Exhibit 99.2 Dollars in thousands, except Average Effective Rent per Unit | | | | | Average | | | | --- | --- | --- | --- | --- | --- | --- | | | | As of March 31, 2024 | | Effective | As of March 31, 2024 | | | | | Percent to | | Rent per Unit for | | Total Units, | | | | Total of | | the Three | | Including | | | Gross Real | Gross Real | Physical | Months Ended | Completed | Developmen | | | Assets | Assets | Occupancy | March 31, 2024 | Units | t | | Atlanta, GA | $ 2,104,322 | 13.3 % | 94.1 % $ | 1,839 ...

GERMANTOWN, Tenn., May 1, 2024 /PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the quarter ended March 31, 2024. First Quarter 2024 Operating Results Three months ended March 31, 2024 2023 Earnings per common share - diluted $ 1.22 $ 1.16 Funds from operations (FFO) per Share - diluted $ 2.41 $ 2.31 <br ...

The upcoming report from Mid-America Apartment Communities (MAA) is expected to reveal quarterly earnings of $2.23 per share, indicating a decline of 2.2% compared to the year-ago period. Analysts forecast revenues of $542.72 million, representing an increase of 2.6% year over year.The consensus EPS estimate for the quarter has undergone a downward revision of 0.4% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial esti ...

Mid-America Apartment Communities (MAA) — commonly known as MAA — is a real estate investment trust (REIT) that focuses on owning, operating and acquiring apartment communities throughout the southeast, southwest and mid-Atlantic regions of the United States. MAA is slated to report first-quarter 2024 results on May 1 after market close.The Germantown, TN-based residential REIT delivered a surprise of 0.87% in terms of core FFO per share in the last reported quarter. Its quarterly results were driven by an ...

Austin Texas cityscape skyline dszc/E+ via Getty Images On our last update on Mid-America Apartment Communities, Inc. (NYSE:MAA), we looked at the fundamentals and concluded that there was some more pain to be priced in on the funds from operations (FFO) estimates. But we think there will be more pain in that area and we expect 2025 estimates to ultimately move well below $9.00 per share. This does not make MAA a bad choice for longer-term investors. It just means that there are risks here and those risks ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to ___________ Commission File Number 001-12762 (Mid-America Apartment Communities, Inc.) Commission File Number 333-190028-01 (Mid-America Apartments, ...

Financial Data and Key Metrics Changes - Core FFO for Q4 was reported at $2.32 per share, exceeding the midpoint of guidance by $0.03, contributing to a full-year core FFO of $9.17 per share, an approximate 8% increase year-over-year [83] - Same-store revenue growth for the quarter was slightly below expectations, with effective rent growth impacted by lower lease pricing [84] - Average physical occupancy was 95.5%, with collections remaining strong, and delinquency representing less than 0.5% of bill grants [73] Business Line Data and Key Metrics Changes - Same-store NOI growth was in line with expectations, with slightly lower operating expenses offsetting lower blended lease-over-lease pricing growth [71] - New lease rates declined by 7%, while renewal rates increased by 4.8%, resulting in a blended lease-over-lease pricing of -1.6% for the quarter [72] - The company completed nearly 1,400 interior unit upgrades in Q4, bringing the full-year total to just under 6,900 units [75] Market Data and Key Metrics Changes - Mid-tier markets such as Savannah, Richmond, Charleston, and Greenville performed well, while larger metros like Austin and Jacksonville faced more negative impacts from supply [74] - The company expects new supply to continue to pressure pricing for much of 2024, but believes the maximum impact on new lease pricing has likely been seen [78] - Job growth is expected to moderate in 2024 compared to 2023, but remains strongest in Sunbelt markets [80] Company Strategy and Development Direction - The company plans to start 3 to 4 projects in 2024, with a focus on ensuring costs are in line before proceeding [29] - The company is actively evaluating acquisition opportunities, forecasting $400 million in new acquisitions, likely in lease-up and dilutive until stabilization [56] - The company aims to enhance its leasing platform and technology initiatives to outperform local market leasing metrics during the supply cycle [68] Management's Comments on Operating Environment and Future Outlook - Management expressed a more positive outlook compared to the previous year, with expectations for new lease pricing performance to improve later in 2024 and into 2025 [52] - The company noted that inflation pressures on operating expenses are declining, and demand for apartment housing remains steady [60] - Management highlighted the importance of maintaining a strong balance sheet while monitoring public pricing for potential buybacks if conditions warrant [11] Other Important Information - The company has a buyback program in place and is prepared to act if market conditions become favorable [11] - The company has a strong balance sheet with low leverage, ending the year with nearly $792 million in combined cash and borrowing capacity [87] - The company has a history of never suspending or reducing quarterly dividends over the past 30 years, which is a key component of delivering long-term returns to shareholders [59] Q&A Session Summary Question: Can you provide details on same-store revenue growth outlook? - Management indicated that renewal rates have been steady, while new lease rates will determine the high and low ends of guidance, expecting new lease rates to be in the negative 3% to 3.25% range for the year [95][96] Question: What is the expected impact of acquisitions on earnings? - Management expects acquisitions to be similar to previous ones, with an assumed 4.5% NOI yield contribution at the time of closing, leading to some dilution in earnings over 2024 [101][102] Question: When do you expect new lease rate growth to turn positive? - Management believes new lease pricing may not turn positive until 2025, with expectations of it getting close to flat in the middle of 2024 [109]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission File Number: 001-12762 (Mid-America Apartment Communities, Inc.) Commission File Number: 333-190028-01 (Mid-America Apartments, L.P.) MID ...

PART I – FINANCIAL INFORMATION [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements.) This section presents the unaudited condensed consolidated financial statements for Mid-America Apartment Communities, Inc. (MAA) and Mid-America Apartments, L.P. (MAALP) for the three and six months ended June 30, 2023 [Condensed Consolidated Financial Statements](index=5&type=section&id=Condensed%20Consolidated%20Financial%20Statements) The financial statements provide a snapshot of the company's financial position and performance, with MAA reporting total assets of **$11.39 billion** and total revenues of **$1.06 billion** for the six months ended June 30, 2023 MAA Key Financial Highlights (Six Months Ended June 30, 2023) | Metric | Amount (in thousands) | YoY Change | | :--- | :--- | :--- | | **Total Revenues** | $1,064,179 | +9.6% | | **Net Income Available for MAA Common Shareholders** | $279,754 | -12.5% | | **Total Assets (as of June 30, 2023)** | $11,391,170 | +1.3% (vs Dec 31, 2022) | | **Total Liabilities (as of June 30, 2023)** | $5,020,107 | -0.2% (vs Dec 31, 2022) | | **Net Cash Provided by Operating Activities** | $554,083 | +19.4% | - The decrease in Net Income for the six months ended June 30, 2023 compared to 2022 is primarily due to a significant gain on sale of depreciable real estate assets of **$132.0 million** recognized in 2022, which was not repeated in 2023[20](index=20&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes provide critical context to the financial statements, detailing the company's structure, accounting policies, debt, equity, and segment performance, with **290 apartment communities** owned and operated and total outstanding debt of approximately **$4.4 billion** as of June 30, 2023 - As of June 30, 2023, the company owned and operated **290 apartment communities** and had six development communities under construction with total expected costs of **$735.0 million**[38](index=38&type=chunk) Outstanding Debt Summary (as of June 30, 2023) | Debt Type | Balance (in thousands) | Weighted Avg. Effective Rate | | :--- | :--- | :--- | | Unsecured Debt | $4,033,091 | 3.4% | | Secured Debt | $363,302 | 4.4% | | **Total Outstanding Debt** | **$4,396,393** | **3.4%** | - The company is a defendant in the "RealPage Litigation," a series of class action lawsuits alleging conspiracy to artificially inflate apartment prices through revenue management software. The company believes the litigation is without merit[94](index=94&type=chunk) Segment Net Operating Income (NOI) (Six Months Ended June 30) | Segment | 2023 NOI (in thousands) | 2022 NOI (in thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Same Store | $652,375 | $590,324 | +10.5% | | Non-Same Store and Other | $34,668 | $29,697 | +16.7% | | **Total NOI** | **$687,043** | **$620,021** | **+10.8%** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses the company's financial performance for Q2 2023, highlighting an **8.1%** increase in total property revenues driven by strong Same Store segment performance, despite a decrease in net income due to a large gain on asset sales in the prior year period [Overview and Trends](index=32&type=section&id=Overview%20and%20Trends) In Q2 2023, Same Store revenue growth was driven by a **9.3%** increase in average effective rent per unit, while average physical occupancy saw a slight decline to **95.5%**, with management monitoring inflation, economic conditions, and new housing supply Same Store Segment Key Metrics (Q2 2023 vs Q2 2022) | Metric | Q2 2023 | Q2 2022 | YoY Change | | :--- | :--- | :--- | :--- | | Average Effective Rent per Unit | - | - | +9.3% | | Average Physical Occupancy | 95.5% | 95.7% | -0.2% | - The company believes its portfolio diversity across markets, submarkets, product types, and price points helps mitigate exposure to economic issues in any single geographic area[111](index=111&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) For Q2 2023, total property revenues increased **8.1%** to **$535.1 million**, while property operating expenses rose **7.0%** to **$194.3 million**, with net income available for common shareholders decreasing **31.0%** to **$144.8 million** due to a prior-year gain on asset sales Property Revenues by Segment (Three Months Ended June 30) | Segment | 2023 (in thousands) | 2022 (in thousands) | % Increase | | :--- | :--- | :--- | :--- | | Same Store | $505,505 | $467,805 | 8.1% | | Non-Same Store and Other | $29,641 | $27,235 | 8.8% | | **Total** | **$535,146** | **$495,040** | **8.1%** | Property Operating Expenses by Segment (Three Months Ended June 30) | Segment | 2023 (in thousands) | 2022 (in thousands) | % Increase | | :--- | :--- | :--- | :--- | | Same Store | $182,070 | $169,917 | 7.2% | | Non-Same Store and Other | $12,263 | $11,760 | 4.3% | | **Total** | **$194,333** | **$181,677** | **7.0%** | - Other non-operating income was **$17.0 million** in Q2 2023, a significant swing from a **$28.3 million** expense in Q2 2022, driven by gains on an embedded derivative and investments compared to prior-year losses[121](index=121&type=chunk) [Non-GAAP Financial Measures](index=35&type=section&id=Non-GAAP%20Financial%20Measures) This section provides definitions and reconciliations for key non-GAAP metrics, with Core Funds from Operations (Core FFO) attributable to common shareholders and unitholders increasing **14.0%** to **$273.3 million** for Q2 2023, and the net debt to trailing twelve-month Adjusted EBITDAre ratio improving to **3.41x** Core FFO Reconciliation Summary (in thousands) | Period | Net Income Available for MAA Common Shareholders | FFO | Core FFO | | :--- | :--- | :--- | :--- | | **Q2 2023** | $144,766 | $286,344 | $273,280 | | **Q2 2022** | $209,780 | $216,162 | $239,856 | - The Net Debt to Adjusted EBITDAre ratio improved from **3.71x** at December 31, 2022, to **3.41x** at June 30, 2023, due to higher Adjusted EBITDAre and lower net debt[143](index=143&type=chunk) [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with **$1.4 billion** in combined unrestricted cash and available credit facility capacity as of June 30, 2023, and believes it has sufficient liquidity to fund its requirements for the next 12 months - As of June 30, 2023, the company had **$1.4 billion** of combined unrestricted cash and available capacity under its revolving credit facility[147](index=147&type=chunk) - In January 2023, MAA settled two forward sale agreements for **1.1 million shares**, generating net proceeds of **$203.7 million**, which will be used to fund development and redevelopment activities[160](index=160&type=chunk) Debt Maturity Schedule (Principal Balance, in thousands) | Year | Total Debt Maturing | | :--- | :--- | | 2023 | $349,846 | | 2024 | $399,251 | | 2025 | $401,384 | | 2026 | $297,587 | | 2027 | $596,941 | [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) The company's primary market risk exposure is to changes in interest rates, which is managed by utilizing fixed-rate debt, with **100%** of outstanding debt subject to fixed interest rates as of June 30, 2023 - As of June 30, 2023, **100.0%** of the company's outstanding debt was subject to fixed rates, effectively mitigating near-term interest rate risk[170](index=170&type=chunk) [Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management, including the CEO and CFO, evaluated the disclosure controls and procedures for both MAA and MAALP as of June 30, 2023, concluding that these controls were effective with no material changes to internal controls over financial reporting during the quarter - Based on an evaluation as of June 30, 2023, the CEO and CFO of both MAA and MAALP concluded that the company's disclosure controls and procedures were effective[171](index=171&type=chunk)[173](index=173&type=chunk) - No changes occurred during the quarter ended June 30, 2023, that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[172](index=172&type=chunk)[174](index=174&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings.) The company is a defendant in the "RealPage Litigation," a series of putative class action lawsuits alleging a conspiracy to artificially inflate apartment rental prices using revenue management software, which the company believes is without merit - The company is involved in the "RealPage Litigation," which alleges that lessors of multifamily real estate conspired to artificially inflate prices using RealPage's software[94](index=94&type=chunk) - The company believes the litigation is without merit and plans to defend the case vigorously. As of June 30, 2023, the company's accrual for loss contingencies for all unresolved legal matters was **$7.7 million**[94](index=94&type=chunk)[96](index=96&type=chunk) [Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors.) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2022 - No material changes have been made to the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2022[177](index=177&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=40&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) During the second quarter of 2023, the company repurchased **39,404 shares** of its common stock, which were shares surrendered by employees to satisfy tax obligations related to the vesting of restricted stock awards Purchases of Equity Securities (Q2 2023) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2023 | 39,404 | $150.24 | | May 2023 | — | — | | June 2023 | — | — | | **Total** | **39,404** | **-** | - The repurchased shares were surrendered by employees to satisfy statutory minimum tax obligations associated with the vesting of restricted shares[178](index=178&type=chunk) [Other Information](index=40&type=section&id=Item%205.%20Other%20Information.) During the three months ended June 30, 2023, no director or officer of the company adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - No director or officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the second quarter of 2023[181](index=181&type=chunk) [Exhibits](index=41&type=section&id=Item%206.%20Exhibits.) This section lists the exhibits filed as part of the Form 10-Q report, including corporate governance documents, incentive plan forms, and certifications by the Chief Executive Officer and Chief Financial Officer as required by the Sarbanes-Oxley Act - The exhibits filed with this report include CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act, as well as Interactive Data Files (Inline XBRL)[183](index=183&type=chunk)

Mid-America Apartment Communities, Inc. (NYSE:MAA) Q2 2023 Results Conference Call July 27, 2023 10:00 AM ET Company Participants Andrew Schaeffer - SVP, Treasurer & Director, Capital Markets Eric Bolton - President, CEO Tim Argo - Chief Strategy & Analysis Officer Al Campbell - CFO Rob DelPriore - CAO, General Counsel Brad Hill - CIO Conference Call Participants Eric Wolfe - Citi Alex Goldfarb - Piper Sandler Anthony Powell - Barclays Austin Wurschmidt - KeyBanc Brad Heffern - RBC Capital Markets Jamie F ...