EX-99.1

     EARNINGS RELEASE

    

MAA REPORTS FIRST QUARTER 2025 RESULTS

GERMANTOWN, TN, April 30, 2025/PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the three months ended March 31, 2025.


	Three months ended March 31,
	2025		2024
Earnings per common share - diluted (1)	$	1.54	$	1.22

Funds from operations (FFO) per Share - diluted (1)	$	2.21	$	2.41

Core FFO per Share - diluted (1)	$	2.20	$	2.22

(1)

A reconciliation of Net income available for MAA common shareholders to FFO and Core FFO is found later in this release.

Brad Hill, President and Chief Executive Officer, said, “First quarter Core FFO was slightly ahead of our expectations, after considering certain timing-related events in the quarter. Same Store operating performance exceeded our expectations with strong demand for apartment housing driving high occupancy, reduced delinquency and improved pricing trends. Our Same Store blended lease pricing increased by 160 basis points sequentially, 70 basis points better than last year's sequential trend. With strong occupancy, improved year-over-year exposure, and record low resident turnover, MAA is well positioned for the busy spring and summer leasing season. As the decline in new deliveries in our markets accelerates throughout 2025, we continue to believe our revenue performance momentum will improve. Our balance sheet is well positioned to provide near term flexibility and to capture emerging new growth opportunities.”

•

During the first quarter of 2025, MAA's Same Store effective blended lease rate declined 0.5%, slightly ahead of our expectations and consistent with the same period in the prior year. On a sequential basis, Same Store effective blended lease rate growth was driven by a 180 basis point improvement in new lease pricing and a 30 basis point improvement in renewal pricing from the fourth quarter of 2024 and compares favorably to the sequential trend in the prior year of a 70 basis point improvement for new lease pricing and a 20 basis point improvement for renewal pricing.

•

During the first quarter of 2025, MAA’s Same Store Portfolio captured strong Average Physical Occupancy of 95.6%, which was 30 basis points higher than the same period in the prior year.

•

As of March 31, 2025, resident turnover in the Same Store Portfolio remained historically low at 41.5% on a trailing twelve month basis with a record low level of move-outs associated with buying single family-homes.

•

As of March 31, 2025, MAA had seven communities under development with total expected costs of $851.5 million. MAA also had four recently completed development communities and three recently acquired communities in lease-up with a total cost to date of $657.3 million.

Same Store Operating Results

Same Store results for the three months ended March 31, 2025 as compared to the same period in the prior year are summarized below:


	Three months ended March 31, 2025 vs. 2024
	Revenues(1)	Expenses	NOI(2)	Average Effective Rent per Unit
Same Store Operating Growth	0.1%	1.2%	-0.6%	-0.6%

(1)

Includes 2.3% increase in other property revenues.

(2)

A reconciliation of Net income available for MAA common shareholders to NOI, including Same Store NOI, is found later in this release.

Same Store operating statistics for the three months ended March 31, 2025 are summarized below:


	Three months ended March 31, 2025
	Average Effective Rent per Unit		Average Physical Occupancy	Resident Turnover
Same Store Operating Statistics	$	1,690	95.6%	41.5%

Same Store net effective lease pricing statistics for the three months ended March 31, 2025 are summarized below:


Same Store Net Effective Lease Pricing Statistics		Three Months Ended March 31, 2025
Effective Blended Lease Rate Growth		-0.5%
Effective New Lease Rate Growth		-6.3%
Effective Renewal Lease Rate Growth		4.5%

Development and Lease-up Activity

A summary of MAA’s development communities under construction as of the end of the first quarter of 2025 is set forth below (dollars in thousands):


		Units as of						Development Costs as of						Expected Project
Total		March 31, 2025						March 31, 2025						Completions By Year
Development								Expected		Costs		Expected
Projects (1)		Total		Delivered		Leased		Total		to Date		Remaining		2025		2026		2027
	7		2,312		322		141	$	851,500	$	546,478	$	305,022		2		4		1

(1)

Two of the development projects are currently leasing.

During the first quarter of 2025, MAA funded approximately $67 million of costs for current and planned projects, including predevelopment activities.

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

     Total

     As of March 31, 2025

     Lease-Up

     Total

     Physical

     Costs

     Projects (1)

     Units

     Occupancy

     to Date

7

2,411

71.6

657,284

(1)

Two of the lease-up projects are expected to stabilize in the second quarter of 2025, four in the third quarter of 2025 and one in the second quarter of 2026.

During the first quarter of 2025, MAA completed the lease-up of MAA Optimist Park, located in Charlotte, North Carolina.

Disposition Activity

In March 2025, MAA exited the Columbia, South Carolina market after closing on the disposition of its two multifamily properties totaling 576 apartment units with an average age of 32 years. MAA received combined gross proceeds of approximately $83 million and recognized combined net gains on the sale of depreciable real estate assets of approximately $72 million from the sale of these apartment communities.

Balance Sheet and Financing Activities

As of March 31, 2025, MAA had $1.0 billion of combined cash and available capacity under MAALP’s unsecured revolving credit facility. MAALP is a reference to MAA’s operating partnership, Mid-America Apartments, L.P.

Dividends and distributions paid on shares of common stock and noncontrolling interests during the first quarter of 2025 were $181.8 million, as compared to $176.2 million for the same period in the prior year.

Balance sheet highlights as of March 31, 2025 are summarized below (dollars in billions):


Total debt to adjusted total assets (1)	Net Debt/Adjusted EBITDAre (2)	Total debt outstanding		Average effective interest rate	Fixed rate debt as a % of total debt	Total debt average years to maturity
29.1%	4.0x	$	5.0	3.8%	93.9%		7.0

(1)

As defined in the covenants for the bonds issued by MAALP.

(2)

Adjusted EBITDAre is calculated for the trailing twelve month period ended March 31, 2025. A reconciliation of Unsecured notes payable and Secured notes payable to Net Debt and a reconciliation of Net income to Adjusted EBITDAre are found later in this release.

125th Consecutive Quarterly Common Dividend Declared

MAA declared its 125th consecutive quarterly common dividend, which was paid on April 30, 2025 to holders of record on April 15, 2025. The current annual dividend rate is $6.06 per common share. The timing and amount of future dividends will depend on actual cash flows from operations, MAA’s financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986 and other factors as MAA’s Board of Directors deems relevant. MAA’s Board of Directors may modify the dividend policy from time to time.

2025 Earnings and Same Store Guidance

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

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


2025 Guidance	Full Year 2025
Earnings:	Range	Midpoint
Earnings per common share - diluted	$5.51 to $5.83	$5.67
Core FFO per Share - diluted	$8.61 to $8.93	$8.77
Core AFFO per Share - diluted	$7.63 to $7.95	$7.79

MAA Same Store Portfolio:
Property revenue growth	-0.35% to 1.15%	0.40%
Property operating expense growth	2.45% to 3.95%	3.20%
NOI growth	-2.15% to -0.15%	-1.15%

MAA expects Core FFO for the second quarter of 2025 to be in the range of $2.05 to $2.21 per diluted Share, or $2.13 per diluted Share at the midpoint. The projected difference from Core FFO per diluted Share for the first quarter of 2025 to the midpoint of MAA's guidance for the second quarter of 2025 is summarized below:


	Core FFO per diluted Share
Q1 2025 per diluted Share reported results	$	2.20
Same Store NOI, excluding Property Taxes (1)		(0.05	)
Same Store Property Taxes (2)		(0.06	)
Development, Lease-up and Other Non-Same Store NOI		0.02
Total overhead		0.03
Interest expense and Other non-operating income (expense)		(0.01	)
Q2 2025 per diluted Share guidance midpoint	$	2.13

(1)

The sequential quarter-over-quarter change is primarily driven by a projected $0.06 increase in property operating expenses due to normal seasonality in leasing and maintenance related operating expenses, consistent with prior years.

(2)

The sequential quarter-over-quarter change is related to the impact of the timing of real estate tax litigation settlements that occurred during the first quarter of 2025, of which $0.02 were previously projected to be recognized in the second quarter of 2025.

MAA does not forecast Earnings per diluted common share on a quarterly basis as MAA generally cannot predict the timing of forecasted acquisition and disposition activity within a particular quarter (rather than during the course of the full year). Additional details and guidance items are provided in the Supplemental Data to this release.

Supplemental Material and Conference Call

Supplemental Data to this release can be found on the “For Investors” page of the MAA website at www.maac.com. MAA will host a conference call to further discuss first quarter results on May 1, 2025, at 9:00 AM Central Time. The conference call-in number is (800) 715-9871. You may also join the live webcast of the conference call by accessing the “For Investors” page of the MAA website at www.maac.com. MAA’s filings with the Securities and Exchange Commission (SEC) are filed under the registrant names of Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P.

About MAA

MAA, an S&P 500 company, is a real estate investment trust (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States. As of March 31, 2025, MAA had ownership interest in 104,011 apartment units, including communities currently in development, across 16 states and the District of Columbia. For further details, please visit the MAA website at www.maac.com or contact Investor Relations at [email protected], or via mail at MAA, 6815 Poplar Ave., Suite 500, Germantown, TN 38138, Attn: Investor Relations.

Forward-Looking Statements

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

The following factors, among others, could cause our actual results, performance, achievements or outcomes to differ materially from those expressed or implied in the forward-looking statements: adverse effects on occupancy levels and rental revenues due to unfavorable market and economic conditions; adverse changes in real estate markets, including changes in supply and/or demand for multifamily housing or increased competition from alternative housing options; failure of development communities to be completed within budget and on a timely basis, if at all, to lease-up as anticipated or to achieve anticipated results; unexpected capital needs; material changes in operating costs, including real estate taxes, utilities and insurance costs, due to inflation and other factors; losses due to uninsured risks, deductibles and self-insured retentions, or losses from catastrophes in excess of coverage limits; ability to obtain financing at favorable rates, if at all, or

refinance existing debt as it matures; level and volatility of interest or capitalization rates or capital market conditions; changes in the legal requirements we are subject to, or the imposition of new legal requirements, that adversely affect our operations; extreme weather and natural disasters; disease outbreaks and other public health events and measures that are taken by federal, state, and local governmental authorities in response to such outbreaks and events; legal proceedings or class action lawsuits; and other risks identified in our annual report on Form 10-K for the year ended December 31, 2024, our quarterly reports on Form 10-Q and other reports we file with the SEC from time to time.

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

     FINANCIAL HIGHLIGHTS

    


Dollars in thousands, except per share data	Three months ended March 31,
	2025			2024
Rental and other property revenues	$	549,295		$	543,622

Net income available for MAA common shareholders	$	180,751		$	142,827

Total NOI (1)	$	347,942		$	345,820

Earnings per common share: (2)
Basic	$	1.55		$	1.22
Diluted	$	1.54		$	1.22

Funds from operations per Share - diluted: (2)
FFO (1)	$	2.21		$	2.41
Core FFO (1)	$	2.20		$	2.22
Core AFFO (1)	$	2.04		$	2.06

Dividends declared per common share	$	1.5150		$	1.4700

Dividends/Core FFO (diluted) payout ratio		68.9	%		66.2	%
Dividends/Core AFFO (diluted) payout ratio		74.3	%		71.4	%

Consolidated interest expense	$	45,161		$	40,361
Debt discount and debt issuance cost amortization		(1,617	)		(1,842	)
Capitalized interest		5,105			3,416
Total interest incurred	$	48,649		$	41,935

(1)

The following reconciliations are found later in this release: (i) Net income available for MAA common shareholders to NOI; and (ii) Net income available for MAA common shareholders to FFO, Core FFO and Core AFFO.

(2)

See the “Share and Unit Data” section for additional information.


Dollars in thousands, except share price	March 31, 2025		December 31, 2024
Gross Assets (1)	$	17,290,165	$	17,170,171
Gross Real Estate Assets (1)	$	17,039,848	$	16,924,002
Total debt	$	5,042,166	$	4,980,957
Common shares and units outstanding		119,976,933		119,958,973
Share price	$	167.58	$	154.57
Book equity value	$	6,157,895	$	6,147,664
Market equity value	$	20,105,734	$	18,542,058
Net Debt/Adjusted EBITDAre (2)	4.0x		4.0x

(1)

Reconciliations of Total assets to Gross Assets and Real estate assets, net, to Gross Real Estate Assets are found later in this release.

(2)

Adjusted EBITDAre is calculated for the trailing twelve month period for each date presented. The following reconciliations are found later in this release: (i) Unsecured notes payable and Secured notes payable to Net Debt; and (ii) Net income to EBITDA, EBITDAre and Adjusted EBITDAre.

     CONSOLIDATED STATEMENTS OF OPERATIONS

    


Dollars in thousands, except per share data (Unaudited)	Three months ended March 31,
	2025			2024
Revenues:
Rental and other property revenues	$	549,295		$	543,622
Expenses:
Operating expenses, excluding real estate taxes and insurance		124,955			118,199
Real estate taxes and insurance		76,398			79,603
Depreciation and amortization		152,350			143,020
Total property operating expenses		353,703			340,822
Property management expenses		20,578			19,995
General and administrative expenses		15,619			17,045
Interest expense		45,161			40,361
(Gain) loss on sale of depreciable real estate assets		(71,911	)		2
Other non-operating income		(834	)		(23,526	)
Income before income tax expense		186,979			148,923
Income tax expense		(1,038	)		(1,795	)
Income from continuing operations before real estate joint venture activity		185,941			147,128
Income from real estate joint venture		465			482
Net income		186,406			147,610
Net income attributable to noncontrolling interests		4,733			3,861
Net income available for shareholders		181,673			143,749
Dividends to MAA Series I preferred shareholders		922			922
Net income available for MAA common shareholders	$	180,751		$	142,827

Earnings per common share - basic:
Net income available for common shareholders	$	1.55		$	1.22

Earnings per common share - diluted:
Net income available for common shareholders	$	1.54		$	1.22

     SHARE AND UNIT DATA

    


Shares and units in thousands	Three months ended March 31,
	2025		2024
Net Income Shares (1)
Weighted average common shares - basic		116,840		116,668
Effect of dilutive securities		252		112
Weighted average common shares - diluted		117,092		116,780
Funds From Operations Shares And Units
Weighted average common shares and units - basic		119,913		119,806
Weighted average common shares and units - diluted		119,975		119,857
Period End Shares And Units
Common shares at March 31,		116,916		116,728
Operating Partnership units at March 31,		3,061		3,133
Total common shares and units at March 31,		119,977		119,861

(1)

For additional information on the calculation of diluted common shares and earnings per common share, please refer to the Notes to the Condensed Consolidated Financial Statements in MAA’s Quarterly Report on Form 10-Q for the three months ended March 31, 2025, expected to be filed with the SEC on or about May 1, 2025.

     CONSOLIDATED BALANCE SHEETS

    


Dollars in thousands (Unaudited)
	March 31, 2025			December 31, 2024
Assets
Real estate assets:
Land	$	2,096,912		$	2,096,912
Buildings and improvements and other		14,286,757			14,160,799
Development and capital improvements in progress		485,254			470,282
		16,868,923			16,727,993
Less: Accumulated depreciation		(5,478,208	)		(5,327,584	)
		11,390,715			11,400,409
Undeveloped land		73,359			73,359
Investment in real estate joint venture		41,790			41,650
Real estate assets, net		11,505,864			11,515,418

Cash and cash equivalents		55,776			43,018
Restricted cash		13,678			13,743
Other assets		236,639			232,426
Assets held for sale		—			7,764
Total assets	$	11,811,957		$	11,812,369

Liabilities and equity
Liabilities:
Unsecured notes payable	$	4,681,868		$	4,620,690
Secured notes payable		360,298			360,267
Accrued expenses and other liabilities		611,896			683,748
Total liabilities		5,654,062			5,664,705

Redeemable common stock		24,425			22,230

Shareholders’ equity:
Preferred stock		9			9
Common stock		1,166			1,166
Additional paid-in capital		7,422,913			7,417,453
Accumulated distributions in excess of net income		(1,467,858	)		(1,469,557	)
Accumulated other comprehensive loss		(6,522	)		(6,940	)
Total MAA shareholders’ equity		5,949,708			5,942,131
Noncontrolling interests - Operating Partnership units		154,810			155,409
Total shareholders’ equity		6,104,518			6,097,540
Noncontrolling interests - consolidated real estate entities		28,952			27,894
Total equity		6,133,470			6,125,434
Total liabilities and equity	$	11,811,957		$	11,812,369

     RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO FFO, CORE FFO, CORE AFFO AND FAD

    


Amounts in thousands, except per share and unit data	Three months ended March 31,
	2025			2024
Net income available for MAA common shareholders	$	180,751		$	142,827
Depreciation and amortization of real estate assets		150,991			141,591
(Gain) loss on sale of depreciable real estate assets		(71,911	)		2
MAA’s share of depreciation and amortization of real estate assets of real estate joint venture		164			155
Net income attributable to noncontrolling interests		4,733			3,861
FFO attributable to common shareholders and unitholders		264,728			288,436
Loss (gain) on embedded derivative in preferred shares (1)		410			(13,092	)
Gain on investments, net of tax (1)(2)		(654	)		(4,090	)
Casualty related (recoveries) charges, net (1)		(222	)		(5,085	)
Core FFO attributable to common shareholders and unitholders		264,262			266,169
Recurring capital expenditures		(20,106	)		(18,934	)
Core AFFO attributable to common shareholders and unitholders		244,156			247,235
Redevelopment capital expenditures		(17,409	)		(9,374	)
Revenue enhancing capital expenditures		(15,188	)		(13,013	)
Commercial capital expenditures		(3,974	)		(1,203	)
Other capital expenditures		(15,441	)		(9,203	)
FAD attributable to common shareholders and unitholders	$	192,144		$	214,442

Dividends and distributions paid	$	181,767		$	176,191

Weighted average common shares - diluted		117,092			116,780
FFO weighted average common shares and units - diluted		119,975			119,857

Earnings per common share - diluted:
Net income available for MAA common shareholders	$	1.54		$	1.22

FFO per Share - diluted	$	2.21		$	2.41
Core FFO per Share - diluted	$	2.20		$	2.22
Core AFFO per Share - diluted	$	2.04		$	2.06

(1)

Included in Other non-operating income in the Consolidated Statements of Operations.

(2)

For the three months ended March 31, 2025 and 2024, gain on investments is presented net of tax expense of $0.2 million and $1.1 million, respectively.

     RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO NET OPERATING INCOME 

    


Dollars in thousands	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024

Net income available for MAA common shareholders	$	180,751		$	165,724		$	142,827
Depreciation and amortization		152,350			150,852			143,020
Property management expenses		20,578			17,579			19,995
General and administrative expenses		15,619			14,072			17,045
Interest expense		45,161			44,192			40,361
(Gain) loss on sale of depreciable real estate assets		(71,911	)		(55,028	)		2
Other non-operating (income) expense		(834	)		949			(23,526	)
Income tax expense		1,038			1,755			1,795
Income from real estate joint venture		(465	)		(546	)		(482	)
Net income attributable to noncontrolling interests		4,733			4,428			3,861
Dividends to MAA Series I preferred shareholders		922			922			922
Total NOI	$	347,942		$	344,899		$	345,820

Same Store NOI	$	332,795		$	331,326		$	334,644
Non-Same Store and Other NOI		15,147			13,573			11,176
Total NOI	$	347,942		$	344,899		$	345,820

     RECONCILIATION OF NET INCOME TO EBITDA, EBITDAre AND ADJUSTED EBITDAre

    


Dollars in thousands	Three Months Ended						Twelve Months Ended
	March 31, 2025			March 31, 2024			March 31, 2025			December 31, 2024
Net income	$	186,406		$	147,610		$	580,372		$	541,576
Depreciation and amortization		152,350			143,020			594,946			585,616
Interest expense		45,161			40,361			173,344			168,544
Income tax expense		1,038			1,795			4,483			5,240
EBITDA		384,955			332,786			1,353,145			1,300,976
(Gain) loss on sale of depreciable real estate assets		(71,911	)		2			(126,916	)		(55,003	)
Gain on consolidation of third-party development (1)		—			—			(11,239	)		(11,239	)
Adjustments to reflect MAA’s share of EBITDAre of unconsolidated affiliates		348			338			1,373			1,363
EBITDAre		313,392			333,126			1,216,363			1,236,097
Loss (gain) on embedded derivative in preferred shares (1)		410			(13,092	)		32,253			18,751
Gain on investments (1)		(810	)		(5,172	)		(3,447	)		(7,809	)
Casualty related (recoveries) charges, net (1)		(222	)		(5,085	)		(4,463	)		(9,326	)
Legal costs, settlements and (recoveries), net (1)(2)		—			—			9,437			9,437
Adjusted EBITDAre	$	312,770		$	309,777		$	1,250,143		$	1,247,150

(1)

Included in Other non-operating income in the Consolidated Statements of Operations.

(2)

During the twelve months ended December 31, 2024, in accordance with its accounting policies, MAA recognized $8.0 million, of accrued legal defense costs that are expected to be incurred through July 2027.

     RECONCILIATION OF UNSECURED NOTES PAYABLE AND SECURED NOTES PAYABLE TO NET DEBT

    


Dollars in thousands
	March 31, 2025			December 31, 2024
Unsecured notes payable	$	4,681,868		$	4,620,690
Secured notes payable		360,298			360,267
Total debt		5,042,166			4,980,957
Cash and cash equivalents		(55,776	)		(43,018	)
Net Debt	$	4,986,390		$	4,937,939

     RECONCILIATION OF TOTAL ASSETS TO GROSS ASSETS

    


Dollars in thousands
	March 31, 2025		December 31, 2024
Total assets	$	11,811,957	$	11,812,369
Accumulated depreciation		5,478,208		5,327,584
Accumulated depreciation for Assets held for sale (1)		—		30,218
Gross Assets	$	17,290,165	$	17,170,171

(1)

Included in Assets held for sale in the Consolidated Balance Sheets.

     RECONCILIATION OF REAL ESTATE ASSETS, NET TO GROSS REAL ESTATE ASSETS

    


Dollars in thousands
	March 31, 2025		December 31, 2024
Real estate assets, net	$	11,505,864	$	11,515,418
Accumulated depreciation		5,478,208		5,327,584
Assets held for sale, net		—		7,764
Accumulated depreciation for Assets held for sale (1)		—		30,218
Cash and cash equivalents		55,776		43,018
Gross Real Estate Assets	$	17,039,848	$	16,924,002

(1)

Included in Assets held for sale in the Consolidated Balance Sheets.

     NON-GAAP FINANCIAL MEASURES

    

Adjusted EBITDAre

For purposes of calculations in this release, Adjusted Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or Adjusted EBITDAre, represents EBITDAre further adjusted for items that are not considered part of MAA’s 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 (recoveries), net, gain or loss on debt extinguishment and legal costs, settlements and (recoveries), net. As an owner and operator of real estate, MAA 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. MAA’s computation of Adjusted EBITDAre may differ from the methodology utilized by other companies to calculate Adjusted EBITDAre. Adjusted EBITDAre should not be considered as an alternative to Net income as an indicator of operating performance.

Core Adjusted Funds from Operations (Core AFFO)

Core AFFO is composed of Core FFO less recurring capital expenditures. Because net income attributable to noncontrolling interests is added back, Core AFFO, when used in this release, represents Core AFFO attributable to common shareholders and unitholders. Core AFFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. As an owner and operator of real estate, MAA considers Core AFFO to be an important measure of performance from operations because Core AFFO measures the ability to control revenues, expenses and recurring capital expenditures.

Core Funds from Operations (Core FFO)

Core FFO represents FFO as adjusted for items that are not considered part of MAA’s 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 charges (recoveries), 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, Core FFO, when used in this release, represents Core FFO attributable to common shareholders and unitholders. While MAA's definition of Core FFO may be similar to others in the industry, MAA’s methodology for calculating Core FFO may differ from that utilized by other REITs and, accordingly, may not be comparable to such other REITs. Core FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. MAA believes that Core FFO is helpful in understanding its 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.

EBITDA

For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization, or EBITDA, is composed of net income plus depreciation and amortization, interest expense, and income taxes. As an owner and operator of real estate, MAA 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 as an indicator of operating performance.

EBITDAre

For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or EBITDAre, is composed of EBITDA further adjusted for the gain or loss on sale of depreciable assets, gain on consolidation of third-party development and adjustments to reflect MAA’s share of EBITDAre of an unconsolidated affiliate. As an owner and operator of real estate, MAA 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 MAA’s definition of EBITDAre is in accordance with NAREIT’s definition, it may differ from the methodology utilized by other companies to calculate EBITDAre. EBITDAre should not be considered as an alternative to Net income as an indicator of operating performance.

Funds Available for Distribution (FAD)

FAD is composed of Core FFO less total capital expenditures, excluding development spending, property acquisitions, capital expenditures relating to significant casualty losses that management expects to be reimbursed by insurance proceeds and corporate related capital expenditures. Because net income attributable to noncontrolling interests is added back, FAD, when used in this release, represents FAD attributable to common shareholders and unitholders. FAD should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. As an owner and operator of real estate, MAA considers FAD to be an important measure of performance from core operations because FAD measures the ability to control revenues, expenses and capital expenditures.

Funds From Operations (FFO)

FFO represents net income available for MAA common shareholders (calculated in accordance with GAAP) excluding gain or loss 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 release, represents FFO attributable to common shareholders and unitholders. While MAA’s definition of FFO is in accordance with NAREIT’s definition, it may differ from the methodology for calculating FFO utilized by other companies and, accordingly, may not be comparable to such other companies. FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. MAA believes that FFO is helpful in understanding operating performance in that FFO excludes depreciation and amortization of real estate assets. MAA believes 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.

Gross Assets

Gross Assets represents Total assets plus Accumulated depreciation and Accumulated depreciation for Assets held for sale. MAA believes that Gross Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA believes 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.

Gross Real Estate Assets

Gross Real Estate Assets represents Real estate assets, net plus Accumulated depreciation, Assets held for sale, net, Accumulated depreciation for Assets held for sale, Cash and cash equivalents and 1031(b) exchange proceeds included in Restricted cash. MAA believes that Gross Real Estate Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA believes 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.

Net Debt

Net Debt represents Unsecured notes payable and Secured notes payable less Cash and cash equivalents and 1031(b) exchange proceeds included in Restricted cash. MAA believes Net Debt is a helpful tool in evaluating its debt position.


TABLE OF CONTENTS
Earnings Release	3
Financial Highlights	6
Consolidated Statements of Operations/Share and Unit Data	7
Consolidated Balance Sheets	8
Reconciliation of Non-GAAP Financial Measures	9
Non-GAAP Financial Measures	11
Other Key Definitions	12
Portfolio Statistics	S-1
Components of Net Operating Income/Components of Same Store Portfolio Property Operating Expenses	S-3
Multifamily Same Store Portfolio NOI Contribution Percentage	S-4
Multifamily Same Store Portfolio Comparisons	S-5
Multifamily Development Pipeline/Multifamily Lease-up Communities/Multifamily Interior Redevelopment, WiFi Retrofit and Property Repositioning Activity	S-7
Disposition Activity/Debt and Debt Covenants as of March 31, 2025	S-8
2025 Guidance/Reconciliation of Earnings per Diluted Common Share to Core FFO and Core AFFO per Diluted Share for Full Year 2025 Guidance	S-10
Credit Ratings/Common Stock/Investor Relations Data	S-11