Mid-America Apartment Communities, Inc. (MAA) is a self-administered and self-managed real estate investment trust (REIT) focused on the multifamily sector. The company owns, operates, acquires, and develops apartment communities primarily in the Southeast, Southwest, and Mid-Atlantic regions of the U.S. MAA conducts its business through its Operating Partnership, Mid-America Apartments, L.P. As the sole general partner of the Operating Partnership, MAA has the ability to control its day-to-day operations.

MAA's primary business objectives are to generate a sustainable, stable, and increasing cash flow to fund dividends and distributions. The company aims to create value for shareholders, residents, associates, and the communities in which it operates. MAA utilizes technology to enhance services for residents and improve operational efficiencies. The company also takes an opportunistic approach to acquisitions, dispositions, and development activities to optimize its portfolio.

The competitive landscape includes other apartment communities, single-family rentals, manufactured housing, and condominiums. MAA believes its competitive advantages include its fully integrated organization, scalable operating systems, access to capital, and geographic diversification.

• Employees: 2,427 (as of December 31, 2023)
• Geographic Footprint: 16 states and the District of Columbia
• Headquarters: Germantown, Tennessee
• Founded: 1993
• Number of locations/facilities: 296 apartment communities (including communities under development)
• Revenue: $2.148 billion (FY2023)
• Market Capitalization: Approximately $10.7 billion (as of June 30, 2023, based on the market value of common stock held by non-affiliates)
• Key Subsidiaries/Brands: Mid-America Apartments, L.P.

• CEO: H. Eric Bolton, Jr.
• CFO: Albert M. Campbell, III
• Other Key Executives: A. Clay Holder (Senior Vice President and Chief Accounting Officer)

The management of the Company is comprised of individuals who are officers of MAA and employees of the Operating Partnership.

• Annual Revenue: $2.148 billion (FY2023)
• Net Income: $549.1 million (net income available for MAA common shareholders) (FY2023)
• Market Cap: Approximately $10.7 billion (as of June 30, 2023, based on the market value of common stock held by non-affiliates)
• Total Assets: $11.484 billion (as of December 31, 2023)
• Employees: 2,427 (as of December 31, 2023)
• Key Financial Highlights: Net income available for MAA common shareholders decreased by 13.4% compared to the prior year, while total revenue increased by 6.4%.

MAA's primary product is the ownership, operation, acquisition, and development of multifamily apartment communities. The company focuses on providing high-quality apartment units in attractive community settings, characterized by upscale amenities, extensive landscaping, and attention to aesthetic detail.

• Multifamily Apartment Communities: The company owns and operates a diverse portfolio of apartment communities across various markets and submarkets, including high-rise, mid-rise, and garden-style properties.
• Property Management Services: MAA provides comprehensive property management services to its residents, including online leasing applications, leases, and renewals.
• Technology-Driven Services: The company utilizes technology to provide services desired by residents and create efficiencies in operations, such as virtual touring and self-guided tours.

MAA operates through two reportable segments:

• Same Store: This segment includes apartment communities that have been owned and stabilized for at least 12 months as of the first day of the calendar year. In FY2023, this segment generated revenues of $2.025 billion.
• Non-Same Store and Other: This segment includes recently acquired communities, communities being developed or in lease-up, communities that have been disposed of or identified for disposition, communities that have incurred a significant casualty loss, and stabilized communities that do not meet the requirements to be Same Store communities. This segment also includes non-multifamily activities and storm-related expenses. In FY2023, this segment generated revenues of $123.7 million.

MAA's business strategy focuses on generating sustainable, stable, and increasing cash flow through various initiatives:

• Operational Excellence: The company aims to effectively operate its existing properties with a focus on property and asset management, leveraging technology to improve services and create efficiencies.
• Strategic Acquisitions and Development: MAA takes an opportunistic approach to buying, selling, developing, and renovating apartment communities to optimize its portfolio.
• Portfolio Diversification: The company diversifies its portfolio across markets, submarkets, and price points to minimize operating performance volatility.
• Talent Management: MAA offers attractive work environments, compensation, and career development opportunities to attract and retain talent.
• Financial Management: The company actively manages its balance sheet and capital structure.

MAA is also focused on optimizing lease expiration management, resident engagement, expense control, and resident retention efforts. The company continues to make capital improvements to its properties and individual units to maintain a competitive position.

MAA operates in the multifamily real estate industry, which is characterized by competition from other apartment communities, single-family rentals, manufactured housing, and condominiums. The company competes for residents and acquisition and development opportunities.

• Market Position: MAA is a significant player in the multifamily sector, with a diverse portfolio across the Southeast, Southwest, and Mid-Atlantic regions of the U.S.
• Key Competitors: Competitors include other real estate investment trusts, insurance companies, pension and investment funds, and public and private real estate companies.
• Industry Trends: Key market trends affecting the business include changes in demand for multifamily units, supply levels, interest rates, and general economic conditions. The company also monitors the impact of climate change and related weather events on its properties.

• Market and Economic Conditions: Unfavorable economic conditions, including inflation and labor market concerns, could adversely affect occupancy levels, rental rates, and property values.
• Competition: Intense competition from other apartment communities and alternative housing options could limit MAA's ability to maintain occupancy and rental rates.
• Debt and Financing Risks: The company's substantial indebtedness could limit its ability to make payments on debt and distributions, and rising interest rates could increase borrowing costs.
• Operational Risks: Risks include the failure of development communities to be completed on time and within budget, unexpected capital needs, and material changes in operating costs.
• Regulatory and Legal Risks: Changes in laws and regulations related to housing, taxes, and environmental matters could adversely affect MAA's operations and financial condition.