TOTAL MULTIFAMILY PORTFOLIO AT DECEMBER 31, 2025 (1)
In apartment units
Same Store
Stabilized Non-Same Store
Lease-up
Total Completed Communities
Development Units Delivered
Total
Atlanta, GA
11,434
340
—
11,774
—
11,774
Dallas, TX
9,755
362
386
10,503
—
10,503
Austin, TX
6,795
384
—
7,179
—
7,179
Charlotte, NC
5,995
352
—
6,347
316
6,663
Orlando, FL
5,907
310
—
6,217
—
6,217
Raleigh/Durham, NC
5,350
306
406
6,062
—
6,062
Tampa, FL
5,416
—
—
5,416
344
5,760
Houston, TX
4,859
316
—
5,175
—
5,175
Nashville, TN
4,375
—
—
4,375
—
4,375
Fort Worth, TX
3,687
—
—
3,687
—
3,687
Phoenix, AZ
2,968
323
317
3,608
—
3,608
Jacksonville, FL
3,496
—
—
3,496
—
3,496
Charleston, SC
3,168
—
—
3,168
—
3,168
Greenville, SC
2,354
—
—
2,354
—
2,354
Northern Virginia
1,888
—
—
1,888
—
1,888
Savannah, GA
1,837
—
—
1,837
—
1,837
Memphis, TN
1,193
618
—
1,811
—
1,811
Richmond, VA
1,732
—
—
1,732
—
1,732
San Antonio, TX
1,504
—
—
1,504
—
1,504
Denver, CO
1,118
352
—
1,470
—
1,470
Birmingham, AL
1,462
—
—
1,462
—
1,462
Fredericksburg, VA
1,435
—
—
1,435
—
1,435
Kansas City, MO-KS
1,110
318
—
1,428
—
1,428
Huntsville, AL
1,228
—
—
1,228
—
1,228
Other
6,502
496
—
6,998
—
6,998
Total Multifamily Units
96,568
4,477
1,109
102,154
660
102,814
(1)
Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C.
Supplemental Data S-1
PORTFOLIO STATISTICS (CONTINUED)
TOTAL MULTIFAMILY COMMUNITY STATISTICS (1)
Dollars in thousands, except Average Effective Rent per Unit
As of December 31, 2025
Average Effective
As of December 31, 2025
Gross Real Assets
Percent to Total of Gross Real Assets
Physical Occupancy
Rent per Unit for the Three Months Ended December 31, 2025
Completed Units
Total Units, Including Development
Atlanta, GA
$
2,239,150
13.1
%
95.7
%
$
1,791
11,774
Dallas, TX
1,651,472
9.7
%
95.5
%
1,657
10,117
Charlotte, NC
1,282,600
7.5
%
95.8
%
1,644
6,347
Orlando, FL
1,140,603
6.7
%
96.2
%
1,976
6,217
Tampa, FL
1,046,946
6.1
%
96.3
%
2,091
5,416
Austin, TX
988,158
5.8
%
95.2
%
1,481
7,179
Raleigh/Durham, NC
834,254
4.9
%
95.6
%
1,521
5,656
Houston, TX
743,352
4.3
%
96.1
%
1,444
5,175
Phoenix, AZ
606,559
3.5
%
95.9
%
1,697
3,291
Northern Virginia
587,845
3.4
%
95.8
%
2,575
1,888
Nashville, TN
579,949
3.4
%
95.5
%
1,660
4,375
Charleston, SC
452,827
2.6
%
96.3
%
1,843
3,168
Denver, CO
426,341
2.5
%
95.7
%
1,970
1,470
Fort Worth, TX
413,684
2.4
%
95.8
%
1,580
3,687
Jacksonville, FL
334,323
2.0
%
95.1
%
1,469
3,496
Kansas City, MO-KS
296,528
1.7
%
96.1
%
1,707
1,428
Richmond, VA
269,652
1.6
%
96.3
%
1,717
1,732
Fredericksburg, VA
263,244
1.5
%
95.5
%
1,962
1,435
Greenville, SC
252,642
1.5
%
96.3
%
1,368
2,354
Savannah, GA
234,588
1.4
%
95.6
%
1,697
1,837
Birmingham, AL
178,039
1.0
%
95.4
%
1,440
1,462
San Antonio, TX
175,069
1.0
%
95.1
%
1,323
1,504
All Other Markets by State (individual markets <1% gross real assets)
Tennessee
216,879
1.3
%
95.7
%
1,314
2,754
Florida
201,354
1.2
%
96.3
%
1,854
1,806
Alabama
191,602
1.1
%
93.2
%
1,351
1,648
Virginia
175,433
1.0
%
95.7
%
1,852
1,039
Kentucky
109,686
0.6
%
95.8
%
1,318
1,308
Utah
94,565
0.6
%
89.8
%
1,615
400
Maryland
86,290
0.5
%
96.7
%
2,375
361
Nevada
77,138
0.5
%
96.5
%
1,600
721
Stabilized Communities
$
16,150,772
94.4
%
95.7
%
$
1,684
101,045
Charlotte, NC
212,448
1.2
%
10.2
%
1,949
316
541
Tampa, FL
192,360
1.1
%
53.5
%
2,934
344
495
Phoenix, AZ
182,272
1.1
%
85.5
%
1,709
317
942
Raleigh/Durham, NC
142,841
0.8
%
35.5
%
1,781
406
406
Dallas, TX
106,922
0.6
%
81.1
%
1,713
386
386
Richmond, VA
53,087
0.3
%
—
—
—
306
Denver, CO
51,656
0.3
%
—
—
—
219
Charleston, SC
24,257
0.2
%
—
—
—
336
Lease-up / Development Communities
$
965,843
5.6
%
48.9
%
$
2,007
1,769
3,631
Total Multifamily Communities
$
17,116,615
100.0
%
94.7
%
$
1,690
102,814
104,676
(1)
Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C. As of December 31, 2025, the gross investment in real estate for this community was $83.4 million and includes a mortgage note payable of $52.0 million. For the year ended December 31, 2025, this apartment community achieved NOI of $8.7 million.
Supplemental Data S-2
COMPONENTS OF NET OPERATING INCOME
Dollars in thousands
Three Months Ended
As of December 31, 2025
December 31, 2025
December 31, 2024
Percent Change
Apartment Units
Gross Real Assets
Operating Revenues
Same Store Communities
$
518,521
$
518,796
-0.1
%
96,568
$
15,187,534
Non-Same Store Communities
22,901
22,582
4,477
963,238
Lease-up/Development Communities
6,278
1,998
1,769
965,843
Total Multifamily Portfolio
$
547,700
$
543,376
102,814
$
17,116,615
Commercial Property/Land
7,856
6,456
—
399,839
Total Operating Revenues
$
555,556
$
549,832
102,814
$
17,516,454
Property Operating Expenses
Same Store Communities
$
188,692
$
187,470
0.7
%
Non-Same Store Communities
9,644
10,438
Lease-up/Development Communities
4,326
1,729
Storm Costs
—
2,621
Total Multifamily Portfolio
$
202,662
$
202,258
Commercial Property/Land
3,074
2,675
Total Property Operating Expenses
$
205,736
$
204,933
Net Operating Income
Same Store Communities
$
329,829
$
331,326
-0.5
%
Non-Same Store Communities
13,257
12,144
Lease-up/Development Communities
1,952
269
Storm Costs
—
(2,621
)
Total Multifamily Portfolio
$
345,038
$
341,118
Commercial Property/Land
4,782
3,781
Total Net Operating Income
$
349,820
$
344,899
1.4
%
COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES
Dollars in thousands
Three Months Ended
Year Ended
December 31, 2025
December 31, 2024
Percent Change
December 31, 2025
December 31, 2024
Percent Change
Property Taxes
$
68,381
$
68,127
0.4
%
$
266,588
$
268,746
(0.8
)%
Personnel
41,575
40,334
3.1
%
171,123
163,923
4.4
%
Utilities
34,796
33,861
2.8
%
139,489
134,181
4.0
%
Building Repair and Maintenance
22,653
22,547
0.5
%
99,574
97,045
2.6
%
Office Operations
8,015
8,921
(10.2
)%
35,594
34,560
3.0
%
Insurance
7,752
8,294
(6.5
)%
32,471
32,858
(1.2
)%
Marketing
5,520
5,386
2.5
%
28,059
26,528
5.8
%
Total Property Operating Expenses
$
188,692
$
187,470
0.7
%
$
772,898
$
757,841
2.0
%
Supplemental Data S-3
MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE
Average Physical Occupancy
Percent of
Three Months Ended
Year Ended
Apartment Units
Same Store NOI
December 31, 2025
December 31, 2024
December 31, 2025
December 31, 2024
Atlanta, GA
11,434
12.0
%
95.5
%
95.3
%
95.3
%
94.6
%
Dallas, TX
9,755
9.3
%
95.5
%
95.2
%
95.3
%
95.3
%
Orlando, FL
5,907
7.5
%
95.9
%
95.6
%
95.8
%
95.8
%
Tampa, FL
5,416
7.1
%
95.8
%
96.3
%
96.0
%
96.0
%
Charlotte, NC
5,995
6.5
%
96.1
%
95.9
%
95.8
%
95.6
%
Raleigh/Durham, NC
5,350
5.3
%
95.6
%
95.7
%
95.6
%
95.8
%
Austin, TX
6,795
5.2
%
95.4
%
95.2
%
95.1
%
95.0
%
Nashville, TN
4,375
4.8
%
95.8
%
95.8
%
95.6
%
95.9
%
Charleston, SC
3,168
3.9
%
96.2
%
95.7
%
96.0
%
96.1
%
Houston, TX
4,859
3.8
%
96.0
%
95.5
%
95.8
%
95.5
%
Phoenix, AZ
2,968
3.5
%
96.1
%
95.7
%
95.8
%
95.3
%
Fort Worth, TX
3,687
3.4
%
95.6
%
95.4
%
95.5
%
95.3
%
Northern Virginia
1,888
3.3
%
96.1
%
96.2
%
96.2
%
96.6
%
Jacksonville, FL
3,496
2.9
%
95.2
%
95.7
%
95.6
%
95.7
%
Greenville, SC
2,354
2.1
%
96.2
%
95.9
%
95.9
%
95.8
%
Richmond, VA
1,732
2.0
%
96.1
%
96.1
%
96.3
%
96.4
%
Savannah, GA
1,837
2.0
%
95.2
%
95.9
%
95.2
%
95.8
%
Fredericksburg, VA
1,435
1.9
%
96.0
%
96.1
%
96.5
%
96.6
%
Denver, CO
1,118
1.4
%
95.8
%
94.3
%
95.4
%
95.3
%
Birmingham, AL
1,462
1.3
%
95.3
%
95.5
%
95.8
%
95.6
%
San Antonio, TX
1,504
1.1
%
95.3
%
95.7
%
95.2
%
95.6
%
Kansas City, MO-KS
1,110
1.1
%
96.2
%
95.5
%
95.6
%
95.8
%
Memphis, TN
1,193
1.1
%
95.8
%
94.9
%
94.9
%
95.8
%
Huntsville, AL
1,228
0.9
%
92.2
%
95.7
%
93.4
%
95.2
%
Other
6,502
6.6
%
95.8
%
95.3
%
95.8
%
95.7
%
Total Same Store
96,568
100.0
%
95.7
%
95.6
%
95.6
%
95.5
%
Supplemental Data S-4
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
Units
Q4 2025
Q4 2024
% Chg
Q4 2025
Q4 2024
% Chg
Q4 2025
Q4 2024
% Chg
Q4 2025
Q4 2024
% Chg
Atlanta, GA
11,434
$
64,566
$
64,825
(0.4
)%
$
25,023
$
26,912
(7.0
)%
$
39,543
$
37,913
4.3
%
$
1,788
$
1,798
(0.5
)%
Dallas, TX
9,755
51,244
51,148
0.2
%
20,757
20,914
(0.8
)%
30,487
30,234
0.8
%
1,665
1,662
0.2
%
Orlando, FL
5,907
36,975
36,912
0.2
%
12,203
12,575
(3.0
)%
24,772
24,337
1.8
%
1,980
1,990
(0.5
)%
Tampa, FL
5,416
35,892
35,800
0.3
%
12,625
11,885
6.2
%
23,267
23,915
(2.7
)%
2,091
2,086
0.2
%
Charlotte, NC
5,995
31,169
31,299
(0.4
)%
9,771
9,316
4.9
%
21,398
21,983
(2.7
)%
1,639
1,648
(0.6
)%
Raleigh/Durham, NC
5,350
26,145
26,409
(1.0
)%
8,584
7,750
10.8
%
17,561
18,659
(5.9
)%
1,515
1,533
(1.2
)%
Austin, TX
6,795
33,031
34,291
(3.7
)%
15,784
14,657
7.7
%
17,247
19,634
(12.2
)%
1,497
1,569
(4.6
)%
Nashville, TN
4,375
23,125
23,420
(1.3
)%
7,446
7,229
3.0
%
15,679
16,191
(3.2
)%
1,660
1,680
(1.2
)%
Charleston, SC
3,168
18,485
18,047
2.4
%
5,754
5,571
3.3
%
12,731
12,476
2.0
%
1,843
1,817
1.4
%
Houston, TX
4,859
22,797
22,450
1.5
%
10,255
10,453
(1.9
)%
12,542
11,997
4.5
%
1,454
1,445
0.6
%
Phoenix, AZ
2,968
16,066
16,124
(0.4
)%
4,387
4,422
(0.8
)%
11,679
11,702
(0.2
)%
1,691
1,721
(1.7
)%
Fort Worth, TX
3,687
19,310
19,189
0.6
%
8,173
8,023
1.9
%
11,137
11,166
(0.3
)%
1,580
1,580
0.0
%
Northern Virginia
1,888
15,131
14,770
2.4
%
4,410
4,505
(2.1
)%
10,721
10,265
4.4
%
2,575
2,501
3.0
%
Jacksonville, FL
3,496
15,671
15,922
(1.6
)%
6,025
5,859
2.8
%
9,646
10,063
(4.1
)%
1,469
1,493
(1.7
)%
Greenville, SC
2,354
10,673
10,370
2.9
%
3,631
3,703
(1.9
)%
7,042
6,667
5.6
%
1,368
1,335
2.5
%
Richmond, VA
1,732
9,407
9,025
4.2
%
2,813
2,776
1.3
%
6,594
6,249
5.5
%
1,717
1,672
2.7
%
Savannah, GA
1,837
10,051
10,221
(1.7
)%
3,577
3,525
1.5
%
6,474
6,696
(3.3
)%
1,697
1,708
(0.7
)%
Fredericksburg, VA
1,435
8,924
8,643
3.3
%
2,564
2,513
2.0
%
6,360
6,130
3.8
%
1,962
1,891
3.8
%
Denver, CO
1,118
6,709
6,912
(2.9
)%
1,994
2,176
(8.4
)%
4,715
4,736
(0.4
)%
1,918
1,968
(2.6
)%
Birmingham, AL
1,462
6,935
6,836
1.4
%
2,689
2,650
1.5
%
4,246
4,186
1.4
%
1,440
1,406
2.4
%
San Antonio, TX
1,504
6,307
6,543
(3.6
)%
2,538
2,826
(10.2
)%
3,769
3,717
1.4
%
1,323
1,363
(2.9
)%
Kansas City, MO-KS
1,110
5,936
5,764
3.0
%
2,186
2,025
8.0
%
3,750
3,739
0.3
%
1,679
1,644
2.1
%
Memphis, TN
1,193
5,353
5,523
(3.1
)%
1,883
1,944
(3.1
)%
3,470
3,579
(3.0
)%
1,416
1,448
(2.2
)%
Huntsville, AL
1,228
5,065
5,339
(5.1
)%
1,954
1,752
11.5
%
3,111
3,587
(13.3
)%
1,263
1,293
(2.4
)%
Other
6,502
33,554
33,014
1.6
%
11,666
11,509
1.4
%
21,888
21,505
1.8
%
1,636
1,617
1.2
%
Total Same Store
96,568
$
518,521
$
518,796
(0.1
)%
$
188,692
$
187,470
0.7
%
$
329,829
$
331,326
(0.5
)%
$
1,687
$
1,692
(0.3
)%
Supplemental Data S-5
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
Q4 2025
Q3 2025
% Chg
Q4 2025
Q3 2025
% Chg
Q4 2025
Q3 2025
% Chg
Q4 2025
Q3 2025
% Chg
Atlanta, GA
11,434
$
64,566
$
64,765
(0.3
)%
$
25,023
$
27,030
(7.4
)%
$
39,543
$
37,735
4.8
%
$
1,788
$
1,793
(0.3
)%
Dallas, TX
9,755
51,244
51,448
(0.4
)%
20,757
23,034
(9.9
)%
30,487
28,414
7.3
%
1,665
1,665
(0.0
)%
Orlando, FL
5,907
36,975
37,044
(0.2
)%
12,203
11,553
5.6
%
24,772
25,491
(2.8
)%
1,980
1,983
(0.2
)%
Tampa, FL
5,416
35,892
36,088
(0.5
)%
12,625
13,162
(4.1
)%
23,267
22,926
1.5
%
2,091
2,100
(0.4
)%
Charlotte, NC
5,995
31,169
31,337
(0.5
)%
9,771
9,901
(1.3
)%
21,398
21,436
(0.2
)%
1,639
1,649
(0.6
)%
Raleigh/Durham, NC
5,350
26,145
26,370
(0.9
)%
8,584
8,871
(3.2
)%
17,561
17,499
0.4
%
1,515
1,524
(0.5
)%
Austin, TX
6,795
33,031
33,575
(1.6
)%
15,784
17,038
(7.4
)%
17,247
16,537
4.3
%
1,497
1,521
(1.6
)%
Nashville, TN
4,375
23,125
23,164
(0.2
)%
7,446
8,132
(8.4
)%
15,679
15,032
4.3
%
1,660
1,667
(0.4
)%
Charleston, SC
3,168
18,485
18,418
0.4
%
5,754
6,182
(6.9
)%
12,731
12,236
4.0
%
1,843
1,840
0.2
%
Houston, TX
4,859
22,797
22,841
(0.2
)%
10,255
9,861
4.0
%
12,542
12,980
(3.4
)%
1,454
1,454
0.0
%
Phoenix, AZ
2,968
16,066
16,190
(0.8
)%
4,387
4,857
(9.7
)%
11,679
11,333
3.1
%
1,691
1,697
(0.4
)%
Fort Worth, TX
3,687
19,310
19,378
(0.4
)%
8,173
8,325
(1.8
)%
11,137
11,053
0.8
%
1,580
1,580
0.0
%
Northern Virginia
1,888
15,131
15,109
0.1
%
4,410
4,698
(6.1
)%
10,721
10,411
3.0
%
2,575
2,573
0.1
%
Jacksonville, FL
3,496
15,671
15,751
(0.5
)%
6,025
6,034
(0.1
)%
9,646
9,717
(0.7
)%
1,469
1,476
(0.5
)%
Greenville, SC
2,354
10,673
10,621
0.5
%
3,631
4,105
(11.5
)%
7,042
6,516
8.1
%
1,368
1,367
0.1
%
Richmond, VA
1,732
9,407
9,352
0.6
%
2,813
2,869
(2.0
)%
6,594
6,483
1.7
%
1,717
1,708
0.5
%
Savannah, GA
1,837
10,051
10,169
(1.2
)%
3,577
3,932
(9.0
)%
6,474
6,237
3.8
%
1,697
1,713
(1.0
)%
Fredericksburg, VA
1,435
8,924
8,962
(0.4
)%
2,564
2,574
(0.4
)%
6,360
6,388
(0.4
)%
1,962
1,963
(0.0
)%
Denver, CO
1,118
6,709
6,886
(2.6
)%
1,994
2,353
(15.3
)%
4,715
4,533
4.0
%
1,918
1,936
(0.9
)%
Birmingham, AL
1,462
6,935
6,957
(0.3
)%
2,689
2,802
(4.0
)%
4,246
4,155
2.2
%
1,440
1,438
0.1
%
San Antonio, TX
1,504
6,307
6,441
(2.1
)%
2,538
2,698
(5.9
)%
3,769
3,743
0.7
%
1,323
1,338
(1.1
)%
Kansas City, MO-KS
1,110
5,936
5,934
0.0
%
2,186
2,190
(0.2
)%
3,750
3,744
0.2
%
1,679
1,689
(0.6
)%
Memphis, TN
1,193
5,353
5,364
(0.2
)%
1,883
2,144
(12.2
)%
3,470
3,220
7.8
%
1,416
1,423
(0.5
)%
Huntsville, AL
1,228
5,065
5,087
(0.4
)%
1,954
2,083
(6.2
)%
3,111
3,004
3.6
%
1,263
1,274
(0.8
)%
Other
6,502
33,554
33,609
(0.2
)%
11,666
12,401
(5.9
)%
21,888
21,208
3.2
%
1,636
1,634
0.1
%
Total Same Store
96,568
$
518,521
$
520,860
(0.4
)%
$
188,692
$
198,829
(5.1
)%
$
329,829
$
322,031
2.4
%
$
1,687
$
1,693
(0.3
)%
Supplemental Data S-6
MULTIFAMILY SAME STORE PORTFOLIO FULL YEAR COMPARISONS AS OF DECEMBER 31, 2025 AND 2024
Dollars in thousands, except Average Effective Rent per Unit
Revenues
Expenses
NOI
Average Effective Rent per Unit
Units
Q4 2025
Q4 2024
% Chg
Q4 2025
Q4 2024
% Chg
Q4 2025
Q4 2024
% Chg
Q4 2025
Q4 2024
% Chg
Atlanta, GA
11,434
$
258,343
$
260,040
(0.7
)%
$
101,939
$
104,908
(2.8
)%
$
156,404
$
155,132
0.8
%
$
1,791
$
1,819
(1.6
)%
Dallas, TX
9,755
204,807
205,360
(0.3
)%
86,001
84,968
1.2
%
118,806
120,392
(1.3
)%
1,662
1,670
(0.5
)%
Orlando, FL
5,907
147,837
148,712
(0.6
)%
50,683
51,222
(1.1
)%
97,154
97,490
(0.3
)%
1,983
1,999
(0.8
)%
Tampa, FL
5,416
143,954
143,037
0.6
%
51,390
48,702
5.5
%
92,564
94,335
(1.9
)%
2,093
2,093
0.0
%
Charlotte, NC
5,995
125,082
125,419
(0.3
)%
39,459
37,892
4.1
%
85,623
87,527
(2.2
)%
1,645
1,654
(0.6
)%
Raleigh/Durham, NC
5,350
105,233
106,359
(1.1
)%
35,160
34,186
2.8
%
70,073
72,173
(2.9
)%
1,524
1,540
(1.0
)%
Austin, TX
6,795
134,310
139,397
(3.6
)%
63,850
61,594
3.7
%
70,460
77,803
(9.4
)%
1,532
1,603
(4.4
)%
Nashville, TN
4,375
92,892
94,218
(1.4
)%
31,283
30,756
1.7
%
61,609
63,462
(2.9
)%
1,669
1,691
(1.3
)%
Charleston, SC
3,168
73,250
72,141
1.5
%
24,075
23,028
4.5
%
49,175
49,113
0.1
%
1,831
1,801
1.7
%
Houston, TX
4,859
90,859
89,590
1.4
%
40,820
38,680
5.5
%
50,039
50,910
(1.7
)%
1,450
1,443
0.5
%
Phoenix, AZ
2,968
64,432
64,830
(0.6
)%
18,074
18,099
(0.1
)%
46,358
46,731
(0.8
)%
1,702
1,734
(1.8
)%
Fort Worth, TX
3,687
77,352
76,689
0.9
%
31,341
29,946
4.7
%
46,011
46,743
(1.6
)%
1,579
1,579
0.0
%
Northern Virginia
1,888
60,081
57,859
3.8
%
18,208
17,916
1.6
%
41,873
39,943
4.8
%
2,550
2,445
4.3
%
Jacksonville, FL
3,496
63,245
64,832
(2.4
)%
24,562
23,592
4.1
%
38,683
41,240
(6.2
)%
1,478
1,514
(2.4
)%
Greenville, SC
2,354
42,260
41,371
2.1
%
15,672
15,193
3.2
%
26,588
26,178
1.6
%
1,356
1,331
1.8
%
Richmond, VA
1,732
36,940
36,214
2.0
%
11,390
11,314
0.7
%
25,550
24,900
2.6
%
1,698
1,659
2.4
%
Savannah, GA
1,837
40,470
40,469
0.0
%
15,058
14,831
1.5
%
25,412
25,638
(0.9
)%
1,707
1,706
0.1
%
Fredericksburg, VA
1,435
35,706
34,212
4.4
%
10,184
9,945
2.4
%
25,522
24,267
5.2
%
1,944
1,850
5.1
%
Denver, CO
1,118
27,417
28,132
(2.5
)%
8,577
8,732
(1.8
)%
18,840
19,400
(2.9
)%
1,939
1,974
(1.8
)%
Birmingham, AL
1,462
27,695
27,151
2.0
%
11,007
10,856
1.4
%
16,688
16,295
2.4
%
1,426
1,403
1.6
%
San Antonio, TX
1,504
25,730
26,354
(2.4
)%
10,641
11,299
(5.8
)%
15,089
15,055
0.2
%
1,340
1,373
(2.4
)%
Kansas City, MO-KS
1,110
23,477
22,743
3.2
%
8,607
8,161
5.5
%
14,870
14,582
2.0
%
1,670
1,614
3.5
%
Memphis, TN
1,193
21,521
22,143
(2.8
)%
7,931
7,901
0.4
%
13,590
14,242
(4.6
)%
1,426
1,441
(1.0
)%
Huntsville, AL
1,228
20,685
21,371
(3.2
)%
7,905
7,594
4.1
%
12,780
13,777
(7.2
)%
1,276
1,307
(2.4
)%
Other
6,502
133,584
131,384
1.7
%
49,081
46,526
5.5
%
84,503
84,858
(0.4
)%
1,627
1,604
1.5
%
Total Same Store
96,568
$
2,077,162
$
2,080,027
(0.1
)%
$
772,898
$
757,841
2.0
%
$
1,304,264
$
1,322,186
(1.4
)%
$
1,690
$
1,698
(0.5
)%
Supplemental Data S-7
MULTIFAMILY DEVELOPMENT PIPELINE
Units as of
Development Costs as of
December 31, 2025
December 31, 2025
Expected
Expected
Costs
Expected
Start
Initial
Location
Total
Delivered
Leased
Total
to Date
Remaining
Date
Occupancy
Completion
Stabilization (1)
MAA Breakwater
Tampa, FL
495
344
297
$
197,500
$
192,360
$
5,140
4Q22
1Q25
1Q26
1Q27
Modera Liberty Row (2)
Charlotte, NC
239
228
75
112,000
111,567
(4)
433
1Q22
3Q25
1Q26
4Q26
MAA Plaza Midwood (3)
Charlotte, NC
302
88
2
101,500
87,111
14,389
2Q24
4Q25
3Q26
3Q27
Modera Chandler (3)
Phoenix, AZ
345
—
—
117,500
75,791
41,709
2Q24
2Q26
4Q26
4Q27
MAA Milepost 35 II
Denver, CO
219
—
—
78,000
51,656
26,344
4Q24
2Q26
4Q26
4Q27
MAA Rove
Richmond, VA
306
—
—
99,500
53,087
46,413
3Q24
1Q27
3Q27
1Q28
MAA Point Hope (3)
Charleston, SC
336
—
—
91,000
24,257
66,743
2Q25
1Q27
1Q28
3Q28
MAA One Scottsdale
Phoenix, AZ
280
—
—
135,000
29,783
105,217
4Q25
1Q28
3Q28
2Q29
Total Active
2,522
660
374
$
932,000
$
625,612
$
306,388
(1)
Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.
(2)
In July 2024, MAA agreed to finance the third party development of this property currently under construction. MAA has the option to purchase the development once it is stabilized.
(3)
MAA owns 95% of the joint venture that owns this property.
(4)
Represents the cost to MAA, net of the $9.6 million non-equity contribution from the third party developer.
MULTIFAMILY LEASE-UP COMMUNITIES
As of December 31, 2025
Location
Total Units
Physical Occupancy
Costs to Date
Construction Completed
Expected Stabilization (1)
Novel Val Vista (2)
Phoenix, AZ
317
85.5%
$
76,698
4Q24
2Q26
MAA Cathedral Arts
Dallas, TX
386
81.1%
106,922
(3)
2Q26
MAA Nixie
Raleigh/Durham, NC
406
35.5%
142,841
3Q25
3Q26
Total
1,109
65.7%
$
326,461
(1)
Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.
(2)
MAA owns 80% of the joint venture that owns this property.
(3)
Property was acquired while in lease-up; construction was complete prior to acquisition by MAA.
MULTIFAMILY INTERIOR REDEVELOPMENT, WIFI RETROFIT AND PROPERTY REPOSITIONING ACTIVITY
Dollars in thousands, except per unit data
Year ended December 31, 2025
Program
Units Completed
Redevelopment Spend
Average Cost per Unit
Increase in Average Effective Rent per Unit
Increase in Average Effective Rent per Unit
Estimated Units Remaining in Pipeline
Interior Redevelopment
5,995
$
36,447
$
6,080
$
95
6.9%
9,000 - 12,000
During the fourth quarter of 2025, MAA continued its WiFi Retrofit program and its Property Repositioning program to upgrade and reposition the amenity and common areas at select apartment communities for higher and above market rent growth after projects are completed and units are fully repriced. MAA spent $7.8 million on its WiFi Retrofit program and $12.1 million on its Property Repositioning program during the year ended December 31, 2025.
Supplemental Data S-8
2025 ACQUISITION ACTIVITY AS OF DECEMBER 31, 2025
Multifamily Acquisitions
Market
Apartment Units
Closing Date
MAA ONE28
Kansas City, MO-KS
318
Aug-25
Land Acquisitions
Market
Closing Date
MAA Point Hope (1)
Charleston, SC
Jun-25
MAA ONE28 II
Kansas City, MO-KS
Oct-25
MAA One Scottsdale
Phoenix, AZ
Oct-25
(1)
Represents a pre-purchase multifamily development. MAA owns 95% of the joint venture that owns this property. Construction of this development commenced in the second quarter of 2025. See “Multifamily Development Pipeline” above for additional information.
2025 DISPOSITION ACTIVITY AS OF DECEMBER 31, 2025
Multifamily Dispositions
Market
Apartment Units
Closing Date
Fairways
Columbia, SC
240
Mar-25
TPC Columbia
Columbia, SC
336
Mar-25
DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2025
Dollars in thousands
DEBT SUMMARIES
Fixed Rate Versus Floating Rate Debt
Balance
Percent of Total
Effective Interest Rate
Average Years to Rate Maturity
Fixed rate debt
$
4,729,372
87.5
%
3.8
%
7.3
Floating rate debt
676,000
12.5
%
3.9
%
0.1
Total
$
5,405,372
100.0
%
3.8
%
6.4
Unsecured Versus Secured Debt
Balance
Percent of Total
Effective Interest Rate
Average Years to Contract Maturity
Unsecured debt
$
5,044,979
93.3
%
3.8
%
5.2
Secured debt
360,393
6.7
%
4.4
%
23.1
Total
$
5,405,372
100.0
%
3.8
%
6.4
Unencumbered Versus Encumbered Assets
Total Cost
Percent of Total
Q4 2025 NOI
Percent of Total
Unencumbered gross assets
$
17,135,380
95.6
%
$
335,564
95.9
%
Encumbered gross assets
786,533
4.4
%
14,256
4.1
%
Total
$
17,921,913
100.0
%
$
349,820
100.0
%
FIXED INTEREST RATE MATURITIES
Maturity
Fixed Rate Debt
Effective Interest Rate
2026
$
299,516
1.2
%
2027
598,907
3.7
%
2028
398,519
4.2
%
2029
554,833
3.7
%
2030
298,573
3.1
%
2031
446,959
1.8
%
2032
395,428
5.4
%
2033
393,928
4.8
%
2034
344,477
5.1
%
2035
344,342
5.1
%
Thereafter
653,890
3.8
%
Total
$
4,729,372
3.8
%
Supplemental Data S-9
DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2025 (CONTINUED)
Dollars in thousands
DEBT MATURITIES OF OUTSTANDING BALANCES
Maturity
Commercial Paper ⁽¹⁾ & Revolving Credit Facility ⁽²⁾
Public Bonds
Secured
Total
2026
$
676,000
$
299,516
$
—
$
975,516
2027
—
598,907
—
598,907
2028
—
398,519
—
398,519
2029
—
554,833
—
554,833
2030
—
298,573
—
298,573
2031
—
446,959
—
446,959
2032
—
395,428
—
395,428
2033
—
393,928
—
393,928
2034
—
344,477
—
344,477
2035
—
344,342
—
344,342
Thereafter
—
293,497
360,393
653,890
Total
$
676,000
$
4,368,979
$
360,393
$
5,405,372
(1)
The $676.0 million maturing in 2026 reflects the principal outstanding under MAALP’s unsecured commercial paper program as of December 31, 2025. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $750.0 million. For the three months ended December 31, 2025, average daily borrowings outstanding under the commercial paper program were $531.8 million.
(2)
There were no borrowings outstanding under MAALP’s $1.5 billion unsecured revolving credit facility as of December 31, 2025. The facility has a maturity date of January 2030 with two six-month extension options.
DEBT COVENANT ANALYSIS (1)
Bond Covenants
Required
Actual
Compliance
Total debt to adjusted total assets
60% or less
30.2%
Yes
Total secured debt to adjusted total assets
40% or less
2.0%
Yes
Consolidated income available for debt service to total annual debt service charge
1.5x or greater for trailing 4 quarters
6.1x
Yes
Total unencumbered assets to total unsecured debt
Greater than 150%
330.5%
Yes
Bank Covenants
Required
Actual
Compliance
Total debt to total capitalized asset value
60% or less
23.1%
Yes
Total secured debt to total capitalized asset value
40% or less
1.6%
Yes
Total adjusted EBITDA to fixed charges
1.5x or greater for trailing 4 quarters
6.5x
Yes
Total unsecured debt to total unsecured capitalized asset value
60% or less
22.4%
Yes
(1)
The calculations of the Bond Covenants and Bank Covenants are specifically defined in MAALP’s debt agreements, which have been filed by MAA and MAALP with the SEC.
Supplemental Data S-10
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 per diluted Share and Core AFFO per diluted Share is provided below. The guidance projections provided below are based on current expectations and are forward-looking statements.
Full Year 2026
Earnings:
Range
Midpoint
Earnings per common share - diluted
$4.11 to $4.47
$4.29
Core FFO per Share - diluted
$8.35 to $8.71
$8.53
Core AFFO per Share - diluted
$7.32 to $7.68
$7.50
MAA Same Store Portfolio:
Number of units
96,561
96,561
Average physical occupancy
95.30% to 95.90%
95.60%
Property revenue growth
-0.20% to 1.30%
0.55%
Effective rent growth
-0.15% to 0.85%
0.35%
Property operating expense growth
1.90% to 3.40%
2.65%
NOI growth
-1.70% to 0.30%
-0.70%
Real estate tax expense growth
1.25% to 3.25%
2.25%
Corporate Expenses: ($ in millions)
Property management expenses
$77.5 to $79.5
$78.5
General and administrative expenses
$56.5 to $58.5
$57.5
Total overhead
$134.0 to $138.0
$136.0
Transaction/Investment Volume: ($ in millions)
Multifamily acquisition volume
$200.0 to $300.0
$250.0
Multifamily disposition volume
$200.0 to $300.0
$250.0
Development investment
$350.0 to $450.0
$400.0
Debt:
Average effective interest rate
3.6% to 3.8%
3.7%
Capitalized interest ($ in millions)
$18.0 to $20.0
$19.0
Diluted FFO Shares Outstanding:
Diluted common shares and units
119.75 to 120.05 million
119.90 million
2025 SAME STORE COMPONENTS OF NET OPERATING INCOME RECAST FOR 2026 SAME STORE PORTFOLIO
Q4 2025
Full Year 2025
Same Store Revenues Recast for 2026 Same Store Portfolio
$
518,640
$
2,077,526
Same Store Expenses Recast for 2026 Same Store Portfolio
188,984
773,572
Same Store NOI Recast for 2026 Same Store Portfolio
$
329,656
$
1,303,954
RECONCILIATION OF EARNINGS PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER DILUTED SHARE FOR FULL YEAR 2026 GUIDANCE
Full Year 2026 Guidance Range
Low
High
Earnings per common share - diluted
$
4.11
$
4.47
Real estate depreciation and amortization
5.38
5.38
Gains on sale of depreciable assets
(1.19
)
(1.19
)
FFO per Share - diluted
8.30
8.66
Non-Core FFO items (1)
0.05
0.05
Core FFO per Share - diluted
8.35
8.71
Recurring capital expenditures
(1.03
)
(1.03
)
Core AFFO per Share - diluted
$
7.32
$
7.68
(1)
Non-Core FFO items may include adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares; gain or loss on sale of non-depreciable assets; gain or loss on investments, net of tax; casualty related charges and (recoveries), net; gain or loss on debt extinguishment; legal costs, settlements and (recoveries), net, and mark-to-market debt adjustments.
Supplemental Data S-11
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
COMMON STOCK
Stock Symbol:
MAA
Exchange Traded:
NYSE
Estimated Future Dates:
Q1 2026
Q2 2026
Q3 2026
Q4 2026
Earnings release & conference call
Late April
Late July
Late October
Early February
Dividend Information - Common Shares:
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Declaration date
12/10/2024
3/18/2025
5/21/2025
9/23/2025
12/10/2025
Record date
1/15/2025
4/15/2025
7/15/2025
10/15/2025
1/15/2026
Payment date
1/31/2025
4/30/2025
7/31/2025
10/31/2025
1/30/2026
Distributions per share
$
1.5150
$
1.5150
$
1.5150
$
1.5150
$
1.5300
INVESTOR RELATIONS DATA
MAA does not send quarterly reports, earnings releases and supplemental data to shareholders, but provides them upon request.
For recent press releases, SEC filings and other information, call 866-576-9689 (toll free) or email investor.relations@maac.com. This information, as well as access to MAA’s quarterly conference call, is also available on the “For Investors” page of MAA’s website at www.maac.com.
For Questions Contact:
Name
Title
Andrew Schaeffer
Senior Vice President, Treasurer and Director of Capital Markets