MAA

EX-99.1

2 maa-ex99_1.htm

EX-99.1

EX-99.1

Exhibit 99.1

TABLE OF CONTENTS

Earnings Release

3

Financial Highlights

7

Consolidated Statements of Operations/Share and Unit Data

8

Consolidated Balance Sheets

9

Reconciliation of Non-GAAP Financial Measures

10

Non-GAAP Financial Measures

13

Other Key Definitions

14

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 September 30, 2026

S-9

2026 Guidance/Reconciliation of Earnings per Diluted Common Share to Core FFO and Core AFFO per Diluted Share for Full Year 2026 Guidance

S-11

Credit Ratings/Common Stock/Investor Relations Data

S-12

2

EARNINGS RELEASE

MAA REPORTS THIRD QUARTER 2026 RESULTS

GERMANTOWN, TN, October 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.

Three months ended September 30,

Nine months ended September 30,

2026

2025

2026

2025

Earnings per common share - diluted

$

0.72

$

0.84

$

2.82

$

3.30

Funds from operations (FFO) per Share - diluted (1)

$

2.11

$

2.14

$

6.43

$

6.53

Core FFO per Share - diluted (1)

$

2.10

$

2.16

$

6.31

$

6.51

(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, “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:

Three months ended September 30, 2026 vs. 2025

Nine months ended September 30, 2026 vs. 2025

Revenues

Expenses

NOI (1)

Average E