MAA REPORTS THIRD QUARTER 2025 RESULTS

About this update from Mid-america Apartment Communities, Inc.

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Resident retention remains strong with turnover at a record low. Solid demand coupled with meaningfully lower levels of new deliveries and our strong occupancy, position MAA well to capitalize on the coming year and what we expect will be an acceleration of the recovery cycle. 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apartment community built in 2024 and located in the Kansas City market. In October 2025, MAA acquired a land parcel adjacent to that acquired community and plans future development of a phase II multifamily expansion at the property. 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","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:TOP;","val":[{"type":"text","content":" As defined in the covenants for the bonds issued by MAALP. ","length":58,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:TOP;","val":[{"type":"text","content":" (2) ","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:TOP;","val":[{"type":"text","content":" Adjusted EBITDA re is calculated for the trailing twelve month period ended September 30, 2025. A reconciliation of Unsecured notes payable, net and Secured notes payable, net to Net Debt and a reconciliation of Net income to Adjusted EBITDA re are found later in this release. ","length":280,"tagName":"p","attribs":{}}]}]}],"length":366},{"type":"text","content":" 127th Consecutive Quarterly Common Dividend Declared MAA declared its 127th consecutive quarterly common dividend, which will be paid on October 31, 2025 to holders of record on October 15, 2025. The current annual dividend rate is $6.06 per common share. The timing and amount of future dividends will depend on actual cash flows from operations, MAA's financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986 and other factors as MAA's Board of Directors deems relevant. MAA's Board of Directors may modify the dividend policy from time to time.","length":645,"tagName":"p"},{"type":"text","content":" 2025 Earnings and Same Store Guidance MAA is updating its prior 2025 guidance for Earnings per diluted common share, Core FFO per diluted Share, Core AFFO per diluted Share and Same Store performance. MAA expects to provide updates to its 2025 Earnings per diluted common share, Core FFO per diluted Share and Core AFFO per diluted Share guidance on a quarterly basis.","length":368,"tagName":"p"},{"type":"text","content":"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 in the definitions of non-GAAP financial measures found later in this release, MAA's definition of FFO is in accordance with the National Association of Real Estate Investment Trusts', or NAREIT's, definition, and Core FFO represents FFO as adjusted for items that are not considered part of MAA's core business operations. MAA believes that Core FFO is helpful in understanding operati...

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