Schedule excludes MAA's 35% ownership in 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 June 30, 2025
Average Effective
As of June 30, 2025
Gross Real Assets
Percent to Total of Gross Real Assets
Physical Occupancy
Rent per Unit for the Three Months Ended June 30, 2025
Completed Units
Total Units, Including Development
Atlanta, GA
$
2,130,940
12.8
%
95.1
%
$
1,790
11,434
Dallas, TX
1,629,406
9.7
%
94.9
%
1,651
10,117
Charlotte, NC
1,265,947
7.6
%
95.3
%
1,651
6,347
Orlando, FL
1,132,994
6.8
%
95.4
%
1,982
6,217
Tampa, FL
1,037,667
6.2
%
96.1
%
2,092
5,416
Austin, TX
977,572
5.8
%
95.1
%
1,530
7,179
Raleigh/Durham, NC
746,204
4.5
%
95.5
%
1,530
5,350
Houston, TX
736,159
4.4
%
95.8
%
1,437
5,175
Phoenix, AZ
601,136
3.6
%
95.0
%
1,708
3,291
Northern Virginia
583,052
3.5
%
96.0
%
2,540
1,888
Nashville, TN
574,419
3.4
%
95.3
%
1,673
4,375
Charleston, SC
447,072
2.7
%
95.2
%
1,825
3,168
Fort Worth, TX
408,258
2.4
%
95.6
%
1,577
3,687
Jacksonville, FL
326,428
2.0
%
95.8
%
1,481
3,496
Denver, CO
300,491
1.8
%
95.1
%
1,953
1,118
Richmond, VA
265,411
1.6
%
96.0
%
1,689
1,732
Fredericksburg, VA
261,140
1.6
%
96.5
%
1,941
1,435
Greenville, SC
249,045
1.5
%
96.2
%
1,351
2,354
Savannah, GA
231,490
1.4
%
95.5
%
1,714
1,837
Kansas City, MO-KS
197,919
1.2
%
95.8
%
1,673
1,110
Birmingham, AL
176,047
1.1
%
95.3
%
1,421
1,462
San Antonio, TX
173,627
1.0
%
95.3
%
1,346
1,504
All Other Markets by State (individual markets <1% gross real assets)
Tennessee
212,830
1.3
%
93.9
%
1,333
2,754
Florida
198,826
1.2
%
95.7
%
1,840
1,806
Alabama
187,223
1.1
%
94.6
%
1,365
1,648
Virginia
173,803
1.0
%
96.0
%
1,816
1,039
Kentucky
107,074
0.6
%
96.3
%
1,296
1,308
Maryland
85,469
0.5
%
97.5
%
2,339
361
Nevada
76,627
0.5
%
96.4
%
1,599
721
Stabilized Communities
$
15,494,276
92.8
%
95.4
%
$
1,686
99,329
Raleigh/Durham, NC
224,860
1.3
%
44.4
%
1,857
662
712
Charlotte, NC
188,111
1.1
%
—
—
—
541
Tampa, FL
176,986
1.1
%
26.9
%
3,174
193
495
Denver, CO
154,108
0.9
%
90.6
%
2,137
352
571
Phoenix, AZ
134,451
0.8
%
75.7
%
1,919
317
662
Dallas, TX
106,227
0.6
%
60.1
%
1,894
386
386
Salt Lake City, UT
94,029
0.6
%
89.8
%
1,736
400
400
Atlanta, GA
91,433
0.5
%
89.1
%
2,055
340
340
Richmond, VA
29,063
0.2
%
—
—
—
306
Charleston, SC
13,985
0.1
%
—
—
—
336
Lease-up / Development Communities
$
1,213,253
7.2
%
63.4
%
$
2,010
2,650
4,749
Total Multifamily Communities
$
16,707,529
100.0
%
94.4
%
$
1,694
101,979
104,078
(1)
Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C. As of June 30, 2025, the gross investment in real estate for this community was $83.1 million and includes a mortgage note payable of $52.0 million. For the six months ended June 30, 2025, this apartment community achieved NOI of $4.4 million.
Supplemental Data S-2
COMPONENTS OF NET OPERATING INCOME
Dollars in thousands
Three Months Ended
As of June 30, 2025
June 30, 2025
June 30, 2024
Percent Change
Apartment Units
Gross Real Assets
Operating Revenues
Same Store Communities
$
518,955
$
520,420
(0.3
)%
96,568
$
15,024,070
Non-Same Store Communities
13,690
16,206
2,761
470,206
Lease-up/Development Communities
10,491
3,288
2,650
1,213,253
Total Multifamily Portfolio
$
543,136
$
539,914
101,979
$
16,707,529
Commercial Property/Land
6,766
6,521
—
381,293
Total Operating Revenues
$
549,902
$
546,435
101,979
$
17,088,822
Property Operating Expenses
Same Store Communities
$
199,343
$
192,110
3.8
%
Non-Same Store Communities
6,129
7,022
Lease-up/Development Communities
6,050
2,316
Storm Costs
—
1,485
Total Multifamily Portfolio
$
211,522
$
202,933
Commercial Property/Land
3,132
2,863
Total Property Operating Expenses
$
214,654
$
205,796
Net Operating Income
Same Store Communities
$
319,612
$
328,310
(2.6
)%
Non-Same Store Communities
7,561
9,184
Lease-up/Development Communities
4,441
972
Storm Costs
—
(1,485
)
Total Multifamily Portfolio
$
331,614
$
336,981
Commercial Property/Land
3,634
3,658
Total Net Operating Income
$
335,248
$
340,639
(1.6
)%
COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES
Dollars in thousands
Three Months Ended
Six Months Ended
June 30, 2025
June 30, 2024
Percent Change
June 30, 2025
June 30, 2024
Percent Change
Property Taxes
$
69,020
$
67,956
1.6
%
$
132,355
$
135,823
(2.6
)%
Personnel
43,249
41,264
4.8
%
84,833
80,736
5.1
%
Utilities
33,616
32,219
4.3
%
67,527
64,403
4.9
%
Building Repair and Maintenance
27,151
26,138
3.9
%
49,593
47,802
3.7
%
Office Operations
9,311
8,435
10.4
%
18,880
16,876
11.9
%
Insurance
8,475
8,117
4.4
%
16,912
16,280
3.9
%
Marketing
8,521
7,981
6.8
%
15,273
14,079
8.5
%
Total Property Operating Expenses
$
199,343
$
192,110
3.8
%
$
385,373
$
375,999
2.5
%
Supplemental Data S-3
MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE
Average Physical Occupancy
Percent of
Three Months Ended
Six Months Ended
Apartment Units
Same Store NOI
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Atlanta, GA
11,434
11.8
%
95.0
%
94.0
%
95.2
%
94.1
%
Dallas, TX
9,755
9.3
%
95.0
%
95.4
%
95.1
%
95.2
%
Orlando, FL
5,907
7.2
%
95.6
%
95.9
%
95.6
%
95.8
%
Tampa, FL
5,416
7.2
%
96.1
%
96.0
%
96.1
%
95.9
%
Charlotte, NC
5,995
6.6
%
95.7
%
95.6
%
95.8
%
95.3
%
Austin, TX
6,795
5.4
%
94.7
%
94.9
%
94.8
%
94.6
%
Raleigh/Durham, NC
5,350
5.3
%
95.5
%
96.2
%
95.6
%
95.8
%
Nashville, TN
4,375
4.8
%
95.2
%
95.9
%
95.5
%
95.9
%
Houston, TX
4,859
3.8
%
95.6
%
95.4
%
95.6
%
95.4
%
Charleston, SC
3,168
3.7
%
96.1
%
96.2
%
95.8
%
96.1
%
Phoenix, AZ
2,968
3.6
%
95.1
%
94.5
%
95.5
%
94.8
%
Fort Worth, TX
3,687
3.5
%
95.5
%
95.5
%
95.3
%
95.3
%
Northern Virginia
1,888
3.2
%
96.2
%
97.1
%
96.4
%
96.8
%
Jacksonville, FL
3,496
2.9
%
95.6
%
95.8
%
95.8
%
95.5
%
Fredericksburg, VA
1,435
2.0
%
96.6
%
97.1
%
96.8
%
97.0
%
Greenville, SC
2,354
2.0
%
95.8
%
95.9
%
95.8
%
95.9
%
Richmond, VA
1,732
2.0
%
96.3
%
96.9
%
96.2
%
96.5
%
Savannah, GA
1,837
1.9
%
94.8
%
96.1
%
95.1
%
95.8
%
Denver, CO
1,118
1.5
%
95.6
%
95.4
%
95.2
%
95.7
%
Birmingham, AL
1,462
1.3
%
96.1
%
95.5
%
96.2
%
95.3
%
Memphis, TN
1,193
1.2
%
94.8
%
96.4
%
94.8
%
96.2
%
Kansas City, MO-KS
1,110
1.2
%
95.5
%
96.1
%
95.3
%
95.9
%
San Antonio, TX
1,504
1.1
%
95.0
%
95.6
%
95.1
%
95.4
%
Huntsville, AL
1,228
1.0
%
94.6
%
95.1
%
94.6
%
94.9
%
Other
6,502
6.5
%
96.0
%
96.0
%
95.7
%
95.8
%
Total Same Store
96,568
100.0
%
95.4
%
95.5
%
95.5
%
95.4
%
Supplemental Data S-4
MULTIFAMILY SAME STORE PORTFOLIO QUARTER OVER QUARTER COMPARISONS
Dollars in thousands, except Average Effective Rent per Unit
Revenues
Expenses
NOI
Average Effective Rent per Unit
Units
Q2 2025
Q2 2024
% Chg
Q2 2025
Q2 2024
% Chg
Q2 2025
Q2 2024
% Chg
Q2 2025
Q2 2024
% Chg
Atlanta, GA
11,434
$
64,384
$
64,917
(0.8
)%
$
26,765
$
26,298
1.8
%
$
37,619
$
38,619
(2.6
)%
$
1,790
$
1,827
(2.0
)%
Dallas, TX
9,755
51,054
51,322
(0.5
)%
21,455
21,343
0.5
%
29,599
29,979
(1.3
)%
1,659
1,671
(0.8
)%
Orlando, FL
5,907
36,858
37,299
(1.2
)%
13,737
13,636
0.7
%
23,121
23,663
(2.3
)%
1,982
2,002
(1.0
)%
Tampa, FL
5,416
35,990
35,792
0.6
%
12,973
12,541
3.4
%
23,017
23,251
(1.0
)%
2,092
2,097
(0.2
)%
Charlotte, NC
5,995
31,312
31,392
(0.3
)%
10,302
9,637
6.9
%
21,010
21,755
(3.4
)%
1,646
1,655
(0.6
)%
Austin, TX
6,795
33,704
35,097
(4.0
)%
16,277
15,388
5.8
%
17,427
19,709
(11.6
)%
1,545
1,619
(4.5
)%
Raleigh/Durham, NC
5,350
26,365
26,727
(1.4
)%
9,255
9,005
2.8
%
17,110
17,722
(3.5
)%
1,530
1,540
(0.6
)%
Nashville, TN
4,375
23,231
23,588
(1.5
)%
8,006
7,929
1.0
%
15,225
15,659
(2.8
)%
1,673
1,697
(1.4
)%
Houston, TX
4,859
22,671
22,340
1.5
%
10,667
8,794
21.3
%
12,004
13,546
(11.4
)%
1,448
1,442
0.4
%
Charleston, SC
3,168
18,227
18,015
1.2
%
6,320
5,968
5.9
%
11,907
12,047
(1.2
)%
1,825
1,792
1.9
%
Phoenix, AZ
2,968
16,051
16,142
(0.6
)%
4,458
4,553
(2.1
)%
11,593
11,589
0.0
%
1,705
1,741
(2.0
)%
Fort Worth, TX
3,687
19,380
19,230
0.8
%
8,251
7,876
4.8
%
11,129
11,354
(2.0
)%
1,577
1,579
(0.1
)%
Northern Virginia
1,888
14,923
14,388
3.7
%
4,555
4,357
4.5
%
10,368
10,031
3.4
%
2,540
2,421
4.9
%
Jacksonville, FL
3,496
15,853
16,319
(2.9
)%
6,440
6,187
4.1
%
9,413
10,132
(7.1
)%
1,481
1,519
(2.5
)%
Fredericksburg, VA
1,435
8,957
8,521
5.1
%
2,490
2,386
4.4
%
6,467
6,135
5.4
%
1,941
1,832
5.9
%
Greenville, SC
2,354
10,540
10,331
2.0
%
4,137
3,911
5.8
%
6,403
6,420
(0.3
)%
1,351
1,328
1.7
%
Richmond, VA
1,732
9,118
9,053
0.7
%
2,835
2,805
1.1
%
6,283
6,248
0.6
%
1,689
1,650
2.3
%
Savannah, GA
1,837
10,140
10,157
(0.2
)%
4,005
3,904
2.6
%
6,135
6,253
(1.9
)%
1,714
1,706
0.5
%
Denver, CO
1,118
6,888
7,052
(2.3
)%
2,201
2,222
(0.9
)%
4,687
4,830
(3.0
)%
1,953
1,979
(1.3
)%
Birmingham, AL
1,462
6,921
6,759
2.4
%
2,806
2,739
2.4
%
4,115
4,020
2.4
%
1,421
1,402
1.3
%
Memphis, TN
1,193
5,400
5,560
(2.9
)%
1,665
2,046
(18.6
)%
3,735
3,514
6.3
%
1,433
1,439
(0.5
)%
Kansas City, MO-KS
1,110
5,869
5,654
3.8
%
2,155
2,042
5.5
%
3,714
3,612
2.8
%
1,673
1,598
4.7
%
San Antonio, TX
1,504
6,460
6,605
(2.2
)%
2,855
3,001
(4.9
)%
3,605
3,604
0.0
%
1,346
1,375
(2.1
)%
Huntsville, AL
1,228
5,258
5,374
(2.2
)%
1,963
1,821
7.8
%
3,295
3,553
(7.3
)%
1,283
1,313
(2.3
)%
Other
6,502
33,401
32,786
1.9
%
12,770
11,721
8.9
%
20,631
21,065
(2.1
)%
1,623
1,598
1.6
%
Total Same Store
96,568
$
518,955
$
520,420
(0.3
)%
$
199,343
$
192,110
3.8
%
$
319,612
$
328,310
(2.6
)%
$
1,690
$
1,699
(0.5
)%
Supplemental Data S-5
MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS
Dollars in thousands, except Average Effective Rent per Unit
Revenues
Expenses
NOI
Average Effective Rent per Unit
Units
Q2 2025
Q1 2025
% Chg
Q2 2025
Q1 2025
% Chg
Q2 2025
Q1 2025
% Chg
Q2 2025
Q1 2025
% Chg
Atlanta, GA
11,434
$
64,384
$
64,628
(0.4
)%
$
26,765
$
23,121
15.8
%
$
37,619
$
41,507
(9.4
)%
$
1,790
$
1,793
(0.2
)%
Dallas, TX
9,755
51,054
51,062
(0.0
)%
21,455
20,755
3.4
%
29,599
30,307
(2.3
)%
1,659
1,658
0.0
%
Orlando, FL
5,907
36,858
36,959
(0.3
)%
13,737
13,190
4.1
%
23,121
23,769
(2.7
)%
1,982
1,985
(0.2
)%
Tampa, FL
5,416
35,990
35,984
0.0
%
12,973
12,630
2.7
%
23,017
23,354
(1.4
)%
2,092
2,091
0.1
%
Charlotte, NC
5,995
31,312
31,263
0.2
%
10,302
9,484
8.6
%
21,010
21,779
(3.5
)%
1,646
1,645
0.0
%
Austin, TX
6,795
33,704
34,000
(0.9
)%
16,277
14,751
10.3
%
17,427
19,249
(9.5
)%
1,545
1,563
(1.1
)%
Raleigh/Durham, NC
5,350
26,365
26,353
0.0
%
9,255
8,450
9.5
%
17,110
17,903
(4.4
)%
1,530
1,528
0.1
%
Nashville, TN
4,375
23,231
23,370
(0.6
)%
8,006
7,699
4.0
%
15,225
15,671
(2.8
)%
1,673
1,675
(0.1
)%
Houston, TX
4,859
22,671
22,549
0.5
%
10,667
10,036
6.3
%
12,004
12,513
(4.1
)%
1,448
1,444
0.3
%
Charleston, SC
3,168
18,227
18,121
0.6
%
6,320
5,820
8.6
%
11,907
12,301
(3.2
)%
1,825
1,817
0.5
%
Phoenix, AZ
2,968
16,051
16,125
(0.5
)%
4,458
4,373
1.9
%
11,593
11,752
(1.4
)%
1,705
1,716
(0.6
)%
Fort Worth, TX
3,687
19,380
19,284
0.5
%
8,251
6,593
25.1
%
11,129
12,691
(12.3
)%
1,577
1,580
(0.2
)%
Northern Virginia
1,888
14,923
14,918
0.0
%
4,555
4,544
0.2
%
10,368
10,374
(0.1
)%
2,540
2,513
1.1
%
Jacksonville, FL
3,496
15,853
15,970
(0.7
)%
6,440
6,063
6.2
%
9,413
9,907
(5.0
)%
1,481
1,486
(0.4
)%
Fredericksburg, VA
1,435
8,957
8,863
1.1
%
2,490
2,557
(2.6
)%
6,467
6,306
2.6
%
1,941
1,909
1.6
%
Greenville, SC
2,354
10,540
10,426
1.1
%
4,137
3,798
8.9
%
6,403
6,628
(3.4
)%
1,351
1,336
1.1
%
Richmond, VA
1,732
9,118
9,065
0.6
%
2,835
2,873
(1.3
)%
6,283
6,192
1.5
%
1,689
1,680
0.5
%
Savannah, GA
1,837
10,140
10,109
0.3
%
4,005
3,543
13.0
%
6,135
6,566
(6.6
)%
1,714
1,705
0.5
%
Denver, CO
1,118
6,888
6,934
(0.7
)%
2,201
2,030
8.4
%
4,687
4,904
(4.4
)%
1,953
1,951
0.1
%
Birmingham, AL
1,462
6,921
6,882
0.6
%
2,806
2,708
3.6
%
4,115
4,174
(1.4
)%
1,421
1,403
1.2
%
Memphis, TN
1,193
5,400
5,405
(0.1
)%
1,665
2,238
(25.6
)%
3,735
3,167
17.9
%
1,433
1,433
(0.1
)%
Kansas City, MO-KS
1,110
5,869
5,737
2.3
%
2,155
2,074
3.9
%
3,714
3,663
1.4
%
1,673
1,638
2.1
%
San Antonio, TX
1,504
6,460
6,521
(0.9
)%
2,855
2,551
11.9
%
3,605
3,970
(9.2
)%
1,346
1,354
(0.6
)%
Huntsville, AL
1,228
5,258
5,277
(0.4
)%
1,963
1,905
3.0
%
3,295
3,372
(2.3
)%
1,283
1,286
(0.3
)%
Other
6,502
33,401
33,020
1.2
%
12,770
12,244
4.3
%
20,631
20,776
(0.7
)%
1,623
1,616
0.4
%
Total Same Store
96,568
$
518,955
$
518,825
0.0
%
$
199,343
$
186,030
7.2
%
$
319,612
$
332,795
(4.0
)%
$
1,690
$
1,690
0.0
%
Supplemental Data S-6
MULTIFAMILY SAME STORE PORTFOLIO YEAR TO DATE COMPARISONS
Dollars in thousands, except Average Effective Rent per Unit
Revenues
Expenses
NOI
Average Effective Rent per Unit
Units
Q2 2025
Q2 2024
% Chg
Q2 2025
Q2 2024
% Chg
Q2 2025
Q2 2024
% Chg
Q2 2025
Q2 2024
% Chg
Atlanta, GA
11,434
$
129,012
$
130,038
(0.8
)%
$
49,886
$
51,188
(2.5
)%
$
79,126
$
78,850
0.4
%
$
1,791
$
1,833
(2.3
)%
Dallas, TX
9,755
102,116
102,608
(0.5
)%
42,210
41,578
1.5
%
59,906
61,030
(1.8
)%
1,659
1,673
(0.9
)%
Orlando, FL
5,907
73,817
74,624
(1.1
)%
26,927
26,695
0.9
%
46,890
47,929
(2.2
)%
1,984
2,004
(1.0
)%
Tampa, FL
5,416
71,974
71,515
0.6
%
25,603
24,925
2.7
%
46,371
46,590
(0.5
)%
2,092
2,096
(0.2
)%
Charlotte, NC
5,995
62,575
62,549
0.0
%
19,786
18,520
6.8
%
42,789
44,029
(2.8
)%
1,645
1,656
(0.7
)%
Austin, TX
6,795
67,704
70,157
(3.5
)%
31,028
30,359
2.2
%
36,676
39,798
(7.8
)%
1,554
1,623
(4.2
)%
Raleigh/Durham, NC
5,350
52,718
53,225
(1.0
)%
17,705
17,265
2.5
%
35,013
35,960
(2.6
)%
1,529
1,541
(0.8
)%
Nashville, TN
4,375
46,601
47,182
(1.2
)%
15,705
15,462
1.6
%
30,896
31,720
(2.6
)%
1,674
1,698
(1.4
)%
Houston, TX
4,859
45,220
44,674
1.2
%
20,703
18,695
10.7
%
24,517
25,979
(5.6
)%
1,446
1,441
0.4
%
Charleston, SC
3,168
36,348
35,830
1.4
%
12,140
11,589
4.8
%
24,208
24,241
(0.1
)%
1,821
1,786
2.0
%
Phoenix, AZ
2,968
32,176
32,351
(0.5
)%
8,831
8,859
(0.3
)%
23,345
23,492
(0.6
)%
1,711
1,743
(1.8
)%
Fort Worth, TX
3,687
38,664
38,189
1.2
%
14,844
14,386
3.2
%
23,820
23,803
0.1
%
1,579
1,577
0.1
%
Northern Virginia
1,888
29,841
28,394
5.1
%
9,099
8,706
4.5
%
20,742
19,688
5.4
%
2,526
2,398
5.3
%
Jacksonville, FL
3,496
31,823
32,712
(2.7
)%
12,503
12,024
4.0
%
19,320
20,688
(6.6
)%
1,484
1,526
(2.8
)%
Fredericksburg, VA
1,435
17,820
16,946
5.2
%
5,047
4,826
4.6
%
12,773
12,120
5.4
%
1,925
1,818
5.9
%
Greenville, SC
2,354
20,966
20,687
1.3
%
7,935
7,544
5.2
%
13,031
13,143
(0.9
)%
1,344
1,327
1.3
%
Richmond, VA
1,732
18,183
18,075
0.6
%
5,708
5,589
2.1
%
12,475
12,486
(0.1
)%
1,684
1,647
2.3
%
Savannah, GA
1,837
20,249
20,170
0.4
%
7,548
7,461
1.2
%
12,701
12,709
(0.1
)%
1,710
1,701
0.5
%
Denver, CO
1,118
13,822
14,174
(2.5
)%
4,231
4,342
(2.6
)%
9,591
9,832
(2.5
)%
1,952
1,975
(1.2
)%
Birmingham, AL
1,462
13,803
13,429
2.8
%
5,514
5,385
2.4
%
8,289
8,044
3.0
%
1,412
1,398
1.0
%
Memphis, TN
1,193
10,805
11,074
(2.4
)%
3,903
3,935
(0.8
)%
6,902
7,139
(3.3
)%
1,433
1,436
(0.2
)%
Kansas City, MO-KS
1,110
11,606
11,218
3.5
%
4,229
3,983
6.2
%
7,377
7,235
2.0
%
1,655
1,589
4.2
%
San Antonio, TX
1,504
12,981
13,198
(1.6
)%
5,406
5,789
(6.6
)%
7,575
7,409
2.2
%
1,350
1,380
(2.2
)%
Huntsville, AL
1,228
10,535
10,678
(1.3
)%
3,868
3,830
1.0
%
6,667
6,848
(2.6
)%
1,284
1,315
(2.3
)%
Other
6,502
66,421
65,256
1.8
%
25,014
23,064
8.5
%
41,407
42,192
(1.9
)%
1,620
1,592
1.7
%
Total Same Store
96,568
$
1,037,780
$
1,038,953
(0.1
)%
$
385,373
$
375,999
2.5
%
$
652,407
$
662,954
(1.6
)%
$
1,690
$
1,699
(0.5
)%
Supplemental Data S-7
MULTIFAMILY DEVELOPMENT PIPELINE
Dollars in thousands
Units as of
Development Costs as of
June 30, 2025
June 30, 2025
Expected
Expected
Costs
Expected
Start
Initial
Location
Total
Delivered
Leased
Total
to Date
Remaining
Date
Occupancy
Completion
Stabilization (1)
MAA Nixie
Raleigh/Durham, NC
406
356
91
$
145,500
$
142,860
$
2,640
4Q22
3Q24
3Q25
3Q26
MAA Breakwater
Tampa, FL
495
193
157
197,500
176,986
20,514
4Q22
1Q25
4Q25
1Q27
Modera Liberty Row (2)
Charlotte, NC
239
—
—
112,000
103,307
(4)
8,693
1Q22
3Q25
1Q26
4Q26
MAA Plaza Midwood (3)
Charlotte, NC
302
—
—
101,500
61,745
39,755
2Q24
2Q26
4Q26
4Q27
Modera Chandler (3)
Phoenix, AZ
345
—
—
117,500
58,081
59,419
2Q24
2Q26
4Q26
4Q27
MAA Milepost 35 II
Denver, CO
219
—
—
78,000
30,269
47,731
4Q24
2Q26
4Q26
4Q27
MAA Rove
Richmond, VA
306
—
—
99,500
29,063
70,437
3Q24
1Q27
3Q27
1Q28
MAA Point Hope (3)
Charleston, SC
336
—
—
91,000
13,985
77,015
2Q25
1Q27
1Q28
3Q28
Total Active
2,648
549
248
$
942,500
$
616,296
$
326,204
(1)
Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.
(2)
In July 2024, MAA agreed to finance the third party development of this property currently under construction. MAA has the option to purchase the development once it is stabilized.
(3)
MAA owns 95% of the joint venture that owns this property.
(4)
Represents the cost to MAA, net of the $9.6 million non-equity contribution from the third party developer.
MULTIFAMILY LEASE-UP COMMUNITIES
Dollars in thousands
As of June 30, 2025
Location
Total Units
Physical Occupancy
Costs to Date
Construction Completed
Expected Stabilization (1)
Novel West Midtown (2)
Atlanta, GA
340
89.1%
$
91,433
3Q23
3Q25
Novel Daybreak (2)
Salt Lake City, UT
400
89.8%
94,029
3Q24
3Q25
MAA Milepost 35
Denver, CO
352
90.6%
123,839
4Q24
3Q25
MAA Vale
Raleigh/Durham, NC
306
79.1%
81,999
(3)
4Q25
Novel Val Vista (2)
Phoenix, AZ
317
75.7%
76,369
4Q24
4Q25
MAA Cathedral Arts (3)
Dallas, TX
386
60.1%
106,227
(3)
2Q26
Total
2,101
80.7%
$
573,896
(1)
Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.
(2)
MAA owns 80% of the joint venture that owns this property.
(3)
Property was acquired while in lease-up; construction was complete prior to acquisition by MAA.
MULTIFAMILY INTERIOR REDEVELOPMENT, WIFI RETROFIT AND PROPERTY REPOSITIONING ACTIVITY
Dollars in thousands, except per unit data
Six months ended June 30, 2025
Program
Units Completed
Redevelopment Spend
Average Cost per Unit
Increase in Average Effective Rent per Unit
Increase in Average Effective Rent per Unit
Estimated Units Remaining in Pipeline
Interior Redevelopment
2,678
$
15,596
$
5,824
$
95
7.0%
6,500 - 9,500
During the second quarter of 2025, MAA continued its WiFi Retrofit program and 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. MAA spent $5.2 million on its WiFi Retrofit program and $7.2 million on its Property Repositioning program during the six months ended June 30, 2025.
Supplemental Data S-8
2025 ACQUISITION ACTIVITY AS OF JUNE 30, 2025
Land Acquisition
Market
Closing Date
MAA Point Hope (1)
Charleston, SC
Jun-25
(1)
Represents a pre-purchase multifamily development. MAA owns 95% of the joint venture that owns this property. Construction of this development commenced in the second quarter of 2025. See “Multifamily Development Pipeline” above for additional information.
2025 DISPOSITION ACTIVITY AS OF JUNE 30, 2025
Multifamily Dispositions
Market
Apartment Units
Closing Date
Fairways
Columbia, SC
240
Mar-25
TPC Columbia
Columbia, SC
336
Mar-25
DEBT AND DEBT COVENANTS AS OF JUNE 30, 2025
Dollars in thousands
DEBT SUMMARIES
Fixed Rate Versus Floating Rate Debt
Balance
Percent of Total
Effective Interest Rate
Average Years to Rate Maturity
Fixed rate debt
$
4,733,143
93.8
%
3.8
%
7.2
Floating rate debt
315,000
6.2
%
4.7
%
0.1
Total
$
5,048,143
100.0
%
3.8
%
6.7
Unsecured Versus Secured Debt
Balance
Percent of Total
Effective Interest Rate
Average Years to Contract Maturity
Unsecured debt
$
4,687,813
92.9
%
3.8
%
5.5
Secured debt
360,330
7.1
%
4.4
%
23.6
Total
$
5,048,143
100.0
%
3.8
%
6.7
Unencumbered Versus Encumbered Assets
Total Cost
Percent of Total
Q2 2025 NOI
Percent of Total
Unencumbered gross assets
$
16,689,234
95.5
%
$
321,618
95.9
%
Encumbered gross assets
777,762
4.5
%
13,630
4.1
%
Total
$
17,466,996
100.0
%
$
335,248
100.0
%
FIXED INTEREST RATE MATURITIES
Maturity
Fixed Rate Debt
Effective Interest Rate
2025
$
399,737
4.2
%
2026
299,130
1.2
%
2027
598,514
3.7
%
2028
398,215
4.2
%
2029
555,596
3.7
%
2030
298,401
3.1
%
2031
446,630
1.8
%
2032
395,054
5.4
%
2033
—
—
2034
344,135
5.1
%
Thereafter
997,731
4.3
%
Total
$
4,733,143
3.8
%
Supplemental Data S-9
DEBT AND DEBT COVENANTS AS OF JUNE 30, 2025 (CONTINUED)
Dollars in thousands
DEBT MATURITIES OF OUTSTANDING BALANCES
Maturity
Commercial Paper ⁽¹⁾ & Revolving Credit Facility ⁽²⁾
Public Bonds
Secured
Total
2025
$
315,000
$
399,737
$
—
$
714,737
2026
—
299,130
—
299,130
2027
—
598,514
—
598,514
2028
—
398,215
—
398,215
2029
—
555,596
—
555,596
2030
—
298,401
—
298,401
2031
—
446,630
—
446,630
2032
—
395,054
—
395,054
2033
—
—
—
—
2034
—
344,135
—
344,135
Thereafter
—
637,401
360,330
997,731
Total
$
315,000
$
4,372,813
$
360,330
$
5,048,143
(1)
The $315.0 million maturing in 2025 reflects the principal outstanding under MAALP’s unsecured commercial paper program as of June 30, 2025. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $625.0 million. For the three months ended June 30, 2025, average daily borrowings outstanding under the commercial paper program were $301.6 million.
(2)
There were no borrowings outstanding under MAALP’s $1.25 billion unsecured revolving credit facility as of June 30, 2025. The unsecured revolving credit facility has a maturity date of October 2026 with two six-month extension options.
DEBT COVENANT ANALYSIS (1)
Bond Covenants
Required
Actual
Compliance
Total debt to adjusted total assets
60% or less
28.9%
Yes
Total secured debt to adjusted total assets
40% or less
2.1%
Yes
Consolidated income available for debt service to total annual debt service charge
1.5x or greater for trailing 4 quarters
6.3x
Yes
Total unencumbered assets to total unsecured debt
Greater than 150%
348.1%
Yes
Bank Covenants
Required
Actual
Compliance
Total debt to total capitalized asset value
60% or less
21.8%
Yes
Total secured debt to total capitalized asset value
40% or less
1.6%
Yes
Total adjusted EBITDA to fixed charges
1.5x or greater for trailing 4 quarters
6.8x
Yes
Total unsecured debt to total unsecured capitalized asset value
60% or less
21.1%
Yes
(1)
The calculations of the Bond Covenants and Bank Covenants are specifically defined in MAALP’s debt agreements, which have been filed by MAA and MAALP with the SEC.
Supplemental Data S-10
2025 GUIDANCE
MAA provides guidance on expected Core FFO per diluted Share and Core AFFO per diluted Share, which are non-GAAP financial measures, along with guidance for expected Earnings per diluted common share. A reconciliation of expected Earnings per diluted common share to expected Core FFO per diluted Share and Core AFFO per diluted Share is provided below. The guidance projections provided below are based on current expectations and are forward-looking statements.
Full Year 2025
Earnings:
Current Range
Current Midpoint
Earnings per common share - diluted
$5.25 to $5.49
$5.37
Core FFO per Share - diluted
$8.65 to $8.89
$8.77
Core AFFO per Share - diluted
$7.67 to $7.91
$7.79
MAA Same Store Portfolio:
Number of units
96,568
96,568
Average physical occupancy
95.40% to 95.80%
95.60%
Property revenue growth
-0.20% to 0.40%
0.10%
Effective rent growth
-0.50% to 0.00%
-0.25%
Property operating expense growth
1.75% to 2.75%
2.25%
NOI growth
-1.90% to -0.40%
-1.15%
Real estate tax expense growth
-0.75% to 1.25%
0.25%
Corporate Expenses: ($ in millions)
Property management expenses
$74.0 to $76.0
$75.0
General and administrative expenses
$54.5 to $56.5
$55.5
Total overhead
$128.5 to $132.5
$130.5
Transaction/Investment Volume: ($ in millions)
Multifamily acquisition volume
$250.0 to $350.0
$300.0
Multifamily disposition volume
$250.0 to $300.0
$275.0
Development investment
$250.0 to $350.0
$300.0
Debt:
Average effective interest rate
3.5% to 3.7%
3.6%
Capitalized interest ($ in millions)
$20.0 to $22.0
$21.0
Diluted FFO Shares Outstanding:
Diluted common shares and units
119.90 to 120.20 million
120.05 million
RECONCILIATION OF EARNINGS PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER DILUTED SHARE FOR FULL YEAR 2025 GUIDANCE
Full Year 2025 Guidance Range
Low
High
Earnings per common share - diluted
$
5.25
$
5.49
Real estate depreciation and amortization
5.13
5.13
Gains on sale of depreciable assets
(1.69
)
(1.69
)
FFO per Share - diluted
8.69
8.93
Non-Core FFO items (1)
(0.04
)
(0.04
)
Core FFO per Share - diluted
8.65
8.89
Recurring capital expenditures
(0.98
)
(0.98
)
Core AFFO per Share - diluted
$
7.67
$
7.91
(1)
Non-Core FFO 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; gain or loss on investments, net of tax; casualty related charges (recoveries), net; gain or loss on debt extinguishment; legal costs, settlements and (recoveries), net, and mark-to-market debt adjustments.
Supplemental Data S-11
CREDIT RATINGS
Commercial
Long-Term
Paper Rating
Debt Rating
Outlook
Fitch Ratings (1)
F1
A-
Stable
Moody’s Investors Service (2)
P-2
A3
Stable
Standard & Poor’s Ratings Services (1)
A-2
A-
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:
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Earnings release & conference call
Late October
Early February
Late April
Late July
Dividend Information - Common Shares:
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Declaration date
5/21/2024
9/24/2024
12/10/2024
3/18/2025
5/21/2025
Record date
7/15/2024
10/15/2024
1/15/2025
4/15/2025
7/15/2025
Payment date
7/31/2024
10/31/2024
1/31/2025
4/30/2025
7/31/2025
Distributions per share
$
1.4700
$
1.4700
$
1.5150
$
1.5150
$
1.5150
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
Andrew Schaeffer
Senior Vice President, Treasurer and Director of Capital Markets