[8-K] MID AMERICA APARTMENT COMMUNITIES INC. Reports Material Event

Q: How did Mid-America Apartment Communities (MAA) perform financially in 2025?

MAA’s 2025 earnings declined modestly while cash flow stayed solid. Diluted EPS fell to $3.78 from $4.49. Core FFO per diluted share slipped to $8.74 from $8.88, and Core AFFO to $7.61 from $7.94, on largely flat rental revenue of $2.21 billion.

Q: What were MAA’s key fourth quarter 2025 results?

In Q4 2025, MAA showed stable core cash generation. Diluted EPS was $0.48, with rental and other property revenues of $555.6 million. Core FFO per diluted share was $2.23, unchanged from Q4 2024, while Same Store NOI declined 0.5% versus the prior-year quarter.

Q: What 2026 earnings and Core FFO guidance did MAA provide?

For 2026, MAA expects slightly lower Core FFO than 2025. Diluted EPS is guided to $4.11–$4.47, while Core FFO per diluted share is projected at $8.35–$8.71, midpoint $8.53. Core AFFO guidance ranges from $7.32 to $7.68 per diluted share.

Q: How strong is MAA’s balance sheet and leverage profile?

MAA reports moderate leverage and primarily fixed-rate debt. Total debt was $5.4 billion at December 31, 2025, with Net Debt/Adjusted EBITDAre of 4.3x. About 87.5% of debt is fixed-rate, carrying a 3.8% average effective interest rate and average maturity of 6.4 years.

Q: What development and lease-up activity does MAA have underway?

MAA is executing a sizable multifamily development program. The active development pipeline totals 2,522 units with expected costs of $932 million. Lease-up communities had 1,109 units at 65.7% physical occupancy and $326.5 million of costs to date as of December 31, 2025.

Q: What dividend did MAA pay and what is the current rate?

MAA continued its long dividend track record in 2025. Dividends declared per common share totaled $6.075 for the year. The 128th consecutive quarterly dividend was paid January 30, 2026, and the current annual common dividend rate is $6.12 per share.

Q: How are MAA’s Same Store occupancy and rents trending?

Same Store fundamentals were stable but growth was muted. For 2025, Same Store average effective rent per unit was $1,690 with 95.6% average physical occupancy. Same Store NOI fell 1.4%, and full-year effective blended lease rate growth was slightly negative at -0.1%.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Mid-America Apartment Communities (MAA) reported softer 2025 earnings but stable cash flow. Diluted EPS was $3.78 for 2025, down from $4.49, while Core FFO per diluted share slipped slightly to $8.74 from $8.88 and Core AFFO to $7.61 from $7.94.

In Q4 2025, diluted EPS was $0.48 and Core FFO per diluted share held flat year over year at $2.23, with rental and other property revenues of $555.6 million and Same Store NOI down 0.5%. Average Same Store effective rent per unit was $1,690 and physical occupancy 95.6% for the year.

MAA maintained a conservative balance sheet with total debt of $5.4 billion, Net Debt/Adjusted EBITDAre of 4.3x and 87.5% fixed-rate debt at a 3.8% average effective interest rate. The company repurchased 0.2 million shares for about $27 million and paid $6.075 in dividends per common share in 2025.

For 2026, MAA guides diluted EPS to $4.11–$4.47 and Core FFO per share to $8.35–$8.71, with Same Store NOI growth between -1.70% and 0.30%. The development pipeline totals 2,522 units with $932 million of expected costs, and 1,109 lease-up units were 65.7% occupied at year-end.

Insights

MAA shows flat core cash flow, modest 2026 step‑down, but retains balance‑sheet strength and active development pipeline.

MAA generated 2025 rental and other property revenues of $2,209,126 thousand, with Same Store NOI down 1.4%. Core FFO per diluted share eased slightly to $8.74 from $8.88, while Core AFFO declined to $7.61 from $7.94, indicating some margin and capital-spend pressure.

Q4 2025 Core FFO per diluted share was steady year over year at $2.23, but legal costs and settlements totaling $61,908 thousand for the year weighed on results. Same Store revenues were essentially flat, and blended lease rate growth for 2025 was slightly negative at -0.1%, with new-lease rates down and renewals positive.

Leverage remains moderate with Net Debt/Adjusted EBITDAre at 4.3x and fixed-rate debt at 87.5%, average effective interest rate 3.8%. For 2026, MAA guides Core FFO per share midpoint to $8.53, about $0.21 below 2025, mainly from higher interest expense tied to completed developments and 2025 borrowing. The company is still investing heavily, with an active $932,000 thousand development pipeline and $400,000 thousand of planned 2026 development spending at guidance midpoint, so future performance will depend on successful lease-up and maintaining high occupancy around the guided 95.6% Same Store level.

02/04/2026 - 04:15 PM

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 Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.01 per share (Mid-America Apartment Communities, Inc.)	MAA	New York Stock Exchange
8.50% Series I Cumulative Redeemable Preferred Stock, $.01 par value per share (Mid-America Apartment Communities, Inc.)	MAA*I	New York Stock Exchange

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

Emerging growth company ☐

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

ITEM 2.02. Results of Operations and Financial Condition.

On 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)


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

    

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

(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, “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%

(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 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 December 31, 2025	Twelve Months Ended 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

(1)

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

(1)

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

(1)

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

(2)

Adjusted EBITDAre is calculated for the trailing twelve month period ended 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

(1)

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

(1)

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

(1)

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

(2)

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


Dollars in thousands, except share price	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

(1)

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

(2)

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

     CONSOLIDATED STATEMENTS OF OPERATIONS

    


Dollars in thousands, except per share data (Unaudited)	Three months ended 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

(1)

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

(1)

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

(2)

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.

(3)

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.

(4)

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, 2025			December 31, 2024			December 31, 2025			December 31, 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

(1)

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

(2)

     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

(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
	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

(1)

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

     NON-GAAP FINANCIAL MEASURES

    

Adjusted EBITDAre

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

Core Adjusted Funds from Operations (Core AFFO)

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

Core Funds from Operations (Core FFO)

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

EBITDA

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

EBITDAre

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

Funds Available for Distribution (FAD)

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

Funds From Operations (FFO)

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

Gross Assets

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

Gross Real Estate Assets

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

Net Debt

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

     NON-GAAP FINANCIAL MEASURES (Continued)

    

Net Operating Income (NOI)

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

Non-Same Store and Other NOI

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

Same Store NOI

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

     OTHER KEY DEFINITIONS

    

Average Effective Rent per Unit

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

Average Physical Occupancy

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

Development Communities

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

Effective Blended Lease Rate Growth

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

Effective New Lease Rate Growth

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

Effective Renewal Lease Rate Growth

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

Lease-up Communities

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

Non-Same Store and Other Portfolio

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

Resident Turnover

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

Same Store Portfolio (or Same Store)

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

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

Exhibit 99.2

     PORTFOLIO STATISTICS

    

TOTAL MULTIFAMILY PORTFOLIO AT DECEMBER 31, 2025 (1)

In apartment units


	Same Store		Stabilized Non-Same Store		Lease-up		Total Completed Communities		Development Units Delivered		Total
Atlanta, GA		11,434		340		—		11,774		—		11,774
Dallas, TX		9,755		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

(1)

Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C.

Supplemental Data S-1

     PORTFOLIO STATISTICS (CONTINUED)

    

TOTAL MULTIFAMILY COMMUNITY STATISTICS (1)

Dollars in thousands, except Average Effective Rent per Unit


	As of December 31, 2025								Average Effective		As of December 31, 2025
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended December 31, 2025		Completed Units		Total Units, Including 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

(1)

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 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 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

(1)

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

(2)

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

(3)

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

(4)

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

     MULTIFAMILY 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

(1)

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

(2)

MAA owns 80% of the joint venture that owns this property.

(3)

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

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

(1)

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.

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

(1)

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.

(2)

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

(1)

The calculations of the Bond Covenants and Bank Covenants are specifically defined in MAALP’s debt agreements, which have been filed by MAA and MAALP with the SEC.

Supplemental Data S-10

GUIDANCE

    

MAA provides guidance on expected Core FFO per diluted Share and Core AFFO per diluted Share, which are non-GAAP financial measures, along with guidance for expected Earnings per diluted common share. A reconciliation of expected Earnings per diluted common share to expected Core FFO per diluted Share and Core AFFO per diluted Share is provided below. The guidance projections provided below are based on current expectations and are forward-looking statements.


	Full Year 2026
Earnings:	Range	Midpoint
Earnings per common share - diluted	$4.11 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:
Number of units	96,561	96,561
Average physical occupancy	95.30% to 95.90%	95.60%
Property revenue growth	-0.20% to 1.30%	0.55%
Effective rent growth	-0.15% to 0.85%	0.35%
Property operating expense growth	1.90% to 3.40%	2.65%
NOI growth	-1.70% to 0.30%	-0.70%
Real estate tax expense growth	1.25% to 3.25%	2.25%

Corporate Expenses: ($ in millions)
Property management expenses	$77.5 to $79.5	$78.5
General and administrative expenses	$56.5 to $58.5	$57.5
Total overhead	$134.0 to $138.0	$136.0

Transaction/Investment Volume: ($ in millions)
Multifamily acquisition volume	$200.0 to $300.0	$250.0
Multifamily disposition volume	$200.0 to $300.0	$250.0
Development investment	$350.0 to $450.0	$400.0

Debt:
Average effective interest rate	3.6% to 3.8%	3.7%
Capitalized interest ($ in millions)	$18.0 to $20.0	$19.0

Diluted FFO Shares Outstanding:
Diluted common shares and units	119.75 to 120.05 million	119.90 million

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

    


	Full Year 2026 Guidance Range
	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

(1)

Non-Core FFO items may include adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares; gain or loss on sale of non-depreciable assets; gain or loss on investments, net of tax; casualty related charges and (recoveries), net; gain or loss on debt extinguishment; legal costs, settlements and (recoveries), net, and mark-to-market debt adjustments.

Supplemental Data S-11

     CREDIT RATINGS

    


	Commercial	Long-Term
	Paper Rating	Debt Rating	Outlook
Fitch Ratings (1)	F1	A-	Stable
Moody’s Investors Service (2)	P-2	A3	Stable
Standard & Poor’s Ratings Services (1)	A-2	A-	Stable

(1)

Corporate credit rating assigned to MAA and MAALP

(2)

Corporate credit rating assigned to MAALP

     COMMON STOCK

    

     Stock Symbol:

     MAA

     Exchange Traded:

     NYSE

     Estimated Future Dates:

     Q1 2026

     Q2 2026

     Q3 2026

     Q4 2026

     Earnings release & conference call

     Late
April

     Late
July

     Late
October

     Early
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

    

MAA does not send quarterly reports, earnings releases and supplemental data to shareholders, but provides them upon request.

     For recent press releases, SEC filings and other information, call 866-576-9689 (toll free) or email investor.relations@maac.com.  This information, as well as access to MAA’s quarterly conference call, is also available on the “For Investors” page of MAA’s website at www.maac.com.

    


For Questions Contact:
	Name	Title
	Andrew Schaeffer	Senior Vice President, Treasurer and Director of Capital Markets
	Jennifer Patrick	Director of Investor Relations
	Phone: 866-576-9689 (toll free)
	Email: investor.relations@maac.com

Supplemental Data S-12

Source: View Original Filing on SEC EDGAR

FAQ

How did Mid-America Apartment Communities (MAA) perform financially in 2025?

MAA’s 2025 earnings declined modestly while cash flow stayed solid. Diluted EPS fell to $3.78 from $4.49. Core FFO per diluted share slipped to $8.74 from $8.88, and Core AFFO to $7.61 from $7.94, on largely flat rental revenue of $2.21 billion.

What were MAA’s key fourth quarter 2025 results?

In Q4 2025, MAA showed stable core cash generation. Diluted EPS was $0.48, with rental and other property revenues of $555.6 million. Core FFO per diluted share was $2.23, unchanged from Q4 2024, while Same Store NOI declined 0.5% versus the prior-year quarter.

What 2026 earnings and Core FFO guidance did MAA provide?

For 2026, MAA expects slightly lower Core FFO than 2025. Diluted EPS is guided to $4.11–$4.47, while Core FFO per diluted share is projected at $8.35–$8.71, midpoint $8.53. Core AFFO guidance ranges from $7.32 to $7.68 per diluted share.

How strong is MAA’s balance sheet and leverage profile?

MAA reports moderate leverage and primarily fixed-rate debt. Total debt was $5.4 billion at December 31, 2025, with Net Debt/Adjusted EBITDAre of 4.3x. About 87.5% of debt is fixed-rate, carrying a 3.8% average effective interest rate and average maturity of 6.4 years.

What development and lease-up activity does MAA have underway?

MAA is executing a sizable multifamily development program. The active development pipeline totals 2,522 units with expected costs of $932 million. Lease-up communities had 1,109 units at 65.7% physical occupancy and $326.5 million of costs to date as of December 31, 2025.

What dividend did MAA pay and what is the current rate?

MAA continued its long dividend track record in 2025. Dividends declared per common share totaled $6.075 for the year. The 128th consecutive quarterly dividend was paid January 30, 2026, and the current annual common dividend rate is $6.12 per share.

How are MAA’s Same Store occupancy and rents trending?

Same Store fundamentals were stable but growth was muted. For 2025, Same Store average effective rent per unit was $1,690 with 95.6% average physical occupancy. Same Store NOI fell 1.4%, and full-year effective blended lease rate growth was slightly negative at -0.1%.

[8-K] MID AMERICA APARTMENT COMMUNITIES INC. Reports Material Event

Rhea-AI Filing Summary

Positive

Negative

Insights

FAQ

How did Mid-America Apartment Communities (MAA) perform financially in 2025?

What were MAA’s key fourth quarter 2025 results?

What 2026 earnings and Core FFO guidance did MAA provide?

How strong is MAA’s balance sheet and leverage profile?

What development and lease-up activity does MAA have underway?

What dividend did MAA pay and what is the current rate?

How are MAA’s Same Store occupancy and rents trending?

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MAA Latest News

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Trending News

[8-K] MID AMERICA APARTMENT COMMUNITIES INC. Reports Material Event

Rhea-AI Filing Summary

Positive

Negative

Insights

REIT and income‑securities analyst neutral

FAQ

How did Mid-America Apartment Communities (MAA) perform financially in 2025?

What were MAA’s key fourth quarter 2025 results?

What 2026 earnings and Core FFO guidance did MAA provide?

How strong is MAA’s balance sheet and leverage profile?

What development and lease-up activity does MAA have underway?

What dividend did MAA pay and what is the current rate?

How are MAA’s Same Store occupancy and rents trending?

NYSE:MAA

MAA Rankings

MAA Latest News

MAA Latest SEC Filings

MAA Stock Data