BofA Securities

Global Real Estate Conference

September 13 & 14, 2022

www.maac.com

Forward-Looking Statements

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

The following factors, among others, could cause our actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking statements: the COVID-19 pandemic and measures taken or that may be taken by federal, state and local governmental authorities to combat the spread of the disease; inability to generate sufficient cash flows due to unfavorable economic and market conditions, changes in supply and/or demand, competition, uninsured losses, changes in tax and housing laws, or other factors; exposure, as a multifamily focused REIT, to risks inherent in investments in a single industry and sector; adverse changes in real estate markets, including, but not limited to, the extent of future demand for multifamily units in our significant markets, barriers of entry into new markets which we may seek to enter in the future, limitations on our ability to increase rental rates, competition, our ability to identify and consummate attractive acquisitions or development projects on favorable terms, our ability to consummate any planned dispositions in a timely manner on acceptable terms, and our ability to reinvest sale proceeds in a manner that generates favorable returns; failure of new acquisitions to achieve anticipated results or be efficiently integrated; failure of development communities to be completed within budget and on a timely basis, if at all, to lease-up as anticipated or to achieve anticipated results; unexpected capital needs; material changes in operating costs, including real estate taxes, utilities and insurance costs, due to inflation and other factors; inability to obtain appropriate insurance coverage at reasonable rates, or at all, or losses from catastrophes in excess of our insurance coverage; ability to obtain financing at favorable rates, if at all, and refinance existing debt as it matures; level and volatility of interest or capitalization rates or capital market conditions; price volatility, dislocations and liquidity disruptions in the financial markets and the resulting impact on financing; the effect of any rating agency actions on the cost and availability of new debt financing; significant change in the mortgage financing market that would cause single-family housing, either as an owned or rental product, to become a more significant competitive product; our ability to continue to satisfy complex rules in order to maintain our status as a REIT for federal income tax purposes, the ability of MAALP to satisfy the rules to maintain its status as a partnership for federal income tax purposes, the ability of our taxable REIT subsidiaries to maintain their status as such for federal income tax purposes, and our ability and the ability of our subsidiaries to operate effectively within the limitations imposed by these rules; inability to attract and retain qualified personnel; cyber liability or potential liability for breaches of our or our service providers' information technology systems, or business operations disruptions; potential liability for environmental contamination; changes in the legal requirements we are subject to, or the imposition of new legal requirements, that adversely affect our operations; extreme weather, natural disasters, disease outbreak and public health events; impact of climate change on our properties or operations; legal proceedings or class action lawsuits; impact of reputational harm caused by negative press or social media postings of our actions or policies, whether or not warranted; compliance costs associated with numerous federal, state and local laws and regulations; and other risks identified in reports we file with the Securities and Exchange Commission from time to time, including those discussed under the heading "Risk Factors" in our most recently filed Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. We undertake no duty to update or revise any forward-looking statements appearing in this presentation to reflect events, circumstances or changes in expectations after the date of this presentation.

REGULATION G

This presentation contains certain non-GAAP financial measures within the meaning of the Securities Exchange Act of 1934, as amended. Our definitions of such non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures can be found in the accompanying Appendix and under the "Filings & Financials - Quarterly Results" navigation tab on the "For Investors" page of our website at www.maac.com.

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Cover Photo: Sand Lake, Orlando, FL

Consistently Strong Performance for Shareholders

  • Consistent and compounding Core FFO and dividend growth through market cycles; high quality earnings stream
  • Strong dividend track record; steady growth and well-covered
  • Top tier shareholder returns within the multifamily sector

Steady Annual Core FFO Growth

Annual Compounded Total Shareholder Return

At August 31, 2022

$8.25

1 YR

3 YR

5 YR

10 YR

15 YR

20 YR

$8.00

MAA

-11.9%

12.5%

12.7%

13.2%

12.8%

15.1%

$6.00

$4.00

PEER AVG*

-13.0%

1.3%

6.0%

8.6%

8.8%

11.2%

$2.00

SOURCE: S&P Global

$0.00

2017

2018

2019

2020

2021

2022F

*MAA excluded from average. Peers: AVB, CPT, EQR, ESS, and UDR included in average.

Annual Common Dividend per Share Paid

$2.35

$2.38

$2.42

$2.46

$2.46

$2.46

$2.51

$2.64

$2.78

$2.92

$3.08

$3.28

$3.48

$3.69

$3.84

$4.00

$4.10

$4.68

$1.21

$2.00

$2.04

$2.14

$2.20

$2.30

$2.32

$2.34

$2.34

$2.34

$2.34

Never Suspended or Reduced | A Solid Record of Growth and Stability

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022F

Note: On 5/17/2022, MAA announced an increase to the 2022 dividend. The 2022 forecasted annual dividend amount assumes previously paid 2022 dividends

totaling $2.18/share, plus the announced new quarterly rate of $1.25/share (July 2022), plus forecasted quarterly rate of $1.25 (expected October 2022) for an3 expected annual payment of $4.68/share.

Creating Value through the Full Market Cycle

Differentiated Portfolio Strategy

  • Unique Sunbelt focus…captures benefits of high growth and demand
  • Diversification within Sunbelt…mitigates periodic supply-side pressures… drives superior full cycle performance
  • Diversified renter price point… appeals to largest segment of the rental market… creates stability

Outlook & Update

  • Portfolio strategy and market dynamics…support above-sector-average rent growth prospects
  • Developments, redevelopments and tech initiatives…expected to drive meaningful future value creation

External Growth Opportunities

  • 28+ years successful Sunbelt transactions + strong balance sheet…drive robust deal flow
  • In-housenew development operation + JV "pre-purchase" development program…expands growth platform

Robust Redevelopment Program

  • Proven unit interior redevelopment program...enhances long-term earnings potential
  • Property repositioning program...expected to drive additional property-level rent growth

Technology Initiatives & Innovation

  • Smart home installations…expected to enhance revenue in 2022
  • Tech advances in website lead generation & virtual leasing…expands prospect management effectiveness

Balance Sheet Strength

  • Strong, investment-grade balance sheet… positions us well to pursue new growth opportunities
  • Recent ratings upgrades reflect continued strength

Sustainability

  • Increasing focus on property efficiency measures…align with climate objectives
  • Dedicated ESG department in 2022…will advance program…helps mitigate company risk

MAA Buckhead, Atlanta, GA

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About MAA | 28 Years of Sunbelt Strategy & Expertise

MAA Midtown, Atlanta, GA

AT A GLANCE1

28

S&P 500

$25.2B

101K

~2,500

21 YR

YEARS

MEMBER

TOTAL MARKET

APARTMENT

ASSOCIATES

AVG EXEC

PUBLIC

COMPANY

CAP

UNITS

TENURE

~$1B

11K

A-

3.97x

13.2%

114

'22F TOTAL

UNIT OPPORTUNITY

CREDIT RATING

NET DEBT

10-YEAR ANNUAL

CONSECUTIVE

DEVELOPMENT,

REDEVELOPMENT

UPGRADE BY S&P

TO ADJ EBITDAre

COMPOUNDED TSR

QUARTERLY CASH

LU PIPELINE

PROGRAM

ON 8/24/22

AT 8/31/2022

DIVIDENDS FM IPO

1 As of 6/30/2022 unless otherwise noted.

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Mid America Apartment Communities Inc. published this content on 12 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 September 2022 20:29:12 UTC.