Mid-america Apartment Communities, Inc. · NYSE:MAA
Mid-america Apartment Communities — Investor Presentation (May 2026)
45 slides from Mid-america Apartment Communities's investor presentation, May 4, 2026
Slide 1: Capital Markets Update May 2026
Capital Markets Update May 2026 www.maac.com Exhibit 99.1
Slide 2: 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 3: Table of Contents
SECTION PAGE CONTENT 4-7 About MAA +30-year Public Company Platform with Successful Track Record of Outperformance 8-14 Improving Macro Environment Strong Demand Dynamics and Declining Supply Impact 15-18 Differentiated Portfolio Strategy Diversified in High Growth Sunbelt Markets, Positioned for Fu
Slide 4: About MAA
1 | About MAA +30-year Public Company Platform with Successful Track Record of Outperformance MAA Nixie, Raleigh, NC
Slide 5: MAA at a Glance
32 S&P 500 $20.2B Years Public Member Company Total Capitalization2 Strong Performance Platform ~2,500 ~105K ~$1B Associates Apartment Units ’26F Development Pipeline A3/A- 8.3% 129 Moody’s/S&P Credit Ratings 15-Year Annual Compounded TSR3 At 3/31/2025 Consecutive Quarterly Cash Dividends Paid4 1 As
Slide 6: Attractive Returns for Investors
Attractive Returns for Investors Core FFO Per Share Expected Average Annual Growth of 4.8% High quality earnings stream; compounding Core FFO growth Strong dividend track record; steady growth and well-covered Superior long-term shareholder returns Total Shareholder Return Strong Long-Term Returns f
Slide 7: Full Cycle Earnings Outperformance with Significant Downside Protection
Full Cycle Earnings Outperformance with Significant Downside Protection Source: Company Filings 1 Peer constituents include AVB, CPT, EQR, ESS and UDR. Over the long-term, MAA’s Same Store NOI growth outperforms the peer average with less volatility LONG TERM AVERAGE 2000 – 2026F Higher Growth STAND
Slide 8: Improving Macro Environment
2 | Improving Macro Environment Strong Demand Dynamics and Declining Supply Impact MAA Central Ave, Phoenix, AZ
Slide 9: Steady Demand Drivers for MAA Markets
Steady Demand Drivers for MAA Markets Move-ins from Non-MAA States Trailing 12 Months at 3/31/2026 MAA markets continue to capture positive in-migration trends; residents relocating outside our markets remains steady at 4% – 5% of our move-outs. Dallas | Charlotte | Nashville Phoenix | Charleston |
Slide 10: Single Family Availability Down, Significant Affordability Gap
Single Family Availability Down, Significant Affordability Gap Sources: Moody’s economy.com, Census Bureau, April 2026 Single Family Completions, YOY Change Sources: Moody’s economy.com, National Association of Realtors, April 2026 1 Estimated mortgage payment is calculated using the monthly median
Slide 11: Low Supply Environment for Extended Period
Multifamily Starts have stayed below the long-term average for 12 consecutive quarters Low Supply Environment for Extended Period 1 Data from RealPage Market Analytics Multifamily Starts in MAA Markets (% of total units)1 PEAK STARTS Multifamily Starts Declining With starts in our markets trending d
Slide 12: 2026+ Market Expectations
UNDERPERFORMERS OUTPERFORMERS Austin < Atlanta > Dallas Nashville < Orlando > Houston Phoenix < Raleigh/Durham > Charleston Jacksonville < Washington D.C.> Richmond < Charlotte > < Tampa > 2026+ Market Expectations MAA 2026 Revenue Expectations by Market4 2 New supply deliveries continue to drop wit
Slide 13: Easing Supply Pressure Ahead, Stabilizing Market Occupancies
Easing Supply Pressure Ahead, Stabilizing Market Occupancies MAA Market Occupancy, Including Lease-ups Improved Occupancy in MAA Markets Source: RealPage Market Analytics, April 2026 Slowing deliveries coupled with healthy absorption brought occupancy including lease-ups back to pre-pandemic levels
Slide 14: Potential NOI Outperformance with Continued Low Starts
Potential NOI Outperformance with Continued Low Starts Great Financial Crisis Recovery Period 2011 - 2015 2 1 Source: RealPage Market Analytics 2 References MAA’s Average Same Store NOI Growth value of 3.0% on Slide 7 covering period of 2000-2026F MAA AVG SAME STORE NOI GROWTH 5.7% 270bps higher tha
Slide 15: Differentiated Portfolio Strategy
3 | Differentiated Portfolio Strategy Diversified in High Growth Sunbelt Markets, Positioned for Full Cycle Outperformance MAA Robinson, Orlando, FL
Slide 16: Uniquely Positioned in High Growth Markets
Uniquely Positioned in High Growth Markets Multifamily Market Multifamily Market & Regional Office Multifamily Market & Corporate HQ Multifamily Development(s) Underway Diversified within MARKETS1 Diversified by PROPERTY TYPES1,2 %NOI #SUBMARKETS 1 Atlanta, GA 12.2% 11 2 Dallas, TX 9.4% 10 3 Orlando
Slide 17: Strong Resident Profile + Affordability = Solid Growth Opportunity
Strong Resident Profile + Affordability = Solid Growth Opportunity SAME STORE RESIDENT PROFILE IN TOP MARKETS QTD AT 3/31/2026 AVG NEW RESIDENT INCOME AVG NEW LEASE RENT/ INCOME RESIDENT MED AGE RESIDENT % SINGLE TOP 5 EMPLOYMENT SECTORS 1 2 3 4 5 Atlanta, GA $99,502 20% 34 82% Dallas, TX $109,291 1
Slide 18: Superior Customer Service Driving Record Resident Retention
Superior Customer Service Driving Record Resident Retention Customer Service Focus with Sector Leading Google Star Rating Single-Family Home Availability/Affordability Challenges Record Resident Retention Same Store Resident Turnover and Moveouts Associated with Single-Family Housing 1 Google Star R
Slide 19: Current Performance, 2026 Outlook
4 | Current Performance, 2026 Outlook Building Momentum as Supply Impact Decreases MAA Westglenn, Denver, CO
Slide 20: Building Momentum
Building Momentum The convergence of favorable Sunbelt market dynamics (including below average starts) + MAA’s growth initiatives and enhanced operating platform suggests approaching SUSTAINED OUTPERFORMANCE Absorption Continues (Concessions Abate Sunbelt Supply Slows Absorption Continues (Concessi
Slide 21: Building Momentum | Same Store Operating Trends
Building Momentum | Same Store Operating Trends Lease Over Lease Average Pricing Change 2026 same store 1Q 2025 2q 2025 3Q 2025 4Q 2025 1Q 2026 EFFECTIVE LEASES NEW LEASE -6.3% -4.8% -5.2% -8.1% -7.0% RENEWAL 4.5% 4.7% 4.5% 4.7% 5.4% BLENDED -0.5% 10 BPS YOY Improvement 0.5% 40 BPS YOY Improvement 0
Slide 22: 2026F Same Store Outlook
Building Momentum | 2026F Same Store Outlook Effective Rent Growth1 [-0.15% … 0.35% … 0.85%] Property Revenue Growth [-0.20% … 0.55% … 1.30%] Average Physical Occupancy Steady occupancy expected for full year [95.35% … 95.60% … 95.85%] REVENUE Property Expense Growth [1.90% … 2.65% … 3.40%] Real Est
Slide 23: 2026F Core FFO Guidance
Building Momentum | 2026F Core FFO Guidance Full Year 20262 [$8.37 … $8.53 … $8.69] Q2 20263 [$2.00 … $2.06 … $2.12] CORE FFO/SHARE1 CAPITAL SPEND INITIATIVES Unit Redevelopment Program Expect 6.4K to 7.4K units in 2026 [$45M … $50M … $55M] Property Repositioning Program [$16M … $18M … $20M] Ubiquit
Slide 24: Disciplined Capital Allocation
5 | Disciplined Capital Allocation Robust Development, Redevelopment and Tech-enabled Initiatives to Grow Value MAA Milepost 35, Denver, CO
Slide 25: Development Pipeline Expansion Through In-House & Pre-Purchase Opportunities
Development Pipeline Expansion Through In-House & “Pre-Purchase”* Opportunities *Pre-purchase developments are joint ventures and/or financing arrangements with outside developers with MAA acquiring full ownership following the stabilized lease-up of the community (see definition of Lease-up Communi
Slide 26: Developments Poised to Deliver Additional Value
COMPLETED DEVELOPMENTS IN LEASE-UP AT 3/31/2026 ACTIVE LEASE-UPS AT 9/30/23 PROPERTY MSA UNITS COST TO DATE (IN MILLIONS) PHYSICAL OCCUPANCY EXPECTED STABILIZATION1 MAA Val Vista 2 Phoenix, AZ 317 $ 76.5 88.6% 2Q 2026 MAA Nixie 2 Raleigh/Durham, NC 406 143.0 48.3% 4Q 2026 Modera Liberty Row 2,3 Char
Slide 27: 2026 and Future Development Expectations
2026 and Future Development Expectations msa POTENTIAL Units Kansas City, KS-MO 263 Nashville, TN 312 Northern VA 287 Northern VA 318 Kansas City, KS-MO 88 Charlotte, NC 336 Denver, CO 421 Raleigh/Durham, NC 226 Orlando, FL 698 Northern VA 150 Denver, CO 259 Denver, CO 520 Atlanta, GA 294 Denver, CO
Slide 28: Compelling Acquisition Opportunities
Compelling Acquisition Opportunities Currently Stabilized Acquisitions Expected to Deliver Average NOI yields of ~5.5% after Concession Burn-off1 RECENTLY ACQUIRED COMMUNITIES AT 3/31/2026 ACTIVE LEASE-UPS AT 9/30/23 PROPERTY MSA UNITS PURCHASE PRICE (IN MILLIONS) PHYSICAL OCCUPANCY ACQUIRED EXPECTE
Slide 29: Unit Interior Upgrades Continue to Drive Higher Value
Unit Interior Upgrades Continue to Drive Higher Value Unit Redevelopment Program Opportunity Approximately 11K units identified for redevelopment across Same Store portfolio with potential to create additional rent growth value SCOPE Redevelopments are performed on turn at select communities (proper
Slide 30: Repositioning Select Properties to Drive Additional Value
Repositioning Select Properties to Drive Additional Value MAA Harbour Island, Tampa, FL Updated and Expanded Fitness Centers Co-working Areas to Support Remote Work Desirable Amenities MAA Gardens, Atlanta, GA MAA Gateway (Pet Spa), Charlotte, NC Exterior Amenities for Today’s Lifestyles MAA Worthin
Slide 31: Platform Value Initiatives - Technology Enabled
Platform Value Initiatives - Technology Enabled All properties fully enabled with smart home technology ~$31 million of NOI (140bps margin) in current NOI run rate Over 5,000 validated leaks detected from 2020-2025; estimated expense/capital savings of $4.1 million Enables Self Guided Touring (SGT)
Slide 32: Balance Sheet Strength
6 | Balance Sheet Strength Well Positioned to Support Continued Growth MAA Fountainhead, Phoenix, AZ
Slide 33: Strong, Investment Grade Balance Sheet
Strong, Investment Grade Balance Sheet Well Positioned for Growth Note: Total Capitalization is defined here as common shares and units outstanding multiplied by the closing stock price on 3/31/2026, plus total debt outstanding at 3/31/2026, plus Preferred stock ($50 redeemable stock price multiplie
Slide 34: Well-Laddered Debt Maturities & Low Average Interest
Well-Laddered Debt Maturities & Low Average Interest TOTAL DEBT MATURING 18.2% 10.6% 7.0% 9.8% 5.3% 7.9% 7.0% 10.5% 6.1% 6.1% 11.5% FIXED RATE DEBT INTEREST RATE 1.2% 3.7% 4.2% 3.7% 3.1% 1.8% 5.4% 4.7% 5.1% 5.1% 3.8% Debt maturity profile ($ in millions) AT 3/31/2026 1 As defined in the covenants fo
Slide 35: Sustainability Program Aligns with Our Mission
7 | Sustainability Program Aligns with Our Mission To Grow Value & Deliver Exceptional Service MAA Midtown Phoenix, Phoenix, AZ
Slide 36: A Brighter View for Today & Tomorrow: Our Sustainability Commitment
A Brighter View for Today & Tomorrow: Our Sustainability Commitment 2025 GRESB Public Disclosure Score A 80 100 29 30 52 70 2025 GRESB SCORE THREE GREEN STARS MANAGEMENT SCORE PERFORMANCE SCORE 2024 GRESB RESULTS: SCORE: 80/100; MANAGEMENT: 29/30: PERFORMANCE: 51/70 ENERGY USE INTENSITY 35% GREEN HO
Slide 37: Appendix: Reconciliations & Definitions
8 | Appendix Reconciliations Definitions MAA Sand Lake, Orlando, FL
Slide 38: Reconciliation of Net Income to FFO, Core FFO, Core AFFO and FAD
Reconciliation of Non-GAAP Financial Measures RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO FFO, CORE FFO, CORE AFFO AND FAD Included in Other non-operating expense (income) in the Consolidated Statements of Operations. For the three months ended March 31, 2026 and 2025, gain
Slide 39: Reconciliation of Net Income to Net Operating Income
Reconciliation of Non-GAAP Financial Measures RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO NET OPERATING INCOME 8 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
Slide 40: Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre
Reconciliation of Non-GAAP Financial Measures RECONCILIATION OF NET INCOME TO EBITDA, EBITDAre AND ADJUSTED EBITDAre Included in Other non-operating expense (income) in the Consolidated Statements of Operations During both the twelve months ended March 31, 2026 and December 31, 2025, in accordance w
Slide 41: Reconciliation of Notes Payable to Net Debt and Gross Assets
Reconciliation of Non-GAAP Financial Measures RECONCILIATION OF UNSECURED NOTES PAYABLE, NET AND SECURED NOTES PAYABLE, NET TO NET DEBT RECONCILIATION OF TOTAL ASSETS TO GROSS ASSETS RECONCILIATION OF REAL ESTATE ASSETS, NET TO GROSS REAL ESTATE ASSETS (1) Included in Assets held for sale in the Con
Slide 42: Reconciliation of EPS to Core FFO and Core AFFO for 2026 Guidance
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 Non-Core FFO items may include adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shar
Slide 43: Definitions of Non-GAAP Financial Measures: Adjusted EBITDAre
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 44: Definitions of Non-GAAP Financial Measures: FFO
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 45: Other Key Definitions
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 u
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