MAA · 8-K · 20260909PR386623

Liquidity and Debt Position

MID AMERICA APARTMENT COMMUNITIES INC. · 2026-09-09 · Importance 56 · Surprise 24 · No source text

At June 30, 2026, MAA reported $5.692 billion of total debt and $51.8 million of cash, resulting in net debt of $5.640 billion. Debt plus preferred stock was 25.8% of total capitalization, and 87% of total debt was fixed-rate with an average interest rate of 3.9%. During 2026 year to date through August 31, MAA issued $200 million of unsecured senior notes at an effective rate of 4.61% and entered into a $350 million unsecured delayed-draw term loan maturing in November 2030.

Key facts

• MAA entered into a $350 million unsecured delayed-draw term loan at a variable rate, maturing in November 2030, effective June 2026. source
• MAA issued $200 million of unsecured senior notes at an effective rate of 4.61% in 2026 YTD through August 31, 2026. source
• MAA had $5.691901 billion of total debt and $51.836 million of cash at June 30, 2026, resulting in net debt of $5.640065 billion. source
• At June 30, 2026, MAA's debt plus preferred stock was 25.8% of total capitalization; common equity was $16.5 billion and total debt plus preferred was $5.7 billion. source
• MAA expected one additional bond issuance in 2026 for external growth or refinancing. source
• At June 30, 2026, 87% of MAA's total debt was fixed rate, its average interest rate was 3.9%, and its net debt to adjusted EBITDAre was 4.5x. source
• MAA's credit ratings were A- from S&P, A3 from Moody's, and A- from Fitch, each with a stable outlook. source
• MAA identified the risk that it may be unable to obtain financing at favorable rates or refinance existing debt as it matures. source

Impact estimates