Mid-america Apartment Communities, Inc. · NYSE:MAA
Mid-america Apartment Communities — Investor Presentation (September 2025)
43 slides from Mid-america Apartment Communities's investor presentation, Sep 4, 2025
Slide 1: Capital Markets Update September 2025
Capital Markets Update September 2025 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. Forward-looking statements do not discuss historical fact, but instead are
Slide 3: Table of Contents
SECTION PAGE CONTENT 4-7 About MAA +30-year Public Company Platform with Successful Track Record of Outperformance 8-12 Improving Macro Environment Strong Demand Dynamics and Declining Supply Impact 13-16 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: At a Glance
31 S&P 500 $22.8B Years Public Member Company Total Capitalization 2 Strong Performance Platform ~2,500 ~104K ~$1B Associates Apartment Units ‘25F Development Pipeline A3/A- 10.1% 126 Moody’s/S&P Credit Ratings 10-Year Annual Compounded TSR 3 At 8/29/2025 Consecutive Quarterly Cash Dividends Paid 4
Slide 6: Attractive Returns for Investors
Attractive Returns for Investors Core FFO Per Share Expected 5-Year CAGR of 4.6% 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 Long-term Returns Exceed Peer Averag
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 – 2025F 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 6/30/2025 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, Affordability Gap Widening
Single Family Availability Down, Affordability Gap Widening Sources: Moody’s economy.com, Census Bureau, July 2025 Single Family Completions, YOY Change Average US Housing Shortage 3.1 Million Homes Source: Yardi Matrix, April 2025 Sources: Moody’s economy.com, National Association of Realtors, July
Slide 11: Easing Supply Pressure Ahead
Easing Supply Pressure Ahead 1 Data from RealPage Market Analytics (supply deliveries) Multifamily Starts in MAA Markets (% of total units) 1 PEAK STARTS Multifamily Starts Declining With starts in our markets trending downward starting in Q4 2022, we expect deliveries and supply pressure to follow
Slide 12: Easing Supply Pressure Ahead: Absorption vs. Supply
Easing Supply Pressure Ahead Quarterly Absorption in MAA Markets vs. Supply (% of total units) High Absorption and Slowing Deliveries Source: RealPage Market Analytics, July 2025 MAA Markets’ 2Q 2025 absorption second highest second quarter result on record only slightly behind 2Q 2021 Unseasonably
Slide 13: Differentiated Portfolio Strategy
3 | Differentiated Portfolio Strategy Diversified in High Growth Sunbelt Markets, Positioned for Full Cycle Outperformance MAA Robinson, Orlando, FL
Slide 14: Unique Diversification in High Growth Markets
Unique Diversification in High Growth Markets Multifamily Market Multifamily Market & Regional Office Multifamily Market & Corporate HQ Multifamily Development(s) Underway Diversified within MARKETS 1 Diversified by PROPERTY TYPES 1,2 %NOI #SUBMARKETS 1 Atlanta, GA 11.8% 11 2 Dallas, TX 9.3% 11 3 Or
Slide 15: Strong Resident Profile + Affordability = Solid Growth Opportunity
Strong Resident Profile + Affordability = Solid Growth Opportunity SAME STORE RESIDENT PROFILE IN TOP MARKETS QTD AT 6/30/2025 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 $98,746 20% 34 81% Dallas, TX $94,328 20
Slide 16: 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 Resident Turnover and Moveouts Associated with Single-Family Housing 1 Google Star Rating Jun 2
Slide 17: Disciplined Capital Allocation
4 | Disciplined Capital Allocation Robust Development, Redevelopment and Tech-enabled Initiatives to Grow Value MAA Milepost 35, Denver, CO
Slide 18: Development Pipeline Expansion Through In-House & Pre-Purchase Opportunities
Development Pipeline Expansion Through In-House & “Pre-Purchase”* Opportunities Modera Liberty Row Charlotte, NC MAA Nixie | NOW LEASING Raleigh/Durham, NC MAA Breakwater | NOW LEASING Tampa, FL *Pre-purchase developments are joint ventures and/or financing arrangements with outside developers with
Slide 19: Developments Poised to Deliver Additional Value
COMPLETED DEVELOPMENTS IN LEASE-UP AT 6/30/2025 ACTIVE LEASE-UPS AT 9/30/23 PROPERTY MSA UNITS COST TO DATE (IN MILLIONS) PHYSICAL OCCUPANCY EXPECTED STABILIZATION1 Novel West Midtown 2,3 Atlanta, GA 340 $91.4 89.1% 3Q 2025 Novel Daybreak 2,3 Salt Lake City, UT 400 94.0 89.8% 3Q 2025 MAA Milepost 35
Slide 20: 2025 and Future Development Expectations
2025 and Future Development Expectations msa Units STATUS Arlington, VA 290 Controlled Denver, CO 259 Owned Orlando, FL 698 Owned Denver, CO 181 Owned Raleigh/Durham, NC 226 Owned Denver, CO 421 Owned Denver, CO 520 Owned Atlanta, GA 294 Owned TOTAL 2,889 2025 Development Pipeline EXPECTED TO BE MAI
Slide 21: Compelling Acquisition Opportunities
Compelling Acquisition Opportunities Latest Acquisitions Expected to Deliver Average NOI Yields of ~6% upon Stabilization RECENTLY ACQUIRED COMMUNITIES IN LEASE-UP AT 6/30/2025 ACTIVE LEASE-UPS AT 9/30/23 PROPERTY MSA UNITS COST TO DATE (IN MILLIONS) PHYSICAL OCCUPANCY ACQUIRED EXPECTED STABILIZATIO
Slide 22: Unit Interior Upgrades Continues to Drive Higher Value
Unit Interior Upgrades Continues to Drive Higher Value Unit Redevelopment Program Opportunity Approximately 8K 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 23: 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 24: Platform Value Initiatives - Technology Enabled
Platform Value Initiatives - Technology Enabled Final 3 same store properties complete in early 2025 ~$29 million of NOI (140bps margin) expected in the run rate by mid 2025 Over 4,000 validated leaks detected from 2020-2024; estimated expense/capital savings of $3 million SMART HOME TECHNOLOGY $18
Slide 25: Balance Sheet Strength
5 | Balance Sheet Strength Well Positioned to Support Continued Growth MAA Fountainhead, Phoenix, AZ
Slide 26: Strong, Investment Grade Balance Sheet Well Positioned for Growth
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 6/30/2025, plus total debt outstanding at 6/30/2025, plus Preferred stock ($50 redeemable stock price multiplie
Slide 27: Well-Laddered Debt Maturities & Low Average Interest
Well-Laddered Debt Maturities & Low Average Interest TOTAL DEBT MATURING 14.2% 5.9% 11.9% 7.9% 11.0% 5.9% 8.8% 7.8% - 6.8% 19.8% FIXED RATE DEBT INTEREST RATE 4.2% 1.2% 3.7% 4.2% 3.7% 3.1% 1.8% 5.4% - 5.1% 4.3% Debt maturity profile ($ in millions) AT 6/30/2025 1 MAA calculations as specifically def
Slide 28: Current Performance, 2025 Outlook
6 | Current Performance, 2025 Outlook Gaining Momentum as Supply Impact Decreases MAA Westglenn, Denver, CO
Slide 29: Gaining Momentum in a Transition Year
Gaining Momentum in a Transition Year The convergence of Sunbelt market dynamics + MAA’s growth initiatives and enhanced operating platform suggests coming OUTPERFORMANCE Absorption Continues (Concessions Abate Sunbelt Supply Slows Absorption Continues (Concessions Abate) Sunbelt Supply Slows Sunbel
Slide 30: Gaining Momentum in a Transition Year | 2025 Same Store Operating Trends
Gaining Momentum in a Transition Year | 2025 Same Store Operating Trends Lease Over Lease Average Pricing Change 2025 same store 4Q 2024 1 1Q 2025 2q 2025 jun 2025 ytd EFFECTIVE LEASES NEW LEASE -8.1% -6.3% -4.8% -5.4% RENEWAL 4.2% 4.5% 4.7% 4.6% BLENDED -2.1% -0.5% 0.5% 0.2% Occupancy 2025 SAME STO
Slide 31: 2025F Same Store Outlook
Gaining Momentum in a Transition Year | 2025F Same Store Outlook Effective Rent Growth 1 [-0.50% … -0.25% … 0.00%] Property Revenue Growth [-0.20% … 0.10% … 0.40%] Average Physical Occupancy Steady occupancy expected for full year [95.4% … 95.6% … 95.8%] REVENUE Property Expense Growth [1.75% … 2.25
Slide 32: 2025F Core FFO Guidance
Gaining Momentum in a Transition Year | 2025F Core FFO Guidance Full Year 2025 2 [$8.65 … $8.77 … $8.89] Q3 2025 3 [$2.08 … $2.16 … $2.24] CORE FFO/SHARE1 CAPITAL SPEND INITIATIVES Unit Redevelopment Program Expect 5.5K to 6.5K units in 2025 [$40M … $45M … $50M] Property Repositioning Program Expect
Slide 33: 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 34: A Brighter View for Today & Tomorrow: Our Sustainability Commitment
A Brighter View for Today & Tomorrow: Our Sustainability Commitment 2024 GRESB Public Disclosure Score A 80 100 29 30 51 70 2024 GRESB SCORE THREE GREEN STARS MANAGEMENT SCORE PERFORMANCE SCORE 2023 GRESB RESULTS: SCORE: 78/100; MANAGEMENT: 28/30: PERFORMANCE: 50/70 ENERGY USE INTENSITY 35% GREEN HO
Slide 35: Appendix: Reconciliations and Definitions
8 | Appendix Reconciliations Definitions MAA Sand Lake, Orlando, FL
Slide 36: 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 (1) Included in Other non-operating (income) expense in the Consolidated Statements of Operations. For the three months ended June 30, 2025 and 2024, l
Slide 37: 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 Six Months Ended June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net income available for MAA comm
Slide 38: 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 (1) Included in Other non-operating (income) expense in the Consolidated Statements of Operations. During the three months ended June 30, 2024 and twelve months ended December 31, 202
Slide 39: Reconciliation of Notes Payable to Net Debt and 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 40: Reconciliation of Earnings per Share to Core FFO 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 2025 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 41: 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 42: 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 43: 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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