TABLE OF CONTENTS
Earnings Release	3
Financial Highlights	6
Consolidated Statements of Operations/Share and Unit Data	7
Consolidated Balance Sheets	8
Reconciliation of Non-GAAP Financial Measures	9
Non-GAAP Financial Measures	12
Other Key Definitions	13
Portfolio Statistics	S-1
Components of Net Operating Income/Components of Same Store Portfolio Property Operating Expenses	S-3
Multifamily Same Store Portfolio NOI Contribution Percentage	S-4
Multifamily Same Store Portfolio Comparisons	S-5
Multifamily Development Pipeline/Multifamily Lease-up Communities/Multifamily Interior Redevelopment, WiFi Retrofit and Property Repositioning Activity	S-8
Acquisition Activity/Disposition Activity/Debt and Debt Covenants as of June 30, 2025	S-9
2025 Guidance/Reconciliation of Earnings per Diluted Common Share to Core FFO and Core AFFO per Diluted Share for Full Year 2025 Guidance	S-11
Credit Ratings/Common Stock/Investor Relations Data	S-12

2

EARNINGS RELEASE

MAA REPORTS SECOND QUARTER 2025 RESULTS

GERMANTOWN, TN, July 30, 2025/PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the three months ended June 30, 2025.

	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Earnings per common share - diluted (1)	$	0.92	$	0.86	$	2.46	$	2.09
Funds from operations (FFO) per Share - diluted (1)	$	2.19	$	2.06	$	4.39	$	4.47
Core FFO per Share - diluted (1)	$	2.15	$	2.22	$	4.35	$	4.44

(1)A reconciliation of Net income available for MAA common shareholders to FFO and Core FFO is found later in this release.

Brad Hill, President and Chief Executive Officer, said, “Second quarter Core FFO results exceeded our expectations. Despite increased macroeconomic uncertainty, we are encouraged by the record demand for rental housing that persists in our markets, leading to second quarter blended lease performance 40 bps higher than last year. Our uniquely diversified portfolio, backed by a strong operating and resident service platform, delivered record resident retention and robust renewal pricing, resulting in strong occupancy and a 100 bps sequential improvement in Same Store blended pricing. As we move further from the peak level of supply reached in 2024, the strengthening demand/supply dynamic coupled with our growing development pipeline, which is nearing $1 billion, should support robust revenue and earnings performance and enhance long-term value creation.”

•During the second quarter of 2025, MAA's Same Store effective blended lease rate growth was 0.5%. On a sequential basis, the 100 basis point improvement in Same Store effective blended lease rate growth was driven by a 150 basis point improvement in new lease pricing and a 20 basis point improvement in renewal pricing from the first quarter of 2025.

•As of June 30, 2025, resident turnover in the Same Store Portfolio remained historically low at 41.0% with a record low level of move-outs associated with buying single family-homes of 11.0%.

•During the second quarter of 2025, MAA began construction on a 336-unit multifamily apartment community located in Charleston, South Carolina. As of June 30, 2025, MAA had eight communities under development with total expected costs of $942.5 million. MAA also had four recently completed development communities and two recently acquired communities in lease-up with a total cost to date of $573.9 million.

Same Store Operating Results

Same Store results for the three and six months ended June 30, 2025 as compared to the same period in the prior year are summarized below:

	Three months ended June 30, 2025 vs. 2024				Six months ended June 30, 2025 vs. 2024
	Revenues(1)	Expenses	NOI(2)	Average Effective Rent per Unit	Revenues(1)	Expenses	NOI(2)	Average Effective Rent per Unit
Same Store Operating Growth	-0.3%	3.8%	-2.6%	-0.5%	-0.1%	2.5%	-1.6%	-0.5%

(1)Includes 2.4% increase in other property revenues.

(2)A reconciliation of Net income available for MAA common shareholders to NOI, including Same Store NOI, is found later in this release.

Same Store operating statistics for the three and six months ended June 30, 2025 are summarized below:

	Three months ended June 30, 2025			Six months ended June 30, 2025			As of June 30, 2025
	Average Effective Rent per Unit		Average Physical Occupancy	Average Effective Rent per Unit		Average Physical Occupancy	Resident Turnover
Same Store Operating Statistics	$	1,690	95.4%	$	1,690	95.5%	41.0%

Same Store net effective lease pricing statistics for the three and six months ended June 30, 2025 are summarized below:

Same Store Net Effective Lease Pricing Statistics	Three Months Ended June 30, 2025	Six Months Ended June 30, 2025
Effective Blended Lease Rate Growth	0.5%	0.2%
Effective New Lease Rate Growth	-4.8%	-5.4%
Effective Renewal Lease Rate Growth	4.7%	4.6%

3

Development and Lease-up Activity

A summary of MAA’s development communities under construction as of the end of the second quarter of 2025 is set forth below (dollars in thousands):

		Units as of						Development Costs as of						Expected Project
Total		June 30, 2025						June 30, 2025						Completions By Year
Development								Expected		Costs		Expected
Projects (1)		Total		Delivered		Leased		Total		to Date		Remaining		2025		2026		2027		2028
	8		2,648		549		248	$	942,500	$	616,296	$	326,204		2		4		1		1

(1)Two of the development projects are currently leasing.

In June 2025, MAA closed on the acquisition of a land parcel located in Charleston, South Carolina through our pre-purchase development program and began construction on a 336-unit multifamily apartment community.

During the second quarter of 2025, MAA funded approximately $92 million of costs for current and planned development projects, including predevelopment activities.

A summary of the total units, physical occupancy and cost of MAA’s lease-up communities as of the end of the second quarter of 2025 is set forth below (dollars in thousands):

Total		As of June 30, 2025
Lease-Up		Total		Physical			Costs
Projects (1)		Units		Occupancy			to Date
	6		2,101		80.7	%	$	573,896

(1)Three of the lease-up projects are expected to stabilize in the third quarter of 2025, two in the fourth quarter of 2025 and one in the second quarter of 2026.

During the second quarter of 2025, MAA completed the lease-up of MAA Boggy Creek, located in Orlando, Florida.

Balance Sheet and Financing Activities

As of June 30, 2025, MAA had $1.0 billion of combined cash and available capacity under MAALP’s unsecured revolving credit facility. MAALP is a reference to MAA’s operating partnership, Mid-America Apartments, L.P.

Dividends and distributions paid on shares of common stock and noncontrolling interests during the second quarter of 2025 were $181.8 million, as compared to $176.3 million for the same period in the prior year.

Balance sheet highlights as of June 30, 2025 are summarized below (dollars in billions):

Total debt to adjusted total assets (1)	Net Debt/Adjusted EBITDAre(2)	Total debt outstanding		Average effective interest rate	Fixed rate debt as a % of total debt	Total debt average years to maturity
28.9%	4.0x	$	5.0	3.8%	93.8%		6.7

(1)As defined in the covenants for the bonds issued by MAALP.

(2)Adjusted EBITDAre is calculated for the trailing twelve month period ended June 30, 2025. A reconciliation of Unsecured notes payable, net and Secured notes payable, net to Net Debt and a reconciliation of Net income to Adjusted EBITDAre are found later in this release.

126th Consecutive Quarterly Common Dividend Declared

MAA declared its 126th consecutive quarterly common dividend, which will be paid on July 31, 2025 to holders of record on July 15, 2025. The current annual dividend rate is $6.06 per common share. The timing and amount of future dividends will depend on actual cash flows from operations, MAA’s financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986 and other factors as MAA’s Board of Directors deems relevant. MAA’s Board of Directors may modify the dividend policy from time to time.

2025 Earnings and Same Store Guidance

MAA is updating its prior 2025 guidance for Earnings per diluted common share, Core FFO per diluted Share, Core AFFO per diluted Share and Same Store performance. MAA expects to provide updates to its 2025 Earnings per diluted common share, Core FFO per diluted Share and Core AFFO per diluted Share guidance on a quarterly basis.

FFO, Core FFO and Core AFFO are non-GAAP financial measures. Acquisition and disposition activity materially affects depreciation and capital gains or losses, which combined, generally represent the majority of the difference between Net income available for common shareholders and FFO. As discussed in the definitions of non-GAAP financial measures found later in this release, MAA’s definition of FFO is in accordance with the National Association of Real Estate Investment Trusts’, or NAREIT’s, definition, and Core FFO represents FFO as adjusted for items that are not considered part of MAA’s core business operations. MAA believes that Core FFO is helpful in understanding operating performance in that Core FFO excludes not only depreciation expense of real estate assets and certain other non-routine items, but it also excludes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.

4

2025 Guidance	Previous Range	Previous Midpoint	Revised Range	Revised Midpoint
Earnings:	Full Year 2025	Full Year 2025	Full Year 2025	Full Year 2025
Earnings per common share - diluted	$5.51 to $5.83	$5.67	$5.25 to $5.49	$5.37
Core FFO per Share - diluted	$8.61 to $8.93	$8.77	$8.65 to $8.89	$8.77
Core AFFO per Share - diluted	$7.63 to $7.95	$7.79	$7.67 to $7.91	$7.79
MAA Same Store Portfolio:
Property revenue growth	-0.35% to 1.15%	0.40%	-0.20% to 0.40%	0.10%
Property operating expense growth	2.45% to 3.95%	3.20%	1.75% to 2.75%	2.25%
NOI growth	-2.15% to -0.15%	-1.15%	-1.90% to -0.40%	-1.15%

MAA expects Core FFO for the third quarter of 2025to be in the range of $2.08 to $2.24 per diluted Share, or $2.16 per diluted Share at the midpoint. The projected difference from Core FFO per diluted Share for the second quarter of 2025 to the midpoint of MAA's guidance for the third quarter of 2025 is summarized below:

	Core FFO per diluted Share
Q2 2025 per diluted Share reported results	$	2.15
Same Store NOI		0.02
Development, Lease-up and Other Non-Same Store NOI		0.01
Total overhead		(0.01	)
Interest expense and Other non-operating income (expense)		(0.01	)
Q3 2025 per diluted Share guidance midpoint	$	2.16

MAA does not forecast Earnings per diluted common share on a quarterly basis as MAA generally cannot predict the timing of forecasted acquisition and disposition activity within a particular quarter (rather than during the course of the full year). Additional details and guidance items are provided in the Supplemental Data to this release.

Supplemental Material and Conference Call

Supplemental Data to this release can be found on the “For Investors” page of the MAA website at www.maac.com. MAA will host a conference call to further discuss second quarter results on July 31, 2025, at 9:00 AM Central Time. The conference call-in number is (800) 715-9871. You may also join the live webcast of the conference call by accessing the “For Investors” page of the MAA website at www.maac.com. MAA’s filings with the Securities and Exchange Commission (SEC) are filed under the registrant names of Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P.

About MAA

MAA, an S&P 500 company, is a real estate investment trust (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States. As of June 30, 2025, MAA had ownership interest in 104,347 apartment units, including communities currently in development, across 16 states and the District of Columbia. For further details, please visit the MAA website at www.maac.com or contact Investor Relations at investor.relations@maac.com, or via mail at MAA, 6815 Poplar Ave., Suite 500, Germantown, TN 38138, Attn: Investor Relations.

Forward-Looking Statements

This release (as well as the Supplemental Data to this release) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements do not discuss historical fact, but instead are statements related to expectations, projections, intentions, assumptions and beliefs regarding the future. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “forecasts,” “projects,” “assumes,” “will,” “may,” “could,” “should,” “budget,” “target,” “outlook,” “proforma,” “opportunity,” “guidance” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, but are not limited to, statements regarding quarterly and full year 2025 guidance (including earnings guidance, Same Store Portfolio guidance and other related projections and assumptions), development costs for our development communities, timelines for occupancy, completion and stabilization of our development communities, and timelines for stabilization of our lease-up communities. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, as described below, which may cause our actual results, performance, achievements or outcomes to be materially different from the future results, performance, achievements or outcomes expressed or implied by such forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of such statements should not be regarded as a representation by us or any other person that the results, performance, achievements or outcomes described in such statements will be achieved.

The following factors, among others, could cause our actual results, performance, achievements or outcomes to differ materially from those expressed or implied in the forward-looking statements: adverse effects on occupancy levels and rental revenues due to unfavorable market and economic conditions; adverse changes in real estate markets, including changes in supply and/or demand for multifamily housing or increased competition from alternative housing options; failure of development communities to be completed within budget and on a timely basis, if at all, to lease-up as anticipated or to achieve anticipated results; unexpected capital needs; material changes in operating costs, including real estate taxes, utilities and insurance costs, due to inflation and other factors; losses due to uninsured risks, deductibles and self-insured retentions, or losses from catastrophes in excess of coverage limits; ability to obtain financing at favorable rates, if at all, or refinance existing debt as it matures; level and volatility of interest or capitalization rates or capital market conditions; changes in the legal requirements we are subject to, or the imposition of new legal requirements, that adversely affect our operations; extreme weather and natural disasters; disease outbreaks and other public health events and measures that are taken by federal, state, and local governmental authorities in response to such outbreaks and events; legal proceedings or class action lawsuits; and other risks identified in our annual report on Form 10-K for the year ended December 31, 2024, our quarterly reports on Form 10-Q and other reports we file with the SEC from time to time.

5

Except as required by law, we undertake no obligation to publicly update or revise forward-looking statements contained in this release to reflect events, circumstances or changes in expectations after the date of this release.

FINANCIAL HIGHLIGHTS

Dollars in thousands, except per share data	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Rental and other property revenues	$	549,902		$	546,435		$	1,099,197		$	1,090,057
Net income available for MAA common shareholders	$	107,205		$	101,031		$	287,956		$	243,858
Total NOI (1)	$	335,248		$	340,639		$	683,190		$	686,459
Earnings per common share: (2)
Basic	$	0.92		$	0.86		$	2.46		$	2.09
Diluted	$	0.92		$	0.86		$	2.46		$	2.09
Funds from operations per Share - diluted: (2)
FFO (1)	$	2.19		$	2.06		$	4.39		$	4.47
Core FFO (1)	$	2.15		$	2.22		$	4.35		$	4.44
Core AFFO (1)	$	1.85		$	1.92		$	3.89		$	3.98
Dividends declared per common share	$	1.5150		$	1.4700		$	3.0300		$	2.9400
Dividends/Core FFO (diluted) payout ratio		70.5	%		66.2	%		69.7	%		66.2	%
Dividends/Core AFFO (diluted) payout ratio		81.9	%		76.6	%		77.9	%		73.9	%
Consolidated interest expense	$	45,111		$	41,265		$	90,272		$	81,626
Debt discount and debt issuance cost amortization		(1,624	)		(1,213	)		(3,241	)		(3,055	)
Capitalized interest		5,048			3,724			10,153			7,140
Total interest incurred	$	48,535		$	43,776		$	97,184		$	85,711

(1)The following reconciliations are found later in this release: (i) Net income available for MAA common shareholders to NOI; and (ii) Net income available for MAA common shareholders to FFO, Core FFO and Core AFFO.

(2)See the “Share and Unit Data” section for additional information.

Dollars in thousands, except share price	June 30, 2025		December 31, 2024
Gross Assets (1)	$	17,466,996	$	17,170,171
Gross Real Estate Assets (1)	$	17,228,793	$	16,924,002
Total debt	$	5,048,143	$	4,980,957
Common shares and units outstanding		120,021,067		119,958,973
Share price	$	148.01	$	154.57
Book equity value	$	6,090,400	$	6,147,664
Market equity value	$	17,764,318	$	18,542,058
Net Debt/Adjusted EBITDAre(2)	4.0x		4.0x

(1)Reconciliations of Total assets to Gross Assets and Real estate assets, net, to Gross Real Estate Assets are found later in this release.

(2)Adjusted EBITDAre is calculated for the trailing twelve month period for each date presented. The following reconciliations are found later in this release: (i) Unsecured notes payable, net and Secured notes payable, net to Net Debt; and (ii) Net income to EBITDA, EBITDAre and Adjusted EBITDAre.

6

CONSOLIDATED STATEMENTS OF OPERATIONS

Dollars in thousands, except per share data (Unaudited)	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Revenues:
Rental and other property revenues	$	549,902		$	546,435		$	1,099,197		$	1,090,057
Expenses:
Operating expenses, excluding real estate taxes and insurance		132,465			126,213			257,420			244,412
Real estate taxes and insurance		82,189			79,583			158,587			159,186
Depreciation and amortization		153,521			145,022			305,871			288,042
Total property operating expenses		368,175			350,818			721,878			691,640
Property management expenses		17,511			17,201			38,089			37,196
General and administrative expenses		12,813			12,671			28,432			29,716
Interest expense		45,111			41,265			90,272			81,626
Loss (gain) on sale of depreciable real estate assets		69			23			(71,842	)		25
Other non-operating (income) expense		(4,722	)		19,244			(5,556	)		(4,282	)
Income before income tax expense		110,945			105,213			297,924			254,136
Income tax expense		(600	)		(1,020	)		(1,638	)		(2,815	)
Income from continuing operations before real estate joint venture activity		110,345			104,193			296,286			251,321
Income from real estate joint venture		530			469			995			951
Net income		110,875			104,662			297,281			252,272
Net income attributable to noncontrolling interests		2,748			2,709			7,481			6,570
Net income available for shareholders		108,127			101,953			289,800			245,702
Dividends to MAA Series I preferred shareholders		922			922			1,844			1,844
Net income available for MAA common shareholders	$	107,205		$	101,031		$	287,956		$	243,858
Earnings per common share - basic:
Net income available for common shareholders	$	0.92		$	0.86		$	2.46		$	2.09
Earnings per common share - diluted:
Net income available for common shareholders	$	0.92		$	0.86		$	2.46		$	2.09

SHARE AND UNIT DATA

Shares and units in thousands	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Net Income Shares (1)
Weighted average common shares - basic		116,976		116,783		116,908		116,727
Effect of dilutive securities		187		—		241		—
Weighted average common shares - diluted		117,163		116,783		117,149		116,727
Funds From Operations Shares And Units
Weighted average common shares and units - basic		119,950		119,888		119,932		119,848
Weighted average common shares and units - diluted		120,015		119,944		119,995		119,901
Period End Shares And Units
Common shares at June 30,		117,071		116,858		117,071		116,858
Operating Partnership units at June 30,		2,950		3,094		2,950		3,094
Total common shares and units at June 30,		120,021		119,952		120,021		119,952

(1)For additional information on the calculation of diluted common shares and earnings per common share, please refer to the Notes to the Condensed Consolidated Financial Statements in MAA’s Quarterly Report on Form 10-Q for the three months ended June 30, 2025, expected to be filed with the SEC on or about July 31, 2025.

7

CONSOLIDATED BALANCE SHEETS

Dollars in thousands (Unaudited)
	June 30, 2025			December 31, 2024
Assets
Real estate assets:
Land	$	2,105,602		$	2,096,912
Buildings and improvements and other		14,468,733			14,160,799
Development and capital improvements in progress		484,955			470,282
		17,059,290			16,727,993
Less: Accumulated depreciation		(5,631,399	)		(5,327,584	)
		11,427,891			11,400,409
Undeveloped land		73,359			73,359
Investment in real estate joint venture		41,662			41,650
Real estate assets, net		11,542,912			11,515,418
Cash and cash equivalents		54,482			43,018
Restricted cash		13,634			13,743
Other assets		224,569			232,426
Assets held for sale		—			7,764
Total assets	$	11,835,597		$	11,812,369
Liabilities and equity
Liabilities:
Unsecured notes payable, net	$	4,687,813		$	4,620,690
Secured notes payable, net		360,330			360,267
Accrued expenses and other liabilities		697,054			683,748
Total liabilities		5,745,197			5,664,705
Redeemable common stock		21,135			22,230
Shareholders’ equity:
Preferred stock		9			9
Common stock		1,168			1,166
Additional paid-in capital		7,431,627			7,417,453
Accumulated distributions in excess of net income		(1,535,340	)		(1,469,557	)
Accumulated other comprehensive loss		(6,110	)		(6,940	)
Total MAA shareholders’ equity		5,891,354			5,942,131
Noncontrolling interests - Operating Partnership units		147,439			155,409
Total shareholders’ equity		6,038,793			6,097,540
Noncontrolling interests - consolidated real estate entities		30,472			27,894
Total equity		6,069,265			6,125,434
Total liabilities and equity	$	11,835,597		$	11,812,369

8

RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO FFO, CORE FFO, CORE AFFO AND FAD

Amounts in thousands, except per share and unit data	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Net income available for MAA common shareholders	$	107,205		$	101,031		$	287,956		$	243,858
Depreciation and amortization of real estate assets		152,149			143,623			303,140			285,214
Loss (gain) on sale of depreciable real estate assets		69			23			(71,842	)		25
MAA’s share of depreciation and amortization of real estate assets of real estate joint venture		167			154			331			309
Net income attributable to noncontrolling interests		2,748			2,709			7,481			6,570
FFO attributable to common shareholders and unitholders		262,338			247,540			527,066			535,976
(Gain) loss on embedded derivative in preferred shares (1)		(1,693	)		9,286			(1,283	)		(3,806	)
Loss (gain) on investments, net of tax (1)(2)		317			685			(337	)		(3,405	)
Casualty related (recoveries) charges, net (1)		(3,346	)		1,135			(3,568	)		(3,950	)
Legal costs, settlements and (recoveries), net (1)(3)		—			8,000			—			8,000
Core FFO attributable to common shareholders and unitholders		257,616			266,646			521,878			532,815
Recurring capital expenditures		(35,343	)		(36,341	)		(55,449	)		(55,275	)
Core AFFO attributable to common shareholders and unitholders		222,273			230,305			466,429			477,540
Redevelopment capital expenditures		(15,435	)		(11,624	)		(32,844	)		(20,998	)
Revenue enhancing capital expenditures		(20,104	)		(25,629	)		(35,292	)		(38,642	)
Commercial capital expenditures		(2,755	)		(1,867	)		(6,729	)		(3,070	)
Other capital expenditures (4)		(12,048	)		(12,912	)		(27,489	)		(22,115	)
FAD attributable to common shareholders and unitholders	$	171,931		$	178,273		$	364,075		$	392,715
Dividends and distributions paid	$	181,814		$	176,304		$	363,581		$	352,495
Weighted average common shares - diluted		117,163			116,783			117,149			116,727
FFO weighted average common shares and units - diluted		120,015			119,944			119,995			119,901
Earnings per common share - diluted:
Net income available for MAA common shareholders	$	0.92		$	0.86		$	2.46		$	2.09
FFO per Share - diluted	$	2.19		$	2.06		$	4.39		$	4.47
Core FFO per Share - diluted	$	2.15		$	2.22		$	4.35		$	4.44
Core AFFO per Share - diluted	$	1.85		$	1.92		$	3.89		$	3.98

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

(2)For the three months ended June 30, 2025 and 2024, loss on investments is presented net of tax benefit of $0.1 million and $0.2 million, respectively. For the six months ended June 30, 2025 and 2024, gain on investments is presented net of tax expense of $0.1 million and $0.9 million, respectively.

(3)During the three and six months ended June 30, 2024, in accordance with its accounting policies, MAA recognized $8.0 million of accrued legal defense costs that are expected to be incurred through July 2027.

(4)For the three and six months ended June 30, 2024, $0.9 million of reconstruction-related capital expenditures relating to storm costs that have been reimbursed through insurance coverage are excluded from other capital expenditures.

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RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO NET OPERATING INCOME

Dollars in thousands	Three Months Ended									Six Months Ended
	June 30, 2025			March 31, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Net income available for MAA common shareholders	$	107,205		$	180,751		$	101,031		$	287,956		$	243,858
Depreciation and amortization		153,521			152,350			145,022			305,871			288,042
Property management expenses		17,511			20,578			17,201			38,089			37,196
General and administrative expenses		12,813			15,619			12,671			28,432			29,716
Interest expense		45,111			45,161			41,265			90,272			81,626
Loss (gain) on sale of depreciable real estate assets		69			(71,911	)		23			(71,842	)		25
Other non-operating (income) expense		(4,722	)		(834	)		19,244			(5,556	)		(4,282	)
Income tax expense		600			1,038			1,020			1,638			2,815
Income from real estate joint venture		(530	)		(465	)		(469	)		(995	)		(951	)
Net income attributable to noncontrolling interests		2,748			4,733			2,709			7,481			6,570
Dividends to MAA Series I preferred shareholders		922			922			922			1,844			1,844
Total NOI	$	335,248		$	347,942		$	340,639		$	683,190		$	686,459
Same Store NOI	$	319,612		$	332,795		$	328,310		$	652,407		$	662,954
Non-Same Store and Other NOI		15,636			15,147			12,329			30,783			23,505
Total NOI	$	335,248		$	347,942		$	340,639		$	683,190		$	686,459

RECONCILIATION OF NET INCOME TO EBITDA, EBITDAre AND ADJUSTED EBITDAre

Dollars in thousands	Three Months Ended					Twelve Months Ended
	June 30, 2025			June 30, 2024		June 30, 2025			December 31, 2024
Net income	$	110,875		$	104,662	$	586,585		$	541,576
Depreciation and amortization		153,521			145,022		603,445			585,616
Interest expense		45,111			41,265		177,190			168,544
Income tax expense		600			1,020		4,063			5,240
EBITDA		310,107			291,969		1,371,283			1,300,976
Loss (gain) on sale of depreciable real estate assets		69			23		(126,870	)		(55,003	)
Gain on consolidation of third-party development (1)		—			—		(11,239	)		(11,239	)
Adjustments to reflect MAA’s share of EBITDAre of unconsolidated affiliates		351			339		1,384			1,363
EBITDAre		310,527			292,331		1,234,558			1,236,097
(Gain) loss on embedded derivative in preferred shares (1)		(1,693	)		9,286		21,274			18,751
Loss (gain) on investments (1)		397			859		(3,908	)		(7,809	)
Casualty related (recoveries) charges, net (1)		(3,346	)		1,135		(8,944	)		(9,326	)
Legal costs, settlements and (recoveries), net (1)(2)		—			8,000		1,437			9,437
Adjusted EBITDAre	$	305,885		$	311,611	$	1,244,417		$	1,247,150

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

(2)During the three months ended June 30, 2024 and twelve months ended December 31, 2024, in accordance with its accounting policies, MAA recognized $8.0 million of accrued legal defense costs that are expected to be incurred through July 2027.

RECONCILIATION OF UNSECURED NOTES PAYABLE, NET AND SECURED NOTES PAYABLE, NET TO NET DEBT

Dollars in thousands
	June 30, 2025			December 31, 2024
Unsecured notes payable, net	$	4,687,813		$	4,620,690
Secured notes payable, net		360,330			360,267
Total debt		5,048,143			4,980,957
Cash and cash equivalents		(54,482	)		(43,018	)
Net Debt	$	4,993,661		$	4,937,939

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RECONCILIATION OF TOTAL ASSETS TO GROSS ASSETS

Dollars in thousands
	June 30, 2025		December 31, 2024
Total assets	$	11,835,597	$	11,812,369
Accumulated depreciation		5,631,399		5,327,584
Accumulated depreciation for Assets held for sale (1)		—		30,218
Gross Assets	$	17,466,996	$	17,170,171

(1)Included in Assets held for sale in the Consolidated Balance Sheets.

RECONCILIATION OF REAL ESTATE ASSETS, NET TO GROSS REAL ESTATE ASSETS

Dollars in thousands
	June 30, 2025		December 31, 2024
Real estate assets, net	$	11,542,912	$	11,515,418
Accumulated depreciation		5,631,399		5,327,584
Assets held for sale, net		—		7,764
Accumulated depreciation for Assets held for sale (1)		—		30,218
Cash and cash equivalents		54,482		43,018
Gross Real Estate Assets	$	17,228,793	$	16,924,002

(1)Included in Assets held for sale in the Consolidated Balance Sheets.

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NON-GAAP FINANCIAL MEASURES

Adjusted EBITDAre

For purposes of calculations in this release, Adjusted Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or Adjusted EBITDAre, represents EBITDAre further adjusted for items that are not considered part of MAA’s core operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares, gain or loss on sale of non-depreciable assets, gain or loss on investments, casualty related charges (recoveries), net, gain or loss on debt extinguishment and legal costs, settlements and (recoveries), net. As an owner and operator of real estate, MAA considers Adjusted EBITDAre to be an important measure of performance from core operations because Adjusted EBITDAre excludes various income and expense items that are not indicative of operating performance. MAA’s computation of Adjusted EBITDAre may differ from the methodology utilized by other companies to calculate Adjusted EBITDAre. Adjusted EBITDAre should not be considered as an alternative to Net income as an indicator of operating performance.

Core Adjusted Funds from Operations (Core AFFO)

Core AFFO is composed of Core FFO less recurring capital expenditures. Because net income attributable to noncontrolling interests is added back, Core AFFO, when used in this release, represents Core AFFO attributable to common shareholders and unitholders. Core AFFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. As an owner and operator of real estate, MAA considers Core AFFO to be an important measure of performance from operations because Core AFFO measures the ability to control revenues, expenses and recurring capital expenditures.

Core Funds from Operations (Core FFO)

Core FFO represents FFO as adjusted for items that are not considered part of MAA’s core business operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares; gain or loss on sale of non-depreciable assets; gain or loss on investments, net of tax; casualty related charges (recoveries), net; gain or loss on debt extinguishment; legal costs, settlements and (recoveries), net, and mark-to-market debt adjustments. Because net income attributable to noncontrolling interests is added back, Core FFO, when used in this release, represents Core FFO attributable to common shareholders and unitholders. While MAA's definition of Core FFO may be similar to others in the industry, MAA’s methodology for calculating Core FFO may differ from that utilized by other REITs and, accordingly, may not be comparable to such other REITs. Core FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. MAA believes that Core FFO is helpful in understanding its core operating performance between periods in that it removes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.

EBITDA

For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization, or EBITDA, is composed of net income plus depreciation and amortization, interest expense, and income taxes. As an owner and operator of real estate, MAA considers EBITDA to be an important measure of performance from core operations because EBITDA excludes various expense items that are not indicative of operating performance. EBITDA should not be considered as an alternative to Net income as an indicator of operating performance.

EBITDAre

For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or EBITDAre, is composed of EBITDA further adjusted for the gain or loss on sale of depreciable assets, gain on consolidation of third-party development and adjustments to reflect MAA’s share of EBITDAre of an unconsolidated affiliate. As an owner and operator of real estate, MAA considers EBITDAre to be an important measure of performance from core operations because EBITDAre excludes various expense items that are not indicative of operating performance. While MAA’s definition of EBITDAre is in accordance with NAREIT’s definition, it may differ from the methodology utilized by other companies to calculate EBITDAre. EBITDAre should not be considered as an alternative to Net income as an indicator of operating performance.

Funds Available for Distribution (FAD)

FAD is composed of Core FFO less total capital expenditures, excluding development spending, property acquisitions, capital expenditures relating to significant casualty losses that management expects to be reimbursed by insurance proceeds and corporate related capital expenditures. Because net income attributable to noncontrolling interests is added back, FAD, when used in this release, represents FAD attributable to common shareholders and unitholders. FAD should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. As an owner and operator of real estate, MAA considers FAD to be an important measure of performance from core operations because FAD measures the ability to control revenues, expenses and capital expenditures.

Funds From Operations (FFO)

FFO represents net income available for MAA common shareholders (calculated in accordance with GAAP) excluding gain or loss on disposition of operating properties, asset impairment and gain on consolidation of third-party development, plus depreciation and amortization of real estate assets, net income attributable to noncontrolling interests and adjustments for joint ventures. Because net income attributable to noncontrolling interests is added back, FFO, when used in this release, represents FFO attributable to common shareholders and unitholders. While MAA’s definition of FFO is in accordance with NAREIT’s definition, it may differ from the methodology for calculating FFO utilized by other companies and, accordingly, may not be comparable to such other companies. FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. MAA believes that FFO is helpful in understanding operating performance in that FFO excludes depreciation and amortization of real estate assets. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

Gross Assets

Gross Assets represents Total assets plus Accumulated depreciation and Accumulated depreciation for Assets held for sale. MAA believes that Gross Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

Gross Real Estate Assets

Gross Real Estate Assets represents Real estate assets, net plus Accumulated depreciation, Assets held for sale, net, Accumulated depreciation for Assets held for sale, Cash and cash equivalents and 1031(b) exchange proceeds included in Restricted cash. MAA believes that Gross Real Estate Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

Net Debt

Net Debt represents Unsecured notes payable,net and Secured notes payable,net less Cash and cash equivalents and 1031(b) exchange proceeds included in Restricted cash. MAA believes Net Debt is a helpful tool in evaluating its debt position.

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NON-GAAP FINANCIAL MEASURES (Continued)

Net Operating Income (NOI)

Net Operating Income represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties held during the period, regardless of their status as held for sale. NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

Non-Same Store and Other NOI

Non-Same Store and Other NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties classified within the Non-Same Store and Other Portfolio during the period. Non-Same Store and Other NOI includes storm-related expenses related to severe weather events, including hurricanes and winter storms. Non-Same Store and Other NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes Non-Same Store and Other NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

Same Store NOI

Same Store NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties classified within the Same Store Portfolio during the period. Same Store NOI excludes storm-related expenses related to severe weather events, including hurricanes and winter storms. Same Store NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes Same Store NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

OTHER KEY DEFINITIONS

Average Effective Rent per Unit

Average Effective Rent per Unit represents the average of gross rent amounts after the effect of leasing concessions for occupied units plus prevalent market rates asked for unoccupied units, divided by the total number of units. Leasing concessions represent discounts to the current market rate. MAA believes average effective rent is a helpful measurement in evaluating average pricing. It does not represent actual rental revenue collected per unit.

Average Physical Occupancy

Average Physical Occupancy represents the average of the daily physical occupancy for an applicable period.

Development Communities

Communities remain identified as development until certificates of occupancy are obtained for all units under development. Once all units are delivered and available for occupancy, the community moves into the Lease-up Communities portfolio.

Effective Blended Lease Rate Growth

Effective Blended Lease Rate Growth represents the combined weighted average of Effective New Lease Rate Growth and Effective Renewal Lease Rate Growth from our Same Store Portfolio for the applicable period.

Effective New Lease Rate Growth

Effective New Lease Rate Growth represents the growth in gross rent amounts after the effect of leasing concessions for new leases from our Same Store Portfolio that were effective during the applicable period as compared to the prior lease.

Effective Renewal Lease Rate Growth

Effective Renewal Lease Rate Growth represents the growth in gross rent amounts after the effect of leasing concessions for renewal leases from our Same Store Portfolio that were effective during the applicable period as compared to the prior lease.

Lease-up Communities

New acquisitions acquired during lease-up and newly developed communities remain in the Lease-up Communities portfolio until stabilized. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.

Non-Same Store and Other Portfolio

Non-Same Store and Other Portfolio includes recently acquired communities, communities in development or lease-up, communities that have been disposed of or identified for disposition, communities that have experienced a significant casualty loss, stabilized communities that do not meet the requirements defined by the Same Store Portfolio, retail properties and commercial properties.

Resident Turnover

Resident turnover represents resident move outs excluding transfers within the Same Store Portfolio as a percentageof expiring leases on a trailing twelve month basis as of the end of the reported quarter.

Same Store Portfolio (or Same Store)

MAA reviews its Same Store Portfolio at the beginning of each calendar year, or as significant transactions or events warrant. Communities are generally added into the Same Store Portfolio if they were owned and stabilized at the beginning of the previous year. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days. Communities that have been approved by MAA’s Board of Directors for disposition are excluded from the Same Store Portfolio. Communities that have experienced a significant casualty loss are also excluded from the Same Store Portfolio.

CONTACT: Investor Relations of MAA, 866-576-9689 (toll free), investor.relations@maac.com

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