March 8-11, 2021

2021 Citi Virtual Global Property CEO Conference

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 the potential impact of the COVID-19 pandemic on our business, statements regarding expected operating performance and results, property stabilizations, property acquisition and disposition activity, joint venture activity, development and renovation activity and other capital expenditures, and capital raising and financing activity, as well as lease pricing, revenue and expense growth, occupancy, 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," "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; 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; the effect of the phase-out of the London Interbank Offered Rate, or LIBOR, as a variable rate debt benchmark by the end of 2021 and the transition to a different benchmark interest rate; significant decline in market value of real estate serving as collateral for mortgage obligations; 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; adverse legislative or regulatory developments; extreme weather, natural disasters, disease outbreak and public health events; legal proceedings or class action lawsuits; 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 atwww.maac.com.

A Strategy Focused On Creating Value Through The Full Market Cycle

  • • MAA has broad diversification and balance across the high-growth Sunbelt region, appealing to the largest segment of the rental market.

  • • Portfolio strategy supports above-sector-average operating expectations.

  • • MAA's differentiated approach and strategy has supported long-term TSR outperformance.

  • • MAA's focus on technology at both the property and corporate level drive additional value and competitive advantage.

  • • Smart home installations and bulk internet program expected to enhance 2021 revenue.

  • • Advances in website lead generation technology expand our ability to reach prospective residents.

  • • MAA's proven kitchen and bath redevelopment program enhances earnings potential.

  • • Significant opportunities remain throughout portfolio.

  • • Repositioning program expected to drive property level rent growth.

  • • MAA's exclusive focus on high-growth Sunbelt region for over 25 years, superior track record of closing performance and strong balance sheet drive robust deal flow.

  • • Expanded growth platform through new development

  • • Joint ventures with developers (pre-purchase of developments)

  • • MAA maintains a strong investment grade balance sheet and strong dividend payout ratio - positioning us well for new growth opportunities and offering protection from potential downside pressures.

  • • MAA's sustainability commitment is a key part of how we provide exceptional service and long-term value for our stakeholders.

Market Diversification and Submarket Balance across the Sunbelt Region

TOP 10 MARKETS

% 4Q 2020

SS NOI

Atlanta, GA 12.8%

Dallas, TX 8.6%

Tampa, FL 6.8%

Charlotte, NC 6.7%

Washington, DC 6.5%

Austin, TX 6.2%

Orlando, FL 6.2%

Nashville, TN 4.7%

Raleigh/Durham, NC 4.6%

Houston, TX 4.0%

DIVERSIFIED WITHIN

287

SS COMMUNITIES

95,113

SS UNITS

SUBMARKETS1

DIVERSIFIED IN PRICE POINTS1,2

DIVERSIFIED IN ASSET TYPES1,3

Inner LoopSuburban/Satellite CityDowntown/CBD

GardenMid-RiseHigh Rise

A to A+B to B+

  • 1 Based on gross asset value at 12/31/2020 for total multifamily portfolio

  • 2 Average effective rent/unit for 4Q 2020 of $1,325 or higher for A to A+ and below $1,325 for B to B+ for total multifamily portfolio

3 Garden style = 3 stories or less; Mid-rise = 4 to 9 stories; High rise = 10+ stories Source: Company and Company 4Q 2020 Earnings Release Supplemental

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Mid America Apartment Communities Inc. published this content on 05 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 March 2021 03:02:09 UTC.