Mid-America Apartment Communities (MAA) investor relations material

Strategic positioning and growth initiatives

• Positioned for recovery with an efficient operating platform and ongoing development pipeline expansion, including new projects in Kansas City, Nashville, and Northern Virginia, expected to drive incremental NOI growth.

• Redevelopment and repositioning programs are expanding, with unit upgrades and amenity enhancements delivering strong rent increases and high annualized cash returns above 20%.

• Technology-enabled initiatives, such as community Wi-Fi and smart home features, have generated $1.5M in revenue through 2Q 2026 and are projected to contribute significantly to long-term NOI growth.

• The ReiMAAgine operating platform leverages automation and specialization to improve NOI margins, resident experience, and associate retention.

• Capital recycling through acquisitions and dispositions has improved earnings quality, with a focus on higher-margin, newer properties.

Market environment and demand drivers

• Portfolio is diversified across high-growth Sunbelt markets, with 76% of assets in large markets and strong submarket diversification.

• MAA markets continue to benefit from positive in-migration, outpacing REIT peer markets in population, job, and household growth.

• Single-family home affordability challenges and declining new supply support strong multifamily demand and occupancy recovery to 95% as of June 2026.

• Multifamily starts have been below the long-term average for 13 consecutive quarters, setting up favorable supply-demand dynamics for the coming years.

• Resident profile features high average incomes, low rent-to-income ratios, and strong rent collections (99.7% in 2Q 2026).

Financial performance and outlook

• Delivered 15-year annual compounded TSR of 8.2% and maintained 130 consecutive quarterly dividends, never suspended or reduced.

• Long-term same store NOI growth outperforms peers with lower volatility, averaging 3.8% from 2006-2026F.

• 2Q 2026 Core FFO/share performance exceeded guidance, driven by disciplined expense control and non-same store NOI.

• 2026 full-year Core FFO/share guidance midpoint is $8.53, with expected property NOI growth ranging from -1.7% to -0.1%.

• Share repurchases totaled 0.94M shares YTD through 6/30/2026 at an average price of $130.54.