Eric Bolton

MAA owns and operates over 100,000 apartment units across approximately 300 communities in 16 states, concentrated in the fastest-growing metropolitan areas of the southeastern and southwestern U.S.: Atlanta, Dallas, Charlotte, Austin, Tampa, Orlando, Nashville, Raleigh, Phoenix, and Denver. MAA's strategic thesis is straightforward and has been richly rewarded: the U.S. Sunbelt region has experienced dramatic population and job growth as individuals and corporations migrate from higher-cost, higher-tax northeastern and western states to states offering lower taxes, lower cost of living, business-friendly regulation, and growing employment opportunities. This migration trend accelerated during and after COVID, driving strong apartment demand in MAA's markets. The company focuses on Class A and Class B apartments, targeting the broad middle market rather than ultra-luxury. MAA's portfolio is diversified across multiple Sunbelt markets, reducing concentration risk. Key stock drivers include Sunbelt apartment occupancy rates and rental rate growth, new apartment supply deliveries (a current headwind in several Sunbelt markets with significant construction), population migration trends, interest rate impact on REIT valuations and apartment affordability (vs. homeownership), and competition with other apartment REITs and private operators.