EX-99.23maa-ex99_2.htmEX-99.2 EX-99.2

Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT MARCH 31, 2026 (1)

In apartment units

Same

Store

Stabilized Non-Same

Store

Lease-up

Total

Completed

Communities

Development

Units

Delivered

Total

Atlanta, GA

11,434

340

—

11,774

—

11,774

Dallas, TX

9,523

594

386

10,503

—

10,503

Austin, TX

7,179

—

7,179

—

7,179

Charlotte, NC

5,707

640

239

6,586

173

6,759

Orlando, FL

5,907

310

—

6,217

—

6,217

Raleigh/Durham, NC

5,156

500

406

6,062

—

6,062

Tampa, FL

5,416

—

495

5,911

—

5,911

Houston, TX

4,859

—

4,859

—

4,859

Nashville, TN

4,375

—

4,375

—

4,375

Fort Worth, TX

3,687

—

3,687

—

3,687

Phoenix, AZ

3,291

317

3,608

—

3,608

Jacksonville, FL

3,496

—

3,496

—

3,496

Charleston, SC

3,168

—

3,168

—

3,168

Greenville, SC

2,354

—

2,354

—

2,354

Northern Virginia

1,888

—

1,888

—

1,888

Savannah, GA

1,837

—

1,837

—

1,837

Memphis, TN

1,193

618

—

1,811

—

1,811

Richmond, VA

1,732

—

1,732

—

1,732

San Antonio, TX

1,504

—

1,504

—

1,504

Denver, CO

1,118

352

—

1,470

1,514

Birmingham, AL

1,462

—

1,462

—

1,462

Fredericksburg, VA

1,435

—

1,435

—

1,435

Kansas City, MO-KS

1,110

318

—

1,428

—

1,428

Huntsville, AL

1,228

—

1,228

—

1,228

Other

6,502

496

—

6,998

—

6,998

Total Multifamily Units

96,561

4,168

1,843

102,572

217

102,789

(1)

Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C.

Supplemental Data S-1

PORTFOLIO STATISTICS (CONTINUED)

TOTAL MULTIFAMILY COMMUNITY STATISTICS (1)

Dollars in thousands, except Average Effective Rent per Unit

As of March 31, 2026

Average

Effective

As of March 31, 2026

Gross Real

Assets

Percent to

Total of

Gross Real

Assets

Physical

Occupancy

Rent per

Unit for

the Three

Months Ended

March 31, 2026

Completed

Units

Total Units,

Including

Development

Atlanta, GA

2,245,678

13.1

95.3

1,788

11,774

Dallas, TX

1,660,888

9.7

94.9

1,660

10,117

Charlotte, NC

1,289,844

7.5

95.7

1,639

6,347

Orlando, FL

1,143,575

6.6

96.1

1,974

6,217

Tampa, FL

1,050,162

6.1

96.0

2,083

5,416

Austin, TX

993,279

5.8

95.1

1,472

7,179

Raleigh/Durham, NC

836,557

4.9

95.3

1,516

5,656

Houston, TX

712,706

4.1

96.1

1,455

4,859

Phoenix, AZ

608,917

3.5

95.8

1,691

3,291

Northern Virginia

588,876

3.4

95.8

2,570

1,888

Nashville, TN

582,071

3.4

96.0

1,653

4,375

Charleston, SC

454,652

2.6

95.5

1,842

3,168

Denver, CO

427,082

2.5

94.8

1,958

1,470

Fort Worth, TX

415,833

2.4

95.5

1,581

3,687

Jacksonville, FL

337,012

2.0

95.4

1,467

3,496

Kansas City, MO-KS

297,641

1.7

95.7

1,711

1,428

Richmond, VA

270,727

1.6

96.0

1,724

1,732

Fredericksburg, VA

263,504

1.5

95.7

1,970

1,435

Greenville, SC

253,679

1.5

95.2

1,372

2,354

Savannah, GA

236,109

1.4

95.1

1,686

1,837

Birmingham, AL

178,950

1.0

95.2

1,439

1,462

San Antonio, TX

175,740

1.0

95.6

1,316

1,504

All Other Markets by State (individual markets <1% gross real assets)

Tennessee

218,514

1.3

95.0

1,311

2,754

Florida

203,075

1.2

95.3

1,853

1,806

Alabama

192,932

1.1

94.5

1,346

1,648

Virginia

175,325

1.0

95.3

1,867

1,039

Kentucky

110,635

0.6

96.3

1,319

1,308

Utah

94,639

0.5

92.5

1,606

400

Maryland

86,687

0.5

95.6

2,373

361

Nevada

77,575

0.5

95.1

1,604

721

Stabilized Communities

16,182,864

94.0

95.5

1,683

100,729

Charlotte, NC

216,969

1.3

20.0

1,855

412

541

Phoenix, AZ

200,151

1.2

88.6

1,725

317

942

Tampa, FL

193,897

1.1

71.5

2,979

495

Raleigh/Durham, NC

143,024

0.8

48.3

1,744

406

Dallas, TX

107,097

0.6

89.1

1,652

386

Richmond, VA

69,250

0.4

—

306

Denver, CO

62,351

0.4

—

219

Charleston, SC

39,745

0.2

—

336

Lease-up / Development Communities

1,032,484

6.0

54.3

2,049

2,060

3,631

Total Multifamily Communities

17,215,348

100.0

94.5

1,690

102,789

104,360

(1)

Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C. As of March 31, 2026, the gross investment in real estate for this community was $83.5 million and includes a mortgage note payable of $52.0 million. For the three months ended March 31, 2026, this apartment community achieved NOI of $2.2 million.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

Three Months Ended

As of March 31, 2026

March 31, 2026

March 31, 2025

Percent

Change

Apartment Units

Gross Real Assets

Operating Revenues

Same Store Communities

516,980

518,827

-0.4

96,561

15,313,935

Non-Same Store Communities

22,050

21,239

4,168

868,929

Lease-up/Development Communities

7,732

2,459

2,060

1,032,484

Total Multifamily Portfolio

546,762

542,525

102,789

17,215,348

Commercial Property/Land

6,963

6,770

—

437,795

T1Total Operating Revenues

553,725

549,295

102,789

17,653,143

Property Operating Expenses

Same Store Communities

188,284

185,911

1.3

Non-Same Store Communities

9,211

10,106

Lease-up/Development Communities

5,094

2,222

Total Multifamily Portfolio

202,589

198,239

Commercial Property/Land

2,983

3,114

Total Property Operating Expenses

205,572

201,353

Net Operating Income

Same Store Communities

328,696

332,916

-1.3

Non-Same Store Communities

12,839

11,133

Lease-up/Development Communities

2,638

237

Total Multifamily Portfolio

344,173

344,286

Commercial Property/Land

3,980

3,656

Total Net Operating Income

348,153

347,942

0.1

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

Three Months Ended

March 31, 2026

March 31, 2025

Percent Change

Property Taxes

64,935

63,188

2.8

Personnel

41,858

41,561

0.7

Utilities

34,985

33,853

3.3

Building Repair and Maintenance

24,196

23,871

1.4

Office Operations

7,675

8,185

(6.2

Insurance

7,754

8,442

(8.1

Marketing

6,881

6,811

1.0

Total Property Operating Expenses

188,284

185,911

1.3

Supplemental Data S-3

MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE

Average Physical Occupancy

Percent of

Three Months Ended

Apartment Units

Same Store NOI

March 31, 2026

March 31, 2025

Atlanta, GA

11,434

12.2

95.6

95.4

Dallas, TX

9,523

9.4

95.1

95.2

Orlando, FL

5,907

7.3

95.8

95.6

Tampa, FL

5,416

7.1

96.1

Charlotte, NC

5,707

6.2

95.8

95.9

Austin, TX

7,179

5.6

95.2

95.0

Raleigh/Durham, NC

5,156

5.1

95.0

95.6

Nashville, TN

4,375

4.8

95.8

Phoenix, AZ

3,291

3.9

96.2

95.6

Charleston, SC

3,168

3.8

95.6

Houston, TX

4,859

3.8

96.0

95.5

Fort Worth, TX

3,687

3.7

95.4

95.0

Northern Virginia

1,888

3.2

95.8

96.7

Jacksonville, FL

3,496

2.8

95.1

95.9

Greenville, SC

2,354

2.1

95.7

95.9

Richmond, VA

1,732

2.0

95.9

96.2

Fredericksburg, VA

1,435

1.9

95.8

97.0

Savannah, GA

1,837

1.9

95.3

Denver, CO

1,118

1.3

94.4

94.8

Birmingham, AL

1,462

1.2

95.4

96.3

Kansas City, MO-KS

1,110

1.2

95.4

95.1

San Antonio, TX

1,504

1.1

94.8

95.2

Memphis, TN

1,193

1.1

95.5

94.9

Huntsville, AL

1,228

0.9

92.8

94.6

Other

6,502

6.4

95.5

95.4

Total Same Store

96,561

100.0

95.5

95.6

Supplemental Data S-4

MULTIFAMILY SAME STORE PORTFOLIO QUARTER OVER QUARTER COMPARISONS

Dollars in thousands, except Average Effective Rent per Unit

Revenues

Expenses

NOI

Average Effective Rent per Unit

Units

Q1 2026

Q1 2025

% Chg

Q1 2026

Q1 2025

% Chg

Q1 2026

Q1 2025

% Chg

Q1 2026

Q1 2025

% Chg

Atlanta, GA

11,434

64,385

64,628

(0.4

24,322

23,121

5.2

40,063

41,507

(3.5

1,787

1,793

(0.3

Dallas, TX

9,523

50,285

50,001

0.6

19,505

20,194

(3.4

30,780

29,807

3.3

1,677

1,666

0.7

Orlando, FL

5,907

36,762

36,958

(0.5

12,858

13,190

(2.5

23,904

23,768

0.6

1,978

1,985

(0.4

Tampa, FL

5,416

35,791

35,984

(0.5

12,371

12,630

(2.1

23,420

23,354

0.3

2,083

2,091

(0.4

Charlotte, NC

5,707

29,566

29,908

(1.1

9,031

9,024

0.1

20,535

20,884

(1.7

1,644

1,656

(0.7

Austin, TX

7,179

34,332

35,579

(3.5

15,871

15,381

3.2

18,461

20,198

(8.6

1,472

1,547

(4.9

Raleigh/Durham, NC

5,156

24,990

25,418

(1.7

8,081

8,117

(0.4

16,909

17,301

(2.3

1,515

1,532

(1.1

Nashville, TN

4,375

23,029

23,370

(1.5

7,340

7,699

(4.7

15,689

15,671

0.1

1,653

1,675

(1.3

Phoenix, AZ

3,291

17,932

17,899

0.2

5,176

4,978

4.0

12,756

12,921

(1.3

1,691

1,718

(1.6

Charleston, SC

3,168

18,413

18,121

1.6

5,912

5,820

1.6

12,501

12,301

1.6

1,842

1,817

1.4

Houston, TX

4,859

22,781

22,549

1.0

10,398

10,036

3.6

12,383

12,513

(1.0

1,455

1,444

0.7

Fort Worth, TX

3,687

19,370

19,284

0.4

7,254

6,593

10.0

12,116

12,691

(4.5

1,581

1,580

0.0

Northern Virginia

1,888

15,104

14,918

1.2

4,617

4,544

1.6

10,487

10,374

1.1

2,570

2,513

2.3

Jacksonville, FL

3,496

15,534

15,970

(2.7

6,171

6,063

1.8

9,363

9,907

(5.5

1,467

1,486

(1.3

Greenville, SC

2,354

10,673

10,426

2.4

3,785

3,798

(0.3

6,888

6,628

3.9

1,372

1,336

2.7

Richmond, VA

1,732

9,423

9,065

3.9

2,918

2,873

1.6

6,505

6,192

5.1

1,724

1,680

2.6

Fredericksburg, VA

1,435

9,013

8,863

1.7

2,662

2,557

4.1

6,351

6,306

0.7

1,970

1,909

3.2

Savannah, GA

1,837

9,977

10,109

(1.3

3,791

3,543

7.0

6,186

6,566

(5.8

1,686

1,705

(1.1

Denver, CO

1,118

6,536

6,934

(5.7

2,274

2,030

12.0

4,262

4,904

(13.1

1,903

1,951

(2.4

Birmingham, AL

1,462

6,950

6,882

1.0

2,831

2,708

4.5

4,119

4,174

(1.3

1,439

1,403

2.6

Kansas City, MO-KS

1,110

5,932

5,737

3.4

2,112

2,074

1.8

3,820

3,663

4.3

1,684

1,638

2.8

San Antonio, TX

1,504

6,328

6,521

(3.0

2,745

2,551

7.6

3,583

3,970

(9.7

1,316

1,354

(2.8

Memphis, TN

1,193

5,399

5,405

(0.1

1,877

2,238

(16.1

3,522

3,167

11.2

1,414

1,433

(1.3

Huntsville, AL

1,228

5,056

5,277

(4.2

2,107

1,905

10.6

2,949

3,372

(12.5

1,254

1,286

(2.5

Other

6,502

33,419

33,021

1.2

12,275

12,244

0.3

21,144

20,777

1.8

1,637

1,616

1.3

Total Same Store

96,561

516,980

518,827

(0.4

188,284

185,911

1.3

328,696

332,916

(1.3

1,685

1,690

(0.3

Supplemental Data S-5

MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except Average Effective Rent per Unit

Revenues

Expenses

NOI

Average Effective Rent per Unit

Units

Q1 2026

Q4 2025

% Chg

Q1 2026

Q4 2025

% Chg

Q1 2026

Q4 2025

% Chg

Q1 2026

Q4 2025

% Chg

Atlanta, GA

11,434

64,385

64,566

(0.3

24,322

25,023

(2.8

40,063

39,543

1.3

1,787

1,788

(0.1

Dallas, TX

9,523

50,285

50,226

0.1

19,505

20,376

(4.3

30,780

29,850

3.1

1,677

1,673

0.3

Orlando, FL

5,907

36,762

36,976

(0.6

12,858

12,203

5.4

23,904

24,773

(3.5

1,978

1,980

(0.1

Tampa, FL

5,416

35,791

35,893

(0.3

12,371

12,625

(2.0

23,420

23,268

0.7

2,083

2,091

(0.4

Charlotte, NC

5,707

29,566

29,838

(0.9

9,031

9,292

(2.8

20,535

20,546

(0.1

1,644

1,649

(0.3

Austin, TX

7,179

34,332

34,556

(0.6

15,871

16,707

(5.0

18,461

17,849

3.4

1,472

1,481

(0.6

Raleigh/Durham, NC

5,156

24,990

25,244

(1.0

8,081

8,251

(2.1

16,909

16,993

(0.5

1,515

1,519

(0.3

Nashville, TN

4,375

23,029

23,125

(0.4

7,340

7,446

(1.4

15,689

15,679

0.1

1,653

1,660

(0.4

Phoenix, AZ

3,291

17,932

17,911

0.1

5,176

4,949

4.6

12,756

12,962

(1.6

1,691

1,697

(0.4

Charleston, SC

3,168

18,413

18,484

(0.4

5,912

5,755

2.7

12,501

12,729

(1.8

1,842

1,843

(0.0

Houston, TX

4,859

22,781

22,796

(0.1

10,398

10,255

1.4

12,383

12,541

(1.3

1,455

1,454

0.0

Fort Worth, TX

3,687

19,370

19,309

0.3

7,254

8,173

(11.2

12,116

11,136

8.8

1,581

1,580

0.0

Northern Virginia

1,888

15,104

15,132

(0.2

4,617

4,410

4.7

10,487

10,722

(2.2

2,570

2,575

(0.2

Jacksonville, FL

3,496

15,534

15,671

(0.9

6,171

6,026

2.4

9,363

9,645

(2.9

1,467

1,469

(0.1

Greenville, SC

2,354

10,673

—

3,785

3,631

4.2

6,888

7,042

(2.2

1,372

1,368

0.3

Richmond, VA

1,732

9,423

9,407

0.2

2,918

2,813

3.7

6,505

6,594

(1.3

1,724

1,717

0.4

Fredericksburg, VA

1,435

9,013

8,924

1.0

2,662

2,564

3.8

6,351

6,360

(0.1

1,970

1,962

0.4

Savannah, GA

1,837

9,977

10,051

(0.7

3,791

3,578

6.0

6,186

6,473

(4.4

1,686

1,697

(0.6

Denver, CO

1,118

6,536

6,708

(2.6

2,274

1,993

14.1

4,262

4,715

(9.6

1,903

1,918

(0.7

Birmingham, AL

1,462

6,950

6,935

0.2

2,831

2,689

5.3

4,119

4,246

(3.0

1,439

1,440

(0.0

Kansas City, MO-KS

1,110

5,932

5,936

(0.1

2,112

2,187

(3.4

3,820

3,749

1.9

1,684

1,679

0.3

San Antonio, TX

1,504

6,328

6,307

0.3

2,745

2,537

8.2

3,583

3,770

(5.0

1,316

1,323

(0.6

Memphis, TN

1,193

5,399

5,353

0.9

1,877

1,883

(0.3

3,522

3,470

1.5

1,414

1,416

(0.1

Huntsville, AL

1,228

5,056

5,065

(0.2

2,107

1,954

7.8

2,949

3,111

(5.2

1,254

1,263

(0.7

Other

6,502

33,419

33,554

(0.4

12,275

11,664

5.2

21,144

21,890

(3.4

1,637

1,636

0.1

Total Same Store

96,561

516,980

518,640

(0.3

188,284

188,984

(0.4

328,696

329,656

(0.3

1,685

1,688

(0.1

Supplemental Data S-6

MULTIFAMILY DEVELOPMENT PIPELINE

Units as of

Development Costs as of

March 31, 2026

Expected

Costs

Expected

Start

Initial

Market

Total

Delivered

Leased

Total

to Date

Remaining

Date

Occupancy

Completion

Stabilization (1)

MAA Plaza Midwood (2)

Charlotte, NC

302

173

101,500

93,281

8,219

2Q24

4Q25

3Q26

3Q27

MAA Milepost 35 II

Denver, CO

219

78,000

62,351

15,649

4Q24

2Q26

4Q26

4Q27

Modera Chandler (2)

Phoenix, AZ

345

—

117,500

86,183

31,317

2Q24

2Q26

4Q26

4Q27

MAA Rove

Richmond, VA

306

—

99,500

69,250

30,250

3Q24

1Q27

3Q27

1Q28

MAA Point Hope (2)

Charleston, SC

336

—

91,000

39,745

51,255

2Q25

1Q27

1Q28

3Q28

MAA One Scottsdale

Phoenix, AZ

280

—

135,000

37,469

97,531

4Q25

1Q28

3Q28

2Q29

T2Total Active

1,788

217

622,500

388,279

234,221

(1)

Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.

(2)

MAA owns 95% of the joint venture that owns this property.

MULTIFAMILY LEASE-UP COMMUNITIES

As of March 31, 2026

Market

Total Units

Physical Occupancy

Costs to Date

Construction Completed

Expected Stabilization (1)

MAA Val Vista

Phoenix, AZ

317

88.6%

76,500

4Q24

2Q26

MAA Cathedral Arts

Dallas, TX

386

89.1%

107,097

(2)

2Q26

MAA Nixie

Raleigh/Durham, NC

406

48.3%

143,024

3Q25

4Q26

MAA Liberty Row (3)

Charlotte, NC

239

35.1%

112,635

(4)

1Q26

4Q26

MAA Breakwater

Tampa, FL

495

71.5%

193,897

1Q26

1Q27

Total

1,843

68.3%

633,153

(1)

Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.

(2)

Property was acquired while in lease-up; construction was complete prior to acquisition by MAA.

(3)

In July 2024, MAA agreed to finance the third party development of this property. MAA has the option to purchase the property once it is stabilized.

(4)

Represents the cost to MAA, net of the $9.6 million non-equity contribution from the third party developer.

MULTIFAMILY INTERIOR REDEVELOPMENT, WIFI RETROFIT AND PROPERTY REPOSITIONING ACTIVITY

Dollars in thousands, except per unit data

Three months ended March 31, 2026

Program

Units Completed

Redevelopment Spend

Average Cost per Unit

Increase in Average Effective Rent per Unit

Estimated Units Remaining in Pipeline

Interior Redevelopment

1,386

7,349

5,302

104

7.5%

9,000 - 12,000

During the first quarter of 2026, MAA continued its WiFi Retrofit program and its Property Repositioning program to upgrade and reposition the amenity and common areas at select apartment communities for higher and above market rent growth after projects are completed and units are fully repriced. MAA spent $1.6 million on its WiFi Retrofit program and $2.3 million on its Property Repositioning program during the three months ended March 31, 2026.

Supplemental Data S-7

2026 ACQUISITION ACTIVITY AS OF MARCH 31, 2026

Land Acquisitions

Market

Closing Date

Modera Silver (1)

Northern Virginia

Jan-26

MAA Sevilla (2)

Kansas City, MO-KS

Feb-26

(1)

Represents a pre-purchase multifamily development. MAA owns 95% of the joint venture that owns this property and plans future development of a 287-unit multifamily apartment community at the property.

(2)

Represents a pre-purchase multifamily development. MAA owns 95% of the joint venture that owns this property. Construction of this development commenced in April 2026.

2026 DISPOSITION ACTIVITY AS OF MARCH 31, 2026

Multifamily Dispositions

Market

Apartment Units

Closing Date

MAA Greenwood Forrest

Houston, TX

316

Feb-26

DEBT AND DEBT COVENANTS AS OF MARCH 31, 2026

Dollars in thousands

DEBT SUMMARIES

Fixed Rate Versus Floating Rate Debt

Balance

Percent of Total

Effective Interest Rate

Average Years to Rate Maturity

T3Fixed rate debt

4,929,220

87.1

3.8

7.0

Floating rate debt

727,300

12.9

4.1

0.1

Total

5,656,520

100.0

3.9

6.1

Unsecured Versus Secured Debt

Balance

Percent of Total

Effective Interest Rate

Average Years to Contract Maturity

Unsecured debt

5,296,096

93.6

3.8

5.0

Secured debt

360,424

6.4

4.4

22.8

Total

5,656,520

100.0

3.9

6.1

Unencumbered Versus Encumbered Assets

Total Cost

Percent of Total

Q1 2026 NOI

Percent of Total

Unencumbered gross assets

17,300,514

95.6

333,844

95.9

Encumbered gross assets

788,531

4.4

14,309

4.1

Total

18,089,045

100.0

348,153

100.0

FIXED INTEREST RATE MATURITIES

Maturity

Fixed Rate Debt

Effective Interest Rate

2026

299,708

1.2

2027

599,104

3.7

2028

398,671

4.2

2029

554,451

3.7

2030

298,658

3.1

2031

447,123

1.8

2032

395,615

5.4

2033

592,758

4.7

2034

344,648

5.1

2035

344,499

5.1

Thereafter

653,985

3.8

Total

4,929,220

3.8

Supplemental Data S-8

DEBT AND DEBT COVENANTS AS OF MARCH 31, 2026 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

Maturity

Commercial Paper ⁽¹⁾ & Revolving Credit Facility ⁽²⁾

Public Bonds

Secured

Total

2026

727,300

299,708

—

1,027,008

2027

—

599,104

—

599,104

2028

—

398,671

—

398,671

2029

—

554,451

—

554,451

2030

—

298,658

—

298,658

2031

—

447,123

—

447,123

2032

—

395,615

—

395,615

2033

—

592,758

—

592,758

2034

—

344,648

—

344,648

2035

—

344,499

—

344,499

Thereafter

—

293,561

360,424

653,985

Total

727,300

4,568,796

360,424

5,656,520

(1)

The $727.3 million maturing in 2026 reflects the principal outstanding under MAALP’s unsecured commercial paper program as of March 31, 2026. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $750.0 million. For the three months ended March 31, 2026, average daily borrowings outstanding under the commercial paper program were $682.1 million.

(2)

There were no borrowings outstanding under MAALP’s $1.5 billion unsecured revolving credit facility as of March 31, 2026. The facility has a maturity date of January 2030 with two six-month extension options.

DEBT COVENANT ANALYSIS (1)

Bond Covenants

Required

Actual

Compliance

Total debt to adjusted total assets

60% or less

31.3%

Yes

Total secured debt to adjusted total assets

40% or less

2.0%

Yes

Consolidated income available for debt service to total annual debt service charge

1.5x or greater for trailing 4 quarters

5.9x

Yes

Total unencumbered assets to total unsecured debt

Greater than 150%

317.1%

Yes

Bank Covenants

Required

Actual

Compliance

Total debt to total capitalized asset value

60% or less

23.8%

Yes

Total secured debt to total capitalized asset value

40% or less

1.6%

Yes

Total adjusted EBITDA to fixed charges

1.5x or greater for trailing 4 quarters

6.3x

Yes

Total unsecured debt to total unsecured capitalized asset value

60% or less

23.1%

Yes

(1)

The calculations of the Bond Covenants and Bank Covenants are specifically defined in MAALP’s debt agreements, which have been filed by MAA and MAALP with the SEC.

Supplemental Data S-9

2026 GUIDANCE

MAA provides guidance on expected Core FFO per diluted Share and Core AFFO per diluted Share, which are non-GAAP financial measures, along with guidance for expected Earnings per diluted common share. A reconciliation of expected Earnings per diluted common share to expected Core FFO per diluted Share and Core AFFO per diluted Share is provided below. The guidance projections provided below are based on current expectations and are forward-looking statements.

Full Year 2026

Earnings:

Range

Midpoint

Earnings per common share - diluted

$4.18 to $4.50

$4.34

T4Core FFO per Share - diluted

$8.37 to $8.69

$8.53

Core AFFO per Share - diluted

$7.34 to $7.66

$7.50

MAA Same Store Portfolio:

Number of units

96,561

Average physical occupancy

95.35% to 95.85%

95.60%

Property revenue growth

-0.20% to 1.30%

0.55%

Effective rent growth

-0.15% to 0.85%

0.35%

T5Property operating expense growth

1.90% to 3.40%

2.65%

NOI growth

-1.70% to 0.30%

-0.70%

Real estate tax expense growth

1.25% to 3.25%

2.25%

Corporate Expenses: ($ in millions)

Property management expenses

$77.5 to $79.5

$78.5

General and administrative expenses

$56.5 to $58.5

$57.5

Total overhead

$134.0 to $138.0

$136.0

Transaction/Investment Volume: ($ in millions)

Multifamily acquisition volume

$150.0 to $250.0

$200.0

Multifamily disposition volume

$200.0 to $300.0

$250.0

Development investment

$300.0 to $400.0

$350.0

Debt:

Average effective interest rate

3.7% to 3.9%

3.8%

Capitalized interest ($ in millions)

$16.0 to $18.0

$17.0

Diluted FFO Shares Outstanding:

Diluted common shares and units

118.95 to 119.45 million

119.20 million

RECONCILIATION OF EARNINGS PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER DILUTED SHARE FOR FULL YEAR 2026 GUIDANCE

Full Year 2026 Guidance Range

Low

High

Earnings per common share - diluted

4.18

4.50

Real estate depreciation and amortization

5.43

Gains on sale of depreciable assets

(1.16

)

(1.16

)

FFO per Share - diluted

8.45

8.77

Non-Core FFO items (1)

(0.08

)

(0.08

)

Core FFO per Share - diluted

8.37

8.69

Recurring capital expenditures

(1.03

)

(1.03

)

Core AFFO per Share - diluted

7.34

7.66

(1)

Non-Core FFO items may include 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 and (recoveries), net; gain or loss on debt extinguishment; legal costs, settlements and (recoveries), net, and mark-to-market debt adjustments.

Supplemental Data S-10

CREDIT RATINGS

Commercial

Long-Term

Paper Rating

Debt Rating

Outlook

Fitch Ratings (1)

A-

Stable

Moody’s Investors Service (2)

P-2

Stable

Standard & Poor’s Ratings Services (1)

A-2

A-

Stable

(1)

Corporate credit rating assigned to MAA and MAALP

(2)

Corporate credit rating assigned to MAALP

COMMON STOCK

Stock Symbol:

MAA

Exchange Traded:

NYSE

Estimated Future Dates:

Q2 2026

Q3 2026

Q4 2026

Q1 2027

Earnings release & conference call

Late

July

Late

October

Early

February

Late

April

Dividend Information - Common Shares:

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Declaration date

3/18/2025

5/21/2025

9/23/2025

12/10/2025

3/17/2026

Record date

4/15/2025

7/15/2025

10/15/2025

1/15/2026

4/15/2026

Payment date

4/30/2025

7/31/2025

10/31/2025

1/30/2026

4/30/2026

Distributions per share

1.5150

1.5300

INVESTOR RELATIONS DATA

MAA does not send quarterly reports, earnings releases and supplemental data to shareholders, but provides them upon request.

For recent press releases, SEC filings and other information, call 866-576-9689 (toll free) or email investor.relations@maac.com. This information, as well as access to MAA’s quarterly conference call, is also available on the “For Investors” page of MAA’s website at www.maac.com.

For Questions Contact:

Name

Title

Andrew Schaeffer

Senior Vice President, Treasurer and Director of Capital Markets

Jennifer Patrick

Director of Investor Relations

Phone: 866-576-9689 (toll free)

Email: investor.relations@maac.com

Supplemental Data S-11

Mentions · how they’re counted

Category	Underlined	Word counter	Model’s count
AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM	0	0	0
Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring	0	—	0
Recession recession, downturn, contraction, slowdown	0	0	0
Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy	0	0	0
Buybacks share repurchase, buyback program	0	—	0

Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.

Not placed in the text

These quotes are stored with a score, but no passage here matches them closely enough to highlight. Rather than point at the wrong passage, they are listed as stored.

Theme · Same-store NOI decline

“Same Store Communities NOI $328,696 $332,916 -1.3 %”

Theme · High occupancy rates

“Total Multifamily Communities 94.5 % 95.5 %”

Theme · Lease-up community performance

“Lease-up / Development Communities 54.3 % $2,049”

Source: SEC EDGAR · public domain · Highlights by Palanor