Mid-America Apartment Communities (MAA) investor relations material

Executive summary

• First quarter results exceeded expectations for Core FFO, driven by resilient demand, strong resident retention, disciplined expense management, and record-low turnover, despite ongoing supply pressures and a year-over-year decline in net income and EPS.

• Net income available for common shareholders was $123.4 million for Q1 2026, down 31.7% year-over-year, with revenue growth of 0.8% to $553.7 million, impacted by lower Same Store segment rents and higher operating expenses.

• The company settled a major class action lawsuit for $53 million, with payments split between March and May 2026, and agreed to business practice changes.

• High-growth markets absorbed new supply steadily, supporting stable occupancy, favorable renewal pricing, and strong collections.

Financial highlights

• Core FFO for the quarter was $2.13 per diluted share, $0.02 ahead of guidance, but down from $2.20 year-over-year.

• Total revenues for Q1 2026 were $553.7 million, up 0.8% from Q1 2025, with Same Store revenues down 0.4% and Non-Same Store and Other revenues up 20.6%.

• Net income available for common shareholders was $123.4 million, compared to $180.8 million in Q1 2025.

• Repurchased 558,000 shares for $73 million at an average price of $130.46 per share.

• Average effective rent per unit in the Same Store segment decreased 0.3% to $1,685, with physical occupancy at 95.5%.

Outlook and guidance

• Reaffirmed and updated full-year 2026 guidance: EPS (diluted) $4.18–$4.50, Core FFO per share $8.37–$8.69, and Core AFFO per share $7.34–$7.66.

• Full-year blended lease growth guidance remains 1%-1.5%, with Q1 at -0.3% and expected improvement through July.

• Renewals expected to remain above 5%, with new lease pricing accelerating into summer and moderating less than usual in the back half.

• Capital expenditures for development, redevelopment, and recurring replacements in 2026 are expected to be in line with 2025, with development spend reduced to $350 million.

• Quarterly dividends are expected to continue at an annual rate of $6.12 per share.