Equibles

8-K

MID AMERICA APARTMENT COMMUNITIES INC. (MAA)

8-K 2025-10-29 For: 2025-10-29
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Added on April 06, 2026

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): October 29, 2025

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<br><br>Symbol(s) Name of each exchange on which<br><br>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 October 29, 2025, Mid-America Apartment Communities, Inc. (“MAA”) issued a press release announcing its consolidated results of operations and financial condition as of September 30, 2025 and for the three and nine 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 October 29, 2025
99.2 Supplemental Data Schedules dated October 29, 2025
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: October 29, 2025 /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: October 29, 2025 /s/ A. Clay Holder
A. Clay Holder
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)

EX-99.1

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TABLE OF CONTENTS
Earnings Release 3
Financial Highlights 6
Consolidated Statements of Operations/Share and Unit Data 7
Consolidated Balance Sheets 8
Reconciliation of Non-GAAP Financial Measures 9
Non-GAAP Financial Measures 12
Other Key Definitions 13
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 September 30, 2025 S-9
2025 Guidance/Reconciliation of Earnings per Diluted Common Share to Core FFO and Core AFFO per Diluted Share for Full Year 2025 Guidance S-11
Credit Ratings/Common Stock/Investor Relations Data S-12
EARNINGS RELEASE
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MAA REPORTS THIRD QUARTER 2025 RESULTS

GERMANTOWN, TN, October 29, 2025/PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the three months ended September 30, 2025.

Three months ended September 30, Nine months ended September 30,
2025 2024 2025 2024
Earnings per common share - diluted (1) $ 0.84 $ 0.98 $ 3.30 $ 3.07
Funds from operations (FFO) per Share - diluted (1) $ 2.14 $ 2.10 $ 6.53 $ 6.57
Core FFO per Share - diluted (1) $ 2.16 $ 2.21 $ 6.51 $ 6.65
  • 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, “Reflecting the resilience of our platform, we delivered Core FFO results in line with expectations for the quarter despite elevated supply, continued economic uncertainties and slower job growth, achieving new and renewal pricing for the quarter above last year’s levels and sequential improvement in our blended rates exceeding last year’s change. Resident retention remains strong with turnover at a record low. Solid demand coupled with meaningfully lower levels of new deliveries and our strong occupancy, position MAA well to capitalize on the coming year and what we expect will be an acceleration of the recovery cycle. With our recent acquisition in Kansas City and land acquisition in Scottsdale, Arizona, we are leveraging our strong balance sheet to accelerate growth, expand our development pipeline and build momentum that will fuel earnings growth for years to come.”

  • During the third quarter of 2025, MAA's Same Store effective blended lease rate growth was 0.3%, a 50 basis point improvement over the same period in the prior year.
  • As of September 30, 2025, resident turnover in the Same Store Portfolio remained historically low at 40.2% with a record low level of move-outs associated with buying single family-homes of 10.8%.
  • During the third quarter of 2025, MAA acquired a stabilized and newly built 318-unit multifamily apartment community located in the Kansas City market.
  • During the third quarter of 2025, MAA completed the development of MAA Nixie located in the Raleigh, North Carolina market and completed the initial lease-up of Novel West Midtown located in Atlanta, Georgia, Novel Daybreak located in the Salt Lake City, Utah market, and MAA Milepost 35 located in Denver, Colorado. During the fourth quarter of 2025, MAA also plans to begin construction of a multifamily apartment community located on a recently acquired land parcel in the Phoenix, Arizona market.
  • Subsequent to the end of the third quarter of 2025, Mid-America Apartments, L.P. (MAALP), MAA’s operating partnership, amended its unsecured revolving credit facility increasing borrowing capacity to $1.5 billion and extending the maturity to January 2030. MAALP also amended its commercial paper program to increase the maximum aggregate principal amount of notes that may be outstanding under the program to $750.0 million.

Same Store Operating Results

Same Store results for the three and nine months ended September 30, 2025 as compared to the same period in the prior year are summarized below:

Three months ended September 30, 2025 vs. 2024 Nine months ended September 30, 2025 vs. 2024
Revenues Expenses NOI(1) Average Effective Rent per Unit Revenues Expenses NOI(1) Average Effective Rent per Unit
Same Store Operating Growth -0.3% 2.3% -1.8% -0.4% -0.2% 2.4% -1.7% -0.5%
  • 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 nine months ended September 30, 2025 are summarized below:

Three months ended September 30, 2025 Nine months ended September 30, 2025 As of September 30, 2025
Average Effective Rent per Unit Average Physical Occupancy Average Effective Rent per Unit Average Physical Occupancy Resident Turnover
Same Store Operating Statistics $ 1,693 95.6% $ 1,691 95.5% 40.2%

Same Store net effective lease pricing statistics for the three and nine months ended September 30, 2025 are summarized below:

Same Store Net Effective Lease Pricing Statistics Three Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2025
Effective Blended Lease Rate Growth 0.3% 0.2%
Effective New Lease Rate Growth -5.2% -5.3%
Effective Renewal Lease Rate Growth 4.5% 4.6%

Acquisition Activity

In August 2025, MAA closed on the acquisition of a stabilized 318-unit multifamily apartment community built in 2024 and located in the Kansas City market. In October 2025, MAA acquired a land parcel adjacent to that acquired community and plans future development of a phase II multifamily expansion at the property. MAA also closed on the acquisition of a land parcel located in the Phoenix, Arizona market during October 2025 and plans to begin construction on a 280-unit multifamily apartment community during the fourth quarter of 2025.

Development and Lease-up Activity

A summary of MAA’s development communities under construction as of the end of the third quarter of 2025 is set forth below (dollars in thousands):

Units as of Development Costs as of Expected Project
Total September 30, 2025 September 30, 2025 Completions By Year
Development Expected Costs Expected
Projects (1) Total Delivered Leased Total to Date Remaining 2025 2026 2027 2028
7 2,242 412 247 $ 797,000 $ 543,163 $ 253,837 1 4 1 1
  • Two of the development projects are currently leasing.

During the third quarter of 2025, MAA completed the development of MAA Nixie located in the Raleigh, North Carolina market. MAA funded approximately $78 million of costs for current and planned development projects, including predevelopment activities, during the third quarter of 2025.

A summary of the total units, physical occupancy and cost of MAA’s lease-up communities as of the end of the third quarter of 2025 is set forth below (dollars in thousands):

Total As of September 30, 2025
Lease-Up Total Physical Costs
Projects (1) Units Occupancy to Date
4 1,415 66.1 % $ 409,156
  • One of the lease-up projects is expected to stabilize in the fourth quarter of 2025, one in the first quarter of 2026, one in the second quarter of 2026 and one in the third quarter of 2026.

During the third quarter of 2025, MAA completed the lease-up of Novel West Midtown located in Atlanta, Georgia, Novel Daybreak located in the Salt Lake City, Utah market, and MAA Milepost 35 located in Denver, Colorado.

Balance Sheet and Financing Activities

As of September 30, 2025, MAA had $814.7 million of combined cash and available capacity under MAALP’s unsecured revolving credit facility.

In October 2025, MAALP amended its unsecured revolving credit facility, increasing borrowing capacity to $1.5 billion with an option to expand to $2.0 billion. The amended facility has a maturity date of January 2030 with two six-month extension options, and bears interest at a rate based on the Secured Overnight Financing Rate plus a spread determined by a credit ratings grid, currently at 0.725%. MAALP also amended its commercial paper program in October 2025 to increase the maximum aggregate principal amount of notes that may be outstanding under the program to $750.0 million.

Dividends and distributions paid on shares of common stock and noncontrolling interests during the third quarter of 2025 were $181.8 million, as compared to $176.3 million for the same period in the prior year.

Balance sheet highlights as of September 30, 2025 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
29.3% 4.2x $ 5.2 3.8% 91.1% 6.3
  • As defined in the covenants for the bonds issued by MAALP.
  • Adjusted EBITDAre is calculated for the trailing twelve month period ended September 30, 2025. 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.

127th Consecutive Quarterly Common Dividend Declared

MAA declared its 127th consecutive quarterly common dividend, which will be paid on October 31, 2025 to holders of record on October 15, 2025. The current annual dividend rate is $6.06 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.

2025 Earnings and Same Store Guidance

MAA is updating its prior 2025 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 2025 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.

2025 Guidance Previous Range Previous Midpoint Revised Range Revised Midpoint
Earnings: Full Year 2025 Full Year 2025 Full Year 2025 Full Year 2025
Earnings per common share - diluted $5.25 to $5.49 $5.37 $4.18 to $4.30 $4.24
Core FFO per Share - diluted $8.65 to $8.89 $8.77 $8.68 to $8.80 $8.74
Core AFFO per Share - diluted $7.67 to $7.91 $7.79 $7.70 to $7.82 $7.76
MAA Same Store Portfolio:
Property revenue growth -0.20% to 0.40% 0.10% -0.25% to 0.15% -0.05%
Property operating expense growth 1.75% to 2.75% 2.25% 1.80% to 2.60% 2.20%
NOI growth -1.90% to -0.40% -1.15% -1.85% to -0.85% -1.35%

MAA expects Core FFO for the fourth quarter of 2025 to be in the range of $2.17 to $2.29 per diluted Share, or $2.23 per diluted Share at the midpoint. The projected difference from Core FFO per diluted Share for the third quarter of 2025 to the midpoint of MAA's guidance for the fourth quarter of 2025 is summarized below:

Core FFO per diluted Share
Q3 2025 per diluted Share reported results $ 2.16
Same Store NOI 0.06
Development, Lease-up and Other Non-Same Store NOI 0.04
Interest expense and Other non-operating (expense) income (0.03 )
Q4 2025 per diluted Share guidance midpoint $ 2.23

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 third quarter results on October 30, 2025, at 9:00 AM Central Time. The conference call-in number is (800) 715-9871. 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 September 30, 2025, MAA had ownership interest in 104,665 apartment units, including communities currently 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. 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 2025 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, 2024, our quarterly reports on Form 10-Q and other reports we file with the SEC from time to time.

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 September 30, Nine months ended September 30,
--- --- --- --- --- --- --- --- --- --- --- --- ---
2025 2024 2025 2024
Rental and other property revenues $ 554,373 $ 551,126 $ 1,653,570 $ 1,641,183
Net income available for MAA common shareholders $ 98,616 $ 114,273 $ 386,572 $ 358,131
Total NOI (1) $ 338,309 $ 339,565 $ 1,021,499 $ 1,026,024
Earnings per common share: (2)
Basic $ 0.84 $ 0.98 $ 3.30 $ 3.07
Diluted $ 0.84 $ 0.98 $ 3.30 $ 3.07
Funds from operations per Share - diluted: (2)
FFO (1) $ 2.14 $ 2.10 $ 6.53 $ 6.57
Core FFO (1) $ 2.16 $ 2.21 $ 6.51 $ 6.65
Core AFFO (1) $ 1.81 $ 1.93 $ 5.70 $ 5.91
Dividends declared per common share $ 1.5150 $ 1.4700 $ 4.5450 $ 4.4100
Dividends/Core FFO (diluted) payout ratio 70.1 % 66.5 % 69.8 % 66.3 %
Dividends/Core AFFO (diluted) payout ratio 83.7 % 76.2 % 79.7 % 74.6 %
Consolidated interest expense $ 46,277 $ 42,726 $ 136,549 $ 124,352
Debt discount and debt issuance cost amortization (1,625 ) (1,514 ) (4,866 ) (4,569 )
Capitalized interest 4,538 5,048 14,691 12,188
Total interest incurred $ 49,190 $ 46,260 $ 146,374 $ 131,971
  • 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.
  • See the “Share and Unit Data” section for additional information.
Dollars in thousands, except share price September 30, 2025 December 31, 2024
Gross Assets (1) $ 17,714,181 $ 17,170,171
Gross Real Estate Assets (1) $ 17,455,107 $ 16,924,002
Total debt $ 5,197,359 $ 4,980,957
Common shares and units outstanding 120,023,581 119,958,973
Share price $ 139.73 $ 154.57
Book equity value $ 6,014,302 $ 6,147,664
Market equity value $ 16,770,895 $ 18,542,058
Net Debt/Adjusted EBITDAre (2) 4.2x 4.0x
  • Reconciliations of Total assets to Gross Assets and Real estate assets, net, to Gross Real Estate Assets are found later in this release.
  • 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 September 30, Nine months ended September 30,
--- --- --- --- --- --- --- --- --- --- --- --- ---
2025 2024 2025 2024
Revenues:
Rental and other property revenues $ 554,373 $ 551,126 $ 1,653,570 $ 1,641,183
Expenses:
Operating expenses, excluding real estate taxes and insurance 137,235 134,475 394,655 378,887
Real estate taxes and insurance 78,829 77,086 237,416 236,272
Depreciation and amortization 156,650 146,722 462,521 434,764
Total property operating expenses 372,714 358,283 1,094,592 1,049,923
Property management expenses 18,183 17,265 56,272 54,461
General and administrative expenses 12,525 12,728 40,957 42,444
Interest expense 46,277 42,726 136,549 124,352
(Gain) loss on sale of depreciable real estate assets — — (71,842 ) 25
Other non-operating expense (income) 1,253 1,678 (4,303 ) (2,604 )
Income before income tax expense 103,421 118,446 401,345 372,582
Income tax expense (1,766 ) (670 ) (3,404 ) (3,485 )
Income from continuing operations before real estate joint venture activity 101,655 117,776 397,941 369,097
Income from real estate joint venture 389 454 1,384 1,405
Net income 102,044 118,230 399,325 370,502
Net income attributable to noncontrolling interests 2,506 3,035 9,987 9,605
Net income available for shareholders 99,538 115,195 389,338 360,897
Dividends to MAA Series I preferred shareholders 922 922 2,766 2,766
Net income available for MAA common shareholders $ 98,616 $ 114,273 $ 386,572 $ 358,131
Earnings per common share - basic:
Net income available for common shareholders $ 0.84 $ 0.98 $ 3.30 $ 3.07
Earnings per common share - diluted:
Net income available for common shareholders $ 0.84 $ 0.98 $ 3.30 $ 3.07
SHARE AND UNIT DATA
---
Shares and units in thousands Three months ended September 30, Nine months ended September 30,
--- --- --- --- --- --- --- --- ---
2025 2024 2025 2024
Net Income Shares (1)
Weighted average common shares - basic 117,012 116,820 116,943 116,758
Effect of dilutive securities 143 — 218 —
Weighted average common shares - diluted 117,155 116,820 117,161 116,758
Funds From Operations Shares And Units
Weighted average common shares and units - basic 119,960 119,900 119,941 119,865
Weighted average common shares and units - diluted 120,022 119,954 120,004 119,919
Period End Shares And Units
Common shares at September 30, 117,082 116,880 117,082 116,880
Operating Partnership units at September 30, 2,942 3,076 2,942 3,076
Total common shares and units at September 30, 120,024 119,956 120,024 119,956
  • 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 September 30, 2025, expected to be filed with the SEC on or about October 30, 2025.
CONSOLIDATED BALANCE SHEETS
Dollars in thousands (Unaudited)
--- --- --- --- --- --- ---
September 30, 2025 December 31, 2024
Assets
Real estate assets:
Land $ 2,112,192 $ 2,096,912
Buildings and improvements and other 14,746,047 14,160,799
Development and capital improvements in progress 449,390 470,282
17,307,629 16,727,993
Less: Accumulated depreciation (5,787,596 ) (5,327,584 )
11,520,033 11,400,409
Undeveloped land 73,359 73,359
Investment in real estate joint venture 41,870 41,650
Real estate assets, net 11,635,262 11,515,418
Cash and cash equivalents 32,249 43,018
Restricted cash 13,683 13,743
Other assets 245,391 232,426
Assets held for sale — 7,764
Total assets $ 11,926,585 $ 11,812,369
Liabilities and equity
Liabilities:
Unsecured notes payable, net $ 4,836,998 $ 4,620,690
Secured notes payable, net 360,361 360,267
Accrued expenses and other liabilities 714,924 683,748
Total liabilities 5,912,283 5,664,705
Redeemable common stock 20,223 22,230
Shareholders’ equity:
Preferred stock 9 9
Common stock 1,168 1,166
Additional paid-in capital 7,435,697 7,417,453
Accumulated distributions in excess of net income (1,612,912 ) (1,469,557 )
Accumulated other comprehensive loss (5,692 ) (6,940 )
Total MAA shareholders’ equity 5,818,270 5,942,131
Noncontrolling interests - Operating Partnership units 145,165 155,409
Total shareholders’ equity 5,963,435 6,097,540
Noncontrolling interests - consolidated real estate entities 30,644 27,894
Total equity 5,994,079 6,125,434
Total liabilities and equity $ 11,926,585 $ 11,812,369
RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO FFO, CORE FFO, CORE AFFO AND FAD
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Amounts in thousands, except per share and unit data Three months ended September 30, Nine months ended September 30,
--- --- --- --- --- --- --- --- --- --- --- --- ---
2025 2024 2025 2024
Net income available for MAA common shareholders $ 98,616 $ 114,273 $ 386,572 $ 358,131
Depreciation and amortization of real estate assets 155,267 145,256 458,407 430,470
(Gain) loss on sale of depreciable real estate assets — — (71,842 ) 25
MAA’s share of depreciation and amortization of real estate assets of real estate joint venture 168 157 499 466
Gain on consolidation of third-party development (1) — (11,033 ) — (11,033 )
Net income attributable to noncontrolling interests 2,506 3,035 9,987 9,605
FFO attributable to common shareholders and unitholders 256,557 251,688 783,623 787,664
(Gain) loss on embedded derivative in preferred shares (1) (2,009 ) 18,257 (3,292 ) 14,451
(Gain) loss on investments, net of tax (1)(2) (4,396 ) 533 (4,733 ) (2,873 )
Casualty related (recoveries) and charges, net (1) (127 ) (5,714 ) (3,695 ) (9,664 )
Legal costs, settlements and (recoveries), net (1)(3) 8,908 — 8,908 8,000
Core FFO attributable to common shareholders and unitholders 258,933 264,764 780,811 797,578
Recurring capital expenditures (41,666 ) (33,535 ) (97,115 ) (88,810 )
Core AFFO attributable to common shareholders and unitholders 217,267 231,229 683,696 708,768
Redevelopment capital expenditures (16,331 ) (12,769 ) (49,175 ) (33,767 )
Revenue enhancing capital expenditures (20,820 ) (21,924 ) (56,112 ) (60,566 )
Commercial capital expenditures (3,108 ) (1,211 ) (9,837 ) (4,281 )
Other capital expenditures (4) (12,070 ) (22,512 ) (39,559 ) (44,627 )
FAD attributable to common shareholders and unitholders $ 164,938 $ 172,813 $ 529,013 $ 565,527
Dividends and distributions paid $ 181,830 $ 176,329 $ 545,411 $ 528,824
Weighted average common shares - diluted 117,155 116,820 117,161 116,758
FFO weighted average common shares and units - diluted 120,022 119,954 120,004 119,919
Earnings per common share - diluted:
Net income available for MAA common shareholders $ 0.84 $ 0.98 $ 3.30 $ 3.07
FFO per Share - diluted $ 2.14 $ 2.10 $ 6.53 $ 6.57
Core FFO per Share - diluted $ 2.16 $ 2.21 $ 6.51 $ 6.65
Core AFFO per Share - diluted $ 1.81 $ 1.93 $ 5.70 $ 5.91
  • Included in Other non-operating expense (income) in the Consolidated Statements of Operations.
  • For the three and nine months ended September 30, 2025 and the nine months ended September 30, 2024, gain on investments is presented net of tax expense of $1.0 million, $1.0 million and $0.8 million, respectively. For the three months ended September 30, 2024, loss on investments is presented net of tax benefit of $0.1 million.
  • During the three and nine months ended September 30, 2025 and the nine months ended September 30, 2024, in accordance with its accounting policies, MAA recognized $8.9 million, $8.9 million and $8.0 million, respectively, of accrued legal defense costs that are expected to be incurred through July 2027.
  • For the three and nine months ended September 30, 2024, $1.6 million and $2.5 million, respectively, of reconstruction-related capital expenditures relating to storm costs that have been reimbursed through insurance coverage are excluded from other capital expenditures.
RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO NET OPERATING INCOME
Dollars in thousands Three Months Ended Nine Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
September 30,<br>2025 June 30,<br>2025 September 30,<br>2024 September 30,<br>2025 September 30,<br>2024
Net income available for MAA common shareholders $ 98,616 $ 107,205 $ 114,273 $ 386,572 $ 358,131
Depreciation and amortization 156,650 153,521 146,722 462,521 434,764
Property management expenses 18,183 17,511 17,265 56,272 54,461
General and administrative expenses 12,525 12,813 12,728 40,957 42,444
Interest expense 46,277 45,111 42,726 136,549 124,352
Loss (gain) on sale of depreciable real estate assets — 69 — (71,842 ) 25
Other non-operating expense (income) 1,253 (4,722 ) 1,678 (4,303 ) (2,604 )
Income tax expense 1,766 600 670 3,404 3,485
Income from real estate joint venture (389 ) (530 ) (454 ) (1,384 ) (1,405 )
Net income attributable to noncontrolling interests 2,506 2,748 3,035 9,987 9,605
Dividends to MAA Series I preferred shareholders 922 922 922 2,766 2,766
Total NOI $ 338,309 $ 335,248 $ 339,565 $ 1,021,499 $ 1,026,024
Same Store NOI $ 322,028 $ 319,612 $ 327,906 $ 974,435 $ 990,860
Non-Same Store and Other NOI 16,281 15,636 11,659 47,064 35,164
Total NOI $ 338,309 $ 335,248 $ 339,565 $ 1,021,499 $ 1,026,024
RECONCILIATION OF NET INCOME TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
---
Dollars in thousands Three Months Ended Twelve Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- ---
September 30, 2025 September 30, 2024 September 30, 2025 December 31, 2024
Net income $ 102,044 $ 118,230 $ 570,399 $ 541,576
Depreciation and amortization 156,650 146,722 613,373 585,616
Interest expense 46,277 42,726 180,741 168,544
Income tax expense 1,766 670 5,159 5,240
EBITDA 306,737 308,348 1,369,672 1,300,976
Gain on sale of depreciable real estate assets — — (126,870 ) (55,003 )
Gain on consolidation of third-party development (1) — (11,033 ) (206 ) (11,239 )
Adjustments to reflect MAA’s share of EBITDAre of unconsolidated affiliates 351 340 1,395 1,363
EBITDAre 307,088 297,655 1,243,991 1,236,097
(Gain) loss on embedded derivative in preferred shares (1) (2,009 ) 18,257 1,008 18,751
(Gain) loss on investments (1) (5,357 ) 648 (9,913 ) (7,809 )
Casualty related (recoveries) and charges, net (1) (127 ) (5,714 ) (3,357 ) (9,326 )
Legal costs, settlements and (recoveries), net (1)(2) 8,908 — 10,345 9,437
Adjusted EBITDAre $ 308,503 $ 310,846 $ 1,242,074 $ 1,247,150
  • Included in Other non-operating expense (income) in the Consolidated Statements of Operations.
  • During the three and twelve months ended September 30, 2025 and the twelve months ended December 31, 2024, in accordance with its accounting policies, MAA recognized $8.9 million, $8.9 million and $8.0 million, respectively, of accrued legal defense costs that are expected to be incurred through July 2027.
RECONCILIATION OF UNSECURED NOTES PAYABLE, NET AND SECURED NOTES PAYABLE, NET TO NET DEBT
Dollars in thousands
--- --- --- --- --- --- ---
September 30, 2025 December 31, 2024
Unsecured notes payable, net $ 4,836,998 $ 4,620,690
Secured notes payable, net 360,361 360,267
Total debt 5,197,359 4,980,957
Cash and cash equivalents (32,249 ) (43,018 )
Net Debt $ 5,165,110 $ 4,937,939
RECONCILIATION OF TOTAL ASSETS TO GROSS ASSETS
---
Dollars in thousands
--- --- --- --- ---
September 30, 2025 December 31, 2024
Total assets $ 11,926,585 $ 11,812,369
Accumulated depreciation 5,787,596 5,327,584
Accumulated depreciation for Assets held for sale (1) — 30,218
Gross Assets $ 17,714,181 $ 17,170,171
  • 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
--- --- --- --- ---
September 30, 2025 December 31, 2024
Real estate assets, net $ 11,635,262 $ 11,515,418
Accumulated depreciation 5,787,596 5,327,584
Assets held for sale, net — 7,764
Accumulated depreciation for Assets held for sale (1) — 30,218
Cash and cash equivalents 32,249 43,018
Gross Real Estate Assets $ 17,455,107 $ 16,924,002
  • 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

Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT SEPTEMBER 30, 2025 (1)

In apartment units

Same<br>Store Stabilized Non-Same<br>Store Lease-up Total<br>Completed<br>Communities Development<br>Units<br>Delivered Total
Atlanta, GA 11,434 340 — 11,774 — 11,774
Dallas, TX 9,755 362 386 10,503 — 10,503
Austin, TX 6,795 384 — 7,179 — 7,179
Charlotte, NC 5,995 352 — 6,347 111 6,458
Orlando, FL 5,907 310 — 6,217 — 6,217
Raleigh/Durham, NC 5,350 — 712 6,062 — 6,062
Tampa, FL 5,416 — — 5,416 301 5,717
Houston, TX 4,859 316 — 5,175 — 5,175
Nashville, TN 4,375 — — 4,375 — 4,375
Fort Worth, TX 3,687 — — 3,687 — 3,687
Phoenix, AZ 2,968 323 317 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 — 1,470
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 96,568 4,171 1,415 102,154 412 102,566
  • 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 September 30, 2025 Average<br>Effective As of September 30, 2025
Gross Real <br>Assets Percent to<br>Total of<br>Gross Real <br>Assets Physical<br>Occupancy Rent per<br>Unit for <br>the Three<br>Months Ended <br>September 30, 2025 Completed<br>Units Total Units,<br>Including<br>Development
Atlanta, GA $ 2,229,435 13.3 % 95.0 % $ 1,800 11,774
Dallas, TX 1,639,843 9.7 % 95.8 % 1,657 10,117
Charlotte, NC 1,274,929 7.5 % 95.9 % 1,654 6,347
Orlando, FL 1,136,465 6.7 % 95.9 % 1,981 6,217
Tampa, FL 1,042,586 6.2 % 96.0 % 2,100 5,416
Austin, TX 983,006 5.8 % 95.3 % 1,505 7,179
Raleigh/Durham, NC 749,196 4.4 % 95.4 % 1,524 5,350
Houston, TX 740,185 4.4 % 95.9 % 1,443 5,175
Phoenix, AZ 602,902 3.6 % 96.0 % 1,701 3,291
Northern Virginia 585,258 3.5 % 96.2 % 2,573 1,888
Nashville, TN 577,572 3.4 % 96.0 % 1,667 4,375
Charleston, SC 450,909 2.7 % 96.7 % 1,840 3,168
Denver, CO 425,349 2.5 % 95.3 % 1,984 1,470
Fort Worth, TX 411,313 2.4 % 96.1 % 1,580 3,687
Jacksonville, FL 329,771 1.9 % 95.6 % 1,476 3,496
Kansas City, MO-KS 295,048 1.7 % 95.0 % 1,719 1,428
Richmond, VA 267,810 1.6 % 96.4 % 1,708 1,732
Fredericksburg, VA 262,421 1.5 % 97.1 % 1,963 1,435
Greenville, SC 250,451 1.5 % 95.5 % 1,367 2,354
Savannah, GA 233,211 1.4 % 95.2 % 1,713 1,837
Birmingham, AL 177,013 1.0 % 95.7 % 1,438 1,462
San Antonio, TX 174,607 1.0 % 95.3 % 1,338 1,504
All Other Markets by State (individual markets <1% gross real assets)
Tennessee 215,249 1.3 % 95.1 % 1,326 2,754
Florida 200,233 1.2 % 95.1 % 1,853 1,806
Alabama 190,028 1.1 % 93.0 % 1,359 1,648
Virginia 174,770 1.0 % 96.3 % 1,846 1,039
Kentucky 108,897 0.6 % 95.6 % 1,313 1,308
Utah 94,475 0.6 % 96.5 % 1,738 400
Maryland 86,060 0.5 % 97.2 % 2,359 361
Nevada 76,925 0.5 % 95.3 % 1,598 721
Stabilized Communities $ 15,985,917 94.5 % 95.7 % $ 1,691 100,739
Raleigh/Durham, NC 226,635 1.3 % 55.5 % 1,746 712 712
Charlotte, NC 202,080 1.2 % 1.7 % 2,415 111 541
Tampa, FL 188,463 1.1 % 38.6 % 3,154 301 495
Phoenix, AZ 142,637 0.8 % 77.9 % 1,891 317 662
Dallas, TX 106,628 0.6 % 76.2 % 1,814 386 386
Denver, CO 41,775 0.2 % — — — 219
Richmond, VA 38,152 0.2 % — — — 306
Charleston, SC 18,170 0.1 % — — — 336
Lease-up / Development Communities $ 964,540 5.5 % 52.6 % $ 2,058 1,827 3,657
Total Multifamily Communities $ 16,950,457 100.0 % 94.8 % $ 1,697 102,566 104,396
  • Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C. As of September 30, 2025, the gross investment in real estate for this community was $83.3 million and includes a mortgage note payable of $52.0 million. For the nine months ended September 30, 2025, this apartment community achieved NOI of $6.5 million.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

Three Months Ended As of September 30, 2025
September 30, 2025 September 30, 2024 Percent<br>Change Apartment Units Gross Real Assets
Operating Revenues
Same Store Communities $ 520,861 $ 522,278 (0.3 )% 96,568 $ 15,107,915
Non-Same Store Communities 20,325 20,643 4,171 878,002
Lease-up/Development Communities 6,439 1,704 1,827 964,540
Total Multifamily Portfolio $ 547,625 $ 544,625 102,566 $ 16,950,457
Commercial Property/Land 6,748 6,501 — 386,317
Total Operating Revenues $ 554,373 $ 551,126 102,566 $ 17,336,774
Property Operating Expenses
Same Store Communities $ 198,833 $ 194,372 2.3 %
Non-Same Store Communities 9,770 9,531
Lease-up/Development Communities 4,639 1,412
Storm Costs — 3,349
Total Multifamily Portfolio $ 213,242 $ 208,664
Commercial Property/Land 2,822 2,897
Total Property Operating Expenses $ 216,064 $ 211,561
Net Operating Income
Same Store Communities $ 322,028 $ 327,906 (1.8 )%
Non-Same Store Communities 10,555 11,112
Lease-up/Development Communities 1,800 292
Storm Costs — (3,349 )
Total Multifamily Portfolio $ 334,383 $ 335,961
Commercial Property/Land 3,926 3,604
Total Net Operating Income $ 338,309 $ 339,565 (0.4 )%
COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES
---

Dollars in thousands

Three Months Ended Nine Months Ended
September 30, 2025 September 30, 2024 Percent Change September 30, 2025 September 30, 2024 Percent<br>Change
Property Taxes $ 65,852 $ 64,796 1.6 % $ 198,207 $ 200,619 (1.2 )%
Personnel 44,715 42,853 4.3 % 129,548 123,589 4.8 %
Utilities 37,166 35,917 3.5 % 104,693 100,320 4.4 %
Building Repair and Maintenance 27,328 26,696 2.4 % 76,921 74,498 3.3 %
Office Operations 8,699 8,763 (0.7 )% 27,579 25,639 7.6 %
Insurance 7,807 8,284 (5.8 )% 24,719 24,564 0.6 %
Marketing 7,266 7,063 2.9 % 22,539 21,142 6.6 %
Total Property Operating Expenses $ 198,833 $ 194,372 2.3 % $ 584,206 $ 570,371 2.4 %

Supplemental Data S-3

MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE
Average Physical Occupancy
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Percent of Three Months Ended Nine Months Ended
Apartment Units Same Store NOI September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Atlanta, GA 11,434 11.7 % 95.2 % 95.0 % 95.2 % 94.4 %
Dallas, TX 9,755 8.8 % 95.3 % 95.7 % 95.2 % 95.4 %
Orlando, FL 5,907 7.9 % 95.9 % 95.9 % 95.7 % 95.9 %
Tampa, FL 5,416 7.1 % 96.1 % 96.0 % 96.1 % 95.9 %
Charlotte, NC 5,995 6.7 % 95.7 % 95.9 % 95.7 % 95.5 %
Raleigh/Durham, NC 5,350 5.5 % 95.5 % 95.7 % 95.5 % 95.8 %
Austin, TX 6,795 5.2 % 95.6 % 95.6 % 95.1 % 94.9 %
Nashville, TN 4,375 4.7 % 95.7 % 96.0 % 95.6 % 95.9 %
Houston, TX 4,859 4.0 % 96.0 % 95.5 % 95.7 % 95.4 %
Charleston, SC 3,168 3.8 % 96.0 % 96.5 % 95.9 % 96.2 %
Phoenix, AZ 2,968 3.5 % 96.0 % 96.0 % 95.7 % 95.2 %
Fort Worth, TX 3,687 3.4 % 95.8 % 95.5 % 95.4 % 95.3 %
Northern Virginia 1,888 3.2 % 96.0 % 96.6 % 96.3 % 96.7 %
Jacksonville, FL 3,496 3.0 % 95.6 % 95.9 % 95.7 % 95.6 %
Greenville, SC 2,354 2.0 % 95.6 % 95.3 % 95.7 % 95.7 %
Richmond, VA 1,732 2.0 % 96.5 % 96.6 % 96.3 % 96.5 %
Fredericksburg, VA 1,435 2.0 % 96.4 % 96.4 % 96.7 % 96.8 %
Savannah, GA 1,837 1.9 % 95.3 % 95.5 % 95.1 % 95.7 %
Denver, CO 1,118 1.4 % 95.3 % 95.6 % 95.2 % 95.7 %
Birmingham, AL 1,462 1.3 % 95.7 % 96.0 % 96.0 % 95.6 %
San Antonio, TX 1,504 1.2 % 95.3 % 96.0 % 95.2 % 95.6 %
Kansas City, MO-KS 1,110 1.2 % 95.6 % 96.0 % 95.4 % 96.0 %
Memphis, TN 1,193 1.0 % 94.2 % 95.9 % 94.6 % 96.1 %
Huntsville, AL 1,228 0.9 % 92.5 % 95.4 % 93.9 % 95.1 %
Other 6,502 6.6 % 95.9 % 96.0 % 95.8 % 95.9 %
Total Same Store 96,568 100.0 % 95.6 % 95.7 % 95.5 % 95.5 %

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 Q3 2025 Q3 2024 % Chg Q3 2025 Q3 2024 % Chg Q3 2025 Q3 2024 % Chg Q3 2025 Q3 2024 % Chg
Atlanta, GA 11,434 $ 64,765 $ 65,177 (0.6 )% $ 27,030 $ 26,808 0.8 % $ 37,735 $ 38,369 (1.7 )% $ 1,793 $ 1,813 (1.1 )%
Dallas, TX 9,755 51,447 51,604 (0.3 )% 23,034 22,476 2.5 % 28,413 29,128 (2.5 )% 1,665 1,671 (0.3 )%
Orlando, FL 5,907 37,045 37,176 (0.4 )% 11,553 11,952 (3.3 )% 25,492 25,224 1.1 % 1,983 1,997 (0.7 )%
Tampa, FL 5,416 36,088 35,722 1.0 % 13,162 11,892 10.7 % 22,926 23,830 (3.8 )% 2,100 2,093 0.3 %
Charlotte, NC 5,995 31,338 31,571 (0.7 )% 9,902 10,056 (1.5 )% 21,436 21,515 (0.4 )% 1,649 1,658 (0.5 )%
Raleigh/Durham, NC 5,350 26,370 26,725 (1.3 )% 8,871 9,171 (3.3 )% 17,499 17,554 (0.3 )% 1,524 1,544 (1.3 )%
Austin, TX 6,795 33,575 34,949 (3.9 )% 17,038 16,578 2.8 % 16,537 18,371 (10.0 )% 1,521 1,597 (4.8 )%
Nashville, TN 4,375 23,166 23,616 (1.9 )% 8,132 8,065 0.8 % 15,034 15,551 (3.3 )% 1,667 1,690 (1.3 )%
Houston, TX 4,859 22,842 22,466 1.7 % 9,862 9,532 3.5 % 12,980 12,934 0.4 % 1,454 1,447 0.5 %
Charleston, SC 3,168 18,417 18,264 0.8 % 6,181 5,868 5.3 % 12,236 12,396 (1.3 )% 1,840 1,815 1.3 %
Phoenix, AZ 2,968 16,190 16,355 (1.0 )% 4,856 4,818 0.8 % 11,334 11,537 (1.8 )% 1,697 1,730 (1.9 )%
Fort Worth, TX 3,687 19,378 19,311 0.3 % 8,324 7,537 10.4 % 11,054 11,774 (6.1 )% 1,580 1,582 (0.1 )%
Northern Virginia 1,888 15,109 14,695 2.8 % 4,699 4,705 (0.1 )% 10,410 9,990 4.2 % 2,573 2,484 3.6 %
Jacksonville, FL 3,496 15,751 16,198 (2.8 )% 6,034 5,709 5.7 % 9,717 10,489 (7.4 )% 1,476 1,510 (2.3 )%
Greenville, SC 2,354 10,621 10,314 3.0 % 4,106 3,946 4.1 % 6,515 6,368 2.3 % 1,367 1,336 2.3 %
Richmond, VA 1,732 9,350 9,114 2.6 % 2,869 2,949 (2.7 )% 6,481 6,165 5.1 % 1,708 1,668 2.4 %
Fredericksburg, VA 1,435 8,962 8,623 3.9 % 2,573 2,606 (1.3 )% 6,389 6,017 6.2 % 1,963 1,873 4.8 %
Savannah, GA 1,837 10,170 10,078 0.9 % 3,933 3,845 2.3 % 6,237 6,233 0.1 % 1,713 1,713 0.0 %
Denver, CO 1,118 6,886 7,046 (2.3 )% 2,352 2,214 6.2 % 4,534 4,832 (6.2 )% 1,936 1,978 (2.1 )%
Birmingham, AL 1,462 6,957 6,886 1.0 % 2,804 2,821 (0.6 )% 4,153 4,065 2.2 % 1,438 1,412 1.8 %
San Antonio, TX 1,504 6,442 6,613 (2.6 )% 2,697 2,684 0.5 % 3,745 3,929 (4.7 )% 1,338 1,367 (2.1 )%
Kansas City, MO-KS 1,110 5,935 5,761 3.0 % 2,192 2,153 1.8 % 3,743 3,608 3.7 % 1,689 1,634 3.4 %
Memphis, TN 1,193 5,363 5,546 (3.3 )% 2,145 2,022 6.1 % 3,218 3,524 (8.7 )% 1,423 1,446 (1.6 )%
Huntsville, AL 1,228 5,085 5,354 (5.0 )% 2,083 2,012 3.5 % 3,002 3,342 (10.2 )% 1,274 1,307 (2.5 )%
Other 6,502 33,609 33,114 1.5 % 12,401 11,953 3.7 % 21,208 21,161 0.2 % 1,634 1,613 1.3 %
Total Same Store 96,568 $ 520,861 $ 522,278 (0.3 )% $ 198,833 $ 194,372 2.3 % $ 322,028 $ 327,906 (1.8 )% $ 1,693 $ 1,700 (0.4 )%

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 Q3 2025 Q2 2025 % Chg Q3 2025 Q2 2025 % Chg Q3 2025 Q2 2025 % Chg Q3 2025 Q2 2025 % Chg
Atlanta, GA 11,434 $ 64,765 $ 64,384 0.6 % $ 27,030 $ 26,765 1.0 % $ 37,735 $ 37,619 0.3 % $ 1,793 $ 1,790 0.2 %
Dallas, TX 9,755 51,447 51,054 0.8 % 23,034 21,455 7.4 % 28,413 29,599 (4.0 )% 1,665 1,659 0.4 %
Orlando, FL 5,907 37,045 36,858 0.5 % 11,553 13,737 (15.9 )% 25,492 23,121 10.3 % 1,983 1,982 0.1 %
Tampa, FL 5,416 36,088 35,990 0.3 % 13,162 12,973 1.5 % 22,926 23,017 (0.4 )% 2,100 2,092 0.3 %
Charlotte, NC 5,995 31,338 31,312 0.1 % 9,902 10,302 (3.9 )% 21,436 21,010 2.0 % 1,649 1,646 0.2 %
Raleigh/Durham, NC 5,350 26,370 26,365 0.0 % 8,871 9,255 (4.1 )% 17,499 17,110 2.3 % 1,524 1,530 (0.4 )%
Austin, TX 6,795 33,575 33,704 (0.4 )% 17,038 16,277 4.7 % 16,537 17,427 (5.1 )% 1,521 1,545 (1.6 )%
Nashville, TN 4,375 23,166 23,231 (0.3 )% 8,132 8,006 1.6 % 15,034 15,225 (1.3 )% 1,667 1,673 (0.4 )%
Houston, TX 4,859 22,842 22,671 0.8 % 9,862 10,667 (7.5 )% 12,980 12,004 8.1 % 1,454 1,448 0.4 %
Charleston, SC 3,168 18,417 18,227 1.0 % 6,181 6,320 (2.2 )% 12,236 11,907 2.8 % 1,840 1,825 0.8 %
Phoenix, AZ 2,968 16,190 16,051 0.9 % 4,856 4,458 8.9 % 11,334 11,593 (2.2 )% 1,697 1,705 (0.5 )%
Fort Worth, TX 3,687 19,378 19,380 (0.0 )% 8,324 8,251 0.9 % 11,054 11,129 (0.7 )% 1,580 1,577 0.2 %
Northern Virginia 1,888 15,109 14,923 1.2 % 4,699 4,555 3.2 % 10,410 10,368 0.4 % 2,573 2,540 1.3 %
Jacksonville, FL 3,496 15,751 15,853 (0.6 )% 6,034 6,440 (6.3 )% 9,717 9,413 3.2 % 1,476 1,481 (0.3 )%
Greenville, SC 2,354 10,621 10,540 0.8 % 4,106 4,137 (0.7 )% 6,515 6,403 1.7 % 1,367 1,351 1.2 %
Richmond, VA 1,732 9,350 9,118 2.5 % 2,869 2,835 1.2 % 6,481 6,283 3.2 % 1,708 1,689 1.1 %
Fredericksburg, VA 1,435 8,962 8,957 0.1 % 2,573 2,490 3.3 % 6,389 6,467 (1.2 )% 1,963 1,941 1.1 %
Savannah, GA 1,837 10,170 10,140 0.3 % 3,933 4,005 (1.8 )% 6,237 6,135 1.7 % 1,713 1,714 (0.1 )%
Denver, CO 1,118 6,886 6,888 (0.0 )% 2,352 2,201 6.9 % 4,534 4,687 (3.3 )% 1,936 1,953 (0.9 )%
Birmingham, AL 1,462 6,957 6,921 0.5 % 2,804 2,806 (0.1 )% 4,153 4,115 0.9 % 1,438 1,421 1.2 %
San Antonio, TX 1,504 6,442 6,460 (0.3 )% 2,697 2,855 (5.5 )% 3,745 3,605 3.9 % 1,338 1,346 (0.6 )%
Kansas City, MO-KS 1,110 5,935 5,869 1.1 % 2,192 2,155 1.7 % 3,743 3,714 0.8 % 1,689 1,673 1.0 %
Memphis, TN 1,193 5,363 5,400 (0.7 )% 2,145 1,665 28.8 % 3,218 3,735 (13.8 )% 1,423 1,433 (0.7 )%
Huntsville, AL 1,228 5,085 5,258 (3.3 )% 2,083 1,963 6.1 % 3,002 3,295 (8.9 )% 1,274 1,283 (0.7 )%
Other 6,502 33,609 33,401 0.6 % 12,401 12,770 (2.9 )% 21,208 20,631 2.8 % 1,634 1,623 0.7 %
Total Same Store 96,568 $ 520,861 $ 518,955 0.4 % $ 198,833 $ 199,343 (0.3 )% $ 322,028 $ 319,612 0.8 % $ 1,693 $ 1,690 0.1 %

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 Q3 2025 Q3 2024 % Chg Q3 2025 Q3 2024 % Chg Q3 2025 Q3 2024 % Chg Q3 2025 Q3 2024 % Chg
Atlanta, GA 11,434 $ 193,777 $ 195,215 (0.7 )% $ 76,916 $ 77,996 (1.4 )% $ 116,861 $ 117,219 (0.3 )% $ 1,792 $ 1,826 (1.9 )%
Dallas, TX 9,755 153,563 154,212 (0.4 )% 65,244 64,054 1.9 % 88,319 90,158 (2.0 )% 1,661 1,672 (0.7 )%
Orlando, FL 5,907 110,862 111,800 (0.8 )% 38,480 38,647 (0.4 )% 72,382 73,153 (1.1 )% 1,984 2,002 (0.9 )%
Tampa, FL 5,416 108,062 107,237 0.8 % 38,765 36,817 5.3 % 69,297 70,420 (1.6 )% 2,094 2,095 (0.0 )%
Charlotte, NC 5,995 93,913 94,120 (0.2 )% 29,688 28,576 3.9 % 64,225 65,544 (2.0 )% 1,647 1,657 (0.6 )%
Raleigh/Durham, NC 5,350 79,088 79,950 (1.1 )% 26,576 26,436 0.5 % 52,512 53,514 (1.9 )% 1,527 1,542 (1.0 )%
Austin, TX 6,795 101,279 105,106 (3.6 )% 48,066 46,937 2.4 % 53,213 58,169 (8.5 )% 1,543 1,614 (4.4 )%
Nashville, TN 4,375 69,767 70,798 (1.5 )% 23,837 23,527 1.3 % 45,930 47,271 (2.8 )% 1,672 1,695 (1.4 )%
Houston, TX 4,859 68,062 67,140 1.4 % 30,565 28,227 8.3 % 37,497 38,913 (3.6 )% 1,449 1,443 0.4 %
Charleston, SC 3,168 54,765 54,094 1.2 % 18,321 17,457 4.9 % 36,444 36,637 (0.5 )% 1,827 1,796 1.7 %
Phoenix, AZ 2,968 48,366 48,706 (0.7 )% 13,687 13,677 0.1 % 34,679 35,029 (1.0 )% 1,706 1,738 (1.9 )%
Fort Worth, TX 3,687 58,042 57,500 0.9 % 23,168 21,923 5.7 % 34,874 35,577 (2.0 )% 1,579 1,579 0.0 %
Northern Virginia 1,888 44,950 43,089 4.3 % 13,798 13,411 2.9 % 31,152 29,678 5.0 % 2,542 2,427 4.7 %
Jacksonville, FL 3,496 47,574 48,910 (2.7 )% 18,537 17,733 4.5 % 29,037 31,177 (6.9 )% 1,481 1,521 (2.6 )%
Greenville, SC 2,354 31,587 31,001 1.9 % 12,041 11,490 4.8 % 19,546 19,511 0.2 % 1,351 1,330 1.6 %
Richmond, VA 1,732 27,533 27,189 1.3 % 8,577 8,538 0.5 % 18,956 18,651 1.6 % 1,692 1,654 2.3 %
Fredericksburg, VA 1,435 26,782 25,569 4.7 % 7,620 7,432 2.5 % 19,162 18,137 5.7 % 1,938 1,837 5.5 %
Savannah, GA 1,837 30,419 30,248 0.6 % 11,481 11,306 1.5 % 18,938 18,942 (0.0 )% 1,711 1,705 0.4 %
Denver, CO 1,118 20,708 21,220 (2.4 )% 6,583 6,556 0.4 % 14,125 14,664 (3.7 )% 1,946 1,976 (1.5 )%
Birmingham, AL 1,462 20,760 20,315 2.2 % 8,318 8,206 1.4 % 12,442 12,109 2.8 % 1,421 1,403 1.3 %
San Antonio, TX 1,504 19,423 19,811 (2.0 )% 8,103 8,473 (4.4 )% 11,320 11,338 (0.2 )% 1,346 1,376 (2.2 )%
Kansas City, MO-KS 1,110 17,541 16,979 3.3 % 6,421 6,136 4.6 % 11,120 10,843 2.6 % 1,667 1,604 3.9 %
Memphis, TN 1,193 16,168 16,620 (2.7 )% 6,048 5,957 1.5 % 10,120 10,663 (5.1 )% 1,430 1,439 (0.7 )%
Huntsville, AL 1,228 15,620 16,032 (2.6 )% 5,951 5,842 1.9 % 9,669 10,190 (5.1 )% 1,281 1,312 (2.4 )%
Other 6,502 100,030 98,370 1.7 % 37,415 35,017 6.8 % 62,615 63,353 (1.2 )% 1,624 1,599 1.6 %
Total Same Store 96,568 $ 1,558,641 $ 1,561,231 (0.2 )% $ 584,206 $ 570,371 2.4 % $ 974,435 $ 990,860 (1.7 )% $ 1,691 $ 1,699 (0.5 )%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE
Dollars in thousands Units as of Development Costs as of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
September 30, 2025 September 30, 2025 Expected
Expected Costs Expected Start Initial
Location Total Delivered Leased Total to Date Remaining Date Occupancy Completion Stabilization (1)
MAA Breakwater Tampa, FL 495 301 234 $ 197,500 $ 188,463 $ 9,037 4Q22 1Q25 4Q25 1Q27
Modera Liberty Row (2) Charlotte, NC 239 111 13 112,000 110,869 (4) 1,131 1Q22 3Q25 1Q26 4Q26
MAA Plaza Midwood (3) Charlotte, NC 302 — — 101,500 78,990 22,510 2Q24 2Q26 4Q26 4Q27
Modera Chandler (3) Phoenix, AZ 345 — — 117,500 66,744 50,756 2Q24 2Q26 4Q26 4Q27
MAA Milepost 35 II Denver, CO 219 — — 78,000 41,775 36,225 4Q24 2Q26 4Q26 4Q27
MAA Rove Richmond, VA 306 — — 99,500 38,152 61,348 3Q24 1Q27 3Q27 1Q28
MAA Point Hope (3) Charleston, SC 336 — — 91,000 18,170 72,830 2Q25 1Q27 1Q28 3Q28
Total Active 2,242 412 247 $ 797,000 $ 543,163 $ 253,837
  • Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.
  • In July 2024, MAA agreed to finance the third party development of this property currently under construction. MAA has the option to purchase the development once it is stabilized.
  • MAA owns 95% of the joint venture that owns this property.
  • Represents the cost to MAA, net of the $9.6 million non-equity contribution from the third party developer.
MULTIFAMILY LEASE-UP COMMUNITIES
Dollars in thousands As of September 30, 2025
--- --- --- --- --- --- --- --- ---
Location Total Units Physical Occupancy Costs to Date Construction Completed Expected Stabilization (1)
MAA Vale Raleigh/Durham, NC 306 90.8% $ 82,285 (3) 4Q25
Novel Val Vista (2) Phoenix, AZ 317 77.9% 75,893 4Q24 1Q26
MAA Cathedral Arts Dallas, TX 386 76.2% 106,628 (3) 2Q26
MAA Nixie Raleigh/Durham, NC 406 28.8% 144,350 3Q25 3Q26
Total 1,415 66.1% $ 409,156
  • Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.
  • MAA owns 80% of the joint venture that owns this property.
  • Property was acquired while in lease-up; construction was complete prior to acquisition by MAA.
MULTIFAMILY INTERIOR REDEVELOPMENT, WIFI RETROFIT AND PROPERTY REPOSITIONING ACTIVITY

Dollars in thousands, except per unit data

Nine months ended September 30, 2025
Program Units Completed Redevelopment Spend Average Cost per Unit Increase in Average Effective Rent per Unit Increase in Average Effective Rent per Unit Estimated Units Remaining in Pipeline
Interior Redevelopment 4,768 $ 27,806 $ 5,832 $ 96 6.9% 10,000 - 13,000

During the third quarter of 2025, 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 $5.7 million on its WiFi Retrofit program and $10.4 million on its Property Repositioning program during the nine months ended September 30, 2025.

Supplemental Data S-8

2025 ACQUISITION ACTIVITY AS OF SEPTEMBER 30, 2025
Multifamily Acquisitions Market Apartment Units Closing Date
--- --- --- ---
MAA ONE28 Kansas City, MO-KS 318 Aug-25
Land Acquisition Market Closing Date
--- --- ---
MAA Point Hope (1) Charleston, SC Jun-25
  • Represents a pre-purchase multifamily development. MAA owns 95% of the joint venture that owns this property. Construction of this development commenced in the second quarter of 2025. See “Multifamily Development Pipeline” above for additional information.
2025 DISPOSITION ACTIVITY AS OF SEPTEMBER 30, 2025
Multifamily Dispositions Market Apartment Units Closing Date
--- --- --- ---
Fairways Columbia, SC 240 Mar-25
TPC Columbia Columbia, SC 336 Mar-25
DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2025
---

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 $ 4,734,359 91.1 % 3.8 % 6.9
Floating rate debt 463,000 8.9 % 4.3 % 0.1
Total $ 5,197,359 100.0 % 3.8 % 6.3
Unsecured Versus Secured Debt Balance Percent of Total Effective Interest Rate Average Years to Contract Maturity
Unsecured debt $ 4,836,998 93.1 % 3.8 % 5.0
Secured debt 360,361 6.9 % 4.4 % 23.3
Total $ 5,197,359 100.0 % 3.8 % 6.3
Unencumbered Versus Encumbered Assets Total Cost Percent of Total Q3 2025 NOI Percent of Total
Unencumbered gross assets $ 16,932,796 95.6 % $ 324,410 95.9 %
Encumbered gross assets 781,385 4.4 % 13,899 4.1 %
Total $ 17,714,181 100.0 % $ 338,309 100.0 %

FIXED INTEREST RATE MATURITIES

Maturity Fixed Rate Debt Effective Interest Rate
2025 $ 399,934 4.2 %
2026 299,323 1.2 %
2027 598,710 3.7 %
2028 398,367 4.2 %
2029 555,214 3.7 %
2030 298,487 3.1 %
2031 446,795 1.8 %
2032 395,241 5.4 %
2033 — —
2034 344,306 5.1 %
Thereafter 997,982 4.3 %
Total $ 4,734,359 3.8 %

Supplemental Data S-9

DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2025 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

Maturity Commercial Paper ⁽¹⁾ & Revolving Credit Facility ⁽²⁾ Public Bonds Secured Total
2025 $ 463,000 $ 399,934 $ — $ 862,934
2026 — 299,323 — 299,323
2027 — 598,710 — 598,710
2028 — 398,367 — 398,367
2029 — 555,214 — 555,214
2030 — 298,487 — 298,487
2031 — 446,795 — 446,795
2032 — 395,241 — 395,241
2033 — — — —
2034 — 344,306 — 344,306
Thereafter — 637,621 360,361 997,982
Total $ 463,000 $ 4,373,998 $ 360,361 $ 5,197,359
  • The $463.0 million maturing in 2025 reflects the principal outstanding under MAALP’s unsecured commercial paper program as of September 30, 2025. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $625.0 million. For the three months ended September 30, 2025, average daily borrowings outstanding under the commercial paper program were $361.8 million. Subsequent to the end of the third quarter of 2025, MAALP amended its commercial paper program to increase the maximum aggregate amount outstanding under the program to $750.0 million.
  • There were no borrowings outstanding under MAALP’s $1.25 billion unsecured revolving credit facility as of September 30, 2025. In October 2025, MAALP amended its unsecured revolving credit facility increasing borrowing capacity to $1.5 billion with an option to expand to $2.0 billion. The amended 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 29.3% 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 6.2x Yes
Total unencumbered assets to total unsecured debt Greater than 150% 340.6% Yes
Bank Covenants Required Actual Compliance
Total debt to total capitalized asset value 60% or less 22.8% Yes
Total secured debt to total capitalized asset value 40% or less 1.7% Yes
Total adjusted EBITDA to fixed charges 1.5x or greater for trailing 4 quarters 6.6x Yes
Total unsecured debt to total unsecured capitalized asset value 60% or less 22.0% Yes
  • 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

2025 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.
Earnings: Current Midpoint
Earnings per common share - diluted $4.24
Core FFO per Share - diluted $8.74
Core AFFO per Share - diluted $7.76
MAA Same Store Portfolio:
Number of units 96,568
Average physical occupancy 95.60%
Property revenue growth -0.05%
Effective rent growth -0.40%
Property operating expense growth 2.20%
NOI growth -1.35%
Real estate tax expense growth -0.50%
Corporate Expenses: ( in millions)
Property management expenses $75.0
General and administrative expenses $54.0
Total overhead $129.0
Transaction/Investment Volume: ( in millions)
Multifamily acquisition volume $100.0
Multifamily disposition volume $140.0
Development investment $325.0
Debt:
Average effective interest rate 3.6%
Capitalized interest ( in millions) $20.0
Diluted FFO Shares Outstanding:
Diluted common shares and units 120.00 million

All values are in US Dollars.

RECONCILIATION OF EARNINGS PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER DILUTED SHARE FOR FULL YEAR 2025 GUIDANCE
Full Year 2025 Guidance Range
--- --- --- --- --- --- ---
Low High
Earnings per common share - diluted $ 4.18 $ 4.30
Real estate depreciation and amortization 5.12 5.12
Gains on sale of depreciable assets (0.60 ) (0.60 )
FFO per Share - diluted 8.70 8.82
Non-Core FFO items (1) (0.02 ) (0.02 )
Core FFO per Share - diluted 8.68 8.80
Recurring capital expenditures (0.98 ) (0.98 )
Core AFFO per Share - diluted $ 7.70 $ 7.82
  • 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) F1 A- Stable
Moody’s Investors Service (2) P-2 A3 Stable
Standard & Poor’s Ratings Services (1) A-2 A- Stable
  • Corporate credit rating assigned to MAA and MAALP
  • Corporate credit rating assigned to MAALP
COMMON STOCK
Stock Symbol: MAA
--- --- --- --- --- --- --- --- --- --- ---
Exchange Traded: NYSE
Estimated Future Dates: Q4 2025 Q1 2026 Q2 2026 Q3 2026
Earnings release & conference call Early<br>February Late<br>April Late<br>July Late<br>October
Dividend Information - Common Shares: Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Declaration date 9/24/2024 12/10/2024 3/18/2025 5/21/2025 9/23/2025
Record date 10/15/2024 1/15/2025 4/15/2025 7/15/2025 10/15/2025
Payment date 10/31/2024 1/31/2025 4/30/2025 7/31/2025 10/31/2025
Distributions per share $ 1.4700 $ 1.5150 $ 1.5150 $ 1.5150 $ 1.5150
INVESTOR RELATIONS DATA
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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:
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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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