#1MAA Nareit's REITworld 2023 Annual Conference NOVEMBER 14-15, 2023 NOLIFEGUARD ON DUTY CHH CASADEMAR Tidak 平行 2007 2008 00000#2Forward-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, demand, 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: 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; 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 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 and natural disasters; disease outbreaks and 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 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. MAA 2#3About MAA | Strong Performance Platform AT A GLANCE¹ 29 YEARS PUBLIC $800M '23F TOTAL DEVELOPMENT, LU PIPELINE REDE S&P 500 MEMBER COMPANY 14K UNIT OPPORTUNITY REDEVELOPMENT PROGRAM 1 As of 9/30/2023 unless otherwise noted $20.3B TOTAL MARKET CAP A3/A- MOODY'S CREDIT RATING UPGRADE ON 2/23/2023 102K APARTMENT UNITS 3.4x NET DEBT TO ADJ EBITDAre Repositioned 2,400 ASSOCIATES 9.7% 10-YEAR ANNUAL COMPOUNDED TSR AT 10/31/2023 MAA teway Charlotte, NC 21 YR AVG EXEC TENURE 119 CONSECUTIVE QUARTERLY CASH DIVIDENDS FM IPO MAA 3#4Consistently 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 long-term shareholder returns within the entire multifamily sector Steady Annual Core FFO per Share Growth $10.00 $8.00 $6.00 $4.00 $2.00 $0.00 $1.21 Annual Common Dividend per Share Paid Never Suspended or Reduced | A Solid Record of Growth and Stability $2.00 11 2017 2018 2019 2020 2021 2022 2023F¹ $2.04 $2.14 $2.20 $2.30 $2.32 $2.34 $2.34 $9.14 $2.34 $2.34 $2.38 $2.42 $2.46 Annual Compounded Total Shareholder Returns Long-term Returns Consistently Exceed Peer Average* At October 31, 2023 12023 Forecasted Core FFO per Share of $9.14 represents the midpoint of our guidance range of $9.06 to $9.22. MAA PEER AVG* $2.64 3 YR 3.5% 5.7% $2.78 $2.92 5 YR $3.08 7.2% 0.8% $3.28 10 YR $3.48 9.7% 6.2% SOURCE: S&P Global *MAA excluded from average. Peers: AVB, CPT, EQR, ESS, and UDR included in average. $3.69 15 YR $3.84 12.7% 9.1% $4.00 $4.10 20 YR $4.68 11.5% 9.1% $5.60 .………………………………………… 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 2022 2023 MAA 4#5Creating Value Through the Full Market Cycle TReb Differentiated Portfolio Strategy Unique market focus...captures benefits of high growth and demand Submarket and property type/class diversification helps to lessen periodic supply-side pressures... drives superior, long-term and 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 long-term rent growth prospects New development, redevelopment and tech initiatives...expected to drive meaningful future value creation External Growth Opportunities 29 years successful Sunbelt transactions + strong balance sheet...drive robust deal flow In-house new 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 continue to enhance revenue in 2023 and into 2024 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 2023 rating upgrade reflects continued strength Sustainability Increasing focus on property efficiency measures...align with climate objectives Long-established focus on driving energy/natural resources efficiency, strong governance and value in people MAA 5 ●#6Unique Diversification and Balance 276 SAME STORE COMMUNITIES 95,286 SAME STORE UNITS 1 2 3 4 5 Multifamily Market Multifamily Market and Regional Office Multifamily Market and Corporate Headquarters Multifamily Development Underway TOP 10 MARKETS | % 3Q 2023 Same Store NOI Atlanta, GA Dallas, TX Tampa, FL 12.7% 6 Austin, TX 10.0% 7 Raleigh/Durham, NC 6.9% 8 Nashville, TN 6.7% 9 Charleston, SC 6.4% 10 Orlando, FL Charlotte, NC Houston, TX 6.1% 5.6% 4.9% 3.7% 3.5% 1 Based on gross asset value at 9/30/2023 for total multifamily portfolio 2 Source: Yardi Matrix Asset Class Rating; we believe property class rating in each market is a proxy for price point diversification targeting Renters by Choice (A+, A), Lifestyle Renters (A-, B+) and Working Professionals (B, B-) 3 Garden = 3 stories or less; Mid-rise = 4 to 9 stories; High rise = 10+ stories Diversified within SUBMARKETS¹ 40% 12% 48% 13% 33% O 54% ■Inner Loop ■Suburban, Diversified in PROPERTY CLASS¹,2 4% 34% O 62% Satellite City Downtown, CBD A+, A ■A-, B+ B, B- Diversified in PROPERTY TYPES 1,3 ■Garden ■Mid-Rise High Rise MAA 6#7A Proven Portfolio Strategy for Long-Term Growth and Stability + Our diverse portfolio of high-quality properties appeals to the largest segment of the rental market Our portfolio strategy drives long-term growth and greater stability through the full market cycle IT WAS ALL A Dream Repositioned | MAA Worthington | Dallas, TX MAA 7#8Steady Demand Drivers for MAA Markets 2023 Forecasted Demand Drivers Outperform Other Regions 1.3% 0.4% MAA Market 1.7% Population Growth Household Formation ■MAA Markets 0.7% 2.2% 1.4% Job Growth ■Non-MAA Markets Demand fundamentals expected to remain strong in 2023 for MAA Markets relative to Non-MAA Markets. In-Migration Trailing 12 Months at 9/30/2023 From Coastal/Gateway State to Top MAA Markets (defined as >3% 3Q 2023 SS NOI) Trend lines reflect top three MAA markets capturing migration from each of the following states: CA, NY, IL, NJ, MA and WA. Source: Moody's Economy.com, Company 18% 15% 12% 9% 6% 3% 0% 1019 MAA Portfolio Migration Trends 1Q20 48% CA | 1021 Move Ins from Non-MAA States Move Outs to Non-MAA States 1022 MAA markets continue to capture positive in-migration trends that continue to run higher than pre- pandemic levels; migration outside our markets remains steady at 4%-5% of our move-outs. Move-ins from Non-MAA States Trailing 12 Months at 9/30/2023 TO Charleston | Charlotte Nashville | Phoenix | Tampa >/= 14% 1023 Of Move-ins from Non-MAA States Came from Peer Coastal/Gateway States NY | IL | NJ | MA | WA MAA 8#9Robust Job Creation in MAA Markets Continues Thousands of jobs coming to our markets with well over $100 billion expected investment O Clean Energy Projects REPRESENT MEANINGFUL PART OF OVERALL JOB CREATION coming soon! Sunbelt Investment Announcements¹ Arizona PHOENIX Taiwan Semiconductor Mfg Semiconductor Plant 4,500 Jobs | $40B Investment Intel Chip Plant 3,000 Jobs | $20B Investment LG Energy Solutions EV Battery Plant 3,000 Jobs | $5.5B Investment Kansas KANSAS CITY Panasonic EV Battery Plant 4,000 Jobs | $4B Investment Texas AUSTIN Samsung Electronics Co Chip Plant 2,000 Jobs | $25B Investment DALLAS/FORT WORTH Texas Instruments Semiconductor Plant 3,000 Jobs | $30B Investment HEADQUARTER MOVES Tesla... Palo Alto, CA > AUSTIN, TX Oracle... San Francisco, CA > AUSTIN, TX Caterpillar... Chicago, IL > DALLAS, TX Hewlett Packard Enterprise... San Jose, CA > HOUSTON, TX Boeing... Chicago, IL > NORTHERN VIRGINIA Raytheon... Boston, MA > NORTHERN VIRGINIA Tennessee MEMPHIS Ford BlueOval City EV & Battery Plant 6,000 Jobs | $5.6B Investment NASHVILLE Oracle Regional Campus 8,500 Jobs | $1.2B Investment GM:Ultium Cells EV Battery Plant 1,300 Jobs | $2.3B Investment Kentucky LOUISVILLE Ford-SK EV Battery Plant 5,000 Jobs | $5.8B Investment Georgia ATLANTA Hyundai-SK EV Battery Plant 3,500 Jobs | $4.5B Investment SAVANNAH Hyundai Group Meta Plant EV & Battery Plant 8,100 Jobs | $5.5B Investment N Carolina RALEIGH Vinfast EV Plant 7,500 Jobs | $4B Investment S Carolina GREENVILLE BMW EV & Battery Plant 300 Jobs | $1.7B Investment ¹ Information gathered from public sources and is provided for illustrative purposes and is not all-inclusive. MAA makes no guarantee regarding announced projects, including if said projects will be started, completed or be completed at the level of investment announced or provide the anticipated number of jobs announced. MAA 9