Brad Hill, President and Chief Executive Officer, said, “Reflecting the resilience of our platform, we delivered Core FFO results in line with expectations for the quarter despite elevated supply, continued economic uncertainties and slower job growth, achieving new and renewal pricing for the quarter above last year’s levels and sequential improvement in our blended rates exceeding last year’s change. Resident retention remains strong with turnover at a record low. Solid demand coupled with meaningfully lower levels of new deliveries and our strong occupancy, position MAA well to capitalize on the coming year and what we expect will be an acceleration of the recovery cycle. With our recent acquisition in Kansas City and land acquisition in Scottsdale, Arizona, we are leveraging our strong balance sheet to accelerate growth, expand our development pipeline and build momentum that will fuel earnings growth for years to come.”

Same Store operating statistics for the three and nine months ended September 30, 2025 are summarized below:

Same Store net effective lease pricing statistics for the three and nine months ended September 30, 2025 are summarized below:

Acquisition Activity

In August 2025, MAA closed on the acquisition of a stabilized 318-unit multifamily apartment community built in 2024 and located in the Kansas City market. In October 2025, MAA acquired a land parcel adjacent to that acquired community and plans future development of a phase II multifamily expansion at the property. MAA also closed on the acquisition of a land parcel located in the Phoenix, Arizona market during October 2025 and plans to begin construction on a 280-unit multifamily apartment community during the fourth quarter of 2025.

During the third quarter of 2025, MAA completed the development of MAA Nixie located in the Raleigh, North Carolina market. MAA funded approximately $78 million of costs for current and planned development projects, including predevelopment activities, during the third quarter of 2025.

A summary of the total units, physical occupancy and cost of MAA’s lease-up communities as of the end of the third quarter of 2025 is set forth below (dollars in thousands):

During the third quarter of 2025, MAA completed the lease-up of Novel West Midtown located in Atlanta, Georgia, Novel Daybreak located in the Salt Lake City, Utah market, and MAA Milepost 35 located in Denver, Colorado.

Balance Sheet and Financing Activities

As of September 30, 2025, MAA had $814.7 million of combined cash and available capacity under MAALP’s unsecured revolving credit facility.

In October 2025, MAALP amended its unsecured revolving credit facility, increasing borrowing capacity to $1.5 billion with an option to expand to $2.0 billion. The amended facility has a maturity date of January 2030 with two six-month extension options, and bears interest at a rate based on the Secured Overnight Financing Rate plus a spread determined by a credit ratings grid, currently at 0.725%. MAALP also amended its commercial paper program in October 2025 to increase the maximum aggregate principal amount of notes that may be outstanding under the program to $750.0 million.

Dividends and distributions paid on shares of common stock and noncontrolling interests during the third quarter of 2025 were $181.8 million, as compared to $176.3 million for the same period in the prior year.

Balance sheet highlights as of September 30, 2025 are summarized below (dollars in billions):

127th Consecutive Quarterly Common Dividend Declared

MAA declared its 127th consecutive quarterly common dividend, which will be paid on October 31, 2025 to holders of record on October 15, 2025. The current annual dividend rate is $6.06 per common share. The timing and amount of future dividends will depend on actual cash flows from operations, MAA’s financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986 and other factors as MAA’s Board of Directors deems relevant. MAA’s Board of Directors may modify the dividend policy from time to time.

2025 Earnings and Same Store Guidance

MAA is updating its prior 2025 guidance for Earnings per diluted common share, Core FFO per diluted Share, Core AFFO per diluted Share and Same Store performance. MAA expects to provide updates to its 2025 Earnings per diluted common share, Core FFO per diluted Share and Core AFFO per diluted Share guidance on a quarterly basis.

FFO, Core FFO and Core AFFO are non-GAAP financial measures. Acquisition and disposition activity materially affects depreciation and capital gains or losses, which combined, generally represent the majority of the difference between Net income available for common shareholders and FFO. As discussed in the definitions of non-GAAP financial measures found later in this release, MAA’s definition of FFO is in accordance with the National Association of Real Estate Investment Trusts’, or NAREIT’s, definition, and Core FFO represents FFO as adjusted for items that are not considered part of MAA’s core business operations. MAA believes that Core FFO is helpful in understanding operating performance in that Core FFO excludes not only depreciation expense of real estate assets and certain other non-routine items, but it also excludes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.

MAA expects Core FFO for the fourth quarter of 2025 to be in the range of $2.17 to $2.29 per diluted Share, or $2.23 per diluted Share at the midpoint. The projected difference from Core FFO per diluted Share for the third quarter of 2025 to the midpoint of MAA's guidance for the fourth quarter of 2025 is summarized below:

This release (as well as the Supplemental Data to this release) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements do not discuss historical fact, but instead are statements related to expectations, projections, intentions, assumptions and beliefs regarding the future. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “forecasts,” “projects,” “assumes,” “will,” “may,” “could,” “should,” “budget,” “target,” “outlook,” “proforma,” “opportunity,” “guidance” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, but are not limited to, statements regarding quarterly and full year 2025 guidance (including earnings guidance, Same Store Portfolio guidance and other related projections and assumptions), development costs for our development communities, timelines for occupancy, completion and stabilization of our development communities, and timelines for stabilization of our lease-up communities. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, as described below, which may cause our actual results, performance, achievements or outcomes to be materially different from the future results, performance, achievements or outcomes expressed or implied by such forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of such statements should not be regarded as a representation by us or any other person that the results, performance, achievements or outcomes described in such statements will be achieved.

The following factors, among others, could cause our actual results, performance, achievements or outcomes to differ materially from those expressed or implied in the forward-looking statements: adverse effects on occupancy levels and rental revenues due to unfavorable market and economic conditions; adverse changes in real estate markets, including changes in supply and/or demand for multifamily housing or increased competition from alternative housing options; failure of development communities to be completed within budget and on a timely basis, if at all, to lease-up as anticipated or to achieve anticipated results; unexpected capital needs; material changes in operating costs, including real estate taxes, utilities and insurance costs, due to inflation and other factors; losses due to uninsured risks, deductibles and self-insured retentions, or losses from catastrophes in excess of coverage limits; ability to obtain financing at favorable rates, if at all, or refinance existing debt as it matures; level and volatility of interest or capitalization rates or capital market conditions; changes in the legal requirements we are subject to, or the imposition of new legal requirements, that adversely affect our operations; extreme weather and natural disasters; disease outbreaks and other public health events and measures that are taken by federal, state, and local governmental authorities in response to such outbreaks and events; legal proceedings or class action lawsuits; and other risks identified in our annual report on Form 10-K for the year ended December 31, 2024, our quarterly reports on Form 10-Q and other reports we file with the SEC from time to time.

Except as required by law, we undertake no obligation to publicly update or revise forward-looking statements contained in this release to reflect events, circumstances or changes in expectations after the date of this release.