Financial Analysis

6. Borrowings The following table summarizes the Companys outstanding debt as of June 30, 2026 (dollars in thousands): Balance Weighted Average Effective Rate Weighted Average Contract Maturity Unsecured debt Fixed rate senior notes $ 4,600,000 3.8 % 1/19/2032 Variable rate commercial paper program 664,000 4.1 % 7/8/2026 Variable rate term loan 100,000 4.4 % 11/15/2030 Debt issuance costs, discounts and premiums ( 32,555 ) Total unsecured debt $ 5,331,445 3.8 % Secured debt Fixed rate property mortgages $ 363,293 4.4 % 1/26/2049 Debt issuance costs ( 2,837 ) Total secured debt $ 360,456 4.4 % Total outstanding debt $ 5,691,901 3.9 % Unsecured Revolving Credit Facility MAALP has entered into an unsecured revolving credit facility, with a borrowing capacity of $ 1.5 billion and an option to expand to $ 2.0 billion . The revolving credit facility bears interest at a variable rate, at MAALPs election, of either (1) based upon the Secured Overnight Financing Rate plus an applicable margin ranging from 0.65 % to 1.40 % based upon MAALPs credit rating, with the current spread at 0.725 %, or (2) the base rate set forth in the credit agreement plus an applicable margin ranging from 0.00 % to 0.40 % based upon MAALPs credit rating. The revolving credit facility has a maturity date in January 2030 with an option to extend for two additional six-month periods. As of June 30, 2026 , there was no outstanding balance under the revolving credit facility, while $ 5.0 million of capacity was u …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

7. Financial Instruments and Derivatives Financial Instruments Not Carried at Fair Value Cash and cash equivalents, restricted cash and accrued expenses and other liabilities are carried at amounts that reasonably approximate their fair value due to their short term nature. Fixed rate notes payable as of June 30, 2026 and December 31, 2025 totaled $ 4.9 billion and $ 4.7 billion , respectively, and had estimated fair values of $ 4.7 billion and $ 4.5 billion (excluding prepayment penalties) as of June 30, 2026 and December 31, 2025, respectively. The fair values of fixed rate debt are determined by using the present value of future cash outflows discounted with the applicable current market rate plus a credit spread. The carrying values of variable rate debt as of June 30, 2026 and December 31, 2025 totaled $ 764.0 million and $ 676.0 million, respectively, and the variable rate debt had estimated fair values of $ 764.0 million and $ 676.0 million as of June 30, 2026 and December 31, 2025, respectively. The fair values of variable rate debt is determined using the stated variable rate plus the current market credit spread. The variable rates reset at various maturities typically less than 30 days , and management concluded these rates reasonably estimate current market rates. Financial Instruments Measured at Fair Value on a Recurring Basis As of June 30, 2026 , the Company had one outstanding series of cumulative redeemable preferred stock, which is referred to as the MAA Se …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

10. Commitments and Contingencies Leases The Companys operating leases include a ground lease expiring in 2074 related to one of its apartment communities and an office lease expiring in 2028 related to its corporate headquarters. Both leases contain stated rent increases that are generally intended to compensate for the impact of inflation. The Company also has other commitments related to negligible office and equipment operating leases. As of June 30, 2026, the Companys operating leases had a weighted average remaining lease term of approximately 37 years and a weighted average discount rate of approximately 4.6 % . The table below reconciles undiscounted cash flows for each of the first five years and total of the remaining years to the right-of-use lease liabilities recorded on the Condensed Consolidated Balance Sheets as of June 30, 2026 (in thousands): Operating Leases 2026 $ 1,560 2027 3,136 2028 1,714 2029 820 2030 771 Thereafter 54,187 Total minimum lease payments 62,188 Net present value adjustments ( 38,821 ) Right-of-use lease liabilities $ 23,367 Legal Proceedings In late 2022 and early 2023, multiple putative class action lawsuits were filed against RealPage, Inc. and approximately 50 of the largest owners and operators of apartment communities in the country, including the Company, alleging that RealPage and such owners and operators conspired to artificially inflate multifamily residential rental prices through the use of RealPages revenue management software …

LegalMattersAndContingenciesTextBlock · excerpt; the full note is in the filing

11. Segment Information As of June 30, 2026, the Company owned and operated 294 multifamily apartment communities (which does not include development communities under construction or the Companys investment in an unconsolidated real estate joint venture) in 16 different states from which it derived all significant sources of earnings and operating cash flows. The Company views each consolidated apartment community as an operating segment. The Companys chief operating decision maker, which is the Companys Chief Executive Officer, evaluates performance and determines resource allocations of each of the apartment communities on a Same Store and Non-Same Store and Other basis, as well as an individual apartment community basis. The Company has aggregated its operating segments into two reportable segments as management believes the apartment communities in each reportable segment generally have similar economic characteristics, facilities, services and residents. The following reflects the two reportable segments for the Company: Same Store includes communities that the Company has owned and have been stabilized for at least a full 12 months as of the first day of the calendar year. Non-Same Store and Other includes recently acquired communities, communities being developed or in lease-up, communities that have been disposed of or identified for disposition, communities that have experienced a significant casualty loss and stabilized communities that do not meet the requirements …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

8. Shareholders Equity of MAA As of June 30, 2026, 116,015,088 shares of common stock of MAA and 2,929,440 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 118,944,528 common shares and units. As of June 30, 2025 , 117,071,410 shares of common stock of MAA and 2,949,657 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 120,021,067 common shares and units. Preferred Stock As of June 30, 2026, MAA had one outstanding series of cumulative redeemable preferred stock, which has the following characteristics: Description Outstanding Shares Liquidation Preference (1) Optional Redemption Date Redemption Price (2) Stated Dividend Yield Approximate Dividend Rate MAA Series I 867,846 $ 50.00 10/1/2026 $ 50.00 8.50 % $ 4.25 (1) The total liquidation preference for the outstanding preferred stock is $ 43.4 million . (2) The redemption price is the price at which the preferred stock is redeemable, at MAAs option, for cash. See Note 7 for details of the valuation of the derivative asset related to the redemption feature embedded in the MAA Series I preferred stock. At-the-Market Share Offering Program MAA has entered into an at-the-market equity offering program, or ATM program, enabling MAA to sell shares of its common stock into the existing market at current market prices from time to time to or through the sales agents under the program. Pursuant to the ATM program, MAA from time to time m …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing