Mid-America Apartment Communities (MAA) investor relations material

Opening remarks and investment rationale

• Focus on diversified multifamily assets in high-growth Sun Belt and other U.S. markets, emphasizing value, stability, and a 30+ year track record of public market outperformance.

• Portfolio delivers strong Core FFO and TSR with lower volatility, high cap rates, and low multiples, supported by robust demand drivers and positive migration trends.

• Dividend yield is robust, never suspended or reduced since 1994, with a 6.4% 10-year CAGR and supported by an A- rated balance sheet.

• Growth prospects are driven by reduced new supply, strong demand fundamentals like job and wage growth, and a significant affordability gap between homeownership and renting.

• Ongoing investments in redevelopment, new development, and technology aim to enhance returns, margins, and sustainability.

Market trends and operational performance

• Expectation for blended pricing growth of 1%-1.5% in 2026, with normal seasonality and steady demand.

• Lease exposure metrics have improved, supporting more aggressive pricing in certain unit types and markets.

• Market-level occupancies are about 200 basis points above the trough, with positive net absorption and declining concessions; maintained high occupancy (95.3–95.9%) and strong resident retention.

• Dallas and Atlanta show early pricing power, while Austin, Phoenix, Raleigh, and Charlotte are lagging in recovery.

• Renewal rates vary by market, averaging over 5%, with retention rates stable and turnover near record lows.

Demand, demographics, and affordability

• Demand is tracked via lead volume, exposure, and closing ratios, all trending positively year-over-year.

• Retention is supported by affordability gaps in the for-sale market and secular demographic trends like delayed family formation.

• Rent-to-income ratio is at 20%, down from 23% a few years ago, indicating improved affordability.

• Resident demographics have shifted slightly older and more female, with a high proportion of singles and dog owners.

• Wage growth in the region exceeds 5%, supporting rent increases.