MAA REPORTS SECOND QUARTER 2026 RESULTS

GERMANTOWN, TN, July 29, 2026/PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the three and six months ended June 30, 2026.

Brad Hill, President and Chief Executive Officer, said, “Second quarter Core FFO results exceeded our expectations due to steady demand and continued disciplined expense management. Our focus on new lease pricing resulted in an acceleration in our new lease sequential pricing trends, supported our consistently strong renewal results and delivered blended lease-over-lease pricing that was 20 basis points better year-over-year. As steady demand increasingly outweighs the declining pressure from new deliveries more broadly across our footprint, the improved pricing and operating fundamentals we see in a number of our markets should become more broad-based, supporting an accelerating recovery. Our pricing momentum, operating discipline, and growing contribution from our new developments, position MAA to deliver attractive future earnings growth.”

Same Store Operating Results

Same Store results for the three and six months ended June 30, 2026 as compared to the same periods in the prior year are summarized below:

Same Store operating statistics for the three and six months ended June 30, 2026 are summarized below:

Same Store net effective lease pricing statistics for the three and six months ended June 30, 2026 are summarized below:

Acquisition and Disposition Activity

In April 2026, MAA closed on the acquisition of a land parcel located in the Nashville market through its pre-purchase development program, and MAA began construction of a 312-unit multifamily apartment community at the property in July 2026.

In July 2026, MAA closed on the acquisition of a land parcel located in the Northern Virginia market through its pre-purchase development program and plans future development of a 306-unit multifamily apartment community at the property starting in the third quarter of 2026.

In May 2026, MAA closed on the disposition of a 194-unit multifamily apartment community located in the Raleigh, North Carolina market for net proceeds of approximately $40 million, resulting in a gain on the sale of depreciable real estate assets of approximately $35 million.

Development and Lease-up Activity

A summary of MAA’s development communities under construction as of the end of the second quarter of 2026 is set forth below (dollars in thousands):

During the second quarter of 2026, MAA completed the development of MAA Plaza Midwood located in Charlotte, North Carolina and began construction on a 263-unit multifamily apartment community in the Kansas City market.

MAA funded approximately $81 million of costs for current and planned development projects, including predevelopment activities, during the second quarter of 2026.

A summary of the total units, physical occupancy and cost of MAA’s lease-up communities as of the end of the second quarter of 2026 is set forth below (dollars in thousands):

During the second quarter of 2026, MAA completed the lease-up of MAA Cathedral Arts located in Dallas, Texas.

Balance Sheet and Financing Activities

As of June 30, 2026, MAA had $882.8 million of combined cash and available capacity under MAALP’s unsecured revolving credit facility.

In June 2026, MAALP entered into the DDTL Facility in the aggregate committed principal amount of up to $350.0 million. Advances of loans under the DDTL Facility may be requested by MAALP in one or more draws (subject to a maximum of five draws) and will be available until December 21, 2026. The DDTL Facility is scheduled to mature in November 2030. Amounts borrowed under the DDTL Facility will bear interest at a variable rate, at MAALP’s election, either (1) based upon the Secured Overnight Financing Rate (SOFR) plus an applicable margin ranging from 0.675% to 1.550% based upon MAALP’s credit rating or (2) a base rate plus an applicable margin ranging from 0.00% to 0.55% based upon MAALP’s credit rating. The DDTL Facility also contains an uncommitted accordion feature that allows MAALP to increase the total amount of unsecured indebtedness under the DDTL Facility to $550.0 million until December 21, 2026. As of June 30, 2026, there was $100.0 million outstanding under the DDTL Facility. MAALP intends to use the loan proceeds for general corporate purposes, including repayment of other debt.

During the second quarter of 2026, MAA repurchased 0.4 million shares of its common stock at a weighted average share price of $130.66 for total consideration of $50 million.

Dividends and distributions paid on shares of common stock and noncontrolling interests during the second quarter of 2026 were $182.5 million, as compared to $181.8 million for the same period in the prior year.

Balance sheet highlights as of June 30, 2026 are summarized below (dollars in billions):

130th Consecutive Quarterly Common Dividend Declared

MAA declared its 130th consecutive quarterly common dividend, which will be paid on July 31, 2026 to holders of record on July 15, 2026. The current annual dividend rate is $6.12 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.

2026 Earnings and Same Store Guidance

MAA is updating its prior 2026 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 2026 Earnings per diluted common share, Core FFO per diluted Share and Core AFFO per diluted Share guidance on a quarterly basis.

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 operating performance in that Core FFO excludes not only depreciation expense of real estate assets and certain other non-routine items, but it also excludes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.

MAA expects Core FFO for the third quarter of 2026 to be in the range of $2.04 to $2.16 per diluted Share, or $2.10 per diluted Share at the midpoint. The projected difference from Core FFO per diluted Share for the second quarter of 2026 to the midpoint of MAA's guidance for the third quarter of 2026 is summarized below:

MAA does not forecast Earnings per diluted common share on a quarterly basis as MAA generally cannot predict the timing of forecasted acquisition and disposition activity within a particular quarter (rather than during the course of the full year). Additional details and guidance items are provided in the Supplemental Data to this release.

Supplemental Material and Conference Call

Supplemental Data to this release can be found on the “For Investors” page of the MAA website at www.maac.com. MAA will host a conference call to further discuss second quarter results on July 30, 2026, at 9:00 AM Central Time. The conference call-in number is (888) 596-4144. You may also join the live webcast of the conference call by accessing the “For Investors” page of the MAA website at www.maac.com. MAA’s filings with the Securities and Exchange Commission (SEC) are filed under the registrant names of Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P.

About MAA

MAA, an S&P 500 company, is a real estate investment trust (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States. As of June 30, 2026, MAA had ownership interest in 104,698 apartment units, including communities in development, across 16 states and the District of Columbia. For further details, please visit the MAA website at www.maac.com or contact Investor Relations at investor.relations@maac.com, or via mail at MAA, 6815 Poplar Ave., Suite 500, Germantown, TN 38138, Attn: Investor Relations.

Forward-Looking Statements

This release (as well as the Supplemental Data to this release) 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 provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not discuss historical fact, but instead are statements related to expectations, projections, intentions, assumptions and beliefs regarding the future. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “forecasts,” “projects,” “assumes,” “will,” “may,” “could,” “should,” “budget,” “target,” “outlook,” “proforma,” “opportunity,” “guidance” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, but are not limited to, statements regarding quarterly and full year 2026 guidance (including earnings guidance, Same Store Portfolio guidance and other related projections and assumptions), development costs for our development communities, timelines for occupancy, completion and stabilization of our development communities, and timelines for stabilization of our lease-up communities. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, as described below, which may cause our actual results, performance, achievements or outcomes to be materially different from the future results, performance, achievements or outcomes expressed or implied by such forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of such statements should not be regarded as a representation by us or any other person that the results, performance, achievements or outcomes described in such statements will be achieved.

The following factors, among others, could cause our actual results, performance, achievements or outcomes to differ materially from those expressed or implied in the forward-looking statements: adverse effects on occupancy levels and rental revenues due to unfavorable market and economic conditions; adverse changes in real estate markets, including changes in supply and/or demand for multifamily housing or increased competition from alternative housing options; failure of development communities to be completed within budget and on a timely basis, if at all, to lease-up as anticipated or to achieve anticipated results; unexpected capital needs; material changes in operating costs, including real estate taxes, utilities and insurance costs, due to inflation and other factors; losses due to uninsured risks, deductibles and self-insured retentions, or losses from catastrophes in excess of coverage limits; ability to obtain financing at favorable rates, if at all, or refinance existing debt as it matures; level and volatility of interest or capitalization rates or capital market conditions; changes in the legal requirements we are subject to, or the imposition of new legal requirements, that adversely affect our operations; extreme weather and natural disasters; disease outbreaks and other public health events and measures that are taken by federal, state, and local governmental authorities in response to such outbreaks and events; legal proceedings or class action lawsuits; and other risks identified in our annual report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 6, 2026, our quarterly reports on Form 10-Q, other reports we file with the SEC and in other documents that we publicly disseminate.

Except as required by law, we undertake no obligation to publicly update or revise forward-looking statements contained in this release to reflect events, circumstances or changes in expectations after the date of this release.