Consolidated Statements of Operations/Share and 8
TABLE OF CONTENTS Earnings Release 3 Financial Highlights 7 Consolidated Statements of Operations/Share and 8 Unit Data 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 S-3 Same Store Portfolio Property Operating Expenses Multifamily Same Store Portfolio NOI Contribution S-4 Percentage Multifamily Same Store Portfolio Comparisons S-5 Multifamily Development Pipeline/Multifamily Lease-up Communities/Multifamily Interior S-8 Redevelopment, WiFi Retrofit and Property Repositioning Activity Acquisition Activity/Disposition Activity/Debt and S-9 Debt Covenants as of September 30, 2026 2026 Guidance/Reconciliation of Earnings per Diluted Common Share to Core FFO and Core AFFO per S-11 Diluted Share for Full Year 2026 Guidance Credit Ratings/Common Stock/Investor Relations S-12 Data
MAA REPORTS THIRD QUARTER 2026 RESULTS GERMANTOWN, TN, October 28, 2026/PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the three and nine months ended September 30, 2026.
(1) A reconciliation of Net income available for MAA common shareholders to FFO and Core FFO is found later in this release. Brad Hill, President and Chief Executive Officer, said, “Third quarter Core FFO met our expectations as we built occupancy through the quarter and expense management remained disciplined. Our focus on resident service and satisfaction supports sector-leading results, with renewing resident lease pricing increasing 80 basis points year-over-year to 5.3%, and record retention. Our revised forecast reflects higher interest rates and new resident year-over-year pricing improvement occurring about a quarter later than we expected, impacting our blended pricing and occupancy as we built occupancy through the quarter. With stable occupancy and strong market absorption, October new resident lease pricing improved from September, counter to the normal seasonal pattern, resulting in the year’s first year-over-year improvement in new resident lease-over-lease pricing, and October blended pricing accelerated more than 100 basis points year-over-year. These trends support our continued optimism that pricing trends will grow increasingly positive into the new year.” • During the third quarter of 2026, MAA's Same Store effective blended lease rate growth was 0.4%, a 10 basis point improvement over the same period in the prior year driven by an 80 basis point improvement in renewal lease pricing. • As of September 30, 2026, resident turnover in the Same Store Portfolio remained historically low at 39.6% with a record low level of move-outs associated with buying single-family homes of 10.1% for the quarter. • During the third quarter of 2026, MAA completed the initial lease-up of MAA Val Vista in the Phoenix, Arizona market and MAA Breakwater in Tampa, Florida, completed the development of MAA Milepost II located in Denver, Colorado and began construction of multifamily apartment communities in the Northern Virginia and Nashville, Tennessee markets as well as a phase II multifamily expansion in the Kansas City market. • During the third quarter of 2026, Mid-America Apartments, L.P. (MAALP), MAA’s operating partnership, borrowed an additional $250.0 million under its unsecured delayed draw term loan (referred to in this release as the DDTL Facility) that was established in June 2026. As of September 30, 2026, there was $350.0 million outstanding under the DDTL Facility. • On October 1, 2026, MAA redeemed all of the outstanding shares of MAA's 8.50% Series I Cumulative Redeemable Preferred Stock (referred to in this release as the Series I preferred shares), with $43.4 million of cash funded from proceeds received from the sale of 0.3 million shares of common stock through MAA’s at-the-market share offering program upon settlement in September 2026 of a forward sale agreement that had a forward sale price of $130.34 per share. • During the third quarter of 2026, MAA repurchased 0.4 million shares of its common stock at a weighted average share price of $126.72 for total consideration of $50.0 million. Same Store Operating Results Same Store results for the three and nine months ended September 30, 2026 as compared to the same periods in the prior year are summarized below:
(1) A reconciliation of Net income available for MAA common shareholders to NOI, including Same Store NOI, is found later in this release. Same Store operating statistics for the three and nine months ended September 30, 2026 are summarized below:
3 Same Store net effective lease pricing statistics for the three and nine months ended September 30, 2026 are summarized below:
Same Store Net Effective Lease Pricing Three Months Ended Nine Months Ended Statistics September 30, 2026 September 30, 2026 ────────────────────────────────────────────────────────────────────────────── Effective Blended Lease Rate 0.4% 0.4% Growth Effective New Lease Rate Growth -6.0% -6.0% Effective Renewal Lease Rate 5.3% 5.3% Growth
Acquisition and Disposition Activity In July 2026, MAA closed on the acquisition of a land parcel located in the Northern Virginia market through its pre- purchase development program and began development of a 306-unit multifamily apartment community at the property in August 2026. In September 2026, a 269-unit multifamily apartment community located in Washington, D.C. was sold for gross proceeds of approximately $147 million. MAA holds a 35% interest in the joint venture that owned the property. The joint venture has no ongoing operations and is expected to distribute the net proceeds during the fourth quarter of 2026. Development and Lease-up Activity A summary of MAA’s development communities under construction as of the end of the third quarter of 2026 is set forth below (dollars in thousands):
(1) One of the development projects was leasing as of September 30, 2026. During the third quarter of 2026, MAA completed the development of MAA Milepost II in Denver, Colorado and began construction of multifamily apartment communities in the Northern Virginia and Nashville, Tennessee markets as well as a phase II multifamily expansion in the Kansas City market. MAA funded approximately $84 million of costs for current and planned development projects, including predevelopment activities, during the third quarter of 2026. A summary of the total units, physical occupancy and cost of MAA’s lease-up communities as of the end of the third quarter of 2026 is set forth below (dollars in thousands):
(1) Two of the lease-up projects are expected to stabilize in the fourth quarter of 2026, one in the second quarter of 2027 and one in the third quarter of 2027. During the third quarter of 2026, MAA completed the lease-up of MAA Val Vista in the Phoenix, Arizona market and MAA Breakwater in Tampa, Florida. Balance Sheet and Financing Activities As of September 30, 2026, MAA had $660.7 million of combined cash and available capacity under MAALP’s unsecured revolving credit facility. During the third quarter of 2026, MAALP borrowed an additional $250.0 million on its DDTL Facility that was established in June 2026. The DDTL Facility is scheduled to mature in November 2030 and also contains an uncommitted accordion feature that allows MAALP to increase the total amount of unsecured indebtedness under the DDTL Facility to $550.0 million. As of September 30, 2026, there was $350.0 million outstanding under the DDTL Facility. On October 1, 2026, MAA redeemed all of the outstanding Series I preferred shares with $43.4 million of cash funded from proceeds received from the sale of 0.3 million shares of common stock through MAA’s at-the-market share offering program upon settlement in September 2026 of a forward sale agreement that had a forward sale price of $130.34 per share. During the third quarter of 2026, MAA repurchased 0.4 million shares of its common stock at a weighted average share price of $126.72 for total consideration of $50.0 million. Dividends and distributions paid on shares of common stock and noncontrolling interests during the third quarter of 2026 were $182.0 million, as compared to $181.8 million for the same period in the prior year. 4 Balance sheet highlights as of September 30, 2026 are summarized below (dollars in billions):
(1) As defined in the covenants for the unsecured senior notes issued by MAALP. (2) Adjusted EBITDA re is calculated for the trailing twelve month period ended September 30, 2026. A reconciliation of Unsecured notes payable, net and Secured notes payable, net to Net Debt and a reconciliation of Net income to Adjusted EBITDA re are found later in this release. 131st Consecutive Quarterly Common Dividend Declared MAA declared its 131st consecutive quarterly common dividend, which will be paid on October 30, 2026 to holders of record on October 15, 2026. The current annual dividend rate is $6.12 per common share. The timing and amount of future dividends will depend on actual cash flows from operations, MAA’s financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986 and other factors as MAA’s Board of Directors deems relevant. MAA’s Board of Directors may modify the dividend policy from time to time. 2026 Earnings and Same Store Guidance MAA is updating its prior 2026 guidance for Earnings per diluted common share, Core FFO per diluted Share, Core AFFO per diluted Share and Same Store performance. MAA expects to provide updates to its 2026 Earnings per diluted common share, Core FFO per diluted Share and Core AFFO per diluted Share guidance on a quarterly basis. FFO, Core FFO and Core AFFO are non-GAAP financial measures. Acquisition and disposition activity materially affects depreciation and capital gains or losses, which combined, generally represent the majority of the difference between Net income available for common shareholders and FFO. As discussed in the definitions of non-GAAP financial measures found later in this release, MAA’s definition of FFO is in accordance with the National Association of Real Estate Investment Trusts’, or NAREIT’s, definition, and Core FFO represents FFO as adjusted for items that are not considered part of MAA’s core business operations. MAA believes that Core FFO is helpful in understanding operating performance in that Core FFO excludes not only depreciation expense of real estate assets and certain other non-routine items, but it also excludes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.
MAA expects Core FFO for the fourth quarter of 2026 to be in the range of $2.12 to $2.24 per diluted Share, or $2.18 per diluted Share at the midpoint. The projected difference from Core FFO per diluted Share for the third quarter of 2026 to the midpoint of MAA's guidance for the fourth quarter of 2026 is summarized below:
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 29, 2026, at 9:00 AM Central Time. The conference call-in number is (833) 461-5787. 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. 5 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, 2026, MAA had ownership interest in 105,136 apartment units, including communities in development, across 16 states. For further details, please visit the MAA website at www.maac.com or contact Investor Relations at investor.relations@maac.com, or via mail at MAA, 6815 Poplar Ave., Suite 500, Germantown, TN 38138, Attn: Investor Relations.
Forward-Looking Statements This release (as well as the Supplemental Data to this release) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not discuss historical fact, but instead are statements related to expectations, projections, intentions, assumptions and beliefs regarding the future. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “forecasts,” “projects,” “assumes,” “will,” “may,” “could,” “should,” “budget,” “target,” “outlook,” “proforma,” “opportunity,” “guidance” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, but are not limited to, statements regarding quarterly and full year 2026 guidance (including earnings guidance, Same Store Portfolio guidance and other related projections and assumptions), development costs for our development communities, timelines for occupancy, completion and stabilization of our development communities, and timelines for stabilization of our lease-up communities. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, as described below, which may cause our actual results, performance, achievements or outcomes to be materially different from the future results, performance, achievements or outcomes expressed or implied by such forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of such statements should not be regarded as a representation by us or any other person that the results, performance, achievements or outcomes described in such statements will be achieved. The following factors, among others, could cause our actual results, performance, achievements or outcomes to differ materially from those expressed or implied in the forward-looking statements: adverse effects on occupancy levels and rental revenues due to unfavorable market and economic conditions; adverse changes in real estate markets, including changes in supply and/or demand for multifamily housing or increased competition from alternative housing options; failure of development communities to be completed within budget and on a timely basis, if at all, to lease-up as anticipated or to achieve anticipated results; unexpected capital needs; material changes in operating costs, including real estate taxes, utilities and insurance costs, due to inflation and other factors; losses due to uninsured risks, deductibles and self-insured retentions, or losses from catastrophes in excess of coverage limits; ability to obtain financing at favorable rates, if at all, or refinance existing debt as it matures; level and volatility of interest or capitalization rates or capital market conditions; changes in the legal requirements we are subject to, or the imposition of new legal requirements, that adversely affect our operations; extreme weather and natural disasters; disease outbreaks and other public health events and measures that are taken by federal, state, and local governmental authorities in response to such outbreaks and events; legal proceedings or class action lawsuits; and other risks identified in our annual report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 6, 2026, our quarterly reports on Form 10-Q, other reports we file with the SEC and in other documents that we publicly disseminate.
Except as required by law, we undertake no obligation to publicly update or revise forward-looking statements contained in this release to reflect events, circumstances or changes in expectations after the date of this release. 6
(1) The following reconciliations are found later in this release: (i) Net income available for MAA common shareholders to NOI; and (ii) Net income available for MAA common shareholders to FFO, Core FFO and Core AFFO. (2) See the “Share and Unit Data” section for additional information.
(1) Reconciliations of Total assets to Gross Assets and Real estate assets, net, to Gross Real Estate Assets are found later in this release. (2) Adjusted EBITDA re 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, EBITDA re and Adjusted EBITDA re . 7
(1) For additional information on the calculation of diluted common shares and earnings per common share, please refer to the Notes to the Condensed Consolidated Financial Statements in MAA’s Quarterly Report on Form 10-Q for the three months ended September 30, 2026, expected to be filed with the SEC on or about October 29, 2026. 8
Dollars in thousands (Unaudited) September 30, 2026 December 31, 2025 ────────────────────────────────────────────────────────────────────────────── Assets Real estate assets: Land $ 2,187,214 $ 2,129,401 Buildings and improvements and 15,388,830 14,852,509 other Development and capital improvements 418,226 426,759 in progress 17,994,270 17,408,669 Less: Accumulated (6,410,518 ) (5,914,017 ) depreciation 11,583,752 11,494,652 Undeveloped land 73,359 73,359 Investment in real 39,503 41,313 estate joint venture Real estate assets, 11,696,614 11,609,324 net Cash and cash 25,693 60,258 equivalents Restricted cash 59,727 13,717 Other assets 260,579 245,683 Assets held for sale — 46,401 Total assets $ 12,042,613 $ 11,975,383 Liabilities and equity Liabilities: Unsecured notes $ 5,478,771 $ 5,044,979 payable, net Secured notes 360,487 360,393 payable, net Accrued expenses and 758,940 730,366 other liabilities Total liabilities 6,598,198 6,135,738 Redeemable common 16,254 20,402 stock Shareholders’ equity: Preferred stock — 9 Common stock 1,157 1,166 Additional paid-in 7,225,241 7,401,962 capital Accumulated distributions in (1,937,929 ) (1,734,986 ) excess of net income Accumulated other (4,184 ) (5,300 ) comprehensive loss Total MAA 5,284,285 5,662,851 shareholders’ equity Noncontrolling interests - Operating 132,104 141,503 Partnership units Total shareholders’ 5,416,389 5,804,354 equity Noncontrolling interests - 11,772 14,889 consolidated real estate entities Total equity 5,428,161 5,819,243 Total liabilities and $ 12,042,613 $ 11,975,383 equity
RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO FFO, CORE FFO, CORE AFFO AND FAD
(1) Included in Other non-operating (income) expense in the Consolidated Statements of Operations. (2) For the three months ended September 30, 2025, gain on investments is presented net of tax expense of $1.0 million. For the nine months ended September 30, 2026 and 2025, gain on investments is presented net of tax expense of $4.3 million and $1.0 million, respectively. (3) During the three and nine months ended September 30, 2025, in accordance with its accounting policies, MAA recognized $8.9 million of accrued legal settlements and legal defense costs. 10
RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO NET OPERATING INCOME
(1) Included in Other non-operating (income) expense in the Consolidated Statements of Operations (2) During the three months ended September 30, 2025 and the twelve months ended September 30, 2026 and December 31, 2025, in accordance with its accounting policies, MAA recognized $8.9 million, $52.0 million and $61.9 million, respectively, of accrued legal settlements and legal defense costs.
RECONCILIATION OF UNSECURED NOTES PAYABLE, NET AND SECURED NOTES PAYABLE, NET TO NET DEBT
Adjusted EBITDA re For purposes of calculations in this release, Adjusted Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or Adjusted EBITDA re , represents EBITDA re 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 EBITDA re to be an important measure of performance from core operations because Adjusted EBITDA re excludes various income and expense items that are not indicative of operating performance. MAA’s computation of Adjusted EBITDA re may differ from the methodology utilized by other companies to calculate Adjusted EBITDA re . Adjusted EBITDA re 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. EBITDA re For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or EBITDA re , 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 EBITDA re of an unconsolidated affiliate. As an owner and operator of real estate, MAA considers EBITDA re to be an important measure of performance from core operations because EBITDA re excludes various expense items that are not indicative of operating performance. While MAA’s definition of EBITDA re is in accordance with NAREIT’s definition, it may differ from the methodology utilized by other companies to calculate EBITDA re . EBITDA re 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. 13
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.
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 14
Full text with the tables
Exhibit 99.1
TABLE OF CONTENTS
Earnings Release 3
Financial Highlights 7
Consolidated Statements of Operations/Share and 8
Unit Data
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 S-3
Same Store Portfolio Property Operating Expenses
Multifamily Same Store Portfolio NOI Contribution S-4
Percentage
Multifamily Same Store Portfolio Comparisons S-5
Multifamily Development Pipeline/Multifamily
Lease-up Communities/Multifamily Interior S-8
Redevelopment, WiFi Retrofit and Property
Repositioning Activity
Acquisition Activity/Disposition Activity/Debt and S-9
Debt Covenants as of September 30, 2026
2026 Guidance/Reconciliation of Earnings per
Diluted Common Share to Core FFO and Core AFFO per S-11
Diluted Share for Full Year 2026 Guidance
Credit Ratings/Common Stock/Investor Relations S-12
Data
2
EARNINGS RELEASE
MAA REPORTS THIRD QUARTER 2026 RESULTS GERMANTOWN, TN, October 28,
2026/PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA),
today announced operating results for the three and nine months ended September
30, 2026.
Three Nine
months months
ended ended
September September
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Earnings
per
common $ 0.72 $ 0.84 $ 2.82 $ 3.30
share -
diluted
Funds
from
operatio…
(FFO) per $ 2.11 $ 2.14 $ 6.43 $ 6.53
Share -
diluted
(1)
Core FFO
per Share $ 2.10 $ 2.16 $ 6.31 $ 6.51
- diluted
(1)
(1) A reconciliation of Net income available for MAA common shareholders to FFO
and Core FFO is found later in this release. Brad Hill, President and Chief
Executive Officer, said, “Third quarter Core FFO met our expectations as we
built occupancy through the quarter and expense management remained disciplined.
Our focus on resident service and satisfaction supports sector-leading results,
with renewing resident lease pricing increasing 80 basis points year-over-year
to 5.3%, and record retention. Our revised forecast reflects higher interest
rates and new resident year-over-year pricing improvement occurring about a
quarter later than we expected, impacting our blended pricing and occupancy as
we built occupancy through the quarter. With stable occupancy and strong market
absorption, October new resident lease pricing improved from September, counter
to the normal seasonal pattern, resulting in the year’s first year-over-year
improvement in new resident lease-over-lease pricing, and October blended
pricing accelerated more than 100 basis points year-over-year. These trends
support our continued optimism that pricing trends will grow increasingly
positive into the new year.” • During the third quarter of 2026, MAA's Same
Store effective blended lease rate growth was 0.4%, a 10 basis point improvement
over the same period in the prior year driven by an 80 basis point improvement
in renewal lease pricing. • As of September 30, 2026, resident turnover in the
Same Store Portfolio remained historically low at 39.6% with a record low level
of move-outs associated with buying single-family homes of 10.1% for the
quarter. • During the third quarter of 2026, MAA completed the initial lease-up
of MAA Val Vista in the Phoenix, Arizona market and MAA Breakwater in Tampa,
Florida, completed the development of MAA Milepost II located in Denver,
Colorado and began construction of multifamily apartment communities in the
Northern Virginia and Nashville, Tennessee markets as well as a phase II
multifamily expansion in the Kansas City market. • During the third quarter of
2026, Mid-America Apartments, L.P. (MAALP), MAA’s operating partnership,
borrowed an additional $250.0 million under its unsecured delayed draw term loan
(referred to in this release as the DDTL Facility) that was established in June
2026. As of September 30, 2026, there was $350.0 million outstanding under the
DDTL Facility. • On October 1, 2026, MAA redeemed all of the outstanding shares
of MAA's 8.50% Series I Cumulative Redeemable Preferred Stock (referred to in
this release as the Series I preferred shares), with $43.4 million of cash
funded from proceeds received from the sale of 0.3 million shares of common
stock through MAA’s at-the-market share offering program upon settlement in
September 2026 of a forward sale agreement that had a forward sale price of
$130.34 per share. • During the third quarter of 2026, MAA repurchased 0.4
million shares of its common stock at a weighted average share price of $126.72
for total consideration of $50.0 million. Same Store Operating Results Same
Store results for the three and nine months ended September 30, 2026 as compared
to the same periods in the prior year are summarized below:
Three Nine
mont… mont…
ended ended
Sept… Sept…
30, 30,
2026 2026
vs. vs.
2025 2025
──────────────────────────────────────────────────────────────────────────────
Aver… Aver…
NOI Effe… NOI Effe…
Reve… Expe… (1) Rent Reve… Expe… (1) Rent
per per
Unit Unit
Same
Sto… -0.4% 2.0% -1.8% -0.1% -0.3% 1.4% -1.4% -0.2%
Ope…
Gro…
(1) A reconciliation of Net income available for MAA common shareholders to NOI,
including Same Store NOI, is found later in this release. Same Store operating
statistics for the three and nine months ended September 30, 2026 are summarized
below:
Three Nine
months months
ended ended As of
Septem… Septem… Septem…
30, 30, 30,
2026 2026 2026
──────────────────────────────────────────────────────────────────────────────
Average Average
Effect… Average Effect… Average Reside…
Rent Physic… Rent Physical Turnov…
per Occupa… per Occupan…
Unit Unit
Same
Store $ 1,691 95.3% $ 1,688 95.4% 39.6%
Opera…
Stati…
3
Same Store net effective lease pricing statistics for the three and nine months
ended September 30, 2026 are summarized below:
Same Store Net Effective Lease
Pricing Three Months Ended Nine Months Ended
Statistics September 30, 2026 September 30, 2026
──────────────────────────────────────────────────────────────────────────────
Effective Blended Lease Rate 0.4% 0.4%
Growth
Effective New Lease Rate Growth -6.0% -6.0%
Effective Renewal Lease Rate 5.3% 5.3%
Growth
Acquisition and Disposition Activity In July 2026, MAA closed on the acquisition
of a land parcel located in the Northern Virginia market through its pre-
purchase development program and began development of a 306-unit multifamily
apartment community at the property in August 2026. In September 2026, a
269-unit multifamily apartment community located in Washington, D.C. was sold
for gross proceeds of approximately $147 million. MAA holds a 35% interest in
the joint venture that owned the property. The joint venture has no ongoing
operations and is expected to distribute the net proceeds during the fourth
quarter of 2026. Development and Lease-up Activity A summary of MAA’s
development communities under construction as of the end of the third quarter of
2026 is set forth below (dollars in thousands):
…
… … …
… … … …
… … … … …
──────────────────────────────────────────────────────────────────────────────
… … …
… … … … … … … … … …
…
8 … … … $ $ $
(1) One of the development projects was leasing as of September 30, 2026. During
the third quarter of 2026, MAA completed the development of MAA Milepost II in
Denver, Colorado and began construction of multifamily apartment communities in
the Northern Virginia and Nashville, Tennessee markets as well as a phase II
multifamily expansion in the Kansas City market. MAA funded approximately $84
million of costs for current and planned development projects, including
predevelopment activities, during the third quarter of 2026. A summary of the
total units, physical occupancy and cost of MAA’s lease-up communities as of the
end of the third quarter of 2026 is set forth below (dollars in thousands):
As of
September
Total 30, 2026
──────────────────────────────────────────────────────────────────────────────
Lease-Up Total Physical Costs
Projects Units Occupancy to Date
(1)
4 1,166 77.6 % $ 422,201
(1) Two of the lease-up projects are expected to stabilize in the fourth quarter
of 2026, one in the second quarter of 2027 and one in the third quarter of 2027.
During the third quarter of 2026, MAA completed the lease-up of MAA Val Vista in
the Phoenix, Arizona market and MAA Breakwater in Tampa, Florida. Balance Sheet
and Financing Activities As of September 30, 2026, MAA had $660.7 million of
combined cash and available capacity under MAALP’s unsecured revolving credit
facility. During the third quarter of 2026, MAALP borrowed an additional $250.0
million on its DDTL Facility that was established in June 2026. The DDTL
Facility is scheduled to mature in November 2030 and also contains an
uncommitted accordion feature that allows MAALP to increase the total amount of
unsecured indebtedness under the DDTL Facility to $550.0 million. As of
September 30, 2026, there was $350.0 million outstanding under the DDTL
Facility. On October 1, 2026, MAA redeemed all of the outstanding Series I
preferred shares with $43.4 million of cash funded from proceeds received from
the sale of 0.3 million shares of common stock through MAA’s at-the-market share
offering program upon settlement in September 2026 of a forward sale agreement
that had a forward sale price of $130.34 per share. During the third quarter of
2026, MAA repurchased 0.4 million shares of its common stock at a weighted
average share price of $126.72 for total consideration of $50.0 million.
Dividends and distributions paid on shares of common stock and noncontrolling
interests during the third quarter of 2026 were $182.0 million, as compared to
$181.8 million for the same period in the prior year.
4
Balance sheet highlights as of September 30, 2026 are summarized below (dollars
in billions):
Fixed
Total rate
debt to debt as Total
adjust… Net Average a debt
total Debt/Ad… Total effecti… % of average
assets EBITDAre debt interest total years to
(1) (2) outstan… rate debt maturity
──────────────────────────────────────────────────────────────────────────────
31.7% 4.7x $ 5.8 4.1% 79.3% 5.6
(1) As defined in the covenants for the unsecured senior notes issued by MAALP.
(2) Adjusted EBITDA re is calculated for the trailing twelve month period ended
September 30, 2026. A reconciliation of Unsecured notes payable, net and Secured
notes payable, net to Net Debt and a reconciliation of Net income to Adjusted
EBITDA re are found later in this release. 131st Consecutive Quarterly Common
Dividend Declared MAA declared its 131st consecutive quarterly common dividend,
which will be paid on October 30, 2026 to holders of record on October 15, 2026.
The current annual dividend rate is $6.12 per common share. The timing and
amount of future dividends will depend on actual cash flows from operations,
MAA’s financial condition, capital requirements, the annual distribution
requirements under the REIT provisions of the Internal Revenue Code of 1986 and
other factors as MAA’s Board of Directors deems relevant. MAA’s Board of
Directors may modify the dividend policy from time to time. 2026 Earnings and
Same Store Guidance MAA is updating its prior 2026 guidance for Earnings per
diluted common share, Core FFO per diluted Share, Core AFFO per diluted Share
and Same Store performance. MAA expects to provide updates to its 2026 Earnings
per diluted common share, Core FFO per diluted Share and Core AFFO per diluted
Share guidance on a quarterly basis. FFO, Core FFO and Core AFFO are non-GAAP
financial measures. Acquisition and disposition activity materially affects
depreciation and capital gains or losses, which combined, generally represent
the majority of the difference between Net income available for common
shareholders and FFO. As discussed in the definitions of non-GAAP financial
measures found later in this release, MAA’s definition of FFO is in accordance
with the National Association of Real Estate Investment Trusts’, or NAREIT’s,
definition, and Core FFO represents FFO as adjusted for items that are not
considered part of MAA’s core business operations. MAA believes that Core FFO is
helpful in understanding operating performance in that Core FFO excludes not
only depreciation expense of real estate assets and certain other non-routine
items, but it also excludes certain items that by their nature are not
comparable over periods and therefore tend to obscure actual operating
performance.
2026 Previous Previous Updated Updated
Guidance Range Midpoint Range Midpoint
Earnings: Full Year Full Year Full Year Full Year
2026 2026 2026 2026
Earnings
per common $3.96 to $4.08 $3.61 to $3.67
share - $4.20 $3.73
diluted
Core FFO $8.41 to $8.43 to
per Share - $8.65 $8.53 $8.55 $8.49
diluted
Core AFFO $7.38 to $7.40 to
per Share - $7.62 $7.50 $7.52 $7.46
diluted
MAA Same
Store
Portfolio:
Property -0.20% to -0.40% to
revenue 0.40% 0.10% -0.10% -0.25%
growth
Property
operating 1.25% to 1.75% 1.15% to 1.40%
expense 2.25% 1.65%
growth
NOI growth -1.70% to -0.90% -1.70% to -1.25%
-0.10% -0.80%
MAA expects Core FFO for the fourth quarter of 2026 to be in the range of $2.12
to $2.24 per diluted Share, or $2.18 per diluted Share at the midpoint. The
projected difference from Core FFO per diluted Share for the third quarter of
2026 to the midpoint of MAA's guidance for the fourth quarter of 2026 is
summarized below:
Core FFO per diluted
Share
──────────────────────────────────────────────────────────────────────
Q3 2026 per diluted Share reported $ 2.10
results
Same Store NOI 0.09
Non Same Store NOI 0.02
Total Overhead 0.01
Interest expense (0.04 )
Q4 2026 per diluted Share guidance $ 2.18
midpoint
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 29, 2026, at 9:00 AM Central Time. The
conference call-in number is (833) 461-5787. 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.
5
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, 2026, MAA had
ownership interest in 105,136 apartment units, including communities in
development, across 16 states. For further details, please visit the MAA website
at www.maac.com or contact Investor Relations at investor.relations@maac.com, or
via mail at MAA, 6815 Poplar Ave., Suite 500, Germantown, TN 38138, Attn:
Investor Relations.
Forward-Looking Statements
This release (as well as the Supplemental Data to this release) contains
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. We intend such forward-looking statements to be covered by the safe
harbor provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995. Forward-looking statements do not
discuss historical fact, but instead are statements related to expectations,
projections, intentions, assumptions and beliefs regarding the future. Words
such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,”
“estimates,” “forecasts,” “projects,” “assumes,” “will,” “may,” “could,”
“should,” “budget,” “target,” “outlook,” “proforma,” “opportunity,” “guidance”
and variations of such words and similar expressions are intended to identify
such forward-looking statements. Such forward-looking statements include, but
are not limited to, statements regarding quarterly and full year 2026 guidance
(including earnings guidance, Same Store Portfolio guidance and other related
projections and assumptions), development costs for our development communities,
timelines for occupancy, completion and stabilization of our development
communities, and timelines for stabilization of our lease-up communities. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors, as described below, which may cause our actual results,
performance, achievements or outcomes to be materially different from the future
results, performance, achievements or outcomes expressed or implied by such
forward-looking statements. In light of the significant uncertainties inherent
in these forward-looking statements, the inclusion of such statements should not
be regarded as a representation by us or any other person that the results,
performance, achievements or outcomes described in such statements will be
achieved.
The following factors, among others, could cause our actual results,
performance, achievements or outcomes to differ materially from those expressed
or implied in the forward-looking statements: adverse effects on occupancy
levels and rental revenues due to unfavorable market and economic conditions;
adverse changes in real estate markets, including changes in supply and/or
demand for multifamily housing or increased competition from alternative housing
options; failure of development communities to be completed within budget and on
a timely basis, if at all, to lease-up as anticipated or to achieve anticipated
results; unexpected capital needs; material changes in operating costs,
including real estate taxes, utilities and insurance costs, due to inflation and
other factors; losses due to uninsured risks, deductibles and self-insured
retentions, or losses from catastrophes in excess of coverage limits; ability to
obtain financing at favorable rates, if at all, or refinance existing debt as it
matures; level and volatility of interest or capitalization rates or capital
market conditions; changes in the legal requirements we are subject to, or the
imposition of new legal requirements, that adversely affect our operations;
extreme weather and natural disasters; disease outbreaks and other public health
events and measures that are taken by federal, state, and local governmental
authorities in response to such outbreaks and events; legal proceedings or class
action lawsuits; and other risks identified in our annual report on Form 10-K
for the year ended December 31, 2025, filed with the SEC on February 6, 2026,
our quarterly reports on Form 10-Q, other reports we file with the SEC and in
other documents that we publicly disseminate.
Except as required by law, we undertake no obligation to publicly update or
revise forward-looking statements contained in this release to reflect events,
circumstances or changes in expectations after the date of this release.
6
FINANCIAL HIGHLIGHTS
Dol…
in
tho… Thr… Nine
exc… mon… mont…
per end… ended
sha… Sep… Sept…
data 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Re…
and
ot… $ 560… $ 554… $ 1,66… $ 1,6…
pr…
re…
Net
in…
av…
for $ 83,… $ 98,… $ 327,… $ 386…
MAA
co…
sh…
To…
NOI $ 337… $ 338… $ 1,02… $ 1,0…
(1)
Ea…
per
co…
sh…
(2)
Ba… $ 0.72 $ 0.84 $ 2.82 $ 3.30
Di… $ 0.72 $ 0.84 $ 2.82 $ 3.30
Fu…
fr…
op…
per
Sh…
-
di…
(2)
FFO $ 2.11 $ 2.14 $ 6.43 $ 6.53
(1)
Co…
FFO $ 2.10 $ 2.16 $ 6.31 $ 6.51
(1)
Co…
AF… $ 1.79 $ 1.81 $ 5.53 $ 5.70
(1)
Di…
de…
per $ 1.5… $ 1.5… $ 4.590 $ 4.5…
co…
sh…
Di…
FFO
(d… 72.9 % 70.1 % 72.7 % 69.8 %
pa…
ra…
Di…
AF…
(d… 85.5 % 83.7 % 83.0 % 79.7 %
pa…
ra…
Co…
in… $ 54,… $ 46,… $ 159,… $ 136…
ex…
De…
di…
and
de… (1,… ) (1,… ) (5,3… ) (4,… )
is…
co…
am…
Ca… 4,3… 4,5… 12,6… 14,…
in…
To…
in… $ 57,… $ 49,… $ 166,… $ 146…
in…
(1) The following reconciliations are found later in this release: (i) Net
income available for MAA common shareholders to NOI; and (ii) Net income
available for MAA common shareholders to FFO, Core FFO and Core AFFO. (2) See
the “Share and Unit Data” section for additional information.
Dollars in
thousands,
except September 30, December 31,
share price 2026 2025
──────────────────────────────────────────────────────────────────────────────
Gross Assets $ 18,453,131 $ 17,921,913
(1)
Gross Real
Estate Assets $ 18,132,825 $ 17,662,513
(1)
Total debt $ 5,839,258 $ 5,405,372
Common shares
and units 118,887,055 119,819,916
outstanding
Share price $ 117.74 $ 138.91
Book equity $ 5,444,415 $ 5,839,645
value
Market equity $ 13,997,762 $ 16,644,185
value
Net
Debt/Adjusted 4.7x 4.3x
EBITDAre (2)
(1) Reconciliations of Total assets to Gross Assets and Real estate assets, net,
to Gross Real Estate Assets are found later in this release. (2) Adjusted EBITDA
re 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, EBITDA re and Adjusted EBITDA re .
7
CONSOLIDATED STATEMENTS OF OPERATIONS
Dol…
in
tho…
exc… Three Nine
per mont… mon…
sha… ended end…
data Sept… Sep…
(Un… 30, 30,
Rev… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Ren…
and
oth… $ 560,… $ 554,… $ 1,66… $ 1,6…
pro…
rev…
Exp…
Ope…
exp…
exc…
real 143,… 137,… 407,… 394…
est…
tax…
and
ins…
Real
est…
tax… 78,4… 78,8… 238,… 237…
and
ins…
Dep…
and 166,… 156,… 491,… 462…
amo…
Tot…
pro… 389,… 372,… 1,13… 1,0…
ope…
exp…
Pro…
man… 18,1… 18,1… 58,6… 56,…
exp…
Gen…
and 13,3… 12,5… 45,2… 40,…
adm…
exp…
Int… 54,6… 46,2… 159,… 136…
exp…
Gain
on
sale
of — — (55,… ) (71… )
dep…
real
est…
ass…
Oth…
non… (3,0… ) 1,253 (21,… ) (4,… )
(in…
exp…
Inc…
bef…
inc… 87,9… 103,… 344,… 401…
tax
exp…
Inc…
tax (826 ) (1,7… ) (6,8… ) (3,… )
exp…
Inc…
from
con…
ope…
bef… 87,1… 101,… 337,… 397…
real
est…
joi…
ven…
act…
(Ex…
inc…
from
real (1,2… ) 389 (744 ) 1,3…
est…
joi…
ven…
Net 85,8… 102,… 337,… 399…
inc…
Net
inc…
att… 1,812 2,506 7,132 9,9…
to
non…
int…
Net
inc…
ava… 83,9… 99,5… 330,… 389…
for
sha…
Div…
to
MAA
Ser… 922 922 2,766 2,7…
I
pre…
sha…
Net
inc…
ava…
for $ 83,0… $ 98,6… $ 327,… $ 386…
MAA
com…
sha…
Ear…
per
com…
sha…
-
bas…
Net
inc…
ava… $ 0.72 $ 0.84 $ 2.82 $ 3.30
for
com…
sha…
Ear…
per
com…
sha…
-
dil…
Net
inc…
ava… $ 0.72 $ 0.84 $ 2.82 $ 3.30
for
com…
sha…
SHARE AND UNIT DATA
Shar… Three Nine
and months months
units ended ended
in Septem… Septe…
thou… 30, 30,
2026 2025 2026 2025
Net
Inco…
Shar…
(1)
Weig…
aver…
comm… 115,8… 117,012 116,197 116,9…
shar…
-
basic
Effe…
of 53 143 84 218
dilu…
secu…
Weig…
aver…
comm… 115,9… 117,155 116,281 117,1…
shar…
-
dilu…
Funds
From
Oper…
Shar…
And
Units
Weig…
aver…
comm…
shar… 118,8… 119,960 119,124 119,9…
and
units
-
basic
Weig…
aver…
comm…
shar… 118,8… 120,022 119,203 120,0…
and
units
-
dilu…
Peri…
End
Shar…
And
Units
Comm…
shar…
at 115,9… 117,082 115,993 117,0…
Sept…
30,
Oper…
Part…
units 2,894 2,942 2,894 2,942
at
Sept…
30,
Total
comm…
shar…
and 118,8… 120,024 118,887 120,0…
units
at
Sept…
30,
(1) For additional information on the calculation of diluted common shares and
earnings per common share, please refer to the Notes to the Condensed
Consolidated Financial Statements in MAA’s Quarterly Report on Form 10-Q for the
three months ended September 30, 2026, expected to be filed with the SEC on or
about October 29, 2026.
8
CONSOLIDATED BALANCE SHEETS
Dollars in thousands
(Unaudited) September 30, 2026 December 31, 2025
──────────────────────────────────────────────────────────────────────────────
Assets
Real estate assets:
Land $ 2,187,214 $ 2,129,401
Buildings and
improvements and 15,388,830 14,852,509
other
Development and
capital improvements 418,226 426,759
in
progress
17,994,270 17,408,669
Less: Accumulated (6,410,518 ) (5,914,017 )
depreciation
11,583,752 11,494,652
Undeveloped land 73,359 73,359
Investment in real 39,503 41,313
estate joint venture
Real estate assets, 11,696,614 11,609,324
net
Cash and cash 25,693 60,258
equivalents
Restricted cash 59,727 13,717
Other assets 260,579 245,683
Assets held for sale — 46,401
Total assets $ 12,042,613 $ 11,975,383
Liabilities and
equity
Liabilities:
Unsecured notes $ 5,478,771 $ 5,044,979
payable, net
Secured notes 360,487 360,393
payable, net
Accrued expenses and 758,940 730,366
other liabilities
Total liabilities 6,598,198 6,135,738
Redeemable common 16,254 20,402
stock
Shareholders’ equity:
Preferred stock — 9
Common stock 1,157 1,166
Additional paid-in 7,225,241 7,401,962
capital
Accumulated
distributions in (1,937,929 ) (1,734,986 )
excess of
net income
Accumulated other (4,184 ) (5,300 )
comprehensive loss
Total MAA 5,284,285 5,662,851
shareholders’ equity
Noncontrolling
interests - Operating 132,104 141,503
Partnership units
Total shareholders’ 5,416,389 5,804,354
equity
Noncontrolling
interests - 11,772 14,889
consolidated
real estate entities
Total equity 5,428,161 5,819,243
Total liabilities and $ 12,042,613 $ 11,975,383
equity
9
RECONCILIATION OF NET INCOME AVAILABLE FOR MAA
COMMON SHAREHOLDERS TO FFO, CORE FFO, CORE AFFO
AND FAD
Amo…
in
tho…
exc…
per Thr… Nine
sha… mon… mont…
and end… ended
unit Sep… Sept…
data 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net
in…
av…
for $ 83,… $ 98,… $ 327,… $ 386…
MAA
co…
sh…
De…
and
am…
of 165… 155… 486,… 458…
re…
es…
as…
Ga…
on
sa…
of — — (55,… ) (71… )
de…
re…
es…
as…
MA…
sh…
of
de…
and
am…
of
re… 135 168 473 499
es…
as…
of
re…
es…
jo…
ve…
Net
in…
at… 1,8… 2,5… 7,132 9,9…
to
no…
in…
FFO
at…
to
co… 250… 256… 766,… 783…
sh…
and
un…
(G…
lo…
on
em…
de… — (2,… ) 483 (3,… )
in
pr…
sh…
(1)
Ga…
on
in…
net (3 ) (4,… ) (16,… ) (4,… )
of
tax
(1…
Ca…
re…
ch…
and 476 (127 ) 2,696 (3,… )
(r…
net
(1)
Le…
(r…
co…
and (959 ) 8,9… (959 ) 8,9…
se…
net
(1…
Co…
FFO
at…
to 249… 258… 752,… 780…
co…
sh…
and
un…
Re…
ca… (37… ) (41… ) (93,… ) (97… )
ex…
Co…
AF…
at…
to 212… 217… 658,… 683…
co…
sh…
and
un…
Re…
ca… (29… ) (16… ) (72,… ) (49… )
ex…
Re…
en… (22… ) (20… ) (60,… ) (56… )
ca…
ex…
Co…
ca… (3,… ) (3,… ) (6,5… ) (9,… )
ex…
Ot…
ca… (13… ) (12… ) (36,… ) (39… )
ex…
FAD
at…
to
co… $ 143… $ 164… $ 483,… $ 529…
sh…
and
un…
Di…
and $ 181… $ 181… $ 547,… $ 545…
di…
pa…
We…
av…
co… 115… 117… 116,… 117…
sh…
-
di…
FFO
we…
av…
co…
sh… 118… 120… 119,… 120…
and
un…
-
di…
Ea…
per
co…
sh…
-
di…
Net
in…
av… $ 0.72 $ 0.84 $ 2.82 $ 3.30
for
co…
sh…
FFO
per
Sh… $ 2.11 $ 2.14 $ 6.43 $ 6.53
-
di…
Co…
FFO
per $ 2.10 $ 2.16 $ 6.31 $ 6.51
Sh…
-
di…
Co…
AF…
per $ 1.79 $ 1.81 $ 5.53 $ 5.70
Sh…
-
di…
(1) Included in Other non-operating (income) expense in the Consolidated
Statements of Operations. (2) For the three months ended September 30, 2025,
gain on investments is presented net of tax expense of $1.0 million. For the
nine months ended September 30, 2026 and 2025, gain on investments is presented
net of tax expense of $4.3 million and $1.0 million, respectively. (3) During
the three and nine months ended September 30, 2025, in accordance with its
accounting policies, MAA recognized $8.9 million of accrued legal settlements
and legal defense costs.
10
RECONCILIATION OF NET INCOME AVAILABLE FOR MAA
COMMON SHAREHOLDERS TO NET OPERATING INCOME
Do… Thr… Sep… Ju… Sep… Ni… Sep… Se…
in Mon… 30, 30, 30, Mo… 30, 30,
th… End… 2026 20… 2025 En… 2026 20…
──────────────────────────────────────────────────────────────────────────────
Net
in…
av…
for $ 83,… $ 12… $ 98,… $ 327… $ 38…
MAA
co…
sh…
De…
and 166… 16… 156… 491… 46…
am…
Pr…
ma… 18,… 17… 18,… 58,… 56…
ex…
Ge…
and 13,… 15… 12,… 45,… 40…
ad…
ex…
In… 54,… 53… 46,… 159… 13…
ex…
Ga…
on
sa…
of — (3… ) — (55… ) (7… )
de…
re…
es…
as…
Ot…
no… (3,… ) (2… ) 1,2… (21… ) (4… )
(i…
ex…
In…
tax 826 454 1,7… 6,8… 3,…
ex…
Ex…
(i…
fr…
re… 1,2… (2… ) (389 ) 744 (1… )
es…
jo…
ve…
Net
in…
at… 1,8… 3,… 2,5… 7,1… 9,…
to
no…
in…
Di…
to
MAA
Se… 922 922 922 2,7… 2,…
I
pr…
sh…
To… $ 337… $ 33… $ 338… $ 1,0… $ 1,…
NOI
Sa…
St… $ 316… $ 31… $ 321… $ 960… $ 97…
NOI
No…
St…
and 21,… 20… 16,… 61,… 47…
Ot…
NOI
To… $ 337… $ 33… $ 338… $ 1,0… $ 1,…
NOI
RECONCILIATION OF NET INCOME TO EBITDA, EBITDAre
AND ADJUSTED EBITDAre
Doll… Three Septe… Sept… Twelve Sept… Decem…
in Mont… 30, 30, Months 30, 31,
thou… Ended 2026 2025 Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net 85,810 $ 102,… $ 394,… $ 456,5…
inco…
Depr…
and 166,7… 156,… 650,… 622,2…
amor…
Inte… 54,625 46,2… 207,… 185,2…
expe…
Inco…
tax 826 1,766 7,992 4,595
expe…
EBIT… 308,0… 306,… 1,26… 1,268…
Gain
on
sale
of — — (55,… ) (72,0… )
depr…
real
esta…
asse…
Adju…
to
refl…
MAA’s
share 327 351 1,547 1,424
of
EBIT…
of
unco…
affi…
EBIT… 308,3… 307,… 1,20… 1,198…
(Gai…
loss
on
embe…
deri… — (2,0… ) 2,664 (1,111 )
in
pref…
shar…
(1)
Loss
(gai…
on 29 (5,3… ) (22,… ) (7,457 )
inve…
(1)
Casu…
rela…
char…
and 476 (127 ) 1,793 (4,598 )
(rec…
net
(1)
Legal
(rec…
costs
and (959 ) 8,908 52,0… 61,908
sett…
net
(1)(…
Adju… 307,8… $ 308,… $ 1,24… $ 1,246…
EBIT…
(1) Included in Other non-operating (income) expense in the Consolidated
Statements of Operations (2) During the three months ended September 30, 2025
and the twelve months ended September 30, 2026 and December 31, 2025, in
accordance with its accounting policies, MAA recognized $8.9 million, $52.0
million and $61.9 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 September 30, 2026 December 31, 2025
──────────────────────────────────────────────────────────────────────────────
Unsecured notes $ 5,478,771 $ 5,044,979
payable, net
Secured notes 360,487 360,393
payable, net
Total debt 5,839,258 5,405,372
Cash and cash (25,693 ) (60,258 )
equivalents
Net Debt $ 5,813,565 $ 5,345,114
11
RECONCILIATION OF TOTAL ASSETS TO GROSS ASSETS
Dollars in thousands September 30, 2026 December 31, 2025
──────────────────────────────────────────────────────────────────────────────
Total assets $ 12,042,613 $ 11,975,383
Accumulated depreciation 6,410,518 5,914,017
Accumulated depreciation
for Assets held — 32,513
for sale (1)
Gross Assets $ 18,453,131 $ 17,921,913
(1) Included in Assets held for sale in the Consolidated Balance Sheets.
RECONCILIATION OF REAL ESTATE ASSETS, NET TO GROSS
REAL ESTATE ASSETS
Dollars in thousands September 30, 2026 December 31, 2025
──────────────────────────────────────────────────────────────────────────────
Real estate assets, net $ 11,696,614 $ 11,609,324
Accumulated depreciation 6,410,518 5,914,017
Assets held for sale, net — 46,401
Accumulated depreciation
for Assets held — 32,513
for sale (1)
Cash and cash equivalents 25,693 60,258
Gross Real Estate Assets $ 18,132,825 $ 17,662,513
(1) Included in Assets held for sale in the Consolidated Balance Sheets.
12
NON-GAAP FINANCIAL MEASURES
Adjusted EBITDA re For purposes of calculations in this release, Adjusted
Earnings Before Interest, Income Taxes, Depreciation and Amortization for real
estate, or Adjusted EBITDA re , represents EBITDA re 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 EBITDA re to be an
important measure of performance from core operations because Adjusted EBITDA re
excludes various income and expense items that are not indicative of operating
performance. MAA’s computation of Adjusted EBITDA re may differ from the
methodology utilized by other companies to calculate Adjusted EBITDA re .
Adjusted EBITDA re 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. EBITDA re For purposes of
calculations in this release, Earnings Before Interest, Income Taxes,
Depreciation and Amortization for real estate, or EBITDA re , 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 EBITDA re of an unconsolidated affiliate. As an owner and operator of
real estate, MAA considers EBITDA re to be an important measure of performance
from core operations because EBITDA re excludes various expense items that are
not indicative of operating performance. While MAA’s definition of EBITDA re is
in accordance with NAREIT’s definition, it may differ from the methodology
utilized by other companies to calculate EBITDA re . EBITDA re 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.
13
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
14