EX-99.23maa-ex99_2.htmEX-99.2 EX-99.2
Exhibit 99.2
PORTFOLIO STATISTICS
TOTAL MULTIFAMILY PORTFOLIO AT JUNE 30, 2026 (1)
In apartment units
Same
Store
Stabilized Non-Same
Store
Lease-up
Total
Completed
Communities
Development
Units
Delivered
Total
Atlanta, GA
11,434
340
—
11,774
—
11,774
Dallas, TX
9,523
980
—
10,503
—
10,503
Austin, TX
7,179
—
7,179
—
7,179
Charlotte, NC
5,707
640
541
6,888
—
6,888
Orlando, FL
5,907
310
—
6,217
—
6,217
Raleigh/Durham, NC
5,156
306
406
5,868
—
5,868
Tampa, FL
5,416
—
495
5,911
—
5,911
Houston, TX
4,859
—
—
4,859
—
4,859
Nashville, TN
4,375
—
—
4,375
—
4,375
Fort Worth, TX
3,687
—
—
3,687
—
3,687
Phoenix, AZ
3,291
317
3,608
72
3,680
Jacksonville, FL
3,496
—
—
3,496
—
3,496
Charleston, SC
3,168
—
—
3,168
—
3,168
Greenville, SC
2,354
—
—
2,354
—
2,354
Northern Virginia
1,888
—
—
1,888
—
1,888
Savannah, GA
1,837
—
—
1,837
—
1,837
Memphis, TN
1,193
618
—
1,811
—
1,811
Richmond, VA
1,732
—
—
1,732
—
1,732
San Antonio, TX
1,504
—
—
1,504
—
1,504
Denver, CO
1,118
352
—
1,470
121
1,591
Birmingham, AL
1,462
—
—
1,462
—
1,462
Fredericksburg, VA
1,435
—
—
1,435
—
1,435
Kansas City, MO-KS
1,110
318
—
1,428
—
1,428
Huntsville, AL
1,228
—
—
1,228
—
1,228
Other
6,502
496
—
6,998
—
6,998
Total Multifamily Units
96,561
4,360
1,759
102,680
193
102,873
(1)
Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C.
Supplemental Data S-1
PORTFOLIO STATISTICS (CONTINUED)
TOTAL MULTIFAMILY COMMUNITY STATISTICS (1)
Dollars in thousands, except Average Effective Rent per Unit
As of June 30, 2026
Average
Effective
As of June 30, 2026
Gross Real
Assets
Percent to
Total of
Gross Real
Assets
Physical
Occupancy
Rent per
Unit for
the Three
Months Ended
June 30, 2026
Completed
Units
Total Units,
Including
Development
Atlanta, GA
$
2,254,471
13.0
%
93.9
%
$
1,789
11,774
Dallas, TX
1,783,750
10.2
%
94.7
%
1,663
10,503
Charlotte, NC
1,297,898
7.5
%
95.6
%
1,637
6,347
Orlando, FL
1,148,616
6.6
%
95.3
%
1,977
6,217
Tampa, FL
1,055,659
6.1
%
95.3
%
2,086
5,416
Austin, TX
1,000,163
5.8
%
94.7
%
1,470
7,179
Raleigh/Durham, NC
823,587
4.7
%
94.6
%
1,516
5,462
Houston, TX
716,451
4.1
%
95.1
%
1,458
4,859
Phoenix, AZ
610,685
3.5
%
94.8
%
1,687
3,291
Northern Virginia
591,628
3.4
%
95.2
%
2,585
1,888
Nashville, TN
586,053
3.4
%
94.8
%
1,654
4,375
Charleston, SC
457,317
2.6
%
96.0
%
1,859
3,168
Denver, CO
428,040
2.5
%
94.3
%
1,906
1,470
Fort Worth, TX
419,751
2.4
%
95.3
%
1,585
3,687
Jacksonville, FL
345,456
2.0
%
93.8
%
1,467
3,496
Kansas City, MO-KS
300,878
1.7
%
96.1
%
1,725
1,428
Richmond, VA
273,994
1.6
%
95.2
%
1,738
1,732
Fredericksburg, VA
266,061
1.5
%
95.1
%
1,971
1,435
Greenville, SC
255,535
1.5
%
95.0
%
1,377
2,354
Savannah, GA
237,961
1.4
%
94.0
%
1,679
1,837
Birmingham, AL
179,934
1.0
%
95.3
%
1,448
1,462
San Antonio, TX
176,926
1.0
%
93.7
%
1,312
1,504
All Other Markets by State (individual markets <1% gross real assets)
Tennessee
220,905
1.3
%
94.0
%
1,316
2,754
Florida
204,817
1.2
%
94.7
%
1,855
1,806
Alabama
194,481
1.1
%
94.0
%
1,341
1,648
Virginia
176,569
1.0
%
95.5
%
1,880
1,039
Kentucky
112,979
0.7
%
95.2
%
1,328
1,308
Utah
95,320
0.5
%
94.3
%
1,570
400
Maryland
87,003
0.5
%
94.5
%
2,386
361
Nevada
78,066
0.4
%
95.8
%
1,624
721
Stabilized Communities
$
16,380,954
94.2
%
94.8
%
$
1,685
100,921
Charlotte, NC
221,170
1.3
%
50.3
%
1,844
541
541
Phoenix, AZ
220,604
1.3
%
45.3
%
1,548
389
942
Tampa, FL
194,701
1.1
%
90.9
%
2,957
495
495
Raleigh/Durham, NC
143,124
0.8
%
72.9
%
1,685
406
406
Richmond, VA
81,923
0.5
%
—
—
—
306
Denver, CO
69,028
0.4
%
29.7
%
2,261
121
219
Charleston, SC
52,335
0.3
%
—
—
—
336
Kansas City, MO-KS
13,436
0.1
%
—
—
—
263
Lease-up / Development Communities
$
996,321
5.8
%
59.5
%
$
2,060
1,952
3,508
Total Multifamily Communities
$
17,377,275
100.0
%
94.0
%
$
1,692
102,873
104,429
(1)
Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C. As of June 30, 2026, the gross investment in real estate for this community was $83.7 million and includes a mortgage note payable of $52.0 million. For the six months ended June 30, 2026, this apartment community achieved NOI of $4.3 million.
Supplemental Data S-2
COMPONENTS OF NET OPERATING INCOME
Dollars in thousands
Three Months Ended
As of June 30, 2026
June 30, 2026
June 30, 2025
Percent
Change
Apartment Units
Gross Real Assets
Operating Revenues
Same Store Communities
$
517,438
$
519,039
-0.3
%
96,561
$
15,416,595
Non-Same Store Communities
22,612
21,787
4,360
964,359
Lease-up/Development Communities
8,023
2,310
1,952
996,321
Total Multifamily Portfolio
$
548,073
$
543,136
102,873
$
17,377,275
Commercial Property/Land
7,054
6,766
—
449,438
Total Operating Revenues
$
555,127
$
549,902
102,873
$
17,826,713
Property Operating Expenses
Same Store Communities
$
201,219
$
199,537
0.8
%
Non-Same Store Communities
9,992
10,151
Lease-up/Development Communities
4,631
1,834
Total Multifamily Portfolio
$
215,842
$
211,522
Commercial Property/Land
2,878
3,132
Total Property Operating Expenses
$
218,720
$
214,654
Net Operating Income
Same Store Communities
$
316,219
$
319,502
-1.0
%
Non-Same Store Communities
12,620
11,636
Lease-up/Development Communities
3,392
476
Total Multifamily Portfolio
$
332,231
$
331,614
Commercial Property/Land
4,176
3,634
Total Net Operating Income
$
336,407
$
335,248
0.3
%
COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES
Dollars in thousands
Three Months Ended
Six Months Ended
June 30, 2026
June 30, 2025
Percent Change
June 30, 2026
June 30, 2025
Percent
Change
Property Taxes
$
68,992
$
69,090
(0.1
)%
$
133,927
$
132,278
1.2
%
Personnel
43,411
43,203
0.5
%
85,269
84,764
0.6
%
Utilities
35,161
33,682
4.4
%
70,146
67,535
3.9
%
Building Repair and Maintenance
28,214
28,368
(0.5
)%
52,410
52,239
0.3
%
Office Operations
8,278
8,131
1.8
%
15,953
16,316
(2.2
)%
Insurance
7,801
8,479
(8.0
)%
15,555
16,921
(8.1
)%
Marketing
9,362
8,584
9.1
%
16,243
15,395
5.5
%
Total Property Operating Expenses
$
201,219
$
199,537
0.8
%
$
389,503
$
385,448
1.1
%
Supplemental Data S-3
MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE
Average Physical Occupancy
Percent of
Three Months Ended
Six Months Ended
Apartment Units
Same Store NOI
June 30, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Atlanta, GA
11,434
12.0
%
95.2
%
95.0
%
95.4
%
95.2
%
Dallas, TX
9,523
9.0
%
95.0
%
95.0
%
95.1
%
95.1
%
Orlando, FL
5,907
7.4
%
95.5
%
95.6
%
95.6
%
95.6
%
Tampa, FL
5,416
7.1
%
95.8
%
96.1
%
96.0
%
96.1
%
Charlotte, NC
5,707
6.2
%
95.7
%
95.7
%
95.8
%
95.8
%
Austin, TX
7,179
5.3
%
95.0
%
94.6
%
95.1
%
94.8
%
Raleigh/Durham, NC
5,156
5.1
%
95.3
%
95.4
%
95.1
%
95.5
%
Nashville, TN
4,375
4.7
%
95.3
%
95.2
%
95.5
%
95.5
%
Phoenix, AZ
3,291
3.9
%
95.4
%
94.9
%
95.8
%
95.2
%
Houston, TX
4,859
3.9
%
95.6
%
95.6
%
95.8
%
95.6
%
Charleston, SC
3,168
3.9
%
95.9
%
96.1
%
95.7
%
95.8
%
Fort Worth, TX
3,687
3.6
%
95.3
%
95.5
%
95.4
%
95.3
%
Northern Virginia
1,888
3.3
%
96.1
%
96.2
%
95.9
%
96.4
%
Jacksonville, FL
3,496
2.9
%
94.7
%
95.6
%
94.9
%
95.8
%
Richmond, VA
1,732
2.1
%
96.2
%
96.3
%
96.1
%
96.2
%
Greenville, SC
2,354
2.1
%
95.4
%
95.8
%
95.6
%
95.8
%
Fredericksburg, VA
1,435
2.0
%
95.6
%
96.6
%
95.7
%
96.8
%
Savannah, GA
1,837
2.0
%
95.1
%
94.8
%
95.2
%
95.1
%
Denver, CO
1,118
1.4
%
95.8
%
95.6
%
95.1
%
95.2
%
Birmingham, AL
1,462
1.3
%
95.2
%
96.1
%
95.3
%
96.2
%
Kansas City, MO-KS
1,110
1.2
%
95.6
%
95.5
%
95.5
%
95.3
%
San Antonio, TX
1,504
1.1
%
94.4
%
95.0
%
94.6
%
95.1
%
Memphis, TN
1,193
1.0
%
94.6
%
94.8
%
95.0
%
94.8
%
Huntsville, AL
1,228
1.0
%
93.9
%
94.6
%
93.3
%
94.6
%
Other
6,502
6.5
%
95.4
%
96.0
%
95.4
%
95.7
%
Total Same Store
96,561
100.0
%
95.3
%
95.4
%
95.4
%
95.5
%
Supplemental Data S-4
MULTIFAMILY SAME STORE PORTFOLIO QUARTERLY COMPARISONS
Dollars in thousands, except Average Effective Rent per Unit
Revenues
Expenses
NOI
Average Effective Rent per Unit
Units
Q2 2026
Q2 2025
% Chg
Q2 2026
Q2 2025
% Chg
Q2 2026
Q2 2025
% Chg
Q2 2026
Q2 2025
% Chg
Atlanta, GA
11,434
$
64,385
$
64,384
0.0
%
$
26,545
$
26,766
(0.8
)%
$
37,840
$
37,618
0.6
%
$
1,790
$
1,790
(0.0
)%
Dallas, TX
9,523
50,381
49,997
0.8
%
21,909
20,900
4.8
%
28,472
29,097
(2.1
)%
1,681
1,667
0.9
%
Orlando, FL
5,907
36,819
36,859
(0.1
)%
13,402
13,737
(2.4
)%
23,417
23,122
1.3
%
1,981
1,982
(0.1
)%
Tampa, FL
5,416
35,683
35,990
(0.9
)%
13,128
12,973
1.2
%
22,555
23,017
(2.0
)%
2,086
2,092
(0.3
)%
Charlotte, NC
5,707
29,646
29,973
(1.1
)%
9,904
9,810
1.0
%
19,742
20,163
(2.1
)%
1,641
1,657
(0.9
)%
Austin, TX
7,179
34,216
35,326
(3.1
)%
17,337
17,232
0.6
%
16,879
18,094
(6.7
)%
1,470
1,530
(3.9
)%
Raleigh/Durham, NC
5,156
25,036
25,434
(1.6
)%
8,821
8,893
(0.8
)%
16,215
16,541
(2.0
)%
1,510
1,534
(1.5
)%
Nashville, TN
4,375
22,930
23,231
(1.3
)%
8,146
8,006
1.7
%
14,784
15,225
(2.9
)%
1,654
1,673
(1.1
)%
Phoenix, AZ
3,291
17,870
17,840
0.2
%
5,441
5,107
6.5
%
12,429
12,733
(2.4
)%
1,687
1,708
(1.2
)%
Houston, TX
4,859
22,868
22,671
0.9
%
10,513
10,667
(1.4
)%
12,355
12,004
2.9
%
1,458
1,448
0.6
%
Charleston, SC
3,168
18,789
18,227
3.1
%
6,467
6,320
2.3
%
12,322
11,907
3.5
%
1,859
1,825
1.9
%
Fort Worth, TX
3,687
19,309
19,380
(0.4
)%
8,014
8,251
(2.9
)%
11,295
11,129
1.5
%
1,585
1,577
0.5
%
Northern Virginia
1,888
15,170
14,923
1.7
%
4,688
4,555
2.9
%
10,482
10,368
1.1
%
2,585
2,540
1.8
%
Jacksonville, FL
3,496
15,591
15,853
(1.7
)%
6,475
6,440
0.5
%
9,116
9,413
(3.2
)%
1,467
1,481
(0.9
)%
Richmond, VA
1,732
9,549
9,118
4.7
%
2,901
2,834
2.4
%
6,648
6,284
5.8
%
1,738
1,689
2.9
%
Greenville, SC
2,354
10,629
10,540
0.8
%
4,069
4,137
(1.6
)%
6,560
6,403
2.5
%
1,377
1,351
1.9
%
Fredericksburg, VA
1,435
8,958
8,957
0.0
%
2,564
2,490
3.0
%
6,394
6,467
(1.1
)%
1,971
1,941
1.6
%
Savannah, GA
1,837
9,957
10,140
(1.8
)%
3,795
4,005
(5.2
)%
6,162
6,135
0.4
%
1,679
1,714
(2.0
)%
Denver, CO
1,118
6,614
6,888
(4.0
)%
2,257
2,200
2.6
%
4,357
4,688
(7.1
)%
1,898
1,953
(2.8
)%
Birmingham, AL
1,462
6,977
6,921
0.8
%
2,867
2,806
2.2
%
4,110
4,115
(0.1
)%
1,448
1,421
1.9
%
Kansas City, MO-KS
1,110
5,961
5,869
1.6
%
2,138
2,155
(0.8
)%
3,823
3,714
2.9
%
1,696
1,673
1.4
%
San Antonio, TX
1,504
6,244
6,460
(3.3
)%
2,898
2,855
1.5
%
3,346
3,605
(7.2
)%
1,312
1,346
(2.5
)%
Memphis, TN
1,193
5,342
5,400
(1.1
)%
2,058
1,665
23.6
%
3,284
3,735
(12.1
)%
1,422
1,433
(0.7
)%
Huntsville, AL
1,228
5,101
5,258
(3.0
)%
1,947
1,963
(0.8
)%
3,154
3,295
(4.3
)%
1,246
1,283
(2.8
)%
Other
6,502
33,413
33,400
0.0
%
12,935
12,770
1.3
%
20,478
20,630
(0.7
)%
1,647
1,623
1.4
%
Total Same Store
96,561
$
517,438
$
519,039
(0.3
)%
$
201,219
$
199,537
0.8
%
$
316,219
$
319,502
(1.0
)%
$
1,688
$
1,691
(0.2
)%
Supplemental Data S-5
MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTERLY COMPARISONS
Dollars in thousands, except Average Effective Rent per Unit
Revenues
Expenses
NOI
Average Effective Rent per Unit
Units
Q2 2026
Q1 2026
% Chg
Q2 2026
Q1 2026
% Chg
Q2 2026
Q1 2026
% Chg
Q2 2026
Q1 2026
% Chg
Atlanta, GA
11,434
$
64,385
$
64,385
—
$
26,545
$
24,322
9.1
%
$
37,840
$
40,063
(5.5
)%
$
1,790
$
1,787
0.1
%
Dallas, TX
9,523
50,381
50,285
0.2
%
21,909
19,505
12.3
%
28,472
30,780
(7.5
)%
1,681
1,677
0.2
%
Orlando, FL
5,907
36,819
36,762
0.2
%
13,402
12,858
4.2
%
23,417
23,904
(2.0
)%
1,981
1,978
0.2
%
Tampa, FL
5,416
35,683
35,791
(0.3
)%
13,128
12,371
6.1
%
22,555
23,420
(3.7
)%
2,086
2,083
0.1
%
Charlotte, NC
5,707
29,646
29,566
0.3
%
9,904
9,031
9.7
%
19,742
20,535
(3.9
)%
1,641
1,644
(0.2
)%
Austin, TX
7,179
34,216
34,332
(0.3
)%
17,337
15,871
9.2
%
16,879
18,461
(8.6
)%
1,470
1,472
(0.1
)%
Raleigh/Durham, NC
5,156
25,036
24,990
0.2
%
8,821
8,081
9.2
%
16,215
16,909
(4.1
)%
1,510
1,515
(0.3
)%
Nashville, TN
4,375
22,930
23,029
(0.4
)%
8,146
7,340
11.0
%
14,784
15,689
(5.8
)%
1,654
1,653
0.1
%
Phoenix, AZ
3,291
17,870
17,932
(0.3
)%
5,441
5,176
5.1
%
12,429
12,756
(2.6
)%
1,687
1,691
(0.2
)%
Houston, TX
4,859
22,868
22,781
0.4
%
10,513
10,398
1.1
%
12,355
12,383
(0.2
)%
1,458
1,455
0.2
%
Charleston, SC
3,168
18,789
18,413
2.0
%
6,467
5,912
9.4
%
12,322
12,501
(1.4
)%
1,859
1,842
0.9
%
Fort Worth, TX
3,687
19,309
19,370
(0.3
)%
8,014
7,254
10.5
%
11,295
12,116
(6.8
)%
1,585
1,581
0.3
%
Northern Virginia
1,888
15,170
15,104
0.4
%
4,688
4,617
1.5
%
10,482
10,487
(0.0
)%
2,585
2,570
0.6
%
Jacksonville, FL
3,496
15,591
15,534
0.4
%
6,475
6,171
4.9
%
9,116
9,363
(2.6
)%
1,467
1,467
0.0
%
Richmond, VA
1,732
9,549
9,423
1.3
%
2,901
2,918
(0.6
)%
6,648
6,505
2.2
%
1,738
1,724
0.8
%
Greenville, SC
2,354
10,629
10,673
(0.4
)%
4,069
3,785
7.5
%
6,560
6,888
(4.8
)%
1,377
1,372
0.4
%
Fredericksburg, VA
1,435
8,958
9,013
(0.6
)%
2,564
2,662
(3.7
)%
6,394
6,351
0.7
%
1,971
1,970
0.1
%
Savannah, GA
1,837
9,957
9,977
(0.2
)%
3,795
3,791
0.1
%
6,162
6,186
(0.4
)%
1,679
1,686
(0.4
)%
Denver, CO
1,118
6,614
6,536
1.2
%
2,257
2,274
(0.7
)%
4,357
4,262
2.2
%
1,898
1,903
(0.2
)%
Birmingham, AL
1,462
6,977
6,950
0.4
%
2,867
2,831
1.3
%
4,110
4,119
(0.2
)%
1,448
1,439
0.6
%
Kansas City, MO-KS
1,110
5,961
5,932
0.5
%
2,138
2,112
1.2
%
3,823
3,820
0.1
%
1,696
1,684
0.7
%
San Antonio, TX
1,504
6,244
6,328
(1.3
)%
2,898
2,745
5.6
%
3,346
3,583
(6.6
)%
1,312
1,316
(0.3
)%
Memphis, TN
1,193
5,342
5,399
(1.1
)%
2,058
1,877
9.6
%
3,284
3,522
(6.8
)%
1,422
1,414
0.6
%
Huntsville, AL
1,228
5,101
5,056
0.9
%
1,947
2,107
(7.6
)%
3,154
2,949
7.0
%
1,246
1,254
(0.6
)%
Other
6,502
33,413
33,419
(0.0
)%
12,935
12,275
5.4
%
20,478
21,144
(3.1
)%
1,647
1,637
0.6
%
Total Same Store
96,561
$
517,438
$
516,980
0.1
%
$
201,219
$
188,284
6.9
%
$
316,219
$
328,696
(3.8
)%
$
1,688
$
1,685
0.2
%
Supplemental Data S-6
MULTIFAMILY SAME STORE PORTFOLIO YEAR TO DATE COMPARISONS
Dollars in thousands, except Average Effective Rent per Unit
Revenues
Expenses
NOI
Average Effective Rent per Unit
Units
Q2 2026
Q2 2025
% Chg
Q2 2026
Q2 2025
% Chg
Q2 2026
Q2 2025
% Chg
Q2 2026
Q2 2025
% Chg
Atlanta, GA
11,434
$
128,770
$
129,012
(0.2
)%
$
50,867
$
49,887
2.0
%
$
77,903
$
79,125
(1.5
)%
$
1,788
$
1,791
(0.2
)%
Dallas, TX
9,523
100,666
99,998
0.7
%
41,414
41,094
0.8
%
59,252
58,904
0.6
%
1,679
1,666
0.8
%
Orlando, FL
5,907
73,581
73,817
(0.3
)%
26,260
26,927
(2.5
)%
47,321
46,890
0.9
%
1,979
1,984
(0.2
)%
Tampa, FL
5,416
71,474
71,974
(0.7
)%
25,499
25,603
(0.4
)%
45,975
46,371
(0.9
)%
2,084
2,092
(0.4
)%
Charlotte, NC
5,707
59,212
59,881
(1.1
)%
18,935
18,834
0.5
%
40,277
41,047
(1.9
)%
1,643
1,656
(0.8
)%
Austin, TX
7,179
68,548
70,905
(3.3
)%
33,208
32,613
1.8
%
35,340
38,292
(7.7
)%
1,471
1,539
(4.4
)%
Raleigh/Durham, NC
5,156
50,026
50,852
(1.6
)%
16,902
17,010
(0.6
)%
33,124
33,842
(2.1
)%
1,513
1,533
(1.3
)%
Nashville, TN
4,375
45,959
46,601
(1.4
)%
15,486
15,705
(1.4
)%
30,473
30,896
(1.4
)%
1,654
1,674
(1.2
)%
Phoenix, AZ
3,291
35,802
35,739
0.2
%
10,617
10,085
5.3
%
25,185
25,654
(1.8
)%
1,689
1,713
(1.4
)%
Houston, TX
4,859
45,649
45,220
0.9
%
20,911
20,703
1.0
%
24,738
24,517
0.9
%
1,456
1,446
0.7
%
Charleston, SC
3,168
37,202
36,348
2.3
%
12,379
12,140
2.0
%
24,823
24,208
2.5
%
1,851
1,821
1.6
%
Fort Worth, TX
3,687
38,679
38,664
0.0
%
15,268
14,844
2.9
%
23,411
23,820
(1.7
)%
1,583
1,579
0.3
%
Northern Virginia
1,888
30,274
29,841
1.5
%
9,305
9,099
2.3
%
20,969
20,742
1.1
%
2,577
2,526
2.0
%
Jacksonville, FL
3,496
31,125
31,823
(2.2
)%
12,646
12,503
1.1
%
18,479
19,320
(4.4
)%
1,467
1,484
(1.1
)%
Richmond, VA
1,732
18,972
18,183
4.3
%
5,819
5,707
2.0
%
13,153
12,476
5.4
%
1,731
1,684
2.8
%
Greenville, SC
2,354
21,302
20,966
1.6
%
7,854
7,935
(1.0
)%
13,448
13,031
3.2
%
1,375
1,344
2.3
%
Fredericksburg, VA
1,435
17,971
17,820
0.8
%
5,226
5,047
3.5
%
12,745
12,773
(0.2
)%
1,971
1,925
2.4
%
Savannah, GA
1,837
19,934
20,249
(1.6
)%
7,586
7,548
0.5
%
12,348
12,701
(2.8
)%
1,683
1,710
(1.6
)%
Denver, CO
1,118
13,150
13,822
(4.9
)%
4,531
4,230
7.1
%
8,619
9,592
(10.1
)%
1,901
1,952
(2.6
)%
Birmingham, AL
1,462
13,927
13,803
0.9
%
5,698
5,514
3.3
%
8,229
8,289
(0.7
)%
1,443
1,412
2.2
%
Kansas City, MO-KS
1,110
11,893
11,606
2.5
%
4,250
4,229
0.5
%
7,643
7,377
3.6
%
1,690
1,655
2.1
%
San Antonio, TX
1,504
12,572
12,981
(3.2
)%
5,643
5,406
4.4
%
6,929
7,575
(8.5
)%
1,314
1,350
(2.7
)%
Memphis, TN
1,193
10,741
10,805
(0.6
)%
3,935
3,903
0.8
%
6,806
6,902
(1.4
)%
1,418
1,433
(1.0
)%
Huntsville, AL
1,228
10,157
10,535
(3.6
)%
4,054
3,868
4.8
%
6,103
6,667
(8.5
)%
1,250
1,284
(2.6
)%
Other
6,502
66,832
66,421
0.6
%
25,210
25,014
0.8
%
41,622
41,407
0.5
%
1,642
1,620
1.4
%
Total Same Store
96,561
$
1,034,418
$
1,037,866
(0.3
)%
$
389,503
$
385,448
1.1
%
$
644,915
$
652,418
(1.2
)%
$
1,687
$
1,691
(0.2
)%
Supplemental Data S-7
MULTIFAMILY DEVELOPMENT PIPELINE
Units as of
Development Costs as of
June 30, 2026
June 30, 2026
Expected
Expected
Costs
Expected
Start
Initial
Market
Total
Delivered
Leased
Total
to Date
Remaining
Date
Occupancy
Completion
Stabilization (1)
MAA Milepost 35 II
Denver, CO
219
121
84
$
78,000
$
69,028
$
8,972
4Q24
2Q26
4Q26
4Q27
Modera Chandler (2)
Phoenix, AZ
345
72
43
117,500
98,773
18,727
2Q24
2Q26
4Q26
4Q27
MAA Rove
Richmond, VA
306
—
—
99,500
81,923
17,577
3Q24
4Q26
2Q27
4Q27
MAA Point Hope (2)
Charleston, SC
336
—
—
91,000
52,336
38,664
2Q25
4Q26
3Q27
2Q28
MAA One Scottsdale
Phoenix, AZ
280
—
—
135,000
44,865
90,135
4Q25
1Q28
3Q28
2Q29
MAA Sevilla (2)
Kansas City, MO-KS
263
—
—
76,500
13,436
63,064
2Q26
1Q28
4Q28
2Q29
Total Active
1,749
193
127
$
597,500
$
360,361
$
237,139
(1)
Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.
(2)
MAA owns 95% of the joint venture that owns this property.
MULTIFAMILY LEASE-UP COMMUNITIES
As of June 30, 2026
Market
Total Units
Physical Occupancy
Costs to Date
Construction Completed
Expected Stabilization (1)
MAA Val Vista
Phoenix, AZ
317
91.5%
$
76,966
4Q24
3Q26
MAA Breakwater
Tampa, FL
495
90.9%
194,701
1Q26
3Q26
MAA Nixie
Raleigh/Durham, NC
406
72.9%
143,124
3Q25
4Q26
MAA Liberty Row (2)
Charlotte, NC
239
68.6%
111,730
(4)
1Q26
4Q26
MAA Plaza Midwood (3)
Charlotte, NC
302
36.0%
97,221
2Q26
3Q27
Total
1,759
74.4%
$
623,742
(1)
Communities are considered stabilized when achieving 90% average physical occupancy for 90 days..
(2)
In July 2024, MAA agreed to finance the third party development of this property. MAA has the option to purchase the property once it is stabilized.
(3)
MAA owns 95% of the joint venture that owns this property.
(4)
Represents the cost to MAA, net of the $9.6 million non-equity contribution from the third party developer.
MULTIFAMILY INTERIOR REDEVELOPMENT, WIFI RETROFIT AND PROPERTY REPOSITIONING ACTIVITY
Dollars in thousands, except per unit data
Six months ended June 30, 2026
Program
Units Completed
Redevelopment Spend
Average Cost per Unit
Increase in Average Effective Rent per Unit
Increase in Average Effective Rent per Unit
Estimated Units Remaining in Pipeline
Interior Redevelopment
3,504
$
17,990
$
5,134
$
110
7.9%
7,000 - 10,000
During the second quarter of 2026, MAA continued its WiFi Retrofit program and its Property Repositioning program to upgrade and reposition the amenity and common areas at select apartment communities for higher and above market rent growth after projects are completed and units are fully repriced. MAA spent $14.3 million on its WiFi Retrofit program and $6.7 million on its Property Repositioning program during the six months ended June 30, 2026.
Supplemental Data S-8
2026 ACQUISITION ACTIVITY AS OF JUNE 30, 2026
Land Acquisitions
Market
Closing Date
Modera Silver (1)
Northern Virginia
Jan-26
MAA Sevilla (2)
Kansas City, MO-KS
Feb-26
MAA McFarland Farms (3)
Nashville, TN
Apr-26
(1)
Represents a pre-purchase multifamily development. MAA owns 95% of the joint venture that owns this property and plans future development at the property.
(2)
Represents a pre-purchase multifamily development. MAA owns 95% of the joint venture that owns this property. Construction of this development commenced in April 2026.
(3)
Represents a pre-purchase multifamily development. MAA owns 95% of the joint venture that owns this property. Construction of this development commenced in July 2026.
2026 DISPOSITION ACTIVITY AS OF JUNE 30, 2026
Multifamily Dispositions
Market
Apartment Units
Closing Date
MAA Greenwood Forrest
Houston, TX
316
Feb-26
MAA Hermitage
Raleigh, NC
194
May-26
DEBT AND DEBT COVENANTS AS OF JUNE 30, 2026
Dollars in thousands
DEBT SUMMARIES
Fixed Rate Versus Floating Rate Debt
Balance
Percent of Total
Effective Interest Rate
Average Years to Rate Maturity
Fixed rate debt
$
4,930,221
86.6
%
3.8
%
6.8
Floating rate debt
761,680
13.4
%
4.1
%
0.7
Total
$
5,691,901
100.0
%
3.9
%
6.0
Unsecured Versus Secured Debt
Balance
Percent of Total
Effective Interest Rate
Average Years to Contract Maturity
Unsecured debt
$
5,331,445
93.7
%
3.8
%
4.8
Secured debt
360,456
6.3
%
4.4
%
22.6
Total
$
5,691,901
100.0
%
3.9
%
6.0
Unencumbered Versus Encumbered Assets
Total Cost
Percent of Total
Q2 2026 NOI
Percent of Total
Unencumbered gross assets
$
17,446,298
95.7
%
$
322,812
96.0
%
Encumbered gross assets
792,410
4.3
%
13,595
4.0
%
Total
$
18,238,708
100.0
%
$
336,407
100.0
%
FIXED INTEREST RATE MATURITIES
Maturity
Fixed Rate Debt
Effective Interest 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
%
Supplemental Data S-9
DEBT AND DEBT COVENANTS AS OF JUNE 30, 2026 (CONTINUED)
Dollars in thousands
DEBT MATURITIES OF OUTSTANDING BALANCES
Maturity
Commercial Paper ⁽¹⁾ & Revolving Credit Facility ⁽²⁾
Public Bonds
Other Unsecured
Secured
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)
The $664.0 million maturing in 2026 reflects the principal 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, 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.
DEBT COVENANT ANALYSIS (1)
Bond Covenants
Required
Actual
Compliance
Total debt to adjusted total assets
60% or less
31.2%
Yes
Total secured debt to adjusted total assets
40% or less
2.0%
Yes
Consolidated income available for debt service to total annual debt service charge
1.5x or greater for trailing 4 quarters
5.7x
Yes
Total unencumbered assets to total unsecured debt
Greater than 150%
320.4%
Yes
Bank Covenants
Required
Actual
Compliance
Total debt to total capitalized asset value
60% or less
24.7%
Yes
Total secured debt to total capitalized asset value
40% or less
1.6%
Yes
Total adjusted EBITDA to fixed charges
1.5x or greater for trailing 4 quarters
6.0x
Yes
Total unsecured debt to total unsecured capitalized asset value
60% or less
24.0%
Yes
(1)
The calculations of the Bond Covenants and Bank Covenants are specifically defined in MAALP’s debt agreements, which have been filed by MAA and MAALP with the SEC.
Supplemental Data S-10
2026 GUIDANCE
MAA provides guidance on expected Core FFO per diluted Share and Core AFFO per diluted Share, which are non-GAAP financial measures, along with guidance for expected Earnings per diluted common share. A reconciliation of expected Earnings per diluted common share to expected Core FFO per diluted Share and Core AFFO per diluted Share is provided below. The guidance projections provided below are based on current expectations and are forward-looking statements.
Full Year 2026
Earnings:
Range
Midpoint
Earnings per common share - diluted
$3.96 to $4.20
$4.08
Core FFO per Share - diluted
$8.41 to $8.65
$8.53
Core AFFO per Share - diluted
$7.38 to $7.62
$7.50
MAA Same Store Portfolio:
Number of units
96,561
96,561
Average physical occupancy
95.35% to 95.65%
95.50%
Property revenue growth
-0.20% to 0.40%
0.10%
Effective rent growth
-0.15% to 0.35%
0.10%
T1Property operating expense growth
1.25% to 2.25%
1.75%
NOI growth
-1.70% to 0.10%
-0.90%
Real estate tax expense growth
1.00% to 2.50%
1.75%
Corporate Expenses: ($ in millions)
Property management expenses
$76.5 to $78.5
$77.5
General and administrative expenses
$57.5 to $59.5
$58.5
Total overhead
$134.0 to $138.0
$136.0
Transaction/Investment Volume: ($ in millions)
Multifamily acquisition volume
$150.0 to $250.0
$200.0
Multifamily disposition volume
$200.0 to $300.0
$250.0
Development investment
$300.0 to $400.0
$350.0
Debt:
Average effective interest rate
3.7% to 3.9%
3.8%
Capitalized interest ($ in millions)
$16.0 to $18.0
$17.0
Diluted FFO Shares Outstanding:
Diluted common shares and units
118.95 to 119.45 million
119.20 million
RECONCILIATION OF EARNINGS PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER DILUTED SHARE FOR FULL YEAR 2026 GUIDANCE
Full Year 2026 Guidance Range
Low
High
Earnings per common share - diluted
$
3.96
$
4.20
Real estate depreciation and amortization
5.42
5.42
Gains on sale of depreciable assets
(0.86
)
(0.86
)
FFO per Share - diluted
8.52
8.76
Non-Core FFO items (1)
(0.11
)
(0.11
)
Core FFO per Share - diluted
8.41
8.65
Recurring capital expenditures
(1.03
)
(1.03
)
Core AFFO per Share - diluted
$
7.38
$
7.62
(1)
Non-Core FFO items may include 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 charges and (recoveries), net; gain or loss on debt extinguishment; legal costs, settlements and (recoveries), net, and mark-to-market debt adjustments.
Supplemental Data S-11
CREDIT RATINGS
Commercial
Long-Term
Paper Rating
Debt Rating
Outlook
Fitch Ratings (1)
F1
A-
Stable
Moody’s Investors Service (2)
P-2
A3
Stable
Standard & Poor’s Ratings Services (1)
A-2
A-
Stable
(1)
Corporate credit rating assigned to MAA and MAALP
(2)
Corporate credit rating assigned to MAALP
COMMON STOCK
Stock Symbol:
MAA
Exchange Traded:
NYSE
Estimated Future Dates:
Q3 2026
Q4 2026
Q1 2027
Q2 2027
Earnings release & conference call
Late
October
Early
February
Late
April
Late
July
Dividend Information - Common Shares:
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Declaration date
5/21/2025
9/23/2025
12/10/2025
3/17/2026
5/19/2026
Record date
7/15/2025
10/15/2025
1/15/2026
4/15/2026
7/15/2026
Payment date
7/31/2025
10/31/2025
1/30/2026
4/30/2026
7/31/2026
Distributions per share
$
1.5150
$
1.5150
$
1.5300
$
1.5300
$
1.5300
INVESTOR RELATIONS DATA
MAA does not send quarterly reports, earnings releases and supplemental data to shareholders, but provides them upon request.
For recent press releases, SEC filings and other information, call 866-576-9689 (toll free) or email investor.relations@maac.com. This information, as well as access to MAA’s quarterly conference call, is also available on the “For Investors” page of MAA’s website at www.maac.com.
For Questions Contact:
Name
Title
Andrew Schaeffer
Senior Vice President, Treasurer and Director of Capital Markets
Jennifer Patrick
Director of Investor Relations
Phone: 866-576-9689 (toll free)
Email: investor.relations@maac.com
Supplemental Data S-12
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 0 | 0 | 0 |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 0 | — | 0 |
| Recession recession, downturn, contraction, slowdown | 0 | 0 | 0 |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | 0 | 0 |
| Buybacks share repurchase, buyback program | 0 | — | 0 |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Not placed in the text
These quotes are stored with a score, but no passage here matches them closely enough to highlight. Rather than point at the wrong passage, they are listed as stored.
Theme · Same store NOI decline
“Same Store NOI $316,219 $319,502 -1.0%”
Theme · Development pipeline expansion
“Total Active 1,749 units $597,500 development costs”
Theme · Occupancy stability
“Total Multifamily Communities 94.0% physical occupancy”
Source: SEC EDGAR · public domain · Highlights by Palanor