MID AMERICA APARTMENT COMMUNITIES INC. (MAA)

MAA (Mid-America Apartment Communities) is an S&P 500, self-administered and self-managed multifamily REIT that owns, operates, acquires and selectively develops apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions of the U.S. As of December 31, 2025, the company held full or partial ownership of apartment communities—including eight under development—across 16 states and the District of Columbia, with 35 communities featuring retail components. Business is conducted principally through its Operating Partnership, MAALP, in which MAA serves as sole general partner holding a 97.5% interest; both entities were formed in Tennessee in 1993. MAA's core objectives are generating sustainable, growing cash flow to fund dividends through all phases of the real estate cycle by intensively managing existing properties, leveraging technology for efficiency and resident services, opportunistically buying, developing, selling and renovating communities, diversifying across markets, submarkets, product types and price points, and actively managing its balance sheet.

The company grows externally through acquisitions, internal development, and pre-purchase partnerships with third-party developers, while using dispositions to rebalance its portfolio and redeploy capital; during 2025 it acquired one multifamily property (318 units) and three land parcels, incurred $272.0 million in development costs, completed one 406-unit project (MAA Nixie), had eight projects (2,522 total units) under development with $932.0 million in budgeted costs, and disposed of two communities totaling 576 units. MAA also invests in property redevelopment and repositioning, including unit renovations (5,995 units renovated in 2025 at an average 7.0% rent premium), smart home technology installed in over 96,000 units, and WiFi and common-area upgrade programs. The company employs 2,507 associates and emphasizes an inclusive workplace culture, competitive compensation and benefits, and structured training and engagement programs.

Financially, MAA targets net debt at 30%-36% of adjusted total assets (actual 30.2% as of year-end 2025) and net debt to Adjusted EBITDAre of 4.5x-5.5x (actual 4.3x), relying primarily on unsecured debt markets alongside limited secured debt and equity capital access to fund operations and growth.