8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 30, 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 April 30, 2025, Mid-America Apartment Communities, Inc. (“MAA”) issued a press release announcing its consolidated results of operations and financial condition as of March 31, 2025 and for the three 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. under the Exchange Act or the Securities Act of 1933, as amended.

ITEM 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number	Description
99.1	Press Release dated April 30, 2025
99.2	Supplemental Data Schedules dated April 30, 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:	April 30, 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:	April 30, 2025	/s/ A. Clay Holder
		A. Clay Holder
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer)

EX-99.1

TABLE OF CONTENTS
Earnings Release	3
Financial Highlights	6
Consolidated Statements of Operations/Share and Unit Data	7
Consolidated Balance Sheets	8
Reconciliation of Non-GAAP Financial Measures	9
Non-GAAP Financial Measures	11
Other Key Definitions	12
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, WiFi Retrofit and Property Repositioning Activity	S-7
Disposition Activity/Debt and Debt Covenants as of March 31, 2025	S-8
2025 Guidance/Reconciliation of Earnings per Diluted Common Share to Core FFO and Core AFFO per Diluted Share for Full Year 2025 Guidance	S-10
Credit Ratings/Common Stock/Investor Relations Data	S-11
EARNINGS RELEASE
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MAA REPORTS FIRST QUARTER 2025 RESULTS

GERMANTOWN, TN, April 30, 2025/PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the three months ended March 31, 2025.

	Three months ended March 31,
	2025		2024
Earnings per common share - diluted (1)	$	1.54	$	1.22
Funds from operations (FFO) per Share - diluted (1)	$	2.21	$	2.41
Core FFO per Share - diluted (1)	$	2.20	$	2.22

• A reconciliation of Net income available for MAA common shareholders to FFO and Core FFO is found later in this release.

Brad Hill, President and Chief Executive Officer, said, “First quarter Core FFO was slightly ahead of our expectations, after considering certain timing-related events in the quarter. Same Store operating performance exceeded our expectations with strong demand for apartment housing driving high occupancy, reduced delinquency and improved pricing trends. Our Same Store blended lease pricing increased by 160 basis points sequentially, 70 basis points better than last year's sequential trend. With strong occupancy, improved year-over-year exposure, and record low resident turnover, MAA is well positioned for the busy spring and summer leasing season. As the decline in new deliveries in our markets accelerates throughout 2025, we continue to believe our revenue performance momentum will improve. Our balance sheet is well positioned to provide near term flexibility and to capture emerging new growth opportunities.”

• During the first quarter of 2025, MAA's Same Store effective blended lease rate declined 0.5%, slightly ahead of our expectations and consistent with the same period in the prior year. On a sequential basis, Same Store effective blended lease rate growth was driven by a 180 basis point improvement in new lease pricing and a 30 basis point improvement in renewal pricing from the fourth quarter of 2024 and compares favorably to the sequential trend in the prior year of a 70 basis point improvement for new lease pricing and a 20 basis point improvement for renewal pricing.
• During the first quarter of 2025, MAA’s Same Store Portfolio captured strong Average Physical Occupancy of 95.6%, which was 30 basis points higher than the same period in the prior year.
• As of March 31, 2025, resident turnover in the Same Store Portfolio remained historically low at 41.5% on a trailing twelve month basis with a record low level of move-outs associated with buying single family-homes.
• As of March 31, 2025, MAA had seven communities under development with total expected costs of $851.5 million. MAA also had four recently completed development communities and three recently acquired communities in lease-up with a total cost to date of $657.3 million.

Same Store Operating Results

Same Store results for the three months ended March 31, 2025 as compared to the same period in the prior year are summarized below:

	Three months ended March 31, 2025 vs. 2024
	Revenues(1)	Expenses	NOI(2)	Average Effective Rent per Unit
Same Store Operating Growth	0.1%	1.2%	-0.6%	-0.6%

• Includes 2.3% increase in other property revenues.
• A reconciliation of Net income available for MAA common shareholders to NOI, including Same Store NOI, is found later in this release.

Same Store operating statistics for the three months ended March 31, 2025 are summarized below:

	Three months ended March 31, 2025
	Average Effective Rent per Unit		Average Physical Occupancy	Resident Turnover
Same Store Operating Statistics	$	1,690	95.6%	41.5%

Same Store net effective lease pricing statistics for the three months ended March 31, 2025 are summarized below:

Same Store Net Effective Lease Pricing Statistics	Three Months Ended<br>March 31, 2025
Effective Blended Lease Rate Growth	-0.5%
Effective New Lease Rate Growth	-6.3%
Effective Renewal Lease Rate Growth	4.5%

Development and Lease-up Activity

A summary of MAA’s development communities under construction as of the end of the first quarter of 2025 is set forth below (dollars in thousands):

		Units as of						Development Costs as of						Expected Project
Total		March 31, 2025						March 31, 2025						Completions By Year
Development								Expected		Costs		Expected
Projects (1)		Total		Delivered		Leased		Total		to Date		Remaining		2025		2026		2027
	7		2,312		322		141	$	851,500	$	546,478	$	305,022		2		4		1

• Two of the development projects are currently leasing.

During the first quarter of 2025, MAA funded approximately $67 million of costs for current and planned projects, including predevelopment activities.

A summary of the total units, physical occupancy and cost of MAA’s lease-up communities as of the end of the first quarter of 2025 is set forth below (dollars in thousands):

Total		As of March 31, 2025
Lease-Up		Total		Physical			Costs
Projects (1)		Units		Occupancy			to Date
	7		2,411		71.6	%	$	657,284

• Two of the lease-up projects are expected to stabilize in the second quarter of 2025, four in the third quarter of 2025 and one in the second quarter of 2026.

During the first quarter of 2025, MAA completed the lease-up of MAA Optimist Park, located in Charlotte, North Carolina.

Disposition Activity

In March 2025, MAA exited the Columbia, South Carolina market after closing on the disposition of its two multifamily properties totaling 576 apartment units with an average age of 32 years. MAA received combined gross proceeds of approximately $83 million and recognized combined net gains on the sale of depreciable real estate assets of approximately $72 million from the sale of these apartment communities.

Balance Sheet and Financing Activities

As of March 31, 2025, MAA had $1.0 billion of combined cash and available capacity under MAALP’s unsecured revolving credit facility. MAALP is a reference to MAA’s operating partnership, Mid-America Apartments, L.P.

Dividends and distributions paid on shares of common stock and noncontrolling interests during the first quarter of 2025 were $181.8 million, as compared to $176.2 million for the same period in the prior year.

Balance sheet highlights as of March 31, 2025 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
29.1%	4.0x	$	5.0	3.8%	93.9%		7.0

• As defined in the covenants for the bonds issued by MAALP.
• Adjusted EBITDAre is calculated for the trailing twelve month period ended March 31, 2025. A reconciliation of Unsecured notes payable and Secured notes payable to Net Debt and a reconciliation of Net income to Adjusted EBITDAre are found later in this release.

125th Consecutive Quarterly Common Dividend Declared

MAA declared its 125th consecutive quarterly common dividend, which was paid on April 30, 2025 to holders of record on April 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 Guidance

MAA is maintaining its prior 2025 guidance for Earnings per diluted common share, Core FFO per diluted Share, Core AFFO per diluted Share and Same Store performance. MAA expects to provide updates to 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%

MAA expects Core FFO for the second quarter of 2025 to be in the range of $2.05 to $2.21 per diluted Share, or $2.13 per diluted Share at the midpoint. The projected difference from Core FFO per diluted Share for the first quarter of 2025 to the midpoint of MAA's guidance for the second quarter of 2025 is summarized below:

	Core FFO per diluted Share
Q1 2025 per diluted Share reported results	$	2.20
Same Store NOI, excluding Property Taxes (1)		(0.05	)
Same Store Property Taxes (2)		(0.06	)
Development, Lease-up and Other Non-Same Store NOI		0.02
Total overhead		0.03
Interest expense and Other non-operating income (expense)		(0.01	)
Q2 2025 per diluted Share guidance midpoint	$	2.13

• The sequential quarter-over-quarter change is primarily driven by a projected $0.06 increase in property operating expenses due to normal seasonality in leasing and maintenance related operating expenses, consistent with prior years.
• The sequential quarter-over-quarter change is related to the impact of the timing of real estate tax litigation settlements that occurred during the first quarter of 2025, of which $0.02 were previously projected to be recognized in the second quarter of 2025.

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 first quarter results on May 1, 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 March 31, 2025, MAA had ownership interest in 104,011 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

This release (as well as the Supplemental Data to this release) contains 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. Forward-looking statements do not discuss historical fact, but instead are statements related to expectations, projections, intentions, assumptions and beliefs regarding the future. 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 include, but are not limited to, statements regarding second quarter and full year 2025 guidance (including earnings guidance, Same Store Portfolio guidance and other related projections and assumptions), development costs for our development communities, timelines for occupancy, completion and stabilization of our development communities, and timelines for stabilization of our lease-up communities. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, as described below, which may cause our actual results, performance, achievements or outcomes to be materially different from the future results, performance, achievements or outcomes expressed or implied by such forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of such statements should not be regarded as a representation by us or any other person that the results, performance, achievements or outcomes described in such statements will be achieved.

The following factors, among others, could cause our actual results, performance, achievements or outcomes to differ materially from those expressed or implied in the forward-looking statements: adverse effects on occupancy levels and rental revenues due to unfavorable market and economic conditions; adverse changes in real estate markets, including changes in supply and/or demand for multifamily housing or increased competition from alternative housing options; 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; 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; 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; legal proceedings or class action lawsuits; and other risks identified in our annual report on Form 10-K for the year ended December 31, 2024, our quarterly reports on Form 10-Q and other reports we file with the SEC from time to time.

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 March 31,
---	---	---	---	---	---	---
	2025			2024
Rental and other property revenues	$	549,295		$	543,622
Net income available for MAA common shareholders	$	180,751		$	142,827
Total NOI (1)	$	347,942		$	345,820
Earnings per common share: (2)
Basic	$	1.55		$	1.22
Diluted	$	1.54		$	1.22
Funds from operations per Share - diluted: (2)
FFO (1)	$	2.21		$	2.41
Core FFO (1)	$	2.20		$	2.22
Core AFFO (1)	$	2.04		$	2.06
Dividends declared per common share	$	1.5150		$	1.4700
Dividends/Core FFO (diluted) payout ratio		68.9	%		66.2	%
Dividends/Core AFFO (diluted) payout ratio		74.3	%		71.4	%
Consolidated interest expense	$	45,161		$	40,361
Debt discount and debt issuance cost amortization		(1,617	)		(1,842	)
Capitalized interest		5,105			3,416
Total interest incurred	$	48,649		$	41,935

• The following reconciliations are 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	March 31, 2025		December 31, 2024
Gross Assets (1)	$	17,290,165	$	17,170,171
Gross Real Estate Assets (1)	$	17,039,848	$	16,924,002
Total debt	$	5,042,166	$	4,980,957
Common shares and units outstanding		119,976,933		119,958,973
Share price	$	167.58	$	154.57
Book equity value	$	6,157,895	$	6,147,664
Market equity value	$	20,105,734	$	18,542,058
Net Debt/Adjusted EBITDAre (2)	4.0x		4.0x

• Reconciliations of Total assets to Gross Assets and Real estate assets, net, to Gross Real Estate Assets are found later in this release.
• Adjusted EBITDAre is calculated for the trailing twelve month period for each date presented. The following reconciliations are 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 March 31,
---	---	---	---	---	---	---
	2025			2024
Revenues:
Rental and other property revenues	$	549,295		$	543,622
Expenses:
Operating expenses, excluding real estate taxes and insurance		124,955			118,199
Real estate taxes and insurance		76,398			79,603
Depreciation and amortization		152,350			143,020
Total property operating expenses		353,703			340,822
Property management expenses		20,578			19,995
General and administrative expenses		15,619			17,045
Interest expense		45,161			40,361
(Gain) loss on sale of depreciable real estate assets		(71,911	)		2
Other non-operating income		(834	)		(23,526	)
Income before income tax expense		186,979			148,923
Income tax expense		(1,038	)		(1,795	)
Income from continuing operations before real estate joint venture activity		185,941			147,128
Income from real estate joint venture		465			482
Net income		186,406			147,610
Net income attributable to noncontrolling interests		4,733			3,861
Net income available for shareholders		181,673			143,749
Dividends to MAA Series I preferred shareholders		922			922
Net income available for MAA common shareholders	$	180,751		$	142,827
Earnings per common share - basic:
Net income available for common shareholders	$	1.55		$	1.22
Earnings per common share - diluted:
Net income available for common shareholders	$	1.54		$	1.22
SHARE AND UNIT DATA
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Shares and units in thousands	Three months ended March 31,
---	---	---	---	---
	2025		2024
Net Income Shares (1)
Weighted average common shares - basic		116,840		116,668
Effect of dilutive securities		252		112
Weighted average common shares - diluted		117,092		116,780
Funds From Operations Shares And Units
Weighted average common shares and units - basic		119,913		119,806
Weighted average common shares and units - diluted		119,975		119,857
Period End Shares And Units
Common shares at March 31,		116,916		116,728
Operating Partnership units at March 31,		3,061		3,133
Total common shares and units at March 31,		119,977		119,861

• For additional information on the calculation of diluted common shares and earnings per common share, please refer to the Notes to the Condensed Consolidated Financial Statements in MAA’s Quarterly Report on Form 10-Q for the three months ended March 31, 2025, expected to be filed with the SEC on or about May 1, 2025.

CONSOLIDATED BALANCE SHEETS
Dollars in thousands (Unaudited)
---	---	---	---	---	---	---
	March 31, 2025			December 31, 2024
Assets
Real estate assets:
Land	$	2,096,912		$	2,096,912
Buildings and improvements and other		14,286,757			14,160,799
Development and capital improvements in progress		485,254			470,282
		16,868,923			16,727,993
Less: Accumulated depreciation		(5,478,208	)		(5,327,584	)
		11,390,715			11,400,409
Undeveloped land		73,359			73,359
Investment in real estate joint venture		41,790			41,650
Real estate assets, net		11,505,864			11,515,418
Cash and cash equivalents		55,776			43,018
Restricted cash		13,678			13,743
Other assets		236,639			232,426
Assets held for sale		—			7,764
Total assets	$	11,811,957		$	11,812,369
Liabilities and equity
Liabilities:
Unsecured notes payable	$	4,681,868		$	4,620,690
Secured notes payable		360,298			360,267
Accrued expenses and other liabilities		611,896			683,748
Total liabilities		5,654,062			5,664,705
Redeemable common stock		24,425			22,230
Shareholders’ equity:
Preferred stock		9			9
Common stock		1,166			1,166
Additional paid-in capital		7,422,913			7,417,453
Accumulated distributions in excess of net income		(1,467,858	)		(1,469,557	)
Accumulated other comprehensive loss		(6,522	)		(6,940	)
Total MAA shareholders’ equity		5,949,708			5,942,131
Noncontrolling interests - Operating Partnership units		154,810			155,409
Total shareholders’ equity		6,104,518			6,097,540
Noncontrolling interests - consolidated real estate entities		28,952			27,894
Total equity		6,133,470			6,125,434
Total liabilities and equity	$	11,811,957		$	11,812,369
RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO FFO, CORE FFO, CORE AFFO AND FAD
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Amounts in thousands, except per share and unit data	Three months ended March 31,
---	---	---	---	---	---	---
	2025			2024
Net income available for MAA common shareholders	$	180,751		$	142,827
Depreciation and amortization of real estate assets		150,991			141,591
(Gain) loss on sale of depreciable real estate assets		(71,911	)		2
MAA’s share of depreciation and amortization of real estate assets of real estate joint venture		164			155
Net income attributable to noncontrolling interests		4,733			3,861
FFO attributable to common shareholders and unitholders		264,728			288,436
Loss (gain) on embedded derivative in preferred shares (1)		410			(13,092	)
Gain on investments, net of tax (1)(2)		(654	)		(4,090	)
Casualty related (recoveries) charges, net (1)		(222	)		(5,085	)
Core FFO attributable to common shareholders and unitholders		264,262			266,169
Recurring capital expenditures		(20,106	)		(18,934	)
Core AFFO attributable to common shareholders and unitholders		244,156			247,235
Redevelopment capital expenditures		(17,409	)		(9,374	)
Revenue enhancing capital expenditures		(15,188	)		(13,013	)
Commercial capital expenditures		(3,974	)		(1,203	)
Other capital expenditures		(15,441	)		(9,203	)
FAD attributable to common shareholders and unitholders	$	192,144		$	214,442
Dividends and distributions paid	$	181,767		$	176,191
Weighted average common shares - diluted		117,092			116,780
FFO weighted average common shares and units - diluted		119,975			119,857
Earnings per common share - diluted:
Net income available for MAA common shareholders	$	1.54		$	1.22
FFO per Share - diluted	$	2.21		$	2.41
Core FFO per Share - diluted	$	2.20		$	2.22
Core AFFO per Share - diluted	$	2.04		$	2.06

• Included in Other non-operating income in the Consolidated Statements of Operations.
• For the three months ended March 31, 2025 and 2024, gain on investments is presented net of tax expense of $0.2 million and $1.1 million, respectively.

RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO NET OPERATING INCOME
Dollars in thousands	Three Months Ended
---	---	---	---	---	---	---	---	---	---
	March 31,<br>2025			December 31,<br>2024			March 31,<br>2024
Net income available for MAA common shareholders	$	180,751		$	165,724		$	142,827
Depreciation and amortization		152,350			150,852			143,020
Property management expenses		20,578			17,579			19,995
General and administrative expenses		15,619			14,072			17,045
Interest expense		45,161			44,192			40,361
(Gain) loss on sale of depreciable real estate assets		(71,911	)		(55,028	)		2
Other non-operating (income) expense		(834	)		949			(23,526	)
Income tax expense		1,038			1,755			1,795
Income from real estate joint venture		(465	)		(546	)		(482	)
Net income attributable to noncontrolling interests		4,733			4,428			3,861
Dividends to MAA Series I preferred shareholders		922			922			922
Total NOI	$	347,942		$	344,899		$	345,820
Same Store NOI	$	332,795		$	331,326		$	334,644
Non-Same Store and Other NOI		15,147			13,573			11,176
Total NOI	$	347,942		$	344,899		$	345,820
RECONCILIATION OF NET INCOME TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
---
Dollars in thousands	Three Months Ended						Twelve Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---
	March 31, 2025			March 31, 2024			March 31, 2025			December 31, 2024
Net income	$	186,406		$	147,610		$	580,372		$	541,576
Depreciation and amortization		152,350			143,020			594,946			585,616
Interest expense		45,161			40,361			173,344			168,544
Income tax expense		1,038			1,795			4,483			5,240
EBITDA		384,955			332,786			1,353,145			1,300,976
(Gain) loss on sale of depreciable real estate assets		(71,911	)		2			(126,916	)		(55,003	)
Gain on consolidation of third-party development (1)		—			—			(11,239	)		(11,239	)
Adjustments to reflect MAA’s share of EBITDAre of unconsolidated affiliates		348			338			1,373			1,363
EBITDAre		313,392			333,126			1,216,363			1,236,097
Loss (gain) on embedded derivative in preferred shares (1)		410			(13,092	)		32,253			18,751
Gain on investments (1)		(810	)		(5,172	)		(3,447	)		(7,809	)
Casualty related (recoveries) charges, net (1)		(222	)		(5,085	)		(4,463	)		(9,326	)
Legal costs, settlements and (recoveries), net (1)(2)		—			—			9,437			9,437
Adjusted EBITDAre	$	312,770		$	309,777		$	1,250,143		$	1,247,150

• Included in Other non-operating 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
---	---	---	---	---	---	---
	March 31, 2025			December 31, 2024
Unsecured notes payable	$	4,681,868		$	4,620,690
Secured notes payable		360,298			360,267
Total debt		5,042,166			4,980,957
Cash and cash equivalents		(55,776	)		(43,018	)
Net Debt	$	4,986,390		$	4,937,939
RECONCILIATION OF TOTAL ASSETS TO GROSS ASSETS
---
Dollars in thousands
---	---	---	---	---
	March 31, 2025		December 31, 2024
Total assets	$	11,811,957	$	11,812,369
Accumulated depreciation		5,478,208		5,327,584
Accumulated depreciation for Assets held for sale (1)		—		30,218
Gross Assets	$	17,290,165	$	17,170,171

• 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
---	---	---	---	---
	March 31, 2025		December 31, 2024
Real estate assets, net	$	11,505,864	$	11,515,418
Accumulated depreciation		5,478,208		5,327,584
Assets held for sale, net		—		7,764
Accumulated depreciation for Assets held for sale (1)		—		30,218
Cash and cash equivalents		55,776		43,018
Gross Real Estate Assets	$	17,039,848	$	16,924,002

• 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.

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.

NON-GAAP FINANCIAL MEASURES (Continued)

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.

Effective Blended Lease Rate Growth

Effective Blended Lease Rate Growth represents the combined weighted average of Effective New Lease Rate Growth and Effective Renewal Lease Rate Growth from our Same Store Portfolio for the applicable period.

Effective New Lease Rate Growth

Effective New Lease Rate Growth represents the growth in gross rent amounts after the effect of leasing concessions for new leases from our Same Store Portfolio that were effective during the applicable period as compared to the prior lease.

Effective Renewal Lease Rate Growth

Effective Renewal Lease Rate Growth represents the growth in gross rent amounts after the effect of leasing concessions for renewal leases from our Same Store Portfolio that were effective during the applicable period as compared to the prior lease.

Exposure

Exposure represents all current vacant units plus all notices to vacate over the next 60 days.

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 (or Same Store)

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

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

Supplemental Data S-1

PORTFOLIO STATISTICS (CONTINUED)

TOTAL MULTIFAMILY COMMUNITY STATISTICS (1)

Dollars in thousands, except Average Effective Rent per Unit

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

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

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

	Three Months Ended								As of March 31, 2025
	March 31, 2025		March 31, 2024			Percent<br>Change			Apartment Units		Gross Real Assets
Operating Revenues
Same Store Communities	$	518,825	$	518,533			0.1	%		96,568	$	14,935,818
Non-Same Store Communities		13,118		16,719						2,451		383,471
Lease-up/Development Communities		10,582		1,805						2,733		1,203,762
Total Multifamily Portfolio	$	542,525	$	537,057						101,752	$	16,523,051
Commercial Property/Land		6,770		6,565						—		375,921
Total Operating Revenues	$	549,295	$	543,622						101,752	$	16,898,972
Property Operating Expenses
Same Store Communities	$	186,030	$	183,889			1.2	%
Non-Same Store Communities		6,376		6,857
Lease-up/Development Communities		5,833		2,122
Storm Costs		—		2,165
Total Multifamily Portfolio	$	198,239	$	195,033
Commercial Property/Land		3,114		2,769
Total Property Operating Expenses	$	201,353	$	197,802
Net Operating Income
Same Store Communities	$	332,795	$	334,644			-0.6	%
Non-Same Store Communities		6,742		9,862
Lease-up/Development Communities		4,749		(317	)
Storm Costs		—		(2,165	)
Total Multifamily Portfolio	$	344,286	$	342,024
Commercial Property/Land		3,656		3,796
Total Net Operating Income	$	347,942	$	345,820			0.6	%
COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES
---

Dollars in thousands

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

Supplemental Data S-3

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

Supplemental Data S-4

MULTIFAMILY SAME STORE PORTFOLIO QUARTER OVER QUARTER COMPARISONS

Dollars in thousands, except Average Effective Rent per Unit

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

Supplemental Data S-5

MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except Average Effective Rent per Unit

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

Supplemental Data S-6

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands

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

• 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.
• Previously reported as MAA Porter.

MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands

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

• 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, WIFI RETROFIT AND PROPERTY REPOSITIONING ACTIVITY

Dollars in thousands, except per unit data

Three months ended March 31, 2025
Program	Units Completed		Redevelopment Spend		Average Cost per Unit		Increase in Average Effective Rent per Unit		Increase in Average Effective Rent per Unit	Estimated Units Remaining in Pipeline
Interior Redevelopment		1,102	$	6,688	$	6,069	$	90	6.5%	8,000 - 11,000

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

Supplemental Data S-7

2025 DISPOSITION ACTIVITY AS OF MARCH 31, 2025
Multifamily Dispositions	Market	Apartment Units	Closing Date
---	---	---	---
Fairways	Columbia, SC	240	Mar-25
TPC Columbia	Columbia, SC	336	Mar-25
DEBT AND DEBT COVENANTS AS OF MARCH 31, 2025
---

Dollars in thousands

DEBT SUMMARIES
Fixed Rate Versus Floating Rate Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Rate Maturity
Fixed rate debt	$	4,732,166		93.9	%		3.8	%		7.4
Floating rate debt		310,000		6.1	%		4.6	%		0.1
Total	$	5,042,166		100.0	%		3.8	%		7.0
Unsecured Versus Secured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	4,681,868		92.9	%		3.8	%		5.7
Secured debt		360,298		7.1	%		4.4	%		23.8
Total	$	5,042,166		100.0	%		3.8	%		7.0
Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q1 2025 NOI			Percent of Total
Unencumbered gross assets	$	16,515,539		95.5	%	$	333,339			95.8	%
Encumbered gross assets		774,626		4.5	%		14,603			4.2	%
Total	$	17,290,165		100.0	%	$	347,942			100.0	%

FIXED INTEREST RATE MATURITIES

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

Supplemental Data S-8

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

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

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

• The $310.0 million maturing in 2025 reflects the principal outstanding under MAALP’s unsecured commercial paper program as of March 31, 2025. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $625.0 million. For the three months ended March 31, 2025, average daily borrowings outstanding under the commercial paper program were $322.4 million.
• There were no borrowings outstanding under MAALP’s $1.25 billion unsecured revolving credit facility as of March 31, 2025. The unsecured revolving credit facility has a maturity date of October 2026 with two six-month extension options.

DEBT COVENANT ANALYSIS (1)

Bond Covenants	Required	Actual	Compliance
Total debt to adjusted total assets	60% or less	29.1%	Yes
Total secured debt to adjusted total assets	40% or less	2.1%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	6.5x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	344.7%	Yes
Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	21.5%	Yes
Total secured debt to total capitalized asset value	40% or less	1.6%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	6.9x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	20.8%	Yes

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

Supplemental Data S-9

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. The guidance projections provided below are based on current expectations and are forward-looking statements.

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.

RECONCILIATION OF EARNINGS PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER DILUTED SHARE FOR FULL YEAR 2025 GUIDANCE
	Full Year 2025 Guidance Range
---	---	---	---	---	---	---
	Low			High
Earnings per common share - diluted	$	5.51		$	5.83
Real estate depreciation and amortization		5.09			5.09
Gains on sale of depreciable assets		(2.00	)		(2.00	)
FFO per Share - diluted		8.60			8.92
Non-Core FFO items (1)		0.01			0.01
Core FFO per Share - diluted		8.61			8.93
Recurring capital expenditures		(0.98	)		(0.98	)
Core AFFO per Share - diluted	$	7.63		$	7.95

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

Supplemental Data S-10

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

• Corporate credit rating assigned to MAA and MAALP
• Corporate credit rating assigned to MAALP

COMMON STOCK
Stock Symbol:	MAA
---	---	---	---	---	---	---	---	---	---	---
Exchange Traded:	NYSE
Estimated Future Dates:	Q2 2025		Q3 2025		Q4 2025		Q1 2026
Earnings release & conference call	Late<br>July		Late<br>October		Early<br>February		Late<br>April
Dividend Information - Common Shares:	Q1 2024		Q2 2024		Q3 2024		Q4 2024		Q1 2025
Declaration date	3/19/2024		5/21/2024		9/24/2024		12/10/2024		3/18/2025
Record date	4/15/2024		7/15/2024		10/15/2024		1/15/2025		4/15/2025
Payment date	4/30/2024		7/31/2024		10/31/2024		1/31/2025		4/30/2025
Distributions per share	$	1.4700	$	1.4700	$	1.4700	$	1.5150	$	1.5150
INVESTOR RELATIONS DATA
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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-11