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  "documentTitle": "Mid-America Apartment Communities | Investor Conference Presentation Deck | 36 slides",
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  "presentationDate": "2023-06-01 00:00:00",
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      "text": "5.9%",
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      "text": "$3M - $4M",
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      "text": "$40M - $41M",
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      "kind": "paragraph",
      "text": "Established history and success of disciplined capital deployment will govern growth through new development",
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      "text": "Design and investment managed from an owner/operator perspective; long-term margins optimized",
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      "text": "Expected Value Creation³ of over $139 Million from Total Active Developments and Lease-up Communities",
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      "text": "3 Value creation calculated using adjusted proforma stabilized NOI for current development projects and lease-up communities at a 4.5% cap rate, less expected investment basis",
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      "kind": "source-note",
      "text": "Source: Company 1Q 2023 Earnings Release Supplemental",
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      "kind": "source-note",
      "text": "1 Communities considered stabilized when achieving 90% average physical occupancy for 90 days",
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      "text": "2 MAA owns 80% of the joint venture that owns this property with right to purchase the remainder after stabilization",
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      "kind": "subtitle",
      "text": "EXPECTED AVERAGE STABILIZED NOI YIELD",
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      "kind": "subtitle",
      "text": "EXPECTED TOTAL STABILIZED INCREMENTAL NOI",
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      "kind": "subtitle",
      "text": "EXPECTED AVERAGE STABILIZED NOI YIELD [FOR DEVELOPMENT]",
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      "kind": "subtitle",
      "text": "EXPECTED TOTAL STABILIZED INCREMENTAL NOI [FOR DEVELOPMENT]",
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      "text": "ACTIVE DEVELOPMENTS AT 3/31/2023\nPROPERTY MSA TOTAL UNITS EXP TOTAL COST (IN MILLIONS) EXPECTED INITIAL OCCUPANCY EXPECTED STABILIZATION¹\nNovel West Midtown² Atlanta, GA 340 $ 92.3 2Q 2023 3Q 2024\nNovel Daybreak² Salt Lake City, UT 400 94.0 2Q 2023 4Q 2024\nNovel Val Vista² Phoenix, AZ 317 77.2 3Q 2023 1Q 2025\nMAA Milepost 35 Denver, CO 352 125.0 4Q 2023 3Q 2025\nMAA Nixie Raleigh, NC 406 145.5 4Q 2024 3Q 2026\nMAA Breakwater Tampa, FL 495 197.5 1Q 2025 4Q 2026\nTOTAL ACTIVE DEVELOPMENTS 2,310 $ 731.5",
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      "text": "ACTIVE LEASE-UPS AT 3/31/2023\nPROPERTY MSA TOTAL UNITS TOTAL COST TO DATE (IN MILLIONS) PHYSICAL OCCUPANCY EXPECTED STABILIZATION¹\nMAA LoSo (Acquisition) Charlotte, NC 344 $ 139.3 84.9% 2Q 2023\nMAA Windmill Hill (Development) Austin, TX 350 59.5 74.6% 4Q 2023\nTOTAL ACTIVE LEASE-UPS 694 $ 198.8 79.7%",
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