Mid America Apartment Community : Third Quarter 2024 3rd Quarter 2024 Earnings Release and Supplement

Earnings Release & Supplemental Data

Third Quarter 2024

www.maac.com

TABLE OF CONTENTS
Earnings Release	3
Financial Highlights	8
Consolidated Statements of Operations/Share and Unit Data	9
Consolidated Balance Sheets	10
Reconciliation of Non-GAAP Financial Measures	11
Non-GAAP Financial Measures	14
Other Key Definitions	15
Portfolio Statistics	S-1
Components of Net Operating Income/Components of Same Store Portfolio Property Operating Expenses	S-3
Multifamily Same Store Portfolio NOI Contribution Percentage	S-4
Multifamily Same Store Portfolio Comparisons	S-5
Multifamily Development Pipeline/Multifamily Lease-up Communities/Multifamily Interior Redevelopment Pipeline	S-8
Acquisition Activity/Debt and Debt Covenants as of September 30, 2024	S-9
2024 Guidance/Reconciliation of Earnings per Diluted Common Share to Core FFO and Core AFFO per Diluted Share for Full
Year 2024 Guidance	S-11
Credit Ratings/Common Stock/Investor Relations Data	S-12

2

EARNINGS RELEASE

MAA REPORTS THIRD QUARTER 2024 RESULTS

GERMANTOWN, TN, October 30, 2024/PRNewswire/ --Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the three months ended September 30, 2024.

	Three months ended				Nine months ended
Third Quarter 2024 Operating Results	September 30,				September 30,
Earnings per common share - diluted	2024			2023				2024			2023
$	0.98		$	0.94		$	3.07		$	3.34
Funds from operations (FFO) per Share - diluted	$	2.10	$	2.16	$	6.57	$	6.85
Core FFO per Share - diluted	$	2.21	$	2.29	$	6.65	$	6.85

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

Eric Bolton, Chairman and Chief Executive Officer, said, "We continue to see strong demand for apartment housing, which is contributing to the steady absorption of the high volume of new supply delivered in the third quarter, which we believe has now peaked. Resident turnover is at record low levels, lease renewal pricing is strong, occupancy is steady, and collections also remain strong. We are confident that in calendar year 2025 we will see a meaningful decline in the amount of new supply impacting our portfolio, and we will enter a new multi-year cycle with demand outpacing supply. The upside opportunity within our current portfolio from these changing market conditions, coupled with the growing contribution from our new development and acquisitions pipeline, has MAA very well positioned."

Highlights

• During the third quarter of 2024, MAA's Same Store Portfolio captured strong Average Physical Occupancy of 95.7%, matching the performance in the same period in the prior year. During the third quarter of 2024, MAA's Same Store Portfolio produced flat revenue growth, as compared to the same period in the prior year, with Average Effective Rent per Unit down 0.4%, offset by a 2.6% increase in other property revenues.
• During the third quarter of 2024, MAA's Same Store Portfolio property operating expense increased by 3.0% and MAA's Same Store Portfolio Net Operating Income (NOI) decreased by 1.7%, in each case as compared to the same period in the prior year.
• As of September 30, 2024, resident turnover remained historically low at 42.8% on a trailing twelve month basis with a record low level of move-outs associated with buying single family-homes.
• During the third quarter of 2024, MAA acquired a newly built 310-unit multifamily apartment community in initial lease-up located in Orlando, Florida. Subsequent to the end of the third quarter of 2024, MAA acquired a 386-unit multifamily community located in Dallas, Texas.
• Subsequent to the end of the third quarter of 2024, MAA closed on the disposition of a 216-unit multifamily community located in Charlotte, North Carolina.
• As of September 30, 2024, MAA had eight communities under development, representing 2,762 units once complete, with a projected total cost of $978.3 million and an estimated $367.9 million remaining to be funded. During the third quarter of 2024, MAA started construction on a 306-unit multifamily apartment community located in Richmond, Virginia. Also during the third quarter of 2024, MAA agreed to finance a third party's development of a 239-unit multifamily apartment community currently under construction located in Charlotte, North Carolina. During the third quarter of 2024, MAA completed the development of Novel Daybreak, located in the Salt Lake City, Utah market.
• As of September 30, 2024, MAA had two recently completed development communities and three recently acquired communities in lease-up. Two communities are expected to stabilize in the fourth quarter of 2024, one is expected to stabilize in the first quarter of 2025 and two are expected to stabilize in the second quarter of 2025. During the third quarter of 2024, MAA completed the lease-up of MAA Central Avenue, located in Phoenix, Arizona.
• MAA's balance sheet remains strong with a Net Debt/Adjusted EBITDAre ratio of 3.9x and $805.7 million of combined cash and available capacity under MAALP's unsecured revolving credit facility as of September 30, 2024. MAALP refers to Mid-America Apartments, L.P., which is MAA's operating partnership.

Same Store Portfolio Operating Results

To ensure comparable reporting with prior periods, the Same Store Portfolio includes properties that were owned by MAA and stabilized at the beginning of the previous year. Same Store Portfolio results for the three and nine months ended September 30, 2024 as compared to the same periods in the prior year are summarized below:

Three months ended September 30, 2024 vs. 2023

Nine months ended September 30, 2024 vs. 2023

Average

Average

Effective Rent

Effective Rent

Same Store Operating

Revenues

Expenses

NOI

per Unit

Revenues

Expenses

NOI

per Unit

Growth

0.0%

3.0%

(1.7)%

(0.4)%

0.7%

4.0%

(1.1)%

0.6%

3

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

Same Store Portfolio operating statistics for the three and nine months ended September 30, 2024 are summarized below:

	Three months ended September 30,			Nine months ended September 30,
		2024			2024	September 30, 2024
		Average					Average
		Effective Rent		Average Physical			Effective Rent		Average Physical
Same Store Operating		per Unit		Occupancy			per Unit		Occupancy	Resident Turnover
Statistics	$	1,691	95.7%	$	1,690	95.5%	42.8%

Same Store Portfolio lease pricing for new leases that were effective during the third quarter of 2024 declined 5.4%, while Same Store Portfolio lease pricing for renewing leases that were effective during the third quarter of 2024 increased 4.1%, producing a decrease of 0.2% for both new and renewing lease pricing on a blended basis in the third quarter of 2024 as compared to the prior lease.

Same Store Portfolio lease pricing for both new and renewing leases effective during the nine months ended September 30, 2024, on a blended basis, declined 0.2% as compared to the prior lease, driven by a 5.5% decrease for leases to new move-in residents, partially offset by a 4.5% increase for renewing leases.

Brad Hill, President and Chief Investment Officer, said, "Despite the record level of new apartment deliveries in many of our markets, we are encouraged by the momentum we are beginning to see and as we approach the slower winter leasing season, where only 16% of our leases are set to expire, our portfolio is well positioned. Through October 28th, our 60-day exposure (which represents all current vacant units plus all notices to vacate over the next 60 days) at 6.3% is the lowest level we've seen in more than five years, our fourth quarter sequential seasonal deceleration in blended pricing should be better than previous years with October blends relatively consistent with the prior month, and our average physical occupancy is stable at 95.4%. Additionally, our recent acquisitions and our record, under- construction, development pipeline of nearly $1 billion are expected to provide continued, incremental earnings growth as we enter a multi- year period where the delivery of new apartment supply is poised to decline."

Acquisition and Disposition Activity

In September 2024, MAA acquired a 310-unit multifamily community currently in lease-up and located in Orlando, Florida for approximately $84 million.

In October 2024, MAA acquired a 386-unit multifamily community located in Dallas, Texas for approximately $106 million and closed on the disposition of a 216-unit multifamily community located in Charlotte, North Carolina for net proceeds of approximately $39 million.

Development and Lease-up Activity

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

				Units as of			Development Costs as of			Expected Project
Total		September 30, 2024		September 30, 2024			Completions By Year
Development							Expected		Spend		Expected
Projects (1)	Total		Delivered	Leased		Total		to Date		Remaining	2024	2025	2026			2027
8		2,762		506		356		$ 978,300		$ 610,370	$ 367,930		2		2		3			1

1. Three of the development projects are currently leasing.

During the third quarter of 2024, MAA funded approximately $167 million of costs for current and planned projects, including predevelopment activities.

In July 2024, MAA agreed to finance a third party's development of a 239-unit multifamily apartment community currently under construction located in Charlotte, North Carolina. This development is expected to deliver its first units in the third quarter of 2025, to be completed in the first quarter of 2026 and to reach stabilization in the fourth quarter of 2026 at a total cost of approximately $112 million. MAA has the option to purchase the development once it is stabilized.

In September 2024, MAA started construction on a 306-unit multifamily apartment community located in Richmond, Virginia on a land parcel acquired by MAA in August 2024. The development is expected to deliver its first units in the first quarter of 2027, to be completed in the third quarter of 2027 and to reach stabilization in the first quarter of 2028 at a total cost of approximately $100 million.

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

Total			As of September 30, 2024
Lease-Up	Total		Physical	Spend
Projects (1)		Units		Occupancy			to Date
5		1,708		76.2% $	457,837

1. Two of the lease-up projects are expected to stabilize in the fourth quarter of 2024, one in the first quarter of 2025 and two in the second quarter of 2025.

4

Property Redevelopment and Repositioning Activity

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

					As of September 30, 2024
		Units			Average Cost			Increase in Average
		Completed			per Unit			Effective Rent per Unit
		YTD			YTD			YTD
Redevelopment		4,535		$	6,406		$	107

As of September 30, 2024, MAA had completed installation of Smart Home technology (unit entry locks, mobile control of lights and thermostat and leak monitoring) in over 94,000 units across its apartment community portfolio providing an increase in Average Effective Rent per Unit of approximately $25 since the initiative began during the first quarter of 2019.

During the third quarter of 2024, MAA continued its property repositioning program to upgrade and reposition the amenity and common areas at select apartment communities for higher and above market rent growth after projects are completed and units are fully repriced. For the nine months ended September 30, 2024, MAA spent $1.7 million on this program. Under this program, MAA started six projects during the third quarter of 2024.

Capital Expenditures

A summary of MAA's capital expenditures and Funds Available for Distribution (FAD) for the three and nine months ended September 30,

2024 and 2023 is set forth below (dollars in millions, except per Share data):

	Three months ended				Nine months ended
	September 30,				September 30,
Core FFO attributable to common shareholders and	2024			2023				2024			2023
unitholders	$	264.8		$	274.9		$	797.6		$	820.4
Recurring capital expenditures		(33.6)		(36.4)		(88.8)		(85.4)
Core Adjusted FFO (Core AFFO) attributable to common
shareholders and unitholders		231.2			238.5			708.8			735.0
Redevelopment, revenue enhancing, commercial and other
capital expenditures		(60.1)		(47.5)		(145.8)		(156.3)
FAD attributable to common shareholders and unitholders	$	171.1		$	191.0		$	563.0		$	578.7
Core FFO per Share - diluted	$	2.21		$	2.29		$	6.65		$	6.85
Core AFFO per Share - diluted	$	1.93		$	1.99		$	5.91		$	6.14

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

Balance Sheet and Financing Activities

As of September 30, 2024, MAA had $805.7 million of combined cash and available capacity under MAALP's unsecured revolving credit facility.

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

Balance sheet highlights as of September 30, 2024 are summarized below (dollars in billions):

Total debt to adjusted		Net Debt/Adjusted		Total debt	Average effective		Fixed rate debt as a		Total debt average
total assets (1)		EBITDAre (2)	outstanding	interest rate		% of total debt		years to maturity
28.7%		3.9x	$	4.9	3.8%		90.0%		7.0

1. As defined in the covenants for the bonds issued by MAALP.
2. Adjusted EBITDAre is calculated for the trailing twelve month period ended September 30, 2024.

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

123rd Consecutive Quarterly Common Dividend Declared

MAA declared its 123rd consecutive quarterly common dividend, which will be paid on October 31, 2024 to holders of record on October 15, 2024. The current annual dividend rate is $5.88 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.

2024 Earnings and Same Store Portfolio Guidance

MAA is updating its prior 2024 guidance for Earnings per diluted common share, Core FFO per diluted Share, Core AFFO per diluted Share and Same Store performance. MAA expects to update its 2024 Earnings per diluted common share, Core FFO per diluted Share and Core AFFO per diluted Share guidance on a quarterly basis.

5

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.

2024 Guidance	Previous Range		Previous Midpoint
Earnings:	Full Year 2024		Full Year 2024
Earnings per common share - diluted	$4.37 to $4.65		$4.51
Core FFO per Share - diluted	$8.74 to $9.02	$8.88
Core AFFO per Share - diluted	$7.78 to $8.06	$7.92
MAA Same Store Portfolio:
Property revenue growth	0.15% to 1.15%	0.65%
Property operating expense growth	3.75% to 4.75%	4.25%
NOI growth	-2.50% to -0.10%	-1.30%

Revised Range	Revised Midpoint
Full Year 2024	Full Year 2024
$4.45 to $4.61	$4.53
$8.80 to $8.96	$8.88
$7.84 to $8.00	$7.92
0.25% to 0.75%	0.50%
3.25% to 4.25%	3.75%
-1.90% to -0.70%	-1.30%

MAA expects Core FFO for the fourth quarter of 2024 to be in the range of $2.15 to $2.31 per diluted Share, or $2.23 per diluted Share at the midpoint. The projected difference between Core FFO per diluted Share for the third quarter of 2024 to the midpoint of MAA's guidance for the fourth quarter of 2024 is summarized below:

Q3 2024 reported results		Core FFO per diluted Share
$	2.21
Same Store Revenues		(0.03)
Same Store Expenses		0.07
Non-Same Store NOI (1)		0.01
General and administrative expenses		(0.01)
Interest expense and Other non-operating (expense) income		(0.02)
Q4 2024 guidance midpoint	$	2.23

1. Non-SameStore NOI results for the third quarter of 2024 included $0.03 of storm-relatedclean-up costs. Guidance for the fourth quarter of 2024 includes $0.02 to $0.03 of projected storm costs to be reflected in Non-Same Store NOI.

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 third quarter results on October 31, 2024, at 9:00 AM Central Time. The conference call-in number is

1. 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 September 30, 2024, MAA had ownership interest in 104,469 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 [e-mail], or via mail at MAA, 6815 Poplar Ave., Suite 500, Germantown, TN 38138, Attn: Investor Relations.

6

Forward-Looking Statements

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

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

• inability to generate sufficient cash flows due to unfavorable economic and market conditions, changes in supply and/or demand, competition, uninsured losses, changes in tax and housing laws, or other factors;
• exposure to risks inherent in investments in a single industry and sector;
• adverse changes in real estate markets, including, but not limited to, the extent of future demand for multifamily units in our significant markets, barriers of entry into new markets which we may seek to enter in the future, limitations on our ability to increase or collect rental rates, competition, our ability to identify and consummate attractive acquisitions or development projects on favorable terms, our ability to consummate any planned dispositions in a timely manner on acceptable terms, and our ability to reinvest sale proceeds in a manner that generates favorable returns;
• failure of development communities to be completed within budget and on a timely basis, if at all, to lease-up as anticipated or to achieve anticipated results;
• unexpected capital needs;
• material changes in operating costs, including real estate taxes, utilities and insurance costs, due to inflation and other factors;
• inability to obtain appropriate insurance coverage at reasonable rates, or at all, losses due to uninsured risks, deductibles and self-insured retentions, or losses from catastrophes in excess of coverage limits;
• ability to obtain financing at favorable rates, if at all, or refinance existing debt as it matures;
• level and volatility of interest or capitalization rates or capital market conditions;
• the effect of any rating agency actions on the cost and availability of new debt financing;
• the impact of adverse developments affecting the U.S. or global banking industry, including bank failures and liquidity concerns, which could cause continued or worsening economic and market volatility, and regulatory responses thereto;
• significant change in the mortgage financing market or other factors that would cause single-family housing or other alternative housing options, either as an owned or rental product, to become a more significant competitive product;
• ability to continue to satisfy complex rules in order to maintain our status as a REIT for federal income tax purposes, the ability of MAALP to satisfy the rules to maintain its status as a partnership for federal income tax purposes, the ability of our taxable REIT subsidiaries to maintain their status as such for federal income tax purposes, and our ability and the ability of our subsidiaries to operate effectively within the limitations imposed by these rules;
• inability to attract and retain qualified personnel;
• cyber liability or potential liability for breaches of our or our service providers' information technology systems, or business operations disruptions;
• potential liability for environmental contamination;
• changes in the legal requirements we are subject to, or the imposition of new legal requirements, that adversely affect our operations;
• extreme weather and natural disasters;
• disease outbreaks and other public health events and measures that are taken by federal, state, and local governmental authorities in response to such outbreaks and events;
• impact of climate change on our properties or operations;
• legal proceedings or class action lawsuits;
• impact of reputational harm caused by negative press or social media postings of our actions or policies, whether or not warranted;
• compliance costs associated with numerous federal, state and local laws and regulations; and
• other risks identified in this release and in reports we file with the SEC or in other documents that we publicly disseminate.

New factors may also emerge from time to time that could have a material adverse effect on our business. Except as required by law, we undertake no obligation to publicly update or revise forward-looking statements contained in this release to reflect events, circumstances or changes in expectations after the date of this release.

7

FINANCIAL HIGHLIGHTS		Three months ended		Nine months ended
Dollars in thousands, except per share data
		September 30,		September 30,
Rental and other property revenues		2024				2023			2024			2023
$	551,126			$	542,042		$	1,641,183		$	1,606,221
Net income available for MAA common shareholders	$	114,273		$	109,810	$	358,131	$	389,564
Total NOI (1)	$	339,565		$	342,819	$	1,026,024	$	1,029,862
Earnings per common share: (2)
Basic	$	0.98		$	0.94	$	3.07	$	3.34
Diluted	$	0.98		$	0.94	$	3.07	$	3.34
Funds from operations per Share - diluted: (2)
FFO (1)	$	2.10		$	2.16	$	6.57	$	6.85
Core FFO (1)	$	2.21		$	2.29	$	6.65	$	6.85
Core AFFO (1)	$	1.93		$	1.99	$	5.91	$	6.14
Dividends declared per common share	$	1.47		$	1.40	$	4.41	$	4.20
Dividends/Core FFO (diluted) payout ratio		66.5%		61.1%		66.3%		61.3%
Dividends/Core AFFO (diluted) payout ratio		76.2%		70.4%		74.6%		68.4%
Consolidated interest expense	$	42,726		$	36,651	$	124,352	$	110,655
Mark-to-market debt adjustment		-		-		-		25
Debt discount and debt issuance cost amortization		(1,514)		(1,501)		(4,569)		(4,562)
Capitalized interest		5,048			3,182		12,188		9,065
Total interest incurred	$	46,260		$	38,332		$	131,971		$	115,183
Amortization of principal on notes payable	$	-	$	124	$	-	$	854

1. A reconciliation of the following items and discussion of their respective components can be found later in this release: (i) Net income available for MAA common shareholders to NOI; and (ii) Net income available for MAA common shareholders to FFO, Core FFO and Core AFFO.
2. See the "Share and Unit Data" section for additional information.

Dollars in thousands, except share price		September 30, 2024			December 31, 2023
Gross Assets (1)
$	16,984,512		$	16,349,193
Gross Real Estate Assets (1)	$	16,733,158	$	16,089,909
Total debt	$	4,875,968	$	4,540,225
Common shares and units outstanding		119,955,843			119,838,096
Share price	$	158.90	$	134.46
Book equity value	$	6,154,112	$	6,299,122
Market equity value	$	19,060,983	$	16,113,430
Net Debt/Adjusted EBITDAre (2)		3.9x			3.6x

1. A reconciliation of Total assets to Gross Assets and Real estate assets, net, to Gross Real Estate Assets, along with discussion of their components, can be found later in this release.
2. Adjusted EBITDAre is calculated for the trailing twelve month period for each date presented. A reconciliation of the following items and discussion of their respective components can be found later in this release: (i) Unsecured notes payable and Secured notes payable to Net Debt; and (ii) Net income to EBITDA, EBITDAre and Adjusted EBITDAre.

8

CONSOLIDATED STATEMENTS OF OPERATIONS

Dollars in thousands, except per share data (Unaudited)
Revenues:
Rental and other property revenues	$
Expenses:
Operating expenses, excluding real estate taxes and insurance
Real estate taxes and insurance
Depreciation and amortization
Total property operating expenses
Property management expenses
General and administrative expenses
Interest expense
Loss on sale of depreciable real estate assets
Gain on sale of non-depreciable real estate assets
Other non-operating expense (income)
Income before income tax (expense) benefit
Income tax (expense) benefit
Income from continuing operations before real estate joint venture
activity
Income from real estate joint venture
Net income
Net income attributable to noncontrolling interests
Net income available for shareholders
Dividends to MAA Series I preferred shareholders
Net income available for MAA common shareholders	$
Earnings per common share - basic:
Net income available for common shareholders	$
Earnings per common share - diluted:
Net income available for common shareholders	$
SHARE AND UNIT DATA

Three months ended		Nine months ended
September 30,		September 30,
2024		2023			2024			2023
551,126	$	542,042		$	1,641,183	$	1,606,221
134,475		122,660			378,887		347,868
77,086		76,563			236,272		228,491
146,722		146,702			434,764		424,175
358,283		345,925			1,049,923			1,000,534
17,265		16,298			54,461		50,317
12,728		13,524			42,444		43,329
42,726		36,651			124,352		110,655
-		75			25		61
-		-		-		(54)
1,678		16,493			(2,604)		(3,966)
118,446		113,076			372,582			405,345
(670)		209			(3,485)		(3,596)
117,776		113,285			369,097		401,749
454		447			1,405		1,214
118,230		113,732			370,502			402,963
3,035		3,000			9,605		10,633
115,195		110,732			360,897			392,330
922		922			2,766		2,766
114,273	$	109,810		$	358,131		$	389,564
0.98
$	0.94		$	3.07	$	3.34
0.98
$	0.94		$	3.07	$	3.34

Shares and units in thousands	Three months ended		Nine months ended
	September 30,		September 30,
Net Income Shares (1)	2024	2023		2024		2023
Weighted average common shares - basic	116,820	116,633	116,758	116,479
Effect of dilutive securities	-	78		-	134
Weighted average common shares - diluted	116,820		116,711		116,758		116,613
Funds From Operations Shares And Units
Weighted average common shares and units - basic	119,900	119,787	119,865	119,635
Weighted average common shares and units - diluted	119,954	119,833	119,919	119,683
Period End Shares And Units
Common shares at September 30,	116,880	116,687	116,880	116,687
Operating Partnership units at September 30,	3,076	3,148	3,076	3,148
Total common shares and units at September 30,	119,956		119,835		119,956		119,835

1. 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 quarterly period ended September 30, 2024, expected to be filed with the SEC on or about October 31, 2024.

9

CONSOLIDATED BALANCE SHEETS
Dollars in thousands (Unaudited)		September 30, 2024		December 31, 2023
Assets
Real estate assets:
Land	$	2,085,464		$	2,031,403
Buildings and improvements and other		13,956,601			13,515,949
Development and capital improvements in progress		499,619			385,405
		16,541,684			15,932,757
Less: Accumulated depreciation		(5,217,893)		(4,864,690)
		11,323,791			11,068,067
Undeveloped land		73,861			73,861
Investment in real estate joint venture		41,693			41,977
Real estate assets, net		11,439,345			11,183,905
Cash and cash equivalents		50,232			41,314
Restricted cash		13,829			13,777
Other assets		237,525			245,507
Assets held for sale		15,321			-
Total assets	$	11,756,252		$	11,484,503
Liabilities and equity
Liabilities:
Unsecured notes payable	$	4,515,733		$	4,180,084
Secured notes payable		360,235			360,141
Accrued expenses and other liabilities		726,172			645,156
Total liabilities		5,602,140			5,185,381
Redeemable common stock		22,518			19,167
Shareholders' equity:
Preferred stock		9			9
Common stock		1,166			1,168
Additional paid-in capital		7,413,674			7,399,921
Accumulated distributions in excess of net income		(1,458,816)		(1,298,263)
Accumulated other comprehensive loss		(7,359)		(8,764)
Total MAA shareholders' equity		5,948,674			6,094,071
Noncontrolling interests - Operating Partnership units		155,562			163,128
Total shareholders' equity		6,104,236			6,257,199
Noncontrolling interests - consolidated real estate entities		27,358			22,756
Total equity		6,131,594			6,279,955
Total liabilities and equity	$	11,756,252		$	11,484,503

10