Mid America Apartment Communities Inc. Q2 2025 results

This is Andrew Schaeffer, Treasurer and Director of Capital Markets for MAA. We encourage you to refer to the forward-looking statement section in yesterday's earnings release and our 34-act filings with the SEC, which describe risk factors that may impact future results. A presentation of the most directly comparable GAAP financial measures, as well as reconciliations of the differences between non-GAAP and comparable GAAP measures, can be found in our earnings release and supplemental financial data. Our earnings release and supplement are currently available on the For Investors page of our website at www.maac.com.

Demand remains resilient, with absorption across our markets reaching the highest level in over 25 years. With a stable employment sector and strong wage growth, our residents are financially healthy, leading to continued good collections and improving rent-to-income ratios. Our diversified portfolio, focused on high-growth markets and operating scale, continues to position MAA best to capitalize on these favorable trends to a greater degree as the demand-supply balance moves more in our favor. On the external growth front, because of our access to capital, we continue to find select compelling development opportunities.

We remain committed to the disciplined expansion of our development pipeline, and we are making progress toward that goal. Transaction volumes are still muted as bid-ask spreads persist and capital remains cautious given elevated interest rates. Our strong balance sheet and liquidity position will allow us to be opportunistic should more attractive acquisition opportunities become available in the second half of the year. Our markets continue to benefit from higher job growth, wage growth, household formation, and demographic tailwinds than the national average.