIFAMILY SAME STORE PORTFOLIO FULL YEAR COMPARISONS AS OF DECEMBER 31, 2021 AND 2020

Dollars in thousands, except unit and per unit data


			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q4 2021		Q4 2020		% Chg			Q4 2021		Q4 2020		% Chg			Q4 2021		Q4 2020		% Chg			Q4 2021		Q4 2020		% Chg
Atlanta, GA		11,434	$	222,004	$	211,762		4.8	%	$	82,665	$	79,404		4.1	%	$	139,339	$	132,358		5.3	%	$	1,536	$	1,464		4.9	%
Dallas, TX		9,767		166,499		160,333		3.8	%		74,308		71,475		4.0	%		92,191		88,858		3.8	%		1,340		1,297		3.3	%
Tampa, FL		5,220		109,245		99,982		9.3	%		37,372		35,307		5.8	%		71,873		64,675		11.1	%		1,624		1,500		8.3	%
Charlotte, NC		5,867		99,145		95,542		3.8	%		30,733		29,924		2.7	%		68,412		65,618		4.3	%		1,307		1,256		4.1	%
Austin, TX		7,117		122,027		117,605		3.8	%		56,034		54,119		3.5	%		65,993		63,486		3.9	%		1,330		1,272		4.6	%
Orlando, FL		5,274		102,651		97,219		5.6	%		37,015		36,651		1.0	%		65,636		60,568		8.4	%		1,515		1,461		3.7	%
Washington, DC		4,080		93,573		92,887		0.7	%		29,444		28,433		3.6	%		64,129		64,454		(0.5	)%		1,826		1,802		1.3	%
Raleigh/Durham, NC		5,350		86,043		82,716		4.0	%		28,685		27,555		4.1	%		57,358		55,161		4.0	%		1,234		1,168		5.6	%
Nashville, TN		4,375		77,087		73,133		5.4	%		27,674		26,682		3.7	%		49,413		46,451		6.4	%		1,371		1,309		4.7	%
Houston, TX		4,867		76,760		74,830		2.6	%		35,193		33,651		4.6	%		41,567		41,179		0.9	%		1,231		1,217		1.1	%
Fort Worth, TX		4,249		71,254		67,223		6.0	%		30,060		28,426		5.7	%		41,194		38,797		6.2	%		1,249		1,181		5.8	%
Jacksonville, FL		3,496		55,456		50,932		8.9	%		19,048		17,729		7.4	%		36,408		33,203		9.7	%		1,245		1,156		7.7	%
Charleston, SC		3,168		55,019		51,007		7.9	%		20,012		19,266		3.9	%		35,007		31,741		10.3	%		1,337		1,244		7.5	%
Phoenix, AZ		2,623		47,864		43,821		9.2	%		12,964		12,359		4.9	%		34,900		31,462		10.9	%		1,412		1,292		9.3	%
Richmond, VA		2,004		34,281		32,312		6.1	%		11,271		10,717		5.2	%		23,010		21,595		6.6	%		1,308		1,228		6.5	%
Savannah, GA		1,837		30,668		27,543		11.3	%		11,439		10,076		13.5	%		19,229		17,467		10.1	%		1,253		1,146		9.3	%
Greenville, SC		2,084		28,467		26,461		7.6	%		10,852		10,358		4.8	%		17,615		16,103		9.4	%		1,003		942		6.5	%
Memphis, TN		1,811		27,145		24,556		10.5	%		10,263		9,722		5.6	%		16,882		14,834		13.8	%		1,146		1,039		10.3	%
Birmingham, AL		1,462		22,930		21,529		6.5	%		9,008		8,394		7.3	%		13,922		13,135		6.0	%		1,161		1,080		7.5	%
San Antonio, TX		1,504		22,673		21,931		3.4	%		10,213		9,980		2.3	%		12,460		11,951		4.3	%		1,167		1,119		4.2	%
Huntsville, AL		1,228		18,528		16,699		11.0	%		6,080		5,678		7.1	%		12,448		11,021		12.9	%		1,109		999		11.0	%
Kansas City, MO-KS		1,110		18,716		18,151		3.1	%		6,875		6,746		1.9	%		11,841		11,405		3.8	%		1,330		1,289		3.1	%
Other		7,076		114,706		105,195		9.0	%		41,225		38,798		6.3	%		73,481		66,397		10.7	%		1,250		1,165		7.3	%
Total Same Store		97,003	$	1,702,741	$	1,613,369		5.5	%	$	638,433	$	611,450		4.4	%	$	1,064,308	$	1,001,919		6.2	%	$	1,362	$	1,295		5.2	%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands


		Units as of
		December 31, 2021							Projected			Development Costs
									Initial
								Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total		Delivered		Leased		Date	Date	Date	Date (1)	Cost		FYE 2021		After
MAA Westglenn	Denver, CO		306		194		179	3Q19	2Q21	1Q22	4Q22	$	84,500	$	80,727	$	3,773
MAA Park Point	Houston, TX		308		222		138	4Q19	2Q21	1Q22	1Q23		57,000		52,466		4,534
MAA Windmill Hill	Austin, TX		350	—		—		4Q20	1Q22	4Q22	4Q23		63,000		39,761		23,239
Novel Val Vista (2)	Phoenix, AZ		317	—		—		4Q20	4Q22	2Q23	2Q24		72,500		36,536		35,964
Novel West Midtown (2)	Atlanta, GA		340	—		—		2Q21	4Q22	3Q23	3Q24		89,500		30,262		59,238
Novel Daybreak (2)	Salt Lake City, UT		400	—		—		2Q21	4Q22	3Q23	4Q24		94,000		33,917		60,083
Total Active			2,021		416		317					$	460,500	$	273,669	$	186,831

(1) Communities are considered stabilized after 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, 2021
	Location	Total Units		Percent Occupied	Construction Finished	Expected Stabilization (1)	Total Cost
Novel Midtown (2)	Phoenix, AZ	345		89.6%	2Q21	1Q22	$	82,919
Sand Lake (3)	Orlando, FL	264		61.7%	4Q21	3Q22		63,313
MAA Robinson	Orlando, FL	369		52.3%	4Q21	1Q23		96,121
Total			978	68.0%			$	242,353

(1) Communities are considered stabilized after achieving 90% average physical occupancy for 90 days.

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

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

MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data


		Year ended December 31, 2021
Units Redeveloped		Redevelopment Spend		Spend per Unit		Increase in Average Effective Rent per Unit		Increase in Average Effective Rent per Unit	Estimated Units Remaining in Pipeline
	6,360	$	37,479	$	5,893	$	149	12.2%	12,000 - 16,000

2021 ACQUISITION ACTIVITY


Multifamily Development Acquisitions	Market	Apartment Units	Projected Completion Date	Closing Date
Novel Daybreak (1)	Salt Lake City, UT	400	3Q23	April 2021
Novel West Midtown (1)	Atlanta, GA	340	3Q23	April 2021

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


Land Acquisition	Market	Acreage	Closing Date
MAA Westshore	Tampa, FL	19	June 2021

2021 DISPOSITION ACTIVITY


Multifamily Dispositions	Market	Apartment Units	Closing Date
Crosswinds	Jackson, MS	360	June 2021
Pear Orchard	Jackson, MS	389	June 2021
Reflection Pointe	Jackson, MS	296	June 2021
Lakeshore Landing	Jackson, MS	196	June 2021
MAA Timbercrest	Charlotte, NC	282	November 2021
Colonial Village at Greentree	Savannah, GA	194	November 2021
Colonial Village at Marsh Cove	Savannah, GA	188	November 2021

Supplemental Data S-8

2021 DISPOSITION ACTIVITY (CONTINUED)


Land Dispositions	Market	Acreage	Closing Date
Tutwiler	Birmingham, AL	9	September 2021
Colonial Promenade	Huntsville, AL	1	September 2021
Colonial Grand at Sweetwater	Phoenix, AZ	5	October 2021
Colonial Grand at Traditions	Gulf Shores, AL	118	December 2021
Colonial Grand at Thunderbird	Phoenix, AZ	9	December 2021

INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES AS OF DECEMBER 31, 2021

MAA holds an investment in a real estate joint venture with an institutional investor and accounts for its investment using the equity method of accounting. A summary of non-financial and financial information for this joint venture is provided below.


Joint Venture Property	Market	# of units	Ownership Interest
Post Massachusetts Avenue	Washington, D.C.	269	35%


Dollars in thousands	As of December 31, 2021
Joint Venture Property	Gross Investment in Real Estate			Mortgage Notes Payable			Company’s Equity Investment
Post Massachusetts Avenue	$	80,108	(1)	$	51,807	(2)	$	42,827


	Three months ended December 31, 2021				Year ended December 31, 2021
Joint Venture Property	Entity NOI		Company’s Equity in Income		Entity NOI		Company’s Equity in Income
Post Massachusetts Avenue	$	1,730	$	296	$	6,715	$	1,211

(1) Represents the net book value plus accumulated depreciation.

(2) The mortgage note has an outstanding principal value of $52.0 million, bears interest at a stated fixed rate of 3.93% and matures in December 2025.

DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2021

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	$	4,516,690		100.0	%		3.4	%		8.7
Floating rate debt		—		0.0	%		0.0	%		—
Total	$	4,516,690		100.0	%		3.4	%		8.7

Unsecured Versus Secured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	4,151,375		91.9	%		3.3	%		7.1
Secured debt		365,315		8.1	%		4.4	%		26.8
Total	$	4,516,690		100.0	%		3.4	%		8.7

Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q4 2021 NOI			Percent of Total
Unencumbered gross assets	$	14,268,531		94.3	%		282,229			95.2	%
Encumbered gross assets		864,812		5.7	%		14,248			4.8	%
Total	$	15,133,343		100.0	%		296,477			100.0	%

Supplemental Data S-9

DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2021 (CONTINUED)

Dollars in thousands

FIXED INTEREST RATE MATURITIES


Maturity	Fixed Rate Debt		Effective Interest Rate
2022	$	124,827		3.3	%
2023		348,834		4.2	%
2024		398,024		4.0	%
2025		402,424		4.2	%
2026		296,430		1.2	%
2027		595,762		3.7	%
2028		396,087		4.2	%
2029		560,415		3.7	%
2030		297,196		3.1	%
2031		444,323		1.8	%
Thereafter		652,368		3.8	%
Total	$	4,516,690		3.4	%

DEBT MATURITIES OF OUTSTANDING BALANCES


	Commercial Paper & Revolving Credit Facility ⁽¹⁾ ⁽²⁾		Public Bonds		Secured		Total
2022	$	—	$	124,827	$	—	$	124,827
2023		—		348,834		—		348,834
2024		—		398,024		—		398,024
2025		—		396,999		5,425		402,424
2026		—		296,430		—		296,430
2027		—		595,762		—		595,762
2028		—		396,087		—		396,087
2029		—		560,415		—		560,415
2030		—		297,196		—		297,196
2031		—		444,323		—		444,323
Thereafter		—		292,478		359,890		652,368
Total	$	—	$	4,151,375	$	365,315	$	4,516,690

(1)

There were no borrowings outstanding under MAALP’s unsecured commercial paper program as of December 31, 2021. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $500.0 million. For the three months ended December 31, 2021, average daily borrowings outstanding under the commercial paper program were $13.5 million.

(2)

There were no borrowings outstanding under MAALP’s $1.0 billion unsecured revolving credit facility as of December 31, 2021. The unsecured revolving credit facility has a maturity date of May 2023 with two six-month extensions.

DEBT COVENANT ANALYSIS (1)


Bond Covenants	Required	Actual	Compliance
Total debt to adjusted total assets	60% or less	29.8%	Yes
Total secured debt to adjusted total assets	40% or less	2.4%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	6.1x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	338.5%	Yes

Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	24.4%	Yes
Total secured debt to total capitalized asset value	40% or Less	2.1%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	6.2x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	23.4%	Yes

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

Supplemental Data S-10

2022 GUIDANCE

MAA provides guidance on expected Core FFO per Share and Core AFFO per Share, which are non-GAAP 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.


		Full Year 2022
Earnings:
Earnings per common share - diluted		$4.87 to $5.23
Midpoint		$5.05
Core FFO per Share - diluted		$7.74 to $8.10
Midpoint		$7.92
Core AFFO per Share - diluted		$6.95 to $7.31
Midpoint		$7.13

MAA Same Store Portfolio:
Number of units		96,313
Average physical occupancy		95.6% to 96.0%
Property revenue growth		8.0% to 10.0%
Effective rent growth		9.0% to 11.0%
Property operating expense growth		5.0% to 6.0%
NOI growth		10.0% to 12.0%
Real estate tax expense growth		4.0% to 5.0%

Corporate Expenses:
General and administrative expenses		$54.0 to $56.0 million
Property management expenses		$62.0 to $64.0 million
Total overhead		$116.0 to $120.0 million

Transaction/Investment Volume:
Multifamily acquisition volume		$75.0 to $125.0 million
Multifamily disposition volume		$300.0 to $350.0 million
Development investment		$200.0 to $300.0 million

Debt:
Average effective interest rate		3.4% to 3.6%
Capitalized interest		$7.5 to $8.5 million

Diluted FFO Shares Outstanding:
Diluted common shares and units		118.5 to 119.0 million

RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER SHARE FOR 2022 GUIDANCE


	Full Year 2022 Guidance Range
	Low			High
Earnings per common share - diluted	$	4.87		$	5.23
Real estate depreciation and amortization		4.48			4.48
Gains on sale of depreciable assets		(1.64	)		(1.64	)
FFO per Share - diluted		7.71			8.07
Non-Core FFO items (1)		0.03			0.03
Core FFO per Share - diluted		7.74			8.10
Recurring capital expenditures		(0.79	)		(0.79	)
Core AFFO per Share - diluted	$	6.95		$	7.31

(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, adjustments for gains or losses from unconsolidated limited partnerships, net casualty gain or loss, 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

CREDIT RATINGS


	Commercial	Long-Term
	Paper Rating	Debt Rating	Outlook
Fitch Ratings (1)	F2	BBB+	Positive
Moody’s Investors Service (2)	P-2	Baa1	Stable
Standard & Poor’s Ratings Services (1)	A-2	BBB+	Positive

(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 2022

Q2 2022

Q3 2022

Q4 2022

Earnings release & conference call

Late
April

Late
July

Late
October

Early
February

Dividend Information - Common Shares:

Q4 2020

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Declaration date

12/8/2020

3/23/2021

5/18/2021

9/28/2021

12/7/2021

Record date

1/15/2021

4/15/2021

7/15/2021

10/15/2021

1/14/2022

Payment date

1/29/2021

4/30/2021

7/30/2021

10/29/2021

1/31/2022

Distributions per share

1.0250

1.0875

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


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


Tennessee	333-190028-01	62-1543816
(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)


☐		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))


Title of each class	Trading Symbol(s)	Name of each exchange on which 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


Exhibit Number		Description
99.1		Press Release dated February 2, 2022
99.2		Supplemental Data Schedules dated February 2, 2022
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)


		MID-AMERICA APARTMENT COMMUNITIES, INC.

Date:	February 2, 2022	/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 2, 2022	/s/Albert M. Campbell, III
		Albert M. Campbell, III
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer)