Mid America Apartment Communities Inc. Q3 2025 results

This is Andrew Schaeffer, Treasurer and Director of Capital Markets for MAA. We encourage you to refer to the Forward-Looking Statements 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.

As highlighted in our earnings release, our third quarter core FFO results met our expectations, reinforcing the resilience of our platform and strategy. While the broader economic environment has introduced some challenges, including slower job growth and tempered pricing power in new leases, we are still seeing recovery. Our diversified presence across high-growth markets and more affordable price point provides access to a broader segment of the rental market that is financially strong, supporting continued strong collections. Improving leasing conditions also bolster our redevelopment pipeline, offering residents a newly renovated unit at a more affordable price as compared to the higher-priced new multifamily supply.

After capturing additional scale and efficiencies from the Phase Two development, we are also advancing our development pipeline and securing additional attractive long-term investment opportunities. In today's equity-constrained environment, our access to capital and development expertise remain competitive advantages. Following quarter end, we acquired land, plans, and permits for a shovel-ready project in Scottsdale, Arizona, scheduled to begin construction in the fourth quarter. With a 30-year track record of delivering through economic cycles, we remain confident in our ability to execute during this transition.