EX-99.2

Exhibit 99.2

     PORTFOLIO STATISTICS

    

TOTAL MULTIFAMILY PORTFOLIO AT SEPTEMBER 30, 2026

In apartment units


	Same Store		Stabilized Non-Same Store		Lease-up		Total Completed Communities		Development Units Delivered		Total
Atlanta, GA		11,434		340		—		11,774		—		11,774
Dallas, TX		9,524		980		—		10,504		—		10,504
Austin, TX		7,179		—		—		7,179		—		7,179
Charlotte, NC		5,707		640		541		6,888		—		6,888
Orlando, FL		5,907		310		—		6,217		—		6,217
Raleigh/Durham, NC		5,156		306		406		5,868		—		5,868
Tampa, FL		5,416		495		—		5,911		—		5,911
Houston, TX		4,859		—		—		4,859		—		4,859
Nashville, TN		4,375		—		—		4,375		—		4,375
Fort Worth, TX		3,687		—		—		3,687		—		3,687
Phoenix, AZ		3,291		317		—		3,608		137		3,745
Jacksonville, FL		3,496		—		—		3,496		—		3,496
Charleston, SC		3,168		—		—		3,168		—		3,168
Greenville, SC		2,354		—		—		2,354		—		2,354
Northern Virginia		1,888		—		—		1,888		—		1,888
Savannah, GA		1,837		—		—		1,837		—		1,837
Memphis, TN		1,193		618		—		1,811		—		1,811
Richmond, VA		1,732		—		—		1,732		—		1,732
San Antonio, TX		1,504		—		—		1,504		—		1,504
Denver, CO		1,118		352		219		1,689		—		1,689
Birmingham, AL		1,462		—		—		1,462		—		1,462
Fredericksburg, VA		1,435		—		—		1,435		—		1,435
Kansas City, MO-KS		1,110		318		—		1,428		—		1,428
Huntsville, AL		1,228		—		—		1,228		—		1,228
Other		6,502		496		—		6,998		—		6,998
Total Multifamily Units		96,562		5,172		1,166		102,900		137		103,037

     PORTFOLIO STATISTICS (CONTINUED)

    

TOTAL MULTIFAMILY COMMUNITY STATISTICS

Dollars in thousands, except Average Effective Rent per Unit


	As of September 30, 2026								Average Effective		As of September 30, 2026
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended September 30, 2026		Completed Units		Total Units, Including Development
Atlanta, GA	$	2,264,832		13.0	%		95.1	%	$	1,794		11,774
Dallas, TX		1,796,948		10.2	%		95.6	%		1,671		10,504
Charlotte, NC		1,308,941		7.4	%		96.0	%		1,629		6,347
Orlando, FL		1,153,044		6.6	%		95.3	%		1,987		6,217
Tampa, FL		1,256,370		7.1	%		95.8	%		2,153		5,911
Austin, TX		1,006,384		5.7	%		95.1	%		1,464		7,179
Raleigh/Durham, NC		826,648		4.7	%		95.0	%		1,514		5,462
Houston, TX		720,634		4.1	%		95.3	%		1,459		4,859
Phoenix, AZ		690,842		3.9	%		95.6	%		1,665		3,608
Northern Virginia		595,450		3.4	%		96.7	%		2,603		1,888
Nashville, TN		590,725		3.4	%		94.5	%		1,650		4,375
Charleston, SC		459,421		2.6	%		96.5	%		1,880		3,168
Denver, CO		429,452		2.4	%		95.6	%		1,946		1,470
Fort Worth, TX		424,019		2.4	%		95.5	%		1,593		3,687
Jacksonville, FL		349,673		2.0	%		94.2	%		1,463		3,496
Kansas City, MO-KS		304,642		1.7	%		94.4	%		1,744		1,428
Richmond, VA		275,877		1.6	%		95.3	%		1,759		1,732
Fredericksburg, VA		267,311		1.5	%		96.4	%		1,983		1,435
Greenville, SC		257,023		1.5	%		94.8	%		1,384		2,354
Savannah, GA		239,732		1.4	%		94.8	%		1,673		1,837
Birmingham, AL		180,843		1.0	%		96.8	%		1,454		1,462
San Antonio, TX		178,325		1.0	%		95.3	%		1,300		1,504
All Other Markets by State (individual markets <1% gross real assets)
Tennessee		223,317		1.3	%		94.3	%		1,318		2,754
Florida		206,378		1.2	%		95.9	%		1,856		1,806
Alabama		196,421		1.1	%		93.9	%		1,343		1,648
Virginia		177,405		1.0	%		97.0	%		1,905		1,039
Kentucky		114,360		0.7	%		94.0	%		1,349		1,308
Utah		95,501		0.5	%		96.5	%		1,626		400
Maryland		87,547		0.5	%		96.1	%		2,386		361
Nevada		78,444		0.4	%		93.2	%		1,651		721
Stabilized Communities	$	16,756,509		95.3	%		95.3	%	$	1,694		101,734

Charlotte, NC		220,254		1.3	%		77.1	%		1,855		541		541
Phoenix, AZ		162,265		0.9	%		25.2	%		2,157		137		625
Raleigh/Durham, NC		143,130		0.8	%		89.4	%		1,625		406		406
Richmond, VA		91,077		0.5	%		—			—		—		306
Denver, CO		71,648		0.4	%		57.1	%		2,303		219		219
Charleston, SC		65,340		0.4	%		—			—		—		336
Nashville, TN		30,731		0.2	%		—			—		—		312
Northern Virginia		20,866		0.1	%		—			—		—		306
Kansas City, MO-KS		25,302		0.1	%		—			—		—		351
Lease-up / Development Communities	$	830,613		4.7	%		65.7	%	$	1,890		1,303		3,402
Total Multifamily Communities	$	17,587,122		100.0	%		94.9	%	$	1,697		103,037		105,136

     COMPONENTS OF NET OPERATING INCOME

    

Dollars in thousands


	Three Months Ended								As of September 30, 2026
	September 30, 2026		September 30, 2025			Percent Change			Apartment Units		Gross Real Assets
Operating Revenues
Same Store Communities	$	519,068	$	521,020			-0.4	%		96,562	$	15,516,325
Non-Same Store Communities		28,946		25,988						5,172		1,240,184
Lease-up/Development Communities		4,824		616						1,303		830,613
Total Multifamily Portfolio	$	552,838	$	547,624						103,037	$	17,587,122
Commercial Property/Land		7,292		6,749						—		429,666
Total Operating Revenues	$	560,130	$	554,373						103,037	$	18,016,788

Property Operating Expenses
Same Store Communities	$	203,029	$	199,141			2.0	%
Non-Same Store Communities		12,874		12,972
Lease-up/Development Communities		3,261		1,128
Total Multifamily Portfolio	$	219,164	$	213,241
Commercial Property/Land		3,104		2,823
Total Property Operating Expenses	$	222,268	$	216,064

Net Operating Income
Same Store Communities	$	316,039	$	321,879			-1.8	%
Non-Same Store Communities		16,072		13,016
Lease-up/Development Communities		1,563		(512	)
Total Multifamily Portfolio	$	333,674	$	334,383
Commercial Property/Land		4,188		3,926
Total Net Operating Income	$	337,862	$	338,309			-0.1	%

     COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

    

Dollars in thousands


	Three Months Ended							Nine Months Ended
	September 30, 2026		September 30, 2025		Percent Change			September 30, 2026		September 30, 2025		Percent Change
Property Taxes	$	65,685	$	65,984		(0.5	)%	$	199,612	$	198,262		0.7	%
Personnel		44,612		44,686		(0.2	)%		129,881		129,450		0.3	%
Utilities		39,157		37,203		5.3	%		109,303		104,738		4.4	%
Building Repair and Maintenance		30,012		28,640		4.8	%		82,422		80,879		1.9	%
Office Operations		8,193		7,523		8.9	%		24,146		23,839		1.3	%
Insurance		7,038		7,816		(10.0	)%		22,593		24,737		(8.7	)%
Marketing		8,332		7,289		14.3	%		24,575		22,684		8.3	%
Total Property Operating Expenses	$	203,029	$	199,141		2.0	%	$	592,532	$	584,589		1.4	%

     MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE

    


						Average Physical Occupancy
			Percent of			Three Months Ended						Nine Months Ended
	Apartment Units		Same Store NOI			September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Atlanta, GA		11,434		11.3	%		94.5	%		95.2	%		95.1	%		95.2	%
Dallas, TX		9,524		8.8	%		95.6	%		95.4	%		95.2	%		95.2	%
Orlando, FL		5,907		8.0	%		95.4	%		95.9	%		95.6	%		95.7	%
Tampa, FL		5,416		7.3	%		95.9	%		96.1	%		96.0	%		96.1	%
Charlotte, NC		5,707		6.3	%		95.9	%		95.8	%		95.8	%		95.8	%
Austin, TX		7,179		5.6	%		95.3	%		95.5	%		95.2	%		95.0	%
Raleigh/Durham, NC		5,156		5.2	%		95.1	%		95.5	%		95.1	%		95.5	%
Nashville, TN		4,375		4.7	%		94.9	%		95.7	%		95.3	%		95.6	%
Charleston, SC		3,168		4.0	%		96.5	%		96.0	%		96.0	%		95.9	%
Houston, TX		4,859		3.9	%		95.3	%		96.0	%		95.6	%		95.7	%
Phoenix, AZ		3,291		3.8	%		95.5	%		95.9	%		95.7	%		95.5	%
Fort Worth, TX		3,687		3.6	%		95.5	%		95.8	%		95.4	%		95.4	%
Northern Virginia		1,888		3.3	%		96.0	%		96.0	%		95.9	%		96.3	%
Jacksonville, FL		3,496		2.9	%		94.2	%		95.6	%		94.7	%		95.7	%
Richmond, VA		1,732		2.1	%		95.7	%		96.5	%		95.9	%		96.3	%
Greenville, SC		2,354		2.1	%		94.9	%		95.6	%		95.4	%		95.7	%
Fredericksburg, VA		1,435		2.0	%		95.9	%		96.4	%		95.8	%		96.7	%
Savannah, GA		1,837		1.9	%		94.9	%		95.3	%		95.1	%		95.1	%
Birmingham, AL		1,462		1.3	%		96.1	%		95.7	%		95.6	%		96.0	%
Denver, CO		1,118		1.3	%		95.0	%		95.3	%		95.1	%		95.2	%
Kansas City, MO-KS		1,110		1.1	%		94.3	%		95.6	%		95.1	%		95.4	%
San Antonio, TX		1,504		1.0	%		94.2	%		95.3	%		94.5	%		95.2	%
Memphis, TN		1,193		1.0	%		94.4	%		94.2	%		94.8	%		94.6	%
Huntsville, AL		1,228		0.9	%		93.5	%		92.5	%		93.4	%		93.9	%
Other		6,502		6.6	%		95.5	%		95.9	%		95.5	%		95.8	%
Total Same Store		96,562		100.0	%		95.3	%		95.6	%		95.4	%		95.5	%

     MULTIFAMILY SAME STORE PORTFOLIO QUARTERLY COMPARISONS

    

Dollars in thousands, except Average Effective Rent per Unit


			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q3 2026		Q3 2025		% Chg			Q3 2026		Q3 2025		% Chg			Q3 2026		Q3 2025		% Chg			Q3 2026		Q3 2025		% Chg
Atlanta, GA		11,434	$	64,163	$	64,765		(0.9	)%	$	28,432	$	27,029		5.2	%	$	35,731	$	37,736		(5.3	)%	$	1,793	$	1,793		(0.0	)%
Dallas, TX		9,524		51,117		50,428		1.4	%		23,476		22,445		4.6	%		27,641		27,983		(1.2	)%		1,689		1,673		1.0	%
Orlando, FL		5,907		36,970		37,045		(0.2	)%		11,891		11,553		2.9	%		25,079		25,492		(1.6	)%		1,990		1,983		0.4	%
Tampa, FL		5,416		35,677		36,088		(1.1	)%		12,758		13,162		(3.1	)%		22,919		22,926		(0.0	)%		2,082		2,100		(0.8	)%
Charlotte, NC		5,707		29,648		30,023		(1.2	)%		9,796		9,407		4.1	%		19,852		20,616		(3.7	)%		1,633		1,660		(1.6	)%
Austin, TX		7,179		34,224		35,133		(2.6	)%		16,442		18,103		(9.2	)%		17,782		17,030		4.4	%		1,464		1,505		(2.7	)%
Raleigh/Durham, NC		5,156		25,042		25,451		(1.6	)%		8,798		8,524		3.2	%		16,244		16,927		(4.0	)%		1,506		1,528		(1.4	)%
Nashville, TN		4,375		22,885		23,166		(1.2	)%		8,165		8,132		0.4	%		14,720		15,034		(2.1	)%		1,650		1,667		(1.0	)%
Charleston, SC		3,168		19,132		18,417		3.9	%		6,402		6,181		3.6	%		12,730		12,236		4.0	%		1,880		1,840		2.2	%
Houston, TX		4,859		22,909		22,842		0.3	%		10,606		9,862		7.5	%		12,303		12,980		(5.2	)%		1,459		1,454		0.3	%
Phoenix, AZ		3,291		17,817		18,043		(1.3	)%		5,699		5,528		3.1	%		12,118		12,515		(3.2	)%		1,677		1,701		(1.5	)%
Fort Worth, TX		3,687		19,513		19,378		0.7	%		8,180		8,324		(1.7	)%		11,333		11,054		2.5	%		1,593		1,580		0.8	%
Northern Virginia		1,888		15,287		15,109		1.2	%		4,800		4,699		2.1	%		10,487		10,410		0.7	%		2,603		2,573		1.2	%
Jacksonville, FL		3,496		15,522		15,751		(1.5	)%		6,442		6,034		6.8	%		9,080		9,717		(6.6	)%		1,463		1,476		(0.9	)%
Richmond, VA		1,732		9,679		9,350		3.5	%		2,987		2,870		4.1	%		6,692		6,480		3.3	%		1,759		1,708		3.0	%
Greenville, SC		2,354		10,605		10,621		(0.2	)%		4,028		4,106		(1.9	)%		6,577		6,515		1.0	%		1,384		1,367		1.2	%
Fredericksburg, VA		1,435		9,086		8,962		1.4	%		2,662		2,573		3.5	%		6,424		6,389		0.5	%		1,983		1,963		1.0	%
Savannah, GA		1,837		9,913		10,170		(2.5	)%		3,932		3,933		(0.0	)%		5,981		6,237		(4.1	)%		1,673		1,713		(2.3	)%
Birmingham, AL		1,462		7,021		6,957		0.9	%		2,802		2,804		(0.1	)%		4,219		4,153		1.6	%		1,454		1,438		1.1	%
Denver, CO		1,118		6,621		6,886		(3.8	)%		2,402		2,352		2.1	%		4,219		4,534		(6.9	)%		1,905		1,936		(1.6	)%
Kansas City, MO-KS		1,110		5,966		5,935		0.5	%		2,407		2,192		9.8	%		3,559		3,743		(4.9	)%		1,710		1,689		1.3	%
San Antonio, TX		1,504		6,157		6,442		(4.4	)%		2,942		2,697		9.1	%		3,215		3,745		(14.2	)%		1,300		1,338		(2.9	)%
Memphis, TN		1,193		5,365		5,363		0.0	%		2,162		2,145		0.8	%		3,203		3,218		(0.5	)%		1,427		1,423		0.3	%
Huntsville, AL		1,228		5,077		5,085		(0.2	)%		2,118		2,083		1.7	%		2,959		3,002		(1.4	)%		1,248		1,274		(2.0	)%
Other		6,502		33,672		33,610		0.2	%		12,700		12,403		2.4	%		20,972		21,207		(1.1	)%		1,658		1,634		1.5	%
Total Same Store		96,562	$	519,068	$	521,020		(0.4	)%	$	203,029	$	199,141		2.0	%	$	316,039	$	321,879		(1.8	)%	$	1,691	$	1,693		(0.1	)%

     MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTERLY COMPARISONS

    

Dollars in thousands, except Average Effective Rent per Unit


			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q3 2026		Q2 2026		% Chg			Q3 2026		Q2 2026		% Chg			Q3 2026		Q2 2026		% Chg			Q3 2026		Q2 2026		% Chg
Atlanta, GA		11,434	$	64,163	$	64,385		(0.3	)%	$	28,432	$	26,545		7.1	%	$	35,731	$	37,840		(5.6	)%	$	1,793	$	1,790		0.2	%
Dallas, TX		9,524		51,117		50,381		1.5	%		23,476		21,909		7.2	%		27,641		28,472		(2.9	)%		1,689		1,681		0.5	%
Orlando, FL		5,907		36,970		36,819		0.4	%		11,891		13,402		(11.3	)%		25,079		23,417		7.1	%		1,990		1,981		0.5	%
Tampa, FL		5,416		35,677		35,683		(0.0	)%		12,758		13,128		(2.8	)%		22,919		22,555		1.6	%		2,082		2,086		(0.2	)%
Charlotte, NC		5,707		29,648		29,646		0.0	%		9,796		9,904		(1.1	)%		19,852		19,742		0.6	%		1,633		1,641		(0.5	)%
Austin, TX		7,179		34,224		34,216		0.0	%		16,442		17,337		(5.2	)%		17,782		16,879		5.3	%		1,464		1,470		(0.4	)%
Raleigh/Durham, NC		5,156		25,042		25,036		0.0	%		8,798		8,821		(0.3	)%		16,244		16,215		0.2	%		1,506		1,510		(0.2	)%
Nashville, TN		4,375		22,885		22,930		(0.2	)%		8,165		8,146		0.2	%		14,720		14,784		(0.4	)%		1,650		1,654		(0.3	)%
Charleston, SC		3,168		19,132		18,789		1.8	%		6,402		6,467		(1.0	)%		12,730		12,322		3.3	%		1,880		1,859		1.1	%
Houston, TX		4,859		22,909		22,868		0.2	%		10,606		10,513		0.9	%		12,303		12,355		(0.4	)%		1,459		1,458		0.1	%
Phoenix, AZ		3,291		17,817		17,870		(0.3	)%		5,699		5,441		4.7	%		12,118		12,429		(2.5	)%		1,677		1,687		(0.6	)%
Fort Worth, TX		3,687		19,513		19,309		1.1	%		8,180		8,014		2.1	%		11,333		11,295		0.3	%		1,593		1,585		0.5	%
Northern Virginia		1,888		15,287		15,170		0.8	%		4,800		4,688		2.4	%		10,487		10,482		0.0	%		2,603		2,585		0.7	%
Jacksonville, FL		3,496		15,522		15,591		(0.4	)%		6,442		6,475		(0.5	)%		9,080		9,116		(0.4	)%		1,463		1,467		(0.3	)%
Richmond, VA		1,732		9,679		9,549		1.4	%		2,987		2,901		3.0	%		6,692		6,648		0.7	%		1,759		1,738		1.2	%
Greenville, SC		2,354		10,605		10,629		(0.2	)%		4,028		4,069		(1.0	)%		6,577		6,560		0.3	%		1,384		1,377		0.5	%
Fredericksburg, VA		1,435		9,086		8,958		1.4	%		2,662		2,564		3.8	%		6,424		6,394		0.5	%		1,983		1,971		0.6	%
Savannah, GA		1,837		9,913		9,957		(0.4	)%		3,932		3,795		3.6	%		5,981		6,162		(2.9	)%		1,673		1,679		(0.3	)%
Birmingham, AL		1,462		7,021		6,977		0.6	%		2,802		2,867		(2.3	)%		4,219		4,110		2.7	%		1,454		1,448		0.4	%
Denver, CO		1,118		6,621		6,614		0.1	%		2,402		2,257		6.4	%		4,219		4,357		(3.2	)%		1,905		1,898		0.4	%
Kansas City, MO-KS		1,110		5,966		5,961		0.1	%		2,407		2,138		12.6	%		3,559		3,823		(6.9	)%		1,710		1,696		0.8	%
San Antonio, TX		1,504		6,157		6,244		(1.4	)%		2,942		2,898		1.5	%		3,215		3,346		(3.9	)%		1,300		1,312		(0.9	)%
Memphis, TN		1,193		5,365		5,342		0.4	%		2,162		2,058		5.1	%		3,203		3,284		(2.5	)%		1,427		1,422		0.4	%
Huntsville, AL		1,228		5,077		5,101		(0.5	)%		2,118		1,947		8.8	%		2,959		3,154		(6.2	)%		1,248		1,246		0.2	%
Other		6,502		33,672		33,413		0.8	%		12,700		12,935		(1.8	)%		20,972		20,478		2.4	%		1,658		1,647		0.7	%
Total Same Store		96,562	$	519,068	$	517,438		0.3	%	$	203,029	$	201,219		0.9	%	$	316,039	$	316,219		(0.1	)%	$	1,691	$	1,688		0.2	%

     MULTIFAMILY SAME STORE PORTFOLIO YEAR TO DATE COMPARISONS

    

Dollars in thousands, except Average Effective Rent per Unit


			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q3 2026		Q3 2025		% Chg			Q3 2026		Q3 2025		% Chg			Q3 2026		Q3 2025		% Chg			Q3 2026		Q3 2025		% Chg
Atlanta, GA		11,434	$	192,933	$	193,777		(0.4	)%	$	79,299	$	76,916		3.1	%	$	113,634	$	116,861		(2.8	)%	$	1,790	$	1,792		(0.1	)%
Dallas, TX		9,524		151,783		150,426		0.9	%		64,890		63,539		2.1	%		86,893		86,887		0.0	%		1,683		1,669		0.8	%
Orlando, FL		5,907		110,551		110,862		(0.3	)%		38,151		38,480		(0.9	)%		72,400		72,382		0.0	%		1,983		1,984		(0.0	)%
Tampa, FL		5,416		107,151		108,062		(0.8	)%		38,257		38,765		(1.3	)%		68,894		69,297		(0.6	)%		2,084		2,094		(0.5	)%
Charlotte, NC		5,707		88,860		89,904		(1.2	)%		28,731		28,241		1.7	%		60,129		61,663		(2.5	)%		1,639		1,657		(1.1	)%
Austin, TX		7,179		102,772		106,038		(3.1	)%		49,650		50,716		(2.1	)%		53,122		55,322		(4.0	)%		1,469		1,527		(3.9	)%
Raleigh/Durham, NC		5,156		75,068		76,303		(1.6	)%		25,700		25,534		0.7	%		49,368		50,769		(2.8	)%		1,511		1,531		(1.3	)%
Nashville, TN		4,375		68,844		69,767		(1.3	)%		23,651		23,837		(0.8	)%		45,193		45,930		(1.6	)%		1,652		1,672		(1.2	)%
Charleston, SC		3,168		56,334		54,765		2.9	%		18,781		18,321		2.5	%		37,553		36,444		3.0	%		1,860		1,827		1.8	%
Houston, TX		4,859		68,558		68,062		0.7	%		31,517		30,565		3.1	%		37,041		37,497		(1.2	)%		1,457		1,449		0.6	%
Phoenix, AZ		3,291		53,619		53,782		(0.3	)%		16,316		15,613		4.5	%		37,303		38,169		(2.3	)%		1,685		1,709		(1.4	)%
Fort Worth, TX		3,687		58,192		58,042		0.3	%		23,448		23,168		1.2	%		34,744		34,874		(0.4	)%		1,586		1,579		0.5	%
Northern Virginia		1,888		45,561		44,950		1.4	%		14,105		13,798		2.2	%		31,456		31,152		1.0	%		2,586		2,542		1.7	%
Jacksonville, FL		3,496		46,647		47,574		(1.9	)%		19,088		18,537		3.0	%		27,559		29,037		(5.1	)%		1,466		1,481		(1.0	)%
Richmond, VA		1,732		28,651		27,533		4.1	%		8,806		8,577		2.7	%		19,845		18,956		4.7	%		1,740		1,692		2.8	%
Greenville, SC		2,354		31,907		31,587		1.0	%		11,882		12,041		(1.3	)%		20,025		19,546		2.5	%		1,378		1,351		2.0	%
Fredericksburg, VA		1,435		27,057		26,782		1.0	%		7,888		7,620		3.5	%		19,169		19,162		0.0	%		1,975		1,938		1.9	%
Savannah, GA		1,837		29,847		30,419		(1.9	)%		11,518		11,481		0.3	%		18,329		18,938		(3.2	)%		1,680		1,711		(1.8	)%
Birmingham, AL		1,462		20,948		20,760		0.9	%		8,500		8,318		2.2	%		12,448		12,442		0.0	%		1,447		1,421		1.9	%
Denver, CO		1,118		19,771		20,708		(4.5	)%		6,933		6,582		5.3	%		12,838		14,126		(9.1	)%		1,902		1,946		(2.3	)%
Kansas City, MO-KS		1,110		17,859		17,541		1.8	%		6,657		6,421		3.7	%		11,202		11,120		0.7	%		1,697		1,667		1.8	%
San Antonio, TX		1,504		18,729		19,423		(3.6	)%		8,585		8,103		5.9	%		10,144		11,320		(10.4	)%		1,309		1,346		(2.7	)%
Memphis, TN		1,193		16,106		16,168		(0.4	)%		6,097		6,048		0.8	%		10,009		10,120		(1.1	)%		1,421		1,430		(0.6	)%
Huntsville, AL		1,228		15,234		15,620		(2.5	)%		6,172		5,951		3.7	%		9,062		9,669		(6.3	)%		1,250		1,281		(2.4	)%
Other		6,502		100,504		100,031		0.5	%		37,910		37,417		1.3	%		62,594		62,614		(0.0	)%		1,648		1,624		1.4	%
Total Same Store		96,562	$	1,553,486	$	1,558,886		(0.3	)%	$	592,532	$	584,589		1.4	%	$	960,954	$	974,297		(1.4	)%	$	1,688	$	1,691		(0.2	)%

     MULTIFAMILY DEVELOPMENT PIPELINE

    


		Units as of						Development Costs as of
		September 30, 2026						September 30, 2026							Expected
								Expected		Costs		Expected		Start	Initial
	Market	Total		Delivered		Leased		Total		to Date		Remaining		Date	Occupancy	Completion	Stabilization (1)
Modera Chandler (2)	Phoenix, AZ		345		137		125	$	117,500	$	105,194	$	12,306	2Q24	2Q26	4Q26	4Q27
MAA Rove	Richmond, VA		306		—		—		99,500		91,077		8,423	3Q24	4Q26	2Q27	4Q27
MAA Point Hope (2)	Charleston, SC		336		—		—		91,000		65,340		25,660	2Q25	4Q26	3Q27	2Q28
MAA ONE28 II (3)	Kansas City, MO-KS		88		—		—		32,000		3,436		28,564	3Q26	1Q28	2Q28	1Q29
MAA One Scottsdale	Phoenix, AZ		280		—		—		135,000		57,071		77,929	4Q25	1Q28	3Q28	2Q29
MAA Sevilla (2)	Kansas City, MO-KS		263		—		—		76,500		21,866		54,634	2Q26	1Q28	4Q28	2Q29
MAA McFarland Farms (2) (3)	Nashville, TN		312		—		—		91,000		30,731		60,269	3Q26	1Q28	4Q28	2Q29
MAA Herndon (2)	Northern Virginia		306		—		—		117,500		20,866		96,634	3Q26	3Q28	1Q29	4Q29
Total Active			2,236		137		125	$	760,000	$	395,581	$	364,419

(1)

Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.

(2)

MAA owns 95% of the joint venture that owns this property.

(3)

Includes commercial space planned at the property.

     MULTIFAMILY LEASE-UP COMMUNITIES

    


		As of September 30, 2026
	Market	Total Units		Physical Occupancy	Costs to Date			Construction Completed	Expected Stabilization (1)
MAA Nixie	Raleigh/Durham, NC	406		89.4%	$	143,130		3Q25	4Q26
MAA Liberty Row (2)	Charlotte, NC	239		88.7%		111,730	(4)	1Q26	4Q26
MAA Plaza Midwood (3)	Charlotte, NC	302		67.9%		95,693		2Q26	2Q27
MAA Milepost 35 II	Denver, CO	219		57.1%		71,648		3Q26	3Q27
Total			1,166	77.6%	$	422,201

(1)

Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.

(2)

In July 2024, MAA agreed to finance the third party development of this property. In August 2026, MAA purchased the third party developer's equity interest in the property.

(3)

MAA owns 95% of the joint venture that owns this property.

(4)

Represents the cost to MAA, net of the $9.6 million non-equity contribution from the third party developer.

     MULTIFAMILY INTERIOR REDEVELOPMENT, WIFI RETROFIT AND PROPERTY REPOSITIONING ACTIVITY

    

Dollars in thousands, except per unit data


Nine months ended September 30, 2026
Program	Units Completed		Redevelopment Spend		Average Cost per Unit		Increase in Average Effective Rent per Unit		Increase in Average Effective Rent per Unit	Estimated Units Remaining in Pipeline
Interior Redevelopment		5,544	$	32,855	$	5,926	$	114	8.3%	10,500 - 13,500

During the third quarter of 2026, MAA continued its WiFi Retrofit program and its Property Repositioning program to upgrade and reposition the amenity and common areas at select apartment communities for higher and above market rent growth after projects are completed and units are fully repriced. MAA spent $18.3 million on its WiFi Retrofit program and $10.3 million on its Property Repositioning program during the nine months ended September 30, 2026.

ACQUISITION ACTIVITY AS OF SEPTEMBER 30, 2026

    


Land Acquisitions (1)	Market	Closing Date	Construction Start Date
Modera Silver	Northern Virginia	Jan-26	(2)
MAA Sevilla	Kansas City, MO-KS	Feb-26	Apr-26
MAA McFarland Farms	Nashville, TN	Apr-26	Jul-26
MAA Herndon	Northern Virginia	Jul-26	Aug-26

(1)

Each of these land acquisitions represents a pre-purchase multifamily development, and MAA owns 95% of the joint venture that owns each property.

(2)

To be determined.

DISPOSITION ACTIVITY AS OF SEPTEMBER 30, 2026

    


Multifamily Dispositions	Market	Apartment Units	Closing Date
MAA Greenwood Forrest	Houston, TX	316	Feb-26
MAA Hermitage	Raleigh, NC	194	May-26

     DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2026

    

Dollars in thousands


DEBT SUMMARIES
Fixed Rate Versus Floating Rate Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Rate Maturity
Fixed rate debt	$	4,631,445		79.3	%		4.0	%		6.9
Floating rate debt		1,207,813		20.7	%		4.2	%		0.1
Total	$	5,839,258		100.0	%		4.1	%		5.6

Unsecured Versus Secured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	5,478,771		93.8	%		4.0	%		4.8
Secured debt		360,487		6.2	%		4.4	%		22.3
Total	$	5,839,258		100.0	%		4.1	%		5.9

Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q3 2026 NOI			Percent of Total
Unencumbered gross assets	$	17,657,217		95.7	%	$	323,789			95.8	%
Encumbered gross assets		795,914		4.3	%		14,073			4.2	%
Total	$	18,453,131		100.0	%	$	337,862			100.0	%

FIXED INTEREST RATE MATURITIES


Maturity	Fixed Rate Debt		Effective Interest Rate
2026	$	—		—
2027		599,497		3.7	%
2028		398,975		4.2	%
2029		553,688		3.7	%
2030		298,830		3.1	%
2031		447,451		1.8	%
2032		395,989		5.4	%
2033		593,040		4.7	%
2034		344,989		5.1	%
2035		344,810		5.1	%
Thereafter		654,176		3.8	%
Total	$	4,631,445		4.0	%

     DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2026 (CONTINUED)

    

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES


Maturity	Commercial Paper ⁽¹⁾ & Revolving Credit Facility ⁽²⁾		Public Bonds		Other Unsecured		Secured		Total
2026	$	750,000	$	—	$	—	$	—	$	750,000
2027		—		599,497		—		—		599,497
2028		—		398,975		—		—		398,975
2029		—		553,688		—		—		553,688
2030		110,000		298,830		347,813		—		756,643
2031		—		447,451		—		—		447,451
2032		—		395,989		—		—		395,989
2033		—		593,040		—		—		593,040
2034		—		344,989		—		—		344,989
2035		—		344,810		—		—		344,810
Thereafter		—		293,689		—		360,487		654,176
Total	$	860,000	$	4,270,958	$	347,813	$	360,487	$	5,839,258

(1)

As of September 30, 2026, $750.0 million of borrowings were outstanding under MAALP’s unsecured commercial paper program. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $750.0 million. For the three months ended September 30, 2026, average daily borrowings outstanding under the commercial paper program were $708.9 million.

(2)

As of September 30, 2026, there were $110.0 million of borrowings outstanding under MAALP’s $1.5 billion unsecured revolving credit facility. The facility has a maturity date of January 2030 with two six-month extension options.

DEBT COVENANT ANALYSIS (1)


Bond Covenants	Required	Actual	Compliance
Total debt to adjusted total assets	60% or less	31.7%	Yes
Total secured debt to adjusted total assets	40% or less	2.0%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	5.5x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	312.6%	Yes

Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	25.7%	Yes
Total secured debt to total capitalized asset value	40% or less	1.6%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	5.8x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	25.1%	Yes

(1)

The calculations of the Bond Covenants and Bank Covenants are specifically defined in MAALP’s debt agreements, which have been filed by MAA and MAALP with the SEC.


	Full Year 2026
Earnings:	Range	Midpoint
Earnings per common share - diluted	$3.61 to $3.73	$3.67
Core FFO per Share - diluted	$8.43 to $8.55	$8.49
Core AFFO per Share - diluted	$7.40 to $7.52	$7.46

MAA Same Store Portfolio:
Number of units	96,562	96,562
Average physical occupancy	95.30% to 95.50%	95.40%
Property revenue growth	-0.40% to -0.10%	-0.25%
Effective rent growth	-0.30% to 0.10%	-0.10%
Property operating expense growth	1.15% to 1.65%	1.40%
NOI growth	-1.70% to -0.80%	-1.25%
Real estate tax expense growth	-0.10% to 0.90%	0.40%

Corporate Expenses: ($ in millions)
Property management expenses	$75.5 to $77.5	$76.5
General and administrative expenses	$57.0 to $59.0	$58.0
Total overhead	$132.5 to $136.5	$134.5

Transaction/Investment Volume: ($ in millions)
Multifamily acquisition volume	—	—
Multifamily disposition volume	$125.0 to $175.0	$150.0
Development investment	$300.0 to $340.0	$320.0

Debt:
Average effective interest rate	3.8% to 4.0%	3.9%
Capitalized interest ($ in millions)	$16.0 to $17.0	$16.5

Diluted FFO Shares Outstanding:
Diluted common shares and units	119.05 to 119.25 million	119.15 million


	Full Year 2026 Guidance Range
	Low			High
Earnings per common share - diluted	$	3.61		$	3.73
Real estate depreciation and amortization		5.45			5.45
Gains on sale of depreciable assets		(0.52	)		(0.52	)
FFO per Share - diluted		8.54			8.66
Non-Core FFO items (1)		(0.11	)		(0.11	)
Core FFO per Share - diluted		8.43			8.55
Recurring capital expenditures		(1.03	)		(1.03	)
Core AFFO per Share - diluted	$	7.40		$	7.52


	Commercial	Long-Term
	Paper Rating	Debt Rating	Outlook
Fitch Ratings (1)	F1	A-	Stable
Moody’s Investors Service (2)	P-2	A3	Stable
Standard & Poor’s Ratings Services (1)	A-2	A-	Stable


For Questions Contact:
	Name	Title
	Andrew Schaeffer	Senior Vice President, Treasurer and Director of Capital Markets
	Jennifer Patrick	Director of Investor Relations
	Phone: 866-576-9689 (toll free)
	Email: investor.relations@maac.com