MID AMERICA APARTMENT COMMUNITIES INC.

Previous wording

MAA, an S&P 500 company, is a multifamily-focused, self-administered and self-managed real estate investment trust, or REIT. We own, operate, acquire and selectively develop apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the U.S. As of September 30, 2025, we owned and operated 293 apartment communities (which does not include development communities under construction) through the Operating Partnership and its subsidiaries, and had an ownership interest in one apartment community through an unconsolidated real estate joint venture. In addition, as of September 30, 2025, we had seven development communities under construction, and 35 of our apartment communities included retail components. Our apartment communities, including development communities under construction, were located across 16 states and the District of Columbia as of September 30, 2025.

Current wording

MAA, an S&P 500 company, is a multifamily-focused, self-administered and self-managed real estate investment trust, or REIT. We own, operate, acquire and selectively develop apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the U.S. As of March 31, 2026, we owned and operated 294 apartment communities (which does not include development communities under construction) through the Operating Partnership and its subsidiaries, and had an ownership interest in one apartment community through an unconsolidated real estate joint venture. In addition, as of March 31, 2026, we had six development communities under construction, and 37 of our apartment communities included retail components. Our apartment communities, including development communities under construction, were located across 16 states and the District of Columbia as of March 31, 2026.

Previous wording

This Quarterly Report on Form 10-Q may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. 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 expected operating performance and results, property stabilizations, property acquisition and disposition activity, joint venture activity, development and renovation activity and other capital expenditures, and capital raising and financing activity, as well as lease pricing, revenue and expense growth, occupancy, interest rate and other economic expectations. 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.

Current wording

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 expected operating performance and results, property stabilizations, property acquisition and disposition activity, joint venture activity, development and renovation activity and other capital expenditures, and capital raising and financing activity, as well as lease pricing, revenue and expense growth, occupancy, interest rate and other economic expectations. 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.

Previous wording

other risks identified in this Quarterly Report on Form 10-Q, in our Annual Report on Form 10-K for the year ended December 31, 2024 or in other reports we file with the Securities and Exchange Commission, or the SEC, from time to time.

Current wording

other risks identified in this Quarterly Report on Form 10-Q, in our Annual Report on Form 10-K for the year ended December 31, 2025 or in other reports we file with the Securities and Exchange Commission, or the SEC, or in other documents that we publicly disseminate.

Previous wording

For the three months ended September 30, 2025, net income available for MAA common shareholders was $98.6 million as compared to $114.3 million for the three months ended September 30, 2024. Results for the three months ended September 30, 2025 included $8.9 million of accrued legal defense costs, partially offset by $5.4 million of non-cash gain from investments and $2.0 million of non-cash gain related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares. Results for the three months ended September 30, 2024 included $18.3 million of non-cash loss related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares, $11.0 million of gain on the consolidation of a third-party development and $5.7 million of net casualty related recoveries. Revenues for the three months ended September 30, 2025 increased 0.6% as compared to the three months ended September 30, 2024. Property operating expenses, excluding depreciation and amortization, for the three months ended September 30, 2025 increased by 2.1% as compared to the three months ended September 30, 2024. The primary drivers of these changes are discussed in the “Results of Operations” section.

Current wording

For the three months ended March 31, 2026, net income available for MAA common shareholders was $123.4 million as compared to $180.8 million for the three months ended March 31, 2025. Results for the three months ended March 31, 2026 included $21.9 million of non-cash gain from investments and $20.2 million of gain related to the sale of depreciable real estate assets, partially offset by $4.5 million of casualty related charges, net and $1.6 million of non-cash loss related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares. Results for the three months ended March 31, 2025 included $71.9 million of gain related to the sale of depreciable real estate assets and $0.4 million of non-cash loss related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares. Revenues for the three months ended March 31, 2026 increased 0.8% as compared to the three months ended March 31, 2025. Property operating expenses, excluding depreciation and amortization, for the three months ended March 31, 2026 increased by 2.1% as compared to the three months ended March 31, 2025. The primary drivers of these changes are discussed in the “Results of Operations” section.

Previous wording

During the three months ended September 30, 2025, the change in revenue for our Same Store segment was primarily driven by average effective rent per unit. The average effective rent per unit for our Same Store segment decreased to $1,693 for the three months ended September 30, 2025 as compared to $1,700 for the three months ended September 30, 2024, a 0.4% decrease for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. Average effective rent per unit represents the average of gross rent amounts, after the effect of leasing concessions, for occupied apartment units plus prevalent market rates asked for unoccupied apartment units, divided by the total number of units. Leasing concessions represent discounts to the current market rate. We believe average effective rent per unit is a helpful measurement in evaluating average pricing; however, it does not represent actual rental revenue collected per unit.

Current wording

During the three months ended March 31, 2026, the change in revenue for our Same Store segment was primarily driven by average effective rent per unit. The average effective rent per unit for our Same Store segment decreased to $1,685 for the three months ended March 31, 2026 as compared to $1,690 for the three months ended March 31, 2025, a 0.3% decrease for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. Average effective rent per unit represents the average of gross rent amounts, after the effect of leasing concessions, for occupied apartment units plus prevalent market rates asked for unoccupied apartment units, divided by the total number of units. Leasing concessions represent discounts to the current market rate. We believe average effective rent per unit is a helpful measurement in evaluating average pricing; however, it does not represent actual rental revenue collected per unit.

Previous wording

For the three months ended September 30, 2025, average physical occupancy for our Same Store segment was 95.6% as compared to 95.7% for the three months ended September 30, 2024. Average physical occupancy is a measurement of the total number of our apartment units that are occupied by residents, and it represents the average of the daily physical occupancy for the period.

Current wording

For the three months ended March 31, 2026, average physical occupancy for our Same Store segment was 95.5% as compared to 95.6% for the three months ended March 31, 2025. Average physical occupancy is a measurement of the total number of our apartment units that are occupied by residents, and it represents the average of the daily physical occupancy for the period.

Previous wording

As of September 30, 2025, resident turnover for our Same Store segment was 40.2% as compared to 42.8% as of September 30, 2024. Resident turnover represents resident move outs, excluding transfers within the Same Store segment, as a percentage of expiring leases on a trailing twelve-month basis as of the end of the reported period.

Current wording

As of March 31, 2026, resident turnover for our Same Store segment was 39.9% as compared to 41.5% as of March 31, 2025. Resident turnover represents resident move outs, excluding transfers within the Same Store segment, as a percentage of expiring leases on a trailing twelve-month basis as of the end of the reported period.

Previous wording

Demand for apartments in our markets was solid during the third quarter of 2025, as evidenced by strong renewal pricing, solid traffic patterns and lead volumes along with stable occupancy and low resident turnover. We believe demand for apartments is primarily driven by general economic conditions in our markets and is particularly correlated to job growth, population growth, household formation, in-migration and housing affordability over the long term. We continue to monitor pressures surrounding housing supply, inflation trends and general economic conditions. A worsening of the current environment could contribute to uncertain rent collections going forward, suppress demand for apartments and could drive lower rent growth on new leases and renewals than what we achieved in the three and nine months ended September 30, 2025. New supply delivering into several of our markets continues to be absorbed in a steady manner as the demand for apartment housing remains solid. We continue to believe that we will continue to see a decline in new apartment deliveries in calendar year 2026.

Current wording

Despite an uncertain macro backdrop, apartment demand in our markets remained solid during the first quarter of 2026, as absorption of new supply outpaced deliveries, market level occupancies increased, renewal pricing remained strong, and resident turnover continued to improve. We believe demand for apartments is primarily driven by general economic conditions in our markets and is particularly correlated to job growth, population growth, household formation, in-migration and housing affordability over the long term. We continue to monitor pressures surrounding housing supply, inflation trends and general economic conditions. A worsening of the current environment could contribute to uncertain rent collections going forward, suppress demand for apartments and could drive lower rent growth on new leases and renewals than what we achieved in the three months ended March 31, 2026. We believe that we will continue to see a decline in new apartment deliveries in calendar year 2026.

Previous wording

Access to the financial markets remains available for high-credit rated borrowers, such as ourselves. However, overall borrowing costs remain at elevated levels as compared to our in-place fixed rate debt, and we expect this trend to continue. As of September 30, 2025, we had $463.0 million of variable rate debt outstanding under our commercial paper program. Our continued exposure to elevated interest rates will be a result of additional variable rate borrowings and future financing activities.

Current wording

Access to the financial markets remains available for high-credit rated borrowers, such as ourselves. However, overall borrowing costs remain at elevated levels as compared to our in-place fixed rate debt, and we expect this trend to continue. As of March 31, 2026, we had $727.3 million of variable rate debt outstanding under our commercial paper program. Our continued exposure to elevated interest rates will be a result of additional variable rate borrowings and future financing activities.

Previous wording

For the three months ended September 30, 2025, we achieved net income available for MAA common shareholders of $98.6 million, a 13.7% decrease as compared to the three months ended September 30, 2024, and total revenue growth of $3.2 million, representing a 0.6% increase in property revenues as compared to the three months ended September 30, 2024. The following discussion describes the primary drivers of the decrease in net income available for MAA common shareholders for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024.

Current wording

For the three months ended March 31, 2026, we achieved net income available for MAA common shareholders of $123.4 million, a 31.7% decrease as compared to the three months ended March 31, 2025, and total revenue growth of $4.4 million, representing a 0.8% increase in property revenues as compared to the three months ended March 31, 2025. The following discussion describes the primary drivers of the decrease in net income available for MAA common shareholders for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.

Previous wording

The Same Store segment generated a 0.3% decrease in revenues for the three months ended September 30, 2025, primarily the result of average effective rent per unit decrease of 0.4% as compared to the three months ended September 30, 2024. The increase in property revenues from the Non-Same Store and Other segment for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 was primarily the result of increased revenues from completed units in development communities and recently acquired communities.

Current wording

The Same Store segment generated a 0.4% decrease in revenues for the three months ended March 31, 2026, primarily the result of average effective rent per unit decrease of 0.3% as compared to the three months ended March 31, 2025. The increase in property revenues from the Non-Same Store and Other segment for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was primarily the result of increased revenues from completed units in development communities and recently acquired communities.

Previous wording

Property operating expenses include costs for property personnel, building repairs and maintenance, real estate taxes, insurance, utilities and other operating expenses. The following table reflects our property operating expenses by segment for the three months ended September 30, 2025 and 2024 (dollars in thousands):

Current wording

Property operating expenses include costs for property personnel, building repairs and maintenance, real estate taxes, insurance, utilities, landscaping and other operating expenses. The following table reflects our property operating expenses by segment for the three months ended March 31, 2026 and 2025 (dollars in thousands):

Previous wording

The increase in property operating expenses for our Same Store segment for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 was primarily driven by increases in personnel expense of $1.9 million, utilities expense of $1.2 million, and property tax expense of $1.1 million. The increase in property operating expenses from the Non-Same Store and Other segment for the three months ended September 30, 2025 as compared to three months ended September 30, 2024 was primarily the result of increased operating expenses from completed development communities and recently acquired communities.

Current wording

The increase in property operating expenses for our Same Store segment for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was primarily driven by increases in real estate tax expense of $1.7 million and utilities expense of $1.1 million, partially offset by a decrease in insurance expense of $0.7 million. The increase in property operating expenses from the Non-Same Store and Other segment for the three months ended March 31, 2026 as compared to three months ended March 31, 2025 was primarily the result of increased operating expenses from completed units in development communities and recently acquired communities.

Previous wording

Depreciation and amortization expense for the three months ended September 30, 2025 was $156.7 million, an increase of $9.9 million as compared to the three months ended September 30, 2024. The increase was primarily driven by the recognition of depreciation expense associated with our completed development communities, acquisitions and capital spend activities completed after September 30, 2024 in the normal course of business through September 30, 2025.

Current wording

Depreciation and amortization expense for the three months ended March 31, 2026 was $161.9 million, an increase of $9.5 million as compared to the three months ended March 31, 2025. The increase was primarily driven by the recognition of depreciation expense associated with our completed development communities, acquisitions and capital spend activities completed after March 31, 2025 in the normal course of business through March 31, 2026.

Previous wording

Property management expenses for the three months ended September 30, 2025 were $18.2 million, an increase of $0.9 million as compared to the three months ended September 30, 2024. General and administrative expenses for the three months ended September 30, 2025 were $12.5 million, a decrease of $0.2 million as compared to the three months ended September 30, 2024.

Current wording

Property management expenses for the three months ended March 31, 2026 were $22.5 million, an increase of $1.9 million as compared to the three months ended March 31, 2025. General and administrative expenses for the three months ended March 31, 2026 were $16.7 million, an increase of $1.1 million as compared to the three months ended March 31, 2025.

Previous wording

Interest expense for the three months ended September 30, 2025 was $46.3 million, an increase of $3.6 million as compared to the three months ended September 30, 2024. The increase was due to an increase in our average outstanding debt balance during the three months ended September 30, 2025 as compared to the three months ended September 30, 2024.

Current wording

Interest expense for the three months ended March 31, 2026 was $51.4 million, an increase of $6.2 million as compared to the three months ended March 31, 2025. The increase was due to an increase in our average outstanding debt balance and a decrease in capitalized interest during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.

Previous wording

Other non-operating expense (income) for the nine months ended September 30, 2025 was $4.3 million of income, an increase of $1.7 million as compared to the nine months ended September 30, 2024. The income for the nine months ended September 30, 2025 was primarily driven by $5.8 million of non-cash gain from investments, $3.7 million of net casualty related recoveries, and $3.3 million of non-cash gain related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares, partially offset by $8.9 million of accrued legal defense costs. The income for the nine months ended September 30, 2024 was primarily driven by $11.0 million of gain on the consolidation of a third-party development, $9.7 million of net casualty related recoveries and $3.7 million of non-cash gain from investments, partially offset by $14.5 million of non-cash loss related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares and $8.0 million of accrued legal defense costs.

Current wording

Other non-operating income for the three months ended March 31, 2026 was $16.0 million of income, an increase of $15.2 million as compared to the three months ended March 31, 2025. The income for the three months ended March 31, 2026 was driven by $21.9 million of non-cash gain from investments, partially offset by $4.5 million of casualty related charges and $1.6 million of non-cash loss related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares. The income for the three months ended March 31, 2025 was driven by $0.7 million of net non-cash gain from investments.

Previous wording

FFO should not be considered as an alternative to net income available for MAA common shareholders, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity. Management believes that FFO is helpful to investors in understanding our operating performance, primarily because its calculation excludes depreciation and amortization expense on real estate assets and gain on sale of depreciable real estate assets. We believe 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. While our calculation of FFO is in accordance with the National Association of Real Estate Investment Trusts’, or NAREIT’s, definition, it may differ from the methodology for calculating FFO utilized by other REITs and, accordingly, may not be comparable to such other REITs.

Current wording

FFO should not be considered as an alternative to net income available for MAA common shareholders, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity. Management believes that FFO is helpful to investors in understanding our operating performance, primarily because its calculation excludes depreciation and amortization expense on real estate assets and gain on sale of depreciable real estate assets. We believe 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. While our calculation of FFO is in accordance with the definition used by

Previous wording

Core FFO represents FFO as adjusted for items that are not considered part of our 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 (recoveries) and charges, 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 to FFO, Core FFO, when used in this Quarterly Report on Form 10-Q, represents Core FFO attributable to common shareholders and unitholders.

Current wording

Core FFO represents FFO as adjusted for items that are not considered part of our 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 and (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 to FFO, Core FFO, when used in this Quarterly Report on Form 10-Q, represents Core FFO attributable to common shareholders and unitholders.

Previous wording

The following table presents a reconciliation of net income available for MAA common shareholders to FFO attributable to common shareholders and unitholders and Core FFO attributable to common shareholders and unitholders for the three and nine months ended September 30, 2025 and 2024, as we believe net income available for MAA common shareholders is the most directly comparable GAAP measure (dollars in thousands):

Current wording

The following table presents a reconciliation of net income available for MAA common shareholders to FFO attributable to common shareholders and unitholders and Core FFO attributable to common shareholders and unitholders for the three months ended March 31, 2026 and 2025, as we believe net income available for MAA common shareholders is the most directly comparable GAAP measure (dollars in thousands):

Previous wording

Included in “Other non-operating expense (income)” in the Condensed Consolidated Statements of Operations.

Current wording

Included in “Other non-operating income” in the Condensed Consolidated Statements of Operations.

Previous wording

For the three and nine months ended September 30, 2025 and the nine months ended September 30, 2024, gain on investments is presented net of tax expense of $1.0 million, $1.0 million and $0.8 million, respectively. For the three months ended September 30, 2024, loss on investments is presented net of tax benefit of $0.1 million.

Current wording

For the three months ended March 31, 2026 and 2025, gain on investments is presented net of tax expense of $4.7 million and $0.2 million, respectively.

Previous wording

Core FFO attributable to common shareholders and unitholders for the three months ended September 30, 2025 was $258.9 million, a decrease of $5.8 million as compared to the three months ended September 30, 2024, primarily as a result of increases in property operating expenses, excluding depreciation and amortization, of $4.5 million, interest expenses of $3.6 million, and property management expenses of $0.9 million, partially offset by an increase in property revenues of $3.2 million.

Current wording

Core FFO attributable to common shareholders and unitholders for the three months ended March 31, 2026 was $255.0 million, a decrease of $9.2 million as compared to the three months ended March 31, 2025, primarily as a result of increases in interest expenses of $6.2 million, property operating expenses, excluding depreciation and amortization, of $4.2 million, property management expenses of $1.9 million, and general and administrative expenses of $1.1 million, partially offset by an increase in property revenues of $4.4 million.

Previous wording

Adjusted EBITDAre is comprised of EBITDAre further adjusted for items that are not considered part of our 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 (recoveries) and charges, net; gain or loss on debt extinguishment; and legal costs, settlements and (recoveries), net. As an owner and operator of real estate, management 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. Our computation of Adjusted EBITDAre may differ from the methodology utilized by other REITs to calculate Adjusted EBITDAre. Adjusted EBITDAre should not be considered as an alternative to net income, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity.

Current wording

Adjusted EBITDAre is comprised of EBITDAre further adjusted for items that are not considered part of our 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 and (recoveries), net; gain or loss on debt extinguishment; and legal costs, settlements and (recoveries), net. As an owner and operator of real estate, management 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. Our computation of Adjusted EBITDAre may differ from the methodology utilized by other REITs to calculate Adjusted EBITDAre. Adjusted EBITDAre should not be considered as an alternative to net income, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity.

Previous wording

Included in “Other non-operating expense (income)” in the Condensed Consolidated Statements of Operations.

Current wording

Included in “Other non-operating income” in the Condensed Consolidated Statements of Operations.

Previous wording

For the trailing twelve months ended September 30, 2025 and December 31, 2024, in accordance with our accounting policies, we recognized $8.9 million and $8.0 million, respectively, of accrued legal defense costs that are expected to be incurred through July 2027.

Current wording

For the trailing twelve months ended March 31, 2026 and December 31, 2025, in accordance with our accounting policies, we recognized $61.9 million of accrued legal defense costs.

Previous wording

Our net debt to Adjusted EBITDAre ratio as of September 30, 2025 was 4.2x, as compared to a ratio of 4.0x as of December 31, 2024. Adjusted EBITDAre decreased $5.1 million for the trailing twelve months ended September 30, 2025 as compared to the trailing twelve months ended December 31, 2024, while net debt increased $227.2 million as of September 30, 2025 as compared to December 31, 2024. The decrease in Adjusted EBITDAre was primarily due to increases in property operating expenses, excluding depreciation and amortization, and property management expenses, partially offset by an increase in property revenues and a decrease in general and administrative expenses, while the increase in net debt was primarily due to an increase in unsecured notes payable, net, and a decrease in cash and cash equivalents. The increase in unsecured notes payable, net was primarily driven by an increase in cash requirements to fund acquisition and development activities.

Current wording

Our net debt to Adjusted EBITDAre ratio as of March 31, 2026 was 4.5x as compared to a ratio of 4.3x as of December 31, 2025. Adjusted EBITDAre decreased $2.9 million for the trailing twelve months ended March 31, 2026 as compared to the trailing twelve months ended December 31, 2025, while net debt increased $239.9 million as of March 31, 2026 as compared to December 31, 2025. The decrease in Adjusted EBITDAre was primarily due to increases in interest expenses, property operating expenses, excluding depreciation and amortization, general and administrative expenses, and property management expenses, partially offset by an increase in property revenues, while the increase in net debt was primarily due to an increase in unsecured notes payable, net, partially offset by an increase in cash and cash equivalents. The increase in unsecured notes payable, net, was primarily driven by an increase in cash requirements to fund development activities.

Previous wording

We expect that our primary uses of cash will be to fund our ongoing operating needs, to fund our ongoing capital spending requirements, which relate primarily to our development, redevelopment and property repositioning activities, to repay maturing borrowings, to fund the future acquisition of assets and to pay shareholder dividends. We expect to meet our cash requirements through net cash flows from operating activities, existing unrestricted cash and cash equivalents, borrowings under our commercial paper program and our revolving credit facility, the future issuance of debt and equity and the future disposition of assets.

Current wording

We expect that our primary uses of cash will be to fund our ongoing operating needs, to fund our ongoing capital spending requirements, which relate primarily to our development, redevelopment and property repositioning activities, to repay maturing borrowings, to fund the future acquisition of assets, to repurchase common shares and to pay shareholder dividends. We expect to meet our cash requirements through net cash flows from operating activities, existing unrestricted cash and cash equivalents, borrowings under our commercial paper program and our revolving credit facility, the future issuance of debt and equity and the future disposition of assets.

Previous wording

As of September 30, 2025, we had $814.7 million of combined unrestricted cash and cash equivalents and available capacity under our revolving credit facility.

Current wording

As of March 31, 2026, we had $839.2 million of combined unrestricted cash and cash equivalents and available capacity under our revolving credit facility.

Previous wording

Net cash provided by operating activities was $816.5 million for the nine months ended September 30, 2025, a decrease of $42.7 million as compared to the nine months ended September 30, 2024. The decrease in operating cash flows was primarily driven by the timing of cash payments.

Current wording

Net cash provided by operating activities was $149.6 million for the three months ended March 31, 2026, a decrease of $47.0 million as compared to the three months ended March 31, 2025. The decrease in operating cash flows was primarily driven by the timing of cash payments.

Previous wording

Net cash used in financing activities was $334.6 million for the nine months ended September 30, 2025, an increase of $136.0 million as compared to the nine months ended September 30, 2024. The primary drivers of the change were as follows (dollars in thousands):

Current wording

Net cash used in investing activities was $122.6 million for the three months ended March 31, 2026, an increase of $61.2 million as compared to the three months ended March 31, 2025. The primary drivers of the change were as follows (dollars in thousands):

Previous wording

The decrease in cash outflows for purchases of real estate and other assets was driven by the number of the real estate assets acquired during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. We acquired one apartment community and one land parcel during the nine months ended September 30, 2025 while we acquired two apartment communities and two land parcels during the nine months ended September 30, 2024. The increase in cash outflows for capital improvements and other was primarily driven by increased capital spend relating to our property redevelopment and repositioning activities during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. The decrease in cash outflows for development costs was primarily driven by decreased development activity during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. The increase in cash outflows for contributions to affiliates was driven by a larger amount of investments made in the technology-focused limited partnerships during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. The decrease in cash inflows from proceeds from sale of marketable equity securities resulted from no marketable equity securities being sold during the nine months ended September 30, 2025 as compared to the sale of marketable equity securities during the nine months ended September 30, 2024. The increase in cash inflows from proceeds from real estate asset dispositions resulted from the dispositions of two multifamily communities during the nine months ended September 30, 2025 as compared to no dispositions of real estate assets during the nine months ended September 30, 2024. The decrease in cash inflows from net proceeds from insurance recoveries was driven by decreased insurance reimbursements received for storm-related casualty claims during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024.

Current wording

The increase in cash outflows for purchases of real estate and other assets was driven by the number of the real estate assets acquired during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. We acquired land parcels for two developments during the three months ended March 31, 2026 while we acquired no real estate assets during the three months ended March 31, 2025. The decrease in cash outflows for capital improvements and other was primarily driven by decreased capital spend relating to our property redevelopment and repositioning activities during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. The increase in cash outflows for development costs was primarily driven by increased development activity during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. The decrease in proceeds from real estate asset dispositions resulted from the disposition of one multifamily community during the three months ended March 31, 2026 as compared to the dispositions of two multifamily communities during the three months ended March 31, 2025.

Previous wording

Net cash used in investing activities was $492.7 million for the nine months ended September 30, 2025, a decrease of $158.9 million as compared to the nine months ended September 30, 2024. The primary drivers of the change were as follows (dollars in thousands):

Current wording

Net cash used in financing activities was $16.2 million for the three months ended March 31, 2026, a decrease of $106.3 million as compared to the three months ended March 31, 2025. The primary drivers of the change were as follows (dollars in thousands):

Previous wording

The increase in cash inflows related to net proceeds from (payments of) commercial paper was driven by the increase in net borrowings of $213.0 million on our commercial paper program during the nine months ended September 30, 2025 as compared to the decrease in net borrowings of $5.0 million on our commercial paper program during the nine months ended September 30, 2024. The decrease in cash inflows from proceeds from notes payable resulted from no issuance of unsecured senior notes during the nine months ended September 30, 2025 as compared to the issuance of $750.0 million of unsecured senior notes during the nine months ended September 30, 2024. The decrease in cash outflows related to principal payments on notes payable resulted from no retirement of unsecured senior notes during the nine months ended September 30, 2025 as compared to the retirement of $400.0 million of unsecured senior notes during the during the nine months ended September 30, 2024. The decrease in cash outflows related to payment of deferred financing costs resulted from no payments of deferred financing costs during the nine months ended September 30, 2025 as compared to the closing costs of $7.2 million related to the issuance of $750.0 million of unsecured senior notes during the nine months ended September 30, 2024. The increase in cash outflows from dividends paid on common shares primarily resulted from the increase in the dividend rate to $4.5450 per share during the nine months ended September 30, 2025 as compared to the dividend rate of $4.4100 per share during the nine months ended September 30, 2024.

Current wording

The decrease in cash inflows related to net proceeds from commercial paper resulted from the increase in net borrowings of $51.3 million under our commercial paper program during the three months ended March 31, 2026 as compared to the increase in net borrowings of $60.0 million under our commercial paper program during the three months ended March 31, 2025. The increase in cash inflows from proceeds from notes payable resulted from the issuance of $200.0 million of unsecured senior notes during the three months ended March 31, 2026 as compared to no issuance of unsecured senior notes during the three months ended March 31, 2025. The increase in cash outflows related to the repurchase of common shares resulted from MAA’s repurchase of 0.6 million shares of its common stock at a weighted average share price of $130.46 per share for total consideration of $72.8 million under its share repurchase program during the three months ended March 31, 2026 as compared to no repurchase of common shares during the three months ended March 31, 2025. The increase in cash outflows from the acquisition of noncontrolling interest resulted from the acquisition of the noncontrolling interest in a consolidated real estate entity during the three months ended March 31, 2026 as compared to no acquisition of noncontrolling interest during the three months ended March 31, 2025.

Previous wording

There was $463.0 million outstanding under MAALP’s unsecured commercial paper program as of September 30, 2025. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $625.0 million. For the three months ended September 30, 2025, the average daily borrowings outstanding under the commercial paper program were $361.8 million.

Current wording

There was $727.3 million 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, the average daily borrowings outstanding under the commercial paper program were $682.1 million.

Previous wording

There were no borrowings outstanding under MAALP’s $1.25 billion unsecured revolving credit facility as of September 30, 2025.

Current wording

There were no borrowings outstanding under MAALP’s $1.5 billion unsecured revolving credit facility as of March 31, 2026.

Previous wording

As of September 30, 2025, MAALP had an unsecured revolving credit facility with a borrowing capacity of $1.25 billion and an option to expand to $2.0 billion. The revolving credit facility bore an interest rate at a rate based on the adjusted Secured Overnight Financing Rate plus a spread of 0.70% to 1.40% determined by a credit ratings grid. The revolving credit facility was scheduled to mature in October 2026 with an option to extend for two additional six-month periods. In October 2025, MAALP amended its unsecured revolving credit facility, increasing its borrowing capacity to $1.5 billion with an option to expand to $2.0 billion. The amended revolving credit facility has a maturity date of January 2030 with two six-month extension options and bears interest at a rate based on the Secured Overnight Financing Rate plus a spread ranging from 0.65% to 1.40% determined by a credit ratings grid, with the current spread at 0.725% based on MAALP’s current credit rating.

Current wording

MAALP maintains an unsecured revolving credit facility with a borrowing capacity of $1.5 billion and an option to expand to $2.0 billion. The revolving credit facility bears interest at a variable rate, at MAALP’s election, of either (1) based upon the Secured Overnight Financing Rate plus an applicable margin ranging from 0.65% to 1.40% based upon MAALP’s credit rating, with the current spread at 0.725%, or (2) the base rate set forth in the credit agreement plus an applicable margin ranging from 0.00% to 0.40% based upon MAALP’s credit rating. The revolving credit facility has a maturity date in January 2030 with an option to extend for two additional six-month periods. As of March 31, 2026, there was no outstanding balance under the revolving credit facility, while $5.0 million of capacity was used to support outstanding letters of credit.

Previous wording

As of September 30, 2025, MAALP had an unsecured commercial paper program, whereby it issued unsecured commercial paper notes with varying maturities not to exceed 397 days up to a maximum aggregate principal amount outstanding of $625.0 million. As of September 30, 2025, MAALP had $463.0 million of borrowings outstanding under the commercial paper program. In October 2025, MAALP amended its commercial paper program to increase the maximum aggregate principal amount of notes that may be outstanding under the program from $625.0 million to $750.0 million.

Current wording

MAALP has established an unsecured commercial paper program whereby MAALP may issue unsecured commercial paper notes with varying maturities not to exceed 397 days up to a maximum aggregate principal amount outstanding of $750.0 million. As of March 31, 2026, MAALP had $727.3 million of borrowings outstanding under the commercial paper program. For the three months ended March 31, 2026, the average daily borrowings outstanding under the commercial paper program were $682.1 million.

Previous wording

As of September 30, 2025, MAALP had $4.4 billion of publicly issued unsecured senior notes outstanding.

Current wording

As of March 31, 2026, MAALP had $4.6 billion of publicly issued unsecured senior notes outstanding.

Previous wording

As of September 30, 2025, MAA owned 117,081,742 OP Units, representing a 97.5% limited partnership interest in MAALP, while the remaining 2,941,839 outstanding OP Units were held by limited partners of MAALP other than MAA. Holders of OP Units (other than MAA) may require us to redeem their OP Units from time to time, in which case we may, at our option, pay the redemption price either in cash (in an amount per OP Unit equal, in general, to the average closing price of MAA’s common stock on the NYSE over a specified period prior to the redemption date) or by delivering one share of MAA’s common stock (subject to adjustment under specified circumstances) for each OP Unit so redeemed. MAA has registered under the Securities Act the 2,941,839 shares of its common stock that, as of September 30, 2025, were issuable upon redemption of OP Units, in order for those shares to be sold freely in the public markets.

Current wording

As of March 31, 2026, MAA owned 116,353,152 OP Units, representing a 97.5% limited partnership interest in MAALP, while the remaining 2,932,336 outstanding OP Units were held by limited partners of MAALP other than MAA. Holders of OP Units (other than MAA) may require us to redeem their OP Units from time to time, in which case we may, at our option, pay the redemption price either in cash (in an amount per OP Unit equal, in general, to the average closing price of MAA’s common stock on the NYSE over a specified period prior to the redemption date) or by delivering one share of MAA’s common stock (subject to adjustment under specified circumstances) for each OP Unit so redeemed. MAA has registered under the Securities Act the 2,932,336 shares of its common stock that, as of March 31, 2026, were issuable upon redemption of OP Units, in order for those shares to be sold freely in the public markets.