MAA · 8-K · 20260828PR372238

Preferred Stock Redemption

MID AMERICA APARTMENT COMMUNITIES INC. · 2026-08-28 · Importance 40 · Surprise 42 · In source text

MAA will redeem all outstanding 8.50% Series I Cumulative Redeemable Preferred Stock for $50.00 per share plus unpaid accrued dividends on October 1, 2026. The company will pay the full quarterly dividend of $1.0625 per share on September 30, 2026, to holders of record on September 15, 2026. MAA intends to fund the redemption with proceeds from settlement of a forward sale agreement under its ATM equity offering program, which has an initial forward sale price of $130.00 per share, subject to customary adjustments. MAA expects the preferred dividend savings to exceed dilution from the common shares issued, making the transaction accretive to Core FFO per share; it will retire legacy preferred equity and eliminate the embedded derivative associated with the Series I Shares.

Key facts

• MAA will redeem all outstanding shares of its 8.50% Series I Cumulative Redeemable Preferred Stock for cash on October 1, 2026. source
• The redemption price will be $50.00 per Series I Share plus unpaid accrued dividends for October 1, 2026. source
• Dividends on the Series I Shares will cease to accrue, and the shares will no longer be deemed outstanding, from and after October 1, 2026. source
• The redemption will retire legacy preferred equity, simplify MAA’s capital structure, and eliminate the embedded derivative associated with the Series I Shares and its related accounting complexity. source
• MAA will pay the full quarterly Series I dividend of $1.0625 per share on September 30, 2026, to holders of record on September 15, 2026. source
• Except for the right to receive the redemption price without interest, all rights of Series I Share holders will cease on and after October 1, 2026. source
• The Series I Shares were originally issued by Post Properties, Inc. in 1996 and converted into MAA Series I Shares in connection with MAA’s acquisition of Post in December 2016. source

Impact estimates