MAA

Company overview

S&P 500, multifamily-focused REIT that is self-administered and self-managed.
Core activities: owns, operates, acquires and selectively develops apartment communities.
Geographic focus: Southeast, Southwest and Mid-Atlantic regions of the U.S.
Operating Partnership is the principal operating vehicle; MAA is the sole general partner and owned approximately 97.5% of the OP Units (116,878,077 OP Units) as of 12/31/2025.
Uses a mix of wholly owned and joint-venture developments (example: Point Hope JV where MAA owns 95%).

Consolidated: 301 communities, 102,814 units.
Unconsolidated: 1 community, 269 units.
Total: 302 communities, 103,083 units.
35 communities include retail components.
Eight communities were under development (including one phase II expansion).
Development activity in 2025: 2,522 units under development; 2025 development costs totaled $272.0 million.
2025 completed development: MAA Nixie (Raleigh/Durham, NC), 406 units, development costs $142.8 million.

Total portfolio (301 communities, 102,814 units): average physical occupancy 94.3%; average effective rent per unit $1,695.
Same-store markets reported occupancy generally in the mid- to upper-90s for several markets.
Example average effective rents by market: Atlanta $1,791; Dallas $1,662; Austin $1,532; Charlotte $1,645; Orlando $1,983.
Approximately 41.2% of the portfolio by completed units is concentrated in the top five markets: Atlanta, Dallas, Austin, Charlotte and Orlando.
Distributions paid: $6.06 per share of common stock for the year ended December 31, 2025 (above the 90% REIT distribution requirement).

Multifamily acquisitions:
- MAA ONE28 (Kansas City, MO-KS) — 318 units (Aug 2025).
- MAA ONE28 II (Kansas City, MO-KS) — 0.9 acres (Oct 2025).
- MAA One Scottsdale (Phoenix, AZ) — 3.2 acres (Oct 2025).
Land acquisitions:
- MAA Point Hope (Charleston, SC) — 18.7 acres (June 2025).
Development pipeline:
- 8 development communities with 2,522 planned units; total estimated development costs $625.6 million; expected total project costs $932.0 million.
- Examples: Breakwater (Tampa, FL) 495 units; Modera Liberty Row (Charlotte, NC) 239 units; Modera Chandler (Phoenix, AZ) 345 units; Point Hope (Charleston, SC) 336 units (joint venture).
Construction and completion timelines include projects with estimated completion dates through 2026–2028.

Focus on property and asset management to improve curb appeal, amenities and resident experience.
Smart Home technology installed in over 96,000 units, associated with approximately $25/month higher average effective rent since inception.
2025 technology and repositioning investments: WiFi retrofit program ($7.8 million) and property repositioning program ($12.1 million).
Renovations and capital upgrades in 2025: 5,995 units renovated at an average cost of $6,080 per unit, producing an average rent premium of about 7.0% over non-renovated market rates.

Employees: 2,507 associates as of 12/31/2025.
Workforce composition and advancement:
- Minorities: ~55% of the workforce; 44% of leadership roles; 49% of associates promoted in 2025.
- Females: ~45% of the workforce; 56% of leadership roles; 50% of associates promoted in 2025.
Benefits and development programs: medical/dental/vision, life/disability, wellness programs, 401(k) with employer match, scholarships for dependents, paid leave, educational support, and ongoing training.

Total debt: $5.4 billion as of 12/31/2025.
Debt policy targets net debt, net of cash, of roughly 30% to 36% of adjusted total assets; net debt to Adjusted EBITDAre target range 4.5x to 5.5x.
Primary financing mix: unsecured debt markets, some secured debt, and access to equity markets for flexibility.
Corporate ratings from the three major rating agencies influence borrowing costs and access to capital.
Ownership limits and control: MAA owns about 97.5% of OP Units; ownership limit for any single shareholder is 9.9% to preserve REIT status and control.

Portfolio diversification across markets, submarkets (urban, suburban, inner-loop), product types (garden, mid-rise, high-rise) and rent points.
Cycle management priorities: optimize lease expirations, resident engagement, expense control, and targeted capital investments to sustain rent growth and occupancy.
Environmental and regulatory practices include ongoing monitoring and compliance with applicable laws and consideration of climate-related factors.
Cybersecurity risk management is integrated into enterprise risk management with a dedicated team and governance oversight.