Form 8-K

8-K — MID AMERICA APARTMENT COMMUNITIES INC.

Accession: 0001193125-26-323756

Filed: 2026-07-29

Period: 2026-07-29

CIK: 0000912595

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — maa-20260729.htm (Primary)

EX-99.1 (maa-ex99_1.htm)

EX-99.2 (maa-ex99_2.htm)

GRAPHIC (img267427320_0.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: maa-20260729.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): July 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 July 29, 2026, Mid-America Apartment Communities, Inc. (“MAA”) issued a press release announcing its consolidated results of operations and financial condition as of June 30, 2026 and for the three and six 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 July 29, 2026

99.2

Supplemental Data Schedules dated July 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:

July 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:

July 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-8

Acquisition Activity/Disposition Activity/Debt and Debt Covenants as of June 30, 2026

S-9

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

S-11

Credit Ratings/Common Stock/Investor Relations Data

S-12

EARNINGS RELEASE

MAA REPORTS SECOND QUARTER 2026 RESULTS

GERMANTOWN, TN, July 29, 2026/PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the three and six months ended June 30, 2026.

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Earnings per common share - diluted

1.04

0.92

2.10

2.46

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

2.10

2.19

4.32

4.39

Core FFO per Share - diluted (1)

2.08

2.15

4.21

4.35

(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, “Second quarter Core FFO results exceeded our expectations due to steady demand and continued disciplined expense management. Our focus on new lease pricing resulted in an acceleration in our new lease sequential pricing trends, supported our consistently strong renewal results and delivered blended lease-over-lease pricing that was 20 basis points better year-over-year. As steady demand increasingly outweighs the declining pressure from new deliveries more broadly across our footprint, the improved pricing and operating fundamentals we see in a number of our markets should become more broad-based, supporting an accelerating recovery. Our pricing momentum, operating discipline, and growing contribution from our new developments, position MAA to deliver attractive future earnings growth.”

•

During the second quarter of 2026, MAA's Same Store effective blended lease rate growth was 0.7%, a 20 basis point improvement over the same period in the prior year as well as a 100 basis point improvement on a sequential basis, driven by a 170 basis point improvement in new lease pricing from the first quarter of 2026.

•

As of June 30, 2026, resident turnover in the Same Store Portfolio remained historically low at 39.6% with a low level of move-outs associated with buying single-family homes of 10.9% for the quarter.

•

During the second quarter of 2026, MAA completed the initial lease-up of MAA Cathedral Arts in Dallas, Texas, completed the development of MAA Plaza Midwood located in Charlotte, North Carolina and began construction of a multifamily apartment community in the Kansas City market.

•

During the second quarter of 2026, Mid-America Apartments, L.P. (MAALP), MAA’s operating partnership, entered into a unsecured delayed draw term loan (referred to in this release as the DDTL Facility) in the aggregate committed principal amount of up to $350.0 million. The DDTL Facility is scheduled to mature in November 2030. As of June 30, 2026, there was $100.0 million outstanding under the DDTL Facility.

•

During the second quarter of 2026, MAA repurchased 0.4 million shares of its common stock at a weighted average share price of $130.66 for total consideration of $50 million.

Same Store Operating Results

Same Store results for the three and six months ended June 30, 2026 as compared to the same periods in the prior year are summarized below:

Three months ended June 30, 2026 vs. 2025

Six months ended June 30, 2026 vs. 2025

Revenues

Expenses

NOI (1)

Average Effective Rent per Unit

Revenues

Expenses

NOI (1)

Average Effective Rent per Unit

Same Store Operating Growth

-0.3%

0.8%

-1.0%

-0.2%

-0.3%

1.1%

-1.2%

-0.2%

(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 and six months ended June 30, 2026 are summarized below:

Three months ended June 30, 2026

Six months ended June 30, 2026

As of June 30, 2026

Average Effective Rent per Unit

Average Physical Occupancy

Average Effective Rent per Unit

Average Physical Occupancy

Resident Turnover

Same Store Operating Statistics

1,688

95.3%

1,687

95.4%

39.6%

Same Store net effective lease pricing statistics for the three and six months ended June 30, 2026 are summarized below:

Same Store Net Effective Lease Pricing Statistics

Three Months Ended

June 30, 2026

Six Months Ended

June 30, 2026

Effective Blended Lease Rate Growth

0.7%

0.3%

Effective New Lease Rate Growth

-5.3%

-6.0%

Effective Renewal Lease Rate Growth

5.2%

5.3%

Acquisition and Disposition Activity

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

In July 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 306-unit multifamily apartment community at the property starting in the third quarter of 2026.

In May 2026, MAA closed on the disposition of a 194-unit multifamily apartment community located in the Raleigh, North Carolina market for net proceeds of approximately $40 million, resulting in a gain on the sale of depreciable real estate assets of approximately $35 million.

Development and Lease-up Activity

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

Units as of

Development Costs as of

Expected Project

Total

June 30, 2026

Completions By Year

Development

Expected

Costs

Expected

Projects (1)

Total

Delivered

Leased

Total

to Date

Remaining

2026

2027

2028

1,749

193

127

597,500

360,361

237,139

(1)

Two of the development projects were leasing as of June 30, 2026.

During the second quarter of 2026, MAA completed the development of MAA Plaza Midwood located in Charlotte, North Carolina and began construction on a 263-unit multifamily apartment community in the Kansas City market.

MAA funded approximately $81 million of costs for current and planned development projects, including predevelopment activities, during the second 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 second quarter of 2026 is set forth below (dollars in thousands):

Total

As of June 30, 2026

Lease-Up

Total

Physical

Costs

Projects (1)

Units

Occupancy

to Date

1,759

74.4

623,742

(1)

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

During the second quarter of 2026, MAA completed the lease-up of MAA Cathedral Arts located in Dallas, Texas.

Balance Sheet and Financing Activities

As of June 30, 2026, MAA had $882.8 million of combined cash and available capacity under MAALP’s unsecured revolving credit facility.

In June 2026, MAALP entered into the DDTL Facility in the aggregate committed principal amount of up to $350.0 million. Advances of loans under the DDTL Facility may be requested by MAALP in one or more draws (subject to a maximum of five draws) and will be available until December 21, 2026. The DDTL Facility is scheduled to mature in November 2030. Amounts borrowed under the DDTL Facility will bear interest at a variable rate, at MAALP’s election, either (1) based upon the Secured Overnight Financing Rate (SOFR) plus an applicable margin ranging from 0.675% to 1.550% based upon MAALP’s credit rating or (2) a base rate plus an applicable margin ranging from 0.00% to 0.55% based upon MAALP’s credit rating. The DDTL Facility also contains an uncommitted accordion feature that allows MAALP to increase the total amount of unsecured indebtedness under the DDTL Facility to $550.0 million until December 21, 2026. As of June 30, 2026, there was $100.0 million outstanding under the DDTL Facility. MAALP intends to use the loan proceeds for general corporate purposes, including repayment of other debt.

During the second quarter of 2026, MAA repurchased 0.4 million shares of its common stock at a weighted average share price of $130.66 for total consideration of $50 million.

Dividends and distributions paid on shares of common stock and noncontrolling interests during the second quarter of 2026 were $182.5 million, as compared to $181.8 million for the same period in the prior year.

Balance sheet highlights as of June 30, 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

31.2%

4.5x

5.7

3.9%

86.6%

6.0

(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 June 30, 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.

130th Consecutive Quarterly Common Dividend Declared

MAA declared its 130th consecutive quarterly common dividend, which will be paid on July 31, 2026 to holders of record on July 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

$4.18 to $4.50

$4.34

$3.96 to $4.20

$4.08

Core FFO per Share - diluted

$8.37 to $8.69

$8.53

$8.41 to $8.65

$8.53

Core AFFO per Share - diluted

$7.34 to $7.66

$7.50

$7.38 to $7.62

$7.50

MAA Same Store Portfolio:

Property revenue growth

-0.20% to 1.30%

0.55%

-0.20% to 0.40%

0.10%

Property operating expense growth

1.90% to 3.40%

2.65%

1.25% to 2.25%

1.75%

NOI growth

-1.70% to 0.30%

-0.70%

-1.70% to 0.10%

-0.90%

MAA expects Core FFO for the third quarter of 2026 to be in the range of $2.04 to $2.16 per diluted Share, or $2.10 per diluted Share at the midpoint. The projected difference from Core FFO per diluted Share for the second quarter of 2026 to the midpoint of MAA's guidance for the third quarter of 2026 is summarized below:

Core FFO per diluted Share

Q2 2026 per diluted Share reported results

2.08

Same Store NOI

0.01

Non Same Store NOI

0.02

Interest expense

(0.01

)

Q3 2026 per diluted Share guidance midpoint

2.10

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 second quarter results on July 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 June 30, 2026, MAA had ownership interest in 104,698 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 June 30,

Six months ended June 30,

2026

2025

2026

2025

Rental and other property revenues

555,127

549,902

1,108,852

1,099,197

Net income available for MAA common shareholders

120,828

107,205

244,265

287,956

Total NOI (1)

336,407

335,248

684,560

683,190

Earnings per common share: (2)

Basic

1.04

0.92

2.10

2.46

Diluted

1.04

0.92

2.10

2.46

Funds from operations per Share - diluted: (2)

FFO (1)

2.10

2.19

4.32

4.39

Core FFO (1)

2.08

2.15

4.21

4.35

Core AFFO (1)

1.77

1.85

3.74

3.89

Dividends declared per common share

1.530

1.515

3.060

3.030

Dividends/Core FFO (diluted) payout ratio

73.6

70.5

72.7

69.7

Dividends/Core AFFO (diluted) payout ratio

86.4

81.9

81.8

77.9

Consolidated interest expense

53,132

45,111

104,541

90,272

Debt discount and debt issuance cost amortization

(1,776

)

(1,624

)

(3,535

)

(3,241

)

Capitalized interest

4,408

5,048

8,280

10,153

Total interest incurred

55,764

48,535

109,286

97,184

(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

June 30, 2026

December 31, 2025

Gross Assets (1)

18,238,708

17,921,913

Gross Real Estate Assets (1)

17,968,887

17,662,513

Total debt

5,691,901

5,405,372

Common shares and units outstanding

118,944,528

119,819,916

Share price

138.94

138.91

Book equity value

5,601,501

5,839,645

Market equity value

16,526,153

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 June 30,

Six months ended June 30,

2026

2025

2026

2025

Revenues:

Rental and other property revenues

555,127

549,902

1,108,852

1,099,197

Expenses:

Operating expenses, excluding real estate taxes and insurance

136,525

132,465

264,138

257,420

Real estate taxes and insurance

82,195

82,189

160,154

158,587

Depreciation and amortization

162,548

153,521

324,418

305,871

Total property operating expenses

381,268

368,175

748,710

721,878

Property management expenses

17,955

17,511

40,416

38,089

General and administrative expenses

15,146

12,813

31,862

28,432

Interest expense

53,132

45,111

104,541

90,272

(Gain) loss on sale of depreciable real estate assets

(35,255

)

(55,419

)

(71,842

)

Other non-operating income

(2,102

)

(4,722

)

(18,107

)

(5,556

)

Income before income tax expense

124,983

110,945

256,849

297,924

Income tax expense

(454

)

(600

)

(5,975

)

(1,638

)

Income from continuing operations before real estate joint venture activity

124,529

110,345

250,874

296,286

Income from real estate joint venture

289

530

555

995

Net income

124,818

110,875

251,429

297,281

Net income attributable to noncontrolling interests

3,068

2,748

5,320

7,481

Net income available for shareholders

121,750

108,127

246,109

289,800

Dividends to MAA Series I preferred shareholders

922

1,844

Net income available for MAA common shareholders

120,828

107,205

244,265

287,956

Earnings per common share - basic:

Net income available for common shareholders

1.04

0.92

2.10

2.46

Earnings per common share - diluted:

Net income available for common shareholders

1.04

0.92

2.10

2.46

SHARE AND UNIT DATA

Shares and units in thousands

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Net Income Shares (1)

Weighted average common shares - basic

116,079

116,976

116,349

116,908

Effect of dilutive securities

187

241

Weighted average common shares - diluted

116,144

117,163

116,445

117,149

Funds From Operations Shares And Units

Weighted average common shares and units - basic

119,009

119,950

119,284

119,932

Weighted average common shares and units - diluted

119,094

120,015

119,360

119,995

Period End Shares And Units

Common shares at June 30,

116,015

117,071

116,015

117,071

Operating Partnership units at June 30,

2,930

2,950

2,930

2,950

Total common shares and units at June 30,

118,945

120,021

118,945

120,021

(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 June 30, 2026, expected to be filed with the SEC on or about July 30, 2026.

CONSOLIDATED BALANCE SHEETS

Dollars in thousands (Unaudited)

June 30, 2026

December 31, 2025

Assets

Real estate assets:

Land

2,176,947

2,129,401

Buildings and improvements and other

15,218,047

14,852,509

Development and capital improvements in progress

406,830

426,759

17,801,824

17,408,669

Less: Accumulated depreciation

(6,244,124

)

(5,914,017

)

11,557,700

11,494,652

Undeveloped land

73,359

Investment in real estate joint venture

41,868

41,313

Real estate assets, net

11,672,927

11,609,324

Cash and cash equivalents

51,836

60,258

Restricted cash

13,168

13,717

Other assets

256,653

245,683

Assets held for sale

—

46,401

Total assets

11,994,584

11,975,383

Liabilities and equity

Liabilities:

Unsecured notes payable, net

5,331,445

5,044,979

Secured notes payable, net

360,456

360,393

Accrued expenses and other liabilities

701,182

730,366

Total liabilities

6,393,083

6,135,738

Redeemable common stock

18,907

20,402

Shareholders’ equity:

Preferred stock

Common stock

1,157

1,166

Additional paid-in capital

7,283,817

7,401,962

Accumulated distributions in excess of net income

(1,846,433

)

(1,734,986

)

Accumulated other comprehensive loss

(4,555

)

(5,300

)

Total MAA shareholders’ equity

5,433,995

5,662,851

Noncontrolling interests - Operating Partnership units

136,117

141,503

Total shareholders’ equity

5,570,112

5,804,354

Noncontrolling interests - consolidated real estate entities

12,482

14,889

Total equity

5,582,594

5,819,243

Total liabilities and equity

11,994,584

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 June 30,

Six months ended June 30,

2026

2025

2026

2025

Net income available for MAA common shareholders

120,828

107,205

244,265

287,956

Depreciation and amortization of real estate assets

161,037

152,149

321,530

303,140

(Gain) loss on sale of depreciable real estate assets

(35,255

)

(55,419

)

(71,842

)

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

168

167

338

331

Net income attributable to noncontrolling interests

3,068

2,748

5,320

7,481

FFO attributable to common shareholders and unitholders

249,846

262,338

516,034

527,066

(Gain) loss on embedded derivative in preferred shares (1)

(1,091

)

(1,693

)

483

(1,283

)

Loss (gain) on investments, net of tax (1)(2)

1,068

317

(16,169

)

(337

)

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

(2,299

)

(3,346

)

2,220

(3,568

)

Core FFO attributable to common shareholders and unitholders

247,524

257,616

502,568

521,878

Recurring capital expenditures

(37,242

)

(35,343

)

(55,990

)

(55,449

)

Core AFFO attributable to common shareholders and unitholders

210,282

222,273

446,578

466,429

Redevelopment capital expenditures

(31,749

)

(15,435

)

(42,516

)

(32,844

)

Revenue enhancing capital expenditures

(23,519

)

(20,104

)

(38,081

)

(35,292

)

Commercial capital expenditures

(2,161

)

(2,755

)

(3,379

)

(6,729

)

Other capital expenditures

(10,608

)

(12,048

)

(22,703

)

(27,489

)

FAD attributable to common shareholders and unitholders

142,245

171,931

339,899

364,075

Dividends and distributions paid

182,546

181,814

365,906

363,581

Weighted average common shares - diluted

116,144

117,163

116,445

117,149

FFO weighted average common shares and units - diluted

119,094

120,015

119,360

119,995

Earnings per common share - diluted:

Net income available for common shareholders

1.04

0.92

2.10

2.46

FFO per Share - diluted

2.10

2.19

4.32

4.39

Core FFO per Share - diluted

2.08

2.15

4.21

4.35

Core AFFO per Share - diluted

1.77

1.85

3.74

3.89

(1)

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

(2)

For the three months ended June 30, 2026 and 2025, loss on investments is presented net of tax benefit of $0.3 million and $0.1 million, respectively. For the six months ended June 30, 2026 and 2025, gain on investments is presented net of tax expense of $4.3 million and $0.1 million, respectively.

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

Dollars in thousands

Three Months Ended

Six Months Ended

June 30,

2026

March 31,

2026

June 30,

2025

June 30,

2026

June 30,

2025

Net income available for MAA common shareholders

120,828

123,437

107,205

244,265

287,956

Depreciation and amortization

162,548

161,870

153,521

324,418

305,871

Property management expenses

17,955

22,461

17,511

40,416

38,089

General and administrative expenses

15,146

16,716

12,813

31,862

28,432

Interest expense

53,132

51,409

45,111

104,541

90,272

(Gain) loss on sale of depreciable real estate assets

(35,255

)

(20,164

)

(55,419

)

(71,842

)

Other non-operating (income) expense

(2,102

)

(16,005

)

(4,722

)

(18,107

)

(5,556

)

Income tax expense

454

5,521

600

5,975

1,638

Income from real estate joint venture

(289

)

(266

)

(530

)

(555

)

(995

)

Net income attributable to noncontrolling interests

3,068

2,252

2,748

5,320

7,481

Dividends to MAA Series I preferred shareholders

922

1,844

Total NOI

336,407

348,153

335,248

684,560

683,190

Same Store NOI

316,219

328,696

319,502

644,915

652,418

Non-Same Store and Other NOI

20,188

19,457

15,746

39,645

30,772

Total NOI

336,407

348,153

335,248

684,560

683,190

RECONCILIATION OF NET INCOME TO EBITDA, EBITDAre AND ADJUSTED EBITDAre

Dollars in thousands

Three Months Ended

Twelve Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

December 31, 2025

Net income

124,818

110,875

410,714

456,566

Depreciation and amortization

162,548

153,521

640,842

622,295

Interest expense

53,132

45,111

199,526

185,257

Income tax expense

454

600

8,932

4,595

EBITDA

340,952

310,107

1,260,014

1,268,713

(Gain) loss on sale of depreciable real estate assets

(35,255

)

(55,643

)

(72,066

)

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

422

351

1,571

1,424

EBITDAre

306,119

310,527

1,205,942

1,198,071

(Gain) loss on embedded derivative in preferred shares (1)

(1,091

)

(1,693

)

655

(1,111

)

Loss (gain) on investments (1)

1,414

397

(27,524

)

(7,457

)

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

(2,299

)

(3,346

)

1,190

(4,598

)

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

—

61,908

Adjusted EBITDAre

304,143

305,885

1,242,171

1,246,813

(1)

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

(2)

During both the twelve months ended June 30, 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

June 30, 2026

December 31, 2025

Unsecured notes payable, net

5,331,445

5,044,979

Secured notes payable, net

360,456

360,393

Total debt

5,691,901

5,405,372

Cash and cash equivalents

(51,836

)

(60,258

)

Net Debt

5,640,065

5,345,114

RECONCILIATION OF TOTAL ASSETS TO GROSS ASSETS

Dollars in thousands

June 30, 2026

December 31, 2025

Total assets

11,994,584

11,975,383

Accumulated depreciation

6,244,124

5,914,017

Accumulated depreciation for Assets held for sale (1)

—

32,513

Gross Assets

18,238,708

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

June 30, 2026

December 31, 2025

Real estate assets, net

11,672,927

11,609,324

Accumulated depreciation

6,244,124

5,914,017

Assets held for sale, net

—

46,401

Accumulated depreciation for Assets held for sale (1)

—

32,513

Cash and cash equivalents

51,836

60,258

Gross Real Estate Assets

17,968,887

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 JUNE 30, 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

980

—

10,503

—

10,503

Austin, TX

7,179

—

7,179

—

7,179

Charlotte, NC

5,707

640

541

6,888

—

6,888

Orlando, FL

5,907

310

—

6,217

—

6,217

Raleigh/Durham, NC

5,156

306

406

5,868

—

5,868

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

3,680

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

121

1,591

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

4,360

1,759

102,680

193

102,873

(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 June 30, 2026

Average

Effective

As of June 30, 2026

Gross Real

Assets

Percent to

Total of

Gross Real

Assets

Physical

Occupancy

Rent per

Unit for

the Three

Months Ended

June 30, 2026

Completed

Units

Total Units,

Including

Development

Atlanta, GA

2,254,471

13.0

93.9

1,789

11,774

Dallas, TX

1,783,750

10.2

94.7

1,663

10,503

Charlotte, NC

1,297,898

7.5

95.6

1,637

6,347

Orlando, FL

1,148,616

6.6

95.3

1,977

6,217

Tampa, FL

1,055,659

6.1

95.3

2,086

5,416

Austin, TX

1,000,163

5.8

94.7

1,470

7,179

Raleigh/Durham, NC

823,587

4.7

94.6

1,516

5,462

Houston, TX

716,451

4.1

95.1

1,458

4,859

Phoenix, AZ

610,685

3.5

94.8

1,687

3,291

Northern Virginia

591,628

3.4

95.2

2,585

1,888

Nashville, TN

586,053

3.4

94.8

1,654

4,375

Charleston, SC

457,317

2.6

96.0

1,859

3,168

Denver, CO

428,040

2.5

94.3

1,906

1,470

Fort Worth, TX

419,751

2.4

95.3

1,585

3,687

Jacksonville, FL

345,456

2.0

93.8

1,467

3,496

Kansas City, MO-KS

300,878

1.7

96.1

1,725

1,428

Richmond, VA

273,994

1.6

95.2

1,738

1,732

Fredericksburg, VA

266,061

1.5

95.1

1,971

1,435

Greenville, SC

255,535

1.5

95.0

1,377

2,354

Savannah, GA

237,961

1.4

94.0

1,679

1,837

Birmingham, AL

179,934

1.0

95.3

1,448

1,462

San Antonio, TX

176,926

1.0

93.7

1,312

1,504

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

Tennessee

220,905

1.3

94.0

1,316

2,754

Florida

204,817

1.2

94.7

1,855

1,806

Alabama

194,481

1.1

94.0

1,341

1,648

Virginia

176,569

1.0

95.5

1,880

1,039

Kentucky

112,979

0.7

95.2

1,328

1,308

Utah

95,320

0.5

94.3

1,570

400

Maryland

87,003

0.5

94.5

2,386

361

Nevada

78,066

0.4

95.8

1,624

721

Stabilized Communities

16,380,954

94.2

94.8

1,685

100,921

Charlotte, NC

221,170

1.3

50.3

1,844

541

Phoenix, AZ

220,604

1.3

45.3

1,548

389

942

Tampa, FL

194,701

1.1

90.9

2,957

495

Raleigh/Durham, NC

143,124

0.8

72.9

1,685

406

Richmond, VA

81,923

0.5

—

306

Denver, CO

69,028

0.4

29.7

2,261

121

219

Charleston, SC

52,335

0.3

—

336

Kansas City, MO-KS

13,436

0.1

—

263

Lease-up / Development Communities

996,321

5.8

59.5

2,060

1,952

3,508

Total Multifamily Communities

17,377,275

100.0

94.0

1,692

102,873

104,429

(1)

Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C. As of June 30, 2026, the gross investment in real estate for this community was $83.7 million and includes a mortgage note payable of $52.0 million. For the six months ended June 30, 2026, this apartment community achieved NOI of $4.3 million.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

Three Months Ended

As of June 30, 2026

June 30, 2026

June 30, 2025

Percent

Change

Apartment Units

Gross Real Assets

Operating Revenues

Same Store Communities

517,438

519,039

-0.3

96,561

15,416,595

Non-Same Store Communities

22,612

21,787

4,360

964,359

Lease-up/Development Communities

8,023

2,310

1,952

996,321

Total Multifamily Portfolio

548,073

543,136

102,873

17,377,275

Commercial Property/Land

7,054

6,766

—

449,438

Total Operating Revenues

555,127

549,902

102,873

17,826,713

Property Operating Expenses

Same Store Communities

201,219

199,537

0.8

Non-Same Store Communities

9,992

10,151

Lease-up/Development Communities

4,631

1,834

Total Multifamily Portfolio

215,842

211,522

Commercial Property/Land

2,878

3,132

Total Property Operating Expenses

218,720

214,654

Net Operating Income

Same Store Communities

316,219

319,502

-1.0

Non-Same Store Communities

12,620

11,636

Lease-up/Development Communities

3,392

476

Total Multifamily Portfolio

332,231

331,614

Commercial Property/Land

4,176

3,634

Total Net Operating Income

336,407

335,248

0.3

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

Three Months Ended

Six Months Ended

June 30, 2026

June 30, 2025

Percent Change

June 30, 2026

June 30, 2025

Percent

Change

Property Taxes

68,992

69,090

(0.1

133,927

132,278

1.2

Personnel

43,411

43,203

0.5

85,269

84,764

0.6

Utilities

35,161

33,682

4.4

70,146

67,535

3.9

Building Repair and Maintenance

28,214

28,368

(0.5

52,410

52,239

0.3

Office Operations

8,278

8,131

1.8

15,953

16,316

(2.2

Insurance

7,801

8,479

(8.0

15,555

16,921

(8.1

Marketing

9,362

8,584

9.1

16,243

15,395

5.5

Total Property Operating Expenses

201,219

199,537

0.8

389,503

385,448

1.1

Supplemental Data S-3

MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE

Average Physical Occupancy

Percent of

Three Months Ended

Six Months Ended

Apartment Units

Same Store NOI

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Atlanta, GA

11,434

12.0

95.2

95.0

95.4

95.2

Dallas, TX

9,523

9.0

95.0

95.1

Orlando, FL

5,907

7.4

95.5

95.6

Tampa, FL

5,416

7.1

95.8

96.1

96.0

96.1

Charlotte, NC

5,707

6.2

95.7

95.8

Austin, TX

7,179

5.3

95.0

94.6

95.1

94.8

Raleigh/Durham, NC

5,156

5.1

95.3

95.4

95.1

95.5

Nashville, TN

4,375

4.7

95.3

95.2

95.5

Phoenix, AZ

3,291

3.9

95.4

94.9

95.8

95.2

Houston, TX

4,859

3.9

95.6

95.8

95.6

Charleston, SC

3,168

3.9

95.9

96.1

95.7

95.8

Fort Worth, TX

3,687

3.6

95.3

95.5

95.4

95.3

Northern Virginia

1,888

3.3

96.1

96.2

95.9

96.4

Jacksonville, FL

3,496

2.9

94.7

95.6

94.9

95.8

Richmond, VA

1,732

2.1

96.2

96.3

96.1

96.2

Greenville, SC

2,354

2.1

95.4

95.8

95.6

95.8

Fredericksburg, VA

1,435

2.0

95.6

96.6

95.7

96.8

Savannah, GA

1,837

2.0

95.1

94.8

95.2

95.1

Denver, CO

1,118

1.4

95.8

95.6

95.1

95.2

Birmingham, AL

1,462

1.3

95.2

96.1

95.3

96.2

Kansas City, MO-KS

1,110

1.2

95.6

95.5

95.3

San Antonio, TX

1,504

1.1

94.4

95.0

94.6

95.1

Memphis, TN

1,193

1.0

94.6

94.8

95.0

94.8

Huntsville, AL

1,228

1.0

93.9

94.6

93.3

94.6

Other

6,502

6.5

95.4

96.0

95.4

95.7

Total Same Store

96,561

100.0

95.3

95.4

95.5

Supplemental Data S-4

MULTIFAMILY SAME STORE PORTFOLIO QUARTERLY COMPARISONS

Dollars in thousands, except Average Effective Rent per Unit

Revenues

Expenses

NOI

Average Effective Rent per Unit

Units

Q2 2026

Q2 2025

% Chg

Q2 2026

Q2 2025

% Chg

Q2 2026

Q2 2025

% Chg

Q2 2026

Q2 2025

% Chg

Atlanta, GA

11,434

64,385

64,384

0.0

26,545

26,766

(0.8

37,840

37,618

0.6

1,790

(0.0

Dallas, TX

9,523

50,381

49,997

0.8

21,909

20,900

4.8

28,472

29,097

(2.1

1,681

1,667

0.9

Orlando, FL

5,907

36,819

36,859

(0.1

13,402

13,737

(2.4

23,417

23,122

1.3

1,981

1,982

(0.1

Tampa, FL

5,416

35,683

35,990

(0.9

13,128

12,973

1.2

22,555

23,017

(2.0

2,086

2,092

(0.3

Charlotte, NC

5,707

29,646

29,973

(1.1

9,904

9,810

1.0

19,742

20,163

(2.1

1,641

1,657

(0.9

Austin, TX

7,179

34,216

35,326

(3.1

17,337

17,232

0.6

16,879

18,094

(6.7

1,470

1,530

(3.9

Raleigh/Durham, NC

5,156

25,036

25,434

(1.6

8,821

8,893

(0.8

16,215

16,541

(2.0

1,510

1,534

(1.5

Nashville, TN

4,375

22,930

23,231

(1.3

8,146

8,006

1.7

14,784

15,225

(2.9

1,654

1,673

(1.1

Phoenix, AZ

3,291

17,870

17,840

0.2

5,441

5,107

6.5

12,429

12,733

(2.4

1,687

1,708

(1.2

Houston, TX

4,859

22,868

22,671

0.9

10,513

10,667

(1.4

12,355

12,004

2.9

1,458

1,448

0.6

Charleston, SC

3,168

18,789

18,227

3.1

6,467

6,320

2.3

12,322

11,907

3.5

1,859

1,825

1.9

Fort Worth, TX

3,687

19,309

19,380

(0.4

8,014

8,251

(2.9

11,295

11,129

1.5

1,585

1,577

0.5

Northern Virginia

1,888

15,170

14,923

1.7

4,688

4,555

2.9

10,482

10,368

1.1

2,585

2,540

1.8

Jacksonville, FL

3,496

15,591

15,853

(1.7

6,475

6,440

0.5

9,116

9,413

(3.2

1,467

1,481

(0.9

Richmond, VA

1,732

9,549

9,118

4.7

2,901

2,834

2.4

6,648

6,284

5.8

1,738

1,689

2.9

Greenville, SC

2,354

10,629

10,540

0.8

4,069

4,137

(1.6

6,560

6,403

2.5

1,377

1,351

1.9

Fredericksburg, VA

1,435

8,958

8,957

0.0

2,564

2,490

3.0

6,394

6,467

(1.1

1,971

1,941

1.6

Savannah, GA

1,837

9,957

10,140

(1.8

3,795

4,005

(5.2

6,162

6,135

0.4

1,679

1,714

(2.0

Denver, CO

1,118

6,614

6,888

(4.0

2,257

2,200

2.6

4,357

4,688

(7.1

1,898

1,953

(2.8

Birmingham, AL

1,462

6,977

6,921

0.8

2,867

2,806

2.2

4,110

4,115

(0.1

1,448

1,421

1.9

Kansas City, MO-KS

1,110

5,961

5,869

1.6

2,138

2,155

(0.8

3,823

3,714

2.9

1,696

1,673

1.4

San Antonio, TX

1,504

6,244

6,460

(3.3

2,898

2,855

1.5

3,346

3,605

(7.2

1,312

1,346

(2.5

Memphis, TN

1,193

5,342

5,400

(1.1

2,058

1,665

23.6

3,284

3,735

(12.1

1,422

1,433

(0.7

Huntsville, AL

1,228

5,101

5,258

(3.0

1,947

1,963

(0.8

3,154

3,295

(4.3

1,246

1,283

(2.8

Other

6,502

33,413

33,400

0.0

12,935

12,770

1.3

20,478

20,630

(0.7

1,647

1,623

1.4

Total Same Store

96,561

517,438

519,039

(0.3

201,219

199,537

0.8

316,219

319,502

(1.0

1,688

1,691

(0.2

Supplemental Data S-5

MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTERLY COMPARISONS

Dollars in thousands, except Average Effective Rent per Unit

Revenues

Expenses

NOI

Average Effective Rent per Unit

Units

Q2 2026

Q1 2026

% Chg

Q2 2026

Q1 2026

% Chg

Q2 2026

Q1 2026

% Chg

Q2 2026

Q1 2026

% Chg

Atlanta, GA

11,434

64,385

—

26,545

24,322

9.1

37,840

40,063

(5.5

1,790

1,787

0.1

Dallas, TX

9,523

50,381

50,285

0.2

21,909

19,505

12.3

28,472

30,780

(7.5

1,681

1,677

0.2

Orlando, FL

5,907

36,819

36,762

0.2

13,402

12,858

4.2

23,417

23,904

(2.0

1,981

1,978

0.2

Tampa, FL

5,416

35,683

35,791

(0.3

13,128

12,371

6.1

22,555

23,420

(3.7

2,086

2,083

0.1

Charlotte, NC

5,707

29,646

29,566

0.3

9,904

9,031

9.7

19,742

20,535

(3.9

1,641

1,644

(0.2

Austin, TX

7,179

34,216

34,332

(0.3

17,337

15,871

9.2

16,879

18,461

(8.6

1,470

1,472

(0.1

Raleigh/Durham, NC

5,156

25,036

24,990

0.2

8,821

8,081

9.2

16,215

16,909

(4.1

1,510

1,515

(0.3

Nashville, TN

4,375

22,930

23,029

(0.4

8,146

7,340

11.0

14,784

15,689

(5.8

1,654

1,653

0.1

Phoenix, AZ

3,291

17,870

17,932

(0.3

5,441

5,176

5.1

12,429

12,756

(2.6

1,687

1,691

(0.2

Houston, TX

4,859

22,868

22,781

0.4

10,513

10,398

1.1

12,355

12,383

(0.2

1,458

1,455

0.2

Charleston, SC

3,168

18,789

18,413

2.0

6,467

5,912

9.4

12,322

12,501

(1.4

1,859

1,842

0.9

Fort Worth, TX

3,687

19,309

19,370

(0.3

8,014

7,254

10.5

11,295

12,116

(6.8

1,585

1,581

0.3

Northern Virginia

1,888

15,170

15,104

0.4

4,688

4,617

1.5

10,482

10,487

(0.0

2,585

2,570

0.6

Jacksonville, FL

3,496

15,591

15,534

0.4

6,475

6,171

4.9

9,116

9,363

(2.6

1,467

0.0

Richmond, VA

1,732

9,549

9,423

1.3

2,901

2,918

(0.6

6,648

6,505

2.2

1,738

1,724

0.8

Greenville, SC

2,354

10,629

10,673

(0.4

4,069

3,785

7.5

6,560

6,888

(4.8

1,377

1,372

0.4

Fredericksburg, VA

1,435

8,958

9,013

(0.6

2,564

2,662

(3.7

6,394

6,351

0.7

1,971

1,970

0.1

Savannah, GA

1,837

9,957

9,977

(0.2

3,795

3,791

0.1

6,162

6,186

(0.4

1,679

1,686

(0.4

Denver, CO

1,118

6,614

6,536

1.2

2,257

2,274

(0.7

4,357

4,262

2.2

1,898

1,903

(0.2

Birmingham, AL

1,462

6,977

6,950

0.4

2,867

2,831

1.3

4,110

4,119

(0.2

1,448

1,439

0.6

Kansas City, MO-KS

1,110

5,961

5,932

0.5

2,138

2,112

1.2

3,823

3,820

0.1

1,696

1,684

0.7

San Antonio, TX

1,504

6,244

6,328

(1.3

2,898

2,745

5.6

3,346

3,583

(6.6

1,312

1,316

(0.3

Memphis, TN

1,193

5,342

5,399

(1.1

2,058

1,877

9.6

3,284

3,522

(6.8

1,422

1,414

0.6

Huntsville, AL

1,228

5,101

5,056

0.9

1,947

2,107

(7.6

3,154

2,949

7.0

1,246

1,254

(0.6

Other

6,502

33,413

33,419

(0.0

12,935

12,275

5.4

20,478

21,144

(3.1

1,647

1,637

0.6

Total Same Store

96,561

517,438

516,980

0.1

201,219

188,284

6.9

316,219

328,696

(3.8

1,688

1,685

0.2

Supplemental Data S-6

MULTIFAMILY SAME STORE PORTFOLIO YEAR TO DATE COMPARISONS

Dollars in thousands, except Average Effective Rent per Unit

Revenues

Expenses

NOI

Average Effective Rent per Unit

Units

Q2 2026

Q2 2025

% Chg

Q2 2026

Q2 2025

% Chg

Q2 2026

Q2 2025

% Chg

Q2 2026

Q2 2025

% Chg

Atlanta, GA

11,434

128,770

129,012

(0.2

50,867

49,887

2.0

77,903

79,125

(1.5

1,788

1,791

(0.2

Dallas, TX

9,523

100,666

99,998

0.7

41,414

41,094

0.8

59,252

58,904

0.6

1,679

1,666

0.8

Orlando, FL

5,907

73,581

73,817

(0.3

26,260

26,927

(2.5

47,321

46,890

0.9

1,979

1,984

(0.2

Tampa, FL

5,416

71,474

71,974

(0.7

25,499

25,603

(0.4

45,975

46,371

(0.9

2,084

2,092

(0.4

Charlotte, NC

5,707

59,212

59,881

(1.1

18,935

18,834

0.5

40,277

41,047

(1.9

1,643

1,656

(0.8

Austin, TX

7,179

68,548

70,905

(3.3

33,208

32,613

1.8

35,340

38,292

(7.7

1,471

1,539

(4.4

Raleigh/Durham, NC

5,156

50,026

50,852

(1.6

16,902

17,010

(0.6

33,124

33,842

(2.1

1,513

1,533

(1.3

Nashville, TN

4,375

45,959

46,601

(1.4

15,486

15,705

(1.4

30,473

30,896

(1.4

1,654

1,674

(1.2

Phoenix, AZ

3,291

35,802

35,739

0.2

10,617

10,085

5.3

25,185

25,654

(1.8

1,689

1,713

(1.4

Houston, TX

4,859

45,649

45,220

0.9

20,911

20,703

1.0

24,738

24,517

0.9

1,456

1,446

0.7

Charleston, SC

3,168

37,202

36,348

2.3

12,379

12,140

2.0

24,823

24,208

2.5

1,851

1,821

1.6

Fort Worth, TX

3,687

38,679

38,664

0.0

15,268

14,844

2.9

23,411

23,820

(1.7

1,583

1,579

0.3

Northern Virginia

1,888

30,274

29,841

1.5

9,305

9,099

2.3

20,969

20,742

1.1

2,577

2,526

2.0

Jacksonville, FL

3,496

31,125

31,823

(2.2

12,646

12,503

1.1

18,479

19,320

(4.4

1,467

1,484

(1.1

Richmond, VA

1,732

18,972

18,183

4.3

5,819

5,707

2.0

13,153

12,476

5.4

1,731

1,684

2.8

Greenville, SC

2,354

21,302

20,966

1.6

7,854

7,935

(1.0

13,448

13,031

3.2

1,375

1,344

2.3

Fredericksburg, VA

1,435

17,971

17,820

0.8

5,226

5,047

3.5

12,745

12,773

(0.2

1,971

1,925

2.4

Savannah, GA

1,837

19,934

20,249

(1.6

7,586

7,548

0.5

12,348

12,701

(2.8

1,683

1,710

(1.6

Denver, CO

1,118

13,150

13,822

(4.9

4,531

4,230

7.1

8,619

9,592

(10.1

1,901

1,952

(2.6

Birmingham, AL

1,462

13,927

13,803

0.9

5,698

5,514

3.3

8,229

8,289

(0.7

1,443

1,412

2.2

Kansas City, MO-KS

1,110

11,893

11,606

2.5

4,250

4,229

0.5

7,643

7,377

3.6

1,690

1,655

2.1

San Antonio, TX

1,504

12,572

12,981

(3.2

5,643

5,406

4.4

6,929

7,575

(8.5

1,314

1,350

(2.7

Memphis, TN

1,193

10,741

10,805

(0.6

3,935

3,903

0.8

6,806

6,902

(1.4

1,418

1,433

(1.0

Huntsville, AL

1,228

10,157

10,535

(3.6

4,054

3,868

4.8

6,103

6,667

(8.5

1,250

1,284

(2.6

Other

6,502

66,832

66,421

0.6

25,210

25,014

0.8

41,622

41,407

0.5

1,642

1,620

1.4

Total Same Store

96,561

1,034,418

1,037,866

(0.3

389,503

385,448

1.1

644,915

652,418

(1.2

1,687

1,691

(0.2

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Units as of

Development Costs as of

June 30, 2026

Expected

Costs

Expected

Start

Initial

Market

Total

Delivered

Leased

Total

to Date

Remaining

Date

Occupancy

Completion

Stabilization (1)

MAA Milepost 35 II

Denver, CO

219

121

78,000

69,028

8,972

4Q24

2Q26

4Q26

4Q27

Modera Chandler (2)

Phoenix, AZ

345

117,500

98,773

18,727

2Q24

2Q26

4Q26

4Q27

MAA Rove

Richmond, VA

306

—

99,500

81,923

17,577

3Q24

4Q26

2Q27

4Q27

MAA Point Hope (2)

Charleston, SC

336

—

91,000

52,336

38,664

2Q25

4Q26

3Q27

2Q28

MAA One Scottsdale

Phoenix, AZ

280

—

135,000

44,865

90,135

4Q25

1Q28

3Q28

2Q29

MAA Sevilla (2)

Kansas City, MO-KS

263

—

76,500

13,436

63,064

2Q26

1Q28

4Q28

2Q29

Total Active

1,749

193

127

597,500

360,361

237,139

(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 June 30, 2026

Market

Total Units

Physical Occupancy

Costs to Date

Construction Completed

Expected Stabilization (1)

MAA Val Vista

Phoenix, AZ

317

91.5%

76,966

4Q24

3Q26

MAA Breakwater

Tampa, FL

495

90.9%

194,701

1Q26

3Q26

MAA Nixie

Raleigh/Durham, NC

406

72.9%

143,124

3Q25

4Q26

MAA Liberty Row (2)

Charlotte, NC

239

68.6%

111,730

(4)

1Q26

4Q26

MAA Plaza Midwood (3)

Charlotte, NC

302

36.0%

97,221

2Q26

3Q27

Total

1,759

74.4%

623,742

(1)

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

(2)

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.

(3)

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

(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

Six months ended June 30, 2026

Program

Units Completed

Redevelopment Spend

Average Cost per Unit

Increase in Average Effective Rent per Unit

Estimated Units Remaining in Pipeline

Interior Redevelopment

3,504

17,990

5,134

110

7.9%

7,000 - 10,000

During the second 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 $14.3 million on its WiFi Retrofit program and $6.7 million on its Property Repositioning program during the six months ended June 30, 2026.

Supplemental Data S-8

2026 ACQUISITION ACTIVITY AS OF JUNE 30, 2026

Land Acquisitions

Market

Closing Date

Modera Silver (1)

Northern Virginia

Jan-26

MAA Sevilla (2)

Kansas City, MO-KS

Feb-26

MAA McFarland Farms (3)

Nashville, TN

Apr-26

(1)

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

(3)

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

2026 DISPOSITION ACTIVITY AS OF JUNE 30, 2026

Multifamily Dispositions

Market

Apartment Units

Closing Date

MAA Greenwood Forrest

Houston, TX

316

Feb-26

MAA Hermitage

Raleigh, NC

194

May-26

DEBT AND DEBT COVENANTS AS OF JUNE 30, 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

4,930,221

86.6

3.8

6.8

Floating rate debt

761,680

13.4

4.1

0.7

Total

5,691,901

100.0

3.9

6.0

Unsecured Versus Secured Debt

Balance

Percent of Total

Effective Interest Rate

Average Years to Contract Maturity

Unsecured debt

5,331,445

93.7

3.8

4.8

Secured debt

360,456

6.3

4.4

22.6

Total

5,691,901

100.0

3.9

6.0

Unencumbered Versus Encumbered Assets

Total Cost

Percent of Total

Q2 2026 NOI

Percent of Total

Unencumbered gross assets

17,446,298

95.7

322,812

96.0

Encumbered gross assets

792,410

4.3

13,595

4.0

Total

18,238,708

100.0

336,407

100.0

FIXED INTEREST RATE MATURITIES

Maturity

Fixed Rate Debt

Effective Interest Rate

2026

299,879

1.2

2027

599,300

3.7

2028

398,823

4.2

2029

554,070

3.7

2030

298,744

3.1

2031

447,287

1.8

2032

395,802

5.4

2033

592,762

4.7

2034

344,819

5.1

2035

344,654

5.1

Thereafter

654,081

3.8

Total

4,930,221

3.8

Supplemental Data S-9

DEBT AND DEBT COVENANTS AS OF JUNE 30, 2026 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

Maturity

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

Public Bonds

Other Unsecured

Secured

Total

2026

664,000

299,879

—

963,879

2027

—

599,300

—

599,300

2028

—

398,823

—

398,823

2029

—

554,070

—

554,070

2030

298,744

97,680

—

396,424

2031

—

447,287

—

447,287

2032

—

395,802

—

395,802

2033

—

592,762

—

592,762

2034

—

344,819

—

344,819

2035

—

344,654

—

344,654

Thereafter

—

293,625

—

360,456

654,081

Total

664,000

4,569,765

97,680

360,456

5,691,901

(1)

The $664.0 million maturing in 2026 reflects the principal outstanding under MAALP’s unsecured commercial paper program as of June 30, 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 June 30, 2026, average daily borrowings outstanding under the commercial paper program were $680.7 million.

(2)

There were no borrowings outstanding under MAALP’s $1.5 billion unsecured revolving credit facility as of June 30, 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

31.2%

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

5.7x

Yes

Total unencumbered assets to total unsecured debt

Greater than 150%

320.4%

Yes

Bank Covenants

Required

Actual

Compliance

Total debt to total capitalized asset value

60% or less

24.7%

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

6.0x

Yes

Total unsecured debt to total unsecured capitalized asset value

60% or less

24.0%

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-10

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

$3.96 to $4.20

$4.08

Core FFO per Share - diluted

$8.41 to $8.65

$8.53

Core AFFO per Share - diluted

$7.38 to $7.62

$7.50

MAA Same Store Portfolio:

Number of units

96,561

Average physical occupancy

95.35% to 95.65%

95.50%

Property revenue growth

-0.20% to 0.40%

0.10%

Effective rent growth

-0.15% to 0.35%

0.10%

Property operating expense growth

1.25% to 2.25%

1.75%

NOI growth

-1.70% to 0.10%

-0.90%

Real estate tax expense growth

1.00% to 2.50%

1.75%

Corporate Expenses: ($ in millions)

Property management expenses

$76.5 to $78.5

$77.5

General and administrative expenses

$57.5 to $59.5

$58.5

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

3.96

4.20

Real estate depreciation and amortization

5.42

Gains on sale of depreciable assets

(0.86

)

(0.86

)

FFO per Share - diluted

8.52

8.76

Non-Core FFO items (1)

(0.11

)

(0.11

)

Core FFO per Share - diluted

8.41

8.65

Recurring capital expenditures

(1.03

)

(1.03

)

Core AFFO per Share - diluted

7.38

7.62

(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-11

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:

Q3 2026

Q4 2026

Q1 2027

Q2 2027

Earnings release & conference call

Late

October

Early

February

Late

April

Late

July

Dividend Information - Common Shares:

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2026

Declaration date

5/21/2025

9/23/2025

12/10/2025

3/17/2026

5/19/2026

Record date

7/15/2025

10/15/2025

1/15/2026

4/15/2026

7/15/2026

Payment date

7/31/2025

10/31/2025

1/30/2026

4/30/2026

7/31/2026

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-12

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