MID AMERICA APARTMENT COMMUNITIES INC.

Previous wording

We report in two segments, Same Store and Non-Same Store and Other. Our Same Store segment represents those apartment communities that have been owned and stabilized for at least 12 months as of the first day of the calendar year. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days. Our Non-Same Store and Other segment includes recently acquired communities, communities being developed or in lease-up, communities that have been disposed of or identified for disposition, communities that have incurred a significant casualty loss and stabilized communities that do not meet the requirements to be Same Store communities. Also included in our Non-Same Store and Other segment are non-multifamily activities and expenses related to severe weather events, including hurricanes and winter storms. Additional information regarding the composition of our segments is included in Note 11 to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

Current wording

We report in two segments, Same Store and Non-Same Store and Other. Our Same Store segment represents those apartment communities that have been owned and stabilized for at least 12 months as of the first day of the calendar year. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days. Our Non-Same Store and Other segment includes recently acquired communities, communities being developed or in lease-up, communities that have been disposed of or identified for disposition, communities that have experienced a significant casualty loss and stabilized communities that do not meet the requirements to be Same Store communities. Also included in our Non-Same Store and Other segment are non-multifamily activities and expenses related to severe weather events, including hurricanes and winter storms. Additional information regarding the composition of our segments is included in Note 11 to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

Previous 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.

Current wording

For the three months ended June 30, 2026, net income available for MAA common shareholders was $120.8 million as compared to $107.2 million for the three months ended June 30, 2025. Results for the three months ended June 30, 2026 included $35.3 million of gain related to the sale of depreciable real estate assets, $2.3 million of net casualty related recoveries and $1.1 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 $1.4 million of non-cash loss from investments. Results for the three months ended June 30, 2025 included $3.3 million of net casualty related recoveries, $1.7 million of non-cash gain related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares and $0.3 million of non-cash loss from investments. Revenues for the three months ended June 30, 2026 increased 1.0% as compared to the three months ended June 30, 2025. Property operating expenses, excluding depreciation and amortization, for the three months ended June 30, 2026 increased by 1.9% as compared to the three months ended June 30, 2025. The primary drivers of these changes are discussed in the “Results of Operations” section.

Previous 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.

Current wording

During the three months ended June 30, 2026, revenue for our Same Store segment declined by 0.3% as compared to the three months ended June 30, 2025, primarily driven by average effective rent per unit. The average effective rent per unit for our Same Store segment decreased to $1,688 for the three months ended June 30, 2026 as compared to $1,691 for the three months ended June 30, 2025, a 0.2% decrease for the three months ended June 30, 2026 as compared to the three months ended June 30, 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 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.

Current wording

For the three months ended June 30, 2026, average physical occupancy for our Same Store segment was 95.3% as compared to 95.4% for the three months ended June 30, 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 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.

Current wording

As of June 30, 2026, resident turnover for our Same Store segment was 39.6% as compared to 41.0% as of June 30, 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

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.

Current wording

Despite an uncertain macroeconomic backdrop, apartment demand in our markets remained steady during the second quarter of 2026, outweighing the declining pressure from new deliveries in a number of our markets, while 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 suppress demand for apartments, drive lower rent growth on new leases and renewals than what we achieved in the three and six months ended June 30, 2026 and could contribute to uncertain rent collections going forward. We believe that we will continue to see a decline in new apartment deliveries throughout the reminder of 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 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.

Current wording

Capital remains available to investment-grade borrowers, such as us. However, overall borrowing costs remain at elevated levels relative to our existing fixed rate debt portfolio, and we expect this trend to continue. As of June 30, 2026, we had $764.0 million of variable rate debt outstanding, consisting of $664.0 million under our commercial paper program and $100.0 million under our term loan program. Accordingly, future borrowing activity may continue to expose us to higher interest costs.

Previous 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.

Current wording

For the three months ended June 30, 2026, we achieved net income available for MAA common shareholders of $120.8 million, a 12.7% increase as compared to the three months ended June 30, 2025, and total revenue growth of $5.2 million, representing a 1.0% increase in property revenues as compared to the three months ended June 30, 2025. The following discussion describes the primary drivers of the increase in net income available for MAA common shareholders for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025.

Previous 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.

Current wording

The Same Store segment generated a 0.3% decrease in revenues for the three months ended June 30, 2026, primarily the result of average effective rent per unit decrease of 0.2% as compared to the three months ended June 30, 2025. The increase in property revenues from the Non-Same Store and Other segment for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025 was primarily the result of increased revenues from completed units in development communities and recently acquired communities.

Previous 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.

Current wording

The increase in property operating expenses for our Same Store segment for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025 was primarily driven by increases in utilities expense of $1.5 million and marketing expense of $0.8 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 June 30, 2026 as compared to three months ended June 30, 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 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.

Current wording

Depreciation and amortization expense for the three months ended June 30, 2026 was $162.5 million, an increase of $9.0 million as compared to the three months ended June 30, 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 June 30, 2025 in the normal course of business through June 30, 2026.

Previous 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.

Current wording

Property management expenses for the three months ended June 30, 2026 were $18.0 million, an increase of $0.4 million as compared to the three months ended June 30, 2025. General and administrative expenses for the three months ended June 30, 2026 were $15.1 million, an increase of $2.3 million as compared to the three months ended June 30, 2025.

Previous 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.

Current wording

Interest expense for the three months ended June 30, 2026 was $53.1 million, an increase of $8.0 million as compared to the three months ended June 30, 2025. The increase was primarily due to an increase in our average outstanding debt balance, an increase of 5 basis points in our effective interest rate and a decrease in capitalized interest during the three months ended June 30, 2026 as compared to the three months ended June 30, 2025.

Previous 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.

Current wording

Other non-operating income, net for the six months ended June 30, 2026 was $18.1 million of income, an increase of $12.6 million as compared to the six months ended June 30, 2025. The income for the six months ended June 30, 2026 was primarily driven by $20.5 million of non-cash gain from investments, partially offset by $2.2 million of net casualty related charges. The income for the six months ended June 30, 2025 was primarily driven by $3.6 million of net casualty related recoveries, $1.3 million of non-cash gain related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares, and $0.4 million of non-cash gain from investments.

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 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.

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 (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.

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 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):

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 and six months ended June 30, 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 income” in the Condensed Consolidated Statements of Operations.

Current wording

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

Previous 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.

Current wording

For the three months ended June 30, 2026 and 2025, loss on investments is presented net of tax benefit of $0.3 million and $0.1 million, respectively. For the six months ended June 30, 2026 and 2025, gain on investments is presented net of tax expense of $4.3 million and $0.1 million, respectively.

Previous 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.

Current wording

Core FFO attributable to common shareholders and unitholders for the three months ended June 30, 2026 was $247.5 million, a decrease of $10.1 million as compared to the three months ended June 30, 2025, primarily as a result of increases in interest expense of $8.0 million, property operating expenses, excluding depreciation and amortization, of $4.1 million, and general and administrative expenses of $2.3 million, partially offset by an increase in property revenues of $5.2 million.

Previous wording

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

Current wording

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

Previous 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.

Current wording

Our net debt to Adjusted EBITDAre ratio as of June 30, 2026 was 4.5x as compared to a ratio of 4.3x as of December 31, 2025. Adjusted EBITDAre decreased $4.6 million for the trailing twelve months ended June 30, 2026 as compared to the trailing twelve months ended December 31, 2025, while net debt increased $295.0 million as of June 30, 2026 as compared to December 31, 2025. The decrease in Adjusted EBITDAre was primarily due to increases in 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, 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 development activities.

Previous 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.

Current wording

As of June 30, 2026, we had $882.8 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 $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.

Current wording

Net cash provided by operating activities was $482.5 million for the six months ended June 30, 2026, a decrease of $67.5 million as compared to the six months ended June 30, 2025. The decrease in operating cash flows was primarily driven by the timing of cash payments.

Previous 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):

Current wording

Net cash used in investing activities was $275.8 million for the six months ended June 30, 2026, an increase of $37.4 million as compared to the six months ended June 30, 2025. The primary drivers of the change were as follows (dollars in thousands):

Previous 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.

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 six months ended June 30, 2026 as compared to the six months ended June 30, 2025. We acquired land parcels for three developments during the six months ended June 30, 2026 while we acquired one land parcel during the six months ended June 30, 2025. 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 six months ended June 30, 2026 as compared to the six months ended June 30, 2025. The decrease in cash outflows for contributions to affiliates was driven by a lesser amount of investments made in the technology-focused limited partnerships during the six months ended June 30, 2026 as compared to the six months ended June 30, 2025.

Previous 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):

Current wording

Net cash used in financing activities was $215.8 million for the six months ended June 30, 2026, a decrease of $84.6 million as compared to the six months ended June 30, 2025. The primary drivers of the change were as follows (dollars in thousands):

Previous 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.

Current wording

The increase in cash outflows related to net (payments of) proceeds from commercial paper resulted from the decrease in net borrowings of $12.0 million under our commercial paper program during the six months ended June 30, 2026 as compared to the increase in net borrowings of $65.0 million under our commercial paper program during the six months ended June 30, 2025. The increase in cash inflows from proceeds from notes payable resulted from the issuances of $200.0 million of unsecured senior notes and a $100.0 million of unsecured variable rate term loan during the six months ended June 30, 2026 as compared to no issuance of unsecured senior notes or unsecured variable rate term loan during the six months ended June 30, 2025. The increase in cash outflows related to the repurchase of common shares resulted from MAA’s repurchase of 0.94 million shares of its common stock at a weighted average share price of $130.54 per share for total consideration of $122.8 million under its share repurchase program during the six months ended June 30, 2026 as compared to no repurchase of common shares during the six months ended June 30, 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 six months ended June 30, 2026 as compared to no acquisition of noncontrolling interest during the six months ended June 30, 2025.

Previous 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.

Current wording

There was $664.0 million outstanding under MAALP’s unsecured commercial paper program as of June 30, 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 June 30, 2026, the average daily borrowings outstanding under the commercial paper program were $680.7 million.

Previous wording

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

Current wording

There were no borrowings outstanding under MAALP’s $1.5 billion unsecured revolving credit facility as of June 30, 2026. The facility has a maturity date of January 2030 with two six-month extension options.

Previous 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.

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 June 30, 2026, MAALP had $664.0 million of borrowings outstanding under the commercial paper program. For the three months ended June 30, 2026, the average daily borrowings outstanding under the commercial paper program were $680.7 million.

Previous 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.

Current wording

As of June 30, 2026, MAA owned 116,015,088 OP Units, representing a 97.5% limited partnership interest in MAALP, while the remaining 2,929,440 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 2,929,440 shares of its common stock that, as of June 30, 2026, were issuable upon redemption of OP Units, in order for those shares to be sold freely in the public markets.

Previous wording

MAA has no obligation to issue shares through the ATM program. During the three months ended March 31, 2026 and 2025, MAA did not sell any shares of common stock under its ATM program. As of March 31, 2026, 4.0 million shares of MAA’s common stock remained issuable under the ATM program.

Current wording

MAA has no obligation to issue shares through the ATM program. During the three and six months ended June 30, 2026 and 2025, MAA did not sell any shares of common stock under its ATM program. As of June 30, 2026, 4.0 million shares of MAA’s common stock remained issuable under the ATM program.

Previous wording

As of March 31, 2026, we had $1.1 billion of outstanding debt and debt service obligations payable in the year ending December 31, 2026, including the $727.3 million of commercial paper borrowings due April 2026, the $300.0 million of publicly issued unsecured senior notes maturing in September 2026, and the $122.3 million of interest payments on fixed rate debt obligations in the year ending December 31, 2026. For a schedule of the maturity dates of our outstanding debt beyond 2026, see the “Liquidity and Capital Resources - Debt” section above. As of March 31, 2026, we also had obligations to make additional capital contributions to five technology-focused limited partnerships in which we hold equity interests. The capital contributions may be called by the general partners at any time after giving appropriate notice. As of March 31, 2026, we had committed to make additional capital contributions totaling up to $20.0 million if and when called by the general partners of the limited partnerships.

Current wording

As of June 30, 2026, we had $1.1 billion of outstanding debt and debt service obligations payable in the year ending December 31, 2026, including $664.0 million of commercial paper borrowings due July 2026, $300.0 million of unsecured senior notes due September 2026 and $99.0 million of interest payments on fixed rate debt obligations in the year ending December 31, 2026. For a schedule of the maturity dates of our outstanding debt beyond 2026, see the “Liquidity and Capital Resources - Debt” section above. As of June 30, 2026, we also had obligations to make additional capital contributions to five technology-focused limited partnerships in which we hold equity interests. The capital contributions may be called by the general partners at any time after giving appropriate notice. As of June 30, 2026, we had committed to make additional capital contributions totaling up to $19.5 million if and when called by the general partners of the limited partnerships.

Previous wording

As of March 31, 2026, we had six development communities under construction totaling 1,788 apartment units once complete. Total expected costs for the six development projects are $622.5 million, of which $388.3 million had been incurred through March 31, 2026. In addition, our property redevelopment and repositioning activities are ongoing, and we incur expenditures relating to recurring capital replacements, which typically include scheduled carpet replacement, new roofs, HVAC units, plumbing, concrete, masonry and other paving, pools and various exterior building improvements. For the year ending December 31, 2026, we expect that our total capital expenditures relating to our development activities, our property redevelopment and repositioning activities and recurring capital replacements will be in line with our total capital expenditures for the year ended December 31, 2025. We expect to have additional development projects in the future.

Current wording

As of June 30, 2026, we had six development communities under construction totaling 1,749 apartment units once complete. Total expected costs for the six development projects are $597.5 million, of which $360.4 million had been incurred through June 30, 2026. In addition, our property redevelopment and repositioning activities are ongoing, and we incur expenditures relating to recurring capital replacements, which typically include scheduled carpet replacement, new roofs, HVAC units, plumbing, concrete, masonry and other paving, pools and various exterior building improvements. For the year ending December 31, 2026, we expect that our total capital expenditures relating to our development activities, our property redevelopment and repositioning activities and recurring capital replacements will be in line with our total capital expenditures for the year ended December 31, 2025. We expect to have additional development projects in the future.

Previous wording

Our resident leases at our apartment communities allow for adjustments in the rental rate at the time of renewal, which may enable us to seek rent increases. The majority of our leases are for one year or less. The short-term nature of these leases generally serves to reduce our risk to adverse effects of inflation on our revenue. During the three months ended March 31, 2026, we experienced inflationary pressures that drove higher operating expenses, primarily in real estate tax and utilities expenses.

Current wording

Our resident leases at our apartment communities allow for adjustments in the rental rate at the time of renewal, which may enable us to seek rent increases. The majority of our leases are for one year or less. The short-term nature of these leases generally serves to reduce our risk to adverse effects of inflation on our revenue. During the six months ended June 30, 2026, we experienced inflationary pressures that drove higher operating expenses, primarily in utilities, property tax and marketing expenses.