The following discussion analyzes the financial condition and results of operations of both MAA and the Operating Partnership, of which MAA is the sole general partner and in which MAA owned a 97.5% interest as of June 30, 2026. MAA conducts all of its business through the Operating Partnership and its various subsidiaries. This discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q. MAA, an S&P 500 company, is a multifamily-focused, self-administered and self-managed real estate investment trust, or REIT. We own, operate, acquire and selectively develop apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the U.S. As of June 30, 2026, we owned and operated 294 apartment communities (which does not include development communities under construction) through the Operating Partnership and its subsidiaries, and had an ownership interest in one apartment community through an unconsolidated real estate joint venture. In addition, as of June 30, 2026, we had six development communities under construction, and 37 of our apartment communities included retail components. Our apartment communities, including development communities under construction, were located across 16 states and the District of Columbia as of June 30, 2026. We report in two segments, Same Store and Non-Same Store and Other. Our Same Store segment represents those apartment communities that have been owned and stabilized for at least 12 months as of the first day of the calendar year. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days. Our Non-Same Store and Other segment 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 to be Same Store communities. Also included in our Non-Same Store and Other segment are non-multifamily activities and expenses related to severe weather events, including hurricanes and winter storms. Additional information regarding the composition of our segments is included in Note 11 to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. 30 Forward-Looking Statements This Quarterly Report on Form 10-Q may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. 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 expected operating performance and results, property stabilizations, property acquisition and disposition activity, joint venture activity, development and renovation activity and other capital expenditures, and capital raising and financing activity, as well as lease pricing, revenue and expense growth, occupancy, interest rate and other economic expectations. 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; •exposure to risks inherent in investments in a single industry and sector; •adverse changes in real estate markets, including the extent of future demand for multifamily units in our significant markets, barriers of entry into new markets which we may seek to enter in the future, limitations on our ability to increase or collect rental rates, competition, our ability to identify and consummate attractive acquisitions or development projects on favorable terms, our ability to consummate any planned dispositions in a timely manner on acceptable terms, and our ability to reinvest sale proceeds in a manner that generates favorable returns; •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; •inability to obtain appropriate insurance coverage at reasonable rates, or at all, 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; •the effect of any rating agency actions on the cost and availability of new debt financing; •the impact of adverse developments affecting the U.S. or global banking industry, including bank failures and liquidity concerns, which could cause continued or worsening economic and market volatility, and regulatory responses thereto; •significant change in the mortgage financing market or other factors that would cause single-family housing or other alternative housing options, either as an owned or rental product, to become a more significant competitive product; •ability to continue to satisfy complex rules in order to maintain our status as a REIT for federal income tax purposes, the ability of the Operating Partnership to satisfy the rules to maintain its status as a partnership for federal income tax purposes, the ability of our taxable REIT subsidiaries to maintain their status as such for federal income tax purposes, and our ability and the ability of our subsidiaries to operate effectively within the limitations imposed by these rules; •inability to attract and retain qualified personnel; •cyber liability or potential liability for breaches of our or our service providers’ information technology systems, or business operations disruptions; •potential liability for environmental contamination; •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; •impact of climate change on our properties or operations; •legal proceedings or class action lawsuits; •impact of reputational harm caused by negative press or social media postings of our actions or policies, whether or not warranted; 31 •compliance costs associated with numerous federal, state and local laws and regulations; and •other risks identified in this Quarterly Report on Form 10-Q, in our Annual Report on Form 10-K for the year ended December 31, 2025 or in other reports we file with the Securities and Exchange Commission, or the SEC, or in other documents that we publicly disseminate. Except as required by law, we undertake no obligation to publicly update or revise forward-looking statements contained in this Quarterly Report on Form 10-Q to reflect events, circumstances or changes in expectations after the date on which this Quarterly Report on Form 10-Q is filed. Overview of the Three Months Ended June 30, 2026 For the three months ended June 30, 2026, net income available for MAA common shareholders was $120.8 million as compared to $107.2 million for the three months ended June 30, 2025. Results for the three months ended June 30, 2026 included $35.3 million of gain related to the sale of depreciable real estate assets, $2.3 million of net casualty related recoveries and $1.1 million of non-cash gain related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares, partially offset by $1.4 million of non-cash loss from investments. Results for the three months ended June 30, 2025 included $3.3 million of net casualty related recoveries, $1.7 million of non-cash gain related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares and $0.3 million of non-cash loss from investments. Revenues for the three months ended June 30, 2026 increased 1.0% as compared to the three months ended June 30, 2025. Property operating expenses, excluding depreciation and amortization, for the three months ended June 30, 2026 increased by 1.9% as compared to the three months ended June 30, 2025. The primary drivers of these changes are discussed in the “Results of Operations” section. Trends During the three months ended June 30, 2026, revenue for our Same Store segment declined by 0.3% as compared to the three months ended June 30, 2025, primarily driven by average effective rent per unit. The average effective rent per unit for our Same Store segment decreased to $1,688 for the three months ended June 30, 2026 as compared to $1,691 for the three months ended June 30, 2025, a 0.2% decrease for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. Average effective rent per unit represents the average of gross rent amounts, after the effect of leasing concessions, for occupied apartment units plus prevalent market rates asked for unoccupied apartment units, divided by the total number of units. Leasing concessions represent discounts to the current market rate. We believe average effective rent per unit is a helpful measurement in evaluating average pricing; however, it does not represent actual rental revenue collected per unit. For the three months ended June 30, 2026, average physical occupancy for our Same Store segment was 95.3% as compared to 95.4% for the three months ended June 30, 2025. Average physical occupancy is a measurement of the total number of our apartment units that are occupied by residents, and it represents the average of the daily physical occupancy for the period. As of June 30, 2026, resident turnover for our Same Store segment was 39.6% as compared to 41.0% as of June 30, 2025. Resident turnover represents resident move outs, excluding transfers within the Same Store segment, as a percentage of expiring leases on a trailing twelve-month basis as of the end of the reported period. 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. We believe that a well-balanced portfolio, including both urban and suburban locations, with a broad range of monthly rent price points, will provide higher performance and lower volatility throughout the full economic cycle. Despite an uncertain macroeconomic backdrop, apartment demand in our markets remained steady during the second quarter of 2026, outweighing the declining pressure from new deliveries in a number of our markets, while renewal pricing remained strong and resident turnover continued to improve. We believe demand for apartments is primarily driven by general economic conditions in our markets and is particularly correlated to job growth, population growth, household formation, in-migration and housing affordability over the long term. We continue to monitor pressures surrounding housing supply, inflation trends and general economic conditions. A worsening of the current environment could suppress demand for apartments, drive lower rent growth on new leases and renewals than what we achieved in the three and six months ended June 30, 2026 and could contribute to uncertain rent collections going forward. We believe that we will continue to see a decline in new apartment deliveries throughout the reminder of calendar year 2026. Capital remains available to investment-grade borrowers, such as us. However, overall borrowing costs remain at elevated levels relative to our existing fixed rate debt portfolio, and we expect this trend to continue. As of June 30, 2026, we had $764.0 million of variable rate debt outstanding, consisting of $664.0 million under our commercial paper program and $100.0 million under our term loan program. Accordingly, future borrowing activity may continue to expose us to higher interest costs. 32 Results of Operations Comparison of the three months ended June 30, 2026 to the three months ended June 30, 2025 For the three months ended June 30, 2026, we achieved net income available for MAA common shareholders of $120.8 million, a 12.7% increase as compared to the three months ended June 30, 2025, and total revenue growth of $5.2 million, representing a 1.0% increase in property revenues as compared to the three months ended June 30, 2025. The following discussion describes the primary drivers of the increase in net income available for MAA common shareholders for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. Property Revenues The following table reflects our property revenues by segment for the three months ended June 30, 2026 and 2025 (dollars in thousands): Three months ended June 30, 2026 2025 Increase (decrease) % Change Same Store $ 517,438 $ 519,039 $ (1,601 ) (0.3 )% Non-Same Store and Other 37,689 30,863 6,826 22.1 % Total $ 555,127 $ 549,902 $ 5,225 1.0 % The Same Store segment generated a 0.3% decrease in revenues for the three months ended June 30, 2026, primarily the result of average effective rent per unit decrease of 0.2% as compared to the three months ended June 30, 2025. The increase in property revenues from the Non-Same Store and Other segment for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025 was primarily the result of increased revenues from completed units in development communities and recently acquired communities. 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. The following table reflects our property operating expenses by segment for the three months ended June 30, 2026 and 2025 (dollars in thousands): Three months ended June 30, 2026 2025 Increase (decrease) % Change Same Store $ 201,219 $ 199,537 $ 1,682 0.8 % Non-Same Store and Other 17,501 15,117 2,384 15.8 % Total $ 218,720 $ 214,654 $ 4,066 1.9 % The increase in property operating expenses for our Same Store segment for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025 was primarily driven by increases in utilities expense of $1.5 million and marketing expense of $0.8 million, partially offset by a decrease in insurance expense of $0.7 million. The increase in property operating expenses from the Non-Same Store and Other segment for the three months ended June 30, 2026 as compared to three months ended June 30, 2025 was primarily the result of increased operating expenses from completed units in development communities and recently acquired communities. Depreciation and Amortization Depreciation and amortization expense for the three months ended June 30, 2026 was $162.5 million, an increase of $9.0 million as compared to the three months ended June 30, 2025. The increase was primarily driven by the recognition of depreciation expense associated with our completed development communities, acquisitions and capital spend activities completed after June 30, 2025 in the normal course of business through June 30, 2026. Other Income and Expenses Property management expenses for the three months ended June 30, 2026 were $18.0 million, an increase of $0.4 million as compared to the three months ended June 30, 2025. General and administrative expenses for the three months ended June 30, 2026 were $15.1 million, an increase of $2.3 million as compared to the three months ended June 30, 2025. Interest expense for the three months ended June 30, 2026 was $53.1 million, an increase of $8.0 million as compared to the three months ended June 30, 2025. The increase was primarily due to an increase in our average outstanding debt balance, an increase of 5 basis points in our effective interest rate and a decrease in capitalized interest during the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. 33 Other non-operating income, net for the three months ended June 30, 2026 was $2.1 million of income, a decrease of $2.6 million as compared to the three months ended June 30, 2025. The income for the three months ended June 30, 2026 was driven by $2.3 million of casualty related recoveries and $1.1 million of non-cash gain related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares, partially offset by $1.4 million of non-cash loss from investments. The income for the three months ended June 30, 2025 was driven by $3.3 million of net casualty related recoveries and $1.7 million of non-cash gain related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares, partially offset by $0.3 million of non-cash loss from investments. Comparison of the six months ended June 30, 2026 to the six months ended June 30, 2025 For the six months ended June 30, 2026, we achieved net income available for MAA common shareholders of $244.3 million, a 15.2% decrease as compared to the six months ended June 30, 2025, and total revenue growth of $9.7 million, representing a 0.9% increase in property revenues as compared to the six months ended June 30, 2025. The following discussion describes the primary drivers of the decrease in net income available for MAA common shareholders for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. Property Revenues The following table reflects our property revenues by segment for the six months ended June 30, 2026 and 2025 (dollars in thousands): Six months ended June 30, 2026 2025 Increase (decrease) % Change Same Store $ 1,034,418 $ 1,037,866 $ (3,448 ) (0.3 )% Non-Same Store and Other 74,434 61,331 13,103 21.4 % Total $ 1,108,852 $ 1,099,197 $ 9,655 0.9 % The Same Store segment generated a 0.3% decrease in revenues for the six months ended June 30, 2026, primarily the result of average effective rent per unit decrease of 0.2% as compared to the six months ended June 30, 2025. The increase in property revenues from the Non-Same Store and Other segment for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 was primarily the result of increased revenues from completed units in development communities and recently acquired communities. 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. The following table reflects our property operating expenses by segment for the six months ended June 30, 2026 and 2025 (dollars in thousands): Six months ended June 30, 2026 2025 Increase (decrease) % Change Same Store $ 389,503 $ 385,448 $ 4,055 1.1 % Non-Same Store and Other 34,789 30,559 4,230 13.8 % Total $ 424,292 $ 416,007 $ 8,285 2.0 % The increase in property operating expenses for our Same Store segment for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 was primarily driven by increases in utilities expense of $2.6 million, property tax expense of $1.6 million and marketing expense of $0.8 million, partially offset by a decrease in insurance expense of $1.4 million. The increase in property operating expenses from the Non-Same Store and Other segment for the six months ended June 30, 2026 as compared to six months ended June 30, 2025 was primarily the result of increased operating expenses from completed units in development communities and recently acquired communities. Depreciation and Amortization Depreciation and amortization expense for the six months ended June 30, 2026 was $324.4 million, an increase of $18.5 million as compared to the six months ended June 30, 2025. The increase was primarily driven by the recognition of depreciation expense associated with our completed development communities, acquisitions and capital spend activities completed after June 30, 2025 in the normal course of business through June 30, 2026. Other Income and Expenses Property management expenses for the six months ended June 30, 2026 were $40.4 million, an increase of $2.3 million as compared to the six months ended June 30, 2025. General and administrative expenses for the six months ended June 30, 2026 were $31.9 million, an increase of $3.4 million as compared to the six months ended June 30, 2025. Interest expense for the six months ended June 30, 2026 was $104.5 million, an increase of $14.3 million as compared to the six months ended June 30, 2025. The increase was primarily due to an increase in our average outstanding debt balance, an increase of 4 basis points in our effective interest rate and a decrease in capitalized interest during the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. 34 Other non-operating income, net for the six months ended June 30, 2026 was $18.1 million of income, an increase of $12.6 million as compared to the six months ended June 30, 2025. The income for the six months ended June 30, 2026 was primarily driven by $20.5 million of non-cash gain from investments, partially offset by $2.2 million of net casualty related charges. The income for the six months ended June 30, 2025 was primarily driven by $3.6 million of net casualty related recoveries, $1.3 million of non-cash gain related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares, and $0.4 million of non-cash gain from investments. Non-GAAP Financial Measures Funds from Operations and Core Funds from Operations Funds from operations, or FFO, a non-GAAP financial measure, represents net income available for MAA common shareholders (computed in accordance with U.S. generally accepted accounting principles, or GAAP) excluding gains or losses on disposition of operating properties, asset impairment and gain on consolidation of third-party development, plus depreciation and amortization of real estate assets, net income attributable to noncontrolling interests and adjustments for joint ventures. Because net income attributable to noncontrolling interests is added back, FFO, when used in this Quarterly Report on Form 10-Q, represents FFO attributable to common shareholders and unitholders. FFO should not be considered as an alternative to net income available for MAA common shareholders, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity. Management believes that FFO is helpful to investors in understanding our operating performance, primarily because its calculation excludes depreciation and amortization expense on real estate assets and gain on sale of depreciable real estate assets. We believe that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies. While our calculation of FFO is in accordance with the definition used by the National Association of Real Estate Investment Trusts, or NAREIT, it may differ from the methodology for calculating FFO utilized by other REITs and, accordingly, may not be comparable to such other REITs. Core FFO represents FFO as adjusted for items that are not considered part of our core business operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares; gain or loss on sale of non-depreciable assets; gain or loss on investments, net of tax; casualty related (recoveries) and charges, net; gain or loss on debt extinguishment; legal costs, settlements and (recoveries), net, and mark-to-market debt adjustments. Because net income attributable to noncontrolling interests is added back to FFO, Core FFO, when used in this Quarterly Report on Form 10-Q, represents Core FFO attributable to common shareholders and unitholders. Core FFO should not be considered as an alternative to net income available for MAA common shareholders, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity. Management believes that Core FFO is helpful in understanding our core operating performance between periods in that it removes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance from rental activities. While our definition of Core FFO may be similar to others in the industry, our methodology for calculating Core FFO may differ from that utilized by other REITs and, accordingly, may not be comparable to such other REITs. The following table presents a reconciliation of net income available for MAA common shareholders to FFO attributable to common shareholders and unitholders and Core FFO attributable to common shareholders and unitholders for the three and six months ended June 30, 2026 and 2025, as we believe net income available for MAA common shareholders is the most directly comparable GAAP measure (dollars in thousands): Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Net income available for MAA common shareholders $ 120,828 $ 107,205 $ 244,265 $ 287,956 Depreciation and amortization of real estate assets 161,037 152,149 321,530 303,140 (Gain) loss on sale of depreciable real estate assets (35,255 ) 69 (55,419 ) (71,842 ) MAA’s share of depreciation and amortization of real estate assets of real estate joint venture 168 167 338 331 Net income attributable to noncontrolling interests 3,068 2,748 5,320 7,481 FFO attributable to common shareholders and unitholders 249,846 262,338 516,034 527,066 (Gain) loss on embedded derivative in preferred shares (1) (1,091 ) (1,693 ) 483 (1,283 ) Loss (gain) on investments, net of tax (1) (2) 1,068 317 (16,169 ) (337 ) Casualty related (recoveries) and charges, net (1) (2,299 ) (3,346 ) 2,220 (3,568 ) Core FFO attributable to common shareholders and unitholders $ 247,524 $ 257,616 $ 502,568 $ 521,878 (1)Included in “Other non-operating income, net” in the Condensed Consolidated Statements of Operations. (2)For the three months ended June 30, 2026 and 2025, loss on investments is presented net of tax benefit of $0.3 million and $0.1 million, respectively. For the six months ended June 30, 2026 and 2025, gain on investments is presented net of tax expense of $4.3 million and $0.1 million, respectively. 35 Core FFO attributable to common shareholders and unitholders for the three months ended June 30, 2026 was $247.5 million, a decrease of $10.1 million as compared to the three months ended June 30, 2025, primarily as a result of increases in interest expense of $8.0 million, property operating expenses, excluding depreciation and amortization, of $4.1 million, and general and administrative expenses of $2.3 million, partially offset by an increase in property revenues of $5.2 million. Core FFO attributable to common shareholders and unitholders for the six months ended June 30, 2026 was $502.6 million, a decrease of $19.3 million as compared to the six months ended June 30, 2025, primarily as a result of increases in interest expense of $14.3 million, and property operating expenses, excluding depreciation and amortization, of $8.3 million, general and administrative expenses of $3.4 million, and property management expenses of $2.3 million, partially offset by an increase in property revenues of $9.7 million. Net Debt, EBITDA, EBITDAre, and Adjusted EBITDAre Net debt, a non-GAAP financial measure, represents unsecured notes payable, net and secured notes payable, net less cash and cash equivalents and 1031(b) exchange proceeds included in restricted cash. Management considers net debt a helpful tool in evaluating our debt position. Net debt should not be considered as an alternative to any GAAP measurement as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity. Earnings before interest, taxes, depreciation and amortization, or EBITDA, a non-GAAP financial measure, represents net income (computed in accordance with GAAP) plus depreciation and amortization, interest expense, and income taxes. As an owner and operator of real estate, management considers EBITDA to be an important measure of performance from core operations because EBITDA excludes various expense items that are not indicative of operating performance. EBITDA should not be considered as an alternative to net income, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity. EBITDAre is composed of EBITDA adjusted for the gain or loss on sale of depreciable assets, gain on consolidation of third-party development and adjustments to reflect our share of EBITDAre of an unconsolidated affiliate. As an owner and operator of real estate, management considers EBITDAre to be an important measure of performance from core operations because EBITDAre excludes various expense items that are not indicative of operating performance. While our definition of EBITDAre is in accordance with NAREIT’s definition, it may differ from the methodology utilized by other REITs to calculate EBITDAre and, accordingly, may not be comparable to such other REITs. EBITDAre should not be considered as an alternative to net income, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity. Adjusted EBITDAre is comprised of EBITDAre further adjusted for items that are not considered part of our core operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares; gain or loss on sale of non-depreciable assets; gain or loss on investments; casualty related charges and (recoveries), net; gain or loss on debt extinguishment; and legal costs, settlements and (recoveries), net. As an owner and operator of real estate, management considers Adjusted EBITDAre to be an important measure of performance from core operations because Adjusted EBITDAre excludes various income and expense items that are not indicative of operating performance. Our computation of Adjusted EBITDAre may differ from the methodology utilized by other REITs to calculate Adjusted EBITDAre. Adjusted EBITDAre should not be considered as an alternative to net income, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity. Management monitors its debt levels to a ratio of net debt to Adjusted EBITDAre in order to maintain our investment grade credit ratings. We believe this is an important factor in the management of our debt levels to maintain an optimal capital structure, and it is also considered in the assignment of our credit ratings. Adjusted EBITDAre is measured on a trailing twelve-month basis. The following table presents a reconciliation of unsecured notes payable, net and secured notes payable, net to net debt as of June 30, 2026 and December 31, 2025, as we believe unsecured notes payable, net and secured notes payable, net, combined, is the most directly comparable GAAP measure (dollars in thousands): June 30, 2026 December 31, 2025 Unsecured notes payable, net $ 5,331,445 $ 5,044,979 Secured notes payable, net 360,456 360,393 Total debt 5,691,901 5,405,372 Cash and cash equivalents (51,836 ) (60,258 ) Net debt $ 5,640,065 $ 5,345,114 36 The following table presents a reconciliation of net income to EBITDA, EBITDAre and Adjusted EBITDAre for the trailing twelve months ended June 30, 2026 and December 31, 2025, as we believe net income is the most directly comparable GAAP measure (dollars in thousands): Twelve Months Ended June 30, 2026 December 31, 2025 Net income $ 410,714 $ 456,566 Depreciation and amortization 640,842 622,295 Interest expense 199,526 185,257 Income tax expense 8,932 4,595 EBITDA 1,260,014 1,268,713 Gain on sale of depreciable real estate assets (55,643 ) (72,066 ) Adjustments to reflect the Company’s share of EBITDAre of an unconsolidated affiliate 1,571 1,424 EBITDAre 1,205,942 1,198,071 Loss (gain) on embedded derivative in preferred shares (1) 655 (1,111 ) Gain on investments (1) (27,524 ) (7,457 ) Casualty related charges and (recoveries), net (1) 1,190 (4,598 ) Legal costs, settlements and (recoveries), net (1) (2) 61,908 61,908 Adjusted EBITDAre $ 1,242,171 $ 1,246,813 (1)Included in “Other non-operating income, net” in the Condensed Consolidated Statements of Operations. (2)For the trailing twelve months ended June 30, 2026 and December 31, 2025, in accordance with our accounting policies, we recognized $61.9 million of accrued legal defense costs. Our net debt to Adjusted EBITDAre ratio as of June 30, 2026 was 4.5x as compared to a ratio of 4.3x as of December 31, 2025. Adjusted EBITDAre decreased $4.6 million for the trailing twelve months ended June 30, 2026 as compared to the trailing twelve months ended December 31, 2025, while net debt increased $295.0 million as of June 30, 2026 as compared to December 31, 2025. The decrease in Adjusted EBITDAre was primarily due to increases in property operating expenses, excluding depreciation and amortization, general and administrative expenses, and property management expenses, partially offset by an increase in property revenues, while the increase in net debt was primarily due to an increase in unsecured notes payable, net, and a decrease in cash and cash equivalents. The increase in unsecured notes payable, net, was primarily driven by an increase in cash requirements to fund development activities. Liquidity and Capital Resources Our cash flows from operating, investing and financing activities, as well as general economic and market conditions, are the principal factors affecting our liquidity and capital resources. 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, to repurchase common shares and to pay shareholder dividends. We expect to meet our cash requirements through net cash flows from operating activities, existing unrestricted cash and cash equivalents, borrowings under our commercial paper program and our revolving credit facility, the future issuance of debt and equity and the future disposition of assets. We historically have had positive net cash flows from operating activities. 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. As of June 30, 2026, we had $882.8 million of combined unrestricted cash and cash equivalents and available capacity under our revolving credit facility. Cash Flows from Operating Activities Net cash provided by operating activities was $482.5 million for the six months ended June 30, 2026, a decrease of $67.5 million as compared to the six months ended June 30, 2025. The decrease in operating cash flows was primarily driven by the timing of cash payments. 37 Cash Flows from Investing Activities Net cash used in investing activities was $275.8 million for the six months ended June 30, 2026, an increase of $37.4 million as compared to the six months ended June 30, 2025. The primary drivers of the change were as follows (dollars in thousands): Primary drivers of cash (outflow) inflow during the six months ended June 30, (Decrease) Increase 2026 2025 in Net Cash Purchases of real estate and other assets $ (46,015 ) $ (8,690 ) $ (37,325 ) Capital improvements and other (167,354 ) (161,541 ) (5,813 ) Contributions to affiliates (1,238 ) (7,425 ) 6,187 The increase in cash outflows for purchases of real estate and other assets was driven by the number of the real estate assets acquired during the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. We acquired land parcels for three developments during the six months ended June 30, 2026 while we acquired one land parcel during the six months ended June 30, 2025. The increase in cash outflows for capital improvements and other was primarily driven by increased capital spend relating to our property redevelopment and repositioning activities during the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. The decrease in cash outflows for contributions to affiliates was driven by a lesser amount of investments made in the technology-focused limited partnerships during the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. Cash Flows from Financing Activities Net cash used in financing activities was $215.8 million for the six months ended June 30, 2026, a decrease of $84.6 million as compared to the six months ended June 30, 2025. The primary drivers of the change were as follows (dollars in thousands): Primary drivers of cash (outflow) inflow during the six months ended June 30, (Decrease) Increase 2026 2025 in Net Cash Net (payments of) proceeds from commercial paper $ (12,000 ) $ 65,000 $ (77,000 ) Proceeds from notes payable 300,474 — 300,474 Repurchase of common shares (122,788 ) — (122,788 ) Acquisition of noncontrolling interest (11,034 ) — (11,034 ) The increase in cash outflows related to net (payments of) proceeds from commercial paper resulted from the decrease in net borrowings of $12.0 million under our commercial paper program during the six months ended June 30, 2026 as compared to the increase in net borrowings of $65.0 million under our commercial paper program during the six months ended June 30, 2025. The increase in cash inflows from proceeds from notes payable resulted from the issuances of $200.0 million of unsecured senior notes and a $100.0 million of unsecured variable rate term loan during the six months ended June 30, 2026 as compared to no issuance of unsecured senior notes or unsecured variable rate term loan during the six months ended June 30, 2025. The increase in cash outflows related to the repurchase of common shares resulted from MAA’s repurchase of 0.94 million shares of its common stock at a weighted average share price of $130.54 per share for total consideration of $122.8 million under its share repurchase program during the six months ended June 30, 2026 as compared to no repurchase of common shares during the six months ended June 30, 2025. The increase in cash outflows from the acquisition of noncontrolling interest resulted from the acquisition of the noncontrolling interest in a consolidated real estate entity during the six months ended June 30, 2026 as compared to no acquisition of noncontrolling interest during the six months ended June 30, 2025. Debt The following schedule reflects our outstanding debt as of June 30, 2026 (dollars in thousands): Principal Balance Average Years to Rate Maturity Weighted Average Effective Rate Unsecured debt Fixed rate senior notes $ 4,600,000 5.6 3.8 % Variable rate commercial paper program 664,000 0.1 4.1 % Variable rate term loan 100,000 0.1 4.4 % Debt issuance costs, discounts and premiums (32,555 ) Total unsecured debt $ 5,331,445 4.8 3.8 % Secured debt Fixed rate property mortgages $ 363,293 22.6 4.4 % Debt issuance costs (2,837 ) Total secured debt $ 360,456 22.6 4.4 % Total debt $ 5,691,901 6.0 3.9 % 38 The following schedule presents the contractual maturity dates of our outstanding debt, net of debt issuance costs, discounts and premiums, as of June 30, 2026 (dollars in thousands): Commercial Paper⁽¹⁾ & Revolving Credit Facility⁽²⁾ Senior Notes Other Unsecured Property Mortgages Total 2026 $ 664,000 $ 299,879 $ — $ — $ 963,879 2027 — 599,300 — — 599,300 2028 — 398,823 — — 398,823 2029 — 554,070 — — 554,070 2030 — 298,744 97,680 — 396,424 2031 — 447,287 — — 447,287 2032 — 395,802 — — 395,802 2033 — 592,762 — — 592,762 2034 — 344,819 — — 344,819 2035 — 344,654 — — 344,654 Thereafter — 293,625 — 360,456 654,081 Total $ 664,000 $ 4,569,765 $ 97,680 $ 360,456 $ 5,691,901 (1)There was $664.0 million outstanding under MAALP’s unsecured commercial paper program as of June 30, 2026. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $750.0 million. For the three months ended June 30, 2026, the average daily borrowings outstanding under the commercial paper program were $680.7 million. (2)There were no borrowings outstanding under MAALP’s $1.5 billion unsecured revolving credit facility as of June 30, 2026. The facility has a maturity date of January 2030 with two six-month extension options. The following schedule reflects the maturities and average effective interest rates of our outstanding fixed rate debt, net of debt issuance costs, discounts and premiums, as of June 30, 2026 (dollars in thousands): Fixed Rate Debt Average Effective Rate 2026 $ 299,879 1.2 % 2027 599,300 3.7 % 2028 398,823 4.2 % 2029 554,070 3.7 % 2030 298,744 3.1 % 2031 447,287 1.8 % 2032 395,802 5.4 % 2033 592,762 4.7 % 2034 344,819 5.1 % 2035 344,654 5.1 % Thereafter 654,081 3.8 % Total $ 4,930,221 3.8 % Unsecured Revolving Credit Facility & Commercial Paper MAALP maintains 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 MAALP’s election, of either (1) based upon the Secured Overnight Financing Rate plus an applicable margin ranging from 0.65% to 1.40% based upon MAALP’s 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 MAALP’s 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 used to support outstanding letters of credit. MAALP has established an unsecured commercial paper program whereby MAALP may issue unsecured commercial paper notes with varying maturities not to exceed 397 days up to a maximum aggregate principal amount outstanding of $750.0 million. As of June 30, 2026, MAALP had $664.0 million of borrowings outstanding under the commercial paper program. For the three months ended June 30, 2026, the average daily borrowings outstanding under the commercial paper program were $680.7 million. 39 Unsecured Senior Notes As of June 30, 2026, MAALP had $4.6 billion of publicly issued unsecured senior notes outstanding. In February 2026, MAALP publicly issued $200.0 million in aggregate principal amount of unsecured senior notes, maturing January 2033 with a coupon rate of 4.650% per annum, or the Additional 2033 Notes. The Additional 2033 Notes were issued as additional notes under the indenture and the supplemental indenture pursuant to which MAALP previously issued $400.0 million in aggregate principal amount of unsecured senior notes in November 2025, or the Initial 2033 Notes. The Additional 2033 Notes will be treated as a single series of securities with the Initial 2033 Notes and will have the same CUSIP number as, and be fungible with, the Initial 2033 Notes. The purchase price paid by the purchasers of the Additional 2033 Notes was 100.237% of the principal amount. The net proceeds of the offering, after considering the original issue premium, cash received for interest due but not accrued, and underwriting commissions and expenses totaling a net amount of approximately $2.0 million, were $202.0 million. The Additional 2033 Notes have been reflected net of premium and debt issuance costs in the Condensed Consolidated Balance Sheets as of June 30, 2026. Unsecured Term Loan In June 2026, MAALP entered into an unsecured delayed draw term loan program (the “DDTL Facility”) with a syndicate of banks in the aggregate committed principal amount of up to $350.0 million. Advances of loans under the DDTL Facility may be requested by MAALP in one or more draws (subject to a maximum of five draws) and will be available until December 21, 2026 (the “Commitment Expiration”). The DDTL Facility is scheduled to mature in November 2030. Amounts borrowed under the DDTL Facility will bear interest at a variable rate, at MAALP’s election, either (1) based upon the Secured Overnight Financing Rate plus an applicable margin ranging from 0.675% to 1.550% based upon MAALP’s credit rating or (2) a base rate plus an applicable margin ranging from 0.00% to 0.55% based upon MAALP’s credit rating. The DDTL Facility also contains an uncommitted accordion feature that allows MAALP to increase the total amount of unsecured indebtedness under the DDTL Facility to $550.0 million until the Commitment Expiration. The amounts due under the DDTL Facility may be prepaid, in whole or in part, subject to payment of applicable breakage fees. As of June 30, 2026, there was $100.0 million outstanding under the DDTL Facility. MAALP intends to use the loan proceeds for general corporate purposes, including repayment of other debt. Secured Property Mortgages MAALP maintains secured property mortgages with various life insurance companies. As of June 30, 2026, MAALP had $363.3 million of secured property mortgages outstanding. For more information regarding our debt capital resources, see Note 6 to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. Equity As of June 30, 2026, MAA owned 116,015,088 OP Units, representing a 97.5% limited partnership interest in MAALP, while the remaining 2,929,440 outstanding OP Units were held by limited partners of MAALP other than MAA. Holders of OP Units (other than MAA) may require us to redeem their OP Units from time to time, in which case we may, at our option, pay the redemption price either in cash (in an amount per OP Unit equal, in general, to the average closing price of MAA’s common stock on the NYSE over a specified period prior to the redemption date) or by delivering one share of MAA’s common stock (subject to adjustment under specified circumstances) for each OP Unit so redeemed. MAA has registered under the Securities Act the 2,929,440 shares of its common stock that, as of June 30, 2026, were issuable upon redemption of OP Units, in order for those shares to be sold freely in the public markets. MAA maintains 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 ATM program. Pursuant to the ATM program, MAA from time to time may also enter into forward sale agreements and sell shares of its common stock pursuant to these agreements. Through the ATM program, MAA may issue up to an aggregate of 4.0 million shares of its common stock at such times as determined by MAA. MAA has no obligation to issue shares through the ATM program. During the three and six months ended June 30, 2026 and 2025, MAA did not sell any shares of common stock under its ATM program. As of June 30, 2026, 4.0 million shares of MAA’s common stock remained issuable under the ATM program. For more information regarding our equity capital resources, see Note 8 and Note 9 to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. 40 Material Cash Requirements As of June 30, 2026, we had $1.1 billion of outstanding debt and debt service obligations payable in the year ending December 31, 2026, including $664.0 million of commercial paper borrowings due July 2026, $300.0 million of unsecured senior notes due September 2026 and $99.0 million of interest payments on fixed rate debt obligations in the year ending December 31, 2026. For a schedule of the maturity dates of our outstanding debt beyond 2026, see the “Liquidity and Capital Resources - Debt” section above. As of June 30, 2026, we also had obligations to make additional capital contributions to five technology-focused limited partnerships in which we hold equity interests. The capital contributions may be called by the general partners at any time after giving appropriate notice. As of June 30, 2026, we had committed to make additional capital contributions totaling up to $19.5 million if and when called by the general partners of the limited partnerships. We have other material cash requirements that do not represent contractual obligations, but that we expect to incur in the ordinary course of our business. As of June 30, 2026, we had six development communities under construction totaling 1,749 apartment units once complete. Total expected costs for the six development projects are $597.5 million, of which $360.4 million had been incurred through June 30, 2026. In addition, our property redevelopment and repositioning activities are ongoing, and we incur expenditures relating to recurring capital replacements, which typically include scheduled carpet replacement, new roofs, HVAC units, plumbing, concrete, masonry and other paving, pools and various exterior building improvements. For the year ending December 31, 2026, we expect that our total capital expenditures relating to our development activities, our property redevelopment and repositioning activities and recurring capital replacements will be in line with our total capital expenditures for the year ended December 31, 2025. We expect to have additional development projects in the future. We typically declare cash dividends on MAA’s common stock on a quarterly basis, subject to approval by MAA’s Board of Directors. We expect to pay quarterly dividends at an annual rate of $6.12 per share of MAA common stock during the year ending December 31, 2026. The timing and amount of future dividends will depend on actual cash flows from operations, our 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 our dividend policy from time to time. For information regarding our material cash requirements as of December 31, 2025, see Item 7 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 6, 2026. Inflation Our resident leases at our apartment communities allow for adjustments in the rental rate at the time of renewal, which may enable us to seek rent increases. The majority of our leases are for one year or less. The short-term nature of these leases generally serves to reduce our risk to adverse effects of inflation on our revenue. During the six months ended June 30, 2026, we experienced inflationary pressures that drove higher operating expenses, primarily in utilities, property tax and marketing expenses. Critical Accounting Estimates Please refer to our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 6, 2026, for discussions of our critical accounting estimates. During the three months ended June 30, 2026, there were no material changes to these estimates.