PresentationJeffrey SpectorManaging Director and Head of United States REITs Thanks for joining our next roundtable session with Mid-America Apartments. Looking forward to hearing more about MAA's strategic plans and positioning and Sunbelt markets. It's been a hot topic. I think you guys had a very strong demand. So if there's any insights from some of the meetings you've had, we could talk about that as well. So I just want to introduce the company. Straight to my left, Clay Holder, EVP and CFO; to his le ...

PresentationJeffrey SpectorManaging Director and Head of United States REITs Thanks for joining our next roundtable session with Mid-America Apartments. Looking forward to hearing more about MAA's strategic plans and positioning and Sunbelt markets. It's been a hot topic. I think you guys had a very strong demand. So if there's any insights from some of the meetings you've had, we could talk about that as well. So I just want to introduce the company. Straight to my left, Clay Holder, EVP and CFO; to his le ...

Summary of Mid-America Apartment Communities (MAA) 2025 Conference Call Company Overview - Mid-America Apartment Communities (MAA) is an S&P 500 multifamily-focused Real Estate Investment Trust (REIT) with over 30 years of public company history, primarily focusing on high-demand regions in the Sunbelt and southwestern U.S. [3][4] Industry Insights - The company has observed a significant decline in new supply deliveries, with fourth-quarter deliveries dropping over 50% compared to the third quarter, following a peak in supply last year [4][5] - The trailing 12-month absorption numbers are the highest in 25 years, indicating robust demand in MAA's markets [4][5] - Average occupancy rates are only 30 basis points below pre-COVID levels, with a year-over-year increase of 190 basis points [5][6] Demand Dynamics - Demand drivers include strong job growth, migration trends, and population growth, with a net migration rate of 7% into the Sunbelt region [12] - The affordability of single-family homes has become a significant factor, with median home prices in the Sunbelt rising over 50% in the last five years, while rents have only increased by about 30% [13][14] - Retention rates have improved by 10 percentage points over the last decade, indicating a strong preference for rental living due to lifestyle choices and affordability concerns [14] Market Performance - The company is optimistic about job growth in 2026, with expectations of a decrease in tariff-related uncertainties and potential interest rate cuts by the Federal Reserve [17][18] - MAA anticipates a 30-40% decline in supply deliveries next year, which will be below long-term averages, supporting improved performance [21][22] - The company is focusing on customer service to enhance resident retention, with a current retention rate of 60% [59] Regional Performance - Strongest markets include Northern Virginia and mid-tier coastal markets like Charleston and Savannah, which have shown resilience against supply pressures [52][53] - Weaker markets include Austin, Nashville, Phoenix, and Jacksonville, which are experiencing high supply but are expected to recover as demand dynamics improve [54][55] Future Outlook - The company expects to maintain a low leverage ratio of 4x and plans to fund development and acquisitions through debt [61][62] - Property taxes are expected to remain flat year-over-year, reflecting stable operating performance [63] Key Takeaways - MAA is well-positioned for growth with strong demand fundamentals and declining supply pressures in its markets [21][22] - The company is focused on enhancing customer service and retention to drive future earnings growth [59] - Overall, the outlook for the multifamily housing market remains positive, with expectations for higher same-store net operating income in the coming year [70]

Scout Investments, Inc., an affiliate of Carillon Tower Advisers, released the “Carillon Scout Mid Cap Fund” second quarter 2025 investor letter. A copy of the letter can be downloaded here. The Russell Midcap Index posted positive returns in the second quarter despite a sharp sell-off at the beginning of April following the liberation Day tariff announcement. However, the delay in collecting additional tariffs provided more time for trading partners to negotiate better terms. In addition, please check the ...

MAA Announces Regular Quarterly Preferred Dividend Accessibility StatementSkip Navigation GERMANTOWN, Tenn., Sept. 8, 2025 /PRNewswire/ --Â Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced that MAA will participate in a round table presentation at the BofA Securities 2025 Global Real Estate Conference. The presentation will take place on Wednesday, September 10, 2025, at approximately 1:30 p.m. Eastern Time. A live webcast of the company's presentation will be accessible through ...

Core Viewpoint - Dividend stocks, particularly Brookfield Renewable and Mid-America Apartment Communities, are highlighted as strong long-term investments due to their consistent and rising dividend payments over the years [1][12]. Group 1: Brookfield Renewable - Brookfield Renewable has achieved a 6% compound annual growth rate in its dividend payments since 2001, with a current yield of 4.4%, significantly higher than the S&P 500's 1.2% [4][12]. - The company generates stable cash flow through power purchase agreements (PPAs), with 90% of its power sold under contracts averaging 14 years in duration, which are linked to inflation [5][6]. - Brookfield anticipates its funds from operations (FFO) per share to grow at a rate of over 10% annually through the end of the decade, supporting a target of 5% to 9% annual dividend growth [7][12]. Group 2: Mid-America Apartment Communities - Mid-America Apartment Communities has maintained a consistent dividend payment for 31 years, with a 15-year streak of increases and a 7% compound annual growth rate over the past decade [8][12]. - The company owns over 104,000 apartment units in the Sun Belt region, focusing on areas with strong employment and population growth, which drives rental demand [9][10]. - With nearly $1 billion in new apartments under construction and the capacity for further developments, Mid-America is well-positioned to continue increasing its 4.2% yielding dividend [11][12].

Group 1 - The investor has 15 years of experience in financial services, focusing on macro trends and identifying undervalued sectors and thematic investment ideas such as metals, gold, and cryptocurrency [1] - The investor has transitioned from New York to North Carolina, balancing time between Charlotte and Asheville, which may influence local investment opportunities [1] - The investor emphasizes the importance of diligent saving and investing, showcasing a personal journey from a middle-class background to co-managing a seven-figure investment account [2] Group 2 - The investor maintains an updated portfolio that includes a variety of funds, stocks, and sectors, indicating a diversified investment strategy [3] - Key holdings include broad market ETFs like DIA, VOO, and QQQM, as well as sector-specific investments in energy (XLE) and utilities (VPU) [3] - The investor is involved in the CEF/ETF Income Laboratory, which focuses on managed income portfolios targeting approximately 8% yields, appealing to both active and passive investors [3]

Group 1 - Mid-America Apartment Communities (NYSE: MAA) has underperformed over the past year, losing 4% of its value and missing out on a significant equity bull market [1] - The apartment REIT sector is facing challenges due to prolonged high interest rates [1]

Core Viewpoint - Investing in real estate investment trusts (REITs) is an effective strategy for generating passive dividend income due to their ownership of income-generating real estate portfolios Group 1: Mid-America Apartment Communities - Mid-America Apartment Communities has a strong dividend history, declaring its 126th consecutive quarterly dividend, with an annual payout of $6.06 per share, yielding over 4% at recent share prices [4] - The demand for apartments in the Sun Belt region is strong, with limited new supply expected, which should maintain high occupancy levels and drive rent growth [5] - The company has nearly $1 billion in apartment development projects underway and recently completed four projects and acquired two communities for nearly $575 million [6][7] Group 2: Invitation Homes - Invitation Homes has consistently increased its dividend since its IPO in 2017, currently paying $0.29 per share quarterly, yielding close to 4% [8] - The REIT focuses on single-family rental properties in high-demand markets, achieving a rent growth of 4% in the second quarter [9] - The company invested $350 million to acquire over 1,000 homes in the second quarter and provided $33 million in funding for future development, supporting its dividend growth [10] Group 3: Realty Income - Realty Income has a notable dividend track record, increasing its monthly dividend 131 times since its public listing in 1994, with a current payment of $0.269 per share monthly, yielding nearly 6% [11] - The REIT benefits from stable rental income through long-term triple-net leases with major companies, which cover all operating costs [12] - Realty Income plans to invest about $4 billion this year to expand its portfolio, enabling continued increases in its high-yielding monthly dividend [13] Group 4: Investment Opportunity - Mid-America Apartment Communities, Invitation Homes, and Realty Income are identified as high-yielding REITs with steadily rising dividends, making them attractive options for passive income this month [14]

PART I – FINANCIAL INFORMATION [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements.) This section presents the unaudited condensed consolidated financial statements for Mid-America Apartment Communities, Inc. (MAA) and Mid-America Apartments, L.P. (MAALP) for the quarterly period ended June 30, 2025, including balance sheets, statements of operations, comprehensive income, and cash flows, followed by consolidated notes explaining accounting policies and providing detailed financial information [Mid-America Apartment Communities, Inc. (MAA) Financial Statements](index=6&type=section&id=Mid-America%20Apartment%20Communities%2C%20Inc.%20(MAA)%20Financial%20Statements) For the six months ended June 30, 2025, MAA reported net income available to common shareholders of **$288.0 million**, an increase from **$243.9 million** in the prior year period, with total assets growing slightly to **$11.84 billion** from **$11.81 billion** at year-end 2024, and net cash provided by operating activities stable at **$550.1 million** MAA Condensed Consolidated Statements of Operations (in thousands) | | Three months ended June 30, | Six months ended June 30, | | :--- | :--- | :--- | :--- | :--- | | | **2025** | **2024** | **2025** | **2024** | | **Rental and other property revenues** | $549,902 | $546,435 | $1,099,197 | $1,090,057 | | **Net income** | $110,875 | $104,662 | $297,281 | $252,272 | | **Net income available for MAA common shareholders** | $107,205 | $101,031 | $287,956 | $243,858 | | **Earnings per common share - diluted** | $0.92 | $0.86 | $2.46 | $2.09 | MAA Condensed Consolidated Balance Sheets (in thousands) | | **June 30, 2025** | **December 31, 2024** | | :--- | :--- | :--- | | **Real estate assets, net** | $11,542,912 | $11,515,418 | | **Total assets** | $11,835,597 | $11,812,369 | | **Total liabilities** | $5,745,197 | $5,664,705 | | **Total equity** | $6,069,265 | $6,125,434 | MAA Condensed Consolidated Statements of Cash Flows (in thousands) | Six months ended June 30, | **2025** | **2024** | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $550,067 | $549,627 | | **Net cash used in investing activities** | ($238,322) | ($329,828) | | **Net cash used in financing activities** | ($300,390) | ($198,390) | [Mid-America Apartments, L.P. (MAALP) Financial Statements](index=11&type=section&id=Mid-America%20Apartments%2C%20L.P.%20(MAALP)%20Financial%20Statements) MAALP's financial results are nearly identical to MAA's, as it holds substantially all of the company's assets and operations, reporting net income of **$297.3 million** and total assets of **$11.84 billion** for the six months ended June 30, 2025, with the primary difference being the presentation of equity as partners' capital MAALP Condensed Consolidated Statements of Operations (in thousands) | | Three months ended June 30, | Six months ended June 30, | | :--- | :--- | :--- | :--- | :--- | | | **2025** | **2024** | **2025** | **2024** | | **Rental and other property revenues** | $549,902 | $546,435 | $1,099,197 | $1,090,057 | | **Net income** | $110,875 | $104,662 | $297,281 | $252,272 | | **Net income available for MAALP common unitholders** | $109,953 | $103,740 | $295,437 | $250,428 | | **Earnings per common unit - diluted** | $0.92 | $0.86 | $2.46 | $2.09 | MAALP Condensed Consolidated Balance Sheets (in thousands) | | **June 30, 2025** | **December 31, 2024** | | :--- | :--- | :--- | | **Total assets** | $11,835,597 | $11,812,369 | | **Total liabilities** | $5,745,216 | $5,664,724 | | **Total equity** | $6,069,246 | $6,125,415 | [Notes to Condensed Consolidated Financial Statements](index=15&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed information on the company's organization, accounting policies, and financial activities, including its portfolio of 291 apartment communities, an active development pipeline of 8 communities, outstanding debt of **$5.05 billion**, ongoing legal proceedings related to the RealPage antitrust litigation, and segment reporting showing a slight revenue decrease of **0.1%** for Same Store properties and **20.2%** growth for Non-Same Store properties - As of June 30, 2025, the Company owned and operated 291 apartment communities and had eight development communities under construction, totaling 2,648 apartment units once complete[40](index=40&type=chunk) Outstanding Debt Summary (as of June 30, 2025, in thousands) | Debt Type | Balance | Weighted Average Effective Rate | Weighted Average Contract Maturity | | :--- | :--- | :--- | :--- | | **Unsecured debt** | $4,687,813 | 3.8% | N/A | | Fixed rate senior notes | $4,400,000 | 3.7% | 5/9/2031 | | Variable rate commercial paper | $315,000 | 4.7% | 7/6/2025 | | **Secured debt** | $360,330 | 4.4% | N/A | | Fixed rate property mortgages | $363,293 | 4.4% | 1/26/2049 | | **Total outstanding debt** | **$5,048,143** | **3.8%** | N/A | - The company is involved in the "RealPage Litigation," a series of class-action lawsuits alleging conspiracy to artificially inflate apartment prices, and believes the litigation is without merit, defending itself vigorously, with an accrual of **$6.7 million** for loss contingencies related to legal matters recorded as of June 30, 2025[92](index=92&type=chunk)[94](index=94&type=chunk) Segment Net Operating Income (NOI) (in thousands) | | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | **Same Store NOI** | $652,407 | $662,954 | | **Non-Same Store and Other NOI** | $30,783 | $23,505 | | **Total NOI** | $683,190 | $686,459 | - In March 2025, the company sold two multifamily communities in Columbia, SC for net proceeds of approximately **$81 million**, resulting in a gain of about **$72 million**, and in June 2025, it acquired a 19-acre land parcel in Charleston, SC for approximately **$9 million**[100](index=100&type=chunk)[102](index=102&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses the financial results for the second quarter and first half of 2025, noting a 6.1% increase in net income available for common shareholders for the quarter and 18.1% for the six-month period year-over-year, a slight decrease in Same Store revenue due to a **0.5%** drop in average effective rent, rising operating expenses, and a **4.0x** Net Debt to Adjusted EBITDAre ratio, while highlighting strong apartment demand, stable occupancy, and a diverse portfolio [Overview and Trends](index=36&type=section&id=Overview%20and%20Trends) For Q2 2025, net income available to MAA common shareholders was **$107.2 million**, up from **$101.0 million** in Q2 2024, influenced by net casualty recoveries and non-cash gains, with market trends showing strong apartment demand, stable occupancy, and low resident turnover, despite new supply challenges, and average effective rent for the Same Store segment decreasing by **0.5%** YoY to **$1,690** while average physical occupancy remained stable at **95.4%** - Demand for apartments remained strong in Q2 2025, driven by robust renewal pricing, solid traffic, stable occupancy, and low resident turnover, with the company believing new apartment deliveries will decline in the second half of 2025 and into 2026[117](index=117&type=chunk) Same Store Operating Trends (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Average Effective Rent per Unit** | $1,690 | $1,699 | -0.5% | | **Average Physical Occupancy** | 95.4% | 95.4% | 0.0% | | **Resident Turnover (TTM)** | 41.0% | 43.5% | -2.5 p.p. | [Results of Operations](index=37&type=section&id=Results%20of%20Operations) For the three months ended June 30, 2025, total property revenues increased 0.6% YoY, driven by a 19.0% increase in the Non-Same Store segment offsetting a **0.3%** decrease in the Same Store segment, while total property operating expenses rose 4.3%, with the Same Store segment seeing a 3.8% increase due to higher personnel, utilities, and property tax costs, and interest expense increased for both periods due to higher average debt balances Property Revenues by Segment - Q2 2025 vs Q2 2024 (in thousands) | Segment | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | **Same Store** | $518,955 | $520,420 | (0.3)% | | **Non-Same Store and Other** | $30,947 | $26,015 | 19.0% | | **Total** | **$549,902** | **$546,435** | **0.6%** | Property Operating Expenses by Segment - Q2 2025 vs Q2 2024 (in thousands) | Segment | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | **Same Store** | $199,343 | $192,110 | 3.8% | | **Non-Same Store and Other** | $15,311 | $13,686 | 11.9% | | **Total** | **$214,654** | **$205,796** | **4.3%** | - Interest expense increased by **$3.8 million** in Q2 2025 and **$8.6 million** in the first six months of 2025 compared to the same periods in 2024, due to a higher average outstanding debt balance and a rise in the effective interest rate[124](index=124&type=chunk)[131](index=131&type=chunk) [Non-GAAP Financial Measures](index=41&type=section&id=Non-GAAP%20Financial%20Measures) Core Funds from Operations (Core FFO) for Q2 2025 was **$257.6 million**, a decrease from **$266.6 million** in Q2 2024, primarily due to higher operating and interest expenses, with the six-month period Core FFO at **$521.9 million**, down from **$532.8 million**, and the company's Net Debt to trailing twelve-month Adjusted EBITDAre ratio at **4.0x** as of June 30, 2025 Reconciliation to Core FFO (in thousands) | | Three months ended June 30, | Six months ended June 30, | | :--- | :--- | :--- | :--- | :--- | | | **2025** | **2024** | **2025** | **2024** | | **Net income available for MAA common shareholders** | $107,205 | $101,031 | $287,956 | $243,858 | | **FFO attributable to common shareholders and unitholders** | $262,338 | $247,540 | $527,066 | $535,976 | | **Core FFO attributable to common shareholders and unitholders** | $257,616 | $266,646 | $521,878 | $532,815 | Net Debt to Adjusted EBITDAre Ratio | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Net Debt (in thousands)** | $4,993,661 | $4,937,939 | | **Adjusted EBITDAre (TTM, in thousands)** | $1,244,417 | $1,247,150 | | **Net Debt to Adjusted EBITDAre Ratio** | 4.0x | 4.0x | [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with **$1.0 billion** of combined unrestricted cash and available capacity under its revolving credit facility as of June 30, 2025, expecting to meet its cash requirements over the next 12 months through operating cash flow, existing cash, and borrowing capacity, with material cash requirements including **$806.6 million** in debt obligations and continued funding for eight development projects with **$326.2 million** remaining to be spent - As of June 30, 2025, the company had **$1.0 billion** of combined unrestricted cash and available capacity under its revolving credit facility[152](index=152&type=chunk) - Cash flow from operations was stable at **$550.1 million** for the first six months of 2025, with net cash used in investing decreasing to **$238.3 million** due to fewer acquisitions and proceeds from dispositions, and net cash used in financing increasing to **$300.4 million**, reflecting changes in commercial paper borrowings and debt issuance activity compared to the prior year[153](index=153&type=chunk)[154](index=154&type=chunk)[155](index=155&type=chunk) - Material cash requirements include **$806.6 million** in debt and debt service obligations payable in the year ending Dec 31, 2025, and up to **$23.2 million** in capital contributions to technology-focused limited partnerships[164](index=164&type=chunk) - The company has eight development communities under construction with total expected costs of **$942.5 million**, of which **$326.2 million** remained to be funded after June 30, 2025[166](index=166&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) The company's primary market risk is interest rate risk on its borrowings, which is managed by using fixed-rate debt and staggering debt maturities, with **93.8% of its outstanding debt was at fixed rates** as of June 30, 2025, and no material changes in market risk since the 2024 year-end report - The company's primary market risk exposure is to changes in interest rates To mitigate this, **93.8% of its outstanding debt was at fixed rates** as of June 30, 2025[171](index=171&type=chunk) [Item 4. Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management, including the CEO and CFO, evaluated the disclosure controls and procedures for both MAA and MAALP as of June 30, 2025, concluding that these controls were effective for both entities, with no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, the internal controls - Management of both MAA and MAALP concluded that their respective disclosure controls and procedures were effective as of June 30, 2025[172](index=172&type=chunk)[175](index=175&type=chunk) - No changes occurred during the quarter ended June 30, 2025, that materially affected, or are reasonably likely to materially affect, the internal control over financial reporting for either MAA or MAALP[173](index=173&type=chunk)[176](index=176&type=chunk) PART II – OTHER INFORMATION [Item 1. Legal Proceedings](index=50&type=section&id=Item%201.%20Legal%20Proceedings.) This section incorporates by reference the information on legal proceedings disclosed in Note 10 of the financial statements, which primarily discusses the ongoing RealPage antitrust litigation - The company is engaged in certain legal proceedings, with details provided in Note 10 to the condensed consolidated financial statements[178](index=178&type=chunk) [Item 1A. Risk Factors](index=50&type=section&id=Item%201A.%20Risk%20Factors.) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes to the risk factors from the Annual Report on Form 10-K for the year ended December 31, 2024, have occurred[179](index=179&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=50&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) During the second quarter of 2025, the company repurchased **10,657 shares** of its common stock, which were not part of a publicly announced plan but were shares surrendered by employees to satisfy tax obligations upon the vesting of restricted shares MAA Common Stock Repurchases (Q2 2025) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2025 | 10,623 | $166.03 | | May 2025 | — | $— | | June 2025 | 34 | $156.65 | | **Total** | **10,657** | **N/A** | - The repurchased shares were surrendered by employees to satisfy statutory minimum tax obligations related to vesting restricted shares and were not part of the **4.0 million share** repurchase program authorized in December 2015[180](index=180&type=chunk)[181](index=181&type=chunk) [Item 5. Other Information](index=51&type=section&id=Item%205.%20Other%20Information.) During the quarter ended June 30, 2025, no director or officer of the company adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements - No director or officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q2 2025[183](index=183&type=chunk)[184](index=184&type=chunk) [Item 6. Exhibits](index=52&type=section&id=Item%206.%20Exhibits.) This section lists the exhibits filed with the Form 10-Q, including charter documents, bylaws, partnership agreements, and CEO/CFO certifications required under the Sarbanes-Oxley Act [Signatures](index=53&type=section&id=Signatures) The report is duly signed and authorized by David Herring, Senior Vice President and Chief Accounting Officer, on behalf of both Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P. on July 31, 2025