Mid-America Apartment Communities

“Our ability to lease our properties at favorable rates is adversely affected by the increase in supply in the multifamily and other rental markets and is dependent upon the overall level in the economy, which is adversely affected by, among other things, job losses and unemployment levels, personal debt levels, a downturn in the housing market, stock market volatility, inflationary conditions and uncertainty about the future. Some of our major expenses generally do not decline when rents decline. We would expect that declines in our occupancy levels, rental revenues and/or the values of our properties would cause us to have less cash available to make payments on our debt and to make distributions, which could adversely affect our financial condition or the market value of our securities.”

Annual report 2025A · The company itself

“Failure to generate sufficient cash flow could limit our ability to make payments on our debt and to make distributions. Our ability to make payments on our debt and to make distributions depends on our ability to generate cash flow in excess of operating costs and capital expenditure requirements and/or to have access to the markets for debt and equity financing. Our funds from operations may be insufficient because of factors that are beyond our control.”

Annual report 2025A · The company itself

“Rising interest rates could adversely affect our results of operations and cash flows. We have incurred and expect in the future to incur indebtedness that bears interest at variable rates.”

Annual report 2025A · The company itself

“In addition, the current interest rate environment, or any further increase in interest rates, may lead holders of shares of our common stock to demand a higher yield on their shares from distributions by us, which could adversely affect the market price for our common stock.”

Annual report 2025A · The company itself

“The market price of shares of common stock of a REIT may be affected by the distribution rate on those shares, as a percentage of the price of the shares, relative to market interest rates. If market interest rates increase, prospective purchasers of MAA’s common stock may expect a higher annual distribution rate.”

Annual report 2025A · The company itself

“However, overall borrowing costs remain at elevated levels as compared to our in-place fixed rate debt, and we expect this trend to continue.”

Annual report 2025A · The company itself

“As of December 31, 2025, we had $676.0 million of variable rate debt outstanding under our commercial paper program. Our continued exposure to elevated interest rates is primarily attributable to existing variable-rate borrowings and any future financing activities.”

Annual report 2025A · The company itself

“Our primary market risk exposure is to changes in interest rates on our borrowings.”

Annual report 2025A · The company itself

“As of December 31, 2025, the amount of our total debt was $5.4 billion.”

Annual report 2025A · The company itself

“Capital Structure We use a combination of debt and equity sources to fund our business objectives. We focus on maintaining access, flexibility and low costs, which we believe allows us to proactively support normal business operations and source potential investment opportunities in the marketplace.”

Annual report 2025A · The company itself

“Many of our apartment communities are located in areas, such as coastal regions, that have historically been vulnerable to extreme weather events. To the extent climate change causes changes in weather patterns, areas where many of our communities are located could experience more frequent and intense extreme weather events and rising sea levels, which may cause significant damage to our properties, disrupt our operations and adversely impact our residents and rental revenue.”

Annual report 2025A · The company itself

“We intend to continue to acquire, develop and redevelop apartment communities as part of our business strategy.”

Annual report 2025A · The company itself

“We are dependent on a concentration of our investments in a single asset class, making our results of operations more vulnerable to a downturn or slowdown in the multifamily sector or other economic factors. As of December 31, 2025, substantially all of our investments are concentrated in the multifamily sector.”

Annual report 2025A · The company itself

“Property Redevelopment and Repositioning Activity We focus on both interior unit upgrades and property amenity and common area upgrades above and beyond routine capital upkeep on our apartment communities that we believe have the ability to support additional rent growth. During the year ended December 31, 2025, we renovated the kitchens and bathrooms of 5,995 apartment units at an average cost of $6,080 per apartment unit, achieving average rental rate increases of 7.0% above the normal market rate for similar but non-renovated apartment units.”

Annual report 2025A · The company itself

“We expect that our primary uses of cash will be to fund our ongoing operating needs, to fund our ongoing capital spending requirements, which relate primarily to our development, redevelopment and property repositioning activities, to repay maturing borrowings, to fund the future acquisition of assets and to pay shareholder dividends.”

Annual report 2025A · The company itself

“We believe that future net cash flows generated from operating activities, existing unrestricted cash and cash equivalents, borrowing capacity under our current commercial paper program and revolving credit facility, and our ability to issue debt and equity will provide sufficient liquidity to fund the cash requirements for our business over the next 12 months and the foreseeable future.”

Annual report 2025A · The company itself

“Our business is conducted principally through the Operating Partnership. MAA is the sole general partner of the Operating Partnership, holding 116,878,077 OP Units, comprising a 97.5% partnership interest in the Operating Partnership as of December 31, 2025. MAA and MAALP were formed in Tennessee in 1993. Business Objectives Our primary business objectives are to generate a sustainable, stable and increasing cash flow that will fund our dividends and distributions through all parts of the real estate investment cycle.”

Annual report 2025A · The company itself

“We own, operate, acquire and selectively develop apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the U.S. with the potential for above average growth and return on investment. Approximately 70% of our apartment units are located in the Florida, Georgia, North Carolina, and Texas markets.”

Annual report 2025A · The company itself

“We intend to continue to acquire, develop and redevelop apartment communities as part of our business strategy.”

Annual report 2025A · The company itself

“As of December 31, 2025, we had eight development communities under construction totaling 2,522 apartment units once complete. Total expected costs for the eight development projects are $932.0 million, of which $625.6 million had been incurred through December 31, 2025.”

Annual report 2025A · The company itself

“As of December 31, 2025, we had eight development communities under construction representing 2,522 units once complete.”

Annual report 2025A · The company itself

“An important part of our portfolio strategy is to maintain diversity of markets, submarkets, product types and price points in the Southeast, Southwest and Mid-Atlantic regions of the U.S. We have multifamily assets in 38 defined markets, with a presence in approximately 150 submarkets and a mixture of garden-style, mid-rise and high-rise communities. This diversity helps to mitigate exposure to economic issues, including supply and demand factors, in any one geographic market or area.”

Annual report 2025A · The company itself

“We own, operate, acquire and selectively develop apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the U.S. with the potential for above average growth and return on investment. Approximately 70% of our apartment units are located in the Florida, Georgia, North Carolina, and Texas markets.”

Annual report 2025A · The company itself

“As of December 31, 2025, approximately 41.2% of our portfolio (based on the number of completed apartment units) was located in our top five markets: Atlanta, Georgia; Dallas, Texas; Austin, Texas; Charlotte, North Carolina; and Orlando, Florida. In addition, our overall operations are concentrated in the Southeast, Southwest and Mid-Atlantic regions of the U.S.”

Annual report 2025A · The company itself

“We have installed smart home technology (unit entry locks, mobile control of lights and thermostat and leak monitoring) at many of our apartment communities in order to provide additional resident value and increase rent growth. As of December 31, 2025, we had completed installation of Smart Home technology in over 96,000 units across our apartment community portfolio providing an increase in average effective rent per unit of approximately $25 per month since the initiative began during the first quarter of 2019.”

Annual report 2025A · The company itself

“As of December 31, 2025, we had eight development communities under construction totaling 2,522 apartment units once complete. Total expected costs for the eight development projects are $932.0 million, of which $625.6 million had been incurred through December 31, 2025.”

Annual report 2025A · The company itself

“Thirty-five of our apartment communities reflected in the above schedule also include retail components.”

Annual report 2025A · The company itself

“Over time, such conditions could result in reduced demand for housing in areas where our communities are located, as well as higher costs for mitigating or repairing damage related to the effects of climate change, some which may not be fully covered by insurance.”

Annual report 2025A · The company itself

“Despite our insurance coverage, we may incur material losses due to uninsured risks, deductibles, self-insured retentions and/or losses in excess of coverage limits. In the event of a substantial loss, our insurance coverage may not be sufficient to cover the full current market value or current replacement cost of our lost investment or any settlement, fine or judgment against us resulting from legal proceedings.”

Annual report 2025A · The company itself

“Increasing real estate taxes, utilities and insurance premiums, as well as changes in the terms and conditions of our insurance policies, may negatively impact operating results. As a result of our substantial real estate holdings, the cost of real estate taxes, utilities and insurance for our apartment communities represents a significant component of expense.”

Annual report 2025A · The company itself

“Property Operating Expenses Property operating expenses include costs for property personnel, building repairs and maintenance, real estate taxes, insurance, utilities, landscaping and other operating expenses.”

Annual report 2025A · The company itself

“The following table reflects our property operating expenses by segment for the years ended December 31, 2025 and 2024 (dollars in thousands): Increase (decrease) % Change Same Store $ 772,898 $ 757,841 $ 15,057 2.0 % Non-Same Store and Other 64,909 62,251 2,658 4.3 % Total $ 837,807 $ 820,092 $ 17,715 2.2 % The increase in property operating expenses for our Same Store segment for the year ended December 31, 2025 as compared to the year ended December 31, 2024 was primarily driven by increases in personnel expense of $7.2 million, utilities expense of $5.3 million, building repair and maintenance expense of $2.5 million, and marketing expense of $1.5 million, partially offset by a decrease in property tax expense of $2.2 million.”

Annual report 2025A · The company itself

“In particular, our performance is disproportionately influenced by job growth and unemployment. To the extent the economic conditions, job growth and unemployment in any of these markets deteriorate or any of these areas experiences natural disasters, the value of our portfolio, our results of operations and our ability to make payments on our debt and to make distributions could be adversely affected.”

Annual report 2025A · The company itself

“Environmental problems are possible and can be costly. Under various federal, state and local laws, ordinances and regulations, a current or previous owner or operator of real estate may be liable for the costs of removal or remediation of certain hazardous or toxic substances in, on, around or under such property. Such laws often impose such liability without regard to whether the owner or operator knew of, or was responsible for, the presence of such hazardous or toxic substances.”

Annual report 2025A · The company itself

“Many of our apartment communities are located in areas, such as coastal regions, that have historically been vulnerable to extreme weather events. To the extent climate change causes changes in weather patterns, areas where many of our communities are located could experience more frequent and intense extreme weather events and rising sea levels, which may cause significant damage to our properties, disrupt our operations and adversely impact our residents and rental revenue.”

Annual report 2025A · The company itself

“For example, the current and potential impacts of climate change, along with the increased risk of extreme weather events and natural disasters have caused significant increases in our property insurance premiums and may adversely affect the availability and terms of coverage in the future.”

Annual report 2025A · The company itself

“Risks Related to Our Real Estate Investments and Our Operations Unfavorable market and economic conditions could adversely affect occupancy levels, rental revenues and the value of our properties. General economic conditions in the U.S. have fluctuated in recent years, and concerns persist regarding negative macroeconomic conditions, such as inflation and the labor market. Unfavorable market and economic conditions may significantly affect our occupancy levels, our rental rates and collections, the value of our properties and our ability to acquire or dispose of properties on economically favorable terms.”

Annual report 2025A · The company itself

“Additionally, “social inflation” has caused the cost of general liability claims to rise at a rate well above general economic inflation, primarily due to a trend in increasing litigation costs related to unpredictable jury verdicts for plaintiffs seeking large monetary relief for their injuries.”

Annual report 2025A · The company itself

“Any increase in the federal funds rate due to key economic indicators, such as the unemployment rate or inflation, may cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms.”

Annual report 2025A · The company itself

“A worsening of the current environment could contribute to uncertain rent collections going forward, suppress demand for apartments and could drive lower rent growth on new leases and renewals than what we achieved in the year ended December 31, 2025.”

Annual report 2025A · The company itself

“Increasing real estate taxes, utilities and insurance premiums, as well as changes in the terms and conditions of our insurance policies, may negatively impact operating results. As a result of our substantial real estate holdings, the cost of real estate taxes, utilities and insurance for our apartment communities represents a significant component of expense.”

Annual report 2025A · The company itself

“Property Operating Expenses Property operating expenses include costs for property personnel, building repairs and maintenance, real estate taxes, insurance, utilities, landscaping and other operating expenses.”

Annual report 2025A · The company itself

“The following table reflects our property operating expenses by segment for the years ended December 31, 2025 and 2024 (dollars in thousands): Increase (decrease) % Change Same Store $ 772,898 $ 757,841 $ 15,057 2.0 % Non-Same Store and Other 64,909 62,251 2,658 4.3 % Total $ 837,807 $ 820,092 $ 17,715 2.2 % The increase in property operating expenses for our Same Store segment for the year ended December 31, 2025 as compared to the year ended December 31, 2024 was primarily driven by increases in personnel expense of $7.2 million, utilities expense of $5.3 million, building repair and maintenance expense of $2.5 million, and marketing expense of $1.5 million, partially offset by a decrease in property tax expense of $2.2 million.”

Annual report 2025A · The company itself

“Risks Related to Our Real Estate Investments and Our Operations Unfavorable market and economic conditions could adversely affect occupancy levels, rental revenues and the value of our properties. General economic conditions in the U.S. have fluctuated in recent years, and concerns persist regarding negative macroeconomic conditions, such as inflation and the labor market. Unfavorable market and economic conditions may significantly affect our occupancy levels, our rental rates and collections, the value of our properties and our ability to acquire or dispose of properties on economically favorable terms.”

Annual report 2025A · The company itself

“Factors that may affect our occupancy levels, our rental revenues and/or the value of our properties include the following, among others: • downturns in global, national, regional and local economic conditions, particularly increases in unemployment or decreases in job growth in our markets; • declines in mortgage interest rates and home pricing, making alternative housing options more affordable; • government or builder incentives with respect to home ownership, making alternative housing options more attractive; • local real estate market conditions, including oversupply of apartments or other housing available for rent, or a reduction in demand for apartments in the area; • declines in the financial condition of our residents or commercial tenants, which may make it more difficult for us to collect rents from some residents or commercial tenants; • declines in market rental rates; • declines in household formation; and • increases in operating costs, if these costs cannot be passed through to our residents or commercial tenants.”

Annual report 2025A · The company itself

“In particular, our performance is disproportionately influenced by job growth and unemployment. To the extent the economic conditions, job growth and unemployment in any of these markets deteriorate or any of these areas experiences natural disasters, the value of our portfolio, our results of operations and our ability to make payments on our debt and to make distributions could be adversely affected.”

Annual report 2025A · The company itself

“These laws and regulations include landlord-tenant laws, employment laws, antitrust and other competition laws, laws benefiting disabled persons, privacy laws, tax laws, environmental laws, zoning laws, building codes and other laws regulating housing or that are generally applicable to our business and operations. Noncompliance with laws and regulations could expose us to liability, such as the imposition of fines by the government or the award of damages to private litigants, and could require us to make significant unanticipated expenditures, such as making modifications to our existing apartment communities or increasing construction costs for development communities.”

Annual report 2025A · The company itself

“As our industry becomes increasingly regulated, we do not know whether the legal requirements we are subject to will change or whether new requirements will be imposed. For example, privacy laws continue to evolve, with several states passing new data privacy laws that govern the collection, processing, use, security and disclosure of information about state residents, such as the Texas Data Privacy and Security Act. In addition, there are legislative efforts underway at the local, state and federal levels related to tenant screening limitations, affordable housing mandates, increased eviction notice periods, mandatory alternative dispute resolution and access to legal counsel for unrepresented tenants.”

Annual report 2025A · The company itself

“Likewise, we have seen an increase in governments implementing, considering or being urged by tenant advocacy groups to consider rent control or rent stabilization laws and regulations and other tenants’ rights laws and regulations. New or changed legal requirements implemented in the markets in which we operate could require us to make significant unanticipated expenditures and could also limit our ability to recover increases in operating expenses, impose limitations on our ability to charge market rents or increase rents or charge certain fees, impose limitations on our ability to enforce remedies for the failure to pay rent or otherwise adversely impact our operations.”

Annual report 2025A · The company itself

“Risks Related to Our Real Estate Investments and Our Operations Unfavorable market and economic conditions could adversely affect occupancy levels, rental revenues and the value of our properties. General economic conditions in the U.S. have fluctuated in recent years, and concerns persist regarding negative macroeconomic conditions, such as inflation and the labor market. Unfavorable market and economic conditions may significantly affect our occupancy levels, our rental rates and collections, the value of our properties and our ability to acquire or dispose of properties on economically favorable terms.”

Annual report 2025A · The company itself

“A worsening of the current environment could contribute to uncertain rent collections going forward, suppress demand for apartments and could drive lower rent growth on new leases and renewals than what we achieved in the year ended December 31, 2025.”

Annual report 2025A · The company itself

“Our ability to lease our properties at favorable rates is adversely affected by the increase in supply in the multifamily and other rental markets and is dependent upon the overall level in the economy, which is adversely affected by, among other things, job losses and unemployment levels, personal debt levels, a downturn in the housing market, stock market volatility, inflationary conditions and uncertainty about the future. Some of our major expenses generally do not decline when rents decline. We would expect that declines in our occupancy levels, rental revenues and/or the values of our properties would cause us to have less cash available to make payments on our debt and to make distributions, which could adversely affect our financial condition or the market value of our securities.”

Annual report 2025A · The company itself

“Factors that may affect our occupancy levels, our rental revenues and/or the value of our properties include the following, among others: • downturns in global, national, regional and local economic conditions, particularly increases in unemployment or decreases in job growth in our markets; • declines in mortgage interest rates and home pricing, making alternative housing options more affordable; • government or builder incentives with respect to home ownership, making alternative housing options more attractive; • local real estate market conditions, including oversupply of apartments or other housing available for rent, or a reduction in demand for apartments in the area; • declines in the financial condition of our residents or commercial tenants, which may make it more difficult for us to collect rents from some residents or commercial tenants; • declines in market rental rates; • declines in household formation; and • increases in operating costs, if these costs cannot be passed through to our residents or commercial tenants.”

Annual report 2025A · The company itself

“We rely on information technology systems in our operations, and any breach or security failure of those systems could materially adversely affect our business, financial condition, results of operations and reputation.”

Annual report 2025A · The company itself

“Factors that may affect our occupancy levels, our rental revenues and/or the value of our properties include the following, among others: • downturns in global, national, regional and local economic conditions, particularly increases in unemployment or decreases in job growth in our markets; • declines in mortgage interest rates and home pricing, making alternative housing options more affordable; • government or builder incentives with respect to home ownership, making alternative housing options more attractive; • local real estate market conditions, including oversupply of apartments or other housing available for rent, or a reduction in demand for apartments in the area; • declines in the financial condition of our residents or commercial tenants, which may make it more difficult for us to collect rents from some residents or commercial tenants; • declines in market rental rates; • declines in household formation; and • increases in operating costs, if these costs cannot be passed through to our residents or commercial tenants.”

Annual report 2025A · The company itself

“However, since our leases typically permit the residents to leave at the end of the lease term without penalty, our revenues are impacted by declines in market rents more quickly than if our leases were for longer terms. If we are unable to promptly renew the leases or relet the units, or if the rental rates upon renewal or reletting are significantly lower than expected rates, then our financial condition and results of operations may be adversely affected.”

Annual report 2025A · The company itself

“A worsening of the current environment could contribute to uncertain rent collections going forward, suppress demand for apartments and could drive lower rent growth on new leases and renewals than what we achieved in the year ended December 31, 2025.”

Annual report 2025A · The company itself

“Demand for apartments in our markets was solid during 2025, as evidenced by improving occupancy and blended pricing trends, solid traffic patterns and lead volumes along with record low resident turnover.”

Annual report 2025A · The company itself

“Human Capital As of December 31, 2025, we employed 2,507 associates.”

Annual report 2025A · The company itself

“Property Operating Expenses Property operating expenses include costs for property personnel, building repairs and maintenance, real estate taxes, insurance, utilities, landscaping and other operating expenses.”

Annual report 2025A · The company itself

“The following table reflects our property operating expenses by segment for the years ended December 31, 2025 and 2024 (dollars in thousands): Increase (decrease) % Change Same Store $ 772,898 $ 757,841 $ 15,057 2.0 % Non-Same Store and Other 64,909 62,251 2,658 4.3 % Total $ 837,807 $ 820,092 $ 17,715 2.2 % The increase in property operating expenses for our Same Store segment for the year ended December 31, 2025 as compared to the year ended December 31, 2024 was primarily driven by increases in personnel expense of $7.2 million, utilities expense of $5.3 million, building repair and maintenance expense of $2.5 million, and marketing expense of $1.5 million, partially offset by a decrease in property tax expense of $2.2 million.”

Annual report 2025A · The company itself

“The rapid evolution and increased adoption of artificial intelligence technologies, by us and our third-party service providers, may also heighten our cybersecurity risks by making cyber attacks more difficult to detect, contain and mitigate.”

Annual report 2025A · The company itself

“Our business continues and will continue to demand the use of sophisticated systems, software and technology, including artificial intelligence. These systems, software and technologies must be refined, updated and replaced on a regular basis in order for us to meet our business requirements, our residents’ demands and expectations, and regulatory requirements.”

Annual report 2025A · The company itself

“Financing may not be available and could be dilutive. Our capital requirements depend on numerous factors, including the occupancy and turnover rates of our apartment communities, development and capital expenditures, costs of operations and potential acquisitions.”

Annual report 2025A · The company itself

“Dislocations and liquidity disruptions in capital and credit markets could impact liquidity in the debt markets, which could result in financing terms that are less attractive to us and/or the unavailability of certain types of debt financing.”

Annual report 2025A · The company itself

“Third-party expectations relating to environmental, social and governance factors may impose additional costs and expose us to new risks. We have a significant institutional investor base, and there is a heightened focus from institutional investors and other stakeholders on corporate responsibility, specifically related to environmental, social and governance, or ESG, factors.”

Annual report 2025A · The company itself

“In addition, the criteria by which companies’ ESG practices are assessed are evolving and inconsistent, which could result in greater expectations of us and cause us to undertake costly initiatives to satisfy any new or contradictory criteria.”

Annual report 2025A · The company itself

“However, we face risks associated with breaches or security failures of the information technology systems on which we rely, which could result from, among other incidents, cyber-attacks or cyber-intrusions over the internet, malware, computer viruses or employee error or misconduct.”

Annual report 2025A · The company itself

“Our apartment communities could directly or indirectly be the location or target of actual or threatened terrorist attacks, crimes, shootings or other acts of violence, the occurrence of which could impact the value of our communities through damage, destruction, loss or increased security costs, as well as result in operational losses due to reduced rental demand, and the availability of insurance may be limited or may be subject to substantial costs. If such an incident were to occur at one of our apartment communities, we may also become subject to significant liability claims.”

Annual report 2025A · The company itself

“These laws and regulations include landlord-tenant laws, employment laws, antitrust and other competition laws, laws benefiting disabled persons, privacy laws, tax laws, environmental laws, zoning laws, building codes and other laws regulating housing or that are generally applicable to our business and operations. Noncompliance with laws and regulations could expose us to liability, such as the imposition of fines by the government or the award of damages to private litigants, and could require us to make significant unanticipated expenditures, such as making modifications to our existing apartment communities or increasing construction costs for development communities.”

Annual report 2025A · The company itself