MAA REPORTS FIRST QUARTER 2025 RESULTS

, /PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the three months ended March 31, 2025. Three months ended March 31, 2025 2024 Earnings per common share - diluted (1) $ 1.54 $ 1.22 Funds from operations (FFO) per Share - diluted (1) $ 2.21 $ 2.41 Core FFO per Share - diluted (1) $ 2.20 $ 2.22 (1) A reconciliation of Net income available for MAA common shareholders to FFO and Core FFO is found later in this release. Brad Hill, President and Chief Executive Officer, said, "First quarter Core FFO was slightly ahead of our expectations, after considering certain timing-related events in the quarter. Same Store operating performance exceeded our expectations with strong demand for apartment housing driving high occupancy, reduced delinquency and improved pricing trends. Our Same Store blended lease pricing increased by 160 basis points sequentially, 70 basis points better than last year's sequential trend. With strong occupancy, improved year-over-year exposure, and record low resident turnover, MAA is well positioned for the busy spring and summer leasing season. As the decline in new deliveries in our markets accelerates throughout 2025, we continue to believe our revenue performance momentum will improve. Our balance sheet is well positioned to provide near term flexibility and to capture emerging new growth opportunities." During the first quarter of 2025, MAA's Same Store effective blended lease rate declined 0.5%, slightly ahead of our expectations and consistent with the same period in the prior year. On a sequential basis, Same Store effective blended lease rate growth was driven by a 180 basis point improvement in new lease pricing and a 30 basis point improvement in renewal pricing from the fourth quarter of 2024 and compares favorably to the sequential trend in the prior year of a 70 basis point improvement for new lease pricing and a 20 basis point improvement for renewal pricing. During the first quarter of 2025, MAA's Same Store Portfolio captured strong Average Physical Occupancy of 95.6%, which was 30 basis points higher than the same period in the prior year. As of March 31, 2025, resident turnover in the Same Store Portfolio remained historically low at 41.5% on a trailing twelve month basis with a record low level of move-outs associated with buying single family-homes. As of March 31, 2025, MAA had seven communities under development with total expected costs of $851.5 million. MAA also had four recently completed development communities and three recently acquired communities in lease-up with a total cost to date of $657.3 million. Same Store Operating ResultsSame Store results for the three months ended March 31, 2025 as compared to the same period in the prior year are summarized below: Three months ended March 31, 2025 vs. 2024 Revenues(1) Expenses NOI(2) Average Effective Rent per Unit Same Store Operating Growth 0.1 % 1.2 % -0.6 % -0.6 % (1) Includes 2.3% increase in other property revenues. (2) A reconciliation of Net income available for MAA common shareholders to NOI, including Same Store NOI, is found later in this release. Same Store operating statistics for the three months ended March 31, 2025 are summarized below: Three months ended March 31, 2025 Average Effective Rent per Unit Average Physical Occupancy Resident Turnover Same Store Operating Statistics $ 1,690 95.6 % 41.5 % Same Store net effective lease pricing statistics for the three months ended March 31, 2025 are summarized below: Same Store Net Effective Lease Pricing Statistics Three Months EndedMarch 31, 2025 Effective Blended Lease Rate Growth -0.5 % Effective New Lease Rate Growth -6.3 % Effective Renewal Lease Rate Growth 4.5 % Development and Lease-up ActivityA summary of MAA's development communities under construction as of the end of the first quarter of 2025 is set forth below (dollars in thousands): Units as of Development Costs as of Expected Project Total March 31, 2025 March 31, 2025 Completions By Year Development Expected Costs Expected Projects (1) Total Delivered Leased Total to Date Remaining 2025 2026 2027 7 2,312 322 141 $ 851,500 $ 546,478 $ 305,022 2 4 1 (1) Two of the development projects are currently leasing. During the first quarter of 2025, MAA funded approximately $67 million of costs for current and planned projects, including predevelopment activities. A summary of the total units, physical occupancy and cost of MAA's lease-up communities as of the end of the first quarter of 2025 is set forth below (dollars in thousands): Total As of March 31, 2025 Lease-Up Total Physical Costs Projects (1) Units Occupancy to Date 7 2,411 71.6 % $ 657,284 (1) Two of the lease-up projects are expected to stabilize in the second quarter of 2025, four in the third quarter of 2025 and one in the second quarter of 2026. During the first quarter of 2025, MAA completed the lease-up of MAA Optimist Park, located in Charlotte, North Carolina. Disposition ActivityIn March 2025, MAA exited the Columbia, South Carolina market after closing on the disposition of its two multifamily properties totaling 576 apartment units with an average age of 32 years. MAA received combined gross proceeds of approximately $83 million and recognized combined net gains on the sale of depreciable real estate assets of approximately $72 million from the sale of these apartment communities. Balance Sheet and Financing ActivitiesAs of March 31, 2025, MAA had $1.0 billion of combined cash and available capacity under MAALP's unsecured revolving credit facility. MAALP is a reference to MAA's operating partnership, Mid-America Apartments, L.P. Dividends and distributions paid on shares of common stock and noncontrolling interests during the first quarter of 2025 were $181.8 million, as compared to $176.2 million for the same period in the prior year. Balance sheet highlights as of March 31, 2025 are summarized below (dollars in billions): Total debt to adjustedtotal assets (1) Net Debt/Adjusted EBITDAre (2) Total debt outstanding Average effective interest rate Fixed rate debt as a % of total debt Total debt average years to maturity 29.1 % 4.0x $ 5.0 3.8 % 93.9 % 7.0 (1) As defined in the covenants for the bonds issued by MAALP. (2) Adjusted EBITDAre is calculated for the trailing twelve month period ended March 31, 2025. A reconciliation of Unsecured notes payable and Secured notes payable to Net Debt and a reconciliation of Net income to Adjusted EBITDAre are found later in this release. 125th Consecutive Quarterly Common Dividend DeclaredMAA declared its 125th consecutive quarterly common dividend, which was paid on April 30, 2025 to holders of record on April 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. 2025 Earnings and Same Store Guidance MAA is maintaining 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. 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. 2025 Guidance Full Year 2025 Earnings: Range Midpoint Earnings per common share - diluted $5.51 to $5.83 $5.67 Core FFO per Share - diluted $8.61 to $8.93 $8.77 Core AFFO per Share - diluted $7.63 to $7.95 $7.79 MAA Same Store Portfolio: Property revenue growth -0.35% to 1.15% 0.40 % Property operating expense growth 2.45% to 3.95% 3.20 % NOI growth -2.15% to -0.15% -1.15 % MAA expects Core FFO for the second quarter of 2025 to be in the range of $2.05 to $2.21 per diluted Share, or $2.13 per diluted Share at the midpoint. The projected difference from Core FFO per diluted Share for the first quarter of 2025 to the midpoint of MAA's guidance for the second quarter of 2025 is summarized below: Core FFO per diluted Share Q1 2025 per diluted Share reported results $ 2.20 Same Store NOI, excluding Property Taxes (1) (0.05) Same Store Property Taxes (2) (0.06) Development, Lease-up and Other Non-Same Store NOI 0.02 Total overhead 0.03 Interest expense and Other non-operating income (expense) (0.01) Q2 2025 per diluted Share guidance midpoint $ 2.13 (1) The sequential quarter-over-quarter change is primarily driven by a projected $0.06 increase in property operating expenses due to normal seasonality in leasing and maintenance related operating expenses, consistent with prior years. (2) The sequential quarter-over-quarter change is related to the impact of the timing of real estate tax litigation settlements that occurred during the first quarter of 2025, of which $0.02 were previously projected to be recognized in the second quarter of 2025. 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 CallSupplemental 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 first quarter results on May 1, 2025, at 9:00 AM Central Time. The conference call-in number is (800) 715-9871. 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 MAAMAA, 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 March 31, 2025, MAA had ownership interest in 104,011 apartment units, including communities currently 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 [email protected], or via mail at MAA, 6815 Poplar Ave., Suite 500, Germantown, TN 38138, Attn: Investor Relations. Forward-Looking StatementsThis 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. 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 second quarter and full year 2025 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, 2024, our quarterly reports on Form 10-Q and other reports we file with the SEC from time to time. 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. FINANCIAL HIGHLIGHTS Dollars in thousands, except per share data Three months ended March 31, 2025 2024 Rental and other property revenues $ 549,295 $ 543,622 Net income available for MAA common shareholders $ 180,751 $ 142,827 Total NOI (1) $ 347,942 $ 345,820 Earnings per common share: (2) Basic $ 1.55 $ 1.22 Diluted $ 1.54 $ 1.22 Funds from operations per Share - diluted: (2) FFO (1) $ 2.21 $ 2.41 Core FFO (1) $ 2.20 $ 2.22 Core AFFO (1) $ 2.04 $ 2.06 Dividends declared per common share $ 1.5150 $ 1.4700 Dividends/Core FFO (diluted) payout ratio 68.9 % 66.2 % Dividends/Core AFFO (diluted) payout ratio 74.3 % 71.4 % Consolidated interest expense $ 45,161 $ 40,361 Debt discount and debt issuance cost amortization (1,617) (1,842) Capitalized interest 5,105 3,416 Total interest incurred $ 48,649 $ 41,935 (1) The following reconciliations are found later in this release: (i) Net income available for MAA common shareholders to NOI; and (ii) Net income available for MAA common shareholders to FFO, Core FFO and Core AFFO. (2) See the "Share and Unit Data" section for additional information. Dollars in thousands, except share price March 31, 2025 December 31, 2024 Gross Assets (1) $ 17,290,165 $ 17,170,171 Gross Real Estate Assets (1) $ 17,039,848 $ 16,924,002 Total debt $ 5,042,166 $ 4,980,957 Common shares and units outstanding 119,976,933 119,958,973 Share price $ 167.58 $ 154.57 Book equity value $ 6,157,895 $ 6,147,664 Market equity value $ 20,105,734 $ 18,542,058 Net Debt/Adjusted EBITDAre (2) 4.0x 4.0x (1) Reconciliations of Total assets to Gross Assets and Real estate assets, net, to Gross Real Estate Assets are found later in this release. (2) Adjusted EBITDAre is calculated for the trailing twelve month period for each date presented. The following reconciliations are found later in this release: (i) Unsecured notes payable and Secured notes payable to Net Debt; and (ii) Net income to EBITDA, EBITDAre and Adjusted EBITDAre. CONSOLIDATED STATEMENTS OF OPERATIONS Dollars in thousands, except per share data (Unaudited) Three months ended March 31, 2025 2024 Revenues: Rental and other property revenues $ 549,295 $ 543,622 Expenses: Operating expenses, excluding real estate taxes and insurance 124,955 118,199 Real estate taxes and insurance 76,398 79,603 Depreciation and amortization 152,350 143,020 Total property operating expenses 353,703 340,822 Property management expenses 20,578 19,995 General and administrative expenses 15,619 17,045 Interest expense 45,161 40,361 (Gain) loss on sale of depreciable real estate assets (71,911) 2 Other non-operating income (834) (23,526) Income before income tax expense 186,979 148,923 Income tax expense (1,038) (1,795) Income from continuing operations before real estate joint venture activity 185,941 147,128 Income from real estate joint venture 465 482 Net income 186,406 147,610 Net income attributable to noncontrolling interests 4,733 3,861 Net income available for shareholders 181,673 143,749 Dividends to MAA Series I preferred shareholders 922 922 Net income available for MAA common shareholders $ 180,751 $ 142,827 Earnings per common share - basic: Net income available for common shareholders $ 1.55 $ 1.22 Earnings per common share - diluted: Net income available for common shareholders $ 1.54 $ 1.22 SHARE AND UNIT DATA Shares and units in thousands Three months ended March 31, 2025 2024 Net Income Shares (1) Weighted average common shares - basic 116,840 116,668 Effect of dilutive securities 252 112 Weighted average common shares - diluted 117,092 116,780 Funds From Operations Shares And Units Weighted average common shares and units - basic 119,913 119,806 Weighted average common shares and units - diluted 119,975 119,857 Period End Shares And Units Common shares at March 31, 116,916 116,728 Operating Partnership units at March 31, 3,061 3,133 Total common shares and units at March 31, 119,977 119,861 (1) For additional information on the calculation of diluted common shares and earnings per common share, please refer to the Notes to the Condensed Consolidated Financial Statements in MAA's Quarterly Report on Form 10-Q for the three months ended March 31, 2025, expected to be filed with the SEC on or about May 1, 2025. CONSOLIDATED BALANCE SHEETS Dollars in thousands (Unaudited) March 31, 2025 December 31, 2024 Assets Real estate assets: Land $ 2,096,912 $ 2,096,912 Buildings and improvements and other 14,286,757 14,160,799 Development and capital improvements in progress 485,254 470,282 16,868,923 16,727,993 Less: Accumulated depreciation (5,478,208) (5,327,584) 11,390,715 11,400,409 Undeveloped land 73,359 73,359 Investment in real estate joint venture 41,790 41,650 Real estate assets, net 11,505,864 11,515,418 Cash and cash equivalents 55,776 43,018 Restricted cash 13,678 13,743 Other assets 236,639 232,426 Assets held for sale — 7,764 Total assets $ 11,811,957 $ 11,812,369 Liabilities and equity Liabilities: Unsecured notes payable $ 4,681,868 $ 4,620,690 Secured notes payable 360,298 360,267 Accrued expenses and other liabilities 611,896 683,748 Total liabilities 5,654,062 5,664,705 Redeemable common stock 24,425 22,230 Shareholders' equity: Preferred stock 9 9 Common stock 1,166 1,166 Additional paid-in capital 7,422,913 7,417,453 Accumulated distributions in excess of net income (1,467,858) (1,469,557) Accumulated other comprehensive loss (6,522) (6,940) Total MAA shareholders' equity 5,949,708 5,942,131 Noncontrolling interests - Operating Partnership units 154,810 155,409 Total shareholders' equity 6,104,518 6,097,540 Noncontrolling interests - consolidated real estate entities 28,952 27,894 Total equity 6,133,470 6,125,434 Total liabilities and equity $ 11,811,957 $ 11,812,369 RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO FFO, CORE FFO, CORE AFFO AND FAD Amounts in thousands, except per share and unit data Three months ended March 31, 2025 2024 Net income available for MAA common shareholders $ 180,751 $ 142,827 Depreciation and amortization of real estate assets 150,991 141,591 (Gain) loss on sale of depreciable real estate assets (71,911) 2 MAA's share of depreciation and amortization of real estate assets of real estate joint venture 164 155 Net income attributable to noncontrolling interests 4,733 3,861 FFO attributable to common shareholders and unitholders 264,728 288,436 Loss (gain) on embedded derivative in preferred shares (1) 410 (13,092) Gain on investments, net of tax (1)(2) (654) (4,090) Casualty related (recoveries) charges, net (1) (222) (5,085) Core FFO attributable to common shareholders and unitholders 264,262 266,169 Recurring capital expenditures (20,106) (18,934) Core AFFO attributable to common shareholders and unitholders 244,156 247,235 Redevelopment capital expenditures (17,409) (9,374) Revenue enhancing capital expenditures (15,188) (13,013) Commercial capital expenditures (3,974) (1,203) Other capital expenditures (15,441) (9,203) FAD attributable to common shareholders and unitholders $ 192,144 $ 214,442 Dividends and distributions paid $ 181,767 $ 176,191 Weighted average common shares - diluted 117,092 116,780 FFO weighted average common shares and units - diluted 119,975 119,857 Earnings per common share - diluted: Net income available for MAA common shareholders $ 1.54 $ 1.22 FFO per Share - diluted $ 2.21 $ 2.41 Core FFO per Share - diluted $ 2.20 $ 2.22 Core AFFO per Share - diluted $ 2.04 $ 2.06 (1) Included in Other non-operating income in the Consolidated Statements of Operations. (2) For the three months ended March 31, 2025 and 2024, gain on investments is presented net of tax expense of $0.2 million and $1.1 million, respectively. RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO NET OPERATING INCOME Dollars in thousands Three Months Ended March 31,2025 December 31,2024 March 31,2024 Net income available for MAA common shareholders $ 180,751 $ 165,724 $ 142,827 Depreciation and amortization 152,350 150,852 143,020 Property management expenses 20,578 17,579 19,995 General and administrative expenses 15,619 14,072 17,045 Interest expense 45,161 44,192 40,361 (Gain) loss on sale of depreciable real estate assets (71,911) (55,028) 2 Other non-operating (income) expense (834) 949 (23,526) Income tax expense 1,038 1,755 1,795 Income from real estate joint venture (465) (546) (482) Net income attributable to noncontrolling interests 4,733 4,428 3,861 Dividends to MAA Series I preferred shareholders 922 922 922 Total NOI $ 347,942 $ 344,899 $ 345,820 Same Store NOI $ 332,795 $ 331,326 $ 334,644 Non-Same Store and Other NOI 15,147 13,573 11,176 Total NOI $ 347,942 $ 344,899 $ 345,820 RECONCILIATION OF NET INCOME TO EBITDA, EBITDAre AND ADJUSTED EBITDAre Dollars in thousands Three Months Ended Twelve Months Ended March 31, 2025 March 31, 2024 March 31, 2025 December 31, 2024 Net income $ 186,406 $ 147,610 $ 580,372 $ 541,576 Depreciation and amortization 152,350 143,020 594,946 585,616 Interest expense 45,161 40,361 173,344 168,544 Income tax expense 1,038 1,795 4,483 5,240 EBITDA 384,955 332,786 1,353,145 1,300,976 (Gain) loss on sale of depreciable real estate assets (71,911) 2 (126,916) (55,003) Gain on consolidation of third-party development (1) — — (11,239) (11,239) Adjustments to reflect MAA's share of EBITDAre of unconsolidated affiliates 348 338 1,373 1,363 EBITDAre 313,392 333,126 1,216,363 1,236,097 Loss (gain) on embedded derivative in preferred shares (1) 410 (13,092) 32,253 18,751 Gain on investments (1) (810) (5,172) (3,447) (7,809) Casualty related (recoveries) charges, net (1) (222) (5,085) (4,463) (9,326) Legal costs, settlements and (recoveries), net (1)(2) — — 9,437 9,437 Adjusted EBITDAre $ 312,770 $ 309,777 $ 1,250,143 $ 1,247,150 (1) Included in Other non-operating income in the Consolidated Statements of Operations. (2) During the twelve months ended December 31, 2024, in accordance with its accounting policies, MAA recognized $8.0 million, of accrued legal defense costs that are expected to be incurred through July 2027. RECONCILIATION OF UNSECURED NOTES PAYABLE AND SECURED NOTES PAYABLE TO NET DEBT Dollars in thousands March 31, 2025 December 31, 2024 Unsecured notes payable $ 4,681,868 $ 4,620,690 Secured notes payable 360,298 360,267 Total debt 5,042,166 4,980,957 Cash and cash equivalents (55,776) (43,018) Net Debt $ 4,986,390 $ 4,937,939 RECONCILIATION OF TOTAL ASSETS TO GROSS ASSETS Dollars in thousands March 31, 2025 December 31, 2024 Total assets $ 11,811,957 $ 11,812,369 Accumulated depreciation 5,478,208 5,327,584 Accumulated depreciation for Assets held for sale (1) — 30,218 Gross Assets $ 17,290,165 $ 17,170,171 (1) Included in Assets held for sale in the Consolidated Balance Sheets. RECONCILIATION OF REAL ESTATE ASSETS, NET TO GROSS REAL ESTATE ASSETS Dollars in thousands March 31, 2025 December 31, 2024 Real estate assets, net $ 11,505,864 $ 11,515,418 Accumulated depreciation 5,478,208 5,327,584 Assets held for sale, net — 7,764 Accumulated depreciation for Assets held for sale (1) — 30,218 Cash and cash equivalents 55,776 43,018 Gross Real Estate Assets $ 17,039,848 $ 16,924,002 (1) Included in Assets held for sale in the Consolidated Balance Sheets. 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 considered part of MAA's core operations such as 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, casualty related charges (recoveries), net, gain or loss on debt extinguishment and legal costs, settlements and (recoveries), net. As an owner and operator of real estate, MAA considers Adjusted EBITDAre to be an important measure of performance from core operations because Adjusted EBITDAre excludes various income and expense items that are not indicative of operating performance. MAA's computation of Adjusted EBITDAre may differ from the methodology utilized by other companies to calculate Adjusted EBITDAre. Adjusted EBITDAre should not be considered as an alternative to Net income as an indicator of operating performance. Core Adjusted Funds from Operations (Core AFFO) Core AFFO is composed of Core FFO less recurring capital expenditures. Because net income attributable to noncontrolling interests is added back, Core AFFO, when used in this release, represents Core AFFO attributable to common shareholders and unitholders. Core AFFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. As an owner and operator of real estate, MAA considers Core AFFO to be an important measure of performance from operations because Core AFFO measures the ability to control revenues, expenses and recurring capital expenditures. Core Funds from Operations (Core FFO) Core FFO represents FFO as adjusted for items that are not considered part of MAA's core business operations such as 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 (recoveries), net; gain or loss on debt extinguishment; legal costs, settlements and (recoveries), net, and mark-to-market debt adjustments. Because net income attributable to noncontrolling interests is added back, Core FFO, when used in this release, represents Core FFO attributable to common shareholders and unitholders. While MAA's definition of Core FFO may be similar to others in the industry, MAA's methodology for calculating Core FFO may differ from that utilized by other REITs and, accordingly, may not be comparable to such other REITs. Core FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. MAA believes that Core FFO is helpful in understanding its core operating performance between periods in that it removes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance. EBITDA For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization, or EBITDA, is composed of net income plus depreciation and amortization, interest expense, and income taxes. As an owner and operator of real estate, MAA considers EBITDA to be an important measure of performance from core operations because EBITDA excludes various expense items that are not indicative of operating performance. EBITDA should not be considered as an alternative to Net income as an indicator of operating performance. EBITDAre For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or EBITDAre, is composed of EBITDA further adjusted for the gain or loss on sale of depreciable assets, gain on consolidation of third-party development and adjustments to reflect MAA's share of EBITDAre of an unconsolidated affiliate. As an owner and operator of real estate, MAA considers EBITDAre to be an important measure of performance from core operations because EBITDAre excludes various expense items that are not indicative of operating performance. While MAA's definition of EBITDAre is in accordance with NAREIT's definition, it may differ from the methodology utilized by other companies to calculate EBITDAre. EBITDAre should not be considered as an alternative to Net income as an indicator of operating performance. Funds Available for Distribution (FAD) FAD is composed of Core FFO less total capital expenditures, excluding development spending, property acquisitions, capital expenditures relating to significant casualty losses that management expects to be reimbursed by insurance proceeds and corporate related capital expenditures. Because net income attributable to noncontrolling interests is added back, FAD, when used in this release, represents FAD attributable to common shareholders and unitholders. FAD should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. As an owner and operator of real estate, MAA considers FAD to be an important measure of performance from core operations because FAD measures the ability to control revenues, expenses and capital expenditures. Funds From Operations (FFO) FFO represents net income available for MAA common shareholders (calculated in accordance with GAAP) excluding gain or loss on disposition of operating properties, asset impairment and gain on consolidation of third-party development, plus depreciation and amortization of real estate assets, net income attributable to noncontrolling interests and adjustments for joint ventures. Because net income attributable to noncontrolling interests is added back, FFO, when used in this release, represents FFO attributable to common shareholders and unitholders. While MAA's definition of FFO is in accordance with NAREIT's definition, it may differ from the methodology for calculating FFO utilized by other companies and, accordingly, may not be comparable to such other companies. FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. MAA believes that FFO is helpful in understanding operating performance in that FFO excludes depreciation and amortization of real estate assets. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies. 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 believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies. Gross Real Estate Assets Gross Real Estate Assets represents Real estate assets, net plus Accumulated depreciation, Assets held for sale, net, Accumulated depreciation for Assets held for sale, Cash and cash equivalents and 1031(b) exchange proceeds included in Restricted cash. MAA believes that Gross Real Estate Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies. Net Debt Net Debt represents Unsecured notes payable and Secured notes payable less Cash and cash equivalents and 1031(b) exchange proceeds included in Restricted cash. MAA believes Net Debt is a helpful tool in evaluating its debt position. NON-GAAP FINANCIAL MEASURES (Continued) Net Operating Income (NOI) Net Operating Income represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties held during the period, regardless of their status as held for sale. NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance. Non-Same Store and Other NOI Non-Same Store and Other NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties classified within the Non-Same Store and Other Portfolio during the period. Non-Same Store and Other NOI includes storm-related expenses related to severe weather events, including hurricanes and winter storms. Non-Same Store and Other NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes Non-Same Store and Other NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance. Same Store NOI Same Store NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties classified within the Same Store Portfolio during the period. Same Store NOI excludes storm-related expenses related to severe weather events, including hurricanes and winter storms. Same Store NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes Same Store NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance. OTHER KEY DEFINITIONS Average Effective Rent per Unit Average Effective Rent per Unit represents the average of gross rent amounts after the effect of leasing concessions for occupied units plus prevalent market rates asked for unoccupied units, divided by the total number of units. Leasing concessions represent discounts to the current market rate. MAA believes average effective rent is a helpful measurement in evaluating average pricing. It does not represent actual rental revenue collected per unit. Average Physical Occupancy Average Physical Occupancy represents the average of the daily physical occupancy for an applicable period. Development Communities Communities remain identified as development until certificates of occupancy are obtained for all units under development. Once all units are delivered and available for occupancy, the community moves into the Lease-up Communities portfolio. Effective Blended Lease Rate Growth Effective Blended Lease Rate Growth represents the combined weighted average of Effective New Lease Rate Growth and Effective Renewal Lease Rate Growth from our Same Store Portfolio for the applicable period. Effective New Lease Rate Growth Effective New Lease Rate Growth represents the growth in gross rent amounts after the effect of leasing concessions for new leases from our Same Store Portfolio that were effective during the applicable period as compared to the prior lease. Effective Renewal Lease Rate Growth Effective Renewal Lease Rate Growth represents the growth in gross rent amounts after the effect of leasing concessions for renewal leases from our Same Store Portfolio that were effective during the applicable period as compared to the prior lease. Exposure Exposure represents all current vacant units plus all notices to vacate over the next 60 days. Lease-up Communities New acquisitions acquired during lease-up and newly developed communities remain in the Lease-up Communities portfolio until stabilized. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days. Non-Same Store and Other Portfolio Non-Same Store and Other Portfolio includes recently acquired communities, communities in development or lease-up, communities that have been disposed of or identified for disposition, communities that have experienced a significant casualty loss, stabilized communities that do not meet the requirements defined by the Same Store Portfolio, retail properties and commercial properties. Resident Turnover Resident turnover represents resident move outs excluding transfers within the Same Store Portfolio as a percentage of expiring leases on a trailing twelve month basis as of the end of the reported quarter. Same Store Portfolio (or Same Store) MAA reviews its Same Store Portfolio at the beginning of each calendar year, or as significant transactions or events warrant. Communities are generally added into the Same Store Portfolio if they were owned and stabilized at the beginning of the previous year. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days. Communities that have been approved by MAA's Board of Directors for disposition are excluded from the Same Store Portfolio. Communities that have experienced a significant casualty loss are also excluded from the Same Store Portfolio. SOURCE MAA WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

MAA REPORTS FIRST QUARTER 2025 RESULTS

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