MAA REPORTS THIRD QUARTER 2026 RESULTS

GERMANTOWN, Tenn., Oct. 28, 2026 /PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the three and nine months ended September 30, 2026.

Brad Hill, President and Chief Executive Officer, said, "Third quarter Core FFO met our expectations as we built occupancy through the quarter and expense management remained disciplined. Our focus on resident service and satisfaction supports sector-leading results, with renewing resident lease pricing increasing 80 basis points year-over-year to 5.3%, and record retention. Our revised forecast reflects higher interest rates and new resident year-over-year pricing improvement occurring about a quarter later than we expected, impacting our blended pricing and occupancy as we built occupancy through the quarter. With stable occupancy and strong market absorption, October new resident lease pricing improved from September, counter to the normal seasonal pattern, resulting in the year's first year-over-year improvement in new resident lease-over-lease pricing, and October blended pricing accelerated more than 100 basis points year-over-year. These trends support our continued optimism that pricing trends will grow increasingly positive into the new year."

• During the third quarter of 2026, MAA's Same Store effective blended lease rate growth was 0.4%, a 10 basis point improvement over the same period in the prior year driven by an 80 basis point improvement in renewal lease pricing. 
• As of September 30, 2026, resident turnover in the Same Store Portfolio remained historically low at 39.6% with a record low level of move-outs associated with buying single-family homes of 10.1% for the quarter.
• During the third quarter of 2026, MAA completed the initial lease-up of MAA Val Vista in the Phoenix, Arizona market and MAA Breakwater in Tampa, Florida, completed the development of MAA Milepost II located in Denver, Colorado and began construction of multifamily apartment communities in the Northern Virginia and Nashville, Tennessee markets as well as a phase II multifamily expansion in the Kansas City market.
• During the third quarter of 2026, Mid-America Apartments, L.P. (MAALP), MAA's operating partnership, borrowed an additional $250.0 million under its unsecured delayed draw term loan (referred to in this release as the DDTL Facility) that was established in June 2026.  As of September 30, 2026, there was $350.0 million outstanding under the DDTL Facility.
• On October 1, 2026, MAA redeemed all of the outstanding shares of MAA's 8.50% Series I Cumulative Redeemable Preferred Stock (referred to in this release as the Series I preferred shares), with $43.4 million of cash funded from proceeds received from the sale of 0.3 million shares of common stock through MAA's at-the-market share offering program upon settlement in September 2026 of a forward sale agreement that had a forward sale price of $130.34 per share.
• During the third quarter of 2026, MAA repurchased 0.4 million shares of its common stock at a weighted average share price of $126.72 for total consideration of $50.0 million.

Same Store Operating Results
Same Store results for the three and nine months ended September 30, 2026 as compared to the same periods in the prior year are summarized below:

Same Store operating statistics for the three and nine months ended September 30, 2026 are summarized below:

Same Store net effective lease pricing statistics for the three and nine months ended September 30, 2026 are summarized below:

Acquisition and Disposition Activity
In July 2026, MAA closed on the acquisition of a land parcel located in the Northern Virginia market through its pre-purchase development program and began development of a 306-unit multifamily apartment community at the property in August 2026.

In September 2026, a 269-unit multifamily apartment community located in Washington, D.C. was sold for gross proceeds of approximately $147 million. MAA holds a 35% interest in the joint venture that owned the property. The joint venture has no ongoing operations and is expected to distribute the net proceeds during the fourth quarter of 2026.

Development and Lease-up Activity
A summary of MAA's development communities under construction as of the end of the third quarter of 2026 is set forth below (dollars in thousands):

During the third quarter of 2026, MAA completed the development of MAA Milepost II in Denver, Colorado and began construction of multifamily apartment communities in the Northern Virginia and Nashville, Tennessee markets as well as a phase II multifamily expansion in the Kansas City market. 

MAA funded approximately $84 million of costs for current and planned development projects, including predevelopment activities, during the third quarter of 2026.

A summary of the total units, physical occupancy and cost of MAA's lease-up communities as of the end of the third quarter of 2026 is set forth below (dollars in thousands):

During the third quarter of 2026, MAA completed the lease-up of MAA Val Vista in the Phoenix, Arizona market and MAA Breakwater in Tampa, Florida.

Balance Sheet and Financing Activities
As of September 30, 2026, MAA had $660.7 million of combined cash and available capacity under MAALP's unsecured revolving credit facility.

During the third quarter of 2026, MAALP borrowed an additional $250.0 million on its DDTL Facility that was established in June 2026. The DDTL Facility is scheduled to mature in November 2030 and also contains an uncommitted accordion feature that allows MAALP to increase the total amount of unsecured indebtedness under the DDTL Facility to $550.0 million. As of September 30, 2026, there was $350.0 million outstanding under the DDTL Facility.

On October 1, 2026, MAA redeemed all of the outstanding Series I preferred shares with $43.4 million of cash funded from proceeds received from the sale of 0.3 million shares of common stock through MAA's at-the-market share offering program upon settlement in September 2026 of a forward sale agreement that had a forward sale price of $130.34 per share.

During the third quarter of 2026, MAA repurchased 0.4 million shares of its common stock at a weighted average share price of $126.72 for total consideration of $50.0 million.

Dividends and distributions paid on shares of common stock and noncontrolling interests during the third quarter of 2026 were $182.0 million, as compared to $181.8 million for the same period in the prior year.

Balance sheet highlights as of September 30, 2026 are summarized below (dollars in billions):

131st Consecutive Quarterly Common Dividend Declared
MAA declared its 131st consecutive quarterly common dividend, which will be paid on October 30, 2026 to holders of record on October 15, 2026. The current annual dividend rate is $6.12 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.

2026 Earnings and Same Store Guidance 
MAA is updating its prior 2026 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 2026 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.

MAA expects Core FFO for the fourth quarter of 2026 to be in the range of $2.12 to $2.24 per diluted Share, or $2.18 per diluted Share at the midpoint. The projected difference from Core FFO per diluted Share for the third quarter of 2026 to the midpoint of MAA's guidance for the fourth quarter of 2026 is summarized below:

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 third quarter results on October 29, 2026, at 9:00 AM Central Time. The conference call-in number is (833) 461-5787. 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 September 30, 2026, MAA had ownership interest in 105,136 apartment units, including communities in development, across 16 states. For further details, please visit the MAA website at www.maac.com or contact Investor Relations at [email protected], 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. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private 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 quarterly and full year 2026 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, 2025, filed with the SEC on February 6, 2026, our quarterly reports on Form 10-Q, other reports we file with the SEC and in other documents that we publicly disseminate.

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.