Mid-america Apartment Communities, Inc. · NYSE:MAA
Mid-america Apartment Communities — Q1 2026 Earnings Presentation
25 slides from Mid-america Apartment Communities's earnings presentation, Apr 30, 2026
Slide 1: Earnings Release & Supplemental Data
Earnings Release & Supplemental Data 2026 Costar Impact Award Multifamily Development of the Year for Tampa/St Petersburg MAA Breakwater, Tampa, Florida First Quarter 2026 www.maac.com
Slide 2: Table of Contents
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 Op
Slide 3: MAA Reports First Quarter 2026 Results
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 s
Slide 4: Development and Lease-up Activity
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 multifa
Slide 5: FFO, Core FFO and Core AFFO are non-GAAP financial measures
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
Slide 6: Forward-looking statement risk factors
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
Slide 7: Financial Highlights
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 $
Slide 8: Consolidated Statements of Operations
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 ta
Slide 9: Consolidated Balance Sheets
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
Slide 10: Reconciliation of Net Income to FFO, Core FFO, Core AFFO and FAD
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 rea
Slide 11: Reconciliation of Net Income to Net Operating Income
RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO NET OPERATING INCOME Dollars in thousands Three Months Ended March 31, December 31, March 31, 2026 2025 2025 Net income available for MAA common shareholders $ 123,437 $ 56,649 $ 180,751 Depreciation and amortization 161,870 159,7
Slide 12: Reconciliation of Total Assets to Gross Assets
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) Incl
Slide 13: Non-GAAP Financial Measures
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
Slide 14: Non-GAAP Financial Measures (Continued)
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 sal
Slide 15: Portfolio Statistics
PORTFOLIO STATISTICS TOTAL MULTIFAMILY PORTFOLIO AT MARCH 31, 2026 (1) In apartment units Stabilized Total Development Same Non-Same Completed Units Store Store Lease-up Communities 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
Slide 16: Portfolio Statistics (Continued)
PORTFOLIO STATISTICS (CONTINUED) TOTAL MULTIFAMILY COMMUNITY STATISTICS (1) Dollars in thousands, except Average Effective Rent per Unit Average As of March 31, 2026 Effective As of March 31, 2026 Rent per Percent to Unit for Total of the Three Total Units, Gross Real Gross Real Physical Months Ende
Slide 17: Components of Net Operating Income
COMPONENTS OF NET OPERATING INCOME Dollars in thousands Three Months Ended As of March 31, 2026 Percent Gross Real March 31, 2026 March 31, 2025 Change Apartment Units Assets Operating Revenues Same Store Communities $ 516,980 $ 518,827 -0.4% 96,561 $ 15,313,935 Non-Same Store Communities 22,050 21,
Slide 18: Multifamily Same Store Portfolio NOI Contribution Percentage
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
Slide 19: Multifamily Same Store Portfolio Quarter over Quarter Comparisons
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 % % % % Ch Units Q1 2026 Q1 2025 Chg Q1 2026 Q1 2025 Chg Q1 2026 Q1 2025 Chg Q1 2026 Q1 2025 g Atlanta, GA 11,434 $ 64,
Slide 20: Multifamily Same Store Portfolio Sequential Quarter Comparisons
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
Slide 21: Multifamily Development Pipeline
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
Slide 22: 2026 Acquisition Activity as of March 31, 2026
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
Slide 23: Debt and Debt Covenants as of March 31, 2026 (Continued)
DEBT AND DEBT COVENANTS AS OF MARCH 31, 2026 (CONTINUED) Dollars in thousands DEBT MATURITIES OF OUTSTANDING BALANCES Commercial Paper ⁽¹⁾ & Maturity 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 20
Slide 24: 2026 Guidance
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 p
Slide 25: Credit Ratings
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 COM
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