Mid-america Apartment Communities, Inc. · NYSE:MAA
Mid-america Apartment Communities — Investor Presentation (September 2026)
50 slides from Mid-america Apartment Communities's investor presentation, September 2026
Slide 1: Capital Markets Update
Capital Markets Update September 2026 maac.com
Slide 2: Operating Update
Operating Update Overview • Proven history of accretive capital allocation and operating platform execution, delivering TSR outperformance and sector leading ROIC • Well-positioned for the coming Sunbelt recovery with a stronger, more efficient operating platform to support accelerating earnings gro
Slide 3: Table of Contents
Table of Contents SECTION 1 SECTION 5 About MAA 4-8 Current Performance, +30-year Public Company Platform with 2026 Outlook 31-35 Successful Track Record of Outperformance Building Momentum as Supply Impact Decreases and Growth Initiatives Deliver Results SECTION 2 SECTION 6 Differentiated Portfolio
Slide 4: About MAA
SECTION 1 About MAA +30-year Public Company Platform with Successful Track Record of Outperformance
Slide 5: Strong Performance Platform
Strong Performance Platform At a Glance1 32 S&P 500 $22.2B Years Public Member Total Company Capitalization2 ~2,500 ~105K ~$800M Associates Apartment Units ’26F Development Pipeline A3/A- 8.0% 130 Moody’s/S&P 15-Year Annual Consecutive Quarterly Credit Ratings Compounded TSR3 Cash Dividends Paid4 at
Slide 6: A Proven Model for Sector-Leading ROIC and Long-Term Value Creation
A Proven Model for Sector-Leading ROIC1 and Long-Term Value Creation Disciplined capital allocation & operating expertise have consistently supported earnings growth, portfolio improvement & strong, long-term shareholder returns DISCIPLINED CAPITAL PROVEN MERGER OPERATING EXPERTISE ALLOCATION IN HIG
Slide 7: Long-Term History of Strong Performance for Shareholders
Long-Term History of Strong Performance for Shareholders Total Shareholder Return Strong Long-Term Returns for Investors at 8/31/2026 A continuing focus to drive compounded earnings YTD 5 YR 10 YR 15 YR 20 YR growth to support a steady and growing dividend MAA -3.9% -4.2% 7.0% 8.0% 8.1% PEER AVG1 5.
Slide 8: Full Cycle Earnings Outperformance with Downside Protection
Full Cycle Earnings Outperformance with Downside Protection Same Store NOI Growth MAA’s strategy is 20.0% Spread: 170bps Spread: 630bps built to drive Great Financial Crisis COVID-19 Pandemic long-term 15.0% earnings growth & 10.0% shareholder returns 5.0% through: 1.2% -1.0% 0.0% -3.5% A focus on h
Slide 9: Differentiated Portfolio Strategy & Proven Platform for Growth
SECTION 2 Differentiated Portfolio Strategy & Proven Platform for Growth Diversified in High Growth Sunbelt Markets, Positioned for Full Cycle Outperformance with Robust Development, Redevelopment and Tech- enabled Initiatives Growing Value
Slide 10: Uniquely Positioned in High Growth Markets
Uniquely Positioned in High Growth Markets Our Mid-Tier Markets Create Stability Diversification Within throughout the Market Cycle Markets1 Multifamily Market 76% 24% Multifamily Market + Regional Office Multifamily Market + Corporate HQ Multifamily Development(s) Underway 76% 24% Large Markets1 Mi
Slide 11: Developments Poised to Deliver Additional Value
Developments Poised to Deliver Additional Value COMPLETED DEVELOPMENTS IN LEASE-UP AT 6/30/2026 All Active Developments + Completed COST TO DATE PHYSICAL EXPECTED PROPERTY MSA UNITS (IN MILLIONS) OCCUPANCY STABILIZATION 1 Developments in Initial Lease-up AT 6/30/2026 MAA Val Vista 2 Phoenix, AZ 317
Slide 12: Development Pipeline Expansion Through In-House & Pre-Purchase Opportunities
Development Pipeline Expansion Through In-House & “Pre-Purchase”1 Opportunities IN-HOUSE PRE-PURCHASE IN-HOUSE • Established history of accretive capital deployment with strong ROI performance • Design and investment managed from an owner/operator perspective; long-term margins optimized Future Deve
Slide 13: Optimizing Operations to Deliver Market-Leading Service & Growing Value
Optimizing Operations to Deliver Market-Leading Service & Growing Value Reflecting the evolving expectations of our customers & business, Drive higher prospect the platform will… engagement, resident service Strong Resident Service & retention + Enhanced Associate Experience + Create efficiencies by
Slide 14: Platform Capabilities Creating Long Term Value
Platform Capabilities Creating Long Term Value MAA's technology-enabled operating platform continues to transform how we serve residents, support associates, and operate our communities— driving efficiency, enhancing the customer experience, and ultimately supporting long-term NOI growth. 2020 - 202
Slide 15: Unit Redevelopment Program: Proven Value, Continuing Opportunity
Unit Redevelopment Program: Proven Value, Continuing Opportunity Scope Opportunity with Incoming Supply • Standard program includes kitchen and bath • MAA 2Q 2026 rents averaged approximately upgrades $529/unit less than new supply in our • Redevelopments performed on turn and submarkets creating ad
Slide 16: Property Repositioning Program: Maximizing Revenue
Property Repositioning Program: Maximizing Revenue Before EXTERIOR AMENITIES FOR TODAY’S LIFESTYLES Thoughtful upgrades to maximize revenue • Program includes upgrade of BEFORE amenities, exteriors and common areas to keep pace with market demand 6 • Candidates evaluated on location, potential for r
Slide 17: Improving Earnings Quality through Acquisitions and Dispositions
Improving Earnings Quality through Acquisitions and Dispositions After-Capex NOI Margin Average Age (In Years) 2021 – 2026 YTD1 29 2026 YTD1 Dispositions 64% 49% $2,175M 2 Communities ACQUISITIONS/DEVELOPMENTS2 1 4.9% AVG After-Capex $862M NOI Yield Acquisitions/Developments Acquisitions DISPOSITION
Slide 18: Improving Macro Environment
SECTION 3 Improving Macro Environment Strong Demand Dynamics and Declining Supply Impact
Slide 19: Steady Demand Drivers for MAA Markets
Steady Demand Drivers for MAA Markets MAA Portfolio Migration Trends 18% 2026 Forecasted Demand Drivers Outperform REIT Peer Markets1 15% 1.3% 12% 1.1% 9% 0.9% 6% 0.6% 3% 0.5% 0% 0.3% 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1
Slide 20: Single Family Availability Down, Significant Affordability Gap Persists
Single Family Availability Down, Significant Affordability Gap Persists Single Family Completions Mortgage Payments1 in MAA Markets vs. MAA Rents YOY Change Median House Price in MAA Markets is $426K AT 6/30/2026 3.0% $2,500 Jun-26, $2,151 $2,000 -0.5% -1.3% -2.4% MAA MARKETS $1,500 Jan-20, $1,267 N
Slide 21: Easing Supply Pressure Ahead, Stabilizing Market Occupancies
Easing Supply Pressure Ahead, Stabilizing Market Occupancies Improved Occupancy in MAA Markets • Slowing deliveries coupled with healthy absorption brought occupancy back near pre-pandemic levels for MAA markets • Occupancy for MAA markets was below 93% for much of 2024 and recovered back to 95% as
Slide 22: Sunbelt Market Opportunity
SECTION 4 Sunbelt Market Opportunity Strengthening Market Fundamentals Point to Recovery, Supported by Strong Resident Profile & Retention
Slide 23: Low Supply Environment for Extended Period
Low Supply Environment for Extended Period Multifamily Starts Declining With starts in our markets trending downward starting in Q4 2022, we expect deliveries and supply pressure to follow a Multifamily Starts This sets MAA up for what we expect similar trend lagged by 2 – 2.5 years. have stayed to
Slide 24: Potential NOI Outperformance with Continued Low Starts and Improved Operating Platform
Potential NOI Outperformance with Continued Low Starts and Improved Operating Platform Annual Multifamily Starts in MAA Markets 1 (% EXISTING UNITS) Great Financial Crisis 7.0% Recovery Period 2011 - 2015 190 bps 6.0% higher than long term 5.0% MAA AVG SAME STORE average2 NOI GROWTH 4.0% 5.7% 3.0% 2
Slide 25: 2026+ Pricing Expectations
2026+ Pricing Expectations New Supply Deliveries in MAA Markets1 (% EXISTING UNITS) New supply deliveries continue 5.3% to drop with further ~3.0% decline 3.4% expected in 2.2% 2.4% 2026 through 2028. 1.5% As supply pressure eases and concessions expire, pricing is expected to improve. 2024 2025 202
Slide 26: Trending Positive: Atlanta / Dallas / Orlando / Austin
Trending Positive: Atlanta / Dallas / Orlando / Austin 2026 Forecasted Demand and Supply1,2 3.1% ATLANTA 2.6% 2.2% 2.1% 2.1% DALLAS 1.9% 1.8% 1.6% 1.6% 1.5% 1.5% ORLANDO 1.4% 1.4% 1.3% 1.3% 1.3% 1.1% 1.0% 1.0% 0.9% 0.9% AUSTIN 0.6% 0.5% 0.3% MAA MARKETS REIT PEER MARKETS POPULATION HOUSEHOLD FORMATI
Slide 27: Trending Negative: Charlotte / Washington, DC / Raleigh
Trending Negative: Charlotte / Washington, DC / Raleigh 2026 Forecasted Demand and Supply1,2 3.4% CHARLOTTE 2.5% 2.3% 2.3% WASHINGTON, DC 2.2% 1.9% 1.7% RALEIGH 1.4% 1.3% 1.3% 1.2% 1.2% 0.9% 0.8% MAA MARKETS 0.6% 0.5% 0.3% 0.3% 0.1% 0.0% REIT PEER MARKETS POPULATION HOUSEHOLD FORMATION JOB UNITS DEL
Slide 28: Strong Resident Profile + Affordability = Solid Growth Opportunity
Strong Resident Profile + Affordability = Solid Growth Opportunity Same Store Resident Profile Primary Employment Sectors in Top Markets for Existing Residents QTD AT 6/30/2026 QTD AT 6/30/2026 AVG NEW AVG NEW TOP 5 EMPLOYMENT SECTORS RESIDENT LEASE RENT/ RESIDENT RESIDENT % SAME INCOME INCOME MED A
Slide 29: Superior Customer Service Helps Drive Record Resident Retention
Superior Customer Service Helps Drive Record Resident Retention Same Store Resident Turnover and Moveouts Associated with Single-Family Housing AS OF 6/30/2026 55.0% 25.0% Customer Service Focus 50.0% 20.0% with Sector Leading Google Star Rating Trailing 12-Month Resident Turnover Rate Historically
Slide 30: Higher Resident Retention Expected to Continue
Higher Resident Retention Expected to Continue Our focus on superior customer service, our position in transformed, high-demand Sunbelt markets, along with broader, long-term demographic and economic shifts support our high resident retention and reduce the number of new leases required. Transformed
Slide 31: Current Performance, 2026 Outlook
SECTION 5 Current Performance, 2026 Outlook Building Momentum as Supply Impact Decreases and Growth Initiatives Deliver Results
Slide 32: Proven Platform and Growth Initiatives Support Coming Outperformance
Proven Platform and Growth Initiatives Support Coming Outperformance Quality Resident Profile, Record High Retention & Strong Collections in Place Strong Robust External Balance Sheet Growth Platform Positioned for Adds Value & Growth Improved Earnings Proven Platform & Improving Market Growth I
Slide 33: Building Momentum | Same Store Operating Trends
Building Momentum | Same Store Operating Trends YOY Comparison: Renewal Rent Lease-Over-Lease Average Pricing Change 2026 SAME STORE Consecutive Quarters of 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 YOY Pricing Improvement +10bps +40bps +50bps +90bps +40bps 5 6 YOY Comparison: Blended Rent Lease-Over-
Slide 34: Building Momentum | 2026F Same Store Outlook
Building Momentum | 2026F Same Store Outlook 2026 FULL YEAR GUIDANCE MIDPOINT SAME STORE PORTFOLIO Effective Rent Growth1 [-0.15% … 0.10% … 0.35%] MIDPOINT OF FULL YEAR GUIDANCE RANGE Actual = A; Forecasted = F 2025A Earn-in -20 bps Property Revenue Growth [-0.20% … 0.10% … 0.40%] 2026F Rent Growth*
Slide 35: Building Momentum | 2026F Core FFO Guidance
Building Momentum | 2026F Core FFO Guidance CORE FFO/SHARE1 2026 FULL YEAR GUIDANCE MULTIFAMILY TRANSACTIONS/FINANCING MIDPOINT 2026 FULL YEAR GUIDANCE Full Year 20262 [$8.41 … $8.53 … $8.65] MIDPOINT Acquisitions/Dispositions $200M/$250M Q3 20263 [$2.04 … $2.10 … $2.16] Development Funding Wholly-o
Slide 36: Balance Sheet Strength
SECTION 6 Balance Sheet Strength Well Positioned to Support Continued Growth
Slide 37: Strong, Investment Grade Balance Sheet Well Positioned for Growth
Strong, Investment Grade Balance Sheet Well Positioned for Growth AT 6/30/2026 One of Twelve U.S. Public REITs to be A- Rated or Above Secured Debt 1.6% SHORT TERM LONG TERM OUTLOOK Preferred Stock1 0.2% RATINGS A-2 A- CREDIT Standard & Poor’s Ratings Services3 STABLE $16.5B $5.7B Moody’s Investors
Slide 38: Well-Laddered Debt Maturities & Low Average Interest
Well-Laddered Debt Maturities & Low Average Interest Credit Metrics AT 6/30/2026 31.2% 4.5x 73.6% Total Debt / Adjusted Net Debt / Adjusted Core FFO Payout Ratio3 Total Assets1 EBITDAre2 Debt Maturity Profile $ IN MILLIONS, AT 6/30/2026 Revolving Credit Facility and/or Commercial Paper Debt 4 $664.0
Slide 39: Sustainability
SECTION 7 Sustainability Program Aligns with Our Mission To Grow Value & Deliver Exceptional Service
Slide 40: A Brighter View for Today & Tomorrow: Our Sustainability Commitment
A Brighter View for Today & Tomorrow: Our Sustainability Commitment Community Service Disclosures 2025 GRESB SCORE MANAGEMENT PERFORMANCE THREE GREEN STARS SCORE SCORE 80 29 52 Our Open Arms Foundation provides 100 30 70 fully-furnished apartment homes 2025 in MAA communities FREE of charge Public D
Slide 41: Forward Looking Statements, Reconciliations & Definitions
SECTION 8 Forward Looking Statements, Reconciliations & Definitions
Slide 42: Forward-Looking Statements
Forward-Looking Statements This presentation 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
Slide 43: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures 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 June 30, Six months ended June 30, 2026 2025 2026 2025 Net income available for
Slide 44: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO NET OPERATING INCOME Dollars in thousands Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2026 2026 2025 2026 2025 Net income available for MAA common
Slide 45: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures RECONCILIATION OF NET INCOME TO EBITDA, EBITDAre AND ADJUSTED EBITDAre Dollars in thousands Three Months Ended Twelve Months Ended June 30, 2026 June 30, 2025 June 30, 2026 December 31, 2025 Net income $ 124,818 $ 110,875 $ 410,714 $ 456,566 Depreciation
Slide 46: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures RECONCILIATION OF UNSECURED NOTES PAYABLE, NET AND SECURED NOTES PAYABLE, NET TO NET DEBT Dollars in thousands June 30, 2026 December 31, 2025 Unsecured notes payable, net $ 5,331,445 $ 5,044,979 Secured notes payable, net 360,456 360,393 Total debt 5,69
Slide 47: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures 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 $ 3.96 $ 4.20 Real estate depreciation and amortization
Slide 48: Definitions of Non-GAAP Financial Measures
Definitions of 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
Slide 49: Definitions of Non-GAAP Financial Measures
Definitions of Non-GAAP Financial Measures 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 develop
Slide 50: Other Key Definitions
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 concessi
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