Equibles

8-K

MID AMERICA APARTMENT COMMUNITIES INC. (MAA)

8-K 2026-02-04 For: 2026-02-04
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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): February 4, 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<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 February 4, 2026, Mid-America Apartment Communities, Inc. (“MAA”) issued a press release announcing its consolidated results of operations and financial condition as of December 31, 2025 and for the three and twelve 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 February 4, 2026
99.2 Supplemental Data Schedules dated February 4, 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: February 4, 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: February 4, 2026 /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 7
Consolidated Statements of Operations/Share and Unit Data 8
Consolidated Balance Sheets 9
Reconciliation of Non-GAAP Financial Measures 10
Non-GAAP Financial Measures 13
Other Key Definitions 14
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 December 31, 2025 S-9
2026 Guidance/2025 Same Store Components of Net Operating Income Recast For 2026 Same Store Portfolio/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
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MAA REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS

GERMANTOWN, TN, February 4, 2026/PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the three and twelve months ended December 31, 2025.

Three months ended December 31, Year ended December 31,
2025 2024 2025 2024
Earnings per common share - diluted $ 0.48 $ 1.42 $ 3.78 $ 4.49
Funds from operations (FFO) per Share - diluted (1) $ 1.79 $ 2.21 $ 8.32 $ 8.77
Core FFO per Share - diluted (1) $ 2.23 $ 2.23 $ 8.74 $ 8.88
  • 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, “With fourth quarter Core FFO results in line with our expectations, we are encouraged by the improving occupancy and blended pricing trends we continue to see, reflecting the resilience of our platform and supporting a constructive outlook for leasing fundamentals heading into 2026. While new supply deliveries are still elevated by historical standards, we are optimistic that the current deceleration in new deliveries, combined with solid demand fundamentals and strong resident retention will lead to strengthening revenue performance throughout the year as tightening market conditions provide increased support for new lease price recovery. While economic uncertainty persists, the long-term outlook for rental housing in our high-demand region remains solid and our growing investments position MAA to deliver meaningful earnings growth as the recovery gains momentum.”

  • During the fourth quarter of 2025, MAA's Same Store effective blended lease rate growth was -1.7%, a 40 basis point improvement over the same period in the prior year.
  • As of December 31, 2025, resident turnover in the Same Store Portfolio remained historically low at 40.2% with a low level of move-outs associated with buying single-family homes of 11.1% for the year.
  • During the fourth quarter of 2025, MAA completed the initial lease-up of MAA Vale in Raleigh, North Carolina and began construction of a multifamily apartment community located on a recently acquired land parcel in the Phoenix, Arizona market.
  • During the fourth quarter of 2025, Mid-America Apartments, L.P. (MAALP), MAA’s operating partnership, issued $400.0 million of 7-year unsecured senior notes at a coupon of 4.650% with an issue price of 99.354%, amended its unsecured revolving credit facility, increasing the borrowing capacity to $1.5 billion and extending the maturity to January 2030, and 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.
  • During the fourth quarter of 2025, MAA repurchased 0.2 million shares of its common stock at a weighted average share price of $131.61 for total consideration of approximately $27 million.

Same Store Operating Results

Same Store results for the three and twelve months ended December 31, 2025 as compared to the same periods in the prior year are summarized below:

Three months ended December 31, 2025 vs. 2024 Twelve months ended December 31, 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 -0.1% 0.7% -0.5% -0.3% -0.1% 2.0% -1.4% -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 twelve months ended December 31, 2025 are summarized below:

Three months ended December 31, 2025 Twelve months ended December 31, 2025
Average Effective Rent per Unit Average Physical Occupancy Average Effective Rent per Unit Average Physical Occupancy Resident Turnover
Same Store Operating Statistics $ 1,687 95.7% $ 1,690 95.6% 40.2%

Same Store net effective lease pricing statistics for the three and twelve months ended December 31, 2025 are summarized below:

Same Store Net Effective Lease Pricing Statistics Three Months Ended<br>December 31, 2025 Twelve Months Ended<br>December 31, 2025
Effective Blended Lease Rate Growth -1.7% -0.1%
Effective New Lease Rate Growth -8.1% -5.8%
Effective Renewal Lease Rate Growth 4.7% 4.6%

Acquisition Activity

In October 2025, MAA acquired a land parcel in the Kansas City market adjacent to a recently acquired community and plans future development of additional multifamily apartment units at the property. MAA also closed on the acquisition of a land parcel located in the Phoenix, Arizona market during October 2025 and began construction on a 280-unit multifamily apartment community.

In January 2026, MAA closed on the acquisition of a land parcel located in the Northern Virginia market through its pre-purchase development program and plans future development of a 287-unit multifamily apartment community at the property starting in the second half of 2026.

Development and Lease-up Activity

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

Units as of Development Costs as of Expected Project
Total December 31, 2025 December 31, 2025 Completions By Year
Development Expected Costs Expected
Projects (1) Total Delivered Leased Total to Date Remaining 2026 2027 2028
8 2,522 660 374 $ 932,000 $ 625,612 $ 306,388 5 1 2
  • Three of the development projects were leasing as of December 31, 2025.

MAA funded approximately $81 million of costs for current and planned development projects, including predevelopment activities, during the fourth 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 fourth quarter of 2025 is set forth below (dollars in thousands):

Total As of December 31, 2025
Lease-Up Total Physical Costs
Projects (1) Units Occupancy to Date
3 1,109 65.7 % $ 326,461
  • Two of the lease-up projects are expected to stabilize in the second quarter of 2026 and one in the third quarter of 2026.

During the fourth quarter of 2025, MAA completed the lease-up of MAA Vale located in Raleigh, North Carolina.

Balance Sheet and Financing Activities

As of December 31, 2025, MAA had $879.2 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 its 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.

In November 2025, MAALP publicly issued $400.0 million of unsecured senior notes due January 2033 with a coupon rate of 4.650% per annum and at an issue price of 99.354%. Interest is payable semi-annually in arrears on January 15 and July 15 of each year, commencing July 15, 2026. The notes have an effective interest rate of 4.755%. The proceeds from the sale of the notes were used to repay borrowings under MAALP's commercial paper program, which were used to repay MAALP's 2015 publicly issued notes that matured in November 2025.

During the fourth quarter of 2025, MAA repurchased 0.2 million shares of its common stock at a weighted average share price of $131.61 for total consideration of approximately $27 million.

Dividends and distributions paid on shares of common stock and noncontrolling interests during the fourth 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 December 31, 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
30.2% 4.3x $ 5.4 3.8% 87.5% 6.4
  • As defined in the covenants for the unsecured senior notes issued by MAALP.
  • Adjusted EBITDAre is calculated for the trailing twelve month period ended December 31, 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.

Corporate Sustainability

As of December 31, 2025, MAA’s corporate initiatives have led to significant progress in MAA’s key sustainability performance areas: People Engagement, Portfolio Resiliency, and Stakeholder Commitment. Documented within MAA’s 6th annual Corporate Sustainability Report, published in September 2025, and using performance data through December 31, 2024, MAA achieved a 29% reduction in energy use intensity (EUI) and a 44% reduction in greenhouse gas emission intensity (GEI) from its 2018 baseline, establishing a rapid pace toward its goal to reduce EUI and GEI by 35% and 45% by 2028, respectively.

MAA believes its resource-efficiency initiatives advance an integrated pathway for sustainability while strengthening operational efficiency and resiliency. Through 2025, MAA expanded smart irrigation systems to 55 properties, completed a building automation system pilot across nine properties to improve common-area energy performance, and initiated solar installations at three properties. These efforts were in parallel to continued portfolio enhancements, including 15,700+ ENERGY STAR appliance installations and EV charging ports now totaling 545 across MAA’s portfolio.

In 2025, MAA also reported strong resident and community outcomes, including a 4.7/5 average Google Star rating, and hosted a second annual MAAke a Difference Day, building on MAA's inaugural MAAke a Difference Day in 2024. Most recent third-party benchmarking results provide additional validation of performance, including a CDP Climate Change score of B and a GRESB Standing Investments score of 80, exceeding the GRESB global average and earning Green Star status.

128th Consecutive Quarterly Common Dividend Declared

MAA declared its 128th consecutive quarterly common dividend, which was paid on January 30, 2026 to holders of record on January 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 providing its initial 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 Full Year 2026
Earnings: Range Midpoint
Earnings per common share - diluted $4.11 to $4.47 $4.29
Core FFO per Share - diluted $8.35 to $8.71 $8.53
Core AFFO per Share - diluted $7.32 to $7.68 $7.50
MAA Same Store Portfolio:
Property revenue growth -0.20% to 1.30% 0.55%
Property operating expense growth 1.90% to 3.40% 2.65%
NOI growth -1.70% to 0.30% -0.70%

The projected difference between Core FFO per diluted Share for the full year of 2025 to the midpoint of MAA's guidance for the full year of 2026 is summarized below:

Core FFO per diluted Share
2025 per diluted Share reported results $ 8.74
Same Store NOI (0.08 )
Development, Lease-up and Other Non-Same Store NOI 0.19
2026 forecasted acquisitions and dispositions (0.01 )
Total overhead (0.05 )
Interest expense (1) (0.25 )
Other non-operating expense (income) (0.01 )
2026 per diluted Share guidance midpoint $ 8.53
  • The projected year-over-year change in Interest expense is driven by higher interest expense as a result of completion of development projects in 2025 and 2026, incremental borrowings related to our acquisition activities in 2025, redevelopment activities and debt refinancing.

MAA expects Core FFO for the first quarter of 2026 to be in the range of $2.05 to $2.17 per diluted Share, or $2.11 per diluted Share at the midpoint. The projected difference from Core FFO per diluted Share for the fourth quarter of 2025 to the midpoint of MAA's guidance for the first quarter of 2026 is summarized below:

Core FFO per diluted Share
Q4 2025 per diluted Share reported results $ 2.23
Same Store NOI (1) (0.03 )
Total overhead (0.06 )
Interest expense (0.02 )
Other non-operating expense (income) (0.01 )
Q1 2026 per diluted Share guidance midpoint $ 2.11
  • The sequential quarter-over-quarter change is calculated with projected Same Store Portfolio NOI for the first quarter of 2026 compared to Same Store NOI from the fourth quarter of 2025, which is recast for the 2026 Same Store Portfolio as provided in the Supplemental Data to this release.

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 fourth quarter results on February 5, 2026, 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 December 31, 2025, MAA had ownership interest in 104,945 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. 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, expected to be filed with the SEC on or about February 6, 2026, 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 December 31, Year ended December 31,
--- --- --- --- --- --- --- --- --- --- --- --- ---
2025 2024 2025 2024
Rental and other property revenues $ 555,556 $ 549,832 $ 2,209,126 $ 2,191,015
Net income available for MAA common shareholders $ 56,649 $ 165,724 $ 443,221 $ 523,855
Total NOI (1) $ 349,820 $ 344,899 $ 1,371,319 $ 1,370,923
Earnings per common share: (2)
Basic $ 0.48 $ 1.42 $ 3.79 $ 4.49
Diluted $ 0.48 $ 1.42 $ 3.78 $ 4.49
Funds from operations per Share - diluted: (2)
FFO (1) $ 1.79 $ 2.21 $ 8.32 $ 8.77
Core FFO (1) $ 2.23 $ 2.23 $ 8.74 $ 8.88
Core AFFO (1) $ 1.91 $ 2.03 $ 7.61 $ 7.94
Dividends declared per common share $ 1.530 $ 1.515 $ 6.075 $ 5.925
Dividends/Core FFO (diluted) payout ratio 68.6 % 67.9 % 69.5 % 66.7 %
Dividends/Core AFFO (diluted) payout ratio 80.1 % 74.6 % 79.8 % 74.6 %
Consolidated interest expense $ 48,708 $ 44,192 $ 185,257 $ 168,544
Debt discount and debt issuance cost amortization (1,697 ) (1,464 ) (6,563 ) (6,033 )
Capitalized interest 4,172 5,247 18,863 17,435
Total interest incurred $ 51,183 $ 47,975 $ 197,557 $ 179,946
  • 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 December 31, 2025 December 31, 2024
Gross Assets (1) $ 17,921,913 $ 17,170,171
Gross Real Estate Assets (1) $ 17,662,513 $ 16,924,002
Total debt $ 5,405,372 $ 4,980,957
Common shares and units outstanding 119,819,916 119,958,973
Share price $ 138.91 $ 154.57
Book equity value $ 5,839,645 $ 6,147,664
Market equity value $ 16,644,185 $ 18,542,058
Net Debt/Adjusted EBITDAre (2) 4.3x 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 December 31, Year ended December 31,
--- --- --- --- --- --- --- --- --- --- --- --- ---
2025 2024 2025 2024
Revenues:
Rental and other property revenues $ 555,556 $ 549,832 $ 2,209,126 $ 2,191,015
Expenses:
Operating expenses, excluding real estate taxes and insurance 124,205 123,848 518,860 502,735
Real estate taxes and insurance 81,531 81,085 318,947 317,357
Depreciation and amortization 159,774 150,852 622,295 585,616
Total property operating expenses 365,510 355,785 1,460,102 1,405,708
Property management expenses 18,507 17,579 74,779 72,040
General and administrative expenses 13,850 14,072 54,807 56,516
Interest expense 48,708 44,192 185,257 168,544
Gain on sale of depreciable real estate assets (224 ) (55,028 ) (72,066 ) (55,003 )
Other non-operating expense (income) 51,464 949 47,161 (1,655 )
Income before income tax expense 57,741 172,283 459,086 544,865
Income tax expense (1,191 ) (1,755 ) (4,595 ) (5,240 )
Income from continuing operations before real estate joint venture activity 56,550 170,528 454,491 539,625
Income from real estate joint venture 691 546 2,075 1,951
Net income 57,241 171,074 456,566 541,576
Net income attributable to noncontrolling interests (330 ) 4,428 9,657 14,033
Net income available for shareholders 57,571 166,646 446,909 527,543
Dividends to MAA Series I preferred shareholders 922 922 3,688 3,688
Net income available for MAA common shareholders $ 56,649 $ 165,724 $ 443,221 $ 523,855
Earnings per common share - basic:
Net income available for common shareholders $ 0.48 $ 1.42 $ 3.79 $ 4.49
Earnings per common share - diluted:
Net income available for common shareholders $ 0.48 $ 1.42 $ 3.78 $ 4.49
SHARE AND UNIT DATA
---
Shares and units in thousands Three months ended December 31, Year ended December 31,
--- --- --- --- --- --- --- --- ---
2025 2024 2025 2024
Net Income Shares (1)
Weighted average common shares - basic 116,985 116,828 116,954 116,776
Effect of dilutive securities 129 64 195 —
Weighted average common shares - diluted 117,114 116,892 117,149 116,776
Funds From Operations Shares And Units
Weighted average common shares and units - basic 119,926 119,904 119,938 119,875
Weighted average common shares and units - diluted 119,987 119,958 120,000 119,929
Period End Shares And Units
Common shares at December 31, 116,878 116,883 116,878 116,883
Operating Partnership units at December 31, 2,942 3,076 2,942 3,076
Total common shares and units at December 31, 119,820 119,959 119,820 119,959
  • For additional information on the calculation of diluted common shares and earnings per common share, please refer to the Notes to the Consolidated Financial Statements in MAA’s Annual Report on Form 10-K for the year ended December 31, 2025, expected to be filed with the SEC on or about February 6, 2026.
CONSOLIDATED BALANCE SHEETS
Dollars in thousands (Unaudited)
--- --- --- --- --- --- ---
December 31, 2025 December 31, 2024
Assets
Real estate assets:
Land $ 2,129,401 $ 2,096,912
Buildings and improvements and other 14,852,509 14,160,799
Development and capital improvements in progress 426,759 470,282
17,408,669 16,727,993
Less: Accumulated depreciation (5,914,017 ) (5,327,584 )
11,494,652 11,400,409
Undeveloped land 73,359 73,359
Investment in real estate joint venture 41,313 41,650
Real estate assets, net 11,609,324 11,515,418
Cash and cash equivalents 60,258 43,018
Restricted cash 13,717 13,743
Other assets 245,683 232,426
Assets held for sale 46,401 7,764
Total assets $ 11,975,383 $ 11,812,369
Liabilities and equity
Liabilities:
Unsecured notes payable, net $ 5,044,979 $ 4,620,690
Secured notes payable, net 360,393 360,267
Accrued expenses and other liabilities 730,366 683,748
Total liabilities 6,135,738 5,664,705
Redeemable common stock 20,402 22,230
Shareholders’ equity:
Preferred stock 9 9
Common stock 1,166 1,166
Additional paid-in capital 7,401,962 7,417,453
Accumulated distributions in excess of net income (1,734,986 ) (1,469,557 )
Accumulated other comprehensive loss (5,300 ) (6,940 )
Total MAA shareholders’ equity 5,662,851 5,942,131
Noncontrolling interests - Operating Partnership units 141,503 155,409
Total shareholders’ equity 5,804,354 6,097,540
Noncontrolling interests - consolidated real estate entities 14,889 27,894
Total equity 5,819,243 6,125,434
Total liabilities and equity $ 11,975,383 $ 11,812,369
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 December 31, Year ended December 31,
--- --- --- --- --- --- --- --- --- --- --- --- ---
2025 2024 2025 2024
Net income available for MAA common shareholders $ 56,649 $ 165,724 $ 443,221 $ 523,855
Depreciation and amortization of real estate assets 158,367 149,457 616,774 579,927
Gain on sale of depreciable real estate assets (224 ) (55,028 ) (72,066 ) (55,003 )
MAA’s share of depreciation and amortization of real estate assets of real estate joint venture 168 162 667 628
Gain on consolidation of third-party development (1) — (206 ) - (11,239 )
Net income attributable to noncontrolling interests (330 ) 4,428 9,657 14,033
FFO attributable to common shareholders and unitholders 214,630 264,537 998,253 1,052,201
Loss (gain) on embedded derivative in preferred shares (1) 2,181 4,300 (1,111 ) 18,751
Gain on investments, net of tax (1)(2) (1,336 ) (3,205 ) (6,069 ) (6,078 )
Casualty related (recoveries) and charges, net (1) (903 ) 338 (4,598 ) (9,326 )
Legal costs, settlements and (recoveries), net (1)(3) 53,000 1,437 61,908 9,437
Core FFO attributable to common shareholders and unitholders 267,572 267,407 1,048,383 1,064,985
Recurring capital expenditures (38,260 ) (23,418 ) (135,375 ) (112,228 )
Core AFFO attributable to common shareholders and unitholders 229,312 243,989 913,008 952,757
Redevelopment capital expenditures (17,400 ) (17,903 ) (66,575 ) (51,670 )
Revenue enhancing capital expenditures (20,647 ) (15,394 ) (76,759 ) (75,960 )
Commercial capital expenditures (9,375 ) (3,542 ) (19,212 ) (7,823 )
Other capital expenditures (4) (14,823 ) (27,193 ) (54,382 ) (71,820 )
FAD attributable to common shareholders and unitholders $ 167,067 $ 179,957 $ 696,080 $ 745,484
Dividends and distributions paid $ 181,835 $ 176,336 $ 727,246 $ 705,160
Weighted average common shares - diluted 117,114 116,892 117,149 116,776
FFO weighted average common shares and units - diluted 119,987 119,958 120,000 119,929
Earnings per common share - diluted:
Net income available for common shareholders $ 0.48 $ 1.42 $ 3.78 $ 4.49
FFO per Share - diluted $ 1.79 $ 2.21 $ 8.32 $ 8.77
Core FFO per Share - diluted $ 2.23 $ 2.23 $ 8.74 $ 8.88
Core AFFO per Share - diluted $ 1.91 $ 2.03 $ 7.61 $ 7.94
  • Included in Other non-operating expense (income) in the Consolidated Statements of Operations.
  • For the three months ended December 31, 2025 and 2024, gain on investments is presented net of tax expense of $0.4 million and $0.9 million, respectively. For the twelve months ended December 31, 2025 and 2024, gain on investments is presented net of tax expense of $1.4 million and $1.7 million, respectively.
  • During the three and twelve months ended December 31, 2025 and the twelve months ended December 31, 2024, in accordance with its accounting policies, MAA recognized $53.0 million, $61.9 million and $8.0 million, respectively, of accrued legal settlements and legal defense costs.
  • For the three and twelve months ended December 31, 2024, $2.4 million and $4.9 million, respectively, of reconstruction-related capital expenditures relating to storm and fire 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 Year Ended
--- --- --- --- --- --- --- --- --- --- --- --- ---
December 31,<br>2025 December 31,<br>2024 December 31,<br>2025 December 31,<br>2024
Net income available for MAA common shareholders $ 56,649 $ 165,724 $ 443,221 $ 523,855
Depreciation and amortization 159,774 150,852 622,295 585,616
Property management expenses 18,507 17,579 74,779 72,040
General and administrative expenses 13,850 14,072 54,807 56,516
Interest expense 48,708 44,192 185,257 168,544
Gain on sale of depreciable real estate assets (224 ) (55,028 ) (72,066 ) (55,003 )
Other non-operating expense (income) 51,464 949 47,161 (1,655 )
Income tax expense 1,191 1,755 4,595 5,240
Income from real estate joint venture (691 ) (546 ) (2,075 ) (1,951 )
Net income attributable to noncontrolling interests (330 ) 4,428 9,657 14,033
Dividends to MAA Series I preferred shareholders 922 922 3,688 3,688
Total NOI $ 349,820 $ 344,899 $ 1,371,319 $ 1,370,923
Same Store NOI $ 329,829 $ 331,326 $ 1,304,264 $ 1,322,186
Non-Same Store and Other NOI 19,991 13,573 67,055 48,737
Total NOI $ 349,820 $ 344,899 $ 1,371,319 $ 1,370,923
RECONCILIATION OF NET INCOME TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
---
Dollars in thousands Three Months Ended Year Ended
--- --- --- --- --- --- --- --- --- --- --- --- ---
December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024
Net income $ 57,241 $ 171,074 $ 456,566 $ 541,576
Depreciation and amortization 159,774 150,852 622,295 585,616
Interest expense 48,708 44,192 185,257 168,544
Income tax expense 1,191 1,755 4,595 5,240
EBITDA 266,914 367,873 1,268,713 1,300,976
Gain on sale of depreciable real estate assets (224 ) (55,028 ) (72,066 ) (55,003 )
Gain on consolidation of third-party development (1) — (206 ) — (11,239 )
Adjustments to reflect MAA’s share of EBITDAre of unconsolidated affiliates 374 345 1,424 1,363
EBITDAre 267,064 312,984 1,198,071 1,236,097
Loss (gain) on embedded derivative in preferred shares (1) 2,181 4,300 (1,111 ) 18,751
Gain on investments (1) (1,687 ) (4,143 ) (7,457 ) (7,809 )
Casualty related (recoveries) and charges, net (1) (903 ) 338 (4,598 ) (9,326 )
Legal costs, settlements and (recoveries), net (1)(2) 53,000 1,437 61,908 9,437
Adjusted EBITDAre $ 319,655 $ 314,916 $ 1,246,813 $ 1,247,150
  • Included in Other non-operating expense (income) in the Consolidated Statements of Operations
  • During the three and twelve months ended December 31, 2025 and the twelve months ended December 31, 2024, in accordance with its accounting policies, MAA recognized $53.0 million, $61.9 million and $8.0 million, respectively, 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
--- --- --- --- --- --- ---
December 31, 2025 December 31, 2024
Unsecured notes payable, net $ 5,044,979 $ 4,620,690
Secured notes payable, net 360,393 360,267
Total debt 5,405,372 4,980,957
Cash and cash equivalents (60,258 ) (43,018 )
Net Debt $ 5,345,114 $ 4,937,939
RECONCILIATION OF TOTAL ASSETS TO GROSS ASSETS
---
Dollars in thousands
--- --- --- --- ---
December 31, 2025 December 31, 2024
Total assets $ 11,975,383 $ 11,812,369
Accumulated depreciation 5,914,017 5,327,584
Accumulated depreciation for Assets held for sale (1) 32,513 30,218
Gross Assets $ 17,921,913 $ 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
--- --- --- --- ---
December 31, 2025 December 31, 2024
Real estate assets, net $ 11,609,324 $ 11,515,418
Accumulated depreciation 5,914,017 5,327,584
Assets held for sale, net 46,401 7,764
Accumulated depreciation for Assets held for sale (1) 32,513 30,218
Cash and cash equivalents 60,258 43,018
Gross Real Estate Assets $ 17,662,513 $ 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 DECEMBER 31, 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 — 6,347 316 6,663
Orlando, FL 5,907 310 — 6,217 — 6,217
Raleigh/Durham, NC 5,350 306 406 6,062 — 6,062
Tampa, FL 5,416 — — 5,416 344 5,760
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 4,477 1,109 102,154 660 102,814
  • 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 December 31, 2025 Average<br>Effective As of December 31, 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>December 31, 2025 Completed<br>Units Total Units,<br>Including<br>Development
Atlanta, GA $ 2,239,150 13.1 % 95.7 % $ 1,791 11,774
Dallas, TX 1,651,472 9.7 % 95.5 % 1,657 10,117
Charlotte, NC 1,282,600 7.5 % 95.8 % 1,644 6,347
Orlando, FL 1,140,603 6.7 % 96.2 % 1,976 6,217
Tampa, FL 1,046,946 6.1 % 96.3 % 2,091 5,416
Austin, TX 988,158 5.8 % 95.2 % 1,481 7,179
Raleigh/Durham, NC 834,254 4.9 % 95.6 % 1,521 5,656
Houston, TX 743,352 4.3 % 96.1 % 1,444 5,175
Phoenix, AZ 606,559 3.5 % 95.9 % 1,697 3,291
Northern Virginia 587,845 3.4 % 95.8 % 2,575 1,888
Nashville, TN 579,949 3.4 % 95.5 % 1,660 4,375
Charleston, SC 452,827 2.6 % 96.3 % 1,843 3,168
Denver, CO 426,341 2.5 % 95.7 % 1,970 1,470
Fort Worth, TX 413,684 2.4 % 95.8 % 1,580 3,687
Jacksonville, FL 334,323 2.0 % 95.1 % 1,469 3,496
Kansas City, MO-KS 296,528 1.7 % 96.1 % 1,707 1,428
Richmond, VA 269,652 1.6 % 96.3 % 1,717 1,732
Fredericksburg, VA 263,244 1.5 % 95.5 % 1,962 1,435
Greenville, SC 252,642 1.5 % 96.3 % 1,368 2,354
Savannah, GA 234,588 1.4 % 95.6 % 1,697 1,837
Birmingham, AL 178,039 1.0 % 95.4 % 1,440 1,462
San Antonio, TX 175,069 1.0 % 95.1 % 1,323 1,504
All Other Markets by State (individual markets <1% gross real assets)
Tennessee 216,879 1.3 % 95.7 % 1,314 2,754
Florida 201,354 1.2 % 96.3 % 1,854 1,806
Alabama 191,602 1.1 % 93.2 % 1,351 1,648
Virginia 175,433 1.0 % 95.7 % 1,852 1,039
Kentucky 109,686 0.6 % 95.8 % 1,318 1,308
Utah 94,565 0.6 % 89.8 % 1,615 400
Maryland 86,290 0.5 % 96.7 % 2,375 361
Nevada 77,138 0.5 % 96.5 % 1,600 721
Stabilized Communities $ 16,150,772 94.4 % 95.7 % $ 1,684 101,045
Charlotte, NC 212,448 1.2 % 10.2 % 1,949 316 541
Tampa, FL 192,360 1.1 % 53.5 % 2,934 344 495
Phoenix, AZ 182,272 1.1 % 85.5 % 1,709 317 942
Raleigh/Durham, NC 142,841 0.8 % 35.5 % 1,781 406 406
Dallas, TX 106,922 0.6 % 81.1 % 1,713 386 386
Richmond, VA 53,087 0.3 % — — — 306
Denver, CO 51,656 0.3 % — — — 219
Charleston, SC 24,257 0.2 % — — — 336
Lease-up / Development Communities $ 965,843 5.6 % 48.9 % $ 2,007 1,769 3,631
Total Multifamily Communities $ 17,116,615 100.0 % 94.7 % $ 1,690 102,814 104,676
  • Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C. As of December 31, 2025, the gross investment in real estate for this community was $83.4 million and includes a mortgage note payable of $52.0 million. For the year ended December 31, 2025, this apartment community achieved NOI of $8.7 million.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

Three Months Ended As of December 31, 2025
December 31, 2025 December 31, 2024 Percent<br>Change Apartment Units Gross Real Assets
Operating Revenues
Same Store Communities $ 518,521 $ 518,796 -0.1 % 96,568 $ 15,187,534
Non-Same Store Communities 22,901 22,582 4,477 963,238
Lease-up/Development Communities 6,278 1,998 1,769 965,843
Total Multifamily Portfolio $ 547,700 $ 543,376 102,814 $ 17,116,615
Commercial Property/Land 7,856 6,456 — 399,839
Total Operating Revenues $ 555,556 $ 549,832 102,814 $ 17,516,454
Property Operating Expenses
Same Store Communities $ 188,692 $ 187,470 0.7 %
Non-Same Store Communities 9,644 10,438
Lease-up/Development Communities 4,326 1,729
Storm Costs — 2,621
Total Multifamily Portfolio $ 202,662 $ 202,258
Commercial Property/Land 3,074 2,675
Total Property Operating Expenses $ 205,736 $ 204,933
Net Operating Income
Same Store Communities $ 329,829 $ 331,326 -0.5 %
Non-Same Store Communities 13,257 12,144
Lease-up/Development Communities 1,952 269
Storm Costs — (2,621 )
Total Multifamily Portfolio $ 345,038 $ 341,118
Commercial Property/Land 4,782 3,781
Total Net Operating Income $ 349,820 $ 344,899 1.4 %
COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES
---

Dollars in thousands

Three Months Ended Year Ended
December 31, 2025 December 31, 2024 Percent Change December 31, 2025 December 31, 2024 Percent<br>Change
Property Taxes $ 68,381 $ 68,127 0.4 % $ 266,588 $ 268,746 (0.8 )%
Personnel 41,575 40,334 3.1 % 171,123 163,923 4.4 %
Utilities 34,796 33,861 2.8 % 139,489 134,181 4.0 %
Building Repair and Maintenance 22,653 22,547 0.5 % 99,574 97,045 2.6 %
Office Operations 8,015 8,921 (10.2 )% 35,594 34,560 3.0 %
Insurance 7,752 8,294 (6.5 )% 32,471 32,858 (1.2 )%
Marketing 5,520 5,386 2.5 % 28,059 26,528 5.8 %
Total Property Operating Expenses $ 188,692 $ 187,470 0.7 % $ 772,898 $ 757,841 2.0 %

Supplemental Data S-3

MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE
Average Physical Occupancy
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Percent of Three Months Ended Year Ended
Apartment Units Same Store NOI December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024
Atlanta, GA 11,434 12.0 % 95.5 % 95.3 % 95.3 % 94.6 %
Dallas, TX 9,755 9.3 % 95.5 % 95.2 % 95.3 % 95.3 %
Orlando, FL 5,907 7.5 % 95.9 % 95.6 % 95.8 % 95.8 %
Tampa, FL 5,416 7.1 % 95.8 % 96.3 % 96.0 % 96.0 %
Charlotte, NC 5,995 6.5 % 96.1 % 95.9 % 95.8 % 95.6 %
Raleigh/Durham, NC 5,350 5.3 % 95.6 % 95.7 % 95.6 % 95.8 %
Austin, TX 6,795 5.2 % 95.4 % 95.2 % 95.1 % 95.0 %
Nashville, TN 4,375 4.8 % 95.8 % 95.8 % 95.6 % 95.9 %
Charleston, SC 3,168 3.9 % 96.2 % 95.7 % 96.0 % 96.1 %
Houston, TX 4,859 3.8 % 96.0 % 95.5 % 95.8 % 95.5 %
Phoenix, AZ 2,968 3.5 % 96.1 % 95.7 % 95.8 % 95.3 %
Fort Worth, TX 3,687 3.4 % 95.6 % 95.4 % 95.5 % 95.3 %
Northern Virginia 1,888 3.3 % 96.1 % 96.2 % 96.2 % 96.6 %
Jacksonville, FL 3,496 2.9 % 95.2 % 95.7 % 95.6 % 95.7 %
Greenville, SC 2,354 2.1 % 96.2 % 95.9 % 95.9 % 95.8 %
Richmond, VA 1,732 2.0 % 96.1 % 96.1 % 96.3 % 96.4 %
Savannah, GA 1,837 2.0 % 95.2 % 95.9 % 95.2 % 95.8 %
Fredericksburg, VA 1,435 1.9 % 96.0 % 96.1 % 96.5 % 96.6 %
Denver, CO 1,118 1.4 % 95.8 % 94.3 % 95.4 % 95.3 %
Birmingham, AL 1,462 1.3 % 95.3 % 95.5 % 95.8 % 95.6 %
San Antonio, TX 1,504 1.1 % 95.3 % 95.7 % 95.2 % 95.6 %
Kansas City, MO-KS 1,110 1.1 % 96.2 % 95.5 % 95.6 % 95.8 %
Memphis, TN 1,193 1.1 % 95.8 % 94.9 % 94.9 % 95.8 %
Huntsville, AL 1,228 0.9 % 92.2 % 95.7 % 93.4 % 95.2 %
Other 6,502 6.6 % 95.8 % 95.3 % 95.8 % 95.7 %
Total Same Store 96,568 100.0 % 95.7 % 95.6 % 95.6 % 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 Q4 2025 Q4 2024 % Chg Q4 2025 Q4 2024 % Chg Q4 2025 Q4 2024 % Chg Q4 2025 Q4 2024 % Chg
Atlanta, GA 11,434 $ 64,566 $ 64,825 (0.4 )% $ 25,023 $ 26,912 (7.0 )% $ 39,543 $ 37,913 4.3 % $ 1,788 $ 1,798 (0.5 )%
Dallas, TX 9,755 51,244 51,148 0.2 % 20,757 20,914 (0.8 )% 30,487 30,234 0.8 % 1,665 1,662 0.2 %
Orlando, FL 5,907 36,975 36,912 0.2 % 12,203 12,575 (3.0 )% 24,772 24,337 1.8 % 1,980 1,990 (0.5 )%
Tampa, FL 5,416 35,892 35,800 0.3 % 12,625 11,885 6.2 % 23,267 23,915 (2.7 )% 2,091 2,086 0.2 %
Charlotte, NC 5,995 31,169 31,299 (0.4 )% 9,771 9,316 4.9 % 21,398 21,983 (2.7 )% 1,639 1,648 (0.6 )%
Raleigh/Durham, NC 5,350 26,145 26,409 (1.0 )% 8,584 7,750 10.8 % 17,561 18,659 (5.9 )% 1,515 1,533 (1.2 )%
Austin, TX 6,795 33,031 34,291 (3.7 )% 15,784 14,657 7.7 % 17,247 19,634 (12.2 )% 1,497 1,569 (4.6 )%
Nashville, TN 4,375 23,125 23,420 (1.3 )% 7,446 7,229 3.0 % 15,679 16,191 (3.2 )% 1,660 1,680 (1.2 )%
Charleston, SC 3,168 18,485 18,047 2.4 % 5,754 5,571 3.3 % 12,731 12,476 2.0 % 1,843 1,817 1.4 %
Houston, TX 4,859 22,797 22,450 1.5 % 10,255 10,453 (1.9 )% 12,542 11,997 4.5 % 1,454 1,445 0.6 %
Phoenix, AZ 2,968 16,066 16,124 (0.4 )% 4,387 4,422 (0.8 )% 11,679 11,702 (0.2 )% 1,691 1,721 (1.7 )%
Fort Worth, TX 3,687 19,310 19,189 0.6 % 8,173 8,023 1.9 % 11,137 11,166 (0.3 )% 1,580 1,580 0.0 %
Northern Virginia 1,888 15,131 14,770 2.4 % 4,410 4,505 (2.1 )% 10,721 10,265 4.4 % 2,575 2,501 3.0 %
Jacksonville, FL 3,496 15,671 15,922 (1.6 )% 6,025 5,859 2.8 % 9,646 10,063 (4.1 )% 1,469 1,493 (1.7 )%
Greenville, SC 2,354 10,673 10,370 2.9 % 3,631 3,703 (1.9 )% 7,042 6,667 5.6 % 1,368 1,335 2.5 %
Richmond, VA 1,732 9,407 9,025 4.2 % 2,813 2,776 1.3 % 6,594 6,249 5.5 % 1,717 1,672 2.7 %
Savannah, GA 1,837 10,051 10,221 (1.7 )% 3,577 3,525 1.5 % 6,474 6,696 (3.3 )% 1,697 1,708 (0.7 )%
Fredericksburg, VA 1,435 8,924 8,643 3.3 % 2,564 2,513 2.0 % 6,360 6,130 3.8 % 1,962 1,891 3.8 %
Denver, CO 1,118 6,709 6,912 (2.9 )% 1,994 2,176 (8.4 )% 4,715 4,736 (0.4 )% 1,918 1,968 (2.6 )%
Birmingham, AL 1,462 6,935 6,836 1.4 % 2,689 2,650 1.5 % 4,246 4,186 1.4 % 1,440 1,406 2.4 %
San Antonio, TX 1,504 6,307 6,543 (3.6 )% 2,538 2,826 (10.2 )% 3,769 3,717 1.4 % 1,323 1,363 (2.9 )%
Kansas City, MO-KS 1,110 5,936 5,764 3.0 % 2,186 2,025 8.0 % 3,750 3,739 0.3 % 1,679 1,644 2.1 %
Memphis, TN 1,193 5,353 5,523 (3.1 )% 1,883 1,944 (3.1 )% 3,470 3,579 (3.0 )% 1,416 1,448 (2.2 )%
Huntsville, AL 1,228 5,065 5,339 (5.1 )% 1,954 1,752 11.5 % 3,111 3,587 (13.3 )% 1,263 1,293 (2.4 )%
Other 6,502 33,554 33,014 1.6 % 11,666 11,509 1.4 % 21,888 21,505 1.8 % 1,636 1,617 1.2 %
Total Same Store 96,568 $ 518,521 $ 518,796 (0.1 )% $ 188,692 $ 187,470 0.7 % $ 329,829 $ 331,326 (0.5 )% $ 1,687 $ 1,692 (0.3 )%

Supplemental Data S-5

MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except Average Effective Rent per Unit

Revenues Expenses NOI Average Effective Rent per Unit
Units Q4 2025 Q3 2025 % Chg Q4 2025 Q3 2025 % Chg Q4 2025 Q3 2025 % Chg Q4 2025 Q3 2025 % Chg
Atlanta, GA 11,434 $ 64,566 $ 64,765 (0.3 )% $ 25,023 $ 27,030 (7.4 )% $ 39,543 $ 37,735 4.8 % $ 1,788 $ 1,793 (0.3 )%
Dallas, TX 9,755 51,244 51,448 (0.4 )% 20,757 23,034 (9.9 )% 30,487 28,414 7.3 % 1,665 1,665 (0.0 )%
Orlando, FL 5,907 36,975 37,044 (0.2 )% 12,203 11,553 5.6 % 24,772 25,491 (2.8 )% 1,980 1,983 (0.2 )%
Tampa, FL 5,416 35,892 36,088 (0.5 )% 12,625 13,162 (4.1 )% 23,267 22,926 1.5 % 2,091 2,100 (0.4 )%
Charlotte, NC 5,995 31,169 31,337 (0.5 )% 9,771 9,901 (1.3 )% 21,398 21,436 (0.2 )% 1,639 1,649 (0.6 )%
Raleigh/Durham, NC 5,350 26,145 26,370 (0.9 )% 8,584 8,871 (3.2 )% 17,561 17,499 0.4 % 1,515 1,524 (0.5 )%
Austin, TX 6,795 33,031 33,575 (1.6 )% 15,784 17,038 (7.4 )% 17,247 16,537 4.3 % 1,497 1,521 (1.6 )%
Nashville, TN 4,375 23,125 23,164 (0.2 )% 7,446 8,132 (8.4 )% 15,679 15,032 4.3 % 1,660 1,667 (0.4 )%
Charleston, SC 3,168 18,485 18,418 0.4 % 5,754 6,182 (6.9 )% 12,731 12,236 4.0 % 1,843 1,840 0.2 %
Houston, TX 4,859 22,797 22,841 (0.2 )% 10,255 9,861 4.0 % 12,542 12,980 (3.4 )% 1,454 1,454 0.0 %
Phoenix, AZ 2,968 16,066 16,190 (0.8 )% 4,387 4,857 (9.7 )% 11,679 11,333 3.1 % 1,691 1,697 (0.4 )%
Fort Worth, TX 3,687 19,310 19,378 (0.4 )% 8,173 8,325 (1.8 )% 11,137 11,053 0.8 % 1,580 1,580 0.0 %
Northern Virginia 1,888 15,131 15,109 0.1 % 4,410 4,698 (6.1 )% 10,721 10,411 3.0 % 2,575 2,573 0.1 %
Jacksonville, FL 3,496 15,671 15,751 (0.5 )% 6,025 6,034 (0.1 )% 9,646 9,717 (0.7 )% 1,469 1,476 (0.5 )%
Greenville, SC 2,354 10,673 10,621 0.5 % 3,631 4,105 (11.5 )% 7,042 6,516 8.1 % 1,368 1,367 0.1 %
Richmond, VA 1,732 9,407 9,352 0.6 % 2,813 2,869 (2.0 )% 6,594 6,483 1.7 % 1,717 1,708 0.5 %
Savannah, GA 1,837 10,051 10,169 (1.2 )% 3,577 3,932 (9.0 )% 6,474 6,237 3.8 % 1,697 1,713 (1.0 )%
Fredericksburg, VA 1,435 8,924 8,962 (0.4 )% 2,564 2,574 (0.4 )% 6,360 6,388 (0.4 )% 1,962 1,963 (0.0 )%
Denver, CO 1,118 6,709 6,886 (2.6 )% 1,994 2,353 (15.3 )% 4,715 4,533 4.0 % 1,918 1,936 (0.9 )%
Birmingham, AL 1,462 6,935 6,957 (0.3 )% 2,689 2,802 (4.0 )% 4,246 4,155 2.2 % 1,440 1,438 0.1 %
San Antonio, TX 1,504 6,307 6,441 (2.1 )% 2,538 2,698 (5.9 )% 3,769 3,743 0.7 % 1,323 1,338 (1.1 )%
Kansas City, MO-KS 1,110 5,936 5,934 0.0 % 2,186 2,190 (0.2 )% 3,750 3,744 0.2 % 1,679 1,689 (0.6 )%
Memphis, TN 1,193 5,353 5,364 (0.2 )% 1,883 2,144 (12.2 )% 3,470 3,220 7.8 % 1,416 1,423 (0.5 )%
Huntsville, AL 1,228 5,065 5,087 (0.4 )% 1,954 2,083 (6.2 )% 3,111 3,004 3.6 % 1,263 1,274 (0.8 )%
Other 6,502 33,554 33,609 (0.2 )% 11,666 12,401 (5.9 )% 21,888 21,208 3.2 % 1,636 1,634 0.1 %
Total Same Store 96,568 $ 518,521 $ 520,860 (0.4 )% $ 188,692 $ 198,829 (5.1 )% $ 329,829 $ 322,031 2.4 % $ 1,687 $ 1,693 (0.3 )%

Supplemental Data S-6

MULTIFAMILY SAME STORE PORTFOLIO FULL YEAR COMPARISONS AS OF DECEMBER 31, 2025 AND 2024

Dollars in thousands, except Average Effective Rent per Unit

Revenues Expenses NOI Average Effective Rent per Unit
Units Q4 2025 Q4 2024 % Chg Q4 2025 Q4 2024 % Chg Q4 2025 Q4 2024 % Chg Q4 2025 Q4 2024 % Chg
Atlanta, GA 11,434 $ 258,343 $ 260,040 (0.7 )% $ 101,939 $ 104,908 (2.8 )% $ 156,404 $ 155,132 0.8 % $ 1,791 $ 1,819 (1.6 )%
Dallas, TX 9,755 204,807 205,360 (0.3 )% 86,001 84,968 1.2 % 118,806 120,392 (1.3 )% 1,662 1,670 (0.5 )%
Orlando, FL 5,907 147,837 148,712 (0.6 )% 50,683 51,222 (1.1 )% 97,154 97,490 (0.3 )% 1,983 1,999 (0.8 )%
Tampa, FL 5,416 143,954 143,037 0.6 % 51,390 48,702 5.5 % 92,564 94,335 (1.9 )% 2,093 2,093 0.0 %
Charlotte, NC 5,995 125,082 125,419 (0.3 )% 39,459 37,892 4.1 % 85,623 87,527 (2.2 )% 1,645 1,654 (0.6 )%
Raleigh/Durham, NC 5,350 105,233 106,359 (1.1 )% 35,160 34,186 2.8 % 70,073 72,173 (2.9 )% 1,524 1,540 (1.0 )%
Austin, TX 6,795 134,310 139,397 (3.6 )% 63,850 61,594 3.7 % 70,460 77,803 (9.4 )% 1,532 1,603 (4.4 )%
Nashville, TN 4,375 92,892 94,218 (1.4 )% 31,283 30,756 1.7 % 61,609 63,462 (2.9 )% 1,669 1,691 (1.3 )%
Charleston, SC 3,168 73,250 72,141 1.5 % 24,075 23,028 4.5 % 49,175 49,113 0.1 % 1,831 1,801 1.7 %
Houston, TX 4,859 90,859 89,590 1.4 % 40,820 38,680 5.5 % 50,039 50,910 (1.7 )% 1,450 1,443 0.5 %
Phoenix, AZ 2,968 64,432 64,830 (0.6 )% 18,074 18,099 (0.1 )% 46,358 46,731 (0.8 )% 1,702 1,734 (1.8 )%
Fort Worth, TX 3,687 77,352 76,689 0.9 % 31,341 29,946 4.7 % 46,011 46,743 (1.6 )% 1,579 1,579 0.0 %
Northern Virginia 1,888 60,081 57,859 3.8 % 18,208 17,916 1.6 % 41,873 39,943 4.8 % 2,550 2,445 4.3 %
Jacksonville, FL 3,496 63,245 64,832 (2.4 )% 24,562 23,592 4.1 % 38,683 41,240 (6.2 )% 1,478 1,514 (2.4 )%
Greenville, SC 2,354 42,260 41,371 2.1 % 15,672 15,193 3.2 % 26,588 26,178 1.6 % 1,356 1,331 1.8 %
Richmond, VA 1,732 36,940 36,214 2.0 % 11,390 11,314 0.7 % 25,550 24,900 2.6 % 1,698 1,659 2.4 %
Savannah, GA 1,837 40,470 40,469 0.0 % 15,058 14,831 1.5 % 25,412 25,638 (0.9 )% 1,707 1,706 0.1 %
Fredericksburg, VA 1,435 35,706 34,212 4.4 % 10,184 9,945 2.4 % 25,522 24,267 5.2 % 1,944 1,850 5.1 %
Denver, CO 1,118 27,417 28,132 (2.5 )% 8,577 8,732 (1.8 )% 18,840 19,400 (2.9 )% 1,939 1,974 (1.8 )%
Birmingham, AL 1,462 27,695 27,151 2.0 % 11,007 10,856 1.4 % 16,688 16,295 2.4 % 1,426 1,403 1.6 %
San Antonio, TX 1,504 25,730 26,354 (2.4 )% 10,641 11,299 (5.8 )% 15,089 15,055 0.2 % 1,340 1,373 (2.4 )%
Kansas City, MO-KS 1,110 23,477 22,743 3.2 % 8,607 8,161 5.5 % 14,870 14,582 2.0 % 1,670 1,614 3.5 %
Memphis, TN 1,193 21,521 22,143 (2.8 )% 7,931 7,901 0.4 % 13,590 14,242 (4.6 )% 1,426 1,441 (1.0 )%
Huntsville, AL 1,228 20,685 21,371 (3.2 )% 7,905 7,594 4.1 % 12,780 13,777 (7.2 )% 1,276 1,307 (2.4 )%
Other 6,502 133,584 131,384 1.7 % 49,081 46,526 5.5 % 84,503 84,858 (0.4 )% 1,627 1,604 1.5 %
Total Same Store 96,568 $ 2,077,162 $ 2,080,027 (0.1 )% $ 772,898 $ 757,841 2.0 % $ 1,304,264 $ 1,322,186 (1.4 )% $ 1,690 $ 1,698 (0.5 )%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE
Units as of Development Costs as of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
December 31, 2025 December 31, 2025 Expected
Expected Costs Expected Start Initial
Location Total Delivered Leased Total to Date Remaining Date Occupancy Completion Stabilization (1)
MAA Breakwater Tampa, FL 495 344 297 $ 197,500 $ 192,360 $ 5,140 4Q22 1Q25 1Q26 1Q27
Modera Liberty Row (2) Charlotte, NC 239 228 75 112,000 111,567 (4) 433 1Q22 3Q25 1Q26 4Q26
MAA Plaza Midwood (3) Charlotte, NC 302 88 2 101,500 87,111 14,389 2Q24 4Q25 3Q26 3Q27
Modera Chandler (3) Phoenix, AZ 345 — — 117,500 75,791 41,709 2Q24 2Q26 4Q26 4Q27
MAA Milepost 35 II Denver, CO 219 — — 78,000 51,656 26,344 4Q24 2Q26 4Q26 4Q27
MAA Rove Richmond, VA 306 — — 99,500 53,087 46,413 3Q24 1Q27 3Q27 1Q28
MAA Point Hope (3) Charleston, SC 336 — — 91,000 24,257 66,743 2Q25 1Q27 1Q28 3Q28
MAA One Scottsdale Phoenix, AZ 280 — — 135,000 29,783 105,217 4Q25 1Q28 3Q28 2Q29
Total Active 2,522 660 374 $ 932,000 $ 625,612 $ 306,388
  • 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
As of December 31, 2025
--- --- --- --- --- --- --- --- ---
Location Total Units Physical Occupancy Costs to Date Construction Completed Expected Stabilization (1)
Novel Val Vista (2) Phoenix, AZ 317 85.5% $ 76,698 4Q24 2Q26
MAA Cathedral Arts Dallas, TX 386 81.1% 106,922 (3) 2Q26
MAA Nixie Raleigh/Durham, NC 406 35.5% 142,841 3Q25 3Q26
Total 1,109 65.7% $ 326,461
  • 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

Year ended December 31, 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 5,995 $ 36,447 $ 6,080 $ 95 6.9% 9,000 - 12,000

During the fourth 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 $7.8 million on its WiFi Retrofit program and $12.1 million on its Property Repositioning program during the year ended December 31, 2025.

Supplemental Data S-8

2025 ACQUISITION ACTIVITY AS OF DECEMBER 31, 2025
Multifamily Acquisitions Market Apartment Units Closing Date
--- --- --- ---
MAA ONE28 Kansas City, MO-KS 318 Aug-25
Land Acquisitions Market Closing Date
--- --- ---
MAA Point Hope (1) Charleston, SC Jun-25
MAA ONE28 II Kansas City, MO-KS Oct-25
MAA One Scottsdale Phoenix, AZ Oct-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 DECEMBER 31, 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 DECEMBER 31, 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 $ 4,729,372 87.5 % 3.8 % 7.3
Floating rate debt 676,000 12.5 % 3.9 % 0.1
Total $ 5,405,372 100.0 % 3.8 % 6.4
Unsecured Versus Secured Debt Balance Percent of Total Effective Interest Rate Average Years to Contract Maturity
Unsecured debt $ 5,044,979 93.3 % 3.8 % 5.2
Secured debt 360,393 6.7 % 4.4 % 23.1
Total $ 5,405,372 100.0 % 3.8 % 6.4
Unencumbered Versus Encumbered Assets Total Cost Percent of Total Q4 2025 NOI Percent of Total
Unencumbered gross assets $ 17,135,380 95.6 % $ 335,564 95.9 %
Encumbered gross assets 786,533 4.4 % 14,256 4.1 %
Total $ 17,921,913 100.0 % $ 349,820 100.0 %

FIXED INTEREST RATE MATURITIES

Maturity Fixed Rate Debt Effective Interest Rate
2026 $ 299,516 1.2 %
2027 598,907 3.7 %
2028 398,519 4.2 %
2029 554,833 3.7 %
2030 298,573 3.1 %
2031 446,959 1.8 %
2032 395,428 5.4 %
2033 393,928 4.8 %
2034 344,477 5.1 %
2035 344,342 5.1 %
Thereafter 653,890 3.8 %
Total $ 4,729,372 3.8 %

Supplemental Data S-9

DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2025 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

Maturity Commercial Paper ⁽¹⁾ & Revolving Credit Facility ⁽²⁾ Public Bonds Secured Total
2026 $ 676,000 $ 299,516 $ — $ 975,516
2027 — 598,907 — 598,907
2028 — 398,519 — 398,519
2029 — 554,833 — 554,833
2030 — 298,573 — 298,573
2031 — 446,959 — 446,959
2032 — 395,428 — 395,428
2033 — 393,928 — 393,928
2034 — 344,477 — 344,477
2035 — 344,342 — 344,342
Thereafter — 293,497 360,393 653,890
Total $ 676,000 $ 4,368,979 $ 360,393 $ 5,405,372
  • The $676.0 million maturing in 2026 reflects the principal outstanding under MAALP’s unsecured commercial paper program as of December 31, 2025. 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 December 31, 2025, average daily borrowings outstanding under the commercial paper program were $531.8 million.
  • There were no borrowings outstanding under MAALP’s $1.5 billion unsecured revolving credit facility as of December 31, 2025. 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 30.2% 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 6.1x Yes
Total unencumbered assets to total unsecured debt Greater than 150% 330.5% Yes
Bank Covenants Required Actual Compliance
Total debt to total capitalized asset value 60% or less 23.1% 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 6.5x Yes
Total unsecured debt to total unsecured capitalized asset value 60% or less 22.4% 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

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.
Earnings: Midpoint
Earnings per common share - diluted $4.29
Core FFO per Share - diluted $8.53
Core AFFO per Share - diluted $7.50
MAA Same Store Portfolio:
Number of units 96,561
Average physical occupancy 95.60%
Property revenue growth 0.55%
Effective rent growth 0.35%
Property operating expense growth 2.65%
NOI growth -0.70%
Real estate tax expense growth 2.25%
Corporate Expenses: ( in millions)
Property management expenses $78.5
General and administrative expenses $57.5
Total overhead $136.0
Transaction/Investment Volume: ( in millions)
Multifamily acquisition volume $250.0
Multifamily disposition volume $250.0
Development investment $400.0
Debt:
Average effective interest rate 3.7%
Capitalized interest ( in millions) $19.0
Diluted FFO Shares Outstanding:
Diluted common shares and units 119.90 million

All values are in US Dollars.

2025 SAME STORE COMPONENTS OF NET OPERATING INCOME RECAST FOR 2026 SAME STORE PORTFOLIO
Q4 2025 Full Year 2025
--- --- --- --- ---
Same Store Revenues Recast for 2026 Same Store Portfolio $ 518,640 $ 2,077,526
Same Store Expenses Recast for 2026 Same Store Portfolio 188,984 773,572
Same Store NOI Recast for 2026 Same Store Portfolio $ 329,656 $ 1,303,954
RECONCILIATION OF EARNINGS PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER DILUTED SHARE FOR FULL YEAR 2026 GUIDANCE
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Full Year 2026 Guidance Range
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Low High
Earnings per common share - diluted $ 4.11 $ 4.47
Real estate depreciation and amortization 5.38 5.38
Gains on sale of depreciable assets (1.19 ) (1.19 )
FFO per Share - diluted 8.30 8.66
Non-Core FFO items (1) 0.05 0.05
Core FFO per Share - diluted 8.35 8.71
Recurring capital expenditures (1.03 ) (1.03 )
Core AFFO per Share - diluted $ 7.32 $ 7.68
  • 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
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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
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Exchange Traded: NYSE
Estimated Future Dates: Q1 2026 Q2 2026 Q3 2026 Q4 2026
Earnings release & conference call Late<br>April Late<br>July Late<br>October Early<br>February
Dividend Information - Common Shares: Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Declaration date 12/10/2024 3/18/2025 5/21/2025 9/23/2025 12/10/2025
Record date 1/15/2025 4/15/2025 7/15/2025 10/15/2025 1/15/2026
Payment date 1/31/2025 4/30/2025 7/31/2025 10/31/2025 1/30/2026
Distributions per share $ 1.5150 $ 1.5150 $ 1.5150 $ 1.5150 $ 1.5300
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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