Nareit’s REITworld 2023 Annual Conference
Consistently 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
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MAA 4View entire presentation