Mid America Apartment Communities Inc. Q4 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 1934 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.

In an attempt to complete our call within one hour due to other earnings calls today, we will limit questions to one per analyst. With occupancy up 10 basis points and same-store blended lease-over-lease performance 40 basis points stronger year-over-year, the recovery in fundamentals is underway. While uncertainty remains in the broader economy, the level of uncertainty appears lower than what we navigated in 2025, supported by expectations for sustained GDP growth. Against this improving backdrop, we anticipate demand across our markets to remain solid and broad-based, supported by stable job growth, continued immigration, healthy wage gains, and record levels of resident retention.

Building on this foundation, our long-term earnings growth will benefit from numerous strategic investments we're making. Our residents value our communities and the exceptional service our teams provide, reflected in record retention levels, strong renewal rates, and sector-leading resident Google scores, averaging 4.7 out of five for the year. Persistent single-family affordability challenges, combined with favorable demographic trends, continue to support renter demand and keep move-outs to purchase a home near historical lows. As a result, we're expanding our capital investments in these areas by more than 10% in 2026.