Form 8-K

8-K — MID AMERICA APARTMENT COMMUNITIES INC.

Accession: 0001193125-26-191620

Filed: 2026-04-29

Period: 2026-04-29

CIK: 0000912595

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — maa-20260429.htm (Primary)

EX-99.1 (maa-ex99_1.htm)

EX-99.2 (maa-ex99_2.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: maa-20260429.htm · Sequence: 1

8-K

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 29, 2026

MID-AMERICA APARTMENT COMMUNITIES, INC.

(Exact name of registrant as specified in its charter)

Tennessee

001-12762

62-1543819

(State or Other Jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

MID-AMERICA APARTMENTS, L.P.

(Exact name of registrant as specified in its charter)

Tennessee

333-190028-01

62-1543816

(State or Other Jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

6815 Poplar Avenue, Suite 500

Germantown, Tennessee

38138

(Address of Principal Executive Offices)

(Zip Code)

(901) 682-6600

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which

registered

Common Stock, par value $.01 per share (Mid-America Apartment Communities, Inc.)

MAA

New York Stock Exchange

8.50% Series I Cumulative Redeemable Preferred Stock, $.01 par value per share (Mid-America Apartment Communities, Inc.)

MAA*I

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02. Results of Operations and Financial Condition.

On April 29, 2026, Mid-America Apartment Communities, Inc. (“MAA”) issued a press release announcing its consolidated results of operations and financial condition as of March 31, 2026 and for the three months then ended (the “Press Release”). Copies of the Press Release and supplemental data schedules are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report.

The information in this Current Report under this Item 2.02 (including Exhibits 99.1 and 99.2) is being “furnished” and shall not be deemed to be “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any previous or future filings by MAA or Mid-America Apartments, L.P. under the Exchange Act or the Securities Act of 1933, as amended.

ITEM 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number

Description

99.1

Press Release dated April 29, 2026

99.2

Supplemental Data Schedules dated April 29, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

MID-AMERICA APARTMENT COMMUNITIES, INC.

Date:

April 29, 2026

/s/ A. Clay Holder

A. Clay Holder

Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

MID-AMERICA APARTMENTS, L.P.

By: Mid-America Apartment Communities, Inc., its general partner

Date:

April 29, 2026

/s/ A. Clay Holder

A. Clay Holder

Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

EX-99.1

Filename: maa-ex99_1.htm · Sequence: 2

EX-99.1

TABLE OF CONTENTS

Earnings Release

Financial Highlights

Consolidated Statements of Operations/Share and Unit Data

Consolidated Balance Sheets

Reconciliation of Non-GAAP Financial Measures

Non-GAAP Financial Measures

Other Key Definitions

Portfolio Statistics

S-1

Components of Net Operating Income/Components of Same Store Portfolio Property Operating Expenses

S-3

Multifamily Same Store Portfolio NOI Contribution Percentage

S-4

Multifamily Same Store Portfolio Comparisons

S-5

Multifamily Development Pipeline/Multifamily Lease-up Communities/Multifamily Interior Redevelopment, WiFi Retrofit and Property Repositioning Activity

S-7

Acquisition Activity/Disposition Activity/Debt and Debt Covenants as of March 31, 2026

S-8

2026 Guidance/Reconciliation of Earnings per Diluted Common Share to Core FFO and Core AFFO per Diluted Share for Full Year 2026 Guidance

S-10

Credit Ratings/Common Stock/Investor Relations Data

S-11

EARNINGS RELEASE

MAA REPORTS FIRST QUARTER 2026 RESULTS

GERMANTOWN, TN, April 29, 2026/PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the three months ended March 31, 2026.

Three months ended March 31,

2026

2025

Earnings per common share - diluted

1.06

1.54

Funds from operations (FFO) per Share - diluted (1)

2.23

2.21

Core FFO per Share - diluted (1)

2.13

2.20

(1)

A reconciliation of Net income available for MAA common shareholders to FFO and Core FFO is found later in this release.

Brad Hill, President and Chief Executive Officer, said, “We are encouraged by our first quarter results, with Core FFO exceeding our expectations, driven in part by focus on expense management and strong resident retention. Our blended lease-over-lease pricing was ahead of our performance last year, and we have now seen five consecutive quarters of improving year-over-year blended rent performance. Demand has held up well across our footprint, with absorption outpacing deliveries and market level occupancies increasing during the quarter. Our teams are executing with discipline, focusing on expense management while delivering a great resident experience. This focus combined with a low level of move outs to buy a home is driving strong retention, pushing our trailing twelve-month resident turnover to the lowest level in our history. We’re optimistic about the growth opportunities ahead in our high-demand markets as the supply–demand fundamentals continue to improve.”

•

During the first quarter of 2026, MAA's Same Store effective blended lease rate growth was -0.3%, a 20 basis point improvement over the same period in the prior year as well as a 140 basis point improvement on a sequential basis, driven by a 110 basis point improvement in new lease pricing and a 70 basis point improvement in renewal pricing from the fourth quarter of 2025.

•

As of March 31, 2026, resident turnover in the Same Store Portfolio remained historically low at 39.9% with a low level of move-outs associated with buying single-family homes of 11.1% for the quarter.

•

During the first quarter of 2026, MAA completed the development of MAA Breakwater located in Tampa, Florida and MAA Liberty Row located in Charlotte, North Carolina.

•

During the first quarter of 2026, Mid-America Apartments, L.P. (MAALP), MAA’s operating partnership, issued $200.0 million of 7-year unsecured senior notes at a coupon of 4.650% with an issue price of 100.237%.

•

During the first quarter of 2026, MAA repurchased 0.6 million shares of its common stock at a weighted average share price of $130.46 for total consideration of approximately $73 million.

Same Store Operating Results

Same Store results for the three months ended March 31, 2026 as compared to the same period in the prior year are summarized below:

Three months ended March 31, 2026 vs. 2025

Revenues

Expenses

NOI (1)

Average Effective Rent per Unit

Same Store Operating Growth

-0.4%

1.3%

-1.3%

-0.3%

(1)

A reconciliation of Net income available for MAA common shareholders to NOI, including Same Store NOI, is found later in this release.

Same Store operating statistics for the three months ended March 31, 2026 are summarized below:

Three months ended March 31, 2026

Average Effective Rent per Unit

Average Physical Occupancy

Resident Turnover

Same Store Operating Statistics

1,685

95.5%

39.9%

Same Store net effective lease pricing statistics for the three months ended March 31, 2026 are summarized below:

Same Store Net Effective Lease Pricing Statistics

Three Months Ended

March 31, 2026

Effective Blended Lease Rate Growth

-0.3%

Effective New Lease Rate Growth

-7.0%

Effective Renewal Lease Rate Growth

5.4%

Acquisition and Disposition Activity

In January 2026, MAA closed on the acquisition of a land parcel located in the Northern Virginia market through its pre-purchase development program and plans future development of a 287-unit multifamily apartment community at the property. MAA also acquired a land parcel located in the Kansas City market in February 2026 through its pre-purchase development program and began construction on a 263-unit multifamily apartment community in April 2026.

In April 2026, MAA closed on the acquisition of a land parcel located in the Nashville market through its pre-purchase development program and plans future development of a 312-unit multifamily apartment community at the property.

In February 2026, MAA closed on the disposition of a 316-unit multifamily apartment community located in Houston, Texas for net proceeds of approximately $41 million, resulting in a gain on the sale of depreciable real estate assets of approximately $20 million.

Development and Lease-up Activity

A summary of MAA’s development communities under construction as of the end of the first quarter of 2026 is set forth below (dollars in thousands):

Units as of

Development Costs as of

Expected Project

Total

March 31, 2026

Completions By Year

Development

Expected

Costs

Expected

Projects (1)

Total

Delivered

Leased

Total

to Date

Remaining

2026

2027

2028

1,788

217

622,500

388,279

234,221

(1)

Two of the development projects were leasing as of March 31, 2026.

During the first quarter of 2026, MAA completed the development of MAA Breakwater located in Tampa, Florida and MAA Liberty Row located in Charlotte, North Carolina.

MAA funded approximately $100 million of costs for current and planned development projects, including predevelopment activities, during the first quarter of 2026.

A summary of the total units, physical occupancy and cost of MAA’s lease-up communities as of the end of the first quarter of 2026 is set forth below (dollars in thousands):

Total

As of March 31, 2026

Lease-Up

Total

Physical

Costs

Projects (1)

Units

Occupancy

to Date

1,843

68.3

633,153

(1)

Two of the lease-up projects are expected to stabilize in the second quarter of 2026, two in the fourth quarter of 2026 and one in the first quarter of 2027.

Balance Sheet and Financing Activities

As of March 31, 2026, MAA had $839.2 million of combined cash and available capacity under MAALP’s unsecured revolving credit facility.

In February 2026, MAALP publicly issued $200.0 million of unsecured senior notes due January 2033 with a coupon rate of 4.650% per annum and at an issue price of 100.237%. Interest is payable semi-annually in arrears on January 15 and July 15 of each year, commencing July 15, 2026. The notes have an effective interest rate of 4.606%. The proceeds from the sale of the notes were used to repay borrowings under MAALP's commercial paper program.

During the first quarter of 2026, MAA repurchased 0.6 million shares of its common stock at a weighted average share price of $130.46 for total consideration of approximately $73 million.

Dividends and distributions paid on shares of common stock and noncontrolling interests during the first quarter of 2026 were $183.4 million, as compared to $181.8 million for the same period in the prior year.

Balance sheet highlights as of March 31, 2026 are summarized below (dollars in billions):

Total debt to adjusted total assets (1)

Net Debt/Adjusted EBITDAre (2)

Total debt outstanding

Average effective interest rate

Fixed rate debt as a % of total debt

Total debt average years to maturity

31.3%

4.5x

5.7

3.9%

87.1%

6.1

(1)

As defined in the covenants for the unsecured senior notes issued by MAALP.

(2)

Adjusted EBITDAre is calculated for the trailing twelve month period ended March 31, 2026. A reconciliation of Unsecured notes payable, net and Secured notes payable, net to Net Debt and a reconciliation of Net income to Adjusted EBITDAre are found later in this release.

129th Consecutive Quarterly Common Dividend Declared

MAA declared its 129th consecutive quarterly common dividend, which will be paid on April 30, 2026 to holders of record on April 15, 2026. The current annual dividend rate is $6.12 per common share. The timing and amount of future dividends will depend on actual cash flows from operations, MAA’s financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986 and other factors as MAA’s Board of Directors deems relevant. MAA’s Board of Directors may modify the dividend policy from time to time.

2026 Earnings and Same Store Guidance

MAA is updating its prior 2026 guidance for Earnings per diluted common share, Core FFO per diluted Share, Core AFFO per diluted Share and Same Store performance. MAA expects to provide updates to its 2026 Earnings per diluted common share, Core FFO per diluted Share and Core AFFO per diluted Share guidance on a quarterly basis.

FFO, Core FFO and Core AFFO are non-GAAP financial measures. Acquisition and disposition activity materially affects depreciation and capital gains or losses, which combined, generally represent the majority of the difference between Net income available for common shareholders and FFO. As discussed in the definitions of non-GAAP financial measures found later in this release, MAA’s definition of FFO is in accordance with the National Association of Real Estate Investment Trusts’, or NAREIT’s, definition, and Core FFO represents FFO as adjusted for items that are not considered part of MAA’s core business operations. MAA believes that Core FFO is helpful in understanding operating performance in that Core FFO excludes not only depreciation expense of real estate assets and certain other non-routine items, but it also excludes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.

2026 Guidance

Previous Range

Previous Midpoint

Updated Range

Updated Midpoint

Earnings:

Full Year 2026

Earnings per common share - diluted

$4.11 to $4.47

$4.29

$4.18 to $4.50

$4.34

Core FFO per Share - diluted

$8.35 to $8.71

$8.53

$8.37 to $8.69

$8.53

Core AFFO per Share - diluted

$7.32 to $7.68

$7.50

$7.34 to $7.66

$7.50

MAA Same Store Portfolio:

Property revenue growth

-0.20% to 1.30%

0.55%

-0.20% to 1.30%

0.55%

Property operating expense growth

1.90% to 3.40%

2.65%

1.90% to 3.40%

2.65%

NOI growth

-1.70% to 0.30%

-0.70%

-1.70% to 0.30%

-0.70%

MAA expects Core FFO for the second quarter of 2026 to be in the range of $2.00 to $2.12 per diluted Share, or $2.06 per diluted Share at the midpoint. The projected difference from Core FFO per diluted Share for the first quarter of 2026 to the midpoint of MAA's guidance for the second quarter of 2026 is summarized below:

Core FFO per diluted Share

Q1 2026 per diluted Share reported results

2.13

Same Store NOI

(0.11

)

Total overhead

0.05

Interest expense

(0.02

)

Share repurchases

0.01

Q2 2026 per diluted Share guidance midpoint

2.06

MAA does not forecast Earnings per diluted common share on a quarterly basis as MAA generally cannot predict the timing of forecasted acquisition and disposition activity within a particular quarter (rather than during the course of the full year). Additional details and guidance items are provided in the Supplemental Data to this release.

Supplemental Material and Conference Call

Supplemental Data to this release can be found on the “For Investors” page of the MAA website at www.maac.com. MAA will host a conference call to further discuss first quarter results on April 30, 2026, at 9:00 AM Central Time. The conference call-in number is (888) 596-4144. You may also join the live webcast of the conference call by accessing the “For Investors” page of the MAA website at www.maac.com. MAA’s filings with the Securities and Exchange Commission (SEC) are filed under the registrant names of Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P.

About MAA

MAA, an S&P 500 company, is a real estate investment trust (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States. As of March 31, 2026, MAA had ownership interest in 104,629 apartment units, including communities in development, across 16 states and the District of Columbia. For further details, please visit the MAA website at www.maac.com or contact Investor Relations at investor.relations@maac.com, or via mail at MAA, 6815 Poplar Ave., Suite 500, Germantown, TN 38138, Attn: Investor Relations.

Forward-Looking Statements

This release (as well as the Supplemental Data to this release) 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. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not discuss historical fact, but instead are statements related to expectations, projections, intentions, assumptions and beliefs regarding the future. 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 include, but are not limited to, statements regarding quarterly and full year 2026 guidance (including earnings guidance, Same Store Portfolio guidance and other related projections and assumptions), development costs for our development communities, timelines for occupancy, completion and stabilization of our development communities, and timelines for stabilization of our lease-up communities. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, as described below, which may cause our actual results, performance, achievements or outcomes to be materially different from the future results, performance, achievements or outcomes expressed or implied by such forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of such statements should not be regarded as a representation by us or any other person that the results, performance, achievements or outcomes described in such statements will be achieved.

The following factors, among others, could cause our actual results, performance, achievements or outcomes to differ materially from those expressed or implied in the forward-looking statements: adverse effects on occupancy levels and rental revenues due to unfavorable market and economic conditions; adverse changes in real estate markets, including changes in supply and/or demand for multifamily housing or increased competition from alternative housing options; 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; losses due to uninsured risks, deductibles and self-insured retentions, or losses from catastrophes in excess of coverage limits; ability to obtain financing at favorable rates, if at all, or refinance existing debt as it matures; level and volatility of interest or capitalization rates or capital market conditions; 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 other public health events and measures that are taken by federal, state, and local governmental authorities in response to such outbreaks and events; legal proceedings or class action lawsuits; and other risks identified in our annual report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 6, 2026, our quarterly reports on Form 10-Q, other reports we file with the SEC and in other documents that we publicly disseminate.

Except as required by law, we undertake no obligation to publicly update or revise forward-looking statements contained in this release to reflect events, circumstances or changes in expectations after the date of this release.

FINANCIAL HIGHLIGHTS

Dollars in thousands, except per share data

Three months ended March 31,

2026

2025

Rental and other property revenues

553,725

549,295

Net income available for MAA common shareholders

123,437

180,751

Total NOI (1)

348,153

347,942

Earnings per common share: (2)

Basic

1.06

1.55

Diluted

1.06

1.54

Funds from operations per Share - diluted: (2)

FFO (1)

2.23

2.21

Core FFO (1)

2.13

2.20

Core AFFO (1)

1.98

2.04

Dividends declared per common share

1.530

1.515

Dividends/Core FFO (diluted) payout ratio

71.8

68.9

Dividends/Core AFFO (diluted) payout ratio

77.3

74.3

Consolidated interest expense

51,409

45,161

Debt discount and debt issuance cost amortization

(1,759

)

(1,617

)

Capitalized interest

3,872

5,105

Total interest incurred

53,522

48,649

(1)

The following reconciliations are found later in this release: (i) Net income available for MAA common shareholders to NOI; and (ii) Net income available for MAA common shareholders to FFO, Core FFO and Core AFFO.

(2)

See the “Share and Unit Data” section for additional information.

Dollars in thousands, except share price

March 31, 2026

December 31, 2025

Gross Assets (1)

18,089,045

17,921,913

Gross Real Estate Assets (1)

17,813,327

17,662,513

Total debt

5,656,520

5,405,372

Common shares and units outstanding

119,285,488

119,819,916

Share price

122.12

138.91

Book equity value

5,708,496

5,839,645

Market equity value

14,567,144

16,644,185

Net Debt/Adjusted EBITDAre (2)

4.5x

4.3x

(1)

Reconciliations of Total assets to Gross Assets and Real estate assets, net, to Gross Real Estate Assets are found later in this release.

(2)

Adjusted EBITDAre is calculated for the trailing twelve month period for each date presented. The following reconciliations are found later in this release: (i) Unsecured notes payable, net and Secured notes payable, net to Net Debt; and (ii) Net income to EBITDA, EBITDAre and Adjusted EBITDAre.

CONSOLIDATED STATEMENTS OF OPERATIONS

Dollars in thousands, except per share data (Unaudited)

Three months ended March 31,

2026

2025

Revenues:

Rental and other property revenues

553,725

549,295

Expenses:

Operating expenses, excluding real estate taxes and insurance

127,613

124,955

Real estate taxes and insurance

77,959

76,398

Depreciation and amortization

161,870

152,350

Total property operating expenses

367,442

353,703

Property management expenses

22,461

20,578

General and administrative expenses

16,716

15,619

Interest expense

51,409

45,161

Gain on sale of depreciable real estate assets

(20,164

)

(71,911

)

Other non-operating income

(16,005

)

(834

)

Income before income tax expense

131,866

186,979

Income tax expense

(5,521

)

(1,038

)

Income from continuing operations before real estate joint venture activity

126,345

185,941

Income from real estate joint venture

266

465

Net income

126,611

186,406

Net income attributable to noncontrolling interests

2,252

4,733

Net income available for shareholders

124,359

181,673

Dividends to MAA Series I preferred shareholders

922

Net income available for MAA common shareholders

123,437

180,751

Earnings per common share - basic:

Net income available for common shareholders

1.06

1.55

Earnings per common share - diluted:

Net income available for common shareholders

1.06

1.54

SHARE AND UNIT DATA

Shares and units in thousands

Three months ended March 31,

2026

2025

Net Income Shares (1)

Weighted average common shares - basic

116,622

116,840

Effect of dilutive securities

118

252

Weighted average common shares - diluted

116,740

117,092

Funds From Operations Shares And Units

Weighted average common shares and units - basic

119,562

119,913

Weighted average common shares and units - diluted

119,629

119,975

Period End Shares And Units

Common shares at March 31,

116,353

116,916

Operating Partnership units at March 31,

2,932

3,061

Total common shares and units at March 31,

119,285

119,977

(1)

For additional information on the calculation of diluted common shares and earnings per common share, please refer to the Notes to the Condensed Consolidated Financial Statements in MAA’s Quarterly Report on Form 10-Q for the three months ended March 31, 2026, expected to be filed with the SEC on or about April 30, 2026.

CONSOLIDATED BALANCE SHEETS

Dollars in thousands (Unaudited)

March 31, 2026

December 31, 2025

Assets

Real estate assets:

Land

2,157,019

2,129,401

Buildings and improvements and other

15,052,435

14,852,509

Development and capital improvements in progress

369,883

426,759

17,579,337

17,408,669

Less: Accumulated depreciation

(6,074,082

)

(5,914,017

)

11,505,255

11,494,652

Undeveloped land

73,359

Investment in real estate joint venture

41,578

41,313

Real estate assets, net

11,620,192

11,609,324

Cash and cash equivalents

71,529

60,258

Restricted cash

13,336

13,717

Other assets

262,382

245,683

Assets held for sale

27,063

46,401

Total assets

11,994,502

11,975,383

Liabilities and equity

Liabilities:

Unsecured notes payable, net

5,296,096

5,044,979

Secured notes payable, net

360,424

360,393

Accrued expenses and other liabilities

629,486

730,366

Total liabilities

6,286,006

6,135,738

Redeemable common stock

18,186

20,402

Shareholders’ equity:

Preferred stock

Common stock

1,161

1,166

Additional paid-in capital

7,331,507

7,401,962

Accumulated distributions in excess of net income

(1,787,111

)

(1,734,986

)

Accumulated other comprehensive loss

(4,928

)

(5,300

)

Total MAA shareholders’ equity

5,540,638

5,662,851

Noncontrolling interests - Operating Partnership units

138,537

141,503

Total shareholders’ equity

5,679,175

5,804,354

Noncontrolling interests - consolidated real estate entities

11,135

14,889

Total equity

5,690,310

5,819,243

Total liabilities and equity

11,994,502

11,975,383

RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO FFO, CORE FFO, CORE AFFO AND FAD

Amounts in thousands, except per share and unit data

Three months ended March 31,

2026

2025

Net income available for MAA common shareholders

123,437

180,751

Depreciation and amortization of real estate assets

160,493

150,991

Gain on sale of depreciable real estate assets

(20,164

)

(71,911

)

MAA’s share of depreciation and amortization of real estate assets of real estate joint venture

170

164

Net income attributable to noncontrolling interests

2,252

4,733

FFO attributable to common shareholders and unitholders

266,188

264,728

Loss on embedded derivative in preferred shares (1)

1,574

410

Gain on investments, net of tax (1)(2)

(17,237

)

(654

)

Casualty related charges and (recoveries), net (1)

4,519

(222

)

Core FFO attributable to common shareholders and unitholders

255,044

264,262

Recurring capital expenditures

(18,748

)

(20,106

)

Core AFFO attributable to common shareholders and unitholders

236,296

244,156

Redevelopment capital expenditures

(10,767

)

(17,409

)

Revenue enhancing capital expenditures

(14,562

)

(15,188

)

Commercial capital expenditures

(1,218

)

(3,974

)

Other capital expenditures

(12,095

)

(15,441

)

FAD attributable to common shareholders and unitholders

197,654

192,144

Dividends and distributions paid

183,360

181,767

Weighted average common shares - diluted

116,740

117,092

FFO weighted average common shares and units - diluted

119,629

119,975

Earnings per common share - diluted:

Net income available for common shareholders

1.06

1.54

FFO per Share - diluted

2.23

2.21

Core FFO per Share - diluted

2.13

2.20

Core AFFO per Share - diluted

1.98

2.04

(1)

Included in Other non-operating income in the Consolidated Statements of Operations.

(2)

For the three months ended March 31, 2026 and 2025, gain on investments is presented net of tax expense of $4.7 million and $0.2 million, respectively.

RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO NET OPERATING INCOME

Dollars in thousands

Three Months Ended

March 31,

2026

December 31,

2025

March 31,

2025

Net income available for MAA common shareholders

123,437

56,649

180,751

Depreciation and amortization

161,870

159,774

152,350

Property management expenses

22,461

18,507

20,578

General and administrative expenses

16,716

13,850

15,619

Interest expense

51,409

48,708

45,161

Gain on sale of depreciable real estate assets

(20,164

)

(224

)

(71,911

)

Other non-operating (income) expense

(16,005

)

51,464

(834

)

Income tax expense

5,521

1,191

1,038

Income from real estate joint venture

(266

)

(691

)

(465

)

Net income attributable to noncontrolling interests

2,252

(330

)

4,733

Dividends to MAA Series I preferred shareholders

922

Total NOI

348,153

349,820

347,942

Same Store NOI

328,696

329,656

332,916

Non-Same Store and Other NOI

19,457

20,164

15,026

Total NOI

348,153

349,820

347,942

RECONCILIATION OF NET INCOME TO EBITDA, EBITDAre AND ADJUSTED EBITDAre

Dollars in thousands

Three Months Ended

Twelve Months Ended

March 31, 2026

March 31, 2025

March 31, 2026

December 31, 2025

Net income

126,611

186,406

396,771

456,566

Depreciation and amortization

161,870

152,350

631,815

622,295

Interest expense

51,409

45,161

191,505

185,257

Income tax expense

5,521

1,038

9,078

4,595

EBITDA

345,411

384,955

1,229,169

1,268,713

Gain on sale of depreciable real estate assets

(20,164

)

(71,911

)

(20,319

)

(72,066

)

Adjustments to reflect MAA’s share of EBITDAre of unconsolidated affiliates

424

348

1,500

1,424

EBITDAre

325,671

313,392

1,210,350

1,198,071

Loss (gain) on embedded derivative in preferred shares (1)

1,574

410

(1,111

)

Gain on investments (1)

(21,894

)

(810

)

(28,541

)

(7,457

)

Casualty related charges and (recoveries), net (1)

4,519

(222

)

143

(4,598

)

Legal costs, settlements and (recoveries), net (1)(2)

—

61,908

Adjusted EBITDAre

309,870

312,770

1,243,913

1,246,813

(1)

Included in Other non-operating income in the Consolidated Statements of Operations

(2)

During both the twelve months ended March 31, 2026 and December 31, 2025, in accordance with its accounting policies, MAA recognized $61.9 million of accrued legal settlements and legal defense costs.

RECONCILIATION OF UNSECURED NOTES PAYABLE, NET AND SECURED NOTES PAYABLE, NET TO NET DEBT

Dollars in thousands

March 31, 2026

December 31, 2025

Unsecured notes payable, net

5,296,096

5,044,979

Secured notes payable, net

360,424

360,393

Total debt

5,656,520

5,405,372

Cash and cash equivalents

(71,529

)

(60,258

)

Net Debt

5,584,991

5,345,114

RECONCILIATION OF TOTAL ASSETS TO GROSS ASSETS

Dollars in thousands

March 31, 2026

December 31, 2025

Total assets

11,994,502

11,975,383

Accumulated depreciation

6,074,082

5,914,017

Accumulated depreciation for Assets held for sale (1)

20,461

32,513

Gross Assets

18,089,045

17,921,913

(1)

Included in Assets held for sale in the Consolidated Balance Sheets.

RECONCILIATION OF REAL ESTATE ASSETS, NET TO GROSS REAL ESTATE ASSETS

Dollars in thousands

March 31, 2026

December 31, 2025

Real estate assets, net

11,620,192

11,609,324

Accumulated depreciation

6,074,082

5,914,017

Assets held for sale, net

27,063

46,401

Accumulated depreciation for Assets held for sale (1)

20,461

32,513

Cash and cash equivalents

71,529

60,258

Gross Real Estate Assets

17,813,327

17,662,513

(1)

Included in Assets held for sale in the Consolidated Balance Sheets.

NON-GAAP FINANCIAL MEASURES

Adjusted EBITDAre

For purposes of calculations in this release, Adjusted Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or Adjusted EBITDAre, represents EBITDAre further adjusted for items that are not considered part of MAA’s core operations such as 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, casualty related charges and (recoveries), net, gain or loss on debt extinguishment and legal costs, settlements and (recoveries), net. As an owner and operator of real estate, MAA considers Adjusted EBITDAre to be an important measure of performance from core operations because Adjusted EBITDAre excludes various income and expense items that are not indicative of operating performance. MAA’s computation of Adjusted EBITDAre may differ from the methodology utilized by other companies to calculate Adjusted EBITDAre. Adjusted EBITDAre should not be considered as an alternative to Net income as an indicator of operating performance.

Core Adjusted Funds from Operations (Core AFFO)

Core AFFO is composed of Core FFO less recurring capital expenditures. Because net income attributable to noncontrolling interests is added back, Core AFFO, when used in this release, represents Core AFFO attributable to common shareholders and unitholders. Core AFFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. As an owner and operator of real estate, MAA considers Core AFFO to be an important measure of performance from operations because Core AFFO measures the ability to control revenues, expenses and recurring capital expenditures.

Core Funds from Operations (Core FFO)

Core FFO represents FFO as adjusted for items that are not considered part of MAA’s core business operations such as 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 and (recoveries), net; gain or loss on debt extinguishment; legal costs, settlements and (recoveries), net, and mark-to-market debt adjustments. Because net income attributable to noncontrolling interests is added back, Core FFO, when used in this release, represents Core FFO attributable to common shareholders and unitholders. While MAA's definition of Core FFO may be similar to others in the industry, MAA’s methodology for calculating Core FFO may differ from that utilized by other REITs and, accordingly, may not be comparable to such other REITs. Core FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. MAA believes that Core FFO is helpful in understanding its core operating performance between periods in that it removes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.

EBITDA

For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization, or EBITDA, is composed of net income plus depreciation and amortization, interest expense, and income taxes. As an owner and operator of real estate, MAA considers EBITDA to be an important measure of performance from core operations because EBITDA excludes various expense items that are not indicative of operating performance. EBITDA should not be considered as an alternative to Net income as an indicator of operating performance.

EBITDAre

For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or EBITDAre, is composed of EBITDA further adjusted for the gain or loss on sale of depreciable assets, gain on consolidation of third-party development and adjustments to reflect MAA’s share of EBITDAre of an unconsolidated affiliate. As an owner and operator of real estate, MAA considers EBITDAre to be an important measure of performance from core operations because EBITDAre excludes various expense items that are not indicative of operating performance. While MAA’s definition of EBITDAre is in accordance with NAREIT’s definition, it may differ from the methodology utilized by other companies to calculate EBITDAre. EBITDAre should not be considered as an alternative to Net income as an indicator of operating performance.

Funds Available for Distribution (FAD)

FAD is composed of Core FFO less total capital expenditures, excluding development spending, property acquisitions, capital expenditures relating to significant casualty losses that management expects to be reimbursed by insurance proceeds and corporate related capital expenditures. Because net income attributable to noncontrolling interests is added back, FAD, when used in this release, represents FAD attributable to common shareholders and unitholders. FAD should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. As an owner and operator of real estate, MAA considers FAD to be an important measure of performance from core operations because FAD measures the ability to control revenues, expenses and capital expenditures.

Funds From Operations (FFO)

FFO represents net income available for MAA common shareholders (calculated in accordance with GAAP) excluding gain or loss on disposition of operating properties, asset impairment and gain on consolidation of third-party development, plus depreciation and amortization of real estate assets, net income attributable to noncontrolling interests and adjustments for joint ventures. Because net income attributable to noncontrolling interests is added back, FFO, when used in this release, represents FFO attributable to common shareholders and unitholders. While MAA’s definition of FFO is in accordance with NAREIT’s definition, it may differ from the methodology for calculating FFO utilized by other companies and, accordingly, may not be comparable to such other companies. FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. MAA believes that FFO is helpful in understanding operating performance in that FFO excludes depreciation and amortization of real estate assets. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

Gross Assets

Gross Assets represents Total assets plus Accumulated depreciation and Accumulated depreciation for Assets held for sale. MAA believes that Gross Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

Gross Real Estate Assets

Gross Real Estate Assets represents Real estate assets, net plus Accumulated depreciation, Assets held for sale, net, Accumulated depreciation for Assets held for sale, Cash and cash equivalents and 1031(b) exchange proceeds included in Restricted cash. MAA believes that Gross Real Estate Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

Net Debt

Net Debt represents Unsecured notes payable,net and Secured notes payable,net less Cash and cash equivalents and 1031(b) exchange proceeds included in Restricted cash. MAA believes Net Debt is a helpful tool in evaluating its debt position.

NON-GAAP FINANCIAL MEASURES (Continued)

Net Operating Income (NOI)

Net Operating Income represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties held during the period, regardless of their status as held for sale. NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

Non-Same Store and Other NOI

Non-Same Store and Other NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties classified within the Non-Same Store and Other Portfolio during the period. Non-Same Store and Other NOI includes storm-related expenses related to severe weather events, including hurricanes and winter storms. Non-Same Store and Other NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes Non-Same Store and Other NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

Same Store NOI

Same Store NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties classified within the Same Store Portfolio during the period. Same Store NOI excludes storm-related expenses related to severe weather events, including hurricanes and winter storms. Same Store NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes Same Store NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

OTHER KEY DEFINITIONS

Average Effective Rent per Unit

Average Effective Rent per Unit represents the average of gross rent amounts after the effect of leasing concessions for occupied units plus prevalent market rates asked for unoccupied units, divided by the total number of units. Leasing concessions represent discounts to the current market rate. MAA believes average effective rent is a helpful measurement in evaluating average pricing. It does not represent actual rental revenue collected per unit.

Average Physical Occupancy

Average Physical Occupancy represents the average of the daily physical occupancy for an applicable period.

Development Communities

Communities remain identified as development until certificates of occupancy are obtained for all units under development. Once all units are delivered and available for occupancy, the community moves into the Lease-up Communities portfolio.

Effective Blended Lease Rate Growth

Effective Blended Lease Rate Growth represents the combined weighted average of Effective New Lease Rate Growth and Effective Renewal Lease Rate Growth from our Same Store Portfolio for the applicable period.

Effective New Lease Rate Growth

Effective New Lease Rate Growth represents the growth in gross rent amounts after the effect of leasing concessions for new leases from our Same Store Portfolio that were effective during the applicable period as compared to the prior lease.

Effective Renewal Lease Rate Growth

Effective Renewal Lease Rate Growth represents the growth in gross rent amounts after the effect of leasing concessions for renewal leases from our Same Store Portfolio that were effective during the applicable period as compared to the prior lease.

Lease-up Communities

New acquisitions acquired during lease-up and newly developed communities remain in the Lease-up Communities portfolio until stabilized. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.

Non-Same Store and Other Portfolio

Non-Same Store and Other Portfolio includes recently acquired communities, communities in development or lease-up, communities that have been disposed of or identified for disposition, communities that have experienced a significant casualty loss, stabilized communities that do not meet the requirements defined by the Same Store Portfolio, retail properties and commercial properties.

Resident Turnover

Resident turnover represents resident move outs excluding transfers within the Same Store Portfolio as a percentage of expiring leases on a trailing twelve month basis as of the end of the reported quarter.

Same Store Portfolio (or Same Store)

MAA reviews its Same Store Portfolio at the beginning of each calendar year, or as significant transactions or events warrant. Communities are generally added into the Same Store Portfolio if they were owned and stabilized at the beginning of the previous year. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days. Communities that have been approved by MAA’s Board of Directors for disposition are excluded from the Same Store Portfolio. Communities that have experienced a significant casualty loss are also excluded from the Same Store Portfolio.

CONTACT: Investor Relations of MAA, 866-576-9689 (toll free), investor.relations@maac.com

EX-99.2

Filename: maa-ex99_2.htm · Sequence: 3

EX-99.2

Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT MARCH 31, 2026 (1)

In apartment units

Same

Store

Stabilized Non-Same

Store

Lease-up

Total

Completed

Communities

Development

Units

Delivered

Total

Atlanta, GA

11,434

340

—

11,774

—

11,774

Dallas, TX

9,523

594

386

10,503

—

10,503

Austin, TX

7,179

—

7,179

—

7,179

Charlotte, NC

5,707

640

239

6,586

173

6,759

Orlando, FL

5,907

310

—

6,217

—

6,217

Raleigh/Durham, NC

5,156

500

406

6,062

—

6,062

Tampa, FL

5,416

—

495

5,911

—

5,911

Houston, TX

4,859

—

4,859

—

4,859

Nashville, TN

4,375

—

4,375

—

4,375

Fort Worth, TX

3,687

—

3,687

—

3,687

Phoenix, AZ

3,291

317

3,608

—

3,608

Jacksonville, FL

3,496

—

3,496

—

3,496

Charleston, SC

3,168

—

3,168

—

3,168

Greenville, SC

2,354

—

2,354

—

2,354

Northern Virginia

1,888

—

1,888

—

1,888

Savannah, GA

1,837

—

1,837

—

1,837

Memphis, TN

1,193

618

—

1,811

—

1,811

Richmond, VA

1,732

—

1,732

—

1,732

San Antonio, TX

1,504

—

1,504

—

1,504

Denver, CO

1,118

352

—

1,470

1,514

Birmingham, AL

1,462

—

1,462

—

1,462

Fredericksburg, VA

1,435

—

1,435

—

1,435

Kansas City, MO-KS

1,110

318

—

1,428

—

1,428

Huntsville, AL

1,228

—

1,228

—

1,228

Other

6,502

496

—

6,998

—

6,998

Total Multifamily Units

96,561

4,168

1,843

102,572

217

102,789

(1)

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 March 31, 2026

Average

Effective

As of March 31, 2026

Gross Real

Assets

Percent to

Total of

Gross Real

Assets

Physical

Occupancy

Rent per

Unit for

the Three

Months Ended

March 31, 2026

Completed

Units

Total Units,

Including

Development

Atlanta, GA

2,245,678

13.1

95.3

1,788

11,774

Dallas, TX

1,660,888

9.7

94.9

1,660

10,117

Charlotte, NC

1,289,844

7.5

95.7

1,639

6,347

Orlando, FL

1,143,575

6.6

96.1

1,974

6,217

Tampa, FL

1,050,162

6.1

96.0

2,083

5,416

Austin, TX

993,279

5.8

95.1

1,472

7,179

Raleigh/Durham, NC

836,557

4.9

95.3

1,516

5,656

Houston, TX

712,706

4.1

96.1

1,455

4,859

Phoenix, AZ

608,917

3.5

95.8

1,691

3,291

Northern Virginia

588,876

3.4

95.8

2,570

1,888

Nashville, TN

582,071

3.4

96.0

1,653

4,375

Charleston, SC

454,652

2.6

95.5

1,842

3,168

Denver, CO

427,082

2.5

94.8

1,958

1,470

Fort Worth, TX

415,833

2.4

95.5

1,581

3,687

Jacksonville, FL

337,012

2.0

95.4

1,467

3,496

Kansas City, MO-KS

297,641

1.7

95.7

1,711

1,428

Richmond, VA

270,727

1.6

96.0

1,724

1,732

Fredericksburg, VA

263,504

1.5

95.7

1,970

1,435

Greenville, SC

253,679

1.5

95.2

1,372

2,354

Savannah, GA

236,109

1.4

95.1

1,686

1,837

Birmingham, AL

178,950

1.0

95.2

1,439

1,462

San Antonio, TX

175,740

1.0

95.6

1,316

1,504

All Other Markets by State (individual markets <1% gross real assets)

Tennessee

218,514

1.3

95.0

1,311

2,754

Florida

203,075

1.2

95.3

1,853

1,806

Alabama

192,932

1.1

94.5

1,346

1,648

Virginia

175,325

1.0

95.3

1,867

1,039

Kentucky

110,635

0.6

96.3

1,319

1,308

Utah

94,639

0.5

92.5

1,606

400

Maryland

86,687

0.5

95.6

2,373

361

Nevada

77,575

0.5

95.1

1,604

721

Stabilized Communities

16,182,864

94.0

95.5

1,683

100,729

Charlotte, NC

216,969

1.3

20.0

1,855

412

541

Phoenix, AZ

200,151

1.2

88.6

1,725

317

942

Tampa, FL

193,897

1.1

71.5

2,979

495

Raleigh/Durham, NC

143,024

0.8

48.3

1,744

406

Dallas, TX

107,097

0.6

89.1

1,652

386

Richmond, VA

69,250

0.4

—

306

Denver, CO

62,351

0.4

—

219

Charleston, SC

39,745

0.2

—

336

Lease-up / Development Communities

1,032,484

6.0

54.3

2,049

2,060

3,631

Total Multifamily Communities

17,215,348

100.0

94.5

1,690

102,789

104,360

(1)

Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C. As of March 31, 2026, the gross investment in real estate for this community was $83.5 million and includes a mortgage note payable of $52.0 million. For the three months ended March 31, 2026, this apartment community achieved NOI of $2.2 million.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

Three Months Ended

As of March 31, 2026

March 31, 2026

March 31, 2025

Percent

Change

Apartment Units

Gross Real Assets

Operating Revenues

Same Store Communities

516,980

518,827

-0.4

96,561

15,313,935

Non-Same Store Communities

22,050

21,239

4,168

868,929

Lease-up/Development Communities

7,732

2,459

2,060

1,032,484

Total Multifamily Portfolio

546,762

542,525

102,789

17,215,348

Commercial Property/Land

6,963

6,770

—

437,795

Total Operating Revenues

553,725

549,295

102,789

17,653,143

Property Operating Expenses

Same Store Communities

188,284

185,911

1.3

Non-Same Store Communities

9,211

10,106

Lease-up/Development Communities

5,094

2,222

Total Multifamily Portfolio

202,589

198,239

Commercial Property/Land

2,983

3,114

Total Property Operating Expenses

205,572

201,353

Net Operating Income

Same Store Communities

328,696

332,916

-1.3

Non-Same Store Communities

12,839

11,133

Lease-up/Development Communities

2,638

237

Total Multifamily Portfolio

344,173

344,286

Commercial Property/Land

3,980

3,656

Total Net Operating Income

348,153

347,942

0.1

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

Three Months Ended

March 31, 2026

March 31, 2025

Percent Change

Property Taxes

64,935

63,188

2.8

Personnel

41,858

41,561

0.7

Utilities

34,985

33,853

3.3

Building Repair and Maintenance

24,196

23,871

1.4

Office Operations

7,675

8,185

(6.2

Insurance

7,754

8,442

(8.1

Marketing

6,881

6,811

1.0

Total Property Operating Expenses

188,284

185,911

1.3

Supplemental Data S-3

MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE

Average Physical Occupancy

Percent of

Three Months Ended

Apartment Units

Same Store NOI

March 31, 2026

March 31, 2025

Atlanta, GA

11,434

12.2

95.6

95.4

Dallas, TX

9,523

9.4

95.1

95.2

Orlando, FL

5,907

7.3

95.8

95.6

Tampa, FL

5,416

7.1

96.1

Charlotte, NC

5,707

6.2

95.8

95.9

Austin, TX

7,179

5.6

95.2

95.0

Raleigh/Durham, NC

5,156

5.1

95.0

95.6

Nashville, TN

4,375

4.8

95.8

Phoenix, AZ

3,291

3.9

96.2

95.6

Charleston, SC

3,168

3.8

95.6

Houston, TX

4,859

3.8

96.0

95.5

Fort Worth, TX

3,687

3.7

95.4

95.0

Northern Virginia

1,888

3.2

95.8

96.7

Jacksonville, FL

3,496

2.8

95.1

95.9

Greenville, SC

2,354

2.1

95.7

95.9

Richmond, VA

1,732

2.0

95.9

96.2

Fredericksburg, VA

1,435

1.9

95.8

97.0

Savannah, GA

1,837

1.9

95.3

Denver, CO

1,118

1.3

94.4

94.8

Birmingham, AL

1,462

1.2

95.4

96.3

Kansas City, MO-KS

1,110

1.2

95.4

95.1

San Antonio, TX

1,504

1.1

94.8

95.2

Memphis, TN

1,193

1.1

95.5

94.9

Huntsville, AL

1,228

0.9

92.8

94.6

Other

6,502

6.4

95.5

95.4

Total Same Store

96,561

100.0

95.5

95.6

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

Q1 2026

Q1 2025

% Chg

Q1 2026

Q1 2025

% Chg

Q1 2026

Q1 2025

% Chg

Q1 2026

Q1 2025

% Chg

Atlanta, GA

11,434

64,385

64,628

(0.4

24,322

23,121

5.2

40,063

41,507

(3.5

1,787

1,793

(0.3

Dallas, TX

9,523

50,285

50,001

0.6

19,505

20,194

(3.4

30,780

29,807

3.3

1,677

1,666

0.7

Orlando, FL

5,907

36,762

36,958

(0.5

12,858

13,190

(2.5

23,904

23,768

0.6

1,978

1,985

(0.4

Tampa, FL

5,416

35,791

35,984

(0.5

12,371

12,630

(2.1

23,420

23,354

0.3

2,083

2,091

(0.4

Charlotte, NC

5,707

29,566

29,908

(1.1

9,031

9,024

0.1

20,535

20,884

(1.7

1,644

1,656

(0.7

Austin, TX

7,179

34,332

35,579

(3.5

15,871

15,381

3.2

18,461

20,198

(8.6

1,472

1,547

(4.9

Raleigh/Durham, NC

5,156

24,990

25,418

(1.7

8,081

8,117

(0.4

16,909

17,301

(2.3

1,515

1,532

(1.1

Nashville, TN

4,375

23,029

23,370

(1.5

7,340

7,699

(4.7

15,689

15,671

0.1

1,653

1,675

(1.3

Phoenix, AZ

3,291

17,932

17,899

0.2

5,176

4,978

4.0

12,756

12,921

(1.3

1,691

1,718

(1.6

Charleston, SC

3,168

18,413

18,121

1.6

5,912

5,820

1.6

12,501

12,301

1.6

1,842

1,817

1.4

Houston, TX

4,859

22,781

22,549

1.0

10,398

10,036

3.6

12,383

12,513

(1.0

1,455

1,444

0.7

Fort Worth, TX

3,687

19,370

19,284

0.4

7,254

6,593

10.0

12,116

12,691

(4.5

1,581

1,580

0.0

Northern Virginia

1,888

15,104

14,918

1.2

4,617

4,544

1.6

10,487

10,374

1.1

2,570

2,513

2.3

Jacksonville, FL

3,496

15,534

15,970

(2.7

6,171

6,063

1.8

9,363

9,907

(5.5

1,467

1,486

(1.3

Greenville, SC

2,354

10,673

10,426

2.4

3,785

3,798

(0.3

6,888

6,628

3.9

1,372

1,336

2.7

Richmond, VA

1,732

9,423

9,065

3.9

2,918

2,873

1.6

6,505

6,192

5.1

1,724

1,680

2.6

Fredericksburg, VA

1,435

9,013

8,863

1.7

2,662

2,557

4.1

6,351

6,306

0.7

1,970

1,909

3.2

Savannah, GA

1,837

9,977

10,109

(1.3

3,791

3,543

7.0

6,186

6,566

(5.8

1,686

1,705

(1.1

Denver, CO

1,118

6,536

6,934

(5.7

2,274

2,030

12.0

4,262

4,904

(13.1

1,903

1,951

(2.4

Birmingham, AL

1,462

6,950

6,882

1.0

2,831

2,708

4.5

4,119

4,174

(1.3

1,439

1,403

2.6

Kansas City, MO-KS

1,110

5,932

5,737

3.4

2,112

2,074

1.8

3,820

3,663

4.3

1,684

1,638

2.8

San Antonio, TX

1,504

6,328

6,521

(3.0

2,745

2,551

7.6

3,583

3,970

(9.7

1,316

1,354

(2.8

Memphis, TN

1,193

5,399

5,405

(0.1

1,877

2,238

(16.1

3,522

3,167

11.2

1,414

1,433

(1.3

Huntsville, AL

1,228

5,056

5,277

(4.2

2,107

1,905

10.6

2,949

3,372

(12.5

1,254

1,286

(2.5

Other

6,502

33,419

33,021

1.2

12,275

12,244

0.3

21,144

20,777

1.8

1,637

1,616

1.3

Total Same Store

96,561

516,980

518,827

(0.4

188,284

185,911

1.3

328,696

332,916

(1.3

1,685

1,690

(0.3

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

Q1 2026

Q4 2025

% Chg

Q1 2026

Q4 2025

% Chg

Q1 2026

Q4 2025

% Chg

Q1 2026

Q4 2025

% Chg

Atlanta, GA

11,434

64,385

64,566

(0.3

24,322

25,023

(2.8

40,063

39,543

1.3

1,787

1,788

(0.1

Dallas, TX

9,523

50,285

50,226

0.1

19,505

20,376

(4.3

30,780

29,850

3.1

1,677

1,673

0.3

Orlando, FL

5,907

36,762

36,976

(0.6

12,858

12,203

5.4

23,904

24,773

(3.5

1,978

1,980

(0.1

Tampa, FL

5,416

35,791

35,893

(0.3

12,371

12,625

(2.0

23,420

23,268

0.7

2,083

2,091

(0.4

Charlotte, NC

5,707

29,566

29,838

(0.9

9,031

9,292

(2.8

20,535

20,546

(0.1

1,644

1,649

(0.3

Austin, TX

7,179

34,332

34,556

(0.6

15,871

16,707

(5.0

18,461

17,849

3.4

1,472

1,481

(0.6

Raleigh/Durham, NC

5,156

24,990

25,244

(1.0

8,081

8,251

(2.1

16,909

16,993

(0.5

1,515

1,519

(0.3

Nashville, TN

4,375

23,029

23,125

(0.4

7,340

7,446

(1.4

15,689

15,679

0.1

1,653

1,660

(0.4

Phoenix, AZ

3,291

17,932

17,911

0.1

5,176

4,949

4.6

12,756

12,962

(1.6

1,691

1,697

(0.4

Charleston, SC

3,168

18,413

18,484

(0.4

5,912

5,755

2.7

12,501

12,729

(1.8

1,842

1,843

(0.0

Houston, TX

4,859

22,781

22,796

(0.1

10,398

10,255

1.4

12,383

12,541

(1.3

1,455

1,454

0.0

Fort Worth, TX

3,687

19,370

19,309

0.3

7,254

8,173

(11.2

12,116

11,136

8.8

1,581

1,580

0.0

Northern Virginia

1,888

15,104

15,132

(0.2

4,617

4,410

4.7

10,487

10,722

(2.2

2,570

2,575

(0.2

Jacksonville, FL

3,496

15,534

15,671

(0.9

6,171

6,026

2.4

9,363

9,645

(2.9

1,467

1,469

(0.1

Greenville, SC

2,354

10,673

—

3,785

3,631

4.2

6,888

7,042

(2.2

1,372

1,368

0.3

Richmond, VA

1,732

9,423

9,407

0.2

2,918

2,813

3.7

6,505

6,594

(1.3

1,724

1,717

0.4

Fredericksburg, VA

1,435

9,013

8,924

1.0

2,662

2,564

3.8

6,351

6,360

(0.1

1,970

1,962

0.4

Savannah, GA

1,837

9,977

10,051

(0.7

3,791

3,578

6.0

6,186

6,473

(4.4

1,686

1,697

(0.6

Denver, CO

1,118

6,536

6,708

(2.6

2,274

1,993

14.1

4,262

4,715

(9.6

1,903

1,918

(0.7

Birmingham, AL

1,462

6,950

6,935

0.2

2,831

2,689

5.3

4,119

4,246

(3.0

1,439

1,440

(0.0

Kansas City, MO-KS

1,110

5,932

5,936

(0.1

2,112

2,187

(3.4

3,820

3,749

1.9

1,684

1,679

0.3

San Antonio, TX

1,504

6,328

6,307

0.3

2,745

2,537

8.2

3,583

3,770

(5.0

1,316

1,323

(0.6

Memphis, TN

1,193

5,399

5,353

0.9

1,877

1,883

(0.3

3,522

3,470

1.5

1,414

1,416

(0.1

Huntsville, AL

1,228

5,056

5,065

(0.2

2,107

1,954

7.8

2,949

3,111

(5.2

1,254

1,263

(0.7

Other

6,502

33,419

33,554

(0.4

12,275

11,664

5.2

21,144

21,890

(3.4

1,637

1,636

0.1

Total Same Store

96,561

516,980

518,640

(0.3

188,284

188,984

(0.4

328,696

329,656

(0.3

1,685

1,688

(0.1

Supplemental Data S-6

MULTIFAMILY DEVELOPMENT PIPELINE

Units as of

Development Costs as of

March 31, 2026

Expected

Costs

Expected

Start

Initial

Market

Total

Delivered

Leased

Total

to Date

Remaining

Date

Occupancy

Completion

Stabilization (1)

MAA Plaza Midwood (2)

Charlotte, NC

302

173

101,500

93,281

8,219

2Q24

4Q25

3Q26

3Q27

MAA Milepost 35 II

Denver, CO

219

78,000

62,351

15,649

4Q24

2Q26

4Q26

4Q27

Modera Chandler (2)

Phoenix, AZ

345

—

117,500

86,183

31,317

2Q24

2Q26

4Q26

4Q27

MAA Rove

Richmond, VA

306

—

99,500

69,250

30,250

3Q24

1Q27

3Q27

1Q28

MAA Point Hope (2)

Charleston, SC

336

—

91,000

39,745

51,255

2Q25

1Q27

1Q28

3Q28

MAA One Scottsdale

Phoenix, AZ

280

—

135,000

37,469

97,531

4Q25

1Q28

3Q28

2Q29

Total Active

1,788

217

622,500

388,279

234,221

(1)

Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.

(2)

MAA owns 95% of the joint venture that owns this property.

MULTIFAMILY LEASE-UP COMMUNITIES

As of March 31, 2026

Market

Total Units

Physical Occupancy

Costs to Date

Construction Completed

Expected Stabilization (1)

MAA Val Vista

Phoenix, AZ

317

88.6%

76,500

4Q24

2Q26

MAA Cathedral Arts

Dallas, TX

386

89.1%

107,097

(2)

2Q26

MAA Nixie

Raleigh/Durham, NC

406

48.3%

143,024

3Q25

4Q26

MAA Liberty Row (3)

Charlotte, NC

239

35.1%

112,635

(4)

1Q26

4Q26

MAA Breakwater

Tampa, FL

495

71.5%

193,897

1Q26

1Q27

Total

1,843

68.3%

633,153

(1)

Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.

(2)

Property was acquired while in lease-up; construction was complete prior to acquisition by MAA.

(3)

In July 2024, MAA agreed to finance the third party development of this property. MAA has the option to purchase the property once it is stabilized.

(4)

Represents the cost to MAA, net of the $9.6 million non-equity contribution from the third party developer.

MULTIFAMILY INTERIOR REDEVELOPMENT, WIFI RETROFIT AND PROPERTY REPOSITIONING ACTIVITY

Dollars in thousands, except per unit data

Three months ended March 31, 2026

Program

Units Completed

Redevelopment Spend

Average Cost per Unit

Increase in Average Effective Rent per Unit

Estimated Units Remaining in Pipeline

Interior Redevelopment

1,386

7,349

5,302

104

7.5%

9,000 - 12,000

During the first quarter of 2026, 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 $1.6 million on its WiFi Retrofit program and $2.3 million on its Property Repositioning program during the three months ended March 31, 2026.

Supplemental Data S-7

2026 ACQUISITION ACTIVITY AS OF MARCH 31, 2026

Land Acquisitions

Market

Closing Date

Modera Silver (1)

Northern Virginia

Jan-26

MAA Sevilla (2)

Kansas City, MO-KS

Feb-26

(1)

Represents a pre-purchase multifamily development. MAA owns 95% of the joint venture that owns this property and plans future development of a 287-unit multifamily apartment community at the property.

(2)

Represents a pre-purchase multifamily development. MAA owns 95% of the joint venture that owns this property. Construction of this development commenced in April 2026.

2026 DISPOSITION ACTIVITY AS OF MARCH 31, 2026

Multifamily Dispositions

Market

Apartment Units

Closing Date

MAA Greenwood Forrest

Houston, TX

316

Feb-26

DEBT AND DEBT COVENANTS AS OF MARCH 31, 2026

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

4,929,220

87.1

3.8

7.0

Floating rate debt

727,300

12.9

4.1

0.1

Total

5,656,520

100.0

3.9

6.1

Unsecured Versus Secured Debt

Balance

Percent of Total

Effective Interest Rate

Average Years to Contract Maturity

Unsecured debt

5,296,096

93.6

3.8

5.0

Secured debt

360,424

6.4

4.4

22.8

Total

5,656,520

100.0

3.9

6.1

Unencumbered Versus Encumbered Assets

Total Cost

Percent of Total

Q1 2026 NOI

Percent of Total

Unencumbered gross assets

17,300,514

95.6

333,844

95.9

Encumbered gross assets

788,531

4.4

14,309

4.1

Total

18,089,045

100.0

348,153

100.0

FIXED INTEREST RATE MATURITIES

Maturity

Fixed Rate Debt

Effective Interest Rate

2026

299,708

1.2

2027

599,104

3.7

2028

398,671

4.2

2029

554,451

3.7

2030

298,658

3.1

2031

447,123

1.8

2032

395,615

5.4

2033

592,758

4.7

2034

344,648

5.1

2035

344,499

5.1

Thereafter

653,985

3.8

Total

4,929,220

3.8

Supplemental Data S-8

DEBT AND DEBT COVENANTS AS OF MARCH 31, 2026 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

Maturity

Commercial Paper ⁽¹⁾ & Revolving Credit Facility ⁽²⁾

Public Bonds

Secured

Total

2026

727,300

299,708

—

1,027,008

2027

—

599,104

—

599,104

2028

—

398,671

—

398,671

2029

—

554,451

—

554,451

2030

—

298,658

—

298,658

2031

—

447,123

—

447,123

2032

—

395,615

—

395,615

2033

—

592,758

—

592,758

2034

—

344,648

—

344,648

2035

—

344,499

—

344,499

Thereafter

—

293,561

360,424

653,985

Total

727,300

4,568,796

360,424

5,656,520

(1)

The $727.3 million maturing in 2026 reflects the principal outstanding under MAALP’s unsecured commercial paper program as of March 31, 2026. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $750.0 million. For the three months ended March 31, 2026, average daily borrowings outstanding under the commercial paper program were $682.1 million.

(2)

There were no borrowings outstanding under MAALP’s $1.5 billion unsecured revolving credit facility as of March 31, 2026. The facility has a maturity date of January 2030 with two six-month extension options.

DEBT COVENANT ANALYSIS (1)

Bond Covenants

Required

Actual

Compliance

Total debt to adjusted total assets

60% or less

31.3%

Yes

Total secured debt to adjusted total assets

40% or less

2.0%

Yes

Consolidated income available for debt service to total annual debt service charge

1.5x or greater for trailing 4 quarters

5.9x

Yes

Total unencumbered assets to total unsecured debt

Greater than 150%

317.1%

Yes

Bank Covenants

Required

Actual

Compliance

Total debt to total capitalized asset value

60% or less

23.8%

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

6.3x

Yes

Total unsecured debt to total unsecured capitalized asset value

60% or less

23.1%

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-9

2026 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 2026

Earnings:

Range

Midpoint

Earnings per common share - diluted

$4.18 to $4.50

$4.34

Core FFO per Share - diluted

$8.37 to $8.69

$8.53

Core AFFO per Share - diluted

$7.34 to $7.66

$7.50

MAA Same Store Portfolio:

Number of units

96,561

Average physical occupancy

95.35% to 95.85%

95.60%

Property revenue growth

-0.20% to 1.30%

0.55%

Effective rent growth

-0.15% to 0.85%

0.35%

Property operating expense growth

1.90% to 3.40%

2.65%

NOI growth

-1.70% to 0.30%

-0.70%

Real estate tax expense growth

1.25% to 3.25%

2.25%

Corporate Expenses: ($ in millions)

Property management expenses

$77.5 to $79.5

$78.5

General and administrative expenses

$56.5 to $58.5

$57.5

Total overhead

$134.0 to $138.0

$136.0

Transaction/Investment Volume: ($ in millions)

Multifamily acquisition volume

$150.0 to $250.0

$200.0

Multifamily disposition volume

$200.0 to $300.0

$250.0

Development investment

$300.0 to $400.0

$350.0

Debt:

Average effective interest rate

3.7% to 3.9%

3.8%

Capitalized interest ($ in millions)

$16.0 to $18.0

$17.0

Diluted FFO Shares Outstanding:

Diluted common shares and units

118.95 to 119.45 million

119.20 million

RECONCILIATION OF EARNINGS PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER DILUTED SHARE FOR FULL YEAR 2026 GUIDANCE

Full Year 2026 Guidance Range

Low

High

Earnings per common share - diluted

4.18

4.50

Real estate depreciation and amortization

5.43

Gains on sale of depreciable assets

(1.16

)

(1.16

)

FFO per Share - diluted

8.45

8.77

Non-Core FFO items (1)

(0.08

)

(0.08

)

Core FFO per Share - diluted

8.37

8.69

Recurring capital expenditures

(1.03

)

(1.03

)

Core AFFO per Share - diluted

7.34

7.66

(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 and (recoveries), net; gain or loss on debt extinguishment; legal costs, settlements and (recoveries), net, and mark-to-market debt adjustments.

Supplemental Data S-10

CREDIT RATINGS

Commercial

Long-Term

Paper Rating

Debt Rating

Outlook

Fitch Ratings (1)

A-

Stable

Moody’s Investors Service (2)

P-2

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:

Q2 2026

Q3 2026

Q4 2026

Q1 2027

Earnings release & conference call

Late

July

Late

October

Early

February

Late

April

Dividend Information - Common Shares:

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Declaration date

3/18/2025

5/21/2025

9/23/2025

12/10/2025

3/17/2026

Record date

4/15/2025

7/15/2025

10/15/2025

1/15/2026

4/15/2026

Payment date

4/30/2025

7/31/2025

10/31/2025

1/30/2026

4/30/2026

Distributions per share

1.5150

1.5300

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

Jennifer Patrick

Director of Investor Relations

Phone: 866-576-9689 (toll free)

Email: investor.relations@maac.com

Supplemental Data S-11

GRAPHIC

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