Mid-america Apartment Communities, Inc. · NYSE:MAA
Mid-america Apartment Communities — Debt Investor Presentation (August 2026)
12 slides from Mid-america Apartment Communities's debt investor presentation, August 2026
Slide 1: Fixed Income Investor Update
Fixed Income Investor Update August 2026 maac.com
Slide 2: Strong Performance Platform
Strong Performance Platform At a Glance1 32 S&P 500 $22.2B Years Public Member Total Company Capitalization2 ~2,500 ~105K ~$800M Associates Apartment Units ’26F Development Pipeline A3/A- 8.2% 130 Moody’s/S&P 15-Year Annual Consecutive Quarterly Credit Ratings Compounded TSR3 Cash Dividends Paid4 at
Slide 3: Uniquely Positioned in High Growth Markets
Uniquely Positioned in High Growth Markets Our Mid-Tier Markets Create Stability Diversification Within throughout the Market Cycle Markets1 Multifamily Market 76% 24% Multifamily Market + Regional Office Multifamily Market + Corporate HQ 76% 24% Large Markets1 Mid-Tier Markets1 Multifamily Developm
Slide 4: Strong, Investment Grade Balance Sheet Well Positioned for Growth
Strong, Investment Grade Balance Sheet Well Positioned for Growth One of Twelve U.S. Public REITs to be A- Rated or Above AT 6/30/2026 Secured Debt SHORT TERM LONG TERM OUTLOOK 1.6% Preferred Stock RATINGS 0.2% A-2 A- CREDIT Standard & Poor’s Ratings Services1 STABLE $16.5B $5.7B Moody’s Investors S
Slide 5: Well-Laddered Debt Maturities & Low Average Interest
Well-Laddered Debt Maturities & Low Average Interest Credit Metrics AT 6/30/2026 31.2% 4.5x 73.6% Total Debt / Adjusted Net Debt / Adjusted Core FFO Payout Ratio3 Total Assets1 EBITDAre2 Debt Maturity Profile $ IN MILLIONS, AT 6/30/2026 Revolving Credit Facility and/or Commercial Paper Debt 4 $664.0
Slide 6: Bond Covenants & Other Ratios
Bond Covenants & Other Ratios 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Total debt/ adjusted total assets1 <60% 31.2% 31.3% 30.2% 29.3% 28.9% Total secured debt / adjusted total assets1 <40% 2.0% 2.0% 2.0% 2.0% 2.1% Consolidated income available for debt >1.5x 5.7x 5.9x 6.1x 6.2x 6.3x servi
Slide 7: Contact
CONTACT Clay Holder EVP, Chief Financial Officer 901-435-5359 clay.holder@maac.com Andrew Schaeffer SVP, Treasurer & Director of Capital Markets 901-435-5379 andrew.schaeffer@maac.com
Slide 8: Reconciliations & Definitions
APPENDIX Reconciliations & Definitions
Slide 9: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures RECONCILIATION OF NET INCOME TO EBITDA, EBITDAre AND ADJUSTED EBITDAre Dollars in thousands Three Months Ended Twelve Months Ended June 30, 2026 June 30, 2025 June 30, 2026 December 31, 2025 Net income $ 124,818 $ 110,875 $ 410,714 $ 456,566 Depreciation
Slide 10: 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 Dollars in thousands June 30, 2026 December 31, 2025 Unsecured notes payable, net $ 5,331,445 $ 5,044,979 Secured notes payable, net 360,456 360,393 Total debt 5,69
Slide 11: Definitions
Definitions 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 con
Slide 12: Definitions
Definitions DEFINITIONS OF NON-GAAP FINANCIAL MEASURES Gross Assets Gross Assets represents Total assets plus Accumulated depreciation and Accumulated depreciation for Assets held for sale. MAA believes that Gross Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA be
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