Mid-america Apartment Communities, Inc. · NYSE:MAA
Mid-america Apartment Communities — Nareit REITweek: 2026 Investor Conference
48 slides from Mid-america Apartment Communities's conference presentation, Jun 1, 2026
Slide 1: 2026 Investor Conference - Nareit REITweek
maac.com 2026 Investor Conference June 1 - 4, 2026 Nareit REITweek Exhibit 99.1
Slide 2: Conference Takeaways Overview
Conference Takeaways Overview AS OF 5/29/2026 Strong performance with overall pricing in line with expectations Monthly average blended rents highest in nearly 2 years [P.31] May 2026 new lease pricing growth improved 210 bps and blended pricing growth was up 140 bps from Q1 2026. [P.31] Strong capi
Slide 3: Table of Contents
SECTION 5 Current Performance, 2026 Outlook 29-33 Building Momentum as Supply Impact Decreases and Growth Initiatives Deliver Results SECTION 6 Balance Sheet Strength 34-36 Well Positioned to Support Continued Growth SECTION 7 Sustainability 37-38 Program Aligns with Our Mission To Grow Value & Deli
Slide 4: About MAA
SECTION 1 +30-year Public Company Platform with Successful Track Record of Outperformance About MAA
Slide 5: At a Glance
A3/A- Moody’s/S&P Credit Ratings 8.3% 15-Year Annual Compounded TSR3 at 5/29/2026 129 Consecutive Quarterly Cash Dividends Paid4 ~2,500 Associates ~105K Apartment Units ~$1B ’26F Development Pipeline 32 S&P 500 $20.2B Years Public Member Company Total Capitalization2 Strong Performance Platform MAA
Slide 6: Long-Term History of Strong Performance for Shareholders
Long-Term History of Strong Performance for Shareholders Annual Common Dividend per Share Paid Never Suspended or Reduced | A Solid Record of Growth and Stability Total Shareholder Return Strong Long-Term Returns for Investors at 5/29/2026 YTD 5 YR 10 YR 15 YR 20 YR MAA -4.9% -0.7% 6.0% 8.3% 9.1% PE
Slide 7: Full Cycle Earnings Outperformance with Downside Protection
LONG TERM AVERAGE 2000–2026F Higher Growth STANDARD DEVIATION2000 – 2026F Lower Volatility Spread: 170bps Great Financial Crisis Spread: 280bps Dotcom Bubble Spread: 630bps COVID-19 Pandemic Full Cycle Earnings Outperformance with Downside Protection Over the long-term, MAA’s Same Store NOI growth o
Slide 8: Differentiated Portfolio Strategy & Proven Platform for Growth
SECTION 2 Diversified in High Growth Sunbelt Markets, Positioned for Full Cycle Outperformance with Robust Development, Redevelopment and Tech-enabled Initiatives Growing Value Differentiated Portfolio Strategy & Proven Platform for Growth
Slide 9: Uniquely Positioned in High Growth Markets
Uniquely Positioned in High Growth Markets Diversity Within Markets1 76% 24% Suburban Urban Our Mid-Tier Markets Create Stability throughout the Market Cycle 74% 26% Large Markets1 Mid-Tier Markets1 %NOI #SUBMARKETS 1 Atlanta, GA 12.2% 11 2 Dallas, TX 9.4% 10 3 Orlando, FL 7.3% 6 4 Tampa, FL 7.1% 7
Slide 10: Developments Poised to Deliver Additional Value
Developments Poised to Deliver Additional Value All Active Developments + Completed Developments in Initial Lease-up AT 4/30/2026 Expected total stabilized incremental NOI $70M - $75M Expected total value creation5 $255M Expected stabilized annual Core FFO per Share contribution6 $0.10 Expanded leas
Slide 11: Development Pipeline Expansion Through In-House & Pre-Purchase Opportunities
Development Pipeline Expansion Through In-House & “Pre-Purchase”1 Opportunities MAA Plaza Midwood | NOW LEASING Charlotte, NC Modera Chandler Phoenix, AZ PRE-PURCHASE PRE-PURCHASE MAA Rove Richmond, VA MAA Milepost 35 II | NOW LEASING Denver, CO IN-HOUSE IN-HOUSE MAA Point Hope Charleston, SC PRE-PU
Slide 12: Platform Capabilities Creating Long Term Value
Platform Capabilities Creating Long Term Value 2026 -2030 | NOI In Process | $48.0M Community Wi-Fi $45.0M Podding Properties $3.0M Estimated Total Annual NOI CONTRIBUTION MAA's technology-enabled operating platform continues to transform how we serve residents, support associates, and operate our c
Slide 13: Optimizing Operations to Deliver Market-Leading Service & Growing Value
Reflecting the evolving expectations of our customers & business, the platform will… Create efficiencies by streamlining processes Lower staff turnover by creating value-added roles & responsibilities Improve consistency across the portfolio Increase scalability of operating platform Drive higher pr
Slide 14: Unit Redevelopment Program: Proven Value, Continuing Opportunity
PROGRAM RESULTS 2023 2024 2025 2026F Production 6,858 5,665 5,995 6,400 – 7,400 Average Per Unit Cost $6,453 $6,219 $6,080 $6,600 – $7,600 Average Rent Increase 7.1% 7.3% 6.9% 7.0% - 9.0% Annualized Cash Return 18.2% 20.5% 18.8% 18.5% - 19.5% Unit Redevelopment Program: Proven Value, Continuing Oppo
Slide 15: Property Repositioning Program: Maximizing Revenue
Property Repositioning Program: Maximizing Revenue Thoughtful upgrades to maximize revenue Program includes upgrade of amenities, exteriors and common areas to keep pace with market demand Candidates evaluated on location, potential for rent growth, competition and incoming supply Full community rep
Slide 16: Improving Earnings Quality through Acquisitions and Dispositions
Improving Earnings Quality through Acquisitions and Dispositions After-Capex NOI Margin Average Age (In Years) $2,074M ACQUISITIONS/DEVELOPMENTS¹ $862M DISPOSITIONS2 2021 – 2026 YTD ¹ Developments completed 2021 – 2026 YTD 2 Includes disposition of a 194-unit multifamily apartment community located
Slide 17: Improving Macro Environment
SECTION 3 Strong Demand Dynamics and Declining Supply Impact Improving Macro Environment
Slide 18: 2026 Forecasted Demand Drivers Outperform REIT Peer Markets
2026 Forecasted Demand Drivers Outperform REIT Peer Markets1 Steady Demand Drivers for MAA Markets 2 MAA Portfolio Migration Trends 1 Source: Moody’s Economy.com, Census Bureau 2 REIT Peer Markets refers to markets in which REIT Peers AVB, CPT, EQR, ESS, UDR currently operate 3 Source: Census Bureau
Slide 19: Single Family Availability Down, Significant Affordability Gap
Single Family Availability Down, Significant Affordability Gap Mortgage Payments1 in MAA Markets vs. MAA Rents Median House Price in MAA Markets is $427K AT 3/31/2026 Sources: Moody’s economy.com, Census Bureau, April 2026 1 Estimated mortgage payment is calculated using the monthly median home pric
Slide 20: Low Supply Environment for Extended Period
Low Supply Environment for Extended Period Multifamily Starts have stayed below the long-term average for 12 consecutive quarters 1 Source: RealPage Market Analytics Quarterly Multifamily Starts in MAA Markets1 (% EXISTING UNITS) PEAK STARTS TTM Starts 2.0% This sets MAA up for what we expect to be
Slide 21: 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 22: Sunbelt Market Opportunity
SECTION 4 Strengthening Market Fundamentals Point to Recovery, Supported by Strong Resident Profile & Retention Sunbelt Market Opportunity
Slide 23: Potential NOI Outperformance with Continued Low Starts and Improved Operating Platform
Potential NOI Outperformance with Continued Low Starts and Improved Operating Platform Great Financial Crisis Recovery Period 2011 - 2015 MAA AVG SAME STORE NOI GROWTH 5.7% 270bps higher than long term average2 1 Source: RealPage Market Analytics 2 References MAA’s Average Same Store NOI Growth valu
Slide 24: New Supply Deliveries and 2026+ Pricing Expectations
~3.0% New Supply Deliveries in MAA Markets1 (% EXISTING UNITS) 2026+ Pricing Expectations 2 New supply deliveries continue to drop with further decline expected in 2026 through 2028. As supply pressure eases and concessions expire, pricing is expected to improve. OPPORTUNITY Significant Effective Re
Slide 25: Market Sentiment: Atlanta, Dallas, Orlando, Austin
Atlanta Dallas Orlando Austin MARKET SENTIMENT Low Supply Strong Demand, Moderate Supply Attractive Demand, Moderate Supply Strong Demand, High Market Supply SUBMARKET COMMENTARY In-town + North Inside-Perimeter | Performing slightly better than portfolio average Northeast (Duluth) + Northwest (Kenn
Slide 26: Trending Negative: Charlotte / Washington, DC / Raleigh
Charlotte Washington, DC Raleigh MARKET SENTIMENT High Demand, High Market Supply Low Demand High Demand, High Submarket Supply SUBMARKET COMMENTARY South End + Uptown + UNC Area | Showing Weakness SE Charlotte + Matthews | Stable East Alexandria + Fredericksburg + Pentagon City + Rockville | Showin
Slide 27: Strong Resident Profile + Affordability = Solid Growth Opportunity
SECTOR SAME STORE Healthcare 14% Technology 9% Finance/ Banking/ Insurance 8% Education 6% City/County/ State/ Federal Government 5% Manufacturing 5% Food & Beverage 5% Retail 4% Professional Services 4% Self Employed 3% Strong Resident Profile + Affordability = Solid Growth Opportunity AVG NEW RESI
Slide 28: Superior Customer Service Driving Record Resident Retention
Same Store Resident Turnover and Moveouts Associated with Single-Family Housing Qtd At 3/31/2026 Superior Customer Service Driving Record Resident Retention Trailing 12-Month Resident Turnover Rate Moveout Rate Record Resident Retention Customer Service Focus with Sector Leading Google Star Rating S
Slide 29: Current Performance, 2026 Outlook
SECTION 5 Building Momentum as Supply Impact Decreases and Growth Initiatives Deliver Results Current Performance, 2026 Outlook
Slide 30: Proven Platform and Growth Initiatives Support Coming Outperformance
Quality Resident Profile, Record High Retention & Strong Collections in Place Robust External Growth Platform Adds Value & Improved Earnings Proven Unit Redevelopment & Property Repositioning Programs Primed for Coming Growth Period Operating Platform Initiatives Focused on Margin Expansion Strong B
Slide 31: Building Momentum | Same Store Operating Trends
Building Momentum | Same Store Operating Trends Lease-Over-Lease Average Pricing Change1 2026 same store 4Q 2025 1Q 2026 MAY 2026 QTD APR 2026 MAY 2026 EFFECTIVE LEASES NEW LEASE -8.1% -7.0% -5.5% -6.1% --4.9% RENEWAL 4.7% 5.4% 5.3% 5.2% 5.4% BLENDED -1.7% -0.3% 0.6% 0.0% 1.1% 40 BPS Higher YOY 20 B
Slide 32: Building Momentum | 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 33: Building Momentum | 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 2026 GUIDANCE MIDPOINT CORPORATE EXPENSES Total Overhead4 Asset Management / Tech / Regional Support + G&A [$134M … $136M … $138M] 2026 GUIDANCE MIDPOINT CAPITAL SPEND
Slide 34: Balance Sheet Strength
SECTION 6 Well Positioned to Support Continued Growth Balance Sheet Strength
Slide 35: Strong, Investment Grade Balance Sheet Well Positioned for Growth
2026 YTD THROUGH 5/29/2026 Issued $200M, unsecured senior notes at effective rate of 4.61% (reopening FEB 2026) Repurchased 0.94M shares of common stock at weighted average share price of $130.54 Strong, Investment Grade Balance Sheet Well Positioned for Growth credit ratings SHORT TERM LONG TERM OU
Slide 36: Well-Laddered Debt Maturities & Low Average Interest
Well-Laddered Debt Maturities & Low Average Interest Credit Metrics At 3/31/2026 1 As defined in the covenants for the unsecured notes issued by Mid-America Apartments, L.P. 2 Adjusted EBITDAre in this calculation represents the trailing twelve-month period ended 3/31/2026. The following reconciliat
Slide 37: Sustainability
SECTION 7 Program Aligns with Our Mission To Grow Value & Deliver Exceptional Service Sustainability
Slide 38: A Brighter View for Today & Tomorrow: Our Sustainability Commitment
Original goals achieved early- TARGETS RESET 35% ENERGY USE INTENSITY 45% GREEN HOUSE GAS INTENSITY 10% WATER USE INTENSITY A Brighter View for Today & Tomorrow: Our Sustainability Commitment 80 100 29 30 52 70 2025 GRESB SCORE THREE GREEN STARS MANAGEMENT SCORE PERFORMANCE SCORE 2024 GRESB RESULTS:
Slide 39: Forward Looking Statements, Reconciliations & Definitions
SECTION 8 Forward Looking Statements, Reconciliations & Definitions
Slide 40: 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 41: 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 42: 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 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 $ 180,7
Slide 43: 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 44: 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 45: 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 46: 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 47: Definitions of Non-GAAP Financial Measures: Funds From Operations
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 48: 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
Mid-America Apartment Communities — Nareit REITweek: 2026 Investor Conference on 6ix