Here are a few brief analogies for Mid-America Apartment Communities (MAA):

• Like a Hilton or Marriott, but for apartment rentals instead of hotel rooms.
• Public Storage, but they rent out apartments for living instead of storage units for belongings.

• Apartment Rentals: Providing residential living spaces (apartment units) to individuals and families under lease agreements.
• Community Amenities: Offering access to shared facilities and services within its apartment communities, such as fitness centers, swimming pools, and clubhouses.
• Property Management & Maintenance: Delivering ongoing management and maintenance services for its apartment communities, ensuring property upkeep and responsiveness to resident needs.

Mid-America Apartment Communities (MAA)

Mid-America Apartment Communities (MAA) primarily sells its services directly to individuals rather than other companies. As an owner and operator of multifamily apartment communities, its major customers are the residents who lease apartments in its properties.

The company serves the following categories of individual customers:

• Young Professionals / Early Career Individuals: This segment includes individuals and couples often seeking modern living spaces, desirable amenities, and convenient locations close to employment centers, entertainment, and public transport. They value lifestyle and flexibility, often in the early stages of their careers or prior to starting families.
• Families / Mid-Career Individuals: This category encompasses individuals and families who may require more space, look for properties in good school districts, and appreciate amenities that cater to a broader household. They might be upgrading from smaller units, relocating for work, or choosing to rent rather than own for various financial or lifestyle reasons.
• Empty Nesters / Downsizers: This demographic includes individuals or couples whose children have grown up and moved out, or retirees. They often seek maintenance-free living, premium amenities, and a location that offers convenience, access to services, or proximity to family, without the responsibilities of homeownership.

A. Bradley Hill, President & Chief Executive Officer

Mr. Hill has served as President and Chief Executive Officer of MAA since April 1, 2025. He joined MAA in 2010 as VP and Director of New Development, progressing to SVP and Director of Multifamily Investing in 2014, and EVP and Director of Multifamily Investing in 2016. In 2021, he was promoted to EVP and Chief Investment Officer, and on January 1, 2024, he assumed the role of President and Chief Investment Officer. Mr. Hill holds a BS in Management from Tulane University and an MBA with a concentration in Finance from SMU's Cox School of Business. He is a CFA® charterholder.

A. Clay Holder, Executive Vice President & Chief Financial Officer

Mr. Holder has served as Executive Vice President and Chief Financial Officer of MAA since April 1, 2024. He joined MAA in 2017 as SVP and Chief Accounting Officer. Prior to MAA, he spent seven years in various accounting and finance roles at AutoZone, Inc. Mr. Holder began his career in public accounting with Arthur Andersen and Deloitte. He graduated cum laude from Mississippi State University with a Bachelor of Accountancy and earned a Master of Professional Accountancy, magna cum laude, also from Mississippi State University.

H. Eric Bolton Jr., Executive Chairman

Mr. Bolton has served as Executive Chairman of MAA since April 1, 2025, after serving as CEO from October 2001 through March 2025. He became Chairman of the Board of Directors in September 2002. Mr. Bolton joined MAA in 1994 as Vice President of Development, was named Chief Operating Officer in February 1996, and President in December 1996. Before joining MAA, he served as Executive Vice President and Chief Financial Officer of Trammell Crow Realty Advisors for over five years, and prior to that, worked in the commercial banking industry for seven years. Under his leadership as CEO, MAA acquired Colonial Properties Trust for $2.2 billion in 2013 and Post Properties Inc. for $3.8 billion in 2016. Mr. Bolton also serves on the board of directors for EastGroup Properties (NYSE: EGP).

Timothy P. Argo, Executive Vice President, Chief Strategy & Analysis Officer

Mr. Argo joined MAA in June 2002. He was promoted to Executive Vice President, Chief Strategy & Analysis Officer in December 2021. In this role, he oversees corporate and portfolio strategy development, market research, and the company's annual budgeting and planning processes, as well as the execution of MAA's ESG program and new initiatives. Prior to joining MAA, Mr. Argo was a senior auditor with Arthur Andersen LLP. He holds a BBA and MBA with a concentration in Accounting from the University of Memphis and is a licensed Certified Public Accountant in Tennessee.

Robert J. DelPriore, Executive Vice President, Chief Administrative Officer & General Counsel

Mr. DelPriore has served as Executive Vice President, Chief Administrative Officer & General Counsel since December 2021. He joined MAA in 2013 and previously supported the company as outside securities counsel for 18 years. He oversees legal, risk management, commercial property operations, policy oversight, and compliance. Mr. DelPriore holds a BA from Vanderbilt University and a law degree from the University of Tennessee.

The rapid growth and institutionalization of the single-family build-to-rent (BTR) market represents a clear emerging threat. BTR communities offer a competing housing product, providing renters with single-family homes, often with yards and more space, built specifically for rent. This model directly competes with traditional multifamily apartments for a segment of the renter population, particularly in suburban Sunbelt markets where Mid-America Apartment Communities (MAA) has a significant presence. As institutional investors continue to scale up BTR developments, they can draw away potential tenants who might otherwise choose an apartment, thereby impacting MAA's occupancy rates and pricing power.

The main products and services of Mid-America Apartment Communities (MAA) include the acquisition, development, and management of multifamily apartment communities, as well as apartment rentals and property management services.

The addressable market for MAA's main products and services is the apartment rental industry in the United States. The market size for the apartment rental industry in the United States is projected to be $295.3 billion in 2025. This market size is for the entire U.S. region. MAA primarily focuses its operations on the high-growth Sunbelt region of the U.S., which includes states in the Southeast, Southwest, and Mid-Atlantic.

Mid-America Apartment Communities (MAA) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic initiatives and favorable market dynamics:

• Strategic Market Expansions and Acquisitions: MAA is focusing on expanding its portfolio through strategic acquisitions and development projects in high-demand, high-growth markets, particularly in the Southeast, Southwest, and Mid-Atlantic regions of the United States. Recent examples include acquisitions in Kansas City and Scottsdale, Arizona, with plans to initiate 6-8 development projects over the next six quarters. These expansions are anticipated to yield net operating income (NOI) returns between 5.8% and 6.5% and fuel long-term earnings growth.
• Improved Lease Rates and Occupancy: The company anticipates improved lease rates as new apartment supply declines, particularly in its Sunbelt markets. MAA has observed strong occupancy rates, which have increased by 450 basis points over the past five quarters, nearing pre-COVID levels, and resident turnover remains at a record low. This strong demand coupled with reduced new deliveries is expected to lead to an acceleration of the recovery cycle and bolster rental income.
• Property Enhancements and Redevelopment Opportunities: MAA emphasizes property enhancements and leveraging technological innovations to improve operational efficiency and resident experience. The company has significant redevelopment opportunities that contribute to its multi-faceted approach to growth.
• Growth of Recently Launched Development Projects: MAA has a current development pipeline with an expected $305 million to be funded over the next two to three years. Several lease-up projects are anticipated to stabilize between late 2025 and late 2026, which will begin contributing meaningfully to earnings and revenue as they reach full occupancy and rental rates.

Capital Expenditures

• MAA strategically acquires, develops, and renovates properties, focusing on middle-market segments.
• As of December 31, 2024, MAA had seven communities under development with a projected total cost of $851.5 million, with an estimated $374.3 million remaining to be funded.
• In 2024, MAA spent $4.8 million on its property repositioning program, which aims to upgrade amenity and common areas at select communities for higher rent growth. This program also includes the installation of Smart Home technology, which had been completed in over 96,000 units by December 31, 2024, increasing average effective rent per unit by approximately $25 per month since its inception in Q1 2019.