Nareit’s REITworld: 2020 Annual Conference

Nareit's REITworld: 2020 Annual Conference

November 17-19, 2020

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, supply levels, job growth, 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," 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; 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 relating to various issues, which, among other things, could result in a class action lawsuit; compliance costs associated with numerous federal, state and local laws and regulations, including those costs associated with laws requiring access for disabled persons; 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.

2

Rent Collections Update (as of November 12, 2020)

Strong cash collections continue into November

	Q3		OCTOBER	NOVEMBER
RESIDENTIAL RENTS	$000S	% OF TOTAL	$000S	% OF TOTAL	$000S	% OF TOTAL
As of November 12, 2020	BILLED	BILLED	BILLED
TOTAL BILLED	$374,226		$125,009		$124,487
CASH COLLECTED	$370,975	99.1%	$123,843	99.1%	$121,157	9798.3%*.4%*
DEFERRED PAYMENTS	$416	0.1%	$39	0.0%	$346	0.3%*
OUTSTANDING1	0.3%

*For comparability, November rent cash collections of 97.3% and deferrals of 0.3% on the 12th of the month compares to 97.2% and 0.3% on average as of the 12th of the month for each month of the third quarter.

1 Pursuant to a lease amendment signed by residents who were financially impacted by the COVID-19 pandemic.

3

Same Store Pricing and Occupancy Update (as of November 12, 2020)

EFFECTIVE LEASES

SIGNED LEASES

SAME STORE	Q2-20	Q3-20	OCT-20	NOV-20	NOV-20 YTD
NEW LEASE1,2
-3.7%	-2.3%	-2.2%	-1.7%	-2.4%
AVG Pricing Growth
Lease Over Lease
RENEWAL2,3	5.7%	3.8%	5.0%	4.7%	5.2%
AVG Pricing Growth
Lease Over Lease
BLENDED2	1.3%	0.8%	1.1%	1.1%	1.4%
AVG Pricing Growth
Lease Over Lease
NEW LEASE2	-3.9%	-1.6%	-1.9%	-0.7%	-2.4%
AVG Pricing Growth
Lease Over Lease
RENEWAL2	3.9%	4.9%	5.7%	5.9%	5.0%
AVG Pricing Growth
Lease Over Lease
BLENDED2	0.2%	1.2%	1.4%	2.5%	1.3%
AVG Pricing Growth
Lease Over Lease
Average Physical	95.4%	95.6%	95.6%	95.6%	95.6%
OCCUPANCY

1. Represents new leases that went into effect during the month; lease price is typically set on average 28 days ahead of lease start date
2. Includes the impact of concessions

3 Represents renewals that went into effect during the month; lease price is typically set on average 60 days ahead of lease start date	4