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, Sep 9, 2026
Slide 1: September 2026 Capital Markets Update
maac.com September 2026 Capital Markets Update Exhibit 99.1
Slide 2: Operating Update Overview
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 growth
Slide 3: Table of Contents
SECTION 5 Current Performance, 2026 Outlook 31-35 Building Momentum as Supply Impact Decreases and Growth Initiatives Deliver Results SECTION 6 Balance Sheet Strength 36-38 Well Positioned to Support Continued Growth SECTION 7 Sustainability 39-40 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 8.0% 15-Year Annual Compounded TSR3 at 8/31/2026 130 Consecutive Quarterly Cash Dividends Paid4 ~2,500 Associates ~105K Apartment Units ~$800M ’26F Development Pipeline 32 S&P 500 $22.2B Years Public Member Company Total Capitalization2 Strong Performance Platform MA
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 in High Growth Markets Proven Merger Execution & Integration Allocating across development, acquisitions, redevelopment and share repurchases Recycling capital to improve portfolio quality, margins an
Slide 7: 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 8/31/2026 YTD 5 YR 10 YR 15 YR 20 YR MAA -3.9% -4.2% 7.0% 8.0% 8.1% PE
Slide 8: Full Cycle Earnings Outperformance with Downside Protection
LONG TERM AVERAGE 2006–2026F Higher Growth STANDARD DEVIATION 2006–2026F Lower Volatility Spread: 170bps Great Financial Crisis Spread: 630bps COVID-19 Pandemic Full Cycle Earnings Outperformance with Downside Protection Over the long-term, MAA’s Same Store NOI growth outperforms the peer average wi
Slide 9: 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 10: Uniquely Positioned in High Growth Markets
Uniquely Positioned in High Growth Markets Diversification Within Markets1 76% 24% Suburban Urban Our Mid-Tier Markets Create Stability throughout the Market Cycle 76% 24% Large Markets1 Mid-Tier Markets1 %NOI #SUBMARKETS 1 Atlanta, GA 12.0% 11 2 Dallas, TX 9.0% 10 3 Orlando, FL 7.4% 6 4 Tampa, FL 7
Slide 11: Developments Poised to Deliver Additional Value
Developments Poised to Deliver Additional Value All Active Developments + Completed Developments in Initial Lease-up AT 6/30/2026 Expected total stabilized incremental NOI $70M - $75M Expected total value creation5 $258M Expected stabilized annual Core FFO per Share contribution6 $0.11 Expanded leas
Slide 12: Development Pipeline Expansion Through In-House & Pre-Purchase Opportunities
Development Pipeline Expansion Through In-House & “Pre-Purchase”1 Opportunities Modera Chandler | NOW LEASING Phoenix, AZ PRE-PURCHASE MAA Milepost 35 II | NOW LEASING Denver, CO IN-HOUSE MAA Point Hope Charleston, SC PRE-PURCHASE Established history of accretive capital deployment with strong ROI p
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: 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 15: Unit Redevelopment Program: Proven Value, Continuing Opportunity
PROGRAM RESULTS 2023 2024 2025 2026F Production (Units) 6,858 5,665 5,995 6,400 – 7,400 Average Per Unit Cost $6,453 $6,219 $6,080 $5,500 – $6,500 Average Monthly Rent Increase 7.1% 7.3% 6.9% 7.0% - 9.0% Annualized Cash Return 18.2% 20.5% 18.8% +20% Unit Redevelopment Program: Proven Value, Continui
Slide 16: 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 17: Improving Earnings Quality through Acquisitions and Dispositions
Improving Earnings Quality through Acquisitions and Dispositions After-Capex NOI Margin Average Age (In Years) $2,175M ACQUISITIONS/DEVELOPMENTS2 $862M DISPOSITIONS 2021 – 2026 YTD1 ¹ YTD through 6/30/2026 2 Developments completed 2021 – 2026 at 6/30/2026 2025 Acquisition | MAA ONE28 | Kansas City,
Slide 18: Improving Macro Environment
SECTION 3 Strong Demand Dynamics and Declining Supply Impact Improving Macro Environment
Slide 19: Steady Demand Drivers for MAA 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 CPT, ESS, UDR and VMRK currently operate 3 Source: Census Bureau
Slide 20: Single Family Availability Down, Significant Affordability Gap Persists
Single Family Availability Down, Significant Affordability Gap Persists Mortgage Payments1 in MAA Markets vs. MAA Rents Median House Price in MAA Markets is $426K AT 6/30/2026 Sources: Moody’s economy.com, Census Bureau, July 2026 1 Estimated mortgage payment is calculated using the monthly median h
Slide 21: Easing Supply Pressure Ahead, Stabilizing Market Occupancies
Easing Supply Pressure Ahead, Stabilizing Market Occupancies MAA Market Occupancy (STABILIZED PROPERTIES ONLY) Improved Occupancy in MAA Markets Source: RealPage Market Analytics, July 2026 Slowing deliveries coupled with healthy absorption brought occupancy back near pre-pandemic levels for MAA mar
Slide 22: Sunbelt Market Opportunity
SECTION 4 Strengthening Market Fundamentals Point to Recovery, Supported by Strong Resident Profile & Retention Sunbelt Market Opportunity
Slide 23: Low Supply Environment for Extended Period
Low Supply Environment for Extended Period Multifamily Starts have stayed below the long-term average for 13 consecutive quarters 1 Source: RealPage Market Analytics Quarterly Multifamily Starts in MAA Markets1 (% EXISTING UNITS) PEAK STARTS TTM Starts 1.9% This sets MAA up for what we expect to be
Slide 24: 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% 190 bps higher than long term average2 1 Source: RealPage Market Analytics 2 References MAA’s Average Same Store NOI Growth val
Slide 25: 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 26: 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 27: Market Sentiment: Charlotte, Washington DC, Raleigh
Charlotte Washington, DC Raleigh MARKET SENTIMENT High Demand, High Market Supply Moderating Demand High Demand, High Submarket Supply SUBMARKET COMMENTARY Across all Submarkets | Showing Weakness East Alexandria + Fredericksburg + Pentagon City + Rockville | Showing Weakness Tyson’s Corner + Fairfa
Slide 28: 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 RE
Slide 29: Superior Customer Service Helps Drive Record Resident Retention
Same Store Resident Turnover and Moveouts Associated with Single-Family Housing As of 6/30/2026 Superior Customer Service Helps Drive Record Resident Retention Trailing 12-Month Resident Turnover Rate Moveout Rate Customer Service Focus with Sector Leading Google Star Rating 1 Google Star Rating Q2
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 Building Momentum as Supply Impact Decreases and Growth Initiatives Deliver Results Current Performance, 2026 Outlook
Slide 32: 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 Platform Capability Initiatives Focused on Margin Expansion Strong
Slide 33: Building Momentum | Same Store Operating Trends
Building Momentum | Same Store Operating Trends Lease-Over-Lease Average Pricing Change 2026 same store 1Q 2026 2Q 2026 3Q 2026 QTD1 EFFECTIVE LEASES NEW LEASE -7.0% -5.3% -5.7% RENEWAL 5.4% 5.2% 5.2% BLENDED -0.3% 0.7% 0.6% Occupancy 2026 SAME STORE 1Q 2026 2Q 2026 3Q 2026 QTD1 AVG DAILY PHYSICAL O
Slide 34: Building Momentum | 2026F Same Store Outlook
Building Momentum | 2026F Same Store Outlook Effective Rent Growth1 [-0.15% … 0.10% … 0.35%] Property Revenue Growth [-0.20% … 0.10% … 0.40%] Average Physical Occupancy Steady occupancy expected for full year [95.35% … 95.50% … 95.65%] REVENUE Property Expense Growth [1.25% … 1.75% … 2.25%] Real Est
Slide 35: Building Momentum | 2026F Core FFO Guidance
Building Momentum | 2026F Core FFO Guidance Full Year 20262 [$8.41 … $8.53 … $8.65] Q3 20263 [$2.04 … $2.10 … $2.16] CORE FFO/SHARE1 2026 FULL YEAR GUIDANCE MIDPOINT CAPITAL SPEND INITIATIVES Unit Redevelopment Program Expect 6.4K to 7.4K units in 2026 [$45M … $50M … $55M] Property Repositioning Pro
Slide 36: Balance Sheet Strength
SECTION 6 Well Positioned to Support Continued Growth Balance Sheet Strength
Slide 37: Strong, Investment Grade Balance Sheet Well Positioned for Growth
2026 YTD THROUGH 8/31/2026 Issued $200M, unsecured senior notes at effective rate of 4.61% (reopening February 2026) Entered into $350M, unsecured, delayed-draw term loan at a variable rate, maturing November 2030 (effective June 2026) Repurchased 0.94M shares of common stock at weighted average sha
Slide 38: Well-Laddered Debt Maturities & Low Average Interest
Well-Laddered Debt Maturities & Low Average Interest Credit Metrics At 6/30/2026 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 6/30/2026. The following reconciliat
Slide 39: Sustainability
SECTION 7 Program Aligns with Our Mission To Grow Value & Deliver Exceptional Service Sustainability
Slide 40: 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 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 Included in Other non-operating income in the Consolidated Statements of Operations. For the three months ended June 30, 2026 and 2025, loss on investm
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, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 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 Included in Other non-operating expense (income) in the Consolidated Statements of Operations During both the twelve months ended June 30, 2026 and December 31, 2025, in accordance wi
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 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 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 Non-Core FFO items may include adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shar
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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