MAA (NYSE: MAA) Q1 2026 results, guidance and dividend update

Rhea-AI Filing Summary

Mid-America Apartment Communities (MAA) reported Q1 2026 results and updated its 2026 outlook. Rental and other property revenues were $553.7 million, with net income available for common shareholders of $123.4 million, or $1.06 diluted EPS. Funds from operations were $2.23 per diluted share and Core FFO was $2.13, while Core AFFO was $1.98 per diluted share.

Same Store portfolio revenue declined 0.4%, expenses rose 1.3%, and Same Store NOI decreased 1.3%, with average effective rent of $1,685 and physical occupancy of 95.5%. MAA repurchased 0.6 million shares for about $73 million and declared its 129th consecutive quarterly common dividend, at an annual rate of $6.12 per share.

For full-year 2026, MAA now guides diluted EPS to $4.18–$4.50, with Core FFO of $8.37–$8.69 and Core AFFO of $7.34–$7.66 per diluted share. Net Debt/Adjusted EBITDAre was 4.5x, total debt to adjusted total assets was 31.3%, and MAA held $839.2 million in cash and revolver availability, supporting an active development and redevelopment pipeline.

Insights

REIT and credit analyst

Q1 shows stable FFO, modest Same Store softness, and a conservative balance sheet.

MAA generated $553.7M of rental and other property revenues in Q1 2026 and $123.4M of net income available for common shareholders, or $1.06 diluted EPS. FFO per diluted share was $2.23, with Core FFO at $2.13 and Core AFFO at $1.98, indicating solid cash generation relative to its dividend.

Same Store results were slightly weaker, with revenue down 0.4%, expenses up 1.3%, and NOI down 1.3%. Average effective rent per unit was $1,685 and physical occupancy held at 95.5%, showing high occupancy but limited rent growth. Effective blended lease rate growth was slightly negative at -0.3%, with new lease rates down and renewals positive.

Leverage remains moderate: Net Debt/Adjusted EBITDAre was 4.5x and total debt to adjusted total assets was 31.3%, with $839.2M of combined cash and revolver capacity. MAA issued $200.0M of seven-year unsecured notes at a 4.650% coupon and used proceeds to repay commercial paper, while also repurchasing $73M of stock and maintaining an annual dividend of $6.12 per share. Full-year 2026 guidance for Core FFO and Core AFFO per diluted share was essentially reaffirmed within narrow ranges.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Rental and other property revenues: $553.7M Net income available for common shareholders: $123.4M Diluted EPS: $1.06 per share +5 more

8 metrics

Rental and other property revenues $553.7M Three months ended March 31, 2026

Net income available for common shareholders $123.4M Three months ended March 31, 2026

Diluted EPS $1.06 per share Three months ended March 31, 2026

Core FFO per diluted share $2.13 Three months ended March 31, 2026

Same Store NOI growth -1.3% Three months ended March 31, 2026 vs. 2025

Share repurchases $73M 0.6M shares at $130.46 average in Q1 2026

Annual dividend rate $6.12 per share Common dividend rate at Q1 2026

Net Debt/Adjusted EBITDAre 4.5x Trailing twelve months ended March 31, 2026

Key Terms

Core FFO, Core AFFO, Same Store NOI, Adjusted EBITDAre, +2 more

6 terms

Core FFO financial

"Core FFO per Share - diluted (1) | | $ | 2.13 |"

Core FFO (Core Funds From Operations) is a real estate industry measure of a property owner's recurring cash earnings calculated by starting with net income and removing non-cash accounting items and one-time gains or losses so the number reflects ongoing operating performance. Investors use it like a trimmed-down paycheck: it helps compare cash-generating ability across periods and companies by focusing on the stable, repeatable income rather than temporary or accounting-driven swings.

Core AFFO financial

"Core AFFO per Share - diluted (1) | | $ | 1.98 |"

Same Store NOI financial

"Same Store NOI | | $ | 328,696 |"

Same-store Net Operating Income (NOI) tracks the change in income from a company's properties or retail locations that were owned and operating for the entire comparison period, excluding new acquisitions or dispositions. It matters to investors because it isolates the performance of the existing portfolio—like comparing the same set of stores year-to-year—to show whether underlying operations are generating more revenue or cutting costs, rather than masking results with growth from new assets.

Adjusted EBITDAre financial

"Adjusted EBITDAre is calculated for the trailing twelve month period"

Adjusted EBITDA is a measure of a company's earnings that shows its profitability by focusing on core operations, excluding certain expenses or income that are unusual or not part of normal business activities. It provides investors with a clearer picture of how well the company is performing day-to-day, much like evaluating a restaurant's regular sales without counting special event or one-time expenses. This helps investors compare companies more fairly and assess their ongoing financial health.

lease-up communities financial

"A summary of the total units, physical occupancy and cost of MAA’s lease-up communities"

Net Debt financial

"Net Debt | | $ | 5,584,991 |"

Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.

Earnings Snapshot

Rental and other property revenues: $553.7M · Guidance included

Q1 2026

Rental and other property revenues $553.7M

Net income available for common shareholders $123.4M

Diluted EPS $1.06

FFO per diluted share $2.23

Core FFO per diluted share $2.13

Core AFFO per diluted share $1.98

Guidance

For full-year 2026, MAA guides diluted EPS to $4.18–$4.50, Core FFO per diluted share to $8.37–$8.69, and Core AFFO per diluted share to $7.34–$7.66.

Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 29, 2026

MID-AMERICA APARTMENT COMMUNITIES, INC.

(Exact name of registrant as specified in its charter)

Tennessee	001-12762	62-1543819
(State or Other Jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

MID-AMERICA APARTMENTS, L.P.

(Exact name of registrant as specified in its charter)

Tennessee	333-190028-01	62-1543816
(State or Other Jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

6815 Poplar Avenue, Suite 500
Germantown, Tennessee	38138
(Address of Principal Executive Offices)	(Zip Code)

(901) 682-6600

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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

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

Emerging growth company ☐

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

ITEM 2.02. Results of Operations and Financial Condition.

On April 29, 2026, Mid-America Apartment Communities, Inc. (“MAA”) issued a press release announcing its consolidated results of operations and financial condition as of March 31, 2026 and for the three 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 April 29, 2026
99.2		Supplemental Data Schedules dated April 29, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			MID-AMERICA APARTMENT COMMUNITIES, INC.
Date:	April 29, 2026		/s/ A. Clay Holder
			A. Clay Holder
			Executive Vice President and Chief Financial Officer
			(Principal Financial Officer)

			MID-AMERICA APARTMENTS, L.P.
			By: Mid-America Apartment Communities, Inc., its general partner
Date:	April 29, 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-7
Acquisition Activity/Disposition Activity/Debt and Debt Covenants as of March 31, 2026	S-8
2026 Guidance/Reconciliation of Earnings per Diluted Common Share to Core FFO and Core AFFO per Diluted Share for Full Year 2026 Guidance	S-10
Credit Ratings/Common Stock/Investor Relations Data	S-11

2

EARNINGS RELEASE

MAA REPORTS FIRST QUARTER 2026 RESULTS

GERMANTOWN, TN, April 29, 2026/PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the three months ended March 31, 2026.

		Three months ended March 31,
		2026				2025
Earnings per common share - diluted		$	1.06			$	1.54
Funds from operations (FFO) per Share - diluted (1)		$	2.23			$	2.21
Core FFO per Share - diluted (1)		$	2.13			$	2.20

(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, “We are encouraged by our first quarter results, with Core FFO exceeding our expectations, driven in part by focus on expense management and strong resident retention. Our blended lease-over-lease pricing was ahead of our performance last year, and we have now seen five consecutive quarters of improving year-over-year blended rent performance. Demand has held up well across our footprint, with absorption outpacing deliveries and market level occupancies increasing during the quarter. Our teams are executing with discipline, focusing on expense management while delivering a great resident experience. This focus combined with a low level of move outs to buy a home is driving strong retention, pushing our trailing twelve-month resident turnover to the lowest level in our history. We’re optimistic about the growth opportunities ahead in our high-demand markets as the supply–demand fundamentals continue to improve.”

•During the first quarter of 2026, MAA's Same Store effective blended lease rate growth was -0.3%, a 20 basis point improvement over the same period in the prior year as well as a 140 basis point improvement on a sequential basis, driven by a 110 basis point improvement in new lease pricing and a 70 basis point improvement in renewal pricing from the fourth quarter of 2025.

•As of March 31, 2026, resident turnover in the Same Store Portfolio remained historically low at 39.9% with a low level of move-outs associated with buying single-family homes of 11.1% for the quarter.

•During the first quarter of 2026, MAA completed the development of MAA Breakwater located in Tampa, Florida and MAA Liberty Row located in Charlotte, North Carolina.

•During the first quarter of 2026, Mid-America Apartments, L.P. (MAALP), MAA’s operating partnership, issued $200.0 million of 7-year unsecured senior notes at a coupon of 4.650% with an issue price of 100.237%.

•During the first quarter of 2026, MAA repurchased 0.6 million shares of its common stock at a weighted average share price of $130.46 for total consideration of approximately $73 million.

Same Store Operating Results

Same Store results for the three months ended March 31, 2026 as compared to the same period in the prior year are summarized below:

		Three months ended March 31, 2026 vs. 2025
		Revenues		Expenses		NOI (1)		Average Effective Rent per Unit
Same Store Operating Growth		-0.4%		1.3%		-1.3%		-0.3%

(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 months ended March 31, 2026 are summarized below:

		Three months ended March 31, 2026
		Average Effective Rent per Unit				Average Physical Occupancy		Resident Turnover
Same Store Operating Statistics		$	1,685			95.5%		39.9%

Same Store net effective lease pricing statistics for the three months ended March 31, 2026 are summarized below:

Same Store Net Effective Lease Pricing Statistics		Three Months Ended March 31, 2026
Effective Blended Lease Rate Growth		-0.3%
Effective New Lease Rate Growth		-7.0%
Effective Renewal Lease Rate Growth		5.4%

Acquisition and Disposition Activity

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. MAA also acquired a land parcel located in the Kansas City market in February 2026 through its pre-purchase development program and began construction on a 263-unit multifamily apartment community in April 2026.

3

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

In February 2026, MAA closed on the disposition of a 316-unit multifamily apartment community located in Houston, Texas for net proceeds of approximately $41 million, resulting in a gain on the sale of depreciable real estate assets of approximately $20 million.

Development and Lease-up Activity

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

				Units as of												Development Costs as of												Expected Project
Total				March 31, 2026												March 31, 2026												Completions By Year
Development																Expected				Costs				Expected
Projects (1)				Total				Delivered				Leased				Total				to Date				Remaining				2026				2027				2028
	6				1,788				217				66			$	622,500			$	388,279			$	234,221				3				1				2

(1)Two of the development projects were leasing as of March 31, 2026.

During the first quarter of 2026, MAA completed the development of MAA Breakwater located in Tampa, Florida and MAA Liberty Row located in Charlotte, North Carolina.

MAA funded approximately $100 million of costs for current and planned development projects, including predevelopment activities, during the first quarter of 2026.

A summary of the total units, physical occupancy and cost of MAA’s lease-up communities as of the end of the first quarter of 2026 is set forth below (dollars in thousands):

Total

As of March 31, 2026

Lease-Up

Total

Physical

Costs

Projects (1)

Units

Occupancy

to Date

5

1,843

68.3

%

$

633,153

(1)Two of the lease-up projects are expected to stabilize in the second quarter of 2026, two in the fourth quarter of 2026 and one in the first quarter of 2027.

Balance Sheet and Financing Activities

As of March 31, 2026, MAA had $839.2 million of combined cash and available capacity under MAALP’s unsecured revolving credit facility.

In February 2026, MAALP publicly issued $200.0 million of unsecured senior notes due January 2033 with a coupon rate of 4.650% per annum and at an issue price of 100.237%. 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 4.606%. The proceeds from the sale of the notes were used to repay borrowings under MAALP's commercial paper program.

During the first quarter of 2026, MAA repurchased 0.6 million shares of its common stock at a weighted average share price of $130.46 for total consideration of approximately $73 million.

Dividends and distributions paid on shares of common stock and noncontrolling interests during the first quarter of 2026 were $183.4 million, as compared to $181.8 million for the same period in the prior year.

Balance sheet highlights as of March 31, 2026 are summarized below (dollars in billions):

Total debt to adjusted total assets (1)		Net Debt/Adjusted EBITDAre (2)		Total debt outstanding				Average effective interest rate		Fixed rate debt as a % of total debt		Total debt average years to maturity
31.3%		4.5x		$	5.7			3.9%		87.1%			6.1

(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 March 31, 2026. A reconciliation of Unsecured notes payable, net and Secured notes payable, net to Net Debt and a reconciliation of Net income to Adjusted EBITDAre are found later in this release.

129th Consecutive Quarterly Common Dividend Declared

MAA declared its 129th consecutive quarterly common dividend, which will be paid on April 30, 2026 to holders of record on April 15, 2026. The current annual dividend rate is $6.12 per common share. The timing and amount of future dividends will depend on actual cash flows from operations, MAA’s financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986 and other factors as MAA’s Board of Directors deems relevant. MAA’s Board of Directors may modify the dividend policy from time to time.

2026 Earnings and Same Store Guidance

MAA is updating its prior 2026 guidance for Earnings per diluted common share, Core FFO per diluted Share, Core AFFO per diluted Share and Same Store performance. MAA expects to provide updates to its 2026 Earnings per diluted common share, Core FFO per diluted Share and Core AFFO per diluted Share guidance on a quarterly basis.

4

FFO, Core FFO and Core AFFO are non-GAAP financial measures. Acquisition and disposition activity materially affects depreciation and capital gains or losses, which combined, generally represent the majority of the difference between Net income available for common shareholders and FFO. As discussed in the definitions of non-GAAP financial measures found later in this release, MAA’s definition of FFO is in accordance with the National Association of Real Estate Investment Trusts’, or NAREIT’s, definition, and Core FFO represents FFO as adjusted for items that are not considered part of MAA’s core business operations. MAA believes that Core FFO is helpful in understanding operating performance in that Core FFO excludes not only depreciation expense of real estate assets and certain other non-routine items, but it also excludes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.

2026 Guidance		Previous Range		Previous Midpoint			Updated Range		Updated Midpoint
Earnings:		Full Year 2026		Full Year 2026			Full Year 2026		Full Year 2026
Earnings per common share - diluted		$4.11 to $4.47		$4.29			$4.18 to $4.50		$4.34
Core FFO per Share - diluted		$8.35 to $8.71		$8.53			$8.37 to $8.69		$8.53
Core AFFO per Share - diluted		$7.32 to $7.68		$7.50			$7.34 to $7.66		$7.50
MAA Same Store Portfolio:
Property revenue growth		-0.20% to 1.30%		0.55%			-0.20% to 1.30%		0.55%
Property operating expense growth		1.90% to 3.40%		2.65%			1.90% to 3.40%		2.65%
NOI growth		-1.70% to 0.30%		-0.70%			-1.70% to 0.30%		-0.70%

MAA expects Core FFO for the second quarter of 2026 to be in the range of $2.00 to $2.12 per diluted Share, or $2.06 per diluted Share at the midpoint. The projected difference from Core FFO per diluted Share for the first quarter of 2026 to the midpoint of MAA's guidance for the second quarter of 2026 is summarized below:

		Core FFO per diluted Share
Q1 2026 per diluted Share reported results		$	2.13
Same Store NOI			(0.11	)
Total overhead			0.05
Interest expense			(0.02	)
Share repurchases			0.01
Q2 2026 per diluted Share guidance midpoint		$	2.06

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 first quarter results on April 30, 2026, at 9:00 AM Central Time. The conference call-in number is (888) 596-4144. You may also join the live webcast of the conference call by accessing the “For Investors” page of the MAA website at www.maac.com. MAA’s filings with the Securities and Exchange Commission (SEC) are filed under the registrant names of Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P.

About MAA

MAA, an S&P 500 company, is a real estate investment trust (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States. As of March 31, 2026, MAA had ownership interest in 104,629 apartment units, including communities in development, across 16 states and the District of Columbia. For further details, please visit the MAA website at www.maac.com or contact Investor Relations at investor.relations@maac.com, or via mail at MAA, 6815 Poplar Ave., Suite 500, Germantown, TN 38138, Attn: Investor Relations.

Forward-Looking Statements

This release (as well as the Supplemental Data to this release) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not discuss historical fact, but instead are statements related to expectations, projections, intentions, assumptions and beliefs regarding the future. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “forecasts,” “projects,” “assumes,” “will,” “may,” “could,” “should,” “budget,” “target,” “outlook,” “proforma,” “opportunity,” “guidance” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, but are not limited to, statements regarding quarterly and full year 2026 guidance (including earnings guidance, Same Store Portfolio guidance and other related projections and assumptions), development costs for our development communities, timelines for occupancy, completion and stabilization of our development communities, and timelines for stabilization of our lease-up communities. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, as described below, which may cause our actual results, performance, achievements or outcomes to be materially different from the future results, performance, achievements or outcomes expressed or implied by such forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of such statements should not be regarded as a representation by us or any other person that the results, performance, achievements or outcomes described in such statements will be achieved.

5

The following factors, among others, could cause our actual results, performance, achievements or outcomes to differ materially from those expressed or implied in the forward-looking statements: adverse effects on occupancy levels and rental revenues due to unfavorable market and economic conditions; adverse changes in real estate markets, including changes in supply and/or demand for multifamily housing or increased competition from alternative housing options; failure of development communities to be completed within budget and on a timely basis, if at all, to lease-up as anticipated or to achieve anticipated results; unexpected capital needs; material changes in operating costs, including real estate taxes, utilities and insurance costs, due to inflation and other factors; losses due to uninsured risks, deductibles and self-insured retentions, or losses from catastrophes in excess of coverage limits; ability to obtain financing at favorable rates, if at all, or refinance existing debt as it matures; level and volatility of interest or capitalization rates or capital market conditions; changes in the legal requirements we are subject to, or the imposition of new legal requirements, that adversely affect our operations; extreme weather and natural disasters; disease outbreaks and other public health events and measures that are taken by federal, state, and local governmental authorities in response to such outbreaks and events; legal proceedings or class action lawsuits; and other risks identified in our annual report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 6, 2026, our quarterly reports on Form 10-Q, other reports we file with the SEC and in other documents that we publicly disseminate.

Except as required by law, we undertake no obligation to publicly update or revise forward-looking statements contained in this release to reflect events, circumstances or changes in expectations after the date of this release.

6

FINANCIAL HIGHLIGHTS

Dollars in thousands, except per share data		Three months ended March 31,
		2026				2025
Rental and other property revenues		$	553,725			$	549,295
Net income available for MAA common shareholders		$	123,437			$	180,751
Total NOI (1)		$	348,153			$	347,942
Earnings per common share: (2)
Basic		$	1.06			$	1.55
Diluted		$	1.06			$	1.54
Funds from operations per Share - diluted: (2)
FFO (1)		$	2.23			$	2.21
Core FFO (1)		$	2.13			$	2.20
Core AFFO (1)		$	1.98			$	2.04
Dividends declared per common share		$	1.530			$	1.515
Dividends/Core FFO (diluted) payout ratio			71.8	%			68.9	%
Dividends/Core AFFO (diluted) payout ratio			77.3	%			74.3	%
Consolidated interest expense		$	51,409			$	45,161
Debt discount and debt issuance cost amortization			(1,759	)			(1,617	)
Capitalized interest			3,872				5,105
Total interest incurred		$	53,522			$	48,649

(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		March 31, 2026				December 31, 2025
Gross Assets (1)		$	18,089,045			$	17,921,913
Gross Real Estate Assets (1)		$	17,813,327			$	17,662,513
Total debt		$	5,656,520			$	5,405,372
Common shares and units outstanding			119,285,488				119,819,916
Share price		$	122.12			$	138.91
Book equity value		$	5,708,496			$	5,839,645
Market equity value		$	14,567,144			$	16,644,185
Net Debt/Adjusted EBITDAre (2)		4.5x				4.3x

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

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

7

CONSOLIDATED STATEMENTS OF OPERATIONS

Dollars in thousands, except per share data (Unaudited)		Three months ended March 31,
		2026				2025
Revenues:
Rental and other property revenues		$	553,725			$	549,295
Expenses:
Operating expenses, excluding real estate taxes and insurance			127,613				124,955
Real estate taxes and insurance			77,959				76,398
Depreciation and amortization			161,870				152,350
Total property operating expenses			367,442				353,703
Property management expenses			22,461				20,578
General and administrative expenses			16,716				15,619
Interest expense			51,409				45,161
Gain on sale of depreciable real estate assets			(20,164	)			(71,911	)
Other non-operating income			(16,005	)			(834	)
Income before income tax expense			131,866				186,979
Income tax expense			(5,521	)			(1,038	)
Income from continuing operations before real estate joint venture activity			126,345				185,941
Income from real estate joint venture			266				465
Net income			126,611				186,406
Net income attributable to noncontrolling interests			2,252				4,733
Net income available for shareholders			124,359				181,673
Dividends to MAA Series I preferred shareholders			922				922
Net income available for MAA common shareholders		$	123,437			$	180,751
Earnings per common share - basic:
Net income available for common shareholders		$	1.06			$	1.55
Earnings per common share - diluted:
Net income available for common shareholders		$	1.06			$	1.54

SHARE AND UNIT DATA

Shares and units in thousands		Three months ended March 31,
		2026				2025
Net Income Shares (1)
Weighted average common shares - basic			116,622				116,840
Effect of dilutive securities			118				252
Weighted average common shares - diluted			116,740				117,092
Funds From Operations Shares And Units
Weighted average common shares and units - basic			119,562				119,913
Weighted average common shares and units - diluted			119,629				119,975
Period End Shares And Units
Common shares at March 31,			116,353				116,916
Operating Partnership units at March 31,			2,932				3,061
Total common shares and units at March 31,			119,285				119,977

(1)For additional information on the calculation of diluted common shares and earnings per common share, please refer to the Notes to the Condensed Consolidated Financial Statements in MAA’s Quarterly Report on Form 10-Q for the three months ended March 31, 2026, expected to be filed with the SEC on or about April 30, 2026.

8

CONSOLIDATED BALANCE SHEETS

Dollars in thousands (Unaudited)
		March 31, 2026				December 31, 2025
Assets
Real estate assets:
Land		$	2,157,019			$	2,129,401
Buildings and improvements and other			15,052,435				14,852,509
Development and capital improvements in progress			369,883				426,759
			17,579,337				17,408,669
Less: Accumulated depreciation			(6,074,082	)			(5,914,017	)
			11,505,255				11,494,652
Undeveloped land			73,359				73,359
Investment in real estate joint venture			41,578				41,313
Real estate assets, net			11,620,192				11,609,324
Cash and cash equivalents			71,529				60,258
Restricted cash			13,336				13,717
Other assets			262,382				245,683
Assets held for sale			27,063				46,401
Total assets		$	11,994,502			$	11,975,383
Liabilities and equity
Liabilities:
Unsecured notes payable, net		$	5,296,096			$	5,044,979
Secured notes payable, net			360,424				360,393
Accrued expenses and other liabilities			629,486				730,366
Total liabilities			6,286,006				6,135,738
Redeemable common stock			18,186				20,402
Shareholders’ equity:
Preferred stock			9				9
Common stock			1,161				1,166
Additional paid-in capital			7,331,507				7,401,962
Accumulated distributions in excess of net income			(1,787,111	)			(1,734,986	)
Accumulated other comprehensive loss			(4,928	)			(5,300	)
Total MAA shareholders’ equity			5,540,638				5,662,851
Noncontrolling interests - Operating Partnership units			138,537				141,503
Total shareholders’ equity			5,679,175				5,804,354
Noncontrolling interests - consolidated real estate entities			11,135				14,889
Total equity			5,690,310				5,819,243
Total liabilities and equity		$	11,994,502			$	11,975,383

9

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 March 31,
		2026				2025
Net income available for MAA common shareholders		$	123,437			$	180,751
Depreciation and amortization of real estate assets			160,493				150,991
Gain on sale of depreciable real estate assets			(20,164	)			(71,911	)
MAA’s share of depreciation and amortization of real estate assets of real estate joint venture			170				164
Net income attributable to noncontrolling interests			2,252				4,733
FFO attributable to common shareholders and unitholders			266,188				264,728
Loss on embedded derivative in preferred shares (1)			1,574				410
Gain on investments, net of tax (1)(2)			(17,237	)			(654	)
Casualty related charges and (recoveries), net (1)			4,519				(222	)
Core FFO attributable to common shareholders and unitholders			255,044				264,262
Recurring capital expenditures			(18,748	)			(20,106	)
Core AFFO attributable to common shareholders and unitholders			236,296				244,156
Redevelopment capital expenditures			(10,767	)			(17,409	)
Revenue enhancing capital expenditures			(14,562	)			(15,188	)
Commercial capital expenditures			(1,218	)			(3,974	)
Other capital expenditures			(12,095	)			(15,441	)
FAD attributable to common shareholders and unitholders		$	197,654			$	192,144
Dividends and distributions paid		$	183,360			$	181,767
Weighted average common shares - diluted			116,740				117,092
FFO weighted average common shares and units - diluted			119,629				119,975
Earnings per common share - diluted:
Net income available for common shareholders		$	1.06			$	1.54
FFO per Share - diluted		$	2.23			$	2.21
Core FFO per Share - diluted		$	2.13			$	2.20
Core AFFO per Share - diluted		$	1.98			$	2.04

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

(2)For the three months ended March 31, 2026 and 2025, gain on investments is presented net of tax expense of $4.7 million and $0.2 million, respectively.

10

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

Dollars in thousands		Three Months Ended
		March 31, 2026				December 31, 2025				March 31, 2025
Net income available for MAA common shareholders		$	123,437			$	56,649			$	180,751
Depreciation and amortization			161,870				159,774				152,350
Property management expenses			22,461				18,507				20,578
General and administrative expenses			16,716				13,850				15,619
Interest expense			51,409				48,708				45,161
Gain on sale of depreciable real estate assets			(20,164	)			(224	)			(71,911	)
Other non-operating (income) expense			(16,005	)			51,464				(834	)
Income tax expense			5,521				1,191				1,038
Income from real estate joint venture			(266	)			(691	)			(465	)
Net income attributable to noncontrolling interests			2,252				(330	)			4,733
Dividends to MAA Series I preferred shareholders			922				922				922
Total NOI		$	348,153			$	349,820			$	347,942
Same Store NOI		$	328,696			$	329,656			$	332,916
Non-Same Store and Other NOI			19,457				20,164				15,026
Total NOI		$	348,153			$	349,820			$	347,942

RECONCILIATION OF NET INCOME TO EBITDA, EBITDAre AND ADJUSTED EBITDAre

Dollars in thousands		Three Months Ended								Twelve Months Ended
		March 31, 2026				March 31, 2025				March 31, 2026				December 31, 2025
Net income		$	126,611			$	186,406			$	396,771			$	456,566
Depreciation and amortization			161,870				152,350				631,815				622,295
Interest expense			51,409				45,161				191,505				185,257
Income tax expense			5,521				1,038				9,078				4,595
EBITDA			345,411				384,955				1,229,169				1,268,713
Gain on sale of depreciable real estate assets			(20,164	)			(71,911	)			(20,319	)			(72,066	)
Adjustments to reflect MAA’s share of EBITDAre of unconsolidated affiliates			424				348				1,500				1,424
EBITDAre			325,671				313,392				1,210,350				1,198,071
Loss (gain) on embedded derivative in preferred shares (1)			1,574				410				53				(1,111	)
Gain on investments (1)			(21,894	)			(810	)			(28,541	)			(7,457	)
Casualty related charges and (recoveries), net (1)			4,519				(222	)			143				(4,598	)
Legal costs, settlements and (recoveries), net (1)(2)			—				—				61,908				61,908
Adjusted EBITDAre		$	309,870			$	312,770			$	1,243,913			$	1,246,813

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

(2)During both the twelve months ended March 31, 2026 and December 31, 2025, in accordance with its accounting policies, MAA recognized $61.9 million of accrued legal settlements and legal defense costs.

RECONCILIATION OF UNSECURED NOTES PAYABLE, NET AND SECURED NOTES PAYABLE, NET TO NET DEBT

Dollars in thousands
		March 31, 2026				December 31, 2025
Unsecured notes payable, net		$	5,296,096			$	5,044,979
Secured notes payable, net			360,424				360,393
Total debt			5,656,520				5,405,372
Cash and cash equivalents			(71,529	)			(60,258	)
Net Debt		$	5,584,991			$	5,345,114

11

RECONCILIATION OF TOTAL ASSETS TO GROSS ASSETS

Dollars in thousands
		March 31, 2026				December 31, 2025
Total assets		$	11,994,502			$	11,975,383
Accumulated depreciation			6,074,082				5,914,017
Accumulated depreciation for Assets held for sale (1)			20,461				32,513
Gross Assets		$	18,089,045			$	17,921,913

(1)Included in Assets held for sale in the Consolidated Balance Sheets.

RECONCILIATION OF REAL ESTATE ASSETS, NET TO GROSS REAL ESTATE ASSETS

Dollars in thousands
		March 31, 2026				December 31, 2025
Real estate assets, net		$	11,620,192			$	11,609,324
Accumulated depreciation			6,074,082				5,914,017
Assets held for sale, net			27,063				46,401
Accumulated depreciation for Assets held for sale (1)			20,461				32,513
Cash and cash equivalents			71,529				60,258
Gross Real Estate Assets		$	17,813,327			$	17,662,513

(1)Included in Assets held for sale in the Consolidated Balance Sheets.

12

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.

13

NON-GAAP FINANCIAL MEASURES (Continued)

Net Operating Income (NOI)

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

Non-Same Store and Other NOI

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

Same Store NOI

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

OTHER KEY DEFINITIONS

Average Effective Rent per Unit

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

Average Physical Occupancy

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

Development Communities

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

Effective Blended Lease Rate Growth

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

Effective New Lease Rate Growth

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

Effective Renewal Lease Rate Growth

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

Lease-up Communities

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

Non-Same Store and Other Portfolio

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

Resident Turnover

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

Same Store Portfolio (or Same Store)

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

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

14

Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT MARCH 31, 2026 (1)

In apartment units

		Same Store				Stabilized Non-Same Store				Lease-up				Total Completed Communities				Development Units Delivered				Total
Atlanta, GA			11,434				340				—				11,774				—				11,774
Dallas, TX			9,523				594				386				10,503				—				10,503
Austin, TX			7,179								—				7,179				—				7,179
Charlotte, NC			5,707				640				239				6,586				173				6,759
Orlando, FL			5,907				310				—				6,217				—				6,217
Raleigh/Durham, NC			5,156				500				406				6,062				—				6,062
Tampa, FL			5,416				—				495				5,911				—				5,911
Houston, TX			4,859				—				—				4,859				—				4,859
Nashville, TN			4,375				—				—				4,375				—				4,375
Fort Worth, TX			3,687				—				—				3,687				—				3,687
Phoenix, AZ			3,291								317				3,608				—				3,608
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				44				1,514
Birmingham, AL			1,462				—				—				1,462				—				1,462
Fredericksburg, VA			1,435				—				—				1,435				—				1,435
Kansas City, MO-KS			1,110				318				—				1,428				—				1,428
Huntsville, AL			1,228				—				—				1,228				—				1,228
Other			6,502				496				—				6,998				—				6,998
Total Multifamily Units			96,561				4,168				1,843				102,572				217				102,789

(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 March 31, 2026												Average Effective				As of March 31, 2026
		Gross Real Assets				Percent to Total of Gross Real Assets				Physical Occupancy				Rent per Unit for the Three Months Ended March 31, 2026				Completed Units				Total Units, Including Development
Atlanta, GA		$	2,245,678				13.1	%			95.3	%		$	1,788				11,774
Dallas, TX			1,660,888				9.7	%			94.9	%			1,660				10,117
Charlotte, NC			1,289,844				7.5	%			95.7	%			1,639				6,347
Orlando, FL			1,143,575				6.6	%			96.1	%			1,974				6,217
Tampa, FL			1,050,162				6.1	%			96.0	%			2,083				5,416
Austin, TX			993,279				5.8	%			95.1	%			1,472				7,179
Raleigh/Durham, NC			836,557				4.9	%			95.3	%			1,516				5,656
Houston, TX			712,706				4.1	%			96.1	%			1,455				4,859
Phoenix, AZ			608,917				3.5	%			95.8	%			1,691				3,291
Northern Virginia			588,876				3.4	%			95.8	%			2,570				1,888
Nashville, TN			582,071				3.4	%			96.0	%			1,653				4,375
Charleston, SC			454,652				2.6	%			95.5	%			1,842				3,168
Denver, CO			427,082				2.5	%			94.8	%			1,958				1,470
Fort Worth, TX			415,833				2.4	%			95.5	%			1,581				3,687
Jacksonville, FL			337,012				2.0	%			95.4	%			1,467				3,496
Kansas City, MO-KS			297,641				1.7	%			95.7	%			1,711				1,428
Richmond, VA			270,727				1.6	%			96.0	%			1,724				1,732
Fredericksburg, VA			263,504				1.5	%			95.7	%			1,970				1,435
Greenville, SC			253,679				1.5	%			95.2	%			1,372				2,354
Savannah, GA			236,109				1.4	%			95.1	%			1,686				1,837
Birmingham, AL			178,950				1.0	%			95.2	%			1,439				1,462
San Antonio, TX			175,740				1.0	%			95.6	%			1,316				1,504
All Other Markets by State (individual markets <1% gross real assets)
Tennessee			218,514				1.3	%			95.0	%			1,311				2,754
Florida			203,075				1.2	%			95.3	%			1,853				1,806
Alabama			192,932				1.1	%			94.5	%			1,346				1,648
Virginia			175,325				1.0	%			95.3	%			1,867				1,039
Kentucky			110,635				0.6	%			96.3	%			1,319				1,308
Utah			94,639				0.5	%			92.5	%			1,606				400
Maryland			86,687				0.5	%			95.6	%			2,373				361
Nevada			77,575				0.5	%			95.1	%			1,604				721
Stabilized Communities		$	16,182,864				94.0	%			95.5	%		$	1,683				100,729
Charlotte, NC			216,969				1.3	%			20.0	%			1,855				412				541
Phoenix, AZ			200,151				1.2	%			88.6	%			1,725				317				942
Tampa, FL			193,897				1.1	%			71.5	%			2,979				495				495
Raleigh/Durham, NC			143,024				0.8	%			48.3	%			1,744				406				406
Dallas, TX			107,097				0.6	%			89.1	%			1,652				386				386
Richmond, VA			69,250				0.4	%			—				—				—				306
Denver, CO			62,351				0.4	%			—				—				44				219
Charleston, SC			39,745				0.2	%			—				—				—				336
Lease-up / Development Communities		$	1,032,484				6.0	%			54.3	%		$	2,049				2,060				3,631
Total Multifamily Communities		$	17,215,348				100.0	%			94.5	%		$	1,690				102,789				104,360

(1)Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C. As of March 31, 2026, the gross investment in real estate for this community was $83.5 million and includes a mortgage note payable of $52.0 million. For the three months ended March 31, 2026, this apartment community achieved NOI of $2.2 million.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

		Three Months Ended												As of March 31, 2026
		March 31, 2026				March 31, 2025				Percent Change				Apartment Units				Gross Real Assets
Operating Revenues
Same Store Communities		$	516,980			$	518,827				-0.4	%			96,561			$	15,313,935
Non-Same Store Communities			22,050				21,239								4,168				868,929
Lease-up/Development Communities			7,732				2,459								2,060				1,032,484
Total Multifamily Portfolio		$	546,762			$	542,525								102,789			$	17,215,348
Commercial Property/Land			6,963				6,770								—				437,795
Total Operating Revenues		$	553,725			$	549,295								102,789			$	17,653,143
Property Operating Expenses
Same Store Communities		$	188,284			$	185,911				1.3	%
Non-Same Store Communities			9,211				10,106
Lease-up/Development Communities			5,094				2,222
Total Multifamily Portfolio		$	202,589			$	198,239
Commercial Property/Land			2,983				3,114
Total Property Operating Expenses		$	205,572			$	201,353
Net Operating Income
Same Store Communities		$	328,696			$	332,916				-1.3	%
Non-Same Store Communities			12,839				11,133
Lease-up/Development Communities			2,638				237
Total Multifamily Portfolio		$	344,173			$	344,286
Commercial Property/Land			3,980				3,656
Total Net Operating Income		$	348,153			$	347,942				0.1	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

		Three Months Ended
		March 31, 2026				March 31, 2025				Percent Change
Property Taxes		$	64,935			$	63,188				2.8	%
Personnel			41,858				41,561				0.7	%
Utilities			34,985				33,853				3.3	%
Building Repair and Maintenance			24,196				23,871				1.4	%
Office Operations			7,675				8,185				(6.2	)%
Insurance			7,754				8,442				(8.1	)%
Marketing			6,881				6,811				1.0	%
Total Property Operating Expenses		$	188,284			$	185,911				1.3	%

Supplemental Data S-3

MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE

										Average Physical Occupancy
						Percent of				Three Months Ended
		Apartment Units				Same Store NOI				March 31, 2026				March 31, 2025
Atlanta, GA			11,434				12.2	%			95.6	%			95.4	%
Dallas, TX			9,523				9.4	%			95.1	%			95.2	%
Orlando, FL			5,907				7.3	%			95.8	%			95.6	%
Tampa, FL			5,416				7.1	%			96.1	%			96.1	%
Charlotte, NC			5,707				6.2	%			95.8	%			95.9	%
Austin, TX			7,179				5.6	%			95.2	%			95.0	%
Raleigh/Durham, NC			5,156				5.1	%			95.0	%			95.6	%
Nashville, TN			4,375				4.8	%			95.8	%			95.8	%
Phoenix, AZ			3,291				3.9	%			96.2	%			95.6	%
Charleston, SC			3,168				3.8	%			95.6	%			95.6	%
Houston, TX			4,859				3.8	%			96.0	%			95.5	%
Fort Worth, TX			3,687				3.7	%			95.4	%			95.0	%
Northern Virginia			1,888				3.2	%			95.8	%			96.7	%
Jacksonville, FL			3,496				2.8	%			95.1	%			95.9	%
Greenville, SC			2,354				2.1	%			95.7	%			95.9	%
Richmond, VA			1,732				2.0	%			95.9	%			96.2	%
Fredericksburg, VA			1,435				1.9	%			95.8	%			97.0	%
Savannah, GA			1,837				1.9	%			95.3	%			95.3	%
Denver, CO			1,118				1.3	%			94.4	%			94.8	%
Birmingham, AL			1,462				1.2	%			95.4	%			96.3	%
Kansas City, MO-KS			1,110				1.2	%			95.4	%			95.1	%
San Antonio, TX			1,504				1.1	%			94.8	%			95.2	%
Memphis, TN			1,193				1.1	%			95.5	%			94.9	%
Huntsville, AL			1,228				0.9	%			92.8	%			94.6	%
Other			6,502				6.4	%			95.5	%			95.4	%
Total Same Store			96,561				100.0	%			95.5	%			95.6	%

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				Q1 2026				Q1 2025				% Chg				Q1 2026				Q1 2025				% Chg				Q1 2026				Q1 2025				% Chg				Q1 2026				Q1 2025				% Chg
Atlanta, GA			11,434			$	64,385			$	64,628				(0.4	)%		$	24,322			$	23,121				5.2	%		$	40,063			$	41,507				(3.5	)%		$	1,787			$	1,793				(0.3	)%
Dallas, TX			9,523				50,285				50,001				0.6	%			19,505				20,194				(3.4	)%			30,780				29,807				3.3	%			1,677				1,666				0.7	%
Orlando, FL			5,907				36,762				36,958				(0.5	)%			12,858				13,190				(2.5	)%			23,904				23,768				0.6	%			1,978				1,985				(0.4	)%
Tampa, FL			5,416				35,791				35,984				(0.5	)%			12,371				12,630				(2.1	)%			23,420				23,354				0.3	%			2,083				2,091				(0.4	)%
Charlotte, NC			5,707				29,566				29,908				(1.1	)%			9,031				9,024				0.1	%			20,535				20,884				(1.7	)%			1,644				1,656				(0.7	)%
Austin, TX			7,179				34,332				35,579				(3.5	)%			15,871				15,381				3.2	%			18,461				20,198				(8.6	)%			1,472				1,547				(4.9	)%
Raleigh/Durham, NC			5,156				24,990				25,418				(1.7	)%			8,081				8,117				(0.4	)%			16,909				17,301				(2.3	)%			1,515				1,532				(1.1	)%
Nashville, TN			4,375				23,029				23,370				(1.5	)%			7,340				7,699				(4.7	)%			15,689				15,671				0.1	%			1,653				1,675				(1.3	)%
Phoenix, AZ			3,291				17,932				17,899				0.2	%			5,176				4,978				4.0	%			12,756				12,921				(1.3	)%			1,691				1,718				(1.6	)%
Charleston, SC			3,168				18,413				18,121				1.6	%			5,912				5,820				1.6	%			12,501				12,301				1.6	%			1,842				1,817				1.4	%
Houston, TX			4,859				22,781				22,549				1.0	%			10,398				10,036				3.6	%			12,383				12,513				(1.0	)%			1,455				1,444				0.7	%
Fort Worth, TX			3,687				19,370				19,284				0.4	%			7,254				6,593				10.0	%			12,116				12,691				(4.5	)%			1,581				1,580				0.0	%
Northern Virginia			1,888				15,104				14,918				1.2	%			4,617				4,544				1.6	%			10,487				10,374				1.1	%			2,570				2,513				2.3	%
Jacksonville, FL			3,496				15,534				15,970				(2.7	)%			6,171				6,063				1.8	%			9,363				9,907				(5.5	)%			1,467				1,486				(1.3	)%
Greenville, SC			2,354				10,673				10,426				2.4	%			3,785				3,798				(0.3	)%			6,888				6,628				3.9	%			1,372				1,336				2.7	%
Richmond, VA			1,732				9,423				9,065				3.9	%			2,918				2,873				1.6	%			6,505				6,192				5.1	%			1,724				1,680				2.6	%
Fredericksburg, VA			1,435				9,013				8,863				1.7	%			2,662				2,557				4.1	%			6,351				6,306				0.7	%			1,970				1,909				3.2	%
Savannah, GA			1,837				9,977				10,109				(1.3	)%			3,791				3,543				7.0	%			6,186				6,566				(5.8	)%			1,686				1,705				(1.1	)%
Denver, CO			1,118				6,536				6,934				(5.7	)%			2,274				2,030				12.0	%			4,262				4,904				(13.1	)%			1,903				1,951				(2.4	)%
Birmingham, AL			1,462				6,950				6,882				1.0	%			2,831				2,708				4.5	%			4,119				4,174				(1.3	)%			1,439				1,403				2.6	%
Kansas City, MO-KS			1,110				5,932				5,737				3.4	%			2,112				2,074				1.8	%			3,820				3,663				4.3	%			1,684				1,638				2.8	%
San Antonio, TX			1,504				6,328				6,521				(3.0	)%			2,745				2,551				7.6	%			3,583				3,970				(9.7	)%			1,316				1,354				(2.8	)%
Memphis, TN			1,193				5,399				5,405				(0.1	)%			1,877				2,238				(16.1	)%			3,522				3,167				11.2	%			1,414				1,433				(1.3	)%
Huntsville, AL			1,228				5,056				5,277				(4.2	)%			2,107				1,905				10.6	%			2,949				3,372				(12.5	)%			1,254				1,286				(2.5	)%
Other			6,502				33,419				33,021				1.2	%			12,275				12,244				0.3	%			21,144				20,777				1.8	%			1,637				1,616				1.3	%
Total Same Store			96,561			$	516,980			$	518,827				(0.4	)%		$	188,284			$	185,911				1.3	%		$	328,696			$	332,916				(1.3	)%		$	1,685			$	1,690				(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				Q1 2026				Q4 2025				% Chg				Q1 2026				Q4 2025				% Chg				Q1 2026				Q4 2025				% Chg				Q1 2026				Q4 2025				% Chg
Atlanta, GA			11,434			$	64,385			$	64,566				(0.3	)%		$	24,322			$	25,023				(2.8	)%		$	40,063			$	39,543				1.3	%		$	1,787			$	1,788				(0.1	)%
Dallas, TX			9,523				50,285				50,226				0.1	%			19,505				20,376				(4.3	)%			30,780				29,850				3.1	%			1,677				1,673				0.3	%
Orlando, FL			5,907				36,762				36,976				(0.6	)%			12,858				12,203				5.4	%			23,904				24,773				(3.5	)%			1,978				1,980				(0.1	)%
Tampa, FL			5,416				35,791				35,893				(0.3	)%			12,371				12,625				(2.0	)%			23,420				23,268				0.7	%			2,083				2,091				(0.4	)%
Charlotte, NC			5,707				29,566				29,838				(0.9	)%			9,031				9,292				(2.8	)%			20,535				20,546				(0.1	)%			1,644				1,649				(0.3	)%
Austin, TX			7,179				34,332				34,556				(0.6	)%			15,871				16,707				(5.0	)%			18,461				17,849				3.4	%			1,472				1,481				(0.6	)%
Raleigh/Durham, NC			5,156				24,990				25,244				(1.0	)%			8,081				8,251				(2.1	)%			16,909				16,993				(0.5	)%			1,515				1,519				(0.3	)%
Nashville, TN			4,375				23,029				23,125				(0.4	)%			7,340				7,446				(1.4	)%			15,689				15,679				0.1	%			1,653				1,660				(0.4	)%
Phoenix, AZ			3,291				17,932				17,911				0.1	%			5,176				4,949				4.6	%			12,756				12,962				(1.6	)%			1,691				1,697				(0.4	)%
Charleston, SC			3,168				18,413				18,484				(0.4	)%			5,912				5,755				2.7	%			12,501				12,729				(1.8	)%			1,842				1,843				(0.0	)%
Houston, TX			4,859				22,781				22,796				(0.1	)%			10,398				10,255				1.4	%			12,383				12,541				(1.3	)%			1,455				1,454				0.0	%
Fort Worth, TX			3,687				19,370				19,309				0.3	%			7,254				8,173				(11.2	)%			12,116				11,136				8.8	%			1,581				1,580				0.0	%
Northern Virginia			1,888				15,104				15,132				(0.2	)%			4,617				4,410				4.7	%			10,487				10,722				(2.2	)%			2,570				2,575				(0.2	)%
Jacksonville, FL			3,496				15,534				15,671				(0.9	)%			6,171				6,026				2.4	%			9,363				9,645				(2.9	)%			1,467				1,469				(0.1	)%
Greenville, SC			2,354				10,673				10,673				—				3,785				3,631				4.2	%			6,888				7,042				(2.2	)%			1,372				1,368				0.3	%
Richmond, VA			1,732				9,423				9,407				0.2	%			2,918				2,813				3.7	%			6,505				6,594				(1.3	)%			1,724				1,717				0.4	%
Fredericksburg, VA			1,435				9,013				8,924				1.0	%			2,662				2,564				3.8	%			6,351				6,360				(0.1	)%			1,970				1,962				0.4	%
Savannah, GA			1,837				9,977				10,051				(0.7	)%			3,791				3,578				6.0	%			6,186				6,473				(4.4	)%			1,686				1,697				(0.6	)%
Denver, CO			1,118				6,536				6,708				(2.6	)%			2,274				1,993				14.1	%			4,262				4,715				(9.6	)%			1,903				1,918				(0.7	)%
Birmingham, AL			1,462				6,950				6,935				0.2	%			2,831				2,689				5.3	%			4,119				4,246				(3.0	)%			1,439				1,440				(0.0	)%
Kansas City, MO-KS			1,110				5,932				5,936				(0.1	)%			2,112				2,187				(3.4	)%			3,820				3,749				1.9	%			1,684				1,679				0.3	%
San Antonio, TX			1,504				6,328				6,307				0.3	%			2,745				2,537				8.2	%			3,583				3,770				(5.0	)%			1,316				1,323				(0.6	)%
Memphis, TN			1,193				5,399				5,353				0.9	%			1,877				1,883				(0.3	)%			3,522				3,470				1.5	%			1,414				1,416				(0.1	)%
Huntsville, AL			1,228				5,056				5,065				(0.2	)%			2,107				1,954				7.8	%			2,949				3,111				(5.2	)%			1,254				1,263				(0.7	)%
Other			6,502				33,419				33,554				(0.4	)%			12,275				11,664				5.2	%			21,144				21,890				(3.4	)%			1,637				1,636				0.1	%
Total Same Store			96,561			$	516,980			$	518,640				(0.3	)%		$	188,284			$	188,984				(0.4	)%		$	328,696			$	329,656				(0.3	)%		$	1,685			$	1,688				(0.1	)%

Supplemental Data S-6

MULTIFAMILY DEVELOPMENT PIPELINE

				Units as of									Development Costs as of
				March 31, 2026									March 31, 2026											Expected
													Expected			Costs			Expected			Start		Initial
		Market		Total			Delivered			Leased			Total			to Date			Remaining			Date		Occupancy		Completion		Stabilization (1)
MAA Plaza Midwood (2)		Charlotte, NC			302			173			42		$	101,500		$	93,281		$	8,219		2Q24		4Q25		3Q26		3Q27
MAA Milepost 35 II		Denver, CO			219			44			24			78,000			62,351			15,649		4Q24		2Q26		4Q26		4Q27
Modera Chandler (2)		Phoenix, AZ			345			—			—			117,500			86,183			31,317		2Q24		2Q26		4Q26		4Q27
MAA Rove		Richmond, VA			306			—			—			99,500			69,250			30,250		3Q24		1Q27		3Q27		1Q28
MAA Point Hope (2)		Charleston, SC			336			—			—			91,000			39,745			51,255		2Q25		1Q27		1Q28		3Q28
MAA One Scottsdale		Phoenix, AZ			280			—			—			135,000			37,469			97,531		4Q25		1Q28		3Q28		2Q29
Total Active					1,788			217			66		$	622,500		$	388,279		$	234,221

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

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

MULTIFAMILY LEASE-UP COMMUNITIES

				As of March 31, 2026
		Market		Total Units				Physical Occupancy		Costs to Date				Construction Completed		Expected Stabilization (1)
MAA Val Vista		Phoenix, AZ		317				88.6%		$	76,500			4Q24		2Q26
MAA Cathedral Arts		Dallas, TX		386				89.1%			107,097			(2)		2Q26
MAA Nixie		Raleigh/Durham, NC		406				48.3%			143,024			3Q25		4Q26
MAA Liberty Row (3)		Charlotte, NC		239				35.1%			112,635		(4)	1Q26		4Q26
MAA Breakwater		Tampa, FL		495				71.5%			193,897			1Q26		1Q27
Total					1,843			68.3%		$	633,153

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

(2)Property was acquired while in lease-up; construction was complete prior to acquisition by MAA.

(3)In July 2024, MAA agreed to finance the third party development of this property. MAA has the option to purchase the property once it is stabilized.

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

MULTIFAMILY INTERIOR REDEVELOPMENT, WIFI RETROFIT AND PROPERTY REPOSITIONING ACTIVITY

Dollars in thousands, except per unit data

Three months ended March 31, 2026
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			1,386			$	7,349			$	5,302			$	104			7.5%		9,000 - 12,000

During the first quarter of 2026, MAA continued its WiFi Retrofit program and its Property Repositioning program to upgrade and reposition the amenity and common areas at select apartment communities for higher and above market rent growth after projects are completed and units are fully repriced. MAA spent $1.6 million on its WiFi Retrofit program and $2.3 million on its Property Repositioning program during the three months ended March 31, 2026.

Supplemental Data S-7

2026 ACQUISITION ACTIVITY AS OF MARCH 31, 2026

Land Acquisitions		Market		Closing Date
Modera Silver (1)		Northern Virginia		Jan-26
MAA Sevilla (2)		Kansas City, MO-KS		Feb-26

(1)Represents a pre-purchase multifamily development. MAA owns 95% of the joint venture that owns this property and plans future development of a 287-unit multifamily apartment community at the property.

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

2026 DISPOSITION ACTIVITY AS OF MARCH 31, 2026

Multifamily Dispositions		Market		Apartment Units		Closing Date
MAA Greenwood Forrest		Houston, TX		316		Feb-26

DEBT AND DEBT COVENANTS AS OF MARCH 31, 2026

Dollars in thousands

DEBT SUMMARIES
Fixed Rate Versus Floating Rate Debt		Balance				Percent of Total				Effective Interest Rate				Average Years to Rate Maturity
Fixed rate debt		$	4,929,220				87.1	%			3.8	%			7.0
Floating rate debt			727,300				12.9	%			4.1	%			0.1
Total		$	5,656,520				100.0	%			3.9	%			6.1
Unsecured Versus Secured Debt		Balance				Percent of Total				Effective Interest Rate				Average Years to Contract Maturity
Unsecured debt		$	5,296,096				93.6	%			3.8	%			5.0
Secured debt			360,424				6.4	%			4.4	%			22.8
Total		$	5,656,520				100.0	%			3.9	%			6.1
Unencumbered Versus Encumbered Assets		Total Cost				Percent of Total				Q1 2026 NOI				Percent of Total
Unencumbered gross assets		$	17,300,514				95.6	%		$	333,844				95.9	%
Encumbered gross assets			788,531				4.4	%			14,309				4.1	%
Total		$	18,089,045				100.0	%		$	348,153				100.0	%

FIXED INTEREST RATE MATURITIES

Maturity		Fixed Rate Debt					Effective Interest Rate
2026		$	299,708					1.2	%
2027			599,104					3.7	%
2028			398,671					4.2	%
2029			554,451					3.7	%
2030			298,658					3.1	%
2031			447,123					1.8	%
2032			395,615					5.4	%
2033			592,758					4.7	%
2034			344,648					5.1	%
2035			344,499					5.1	%
Thereafter			653,985					3.8	%
Total		$	4,929,220					3.8	%

Supplemental Data S-8

DEBT AND DEBT COVENANTS AS OF MARCH 31, 2026 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

Maturity		Commercial Paper ⁽¹⁾ & Revolving Credit Facility ⁽²⁾				Public Bonds				Secured				Total
2026		$	727,300			$	299,708			$	—			$	1,027,008
2027			—				599,104				—				599,104
2028			—				398,671				—				398,671
2029			—				554,451				—				554,451
2030			—				298,658				—				298,658
2031			—				447,123				—				447,123
2032			—				395,615				—				395,615
2033			—				592,758				—				592,758
2034			—				344,648				—				344,648
2035			—				344,499				—				344,499
Thereafter			—				293,561				360,424				653,985
Total		$	727,300			$	4,568,796			$	360,424			$	5,656,520

(1)The $727.3 million maturing in 2026 reflects the principal outstanding under MAALP’s unsecured commercial paper program as of March 31, 2026. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $750.0 million. For the three months ended March 31, 2026, average daily borrowings outstanding under the commercial paper program were $682.1 million.

(2)There were no borrowings outstanding under MAALP’s $1.5 billion unsecured revolving credit facility as of March 31, 2026. The facility has a maturity date of January 2030 with two six-month extension options.

DEBT COVENANT ANALYSIS (1)

Bond Covenants		Required		Actual		Compliance
Total debt to adjusted total assets		60% or less		31.3%		Yes
Total secured debt to adjusted total assets		40% or less		2.0%		Yes
Consolidated income available for debt service to total annual debt service charge		1.5x or greater for trailing 4 quarters		5.9x		Yes
Total unencumbered assets to total unsecured debt		Greater than 150%		317.1%		Yes
Bank Covenants		Required		Actual		Compliance
Total debt to total capitalized asset value		60% or less		23.8%		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		6.3x		Yes
Total unsecured debt to total unsecured capitalized asset value		60% or less		23.1%		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-9

2026 GUIDANCE

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

		Full Year 2026
Earnings:		Range		Midpoint
Earnings per common share - diluted		$4.18 to $4.50		$4.34
Core FFO per Share - diluted		$8.37 to $8.69		$8.53
Core AFFO per Share - diluted		$7.34 to $7.66		$7.50
MAA Same Store Portfolio:
Number of units		96,561		96,561
Average physical occupancy		95.35% to 95.85%		95.60%
Property revenue growth		-0.20% to 1.30%		0.55%
Effective rent growth		-0.15% to 0.85%		0.35%
Property operating expense growth		1.90% to 3.40%		2.65%
NOI growth		-1.70% to 0.30%		-0.70%
Real estate tax expense growth		1.25% to 3.25%		2.25%
Corporate Expenses: ($ 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		$150.0 to $250.0		$200.0
Multifamily disposition volume		$200.0 to $300.0		$250.0
Development investment		$300.0 to $400.0		$350.0
Debt:
Average effective interest rate		3.7% to 3.9%		3.8%
Capitalized interest ($ in millions)		$16.0 to $18.0		$17.0
Diluted FFO Shares Outstanding:
Diluted common shares and units		118.95 to 119.45 million		119.20 million

RECONCILIATION OF EARNINGS PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER DILUTED SHARE FOR FULL YEAR 2026 GUIDANCE

		Full Year 2026 Guidance Range
		Low				High
Earnings per common share - diluted		$	4.18			$	4.50
Real estate depreciation and amortization			5.43				5.43
Gains on sale of depreciable assets			(1.16	)			(1.16	)
FFO per Share - diluted			8.45				8.77
Non-Core FFO items (1)			(0.08	)			(0.08	)
Core FFO per Share - diluted			8.37				8.69
Recurring capital expenditures			(1.03	)			(1.03	)
Core AFFO per Share - diluted		$	7.34			$	7.66

(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-10

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:

Q2 2026

Q3 2026

Q4 2026

Q1 2027

Earnings release & conference call

Late July

Late October

Early February

Late April

Dividend Information - Common Shares:

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Declaration date

3/18/2025

5/21/2025

9/23/2025

12/10/2025

3/17/2026

Record date

4/15/2025

7/15/2025

10/15/2025

1/15/2026

4/15/2026

Payment date

4/30/2025

7/31/2025

10/31/2025

1/30/2026

4/30/2026

Distributions per share

$

1.5150

$

1.5150

$

1.5150

$

1.5300

$

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-11

FAQ

How did Mid-America Apartment Communities (MAA) perform financially in Q1 2026?

MAA generated $553.7 million in rental and other property revenues and $123.4 million of net income available for common shareholders in Q1 2026. Diluted EPS was $1.06, with FFO of $2.23 and Core FFO of $2.13 per diluted share.

What were MAA’s Same Store operating results for Q1 2026?

MAA’s Same Store portfolio saw property revenue decline 0.4%, operating expenses rise 1.3%, and NOI decrease 1.3% year over year. Average effective rent per unit was $1,685, average physical occupancy was 95.5%, and resident turnover was 39.9% on a trailing twelve‑month basis.

What guidance did MAA provide for full-year 2026 earnings and FFO?

For full-year 2026, MAA expects diluted EPS of $4.18–$4.50. It projects Core FFO per diluted share of $8.37–$8.69 and Core AFFO per diluted share of $7.34–$7.66, with Same Store NOI growth guided between -1.70% and 0.30%.

How strong is MAA’s balance sheet and leverage at March 31, 2026?

At March 31, 2026, MAA reported total debt of $5.66 billion and Net Debt of $5.58 billion. Total debt to adjusted total assets was 31.3% and Net Debt/Adjusted EBITDAre was 4.5x. MAA also had $839.2 million of cash and revolver availability.

What capital markets and share repurchase actions did MAA take in Q1 2026?

In Q1 2026, MAALP issued $200.0 million of unsecured senior notes due 2033 with a 4.650% coupon and effective rate of 4.606%. Proceeds repaid commercial paper. MAA also repurchased 0.6 million common shares for about $73 million at an average price of $130.46.

What dividend did MAA declare and what is the current annual rate?

MAA declared its 129th consecutive quarterly common dividend, payable April 30, 2026 to holders of record on April 15, 2026. The current annual dividend rate is $6.12 per common share, reflecting a quarterly dividend of $1.53 per share.

What development and lease-up activity did MAA report for early 2026?

MAA had 1,788 units under active development with total expected costs of $622.5 million and 1,843 lease-up units at 68.3% occupancy and $633.2 million in costs to date. It completed MAA Breakwater in Tampa and MAA Liberty Row in Charlotte during Q1 2026.

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