Equibles

8-K

MID AMERICA APARTMENT COMMUNITIES INC. (MAA)

8-K 2025-02-05 For: 2025-02-05
View Original
Added on April 06, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 5, 2025

MID-AMERICA APARTMENT COMMUNITIES, INC.

(Exact name of registrant as specified in its charter)

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

MID-AMERICA APARTMENTS, L.P.

(Exact name of registrant as specified in its charter)

Tennessee 333-190028-01 62-1543816
(State or Other Jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
6815 Poplar Avenue, Suite 500
--- ---
Germantown, Tennessee 38138
(Address of Principal Executive Offices) (Zip Code)

(901) 682-6600

(Registrant’s telephone number, including area code)

N/A

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

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

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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

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

Emerging growth company ☐

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

ITEM 2.02. Results of Operations and Financial Condition.

On February 5, 2025, Mid-America Apartment Communities, Inc. (“MAA”) issued a press release announcing its consolidated results of operations and financial condition as of December 31, 2024 and for the three and twelve months then ended (the “Press Release”). Copies of the Press Release and supplemental data schedules are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report.

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

ITEM 7.01 Regulation FD Disclosure.

In the Press Release, MAA provided certain information with respect to same store portfolio occupancy as of January 31, 2025 and same store portfolio lease pricing trends for the month ended January 31, 2025. A copy of the Press Release is furnished as Exhibit 99.1 to this Current Report.

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

ITEM 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number Description
99.1 Press Release dated February 5, 2025
99.2 Supplemental Data Schedules dated February 5, 2025
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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

MID-AMERICA APARTMENT COMMUNITIES, INC.
Date: February 5, 2025 /s/ A. Clay Holder
A. Clay Holder
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 5, 2025 /s/ A. Clay Holder
A. Clay Holder
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)

EX-99.1

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TABLE OF CONTENTS
Earnings Release 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 15
Portfolio Statistics S-1
Components of Net Operating Income/Components of Same Store Portfolio Property Operating Expenses S-3
Multifamily Same Store Portfolio NOI Contribution Percentage S-4
Multifamily Same Store Portfolio Comparisons S-5
Multifamily Development Pipeline/Multifamily Lease-up Communities/Multifamily Interior Redevelopment Pipeline S-8
Acquisition Activity/Disposition Activity/Debt and Debt Covenants as of December 31, 2024 S-9
2025 Guidance/2024 Same Store Components of Net Operating Income Recast For 2025 Same Store Portfolio/Reconciliation of Earnings per Diluted Common Share to Core FFO and Core AFFO per Diluted Share for Full Year 2025 Guidance S-11
Credit Ratings/Common Stock/Investor Relations Data S-12
EARNINGS RELEASE
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MAA REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS

GERMANTOWN, TN, February 5, 2025/PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the three months ended December 31, 2024.

Fourth Quarter 2024 Operating Results Three months ended December 31, Year ended December 31,
2024 2023 2024 2023
Earnings per common share - diluted $ 1.42 $ 1.37 $ 4.49 $ 4.71
Funds from operations (FFO) per Share - diluted $ 2.21 $ 2.53 $ 8.77 $ 9.39
Core FFO per Share - diluted $ 2.23 $ 2.32 $ 8.88 $ 9.17

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

Eric Bolton, Chairman and Chief Executive Officer, said, “We are encouraged by the performance trends captured in the fourth quarter and the early signs of improvement in pricing trends as the record level of new supply deliveries has now peaked. Calendar year 2025 will be a transition year for revenue performance as the decline in new supply deliveries will provide for increasingly tighter market conditions and resulting rent growth. As we reprice leases over the busy spring and summer leasing season, the compounding impact in overall revenue performance will become increasingly evident late this year and into 2026. Same Store Portfolio blended lease pricing, on a sequential basis from the seasonally strong third quarter to the typically slower fourth quarter, improved 140 basis points as compared to the same sequential trend of the prior year. Capturing this improvement in year-over-year pricing trends, despite the record level of new supply deliveries over the past year, we believe speaks to the continued strong demand for apartment housing across our portfolio. Further, it puts MAA in a solid position to capture recovery in rental pricing as we head into 2025 with the delivery of new supply poised to meaningfully decline.”

Highlights

  • During the fourth quarter of 2024, MAA’s Same Store Portfolio captured strong Average Physical Occupancy of 95.6%. During the fourth quarter of 2024, MAA’s Same Store Portfolio revenue decreased 0.2%, as compared to the same period in the prior year, with Average Effective Rent per Unit down 0.5%, partially offset by a 1.8% increase in other property revenues.
  • During the fourth quarter of 2024, MAA’s Same Store Portfolio property operating expense increased by 3.4% and MAA's Same Store Portfolio Net Operating Income (NOI) decreased by 2.1%, in each case as compared to the same period in the prior year.
  • As of December 31, 2024, resident turnover remained historically low at 42.0% on a trailing twelve month basis with a record low level of move-outs associated with buying single family-homes.
  • During the fourth quarter of 2024, MAA acquired a newly built 386-unit multifamily community located in Dallas, Texas.
  • During the fourth quarter of 2024, MAA closed on the disposition of a 216-unit multifamily community located in Charlotte, North Carolina and a 272-unit multifamily community located in Richmond, Virginia for combined net proceeds of approximately $85 million, resulting in combined gain on the sale of depreciable real estate assets of approximately $55 million.
  • As of December 31, 2024, MAA had seven communities under development, representing 2,312 units once complete, with a projected total cost of $851.5 million and an estimated $374.3 million remaining to be funded. During the fourth quarter of 2024, MAA completed the development of MAA Milepost 35 located in Denver, Colorado and started construction on a 219-unit phase II multifamily expansion at the property. During the fourth quarter of 2024, MAA also completed the development of Novel Val Vista, located in the Phoenix, Arizona market.
  • As of December 31, 2024, MAA had four recently completed development communities and four recently acquired communities in lease-up. Two communities are expected to stabilize in the first quarter of 2025, one in the second quarter of 2025, four in the third quarter of 2025 and one in the second quarter of 2026.
  • In December 2024, MAA’s operating partnership, Mid-America Apartments, L.P. (referred to as MAALP or the Operating Partnership), issued $350.0 million of 10-year unsecured senior notes at a coupon of 4.950% and an issue price of 99.170%.
  • MAA’s balance sheet remains strong with a Net Debt/Adjusted EBITDAre ratio of 4.0x and $1.0 billion of combined cash and available capacity under MAALP’s unsecured revolving credit facility as of December 31, 2024.

Same Store Portfolio Operating Results

To ensure comparable reporting with prior periods, the Same Store Portfolio includes properties that were owned by MAA and stabilized at the beginning of the previous year. Same Store Portfolio results for the three and twelve months ended December 31, 2024 as compared to the same periods in the prior year are summarized below:

Three months ended December 31, 2024 vs. 2023 Twelve months ended December 31, 2024 vs. 2023
Revenues Expenses NOI Average Effective Rent per Unit Revenues Expenses NOI Average Effective Rent per Unit
Same Store Operating Growth -0.2% 3.4% -2.1% -0.5% 0.5% 3.9% -1.4% 0.3%

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

Same Store Portfolio operating statistics for the three and twelve months ended December 31, 2024 are summarized below:

Three months ended December 31, 2024 Twelve months ended December 31, 2024 December 31, 2024
Average Effective Rent per Unit Average Physical Occupancy Average Effective Rent per Unit Average Physical Occupancy Resident Turnover
Same Store Operating Statistics $ 1,684 95.6% $ 1,688 95.5% 42.0%

Same Store Portfolio lease pricing for new leases that were effective during the fourth quarter of 2024 declined 8.0%, while Same Store Portfolio lease pricing for renewing leases that were effective during the fourth quarter of 2024 increased 4.2%, producing a decrease of 2.0% for both new and renewing lease pricing on a blended basis in the fourth quarter of 2024 as compared to the prior lease.

Same Store Portfolio lease pricing for both new and renewing leases effective during the year ended December 31, 2024, on a blended basis, declined 0.5% as compared to the prior lease, driven by a 5.9% decrease for leases to new move-in residents, partially offset by a 4.4% increase for renewing leases.

Brad Hill, President and Chief Investment Officer, said, “We remain focused on optimizing our portfolio to deliver enhanced performance throughout 2025 and beyond as the demand and supply dynamics continue to improve. In the fourth quarter, our average physical occupancy was 10 basis points better than the same period in 2023 and we finished the year with exposure, which represents all current vacant units plus all notices to vacate over the next 60 days, 60 basis points better than the prior year. We are encouraged by other positive trends as well. As of January 31, 2025, our exposure improved by 70 basis points compared to the prior year. Similarly, through the month of January, we observed better than normal seasonal blended pricing trends, with a few additional markets showing positive lease-over-lease rates. While the performance from our existing portfolio is gaining momentum, we are increasing our investments in several initiatives that will enhance efficiencies and deliver stronger future earnings growth. Additionally, as our lease-up properties reach stabilization, we expect a growing earnings contribution from this component of our portfolio as new deliveries decrease within our markets.”

Acquisition and Disposition Activity

In October 2024, MAA acquired a 386-unit multifamily community located in Dallas, Texas for approximately $106 million. In December 2024, MAA acquired a 3-acre land parcel in the Raleigh, North Carolina market for approximately $5 million for future development.

In October 2024, MAA closed on the disposition of a 216-unit multifamily community located in Charlotte, North Carolina for net proceeds of approximately $38 million. In December 2024, MAA also closed on the disposition of a 272-unit multifamily community located in Richmond, Virginia for net proceeds of approximately $47 million.

Development and Lease-up Activity

A summary of MAA’s development communities under construction as of the end of the fourth quarter of 2024 is set forth below (dollars in thousands):

Units as of Development Costs as of Expected Project
Total December 31, 2024 December 31, 2024 Completions By Year
Development Expected Costs Expected
Projects (1) Total Delivered Leased Total to Date Remaining 2025 2026 2027
7 2,312 73 14 $ 851,500 $ 477,181 $ 374,319 2 4 1
  • One of the development projects is currently leasing.

During the fourth quarter of 2024, MAA funded approximately $64 million of costs for current and planned projects, including predevelopment activities.

During the fourth quarter of 2024, MAA completed the development of MAA Milepost 35 located in Denver, Colorado and started construction on a 219-unit phase II multifamily expansion at the property. The phase II development is expected to deliver its first units in the second quarter of 2026, to be completed in the fourth quarter of 2026 and to reach stabilization in the fourth quarter of 2027 at a total cost of approximately $78 million. During the fourth quarter of 2024, MAA also completed the development of Novel Val Vista, located in the Phoenix, Arizona market

A summary of the total units, physical occupancy and cost of MAA’s lease-up communities as of the end of the fourth quarter of 2024 is set forth below (dollars in thousands):

Total As of December 31, 2024
Lease-Up Total Physical Costs
Projects (1) Units Occupancy to Date
8 2,763 69.7 % $ 766,090
  • Two of the lease-up projects are expected to stabilize in the first quarter of 2025, one in the second quarter of 2025, four in the third quarter of 2025 and one in the second quarter of 2026.

Property Redevelopment and Repositioning Activity

A summary of MAA’s interior redevelopment program as of the end of the fourth quarter of 2024 is set forth below:

As of December 31, 2024
Units Average Cost Increase in Average
Completed per Unit Effective Rent per Unit
YTD YTD YTD
Redevelopment 5,665 $ 6,219 $ 106

As of December 31, 2024, MAA had completed installation of Smart Home technology (unit entry locks, mobile control of lights and thermostat and leak monitoring) in over 96,000 units across its apartment community portfolio providing an increase in Average Effective Rent per Unit of approximately $25 per month since the initiative began during the first quarter of 2019.

During the fourth quarter of 2024, MAA continued 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. For the year ended December 31, 2024, MAA spent $4.8 million on this program.

Capital Expenditures

A summary of MAA’s capital expenditures and Funds Available for Distribution (FAD) for the three and twelve months ended December 31, 2024 and 2023 is set forth below (dollars in millions, except per Share data):

Three months ended December 31, Year ended December 31,
2024 2023 2024 2023
Core FFO attributable to common shareholders and unitholders $ 267.4 $ 277.8 $ 1,065.0 $ 1,098.1
Recurring capital expenditures (23.4 ) (26.4 ) (112.2 ) (111.7 )
Core adjusted FFO (Core AFFO) attributable to common shareholders and unitholders 244.0 251.4 952.8 986.4
Redevelopment, revenue enhancing, commercial and other capital expenditures (61.5 ) (52.1 ) (207.3 ) (208.4 )
FAD attributable to common shareholders and unitholders $ 182.5 $ 199.3 $ 745.5 $ 778.0
Core FFO per Share - diluted $ 2.23 $ 2.32 $ 8.88 $ 9.17
Core AFFO per Share - diluted $ 2.03 $ 2.10 $ 7.94 $ 8.24

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

Balance Sheet and Financing Activities

As of December 31, 2024, MAA had $1.0 billion of combined cash and available capacity under MAALP’s unsecured revolving credit facility.

Dividends and distributions paid on shares of common stock and noncontrolling interests during the fourth quarter of 2024 were $176.3 million, as compared to $167.8 million for the same period in the prior year.

In December 2024, MAALP publicly issued $350.0 million of unsecured notes due March 2035 with a coupon rate of 4.950% per annum and at an issue price of 99.170%. Interest is payable semi-annually in arrears on March 1 and September 1 of each year, commencing September 1, 2025. The proceeds from the sale of the notes were used to repay borrowings on MAALP's commercial paper program. The notes have an effective interest rate of 5.053%.

Balance sheet highlights as of December 31, 2024 are summarized below (dollars in billions):

Total debt to adjusted total assets (1) Net Debt/Adjusted EBITDAre (2) Total debt outstanding Average effective interest rate Fixed rate debt as a % of total debt Total debt average years to maturity
29.0% 4.0x $ 5.0 3.8% 95.0% 7.3
  • As defined in the covenants for the bonds issued by MAALP.
  • Adjusted EBITDAre is calculated for the trailing twelve month period ended December 31, 2024.

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

Corporate Sustainability

As of December 31, 2024, MAA’s corporate initiatives have led to significant progress in key sustainability performance areas. After achieving its original 2018 baseline targets in 2023, MAA re-established its 2028 targets in 2024 to further improve the reduction in energy use intensity (EUI) and reduction in GHG emissions intensity (GEI). Through December 31, 2023, MAA achieved a 29% reduction in EUI and a 36% reduction in GEI from its 2018 baseline, with the aim to reduce EUI and GEI by 35% and 45% by 2028, respectively. Additionally, as of December 31, 2024, MAA completed its initiative to retrofit common area light fixtures in its portfolio to LED lighting to maximize energy efficiency and MAA had 51 green-certified communities, representing over 15% of its portfolio.

MAA has several community engagement efforts underway and continues to report its progress through its 5th annual Corporate Sustainability Report, published in October 2024, CDP disclosure, and GRESB assessment, the latter of which MAA has now improved

year over year since its first submission in 2020 to a score of 80. MAA believes its initiatives related to solar panel and building automation systems, together with an expansion of its smart irrigation initiative, continue an integrated pathway for sustainability, enhance its resiliency, and create a positive impact for MAA's residents, associates, and investors.

124th Consecutive Quarterly Common Dividend Declared

MAA declared its 124th consecutive quarterly common dividend, which was paid on January 31, 2025 to holders of record on January 15, 2025. The current annual dividend rate is $6.06 per common share. The timing and amount of future dividends will depend on actual cash flows from operations, MAA’s financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986 and other factors as MAA’s Board of Directors deems relevant. MAA’s Board of Directors may modify the dividend policy from time to time.

2025 Earnings and Same Store Portfolio Guidance

MAA is providing initial 2025 guidance for Earnings per diluted common share, Core FFO per diluted Share, Core AFFO per diluted Share and Same Store Portfolio performance. MAA expects to update its 2025 Earnings per diluted common share, Core FFO per diluted Share and Core AFFO per diluted Share guidance on a quarterly basis.

FFO, Core FFO and Core AFFO are non-GAAP financial measures. Acquisition and disposition activity materially affects depreciation and capital gains or losses, which combined, generally represent the majority of the difference between Net income available for common shareholders and FFO. As discussed in the definitions of non-GAAP financial measures found later in this release, MAA’s definition of FFO is in accordance with the National Association of Real Estate Investment Trusts’, or NAREIT’s, definition, and Core FFO represents FFO as 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.

2025 Guidance 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:
Property revenue growth -0.35% to 1.15% 0.40%
Property operating expense growth 2.45% to 3.95% 3.20%
NOI growth -2.15% to -0.15% -1.15%

The projected difference between Core FFO per diluted Share for the full year of 2024 to the midpoint of MAA's guidance for the full year of 2025 is summarized below:

Core FFO per diluted Share
2024 per diluted Share reported results $ 8.88
Same Store NOI (0.13 )
Development, Lease-up and Other Non-Same Store NOI 0.20
2024 Storm-related clean-up costs included in Non-Same Store NOI 0.07
Total overhead (0.05 )
Interest expense (1) (0.18 )
2025 forecasted acquisitions and dispositions (0.02 )
2025 per diluted Share guidance midpoint $ 8.77
  • The projected year-over-year change in Interest expense is primarily driven by higher interest expense as a result of incremental borrowings related to our acquisition activities in 2024, development activities and debt refinancing.

MAA expects Core FFO for the first quarter of 2025 to be in the range of $2.08 to $2.24 per diluted Share, or $2.16 per diluted Share at the midpoint. The projected difference between Core FFO per diluted Share for the fourth quarter of 2024 to the midpoint of MAA's guidance for the first quarter of 2025 is summarized below:

Core FFO per diluted Share
Q4 2024 per diluted Share reported results $ 2.23
Same Store NOI (1) (0.01 )
Development, Lease-up and Other Non-Same Store NOI 0.01
2024 Storm-related clean-up costs included in Non-Same Store NOI 0.02
Total overhead (0.06 )
Interest expense (0.02 )
Other non-operating income (expense) (0.01 )
Q1 2025 per diluted Share guidance midpoint $ 2.16
  • The sequential quarter-over-quarter change is calculated with projected Same Store Portfolio NOI for the first quarter of 2025 compared to Same Store NOI from the fourth quarter of 2024, which is recast for the 2025 Same Store Portfolio as provided in the Supplemental Data to this release.

MAA does not forecast Earnings per diluted common share on a quarterly basis as MAA generally cannot predict the timing of forecasted acquisition and disposition activity within a particular quarter (rather than during the course of the full year). Additional details and guidance items are provided in the Supplemental Data to this release.

Supplemental Material and Conference Call

Supplemental Data to this release can be found on the “For Investors” page of the MAA website at www.maac.com. MAA will host a conference call to further discuss fourth quarter results on February 6, 2025, at 9:00 AM Central Time. The conference call-in number is (800) 715-9871. You may also join the live webcast of the conference call by accessing the “For Investors” page of the MAA website at www.maac.com. MAA’s filings with the Securities and Exchange Commission (SEC) are filed under the registrant names of Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P.

About MAA

MAA, an S&P 500 company, is a real estate investment trust (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States. As of December 31, 2024, MAA had ownership interest in 104,587 apartment units, including communities currently in development, across 16 states and the District of Columbia. For further details, please visit the MAA website at www.maac.com or contact Investor Relations at investor.relations@maac.com, or via mail at MAA, 6815 Poplar Ave., Suite 500, Germantown, TN 38138, Attn: Investor Relations.

Forward-Looking Statements

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

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

  • 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, losses due to uninsured risks, deductibles and self-insured retentions, or losses from catastrophes in excess of coverage limits;

  • 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 impact of adverse developments affecting the U.S. or global banking industry, including bank failures and liquidity concerns, which could cause continued or worsening economic and market volatility, and regulatory responses thereto;

  • 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 and natural disasters;

  • disease outbreaks and other public health events and measures that are taken by federal, state, and local governmental authorities in response to such outbreaks and 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,
--- --- --- --- --- --- --- --- --- --- --- --- ---
2024 2023 2024 2023
Rental and other property revenues $ 549,832 $ 542,247 $ 2,191,015 $ 2,148,468
Net income available for MAA common shareholders $ 165,724 $ 159,554 $ 523,855 $ 549,118
Total NOI (1) $ 344,899 $ 350,465 $ 1,370,923 $ 1,380,327
Earnings per common share: (2)
Basic $ 1.42 $ 1.37 $ 4.49 $ 4.71
Diluted $ 1.42 $ 1.37 $ 4.49 $ 4.71
Funds from operations per Share - diluted: (2)
FFO (1) $ 2.21 $ 2.53 $ 8.77 $ 9.39
Core FFO (1) $ 2.23 $ 2.32 $ 8.88 $ 9.17
Core AFFO (1) $ 2.03 $ 2.10 $ 7.94 $ 8.24
Dividends declared per common share $ 1.5150 $ 1.4700 $ 5.9250 $ 5.6700
Dividends/Core FFO (diluted) payout ratio 67.9 % 63.4 % 66.7 % 61.8 %
Dividends/Core AFFO (diluted) payout ratio 74.6 % 70.0 % 74.6 % 68.8 %
Consolidated interest expense $ 44,192 $ 38,579 $ 168,544 $ 149,234
Mark-to-market debt adjustment — — — 25
Debt discount and debt issuance cost amortization (1,464 ) (1,287 ) (6,033 ) (5,849 )
Capitalized interest 5,247 3,311 17,435 12,376
Total interest incurred $ 47,975 $ 40,603 $ 179,946 $ 155,786
Amortization of principal on notes payable $ — $ — $ — $ 854
  • A reconciliation of the following items and discussion of their respective components can be found later in this release: (i) Net income available for MAA common shareholders to NOI; and (ii) Net income available for MAA common shareholders to FFO, Core FFO and Core AFFO.
  • See the “Share and Unit Data” section for additional information.
Dollars in thousands, except share price December 31, 2024 December 31, 2023
Gross Assets (1) $ 17,170,171 $ 16,349,193
Gross Real Estate Assets (1) $ 16,924,002 $ 16,089,909
Total debt $ 4,980,957 $ 4,540,225
Common shares and units outstanding 119,958,973 119,838,096
Share price $ 154.57 $ 134.46
Book equity value $ 6,147,664 $ 6,299,122
Market equity value $ 18,542,058 $ 16,113,430
Net Debt/Adjusted EBITDAre (2) 4.0x 3.6x
  • A reconciliation of Total assets to Gross Assets and Real estate assets, net, to Gross Real Estate Assets, along with discussion of their components, can be found later in this release.
  • Adjusted EBITDAre is calculated for the trailing twelve month period for each date presented. A reconciliation of the following items and discussion of their respective components can be found later in this release: (i) Unsecured notes payable and Secured notes payable to Net Debt; and (ii) Net income to EBITDA, EBITDAre and Adjusted EBITDAre.
CONSOLIDATED STATEMENTS OF OPERATIONS
Dollars in thousands, except per share data (Unaudited) Three months ended December 31, Year ended December 31,
--- --- --- --- --- --- --- --- --- --- --- --- ---
2024 2023 2024 2023
Revenues:
Rental and other property revenues $ 549,832 $ 542,247 $ 2,191,015 $ 2,148,468
Expenses:
Operating expenses, excluding real estate taxes and insurance 123,848 113,672 502,735 461,540
Real estate taxes and insurance 81,085 78,110 317,357 306,601
Depreciation and amortization 150,852 140,888 585,616 565,063
Total property operating expenses 355,785 332,670 1,405,708 1,333,204
Property management expenses 17,579 17,467 72,040 67,784
General and administrative expenses 14,072 15,249 56,516 58,578
Interest expense 44,192 38,579 168,544 149,234
(Gain) loss on sale of depreciable real estate assets (55,028 ) 1 (55,003 ) 62
Gain on sale of non-depreciable real estate assets — — — (54 )
Other non-operating expense (income) 949 (27,219 ) (1,655 ) (31,185 )
Income before income tax expense 172,283 165,500 544,865 570,845
Income tax expense (1,755 ) (1,148 ) (5,240 ) (4,744 )
Income from continuing operations before real estate joint venture activity 170,528 164,352 539,625 566,101
Income from real estate joint venture 546 516 1,951 1,730
Net income 171,074 164,868 541,576 567,831
Net income attributable to noncontrolling interests 4,428 4,392 14,033 15,025
Net income available for shareholders 166,646 160,476 527,543 552,806
Dividends to MAA Series I preferred shareholders 922 922 3,688 3,688
Net income available for MAA common shareholders $ 165,724 $ 159,554 $ 523,855 $ 549,118
Earnings per common share - basic:
Net income available for common shareholders $ 1.42 $ 1.37 $ 4.49 $ 4.71
Earnings per common share - diluted:
Net income available for common shareholders $ 1.42 $ 1.37 $ 4.49 $ 4.71
SHARE AND UNIT DATA
---
Shares and units in thousands Three months ended December 31, Year ended December 31,
--- --- --- --- --- --- --- --- ---
2024 2023 2024 2023
Net Income Shares (1)
Weighted average common shares - basic 116,828 116,646 116,776 116,521
Effect of dilutive securities 64 87 — 124
Weighted average common shares - diluted 116,892 116,733 116,776 116,645
Funds From Operations Shares And Units
Weighted average common shares and units - basic 119,904 119,791 119,875 119,674
Weighted average common shares and units - diluted 119,958 119,837 119,929 119,722
Period End Shares And Units
Common shares at December 31, 116,883 116,694 116,883 116,694
Operating Partnership units at December 31, 3,076 3,144 3,076 3,144
Total common shares and units at December 31, 119,959 119,838 119,959 119,838
  • For additional information on the calculation of diluted common shares and earnings per common share, please refer to the Notes to the Consolidated Financial Statements in MAA’s Annual Report on Form 10-K for the annual period ended December 31, 2024, expected to be filed with the SEC on or about February 7, 2025.
CONSOLIDATED BALANCE SHEETS
Dollars in thousands (Unaudited)
--- --- --- --- --- --- ---
December 31, 2024 December 31, 2023
Assets
Real estate assets:
Land $ 2,096,912 $ 2,031,403
Buildings and improvements and other 14,160,799 13,515,949
Development and capital improvements in progress 470,282 385,405
16,727,993 15,932,757
Less: Accumulated depreciation (5,327,584 ) (4,864,690 )
11,400,409 11,068,067
Undeveloped land 73,359 73,861
Investment in real estate joint venture 41,650 41,977
Real estate assets, net 11,515,418 11,183,905
Cash and cash equivalents 43,018 41,314
Restricted cash 13,743 13,777
Other assets 232,426 245,507
Assets held for sale 7,764 —
Total assets $ 11,812,369 $ 11,484,503
Liabilities and equity
Liabilities:
Unsecured notes payable $ 4,620,690 $ 4,180,084
Secured notes payable 360,267 360,141
Accrued expenses and other liabilities 683,748 645,156
Total liabilities 5,664,705 5,185,381
Redeemable common stock 22,230 19,167
Shareholders’ equity:
Preferred stock 9 9
Common stock 1,166 1,168
Additional paid-in capital 7,417,453 7,399,921
Accumulated distributions in excess of net income (1,469,557 ) (1,298,263 )
Accumulated other comprehensive loss (6,940 ) (8,764 )
Total MAA shareholders’ equity 5,942,131 6,094,071
Noncontrolling interests - Operating Partnership units 155,409 163,128
Total shareholders’ equity 6,097,540 6,257,199
Noncontrolling interests - consolidated real estate entities 27,894 22,756
Total equity 6,125,434 6,279,955
Total liabilities and equity $ 11,812,369 $ 11,484,503
RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO FFO, CORE FFO, CORE AFFO AND FAD
---
Amounts in thousands, except per share and unit data Three months ended December 31, Year ended December 31,
--- --- --- --- --- --- --- --- --- --- --- --- ---
2024 2023 2024 2023
Net income available for MAA common shareholders $ 165,724 $ 159,554 $ 523,855 $ 549,118
Depreciation and amortization of real estate assets 149,457 139,437 579,927 558,969
(Gain) loss on sale of depreciable real estate assets (55,028 ) 1 (55,003 ) 62
MAA’s share of depreciation and amortization of real estate assets of real estate joint venture 162 159 628 615
Gain on consolidation of third-party development (1) (206 ) — (11,239 ) —
Net income attributable to noncontrolling interests 4,428 4,392 14,033 15,025
FFO attributable to common shareholders and unitholders 264,537 303,543 1,052,201 1,123,789
Loss (gain) on embedded derivative in preferred shares (1) 4,300 (20,391 ) 18,751 (18,528 )
Gain on sale of non-depreciable real estate assets — — — (54 )
Gain on investments, net of tax (1)(2) (3,205 ) (2,928 ) (6,078 ) (3,531 )
Casualty related charges (recoveries), net (1) 338 392 (9,326 ) 980
Gain on debt extinguishment (1) — — — (57 )
Legal costs, settlements and (recoveries), net (1)(3) 1,437 (2,854 ) 9,437 (4,454 )
Mark-to-market debt adjustment (4) — — — (25 )
Core FFO attributable to common shareholders and unitholders 267,407 277,762 1,064,985 1,098,120
Recurring capital expenditures (23,418 ) (26,318 ) (112,228 ) (111,685 )
Core AFFO attributable to common shareholders and unitholders 243,989 251,444 952,757 986,435
Redevelopment capital expenditures (17,903 ) (20,735 ) (51,670 ) (98,177 )
Revenue enhancing capital expenditures (15,394 ) (20,455 ) (75,960 ) (71,623 )
Commercial capital expenditures (3,542 ) (2,382 ) (7,823 ) (6,922 )
Other capital expenditures (24,662 ) (8,563 ) (71,820 ) (31,672 )
FAD attributable to common shareholders and unitholders $ 182,488 $ 199,309 $ 745,484 $ 778,041
Dividends and distributions paid $ 176,336 $ 167,768 $ 705,160 $ 669,388
Weighted average common shares - diluted 116,892 116,733 116,776 116,645
FFO weighted average common shares and units - diluted 119,958 119,837 119,929 119,722
Earnings per common share - diluted:
Net income available for common shareholders $ 1.42 $ 1.37 $ 4.49 $ 4.71
FFO per Share - diluted $ 2.21 $ 2.53 $ 8.77 $ 9.39
Core FFO per Share - diluted $ 2.23 $ 2.32 $ 8.88 $ 9.17
Core AFFO per Share - diluted $ 2.03 $ 2.10 $ 7.94 $ 8.24
  • Included in Other non-operating expense (income) in the Consolidated Statements of Operations.
  • For the three months ended December 31, 2024 and 2023, gain on investments is presented net of tax expense of $0.9 million and $0.8 million, respectively. For the twelve months ended December 31, 2024 and 2023, gain on investments is presented net of tax expense of $1.7 million and $0.9 million, respectively.
  • During the twelve months ended December 31, 2024, in accordance with its accounting policies, MAA recognized $8.0 million of accrued legal defense costs that are expected to be incurred through July 2027.
  • Included in Interest expense in the Consolidated Statements of Operations.
RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO NET OPERATING INCOME
Dollars in thousands Three Months Ended Year Ended
--- --- --- --- --- --- --- --- --- --- --- --- ---
December 31,<br>2024 December 31,<br>2023 December 31,<br>2024 December 31,<br>2023
Net income available for MAA common shareholders $ 165,724 $ 159,554 $ 523,855 $ 549,118
Depreciation and amortization 150,852 140,888 585,616 565,063
Property management expenses 17,579 17,467 72,040 67,784
General and administrative expenses 14,072 15,249 56,516 58,578
Interest expense 44,192 38,579 168,544 149,234
(Gain) loss on sale of depreciable real estate assets (55,028 ) 1 (55,003 ) 62
Gain on sale of non-depreciable real estate assets — — — (54 )
Other non-operating expense (income) 949 (27,219 ) (1,655 ) (31,185 )
Income tax expense 1,755 1,148 5,240 4,744
Income from real estate joint venture (546 ) (516 ) (1,951 ) (1,730 )
Net income attributable to noncontrolling interests 4,428 4,392 14,033 15,025
Dividends to MAA Series I preferred shareholders 922 922 3,688 3,688
Total NOI $ 344,899 $ 350,465 $ 1,370,923 $ 1,380,327
Same Store NOI $ 331,047 $ 338,297 $ 1,321,177 $ 1,339,810
Non-Same Store and Other NOI 13,852 12,168 49,746 40,517
Total NOI $ 344,899 $ 350,465 $ 1,370,923 $ 1,380,327
RECONCILIATION OF NET INCOME TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
---
Dollars in thousands Three Months Ended Year Ended
--- --- --- --- --- --- --- --- --- --- --- --- ---
December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023
Net income $ 171,074 $ 164,868 $ 541,576 $ 567,831
Depreciation and amortization 150,852 140,888 585,616 565,063
Interest expense 44,192 38,579 168,544 149,234
Income tax expense (benefit) 1,755 1,148 5,240 4,744
EBITDA 367,873 345,483 1,300,976 1,286,872
(Gain) loss on sale of depreciable real estate assets (55,028 ) 1 (55,003 ) 62
Gain on consolidation of third-party development (1) (206 ) — (11,239 ) —
Adjustments to reflect MAA’s share of EBITDAre of unconsolidated affiliates 345 339 1,363 1,350
EBITDAre 312,984 345,823 1,236,097 1,288,284
Loss (gain) on embedded derivative in preferred shares (1) 4,300 (20,391 ) 18,751 (18,528 )
Gain on sale of non-depreciable real estate assets — — — (54 )
Gain on investments (1) (4,143 ) (3,704 ) (7,809 ) (4,449 )
Casualty related charges (recoveries), net (1) 338 392 (9,326 ) 980
Gain on debt extinguishment (1) — — — (57 )
Legal costs, settlements and (recoveries), net (1)(2) 1,437 (2,854 ) 9,437 (4,454 )
Adjusted EBITDAre $ 314,916 $ 319,266 $ 1,247,150 $ 1,261,722
  • Included in Other non-operating expense (income) in the Consolidated Statements of Operations.
  • During the twelve months ended December 31, 2024, in accordance with its accounting policies, MAA recognized $8.0 million, of accrued legal defense costs that are expected to be incurred through July 2027.
RECONCILIATION OF UNSECURED NOTES PAYABLE AND SECURED NOTES PAYABLE TO NET DEBT
Dollars in thousands
--- --- --- --- --- --- ---
December 31, 2024 December 31, 2023
Unsecured notes payable $ 4,620,690 $ 4,180,084
Secured notes payable 360,267 360,141
Total debt 4,980,957 4,540,225
Cash and cash equivalents (43,018 ) (41,314 )
Net Debt $ 4,937,939 $ 4,498,911
RECONCILIATION OF TOTAL ASSETS TO GROSS ASSETS
---
Dollars in thousands
--- --- --- --- ---
December 31, 2024 December 31, 2023
Total assets $ 11,812,369 $ 11,484,503
Accumulated depreciation 5,327,584 4,864,690
Accumulated depreciation for Assets held for sale (1) 30,218 —
Gross Assets $ 17,170,171 $ 16,349,193
  • Included in Assets held for sale in the Consolidated Balance Sheets.
RECONCILIATION OF REAL ESTATE ASSETS, NET TO GROSS REAL ESTATE ASSETS
Dollars in thousands
--- --- --- --- ---
December 31, 2024 December 31, 2023
Real estate assets, net $ 11,515,418 $ 11,183,905
Accumulated depreciation 5,327,584 4,864,690
Assets held for sale, net 7,764 —
Accumulated depreciation for Assets held for sale (1) 30,218 —
Cash and cash equivalents 43,018 41,314
Gross Real Estate Assets $ 16,924,002 $ 16,089,909
  • Included in Assets held for sale 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, gain or loss on investments, casualty related charges (recoveries), net, gain or loss on debt extinguishment and legal costs, settlements and (recoveries), net. 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 excludes 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. Because net income attributable to noncontrolling interests is added back, Core AFFO, when used in this release, represents Core AFFO attributable to common shareholders and unitholders. Core AFFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. As an owner and operator of real estate, MAA considers Core AFFO to be an important measure of performance from operations because Core AFFO measures the ability to control revenues, expenses and recurring capital expenditures.

Core Funds from Operations (Core FFO)

Core FFO represents FFO as adjusted for items that are not considered part of MAA’s core business operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares; gain or loss on sale of non-depreciable assets; gain or loss on investments, net of tax; casualty related charges (recoveries), net; gain or loss on debt extinguishment; legal costs, settlements and (recoveries), net, and mark-to-market debt adjustments. Because net income attributable to noncontrolling interests is added back, Core FFO, when used in this release, represents Core FFO attributable to common shareholders and unitholders. 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 excludes 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 assets, gain on consolidation of third-party development and adjustments to reflect MAA’s share of EBITDAre of an unconsolidated affiliate. As an owner and operator of real estate, MAA considers EBITDAre to be an important measure of performance from core operations because EBITDAre excludes various expense items that are not indicative of operating performance. While MAA’s definition of EBITDAre is in accordance with NAREIT’s definition, it may differ from the methodology utilized by other companies to calculate EBITDAre. EBITDAre should not be considered as an alternative to Net income as an indicator of operating performance.

Funds Available for Distribution (FAD)

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

Funds From Operations (FFO)

FFO represents net income available for MAA common shareholders (calculated in accordance with GAAP) excluding gain or loss on disposition of operating properties, asset impairment and gain on consolidation of third-party development, 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 release, represents FFO attributable to common shareholders and unitholders. 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 and Accumulated depreciation for Assets held for sale. MAA believes that Gross Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

NON-GAAP FINANCIAL MEASURES (Continued)

Gross Real Estate Assets

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

Net Debt

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

Net Operating Income (NOI)

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

Non-Same Store and Other NOI

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

Same Store NOI

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

OTHER KEY DEFINITIONS

Average Effective Rent per Unit

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

Average Physical Occupancy

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

Development Communities

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

Lease-up Communities

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

Non-Same Store and Other Portfolio

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

Resident Turnover

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

Same Store Portfolio

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

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

EX-99.2

Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT DECEMBER 31, 2024 (1)

In apartment units

Same<br>Store Non-Same<br>Store Lease-up Total<br>Completed<br>Communities Development<br>Units<br>Delivered Total
Atlanta, GA 11,434 — 340 11,774 — 11,774
Dallas, TX 10,117 — 386 10,503 — 10,503
Austin, TX 6,829 350 — 7,179 — 7,179
Charlotte, NC 5,651 344 352 6,347 — 6,347
Orlando, FL 5,643 264 310 6,217 — 6,217
Raleigh/Durham, NC 5,350 — 306 5,656 73 5,729
Tampa, FL 5,416 — 5,416 — 5,416
Houston, TX 5,175 — 5,175 — 5,175
Nashville, TN 4,375 — — 4,375 — 4,375
Fort Worth, TX 3,687 — — 3,687 — 3,687
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
Richmond, VA 1,732 — — 1,732 — 1,732
Northern Virginia 1,888 — — 1,888 — 1,888
Savannah, GA 1,837 — — 1,837 — 1,837
Memphis, TN 1,811 — — 1,811 — 1,811
San Antonio, TX 1,504 — — 1,504 — 1,504
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 6,502 672 400 7,574 — 7,574
Total Multifamily Units 97,290 1,953 2,763 102,006 73 102,079
  • Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C.

Supplemental Data S-1

PORTFOLIO STATISTICS (CONTINUED)

TOTAL MULTIFAMILY COMMUNITY STATISTICS (1)

Dollars in thousands, except Average Effective Rent per Unit

As of December 31, 2024 Average<br>Effective As of December 31, 2024
Gross Real <br>Assets Percent to<br>Total of<br>Gross Real <br>Assets Physical<br>Occupancy Rent per<br>Unit for <br>the Three<br>Months Ended <br>December 31, 2024 Completed<br>Units Total Units,<br>Including<br>Development
Atlanta, GA $ 2,118,356 12.9 % 96.0 % $ 1,798 11,434
Dallas, TX 1,611,937 9.8 % 95.2 % 1,655 10,117
Charlotte, NC 1,143,445 7.0 % 96.1 % 1,648 5,995
Orlando, FL 1,042,585 6.3 % 96.2 % 1,990 5,907
Tampa, FL 1,027,372 6.3 % 96.4 % 2,086 5,416
Austin, TX 967,332 5.9 % 94.9 % 1,554 7,179
Raleigh/Durham, NC 739,989 4.5 % 96.1 % 1,533 5,350
Houston, TX 725,026 4.4 % 95.5 % 1,435 5,175
Phoenix, AZ 597,148 3.6 % 95.7 % 1,723 3,291
Northern Virginia 579,904 3.5 % 95.7 % 2,501 1,888
Nashville, TN 567,219 3.5 % 95.9 % 1,680 4,375
Charleston, SC 440,116 2.7 % 95.8 % 1,817 3,168
Fort Worth, TX 401,425 2.4 % 95.3 % 1,580 3,687
Jacksonville, FL 320,590 2.0 % 96.1 % 1,493 3,496
Denver, CO 298,105 1.8 % 94.3 % 1,968 1,118
Richmond, VA 261,703 1.6 % 95.8 % 1,672 1,732
Fredericksburg, VA 259,236 1.6 % 95.9 % 1,891 1,435
Greenville, SC 246,496 1.5 % 96.3 % 1,335 2,354
Savannah, GA 228,984 1.4 % 96.1 % 1,708 1,837
Kansas City, MO-KS 195,918 1.2 % 95.4 % 1,644 1,110
Birmingham, AL 173,789 1.1 % 96.8 % 1,406 1,462
San Antonio, TX 172,377 1.0 % 95.3 % 1,363 1,504
All Other Markets by State (individual markets <1% gross real assets)
Tennessee 208,999 1.3 % 95.3 % 1,348 2,754
Florida 196,306 1.2 % 96.1 % 1,838 1,806
Alabama 182,000 1.1 % 95.3 % 1,381 1,648
Virginia 171,899 1.0 % 94.8 % 1,793 1,039
Kentucky 104,715 0.6 % 95.6 % 1,276 1,308
Maryland 84,694 0.5 % 95.3 % 2,314 361
Nevada 75,798 0.5 % 95.3 % 1,591 721
South Carolina 39,762 0.2 % 93.6 % 1,265 576
Stabilized Communities $ 15,183,225 92.4 % 95.7 % $ 1,684 99,243
Charlotte, NC 236,604 1.4 % 91.2 % 1,817 352 893
Raleigh/Durham, NC 209,195 1.3 % 29.8 % 1,835 379 712
Tampa, FL 154,540 0.9 % — — — 495
Denver, CO 138,672 0.9 % 61.4 % 2,227 352 571
Phoenix, AZ 112,775 0.7 % 56.2 % 1,952 317 662
Dallas, TX 105,141 0.6 % 44.0 % 1,992 386 386
Salt Lake City, UT 95,091 0.6 % 69.5 % 1,754 400 400
Atlanta, GA 91,407 0.6 % 82.1 % 2,076 340 340
Orlando, FL 83,852 0.5 % 90.0 % 2,055 310 310
Richmond, VA 15,994 0.1 % — — — 306
Lease-up / Development Communities $ 1,243,271 7.6 % 61.0 % $ 1,957 2,836 5,075
Total Multifamily Communities $ 16,426,496 100.0 % 94.7 % $ 1,692 102,079 104,318
  • Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C. As of December 31, 2024, the gross investment in real estate for this community was $82.8 million and includes a mortgage note payable of $52.0 million. For the year ended December 31, 2024, this apartment community achieved NOI of $8.5 million.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

Three Months Ended As of December 31, 2024
December 31, 2024 December 31, 2023 Percent<br>Change Apartment Units Gross Real Assets
Operating Revenues
Same Store Communities $ 520,134 $ 521,169 -0.2 % 97,290 $ 14,757,287
Non-Same Store Communities 11,894 12,478 1,953 425,938
Lease-up/Development Communities 11,348 2,284 2,836 1,243,271
Total Multifamily Portfolio $ 543,376 $ 535,931 102,079 $ 16,426,496
Commercial Property/Land 6,456 6,316 — 371,595
Total Operating Revenues $ 549,832 $ 542,247 102,079 $ 16,798,091
Property Operating Expenses
Same Store Communities $ 189,087 $ 182,872 3.4 %
Non-Same Store Communities 4,817 4,486
Lease-up/Development Communities 5,733 1,363
Storm Costs 2,621 —
Total Multifamily Portfolio $ 202,258 $ 188,721
Commercial Property/Land 2,675 3,061
Total Property Operating Expenses $ 204,933 $ 191,782
Net Operating Income
Same Store Communities $ 331,047 $ 338,297 -2.1 %
Non-Same Store Communities 7,077 7,992
Lease-up/Development Communities 5,615 921
Storm Costs (2,621 ) —
Total Multifamily Portfolio $ 341,118 $ 347,210
Commercial Property/Land 3,781 3,255
Total Net Operating Income $ 344,899 $ 350,465 -1.6 %
COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES
---

Dollars in thousands

Three Months Ended Year Ended
December 31, 2024 December 31, 2023 Percent Change December 31, 2024 December 31, 2023 Percent<br>Change
Property Taxes $ 68,624 $ 67,389 1.8 % $ 270,584 $ 265,296 2.0 %
Personnel 40,712 38,594 5.5 % 165,249 157,656 4.8 %
Utilities 34,290 32,953 4.1 % 135,810 131,197 3.5 %
Building Repair and Maintenance 22,748 22,744 0.0 % 97,590 95,955 1.7 %
Office Operations 9,008 8,004 12.5 % 34,922 30,366 15.0 %
Insurance 8,332 8,222 1.3 % 33,088 30,713 7.7 %
Marketing 5,373 4,966 8.2 % 26,416 24,103 9.6 %
Total Property Operating Expenses $ 189,087 $ 182,872 3.4 % $ 763,659 $ 735,286 3.9 %

Supplemental Data S-3

MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE
Average Physical Occupancy
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Percent of Three Months Ended Year Ended
Apartment Units Same Store NOI December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023
Atlanta, GA 11,434 11.5 % 95.3 % 94.4 % 94.6 % 94.5 %
Dallas, TX 10,117 9.4 % 95.2 % 95.4 % 95.3 % 95.6 %
Tampa, FL 5,416 7.2 % 96.3 % 96.0 % 96.0 % 95.8 %
Orlando, FL 5,643 7.0 % 95.7 % 96.0 % 95.9 % 96.0 %
Charlotte, NC 5,651 6.2 % 95.9 % 95.4 % 95.6 % 95.6 %
Austin, TX 6,829 5.8 % 95.1 % 94.7 % 95.0 % 95.1 %
Raleigh/Durham, NC 5,350 5.6 % 95.7 % 96.1 % 95.8 % 95.9 %
Nashville, TN 4,375 4.9 % 95.8 % 96.1 % 95.9 % 95.8 %
Houston, TX 5,175 3.8 % 95.5 % 95.8 % 95.4 % 95.5 %
Charleston, SC 3,168 3.8 % 95.7 % 95.8 % 96.1 % 95.9 %
Phoenix, AZ 2,968 3.5 % 95.7 % 95.0 % 95.3 % 95.4 %
Fort Worth, TX 3,687 3.4 % 95.4 % 95.2 % 95.3 % 95.6 %
Northern Virginia 1,888 3.1 % 96.2 % 96.2 % 96.6 % 96.2 %
Jacksonville, FL 3,496 3.0 % 95.7 % 95.3 % 95.7 % 95.7 %
Savannah, GA 1,837 2.0 % 95.9 % 96.1 % 95.8 % 96.2 %
Greenville, SC 2,354 2.0 % 95.9 % 96.0 % 95.8 % 96.1 %
Richmond, VA 1,732 1.9 % 96.1 % 96.0 % 96.4 % 95.9 %
Fredericksburg, VA 1,435 1.9 % 96.1 % 96.9 % 96.6 % 96.4 %
Memphis, TN 1,811 1.5 % 94.5 % 95.3 % 95.2 % 94.7 %
Denver, CO 1,118 1.4 % 94.3 % 95.7 % 95.3 % 95.4 %
Birmingham, AL 1,462 1.3 % 95.5 % 96.5 % 95.6 % 96.2 %
Kansas City, MO-KS 1,110 1.1 % 95.5 % 95.9 % 95.8 % 95.9 %
San Antonio, TX 1,504 1.1 % 95.7 % 96.0 % 95.6 % 95.8 %
Huntsville, AL 1,228 1.1 % 95.7 % 95.7 % 95.2 % 95.3 %
Other 6,502 6.5 % 95.3 % 95.9 % 95.7 % 95.9 %
Total Same Store 97,290 100.0 % 95.6 % 95.5 % 95.5 % 95.6 %

Supplemental Data S-4

MULTIFAMILY SAME STORE PORTFOLIO QUARTER OVER QUARTER COMPARISONS

Dollars in thousands, except Average Effective Rent per Unit

Revenues Expenses NOI Average Effective Rent per Unit
Units Q4 2024 Q4 2023 % Chg Q4 2024 Q4 2023 % Chg Q4 2024 Q4 2023 % Chg Q4 2024 Q4 2023 % Chg
Atlanta, GA 11,434 $ 64,825 $ 65,781 (1.5 )% $ 26,912 $ 24,004 12.1 % $ 37,913 $ 41,777 (9.2 )% $ 1,798 $ 1,850 (2.8 )%
Dallas, TX 10,117 52,840 53,058 (0.4 )% 21,808 21,351 2.1 % 31,032 31,707 (2.1 )% 1,655 1,669 (0.8 )%
Tampa, FL 5,416 35,800 35,766 0.1 % 11,885 11,365 4.6 % 23,915 24,401 (2.0 )% 2,086 2,105 (0.9 )%
Orlando, FL 5,643 34,999 35,461 (1.3 )% 11,916 11,835 0.7 % 23,083 23,626 (2.3 )% 1,971 1,992 (1.1 )%
Charlotte, NC 5,651 29,353 29,181 0.6 % 8,853 8,496 4.2 % 20,500 20,685 (0.9 )% 1,634 1,640 (0.4 )%
Austin, TX 6,829 34,100 35,073 (2.8 )% 14,869 16,102 (7.7 )% 19,231 18,971 1.4 % 1,553 1,617 (3.9 )%
Raleigh/Durham, NC 5,350 26,409 26,664 (1.0 )% 7,750 8,097 (4.3 )% 18,659 18,567 0.5 % 1,533 1,545 (0.8 )%
Nashville, TN 4,375 23,421 23,685 (1.1 )% 7,229 7,476 (3.3 )% 16,192 16,209 (0.1 )% 1,680 1,700 (1.2 )%
Houston, TX 5,175 23,719 23,666 0.2 % 11,038 10,295 7.2 % 12,681 13,371 (5.2 )% 1,435 1,429 0.4 %
Charleston, SC 3,168 18,047 17,687 2.0 % 5,571 5,492 1.4 % 12,476 12,195 2.3 % 1,817 1,771 2.6 %
Phoenix, AZ 2,968 16,124 16,254 (0.8 )% 4,422 4,153 6.5 % 11,702 12,101 (3.3 )% 1,721 1,751 (1.7 )%
Fort Worth, TX 3,687 19,189 19,019 0.9 % 8,023 7,177 11.8 % 11,166 11,842 (5.7 )% 1,580 1,576 0.3 %
Northern Virginia 1,888 14,770 13,850 6.6 % 4,505 3,979 13.2 % 10,265 9,871 4.0 % 2,501 2,356 6.2 %
Jacksonville, FL 3,496 15,922 16,487 (3.4 )% 5,859 5,962 (1.7 )% 10,063 10,525 (4.4 )% 1,493 1,548 (3.5 )%
Savannah, GA 1,837 10,220 10,028 1.9 % 3,524 3,146 12.0 % 6,696 6,882 (2.7 )% 1,708 1,694 0.8 %
Greenville, SC 2,354 10,370 10,291 0.8 % 3,703 3,650 1.5 % 6,667 6,641 0.4 % 1,335 1,327 0.6 %
Richmond, VA 1,732 9,025 9,030 (0.1 )% 2,776 2,750 0.9 % 6,249 6,280 (0.5 )% 1,672 1,649 1.4 %
Fredericksburg, VA 1,435 8,643 8,342 3.6 % 2,513 2,356 6.7 % 6,130 5,986 2.4 % 1,891 1,801 5.0 %
Memphis, TN 1,811 7,951 7,937 0.2 % 2,993 2,872 4.2 % 4,958 5,065 (2.1 )% 1,380 1,358 1.7 %
Denver, CO 1,118 6,912 7,120 (2.9 )% 2,176 2,327 (6.5 )% 4,736 4,793 (1.2 )% 1,968 1,977 (0.5 )%
Birmingham, AL 1,462 6,836 6,782 0.8 % 2,650 2,594 2.2 % 4,186 4,188 (0.0 )% 1,406 1,391 1.0 %
Kansas City, MO-KS 1,110 5,764 5,576 3.4 % 2,025 1,853 9.3 % 3,739 3,723 0.4 % 1,644 1,577 4.2 %
San Antonio, TX 1,504 6,543 6,676 (2.0 )% 2,826 2,961 (4.6 )% 3,717 3,715 0.1 % 1,363 1,387 (1.7 )%
Huntsville, AL 1,228 5,339 5,363 (0.4 )% 1,752 1,782 (1.7 )% 3,587 3,581 0.2 % 1,293 1,319 (2.0 )%
Other 6,502 33,013 32,392 1.9 % 11,509 10,797 6.6 % 21,504 21,595 (0.4 )% 1,617 1,583 2.1 %
Total Same Store 97,290 $ 520,134 $ 521,169 (0.2 )% $ 189,087 $ 182,872 3.4 % $ 331,047 $ 338,297 (2.1 )% $ 1,684 $ 1,693 (0.5 )%

Supplemental Data S-5

MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except Average Effective Rent per Unit

Revenues Expenses NOI Average Effective Rent per Unit
Units Q4 2024 Q3 2024 % Chg Q4 2024 Q3 2024 % Chg Q4 2024 Q3 2024 % Chg Q4 2024 Q3 2024 % Chg
Atlanta, GA 11,434 $ 64,825 $ 65,177 (0.5 )% $ 26,912 $ 26,808 0.4 % $ 37,913 $ 38,369 (1.2 )% $ 1,798 $ 1,813 (0.8 )%
Dallas, TX 10,117 52,840 53,356 (1.0 )% 21,808 23,411 (6.8 )% 31,032 29,945 3.6 % 1,655 1,663 (0.5 )%
Tampa, FL 5,416 35,800 35,722 0.2 % 11,885 11,892 (0.1 )% 23,915 23,830 0.4 % 2,086 2,093 (0.3 )%
Orlando, FL 5,643 34,999 35,215 (0.6 )% 11,916 11,347 5.0 % 23,083 23,868 (3.3 )% 1,971 1,978 (0.4 )%
Charlotte, NC 5,651 29,353 29,557 (0.7 )% 8,853 9,503 (6.8 )% 20,500 20,054 2.2 % 1,634 1,642 (0.5 )%
Austin, TX 6,829 34,100 34,750 (1.9 )% 14,869 17,041 (12.7 )% 19,231 17,709 8.6 % 1,553 1,580 (1.7 )%
Raleigh/Durham, NC 5,350 26,409 26,725 (1.2 )% 7,750 9,171 (15.5 )% 18,659 17,554 6.3 % 1,533 1,544 (0.7 )%
Nashville, TN 4,375 23,421 23,616 (0.8 )% 7,229 8,064 (10.4 )% 16,192 15,552 4.1 % 1,680 1,690 (0.5 )%
Houston, TX 5,175 23,719 23,707 0.1 % 11,038 10,065 9.7 % 12,681 13,642 (7.0 )% 1,435 1,436 (0.0 )%
Charleston, SC 3,168 18,047 18,264 (1.2 )% 5,571 5,868 (5.1 )% 12,476 12,396 0.6 % 1,817 1,815 0.1 %
Phoenix, AZ 2,968 16,124 16,355 (1.4 )% 4,422 4,818 (8.2 )% 11,702 11,537 1.4 % 1,721 1,730 (0.5 )%
Fort Worth, TX 3,687 19,189 19,311 (0.6 )% 8,023 7,537 6.4 % 11,166 11,774 (5.2 )% 1,580 1,582 (0.2 )%
Northern Virginia 1,888 14,770 14,695 0.5 % 4,505 4,705 (4.3 )% 10,265 9,990 2.8 % 2,501 2,484 0.7 %
Jacksonville, FL 3,496 15,922 16,198 (1.7 )% 5,859 5,708 2.6 % 10,063 10,490 (4.1 )% 1,493 1,510 (1.1 )%
Savannah, GA 1,837 10,220 10,078 1.4 % 3,524 3,845 (8.3 )% 6,696 6,233 7.4 % 1,708 1,713 (0.3 )%
Greenville, SC 2,354 10,370 10,314 0.5 % 3,703 3,946 (6.2 )% 6,667 6,368 4.7 % 1,335 1,336 (0.1 )%
Richmond, VA 1,732 9,025 9,114 (1.0 )% 2,776 2,949 (5.9 )% 6,249 6,165 1.4 % 1,672 1,668 0.3 %
Fredericksburg, VA 1,435 8,643 8,623 0.2 % 2,513 2,606 (3.6 )% 6,130 6,017 1.9 % 1,891 1,873 1.0 %
Memphis, TN 1,811 7,951 7,983 (0.4 )% 2,993 3,144 (4.8 )% 4,958 4,839 2.5 % 1,380 1,378 0.2 %
Denver, CO 1,118 6,912 7,046 (1.9 )% 2,176 2,214 (1.7 )% 4,736 4,832 (2.0 )% 1,968 1,978 (0.5 )%
Birmingham, AL 1,462 6,836 6,886 (0.7 )% 2,650 2,821 (6.1 )% 4,186 4,065 3.0 % 1,406 1,412 (0.5 )%
Kansas City, MO-KS 1,110 5,764 5,761 0.1 % 2,025 2,153 (5.9 )% 3,739 3,608 3.6 % 1,644 1,634 0.6 %
San Antonio, TX 1,504 6,543 6,612 (1.0 )% 2,826 2,684 5.3 % 3,717 3,928 (5.4 )% 1,363 1,367 (0.3 )%
Huntsville, AL 1,228 5,339 5,354 (0.3 )% 1,752 2,012 (12.9 )% 3,587 3,342 7.3 % 1,293 1,307 (1.0 )%
Other 6,502 33,013 33,114 (0.3 )% 11,509 11,954 (3.7 )% 21,504 21,160 1.6 % 1,617 1,613 0.2 %
Total Same Store 97,290 $ 520,134 $ 523,533 (0.6 )% $ 189,087 $ 196,266 (3.7 )% $ 331,047 $ 327,267 1.2 % $ 1,684 $ 1,691 (0.4 )%

Supplemental Data S-6

MULTIFAMILY SAME STORE PORTFOLIO FULL YEAR COMPARISONS AS OF DECEMBER 31, 2024 and 2023

Dollars in thousands, except Average Effective Rent per Unit

Revenues Expenses NOI Average Effective Rent per Unit
Units Q4 2024 Q4 2023 % Chg Q4 2024 Q4 2023 % Chg Q4 2024 Q4 2023 % Chg Q4 2024 Q4 2023 % Chg
Atlanta, GA 11,434 $ 260,040 $ 261,678 (0.6 )% $ 104,908 $ 96,334 8.9 % $ 155,132 $ 165,344 (6.2 )% $ 1,819 $ 1,848 (1.6 )%
Dallas, TX 10,117 212,155 211,791 0.2 % 88,350 84,747 4.3 % 123,805 127,044 (2.5 )% 1,662 1,659 0.2 %
Tampa, FL 5,416 143,037 142,101 0.7 % 48,702 47,554 2.4 % 94,335 94,547 (0.2 )% 2,093 2,094 (0.1 )%
Orlando, FL 5,643 140,969 141,274 (0.2 )% 48,485 48,140 0.7 % 92,484 93,134 (0.7 )% 1,979 1,983 (0.2 )%
Charlotte, NC 5,651 117,360 115,988 1.2 % 35,907 34,159 5.1 % 81,453 81,829 (0.5 )% 1,638 1,626 0.8 %
Austin, TX 6,829 138,523 141,608 (2.2 )% 62,512 62,503 0.0 % 76,011 79,105 (3.9 )% 1,585 1,627 (2.5 )%
Raleigh/Durham, NC 5,350 106,359 105,749 0.6 % 34,186 32,713 4.5 % 72,173 73,036 (1.2 )% 1,540 1,534 0.4 %
Nashville, TN 4,375 94,219 94,192 0.0 % 30,756 30,212 1.8 % 63,463 63,980 (0.8 )% 1,691 1,694 (0.2 )%
Houston, TX 5,175 94,595 93,893 0.7 % 40,744 41,142 (1.0 )% 53,851 52,751 2.1 % 1,432 1,417 1.1 %
Charleston, SC 3,168 72,141 69,633 3.6 % 23,028 21,705 6.1 % 49,113 47,928 2.5 % 1,801 1,733 3.9 %
Phoenix, AZ 2,968 64,830 65,617 (1.2 )% 18,099 16,971 6.6 % 46,731 48,646 (3.9 )% 1,734 1,756 (1.3 )%
Fort Worth, TX 3,687 76,689 76,248 0.6 % 29,946 29,697 0.8 % 46,743 46,551 0.4 % 1,579 1,569 0.6 %
Northern Virginia 1,888 57,859 54,574 6.0 % 17,916 16,717 7.2 % 39,943 37,857 5.5 % 2,445 2,319 5.5 %
Jacksonville, FL 3,496 64,832 66,544 (2.6 )% 23,592 23,681 (0.4 )% 41,240 42,863 (3.8 )% 1,514 1,552 (2.5 )%
Savannah, GA 1,837 40,468 39,593 2.2 % 14,830 12,784 16.0 % 25,638 26,809 (4.4 )% 1,706 1,664 2.5 %
Greenville, SC 2,354 41,371 41,110 0.6 % 15,193 13,785 10.2 % 26,178 27,325 (4.2 )% 1,331 1,316 1.1 %
Richmond, VA 1,732 36,214 35,815 1.1 % 11,314 11,172 1.3 % 24,900 24,643 1.0 % 1,659 1,627 1.9 %
Fredericksburg, VA 1,435 34,212 33,121 3.3 % 9,945 9,485 4.8 % 24,267 23,636 2.7 % 1,850 1,794 3.1 %
Memphis, TN 1,811 31,829 31,435 1.3 % 12,079 11,641 3.8 % 19,750 19,794 (0.2 )% 1,371 1,354 1.3 %
Denver, CO 1,118 28,132 28,157 (0.1 )% 8,732 8,723 0.1 % 19,400 19,434 (0.2 )% 1,974 1,965 0.4 %
Birmingham, AL 1,462 27,151 26,738 1.5 % 10,856 10,222 6.2 % 16,295 16,516 (1.3 )% 1,403 1,376 2.0 %
Kansas City, MO-KS 1,110 22,743 21,875 4.0 % 8,161 7,963 2.5 % 14,582 13,912 4.8 % 1,614 1,556 3.8 %
San Antonio, TX 1,504 26,353 26,584 (0.9 )% 11,299 11,240 0.5 % 15,054 15,344 (1.9 )% 1,373 1,388 (1.1 )%
Huntsville, AL 1,228 21,371 21,405 (0.2 )% 7,594 7,581 0.2 % 13,777 13,824 (0.3 )% 1,307 1,313 (0.4 )%
Other 6,502 131,384 128,373 2.3 % 46,525 44,415 4.8 % 84,859 83,958 1.1 % 1,604 1,566 2.4 %
Total Same Store 97,290 $ 2,084,836 $ 2,075,096 0.5 % $ 763,659 $ 735,286 3.9 % $ 1,321,177 $ 1,339,810 (1.4 )% $ 1,688 $ 1,684 0.3 %

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands

Units as of Development Costs as of
December 31, 2024 December 31, 2024 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 73 14 $ 145,500 $ 127,944 $ 17,556 4Q22 3Q24 3Q25 3Q26
MAA Breakwater Tampa, FL 495 — — 197,500 154,540 42,960 4Q22 1Q25 4Q25 1Q27
Modera Liberty Row (2) Charlotte, NC 239 — — 112,000 100,492 11,508 1Q22 3Q25 1Q26 4Q26
MAA Plaza Midwood (3) Charlotte, NC 302 — — 101,500 29,105 72,395 2Q24 2Q26 4Q26 4Q27
Modera Chandler (3) Phoenix, AZ 345 — — 117,500 34,068 83,432 2Q24 2Q26 4Q26 4Q27
MAA Porter Richmond, VA 306 — — 99,500 15,994 83,506 3Q24 1Q27 3Q27 1Q28
MAA Milepost 35 II Denver, CO 219 — — 78,000 15,038 62,962 4Q24 2Q26 4Q26 4Q27
Total Active 2,312 73 14 $ 851,500 $ 477,181 $ 374,319
  • Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.
  • 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.
  • MAA owns 95% of the joint venture that owns this property.
MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands

As of December 31, 2024
Location Total Units Physical Occupancy Costs to Date Construction Completed Expected Stabilization (1)
MAA Optimist Park Charlotte, NC 352 91.2% $ 107,007 (3) 1Q25
MAA Boggy Creek Orlando, FL 310 90.0% 83,852 (3) 1Q25
Novel West Midtown (2) Atlanta, GA 340 82.1% 91,407 3Q23 2Q25
Novel Daybreak (2) Salt Lake City, UT 400 69.5% 95,091 3Q24 3Q25
MAA Vale Raleigh/Durham, NC 306 66.7% 81,251 (3) 3Q25
Novel Val Vista (2) Phoenix, AZ 317 56.2% 78,707 4Q24 3Q25
MAA Milepost 35 Denver, CO 352 61.4% 123,634 4Q24 3Q25
MAA Cathedral Arts Dallas, TX 386 44.0% 105,141 (3) 2Q26
Total 2,763 69.7% $ 766,090
  • Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.
  • MAA owns 80% of the joint venture that owns this property.
  • Property was acquired while in lease-up; construction was complete prior to acquisition by MAA.
MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data

Year ended December 31, 2024
Units Completed Redevelopment Spend Average Cost per Unit Increase in Average Effective Rent per Unit Increase in Average Effective Rent per Unit Estimated Units Remaining in Pipeline
5,665 $ 35,230 $ 6,219 $ 106 7.3% 9,000 - 12,000

Supplemental Data S-8

2024 ACQUISITION ACTIVITY
Multifamily Acquisitions Market Apartment Units Closing Date
--- --- --- ---
MAA Cathedral Arts Dallas, TX 386 Oct-24
MAA Boggy Creek Orlando, FL 310 Sep-24
MAA Vale Raleigh, NC 306 May-24
Modera Chandler (1) Phoenix, AZ 345 Apr-24
  • Represents a pre-purchase multifamily development. MAA owns 95% of the joint venture that owns this property. Construction of this development commenced in the second quarter of 2024. See “Multifamily Development Pipeline” above for additional information.
Land Acquisition Market Acreage Closing Date
MAA Nixie II Raleigh/Durham, NC 3.3 Dec-24
MAA Porter Richmond, VA 3.3 Aug-24
2024 DISPOSITION ACTIVITY
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Multifamily Dispositions Market Apartment Units Closing Date
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MAA Ashley Park Richmond, VA 272 Dec-24
MAA South Tryon Charlotte, NC 216 Oct-24
DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2024
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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 $ 4,730,957 95.0 % 3.8 % 7.7
Floating rate debt 250,000 5.0 % 4.7 % 0.1
Total $ 4,980,957 100.0 % 3.8 % 7.3
Unsecured Versus Secured Debt Balance Percent of Total Effective Interest Rate Average Years to Contract Maturity
Unsecured debt $ 4,620,690 92.8 % 3.8 % 6.0
Secured debt 360,267 7.2 % 4.4 % 24.1
Total $ 4,980,957 100.0 % 3.8 % 7.3
Unencumbered Versus Encumbered Assets Total Cost Percent of Total Q4 2024 NOI Percent of Total
Unencumbered gross assets $ 16,398,866 95.5 % $ 330,819 95.9 %
Encumbered gross assets 771,305 4.5 % 14,080 4.1 %
Total $ 17,170,171 100.0 % $ 344,899 100.0 %

FIXED INTEREST RATE MATURITIES

Maturity Fixed Rate Debt Effective Interest Rate
2025 $ 399,340 4.2 %
2026 298,744 1.2 %
2027 598,121 3.7 %
2028 397,911 4.2 %
2029 556,359 3.7 %
2030 298,230 3.1 %
2031 446,302 1.8 %
2032 394,680 5.4 %
2033 — —
2034 343,795 5.1 %
Thereafter 997,475 4.2 %
Total $ 4,730,957 3.8 %

Supplemental Data S-9

DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2024 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

Maturity Commercial Paper ⁽¹⁾ & Revolving Credit Facility ⁽²⁾ Public Bonds Secured Total
2025 $ 250,000 $ 399,340 $ — $ 649,340
2026 — 298,744 — 298,744
2027 — 598,121 — 598,121
2028 — 397,911 — 397,911
2029 — 556,359 — 556,359
2030 — 298,230 — 298,230
2031 — 446,302 — 446,302
2032 — 394,680 — 394,680
2033 — — — —
2034 — 343,795 — 343,795
Thereafter — 637,208 360,267 997,475
Total $ 250,000 $ 4,370,690 $ 360,267 $ 4,980,957
  • The $250.0 million maturing in 2024 reflects the principal outstanding under MAALP’s unsecured commercial paper program as of December 31, 2024. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $625.0 million. For the three months ended December 31, 2024, average daily borrowings outstanding under the commercial paper program were $507.4 million.
  • There were no borrowings outstanding under MAALP’s $1.25 billion unsecured revolving credit facility as of December 31, 2024. The unsecured revolving credit facility has a maturity date of October 2026 with two six-month extension options.

DEBT COVENANT ANALYSIS (1)

Bond Covenants Required Actual Compliance
Total debt to adjusted total assets 60% or less 29.0% 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 6.7x Yes
Total unencumbered assets to total unsecured debt Greater than 150% 346.8% Yes
Bank Covenants Required Actual Compliance
Total debt to total capitalized asset value 60% or less 21.4% Yes
Total secured debt to total capitalized asset value 40% or less 1.6% Yes
Total adjusted EBITDA to fixed charges 1.5x or greater for trailing 4 quarters 7.1x Yes
Total unsecured debt to total unsecured capitalized asset value 60% or less 20.6% Yes
  • The calculations of the Bond Covenants and Bank Covenants are specifically defined in MAALP’s debt agreements, which have been filed by MAA and MAALP with the SEC.

Supplemental Data S-10

2025 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.
Earnings: Midpoint
Earnings per common share - diluted $5.67
Core FFO per Share - diluted $8.77
Core AFFO per Share - diluted $7.79
MAA Same Store Portfolio:
Number of units 96,568
Average physical occupancy 95.60%
Property revenue growth 0.40%
Effective rent growth 0.20%
Property operating expense growth 3.20%
NOI growth -1.15%
Real estate tax expense growth 2.75%
Corporate Expenses: ( in millions)
Property management expenses $76.5
General and administrative expenses $58.0
Total overhead $134.5
Transaction/Investment Volume: ( in millions)
Multifamily acquisition volume $400.0
Multifamily disposition volume $325.0
Development investment $300.0
Debt:
Average effective interest rate 3.6%
Capitalized interest ( in millions) $21.0
Diluted FFO Shares Outstanding:
Diluted common shares and units 120.05 million

All values are in US Dollars.

2024 SAME STORE COMPONENTS OF NET OPERATING INCOME RECAST FOR 2025 SAME STORE PORTFOLIO

Dollars in thousands

Q4 2024 Full Year 2024
Same Store Revenues Recast for 2025 Same Store Portfolio $ 518,796 $ 2,080,027
Same Store Expenses Recast for 2025 Same Store Portfolio 187,470 757,841
Same Store NOI Recast for 2025 Same Store Portfolio $ 331,326 $ 1,322,186
RECONCILIATION OF EARNINGS PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER DILUTED SHARE FOR FULL YEAR 2025 GUIDANCE
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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
  • Non-Core FFO items may include adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares; gain or loss on sale of non-depreciable assets; gain or loss on investments, net of tax; casualty related charges (recoveries), net; gain or loss on debt extinguishment; legal costs, settlements and (recoveries), net, and mark-to-market debt adjustments.

Supplemental Data S-11

CREDIT RATINGS
Commercial Long-Term
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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
  • Corporate credit rating assigned to MAA and MAALP
  • Corporate credit rating assigned to MAALP
COMMON STOCK
Stock Symbol: MAA
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Exchange Traded: NYSE
Estimated Future Dates: Q1 2025 Q2 2025 Q3 2025 Q4 2025
Earnings release & conference call Early<br>May Late<br>July Late<br>October Early<br>February
Dividend Information - Common Shares: Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Declaration date 12/12/2023 3/19/2024 5/21/2024 9/24/2024 12/10/2024
Record date 1/12/2024 4/15/2024 7/15/2024 10/15/2024 1/15/2025
Payment date 1/31/2024 4/30/2024 7/31/2024 10/31/2024 1/31/2025
Distributions per share $ 1.4700 $ 1.4700 $ 1.4700 $ 1.4700 $ 1.5150
INVESTOR RELATIONS DATA
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MAA does not send quarterly reports, earnings releases and supplemental data to shareholders, but provides them upon request.

For recent press releases, SEC filings and other information, call 866-576-9689 (toll free) or email investor.relations@maac.com. This information, as well as access to MAA’s quarterly conference call, is also available on the “For Investors” page of MAA’s website at www.maac.com.
For Questions Contact:
--- --- ---
Name Title
Andrew Schaeffer Senior Vice President, Treasurer and Director of Capital Markets
Jennifer Patrick Director of Investor Relations
Phone: 866-576-9689 (toll free)
Email: investor.relations@maac.com

Supplemental Data S-12

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