Mid-America Apartments 8K Results of Operations and Financial Condition | SEC 3 Feb 21

Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT DECEMBER 31, 2020 (In apartment units) ⁽¹⁾

	Same Store		Non-Same Store		Lease-up		Total Completed Communities		Development Units Delivered		Total
Atlanta, GA		10,996		438		—		11,434		—		11,434
Dallas, TX		9,405		362		—		9,767		325		10,092
Austin, TX		7,117		—		—		7,117		—		7,117
Charlotte, NC		6,149		—		—		6,149		—		6,149
Raleigh/Durham, NC		4,397		953		—		5,350		—		5,350
Orlando, FL		5,274		—		—		5,274		—		5,274
Tampa, FL		5,220		—		—		5,220		—		5,220
Houston, TX		4,867		—		—		4,867		—		4,867
Fort Worth, TX		4,249		—		168		4,417		—		4,417
Nashville, TN		4,375		—		—		4,375		—		4,375
Washington, DC		4,080		—		—		4,080		—		4,080
Jacksonville, FL		3,496		—		—		3,496		—		3,496
Charleston, SC		2,726		442		—		3,168		—		3,168
Phoenix, AZ		2,623		—		—		2,623		—		2,623
Greenville, SC		2,084		271		—		2,355		—		2,355
Savannah, GA		2,219		—		—		2,219		—		2,219
Richmond, VA		2,004		—		—		2,004		—		2,004
Memphis, TN		1,811		—		—		1,811		—		1,811
San Antonio, TX		1,504		—		—		1,504		—		1,504
Birmingham, AL		1,462		—		—		1,462		—		1,462
Huntsville, AL		1,228		—		—		1,228		—		1,228
Kansas City, MO-KS		1,110		—		—		1,110		—		1,110
Other		6,717		2,149		—		8,866		—		8,866
Total Multifamily Units		95,113		4,615		168		99,896		325		100,221

⁽¹⁾	Schedule excludes a 269 unit joint venture property in Washington, D.C.

Supplemental Data S-1

PORTFOLIO STATISTICS (CONTINUED)

TOTAL MULTIFAMILY COMMUNITY STATISTICS ⁽¹⁾

Dollars in thousands, except Average Effective Rent per Unit

	As of December 31, 2020								Average Effective		As of December 31, 2020
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended December 31, 2020		Completed Units		Total Units, Including Development
Atlanta, GA	$	2,006,946		14.4	%		95.4	%	$	1,466		11,434
Dallas, TX		1,412,258		10.1	%		95.0	%		1,290		9,767
Charlotte, NC		968,540		6.9	%		96.3	%		1,239		6,149
Washington, DC		965,608		6.9	%		95.8	%		1,792		4,080
Tampa, FL		880,767		6.3	%		96.8	%		1,517		5,220
Austin, TX		843,598		6.0	%		95.1	%		1,268		7,117
Orlando, FL		830,391		6.0	%		95.7	%		1,452		5,274
Raleigh/Durham, NC		700,126		5.0	%		96.0	%		1,177		5,350
Houston, TX		605,508		4.3	%		94.1	%		1,208		4,867
Nashville, TN		534,190		3.8	%		94.9	%		1,309		4,375
Charleston, SC		402,663		2.9	%		96.5	%		1,261		3,168
Fort Worth, TX		395,747		2.8	%		95.4	%		1,189		4,249
Phoenix, AZ		379,160		2.7	%		97.3	%		1,311		2,623
Jacksonville, FL		289,634		2.1	%		97.6	%		1,168		3,496
Richmond, VA		266,770		1.9	%		96.8	%		1,245		2,004
Savannah, GA		242,516		1.7	%		97.0	%		1,121		2,219
Greenville, SC		227,759		1.6	%		96.6	%		1,018		2,355
Denver, CO		211,546		1.5	%		92.9	%		1,628		812
Kansas City, MO-KS		186,617		1.3	%		94.2	%		1,295		1,110
San Antonio, TX		163,056		1.2	%		94.2	%		1,123		1,504
Birmingham, AL		159,507		1.1	%		97.0	%		1,096		1,462
All Other Markets by State (individual markets <1% gross real assets)
Tennessee	$	182,999		1.3	%		97.1	%	$	1,019		2,754
Florida		176,985		1.3	%		96.2	%		1,382		1,806
Alabama		160,254		1.2	%		97.4	%		1,072		1,648
Virginia		153,247		1.1	%		96.5	%		1,369		1,039
Kentucky		93,618		0.7	%		96.4	%		916		1,308
Mississippi		72,887		0.5	%		96.2	%		946		1,241
Nevada		71,078		0.5	%		97.1	%		1,182		721
South Carolina		36,093		0.3	%		95.1	%		930		576
Stabilized Communities	$	13,620,068		97.4	%		95.8	%	$	1,294		99,728
Orlando, FL	$	103,509		0.7	%									633
Phoenix, AZ		85,257		0.6	%									662
Dallas, TX		64,355		0.5	%		45.7	%		1,547		325		348
Denver, CO		44,241		0.3	%									306
Houston, TX		28,933		0.2	%									308
Fort Worth, TX		26,255		0.2	%		79.8	%		1,319		168		168
Austin, TX		9,279		0.1	%									350
Lease-up / Development Communities	$	361,829		2.6	%		56.8	%	$	1,469		493		2,775
Total Multifamily Communities	$	13,981,897		100.0	%		95.6	%	$	1,295		100,221		102,503

⁽¹⁾	Schedule excludes one joint venture property in Washington, D.C.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

	As of December 31, 2020				Three Months Ended
	Apartment Units		Gross Real Assets		December 31, 2020		December 31, 2019			Percent Change
Operating Revenues
Same Store Communities		95,113	$	12,877,048	$	397,595	$	390,382			1.8	%
Non-Same Store Communities		4,615		743,020		19,468		20,516
Lease-up/Development Communities		493		361,829		1,292		(29	)
Total Multifamily Portfolio		100,221	$	13,981,897	$	418,355	$	410,869
Commercial Property/Land		—		245,583		5,306		5,948
Total Operating Revenues		100,221	$	14,227,480	$	423,661	$	416,817

Property Operating Expenses
Same Store Communities					$	148,967	$	139,408			6.9	%
Non-Same Store Communities						7,761		7,845
Lease-up/Development Communities						821		72
Total Multifamily Portfolio					$	157,549	$	147,325
Commercial Property/Land						2,465		2,462
Total Property Operating Expenses					$	160,014	$	149,787

Net Operating Income
Same Store Communities					$	248,628	$	250,974			-0.9	%
Non-Same Store Communities						11,707		12,671
Lease-up/Development Communities						471		(101	)
Total Multifamily Portfolio					$	260,806	$	263,544
Commercial Property/Land						2,841		3,486
Total Net Operating Income					$	263,647	$	267,030			-1.3	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

	Three Months Ended							Year Ended
	December 31, 2020		December 31, 2019		Percent Change			December 31, 2020		December 31, 2019		Percent Change
Personnel	$	34,912	$	33,482		4.3	%	$	140,343	$	137,825		1.8	%
Building Repair and Maintenance		14,475		14,065		2.9	%		62,936		61,853		1.8	%
Utilities		28,841		26,521		8.7	%		113,457		108,026		5.0	%
Marketing		4,736		4,234		11.9	%		21,562		18,081		19.3	%
Office Operations		5,806		5,454		6.5	%		22,085		21,238		4.0	%
Property Taxes		54,921		52,506		4.6	%		220,744		210,986		4.6	%
Insurance		5,276		3,146		67.7	%		16,994		12,076		40.7	%
Total Property Operating Expenses	$	148,967	$	139,408		6.9	%	$	598,121	$	570,085		4.9	%

Supplemental Data S-3

NOI CONTRIBUTION PERCENTAGE BY MARKET

Same Store Portfolio

				Average Physical Occupancy
			Percent of	Three Months Ended						Year Ended
	Apartment Units		Same Store NOI	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Atlanta, GA		10,996	12.8%		95.3	%		94.9	%		95.0	%		95.5	%
Dallas, TX		9,405	8.6%		95.0	%		95.4	%		95.2	%		95.3	%
Tampa, FL		5,220	6.8%		96.7	%		96.0	%		96.0	%		96.0	%
Charlotte, NC		6,149	6.7%		96.2	%		96.2	%		96.1	%		96.2	%
Washington, DC		4,080	6.5%		96.2	%		96.3	%		96.3	%		96.7	%
Austin, TX		7,117	6.2%		95.3	%		95.6	%		95.4	%		95.8	%
Orlando, FL		5,274	6.2%		94.8	%		95.3	%		94.6	%		95.5	%
Nashville, TN		4,375	4.7%		94.5	%		95.7	%		95.0	%		95.9	%
Raleigh/Durham, NC		4,397	4.6%		96.1	%		96.2	%		96.2	%		96.5	%
Houston, TX		4,867	4.0%		93.7	%		94.9	%		94.3	%		95.3	%
Fort Worth, TX		4,249	4.0%		95.1	%		95.4	%		95.3	%		95.5	%
Jacksonville, FL		3,496	3.5%		96.8	%		95.9	%		96.4	%		96.2	%
Phoenix, AZ		2,623	3.3%		96.7	%		96.9	%		96.3	%		96.7	%
Charleston, SC		2,726	2.9%		96.3	%		94.9	%		95.9	%		95.4	%
Richmond, VA		2,004	2.3%		97.0	%		96.3	%		96.7	%		96.6	%
Savannah, GA		2,219	2.0%		97.1	%		95.1	%		96.2	%		95.4	%
Greenville, SC		2,084	1.8%		96.2	%		95.5	%		95.6	%		95.7	%
Memphis, TN		1,811	1.6%		97.6	%		95.3	%		96.8	%		95.7	%
Birmingham, AL		1,462	1.4%		96.7	%		96.5	%		96.6	%		96.6	%
San Antonio, TX		1,504	1.2%		95.6	%		95.7	%		96.2	%		96.3	%
Huntsville, AL		1,228	1.2%		96.9	%		97.9	%		97.1	%		97.6	%
Kansas City, MO-KS		1,110	1.2%		94.5	%		95.1	%		95.3	%		95.6	%
Other		6,717	6.5%		96.4	%		95.6	%		96.0	%		96.3	%
Total Same Store		95,113	100.0%		95.7	%		95.6	%		95.6	%		95.9	%

Supplemental Data S-4

MULTIFAMILY SAME STORE PORTFOLIO QUARTER OVER QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q4 2020		Q4 2019		% Chg			Q4 2020		Q4 2019		% Chg			Q4 2020		Q4 2019		% Chg			Q4 2020		Q4 2019		% Chg
Atlanta, GA		10,996	$	51,220	$	50,651		1.1	%	$	18,728	$	18,147		3.2	%	$	32,492	$	32,504		(0.0	)%	$	1,465	$	1,462		0.1	%
Dallas, TX		9,405		38,644		38,763		(0.3	)%		17,360		16,176		7.3	%		21,284		22,587		(5.8	)%		1,297		1,301		(0.3	)%
Tampa, FL		5,220		25,517		24,707		3.3	%		8,707		8,190		6.3	%		16,810		16,517		1.8	%		1,517		1,476		2.8	%
Charlotte, NC		6,149		24,771		24,609		0.7	%		7,994		7,359		8.6	%		16,777		17,250		(2.7	)%		1,239		1,238		0.1	%
Washington, DC		4,080		23,214		23,213		0.0	%		7,008		6,902		1.5	%		16,206		16,311		(0.6	)%		1,792		1,800		(0.5	)%
Austin, TX		7,117		29,393		29,091		1.0	%		13,893		12,077		15.0	%		15,500		17,014		(8.9	)%		1,268		1,260		0.6	%
Orlando, FL		5,274		24,383		24,610		(0.9	)%		9,000		8,731		3.1	%		15,383		15,879		(3.1	)%		1,452		1,462		(0.7	)%
Nashville, TN		4,375		18,374		18,184		1.0	%		6,704		5,917		13.3	%		11,670		12,267		(4.9	)%		1,309		1,293		1.2	%
Raleigh/Durham, NC		4,397		16,979		16,507		2.9	%		5,653		5,202		8.7	%		11,326		11,305		0.2	%		1,151		1,121		2.6	%
Houston, TX		4,867		18,619		18,647		(0.2	)%		8,640		7,904		9.3	%		9,979		10,743		(7.1	)%		1,208		1,214		(0.5	)%
Fort Worth, TX		4,249		16,954		16,617		2.0	%		7,082		6,372		11.1	%		9,872		10,245		(3.6	)%		1,189		1,169		1.7	%
Jacksonville, FL		3,496		12,919		12,494		3.4	%		4,335		4,159		4.2	%		8,584		8,335		3.0	%		1,168		1,136		2.8	%
Phoenix, AZ		2,623		11,185		10,700		4.5	%		3,063		2,878		6.4	%		8,122		7,822		3.8	%		1,311		1,257		4.3	%
Charleston, SC		2,726		10,900		10,427		4.5	%		3,746		3,854		(2.8	)%		7,154		6,573		8.8	%		1,219		1,181		3.3	%
Richmond, VA		2,004		8,293		7,884		5.2	%		2,667		2,435		9.5	%		5,626		5,449		3.2	%		1,245		1,207		3.1	%
Savannah, GA		2,219		8,150		7,884		3.4	%		3,066		2,833		8.2	%		5,084		5,051		0.7	%		1,121		1,095		2.3	%
Greenville, SC		2,084		6,774		6,487		4.4	%		2,380		2,317		2.7	%		4,394		4,170		5.4	%		952		927		2.7	%
Memphis, TN		1,811		6,343		5,868		8.1	%		2,438		2,391		2.0	%		3,905		3,477		12.3	%		1,059		1,013		4.6	%
Birmingham, AL		1,462		5,501		5,257		4.6	%		2,072		1,840		12.6	%		3,429		3,417		0.4	%		1,096		1,060		3.3	%
San Antonio, TX		1,504		5,460		5,422		0.7	%		2,513		2,304		9.1	%		2,947		3,118		(5.5	)%		1,123		1,118		0.5	%
Huntsville, AL		1,228		4,383		3,943		11.2	%		1,494		1,302		14.7	%		2,889		2,641		9.4	%		1,035		949		9.1	%
Kansas City, MO-KS		1,110		4,559		4,477		1.8	%		1,677		1,583		5.9	%		2,882		2,894		(0.4	)%		1,295		1,267		2.2	%
Other		6,717		25,060		23,940		4.7	%		8,747		8,535		2.5	%		16,313		15,405		5.9	%		1,150		1,110		3.6	%
Total Same Store		95,113	$	397,595	$	390,382		1.8	%	$	148,967	$	139,408		6.9	%	$	248,628	$	250,974		(0.9	)%	$	1,293	$	1,277		1.3	%

Supplemental Data S-5

MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q4 2020		Q3 2020		% Chg			Q4 2020		Q3 2020		% Chg			Q4 2020		Q3 2020		% Chg			Q4 2020		Q3 2020		% Chg
Atlanta, GA		10,996	$	51,220	$	51,356		(0.3	)%	$	18,728	$	20,063		(6.7	)%	$	32,492	$	31,293		3.8	%	$	1,465	$	1,463		0.1	%
Dallas, TX		9,405		38,644		39,024		(1.0	)%		17,360		18,281		(5.0	)%		21,284		20,743		2.6	%		1,297		1,312		(1.1	)%
Tampa, FL		5,220		25,517		25,176		1.4	%		8,707		9,387		(7.2	)%		16,810		15,789		6.5	%		1,517		1,502		1.0	%
Charlotte, NC		6,149		24,771		25,015		(1.0	)%		7,994		8,105		(1.4	)%		16,777		16,910		(0.8	)%		1,239		1,249		(0.8	)%
Washington, DC		4,080		23,214		23,275		(0.3	)%		7,008		7,496		(6.5	)%		16,206		15,779		2.7	%		1,792		1,812		(1.1	)%
Austin, TX		7,117		29,393		29,554		(0.5	)%		13,893		14,645		(5.1	)%		15,500		14,909		4.0	%		1,268		1,281		(1.0	)%
Orlando, FL		5,274		24,383		24,161		0.9	%		9,000		9,686		(7.1	)%		15,383		14,475		6.3	%		1,452		1,462		(0.7	)%
Nashville, TN		4,375		18,374		18,430		(0.3	)%		6,704		7,118		(5.8	)%		11,670		11,312		3.2	%		1,309		1,310		(0.1	)%
Raleigh/Durham, NC		4,397		16,979		17,123		(0.8	)%		5,653		5,773		(2.1	)%		11,326		11,350		(0.2	)%		1,151		1,147		0.3	%
Houston, TX		4,867		18,619		18,735		(0.6	)%		8,640		9,003		(4.0	)%		9,979		9,732		2.5	%		1,208		1,222		(1.1	)%
Fort Worth, TX		4,249		16,954		17,010		(0.3	)%		7,082		7,627		(7.1	)%		9,872		9,383		5.2	%		1,189		1,184		0.4	%
Jacksonville, FL		3,496		12,919		12,860		0.5	%		4,335		4,671		(7.2	)%		8,584		8,189		4.8	%		1,168		1,157		0.9	%
Phoenix, AZ		2,623		11,185		11,117		0.6	%		3,063		3,300		(7.2	)%		8,122		7,817		3.9	%		1,311		1,294		1.3	%
Charleston, SC		2,726		10,900		10,896		0.0	%		3,746		4,329		(13.5	)%		7,154		6,567		8.9	%		1,219		1,199		1.7	%
Richmond, VA		2,004		8,293		8,187		1.3	%		2,667		2,908		(8.3	)%		5,626		5,279		6.6	%		1,245		1,229		1.3	%
Savannah, GA		2,219		8,150		8,147		0.0	%		3,066		3,171		(3.3	)%		5,084		4,976		2.2	%		1,121		1,108		1.1	%
Greenville, SC		2,084		6,774		6,698		1.1	%		2,380		2,782		(14.5	)%		4,394		3,916		12.2	%		952		945		0.7	%
Memphis, TN		1,811		6,343		6,245		1.6	%		2,438		2,546		(4.2	)%		3,905		3,699		5.6	%		1,059		1,043		1.6	%
Birmingham, AL		1,462		5,501		5,466		0.6	%		2,072		2,154		(3.8	)%		3,429		3,312		3.5	%		1,096		1,081		1.4	%
San Antonio, TX		1,504		5,460		5,536		(1.4	)%		2,513		2,663		(5.6	)%		2,947		2,873		2.6	%		1,123		1,117		0.5	%
Huntsville, AL		1,228		4,383		4,293		2.1	%		1,494		1,492		0.1	%		2,889		2,801		3.1	%		1,035		1,004		3.1	%
Kansas City, MO-KS		1,110		4,559		4,600		(0.9	)%		1,677		1,848		(9.3	)%		2,882		2,752		4.7	%		1,295		1,295		(0.0	)%
Other		6,717		25,060		24,696		1.5	%		8,747		9,850		(11.2	)%		16,313		14,846		9.9	%		1,150		1,138		1.1	%
Total Same Store		95,113	$	397,595	$	397,600		(0.0	)%	$	148,967	$	158,898		(6.2	)%	$	248,628	$	238,702		4.2	%	$	1,293	$	1,293		(0.0	)%

Supplemental Data S-6

MULTIFAMILY SAME STORE PORTFOLIO FULL YEAR COMPARISONS AS OF DECEMBER 31, 2020 AND 2019

Dollars in thousands, except unit and per unit data

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		2020		2019		% Chg			2020		2019		% Chg			2020		2019		% Chg			2020		2019		% Chg
Atlanta, GA		10,996	$	203,637	$	200,770		1.4	%	$	76,026	$	73,631		3.3	%	$	127,611	$	127,139		0.4	%	$	1,464	$	1,440		1.7	%
Dallas, TX		9,405		155,234		152,944		1.5	%		69,004		65,519		5.3	%		86,230		87,425		(1.4	)%		1,305		1,287		1.4	%
Charlotte, NC		6,149		99,219		96,447		2.9	%		31,256		30,118		3.8	%		67,963		66,329		2.5	%		1,245		1,220		2.1	%
Tampa, FL		5,220		99,982		96,885		3.2	%		35,307		33,820		4.4	%		64,675		63,065		2.6	%		1,500		1,453		3.3	%
Washington, DC		4,080		92,887		92,439		0.5	%		28,433		27,903		1.9	%		64,454		64,536		(0.1	)%		1,802		1,783		1.0	%
Austin, TX		7,117		117,605		113,956		3.2	%		54,119		50,005		8.2	%		63,486		63,951		(0.7	)%		1,272		1,235		3.0	%
Orlando, FL		5,274		97,219		97,150		0.1	%		36,651		35,121		4.4	%		60,568		62,029		(2.4	)%		1,461		1,445		1.1	%
Nashville, TN		4,375		73,133		71,335		2.5	%		26,682		24,114		10.6	%		46,451		47,221		(1.6	)%		1,309		1,262		3.7	%
Raleigh/Durham, NC		4,397		67,414		64,100		5.2	%		22,677		21,358		6.2	%		44,737		42,742		4.7	%		1,142		1,096		4.3	%
Houston, TX		4,867		74,830		74,079		1.0	%		33,651		32,032		5.1	%		41,179		42,047		(2.1	)%		1,217		1,197		1.7	%
Fort Worth, TX		4,249		67,223		65,442		2.7	%		28,426		27,079		5.0	%		38,797		38,363		1.1	%		1,181		1,156		2.2	%
Jacksonville, FL		3,496		50,932		49,879		2.1	%		17,730		17,040		4.0	%		33,202		32,839		1.1	%		1,156		1,126		2.7	%
Phoenix, AZ		2,623		43,821		41,180		6.4	%		12,359		11,885		4.0	%		31,462		29,295		7.4	%		1,292		1,212		6.6	%
Charleston, SC		2,726		42,926		41,511		3.4	%		15,761		15,310		2.9	%		27,165		26,201		3.7	%		1,202		1,165		3.1	%
Richmond, VA		2,004		32,312		30,985		4.3	%		10,717		9,770		9.7	%		21,595		21,215		1.8	%		1,228		1,187		3.5	%
Savannah, GA		2,219		32,141		31,390		2.4	%		12,071		11,628		3.8	%		20,070		19,762		1.6	%		1,110		1,084		2.4	%
Greenville, SC		2,084		26,461		25,271		4.7	%		10,358		10,080		2.8	%		16,103		15,191		6.0	%		942		910		3.6	%
Memphis, TN		1,811		24,556		23,178		5.9	%		9,722		9,630		1.0	%		14,834		13,548		9.5	%		1,039		994		4.5	%
Birmingham, AL		1,462		21,529		20,209		6.5	%		8,394		8,198		2.4	%		13,135		12,011		9.4	%		1,080		1,028		5.1	%
San Antonio, TX		1,504		21,931		21,513		1.9	%		9,980		9,336		6.9	%		11,951		12,177		(1.9	)%		1,119		1,101		1.6	%
Kansas City, MO-KS		1,110		18,151		17,581		3.2	%		6,746		6,521		3.5	%		11,405		11,060		3.1	%		1,289		1,239		4.0	%
Huntsville, AL		1,228		16,699		15,231		9.6	%		5,677		5,290		7.3	%		11,022		9,941		10.9	%		999		915		9.2	%
Other		6,717		97,609		94,800		3.0	%		36,374		34,697		4.8	%		61,235		60,103		1.9	%		1,133		1,087		4.3	%
Total Same Store		95,113	$	1,577,451	$	1,538,275		2.5	%	$	598,121	$	570,085		4.9	%	$	979,330	$	968,190		1.2	%	$	1,290	$	1,256		2.6	%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands

		Units as of
		December 31, 2020							Projected			Development Costs
									Initial
								Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total		Delivered		Leased		Date	Date	Date	Date⁽¹⁾	Cost		Q4 2020		After
MAA Frisco Bridges II	Dallas, TX		348		325		164	2Q18	2Q20	1Q21	1Q22	$	69,000	$	64,355	$	4,645
Novel Midtown ⁽²⁾	Phoenix, AZ		345	—		—		1Q19	1Q21	2Q21	4Q22		82,000		72,303		9,697
Westglenn	Denver, CO		306	—		—		3Q19	2Q21	4Q21	4Q22		84,500		44,241		40,259
The Robinson	Orlando, FL		369	—		—		3Q19	2Q21	4Q21	1Q23		99,000		64,650		34,350
Sand Lake ⁽³⁾	Orlando, FL		264	—		—		4Q19	2Q21	4Q21	1Q23		68,000		38,859		29,141
Long Point	Houston, TX		308	—		—		4Q19	3Q21	1Q22	1Q23		57,000		28,933		28,067
MAA Windmill Hill	Austin, TX		350	—		—		4Q20	1Q22	3Q22	4Q23		63,000		9,279		53,721
Novel Val Vista ⁽²⁾	Phoenix, AZ		317	—		—		4Q20	3Q22	1Q23	2Q24		72,500		12,954		59,546
Total Active			2,607		325		164					$	595,000	$	335,574	$	259,426

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

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

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

MULTIFAMILY REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data

		Year ended December 31, 2020
Units Redeveloped		Redevelopment Spend		Spend per Unit		Increase in Average Effective Rent per Unit		Increase in Average Effective Rent per Unit	Estimated Units Remaining in Pipeline
	4,211	$	26,113	$	6,201	$	110	9.5%	10,000 - 13,000

MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands

As of December 31, 2020

Location

Total Units

Percent Occupied

Construction Finished

Expected Stabilization⁽¹⁾

Total Cost

Copper Ridge II

Fort Worth, TX

168

79.8%

2Q20

2Q21

26,255

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

2020 ACQUISITION ACTIVITY (THROUGH DECEMBER 31, 2020)

Land Acquisition	Market	Acreage	Closing Date
MAA Windmill Hill	Austin, TX	22	January 2020
MAA Central Park	Denver, CO	27	November 2020
Novel Val Vista ⁽¹⁾	Phoenix, AZ	13	December 2020

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

2020 DISPOSITION ACTIVITY (THROUGH DECEMBER 31, 2020)

Land Disposition		Market		Acreage		Closing Date
Colonial Promenade		Huntsville, AL		27		September 2020

Supplemental Data S-8

INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES

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

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

Dollars in thousands	As of December 31, 2020
Joint Venture Property	Gross Investment in Real Estate			Mortgage Notes Payable			Company’s Equity Investment
Post Massachusetts Avenue	$	79,758	⁽¹⁾	$	51,757	⁽²⁾	$	43,325

	Three months ended December 31, 2020				Year ended December 31, 2020
Joint Venture Property	Entity NOI		Company’s Equity in Income		Entity NOI		Company’s Equity in Income
Post Massachusetts Avenue	$	1,732	$	348	$	7,513	$	1,501

⁽¹⁾	Represents GAAP basis net book value plus accumulated depreciation.

⁽²⁾	This mortgage note has an outstanding principal value of $52 million, bears interest at a stated fixed rate of 3.93% and matures in December 2025.

DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2020

Dollars in thousands

DEBT SUMMARIES
Floating Versus Fixed Rate Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Rate Maturity
Fixed rate debt	$	4,390,712		96.2	%		3.7	%		7.7
Floating (unhedged) debt		172,000		3.8	%		0.3	%		0.1
Total	$	4,562,712		100.0	%		3.6	%		7.4

Secured Versus Unsecured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	4,077,373		89.4	%		3.5	%		5.8
Secured debt		485,339		10.6	%		4.6	%		21.0
Total	$	4,562,712		100.0	%		3.6	%		7.4

Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q4 2020 NOI			Percent of Total
Unencumbered gross assets	$	13,354,045		91.4	%	$	246,374			93.4	%
Encumbered gross assets		1,255,851		8.6	%		17,273			6.6	%
Total	$	14,609,896		100.0	%	$	263,647			100.0	%

FIXED INTEREST RATE MATURITIES

Maturity	Fixed Rate Debt		Effective Rate
2021	$	191,505		5.2	%
2022		366,144		3.6	%
2023		360,392		4.2	%
2024		417,172		4.0	%
2025		403,018		4.2	%
2026		—		—
2027		594,980		3.7	%
2028		395,478		4.2	%
2029		561,748		3.7	%
2030		296,850		3.1	%
Thereafter		803,425		3.0	%
Total	$	4,390,712		3.7	%

Supplemental Data S-9

DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2020 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

	Revolving Credit Facility & Commercial Paper ⁽¹⁾ ⁽²⁾		Public Bonds		Other Unsecured		Secured		Total
2021	$	172,000	$	—	$	72,724	$	118,781	$	363,505
2022		—		249,276		116,868		—		366,144
2023		—		348,160		12,232		—		360,392
2024		—		397,212		19,960		—		417,172
2025		—		396,223		—		6,795		403,018
2026		—		—		—		—		—
2027		—		594,980		—		—		594,980
2028		—		395,478		—		—		395,478
2029		—		561,748		—		—		561,748
2030		—		296,850		—		—		296,850
Thereafter		—		443,662		—		359,763		803,425
Total	$	172,000	$	3,683,589	$	221,784	$	485,339	$	4,562,712

⁽¹⁾

The $172.0 million maturing in 2021 reflects the principal outstanding on MAALP’s unsecured commercial paper program as of December 31, 2020. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $500.0 million. For the three months ended December 31, 2020, average daily borrowings outstanding under the commercial paper program were $96.5 million.

⁽²⁾	There were no borrowings outstanding under MAALP’s $1.0 billion unsecured revolving credit facility as of December 31, 2020. The unsecured revolving credit facility has a maturity date of May 2023 with two six-month extensions.

DEBT COVENANT ANALYSIS ⁽¹⁾

Bond Covenants	Required	Actual	Compliance
Total debt to adjusted total assets	60% or less	31.2%	Yes
Total secured debt to adjusted total assets	40% or less	3.3%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	5.4x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	327%	Yes

Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	27.7%	Yes
Total secured debt to total capitalized asset value	40% or Less	3.1%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	5.2x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	26.4%	Yes

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

Supplemental Data S-10

2021 GUIDANCE

MAA provides guidance on expected Core FFO per Share and Core AFFO per Share, which are non-GAAP measures, along with guidance for expected Net income per diluted common share. A reconciliation of expected Net income per diluted common share to expected Core FFO per Share and Core AFFO per Share is provided below.

Earnings:	Full Year 2021
Earnings per common share - diluted	$3.26 to $3.56
Midpoint	$3.41
Core FFO per Share - diluted	$6.30 to $6.60
Midpoint	$6.45
Core AFFO per Share - diluted	$5.62 to $5.92
Midpoint	$5.77

MAA Same Store Communities:
Number of units		97,003
Average physical occupancy	95.25% to 95.75%
Property revenue growth ⁽¹⁾	1.00% to 3.00%
Property operating expense growth ⁽¹⁾	3.00% to 5.00%
NOI growth ⁽¹⁾	0.00% to 2.00%
Real estate tax expense growth	3.25% to 4.25%

Corporate Expenses:
General and administrative expenses	$47.5 to $49.5 million
Property management expenses	$57.5 to $59.5 million
Total overhead	$105.0 to $109.0 million

Transaction/Investment Volume:
Multifamily acquisition volume		—
Multifamily disposition volume	$200.0 to $250.0 million
Development investment	$250.0 to $350.0 million

Debt:
Average effective interest rate	3.5% to 3.7%
Capitalized interest	$7.0 to $8.0 million

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

⁽¹⁾

Guidance includes impact of Double Play bulk internet program, which is expected to contribute 0.3% to 0.4% of property revenue growth, 0.7% to 0.8% of property operating expense growth and 0.1% to 0.2% of NOI growth to the results for the year ending December 31, 2021.

RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER SHARE FOR 2021 GUIDANCE

	2021 Full Year Guidance Range
	Low			High
Earnings per common share - diluted	$	3.26		$	3.56
Real estate depreciation and amortization		4.35			4.35
Gains on sale of depreciable assets		(1.34	)		(1.34	)
FFO per Share - diluted		6.27			6.57
Non-Core items ⁽¹⁾		0.03			0.03
Core FFO per Share - diluted		6.30			6.60
Recurring capital expenditures		(0.68	)		(0.68	)
Core AFFO per Share - diluted	$	5.62		$	5.92

⁽¹⁾

Non-Core items may include adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares, gain or loss on sale of non-depreciable assets, adjustments for gains or losses from unconsolidated limited partnerships, net casualty gain or loss, gain or loss on debt extinguishment, non-routine legal costs and settlements, COVID-19 related costs, and mark-to-market debt adjustments.

Supplemental Data S-11

CREDIT RATINGS

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

⁽¹⁾	Corporate credit rating assigned to MAA and MAALP

⁽²⁾	Corporate credit rating assigned to MAALP

COMMON STOCK

Stock Symbol:

MAA

Exchange Traded:

NYSE

Estimated Future Dates:

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Earnings release & conference call

Late

April

Late

July

Late

October

Late

January

Dividend Information - Common Shares:

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Declaration date

12/10/2019

3/19/2020

5/19/2020

9/24/2020

12/8/2020

Record date

1/15/2020

4/15/2020

7/15/2020

10/15/2020

1/15/2021

Payment date

1/31/2020

4/30/2020

7/31/2020

10/30/2020

1/29/2021

Distributions per share

1.0000

1.0250

INVESTOR RELATIONS DATA

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

For recent press releases, SEC filings and other information, call 866-576-9689 (toll free) or email 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
	Tim Argo	Senior Vice President, Director of Finance
	Jennifer Patrick	Director of Investor Relations
	Phone: 866-576-9689 (toll free)
	Email: investor.relations@maac.com

Supplemental Data S-12

Mid-America Apartments 8-KResults of Operations and Financial Condition