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 March 31, 2026
Average Effective
As of March 31, 2026
Gross Real Assets
Percent to Total of Gross Real Assets
Physical Occupancy
Rent per Unit for the Three Months Ended March 31, 2026
Completed Units
Total Units, Including Development
Atlanta, GA
$
2,245,678
13.1
%
95.3
%
$
1,788
11,774
Dallas, TX
1,660,888
9.7
%
94.9
%
1,660
10,117
Charlotte, NC
1,289,844
7.5
%
95.7
%
1,639
6,347
Orlando, FL
1,143,575
6.6
%
96.1
%
1,974
6,217
Tampa, FL
1,050,162
6.1
%
96.0
%
2,083
5,416
Austin, TX
993,279
5.8
%
95.1
%
1,472
7,179
Raleigh/Durham, NC
836,557
4.9
%
95.3
%
1,516
5,656
Houston, TX
712,706
4.1
%
96.1
%
1,455
4,859
Phoenix, AZ
608,917
3.5
%
95.8
%
1,691
3,291
Northern Virginia
588,876
3.4
%
95.8
%
2,570
1,888
Nashville, TN
582,071
3.4
%
96.0
%
1,653
4,375
Charleston, SC
454,652
2.6
%
95.5
%
1,842
3,168
Denver, CO
427,082
2.5
%
94.8
%
1,958
1,470
Fort Worth, TX
415,833
2.4
%
95.5
%
1,581
3,687
Jacksonville, FL
337,012
2.0
%
95.4
%
1,467
3,496
Kansas City, MO-KS
297,641
1.7
%
95.7
%
1,711
1,428
Richmond, VA
270,727
1.6
%
96.0
%
1,724
1,732
Fredericksburg, VA
263,504
1.5
%
95.7
%
1,970
1,435
Greenville, SC
253,679
1.5
%
95.2
%
1,372
2,354
Savannah, GA
236,109
1.4
%
95.1
%
1,686
1,837
Birmingham, AL
178,950
1.0
%
95.2
%
1,439
1,462
San Antonio, TX
175,740
1.0
%
95.6
%
1,316
1,504
All Other Markets by State (individual markets <1% gross real assets)
Tennessee
218,514
1.3
%
95.0
%
1,311
2,754
Florida
203,075
1.2
%
95.3
%
1,853
1,806
Alabama
192,932
1.1
%
94.5
%
1,346
1,648
Virginia
175,325
1.0
%
95.3
%
1,867
1,039
Kentucky
110,635
0.6
%
96.3
%
1,319
1,308
Utah
94,639
0.5
%
92.5
%
1,606
400
Maryland
86,687
0.5
%
95.6
%
2,373
361
Nevada
77,575
0.5
%
95.1
%
1,604
721
Stabilized Communities
$
16,182,864
94.0
%
95.5
%
$
1,683
100,729
Charlotte, NC
216,969
1.3
%
20.0
%
1,855
412
541
Phoenix, AZ
200,151
1.2
%
88.6
%
1,725
317
942
Tampa, FL
193,897
1.1
%
71.5
%
2,979
495
495
Raleigh/Durham, NC
143,024
0.8
%
48.3
%
1,744
406
406
Dallas, TX
107,097
0.6
%
89.1
%
1,652
386
386
Richmond, VA
69,250
0.4
%
—
—
—
306
Denver, CO
62,351
0.4
%
—
—
44
219
Charleston, SC
39,745
0.2
%
—
—
—
336
Lease-up / Development Communities
$
1,032,484
6.0
%
54.3
%
$
2,049
2,060
3,631
Total Multifamily Communities
$
17,215,348
100.0
%
94.5
%
$
1,690
102,789
104,360
(1)
Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C. As of March 31, 2026, the gross investment in real estate for this community was $83.5 million and includes a mortgage note payable of $52.0 million. For the three months ended March 31, 2026, this apartment community achieved NOI of $2.2 million.
Supplemental Data S-2
COMPONENTS OF NET OPERATING INCOME
Dollars in thousands
Three Months Ended
As of March 31, 2026
March 31, 2026
March 31, 2025
Percent Change
Apartment Units
Gross Real Assets
Operating Revenues
Same Store Communities
$
516,980
$
518,827
-0.4
%
96,561
$
15,313,935
Non-Same Store Communities
22,050
21,239
4,168
868,929
Lease-up/Development Communities
7,732
2,459
2,060
1,032,484
Total Multifamily Portfolio
$
546,762
$
542,525
102,789
$
17,215,348
Commercial Property/Land
6,963
6,770
—
437,795
Total Operating Revenues
$
553,725
$
549,295
102,789
$
17,653,143
Property Operating Expenses
Same Store Communities
$
188,284
$
185,911
1.3
%
Non-Same Store Communities
9,211
10,106
Lease-up/Development Communities
5,094
2,222
Total Multifamily Portfolio
$
202,589
$
198,239
Commercial Property/Land
2,983
3,114
Total Property Operating Expenses
$
205,572
$
201,353
Net Operating Income
Same Store Communities
$
328,696
$
332,916
-1.3
%
Non-Same Store Communities
12,839
11,133
Lease-up/Development Communities
2,638
237
Total Multifamily Portfolio
$
344,173
$
344,286
Commercial Property/Land
3,980
3,656
Total Net Operating Income
$
348,153
$
347,942
0.1
%
COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES
Dollars in thousands
Three Months Ended
March 31, 2026
March 31, 2025
Percent Change
Property Taxes
$
64,935
$
63,188
2.8
%
Personnel
41,858
41,561
0.7
%
Utilities
34,985
33,853
3.3
%
Building Repair and Maintenance
24,196
23,871
1.4
%
Office Operations
7,675
8,185
(6.2
)%
Insurance
7,754
8,442
(8.1
)%
Marketing
6,881
6,811
1.0
%
Total Property Operating Expenses
$
188,284
$
185,911
1.3
%
Supplemental Data S-3
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
7.1
%
96.1
%
96.1
%
Charlotte, NC
5,707
6.2
%
95.8
%
95.9
%
Austin, TX
7,179
5.6
%
95.2
%
95.0
%
Raleigh/Durham, NC
5,156
5.1
%
95.0
%
95.6
%
Nashville, TN
4,375
4.8
%
95.8
%
95.8
%
Phoenix, AZ
3,291
3.9
%
96.2
%
95.6
%
Charleston, SC
3,168
3.8
%
95.6
%
95.6
%
Houston, TX
4,859
3.8
%
96.0
%
95.5
%
Fort Worth, TX
3,687
3.7
%
95.4
%
95.0
%
Northern Virginia
1,888
3.2
%
95.8
%
96.7
%
Jacksonville, FL
3,496
2.8
%
95.1
%
95.9
%
Greenville, SC
2,354
2.1
%
95.7
%
95.9
%
Richmond, VA
1,732
2.0
%
95.9
%
96.2
%
Fredericksburg, VA
1,435
1.9
%
95.8
%
97.0
%
Savannah, GA
1,837
1.9
%
95.3
%
95.3
%
Denver, CO
1,118
1.3
%
94.4
%
94.8
%
Birmingham, AL
1,462
1.2
%
95.4
%
96.3
%
Kansas City, MO-KS
1,110
1.2
%
95.4
%
95.1
%
San Antonio, TX
1,504
1.1
%
94.8
%
95.2
%
Memphis, TN
1,193
1.1
%
95.5
%
94.9
%
Huntsville, AL
1,228
0.9
%
92.8
%
94.6
%
Other
6,502
6.4
%
95.5
%
95.4
%
Total Same Store
96,561
100.0
%
95.5
%
95.6
%
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
Q1 2026
Q1 2025
% Chg
Q1 2026
Q1 2025
% Chg
Q1 2026
Q1 2025
% Chg
Q1 2026
Q1 2025
% Chg
Atlanta, GA
11,434
$
64,385
$
64,628
(0.4
)%
$
24,322
$
23,121
5.2
%
$
40,063
$
41,507
(3.5
)%
$
1,787
$
1,793
(0.3
)%
Dallas, TX
9,523
50,285
50,001
0.6
%
19,505
20,194
(3.4
)%
30,780
29,807
3.3
%
1,677
1,666
0.7
%
Orlando, FL
5,907
36,762
36,958
(0.5
)%
12,858
13,190
(2.5
)%
23,904
23,768
0.6
%
1,978
1,985
(0.4
)%
Tampa, FL
5,416
35,791
35,984
(0.5
)%
12,371
12,630
(2.1
)%
23,420
23,354
0.3
%
2,083
2,091
(0.4
)%
Charlotte, NC
5,707
29,566
29,908
(1.1
)%
9,031
9,024
0.1
%
20,535
20,884
(1.7
)%
1,644
1,656
(0.7
)%
Austin, TX
7,179
34,332
35,579
(3.5
)%
15,871
15,381
3.2
%
18,461
20,198
(8.6
)%
1,472
1,547
(4.9
)%
Raleigh/Durham, NC
5,156
24,990
25,418
(1.7
)%
8,081
8,117
(0.4
)%
16,909
17,301
(2.3
)%
1,515
1,532
(1.1
)%
Nashville, TN
4,375
23,029
23,370
(1.5
)%
7,340
7,699
(4.7
)%
15,689
15,671
0.1
%
1,653
1,675
(1.3
)%
Phoenix, AZ
3,291
17,932
17,899
0.2
%
5,176
4,978
4.0
%
12,756
12,921
(1.3
)%
1,691
1,718
(1.6
)%
Charleston, SC
3,168
18,413
18,121
1.6
%
5,912
5,820
1.6
%
12,501
12,301
1.6
%
1,842
1,817
1.4
%
Houston, TX
4,859
22,781
22,549
1.0
%
10,398
10,036
3.6
%
12,383
12,513
(1.0
)%
1,455
1,444
0.7
%
Fort Worth, TX
3,687
19,370
19,284
0.4
%
7,254
6,593
10.0
%
12,116
12,691
(4.5
)%
1,581
1,580
0.0
%
Northern Virginia
1,888
15,104
14,918
1.2
%
4,617
4,544
1.6
%
10,487
10,374
1.1
%
2,570
2,513
2.3
%
Jacksonville, FL
3,496
15,534
15,970
(2.7
)%
6,171
6,063
1.8
%
9,363
9,907
(5.5
)%
1,467
1,486
(1.3
)%
Greenville, SC
2,354
10,673
10,426
2.4
%
3,785
3,798
(0.3
)%
6,888
6,628
3.9
%
1,372
1,336
2.7
%
Richmond, VA
1,732
9,423
9,065
3.9
%
2,918
2,873
1.6
%
6,505
6,192
5.1
%
1,724
1,680
2.6
%
Fredericksburg, VA
1,435
9,013
8,863
1.7
%
2,662
2,557
4.1
%
6,351
6,306
0.7
%
1,970
1,909
3.2
%
Savannah, GA
1,837
9,977
10,109
(1.3
)%
3,791
3,543
7.0
%
6,186
6,566
(5.8
)%
1,686
1,705
(1.1
)%
Denver, CO
1,118
6,536
6,934
(5.7
)%
2,274
2,030
12.0
%
4,262
4,904
(13.1
)%
1,903
1,951
(2.4
)%
Birmingham, AL
1,462
6,950
6,882
1.0
%
2,831
2,708
4.5
%
4,119
4,174
(1.3
)%
1,439
1,403
2.6
%
Kansas City, MO-KS
1,110
5,932
5,737
3.4
%
2,112
2,074
1.8
%
3,820
3,663
4.3
%
1,684
1,638
2.8
%
San Antonio, TX
1,504
6,328
6,521
(3.0
)%
2,745
2,551
7.6
%
3,583
3,970
(9.7
)%
1,316
1,354
(2.8
)%
Memphis, TN
1,193
5,399
5,405
(0.1
)%
1,877
2,238
(16.1
)%
3,522
3,167
11.2
%
1,414
1,433
(1.3
)%
Huntsville, AL
1,228
5,056
5,277
(4.2
)%
2,107
1,905
10.6
%
2,949
3,372
(12.5
)%
1,254
1,286
(2.5
)%
Other
6,502
33,419
33,021
1.2
%
12,275
12,244
0.3
%
21,144
20,777
1.8
%
1,637
1,616
1.3
%
Total Same Store
96,561
$
516,980
$
518,827
(0.4
)%
$
188,284
$
185,911
1.3
%
$
328,696
$
332,916
(1.3
)%
$
1,685
$
1,690
(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
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
$
64,566
(0.3
)%
$
24,322
$
25,023
(2.8
)%
$
40,063
$
39,543
1.3
%
$
1,787
$
1,788
(0.1
)%
Dallas, TX
9,523
50,285
50,226
0.1
%
19,505
20,376
(4.3
)%
30,780
29,850
3.1
%
1,677
1,673
0.3
%
Orlando, FL
5,907
36,762
36,976
(0.6
)%
12,858
12,203
5.4
%
23,904
24,773
(3.5
)%
1,978
1,980
(0.1
)%
Tampa, FL
5,416
35,791
35,893
(0.3
)%
12,371
12,625
(2.0
)%
23,420
23,268
0.7
%
2,083
2,091
(0.4
)%
Charlotte, NC
5,707
29,566
29,838
(0.9
)%
9,031
9,292
(2.8
)%
20,535
20,546
(0.1
)%
1,644
1,649
(0.3
)%
Austin, TX
7,179
34,332
34,556
(0.6
)%
15,871
16,707
(5.0
)%
18,461
17,849
3.4
%
1,472
1,481
(0.6
)%
Raleigh/Durham, NC
5,156
24,990
25,244
(1.0
)%
8,081
8,251
(2.1
)%
16,909
16,993
(0.5
)%
1,515
1,519
(0.3
)%
Nashville, TN
4,375
23,029
23,125
(0.4
)%
7,340
7,446
(1.4
)%
15,689
15,679
0.1
%
1,653
1,660
(0.4
)%
Phoenix, AZ
3,291
17,932
17,911
0.1
%
5,176
4,949
4.6
%
12,756
12,962
(1.6
)%
1,691
1,697
(0.4
)%
Charleston, SC
3,168
18,413
18,484
(0.4
)%
5,912
5,755
2.7
%
12,501
12,729
(1.8
)%
1,842
1,843
(0.0
)%
Houston, TX
4,859
22,781
22,796
(0.1
)%
10,398
10,255
1.4
%
12,383
12,541
(1.3
)%
1,455
1,454
0.0
%
Fort Worth, TX
3,687
19,370
19,309
0.3
%
7,254
8,173
(11.2
)%
12,116
11,136
8.8
%
1,581
1,580
0.0
%
Northern Virginia
1,888
15,104
15,132
(0.2
)%
4,617
4,410
4.7
%
10,487
10,722
(2.2
)%
2,570
2,575
(0.2
)%
Jacksonville, FL
3,496
15,534
15,671
(0.9
)%
6,171
6,026
2.4
%
9,363
9,645
(2.9
)%
1,467
1,469
(0.1
)%
Greenville, SC
2,354
10,673
10,673
—
3,785
3,631
4.2
%
6,888
7,042
(2.2
)%
1,372
1,368
0.3
%
Richmond, VA
1,732
9,423
9,407
0.2
%
2,918
2,813
3.7
%
6,505
6,594
(1.3
)%
1,724
1,717
0.4
%
Fredericksburg, VA
1,435
9,013
8,924
1.0
%
2,662
2,564
3.8
%
6,351
6,360
(0.1
)%
1,970
1,962
0.4
%
Savannah, GA
1,837
9,977
10,051
(0.7
)%
3,791
3,578
6.0
%
6,186
6,473
(4.4
)%
1,686
1,697
(0.6
)%
Denver, CO
1,118
6,536
6,708
(2.6
)%
2,274
1,993
14.1
%
4,262
4,715
(9.6
)%
1,903
1,918
(0.7
)%
Birmingham, AL
1,462
6,950
6,935
0.2
%
2,831
2,689
5.3
%
4,119
4,246
(3.0
)%
1,439
1,440
(0.0
)%
Kansas City, MO-KS
1,110
5,932
5,936
(0.1
)%
2,112
2,187
(3.4
)%
3,820
3,749
1.9
%
1,684
1,679
0.3
%
San Antonio, TX
1,504
6,328
6,307
0.3
%
2,745
2,537
8.2
%
3,583
3,770
(5.0
)%
1,316
1,323
(0.6
)%
Memphis, TN
1,193
5,399
5,353
0.9
%
1,877
1,883
(0.3
)%
3,522
3,470
1.5
%
1,414
1,416
(0.1
)%
Huntsville, AL
1,228
5,056
5,065
(0.2
)%
2,107
1,954
7.8
%
2,949
3,111
(5.2
)%
1,254
1,263
(0.7
)%
Other
6,502
33,419
33,554
(0.4
)%
12,275
11,664
5.2
%
21,144
21,890
(3.4
)%
1,637
1,636
0.1
%
Total Same Store
96,561
$
516,980
$
518,640
(0.3
)%
$
188,284
$
188,984
(0.4
)%
$
328,696
$
329,656
(0.3
)%
$
1,685
$
1,688
(0.1
)%
Supplemental Data S-6
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
$
93,281
$
8,219
2Q24
4Q25
3Q26
3Q27
MAA Milepost 35 II
Denver, CO
219
44
24
78,000
62,351
15,649
4Q24
2Q26
4Q26
4Q27
Modera Chandler (2)
Phoenix, AZ
345
—
—
117,500
86,183
31,317
2Q24
2Q26
4Q26
4Q27
MAA Rove
Richmond, VA
306
—
—
99,500
69,250
30,250
3Q24
1Q27
3Q27
1Q28
MAA Point Hope (2)
Charleston, SC
336
—
—
91,000
39,745
51,255
2Q25
1Q27
1Q28
3Q28
MAA One Scottsdale
Phoenix, AZ
280
—
—
135,000
37,469
97,531
4Q25
1Q28
3Q28
2Q29
Total Active
1,788
217
66
$
622,500
$
388,279
$
234,221
(1)
Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.
(2)
MAA owns 95% of the joint venture that owns this property.
MULTIFAMILY LEASE-UP COMMUNITIES
As of March 31, 2026
Market
Total Units
Physical Occupancy
Costs to Date
Construction Completed
Expected Stabilization (1)
MAA Val Vista
Phoenix, AZ
317
88.6%
$
76,500
4Q24
2Q26
MAA Cathedral Arts
Dallas, TX
386
89.1%
107,097
(2)
2Q26
MAA Nixie
Raleigh/Durham, NC
406
48.3%
143,024
3Q25
4Q26
MAA Liberty Row (3)
Charlotte, NC
239
35.1%
112,635
(4)
1Q26
4Q26
MAA Breakwater
Tampa, FL
495
71.5%
193,897
1Q26
1Q27
Total
1,843
68.3%
$
633,153
(1)
Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.
(2)
Property was acquired while in lease-up; construction was complete prior to acquisition by MAA.
(3)
In July 2024, MAA agreed to finance the third party development of this property. MAA has the option to purchase the property once it is stabilized.
(4)
Represents the cost to MAA, net of the $9.6 million non-equity contribution from the third party developer.
MULTIFAMILY INTERIOR REDEVELOPMENT, WIFI RETROFIT AND PROPERTY REPOSITIONING ACTIVITY
Dollars in thousands, except per unit data
Three months ended March 31, 2026
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
1,386
$
7,349
$
5,302
$
104
7.5%
9,000 - 12,000
During the first quarter of 2026, 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 $1.6 million on its WiFi Retrofit program and $2.3 million on its Property Repositioning program during the three months ended March 31, 2026.
Supplemental Data S-7
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 development of a 287-unit multifamily apartment community at the property.
(2)
Represents a pre-purchase multifamily development. MAA owns 95% of the joint venture that owns this property. Construction of this development commenced in April 2026.
2026 DISPOSITION ACTIVITY AS OF MARCH 31, 2026
Multifamily Dispositions
Market
Apartment Units
Closing Date
MAA Greenwood Forrest
Houston, TX
316
Feb-26
DEBT AND DEBT COVENANTS AS OF MARCH 31, 2026
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
$
4,929,220
87.1
%
3.8
%
7.0
Floating rate debt
727,300
12.9
%
4.1
%
0.1
Total
$
5,656,520
100.0
%
3.9
%
6.1
Unsecured Versus Secured Debt
Balance
Percent of Total
Effective Interest Rate
Average Years to Contract Maturity
Unsecured debt
$
5,296,096
93.6
%
3.8
%
5.0
Secured debt
360,424
6.4
%
4.4
%
22.8
Total
$
5,656,520
100.0
%
3.9
%
6.1
Unencumbered Versus Encumbered Assets
Total Cost
Percent of Total
Q1 2026 NOI
Percent of Total
Unencumbered gross assets
$
17,300,514
95.6
%
$
333,844
95.9
%
Encumbered gross assets
788,531
4.4
%
14,309
4.1
%
Total
$
18,089,045
100.0
%
$
348,153
100.0
%
FIXED INTEREST RATE MATURITIES
Maturity
Fixed Rate Debt
Effective Interest Rate
2026
$
299,708
1.2
%
2027
599,104
3.7
%
2028
398,671
4.2
%
2029
554,451
3.7
%
2030
298,658
3.1
%
2031
447,123
1.8
%
2032
395,615
5.4
%
2033
592,758
4.7
%
2034
344,648
5.1
%
2035
344,499
5.1
%
Thereafter
653,985
3.8
%
Total
$
4,929,220
3.8
%
Supplemental Data S-8
DEBT AND DEBT COVENANTS AS OF MARCH 31, 2026 (CONTINUED)
Dollars in thousands
DEBT MATURITIES OF OUTSTANDING BALANCES
Maturity
Commercial Paper ⁽¹⁾ & 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
2029
—
554,451
—
554,451
2030
—
298,658
—
298,658
2031
—
447,123
—
447,123
2032
—
395,615
—
395,615
2033
—
592,758
—
592,758
2034
—
344,648
—
344,648
2035
—
344,499
—
344,499
Thereafter
—
293,561
360,424
653,985
Total
$
727,300
$
4,568,796
$
360,424
$
5,656,520
(1)
The $727.3 million maturing in 2026 reflects the principal outstanding under MAALP’s unsecured commercial paper program as of March 31, 2026. 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 March 31, 2026, average daily borrowings outstanding under the commercial paper program were $682.1 million.
(2)
There were no borrowings outstanding under MAALP’s $1.5 billion unsecured revolving credit facility as of March 31, 2026. 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
31.3%
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
5.9x
Yes
Total unencumbered assets to total unsecured debt
Greater than 150%
317.1%
Yes
Bank Covenants
Required
Actual
Compliance
Total debt to total capitalized asset value
60% or less
23.8%
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
6.3x
Yes
Total unsecured debt to total unsecured capitalized asset value
60% or less
23.1%
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-9
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
$4.18 to $4.50
$4.34
Core FFO per Share - diluted
$8.37 to $8.69
$8.53
Core AFFO per Share - diluted
$7.34 to $7.66
$7.50
MAA Same Store Portfolio:
Number of units
96,561
96,561
Average physical occupancy
95.35% to 95.85%
95.60%
Property revenue growth
-0.20% to 1.30%
0.55%
Effective rent growth
-0.15% to 0.85%
0.35%
Property operating expense growth
1.90% to 3.40%
2.65%
NOI growth
-1.70% to 0.30%
-0.70%
Real estate tax expense growth
1.25% to 3.25%
2.25%
Corporate Expenses: ($ 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
$150.0 to $250.0
$200.0
Multifamily disposition volume
$200.0 to $300.0
$250.0
Development investment
$300.0 to $400.0
$350.0
Debt:
Average effective interest rate
3.7% to 3.9%
3.8%
Capitalized interest ($ in millions)
$16.0 to $18.0
$17.0
Diluted FFO Shares Outstanding:
Diluted common shares and units
118.95 to 119.45 million
119.20 million
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
$
4.18
$
4.50
Real estate depreciation and amortization
5.43
5.43
Gains on sale of depreciable assets
(1.16
)
(1.16
)
FFO per Share - diluted
8.45
8.77
Non-Core FFO items (1)
(0.08
)
(0.08
)
Core FFO per Share - diluted
8.37
8.69
Recurring capital expenditures
(1.03
)
(1.03
)
Core AFFO per Share - diluted
$
7.34
$
7.66
(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-10
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:
Q2 2026
Q3 2026
Q4 2026
Q1 2027
Earnings release & conference call
Late July
Late October
Early February
Late April
Dividend Information - Common Shares:
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Declaration date
3/18/2025
5/21/2025
9/23/2025
12/10/2025
3/17/2026
Record date
4/15/2025
7/15/2025
10/15/2025
1/15/2026
4/15/2026
Payment date
4/30/2025
7/31/2025
10/31/2025
1/30/2026
4/30/2026
Distributions per share
$
1.5150
$
1.5150
$
1.5150
$
1.5300
$
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