Mid-America Apartment Communities (MAA) investor relations material

Strategic Focus and Market Positioning

• Focused on long-term total shareholder return through high-quality earnings and dividend growth, primarily in high-demand Sun Belt and similar markets, with 74% of the portfolio in large markets and 76% suburban exposure; top markets include Atlanta, Dallas, Orlando, and Tampa.

• Maintains broad diversification across large and mid-tier markets to optimize returns and reduce volatility.

• Demonstrated strong long-term performance, though recent years faced challenges from record supply levels.

Market Trends and Recovery Outlook

• Experiencing robust demand drivers such as job growth, household formation, positive migration trends, and a significant affordability gap between rents and mortgage payments.

• Multifamily supply has declined for 12 consecutive quarters, with new starts below long-term averages, supporting a multi-year recovery outlook and occupancy recovery to pre-pandemic levels (93% as of March 2026).

• Blended lease rates and new lease rates are rising, with May showing the highest average blended lease pricing in nearly two years and blended pricing growth up 140 bps from Q1 2026.

• As supply pressure eases and concessions expire, effective rent growth is expected to improve, with blended lease pricing and occupancy trends in line with expectations.

Operational Performance and Growth Initiatives

• Effective rent performance has consistently outpaced peers, supported by strong occupancy and renewals.

• Disciplined expense control and ongoing initiatives to optimize personnel costs have led to outperformance versus peers.

• Growth initiatives include a robust unit redevelopment program targeting 7,000 units in 2024, property repositioning, and a property-wide Wi-Fi rollout.

• Redevelopment and repositioning programs deliver strong returns, with unit upgrades yielding 18.5%-20.5% annualized cash returns and property repositioning projects achieving 14% cash-on-cash returns.