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Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions or other items related to the future. Such forward-looking statements include, without limitation, statements regarding expected operating performance and results, property stabilizations, property acquisition and disposition activity, joint venture activity, development, redevelopment and repositioning activity and other capital expenditures, and capital raising and financing activity, as well as lease pricing, revenue and expense growth, occupancy, supply level, demand, job growth, interest rate and other economic expectations. Words such as \"expects,\" \"anticipates,\" \"intends,\" \"plans,\" \"believes,\" \"seeks,\" \"estimates,\" \"forecasts,\" \"projects,\" \"assumes,\" \"will,\" \"may,\" \"could,\" \"should,\" \"budget,\" \"target,\" \"outlook,\" \"proforma,\" \"opportunity,\" \"guidance\" and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, as described below, which may cause our actual results, performance or achievements to be materially different from the results of operations, financial conditions or plans expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such forward-looking statements included in this presentation may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved.", "attrs": {}, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:21.75+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09c3f1b1-8ec0-429e-9133-70cf2d6e8cc6", "parentComponentId": null }, { "bbox": { "h": 0.49, "w": 0.84, "x": 0.084, "y": 0.36 }, "kind": "disclaimer", "text": "The following factors, among others, could cause our actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking statements: inability to generate sufficient cash flows due to unfavorable economic and market conditions, changes in supply and/or demand, competition, uninsured losses, changes in tax and housing laws, or other factors; exposure, as a multifamily focused REIT, to risks inherent in investments in a single industry and sector; adverse changes in real estate markets, including, but not limited to, the extent of future demand for multifamily units in our significant markets, barriers of entry into new markets which we may seek to enter in the future, limitations on our ability to increase rental rates, competition, our ability to identify and consummate attractive acquisitions or development projects on favorable terms, our ability to consummate any planned dispositions in a timely manner on acceptable terms, and our ability to reinvest sale proceeds in a manner that generates favorable returns; failure of new acquisitions to achieve anticipated results or be efficiently integrated; failure of development communities to be completed within budget and on a timely basis, if at all, to lease-up as anticipated or to achieve anticipated results; unexpected capital needs; material changes in operating costs, including real estate taxes, utilities and insurance costs, due to inflation and other factors; inability to obtain appropriate insurance coverage at reasonable rates, or at all, or losses from catastrophes in excess of our insurance coverage; ability to obtain financing at favorable rates, if at all, and refinance existing debt as it matures; level and volatility of interest or capitalization rates or capital market conditions; price volatility, dislocations and liquidity disruptions in the financial markets and the resulting impact on financing; the effect of any rating agency actions on the cost and availability of new debt financing; the impact of adverse developments affecting the U.S. or global banking industry, including bank failures and liquidity concerns, which could cause continued or worsening economic and market volatility, and regulatory responses thereto; significant change in the mortgage financing market that would cause single-family housing, either as an owned or rental product, to become a more significant competitive product; our ability to continue to satisfy complex rules in order to maintain our status as a REIT for federal income tax purposes, the ability of MAALP to satisfy the rules to maintain its status as a partnership for federal income tax purposes, the ability of our taxable REIT subsidiaries to maintain their status as such for federal income tax purposes, and our ability and the ability of our subsidiaries to operate effectively within the limitations imposed by these rules; inability to attract and retain qualified personnel; cyber liability or potential liability for breaches of our or our service providers' information technology systems, or business operations disruptions; potential liability for environmental contamination; changes in the legal requirements we are subject to, or the imposition of new legal requirements, that adversely affect our operations; extreme weather and natural disasters; disease outbreaks and public health events and measures that are taken by federal, state and local governmental authorities in response to such outbreaks and events; impact of climate change on our properties or operations; legal proceedings or class action lawsuits; impact of reputational harm caused by negative press or social media postings of our actions or policies, whether or not warranted; compliance costs associated with numerous federal, state and local laws and regulations; and other risks identified in reports we file with the Securities and Exchange Commission from time to time, including those discussed under the heading \"Risk Factors\" in our most recently filed Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. We undertake no duty to update or revise any forward-looking statements appearing in this presentation to reflect events, circumstances or changes in expectations after the date of this presentation.", "attrs": {}, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:21.75+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d4159d32-5388-4cc4-a865-ce553aac1fe1", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.84, "x": 0.084, "y": 0.68 }, "kind": "disclaimer", "text": "REGULATION G\nThis presentation contains certain non-GAAP financial measures within the meaning of the Securities Exchange Act of 1934, as amended. 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"019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:24.56+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dc84c315-e417-4b82-9f29-a31e763f8f17", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.68, "x": 0.113, "y": 0.88 }, "kind": "source-note", "text": "1 In this context, per Share means per diluted common share and unit.\n2 Net income per diluted common share is expected to be in the range of $6.05 to $6.41 per diluted common share ($6.23 at the midpoint) for the full year 2023.\n3 MAA does not forecast quarterly Net income per diluted common share as MAA cannot predict 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1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:29.584+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a25d9040-c443-4f0e-9a3f-25f04a775e0a", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.71, "x": 0.15, "y": 0.2 }, "kind": "paragraph", "text": "Established history and success of disciplined capital deployment will govern growth through new development", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:29.584+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "071d7a57-c0a9-411f-9224-8b7d34eabbeb", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.69, "x": 0.15, "y": 0.22 }, "kind": "paragraph", "text": "Design and investment managed from an owner/operator perspective; long-term margins optimized", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:29.584+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b5f50f6e-14d4-41d8-902a-37113bc44172", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.78, "x": 0.11, "y": 0.8 }, "kind": "paragraph", "text": "Expected Value Creation³ of over $139 Million from Total Active Developments and Lease-up Communities", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:29.584+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8896c971-29e6-49ae-bd94-f8f8d6735062", "parentComponentId": null }, { "bbox": { "h": 0.01, "w": 0.78, "x": 0.11, "y": 0.9 }, "kind": "source-note", "text": "3 Value creation calculated using adjusted proforma stabilized NOI for current development projects and lease-up communities at a 4.5% cap rate, less expected investment basis", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:29.584+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "05d10c29-2b23-42c6-8ba2-7dec26a06741", "parentComponentId": null }, { "bbox": { "h": 0.01, "w": 0.27, "x": 0.11, "y": 0.86 }, "kind": "source-note", "text": "Source: Company 1Q 2023 Earnings Release Supplemental", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:29.584+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4ef5928f-c8f7-4ece-be61-b6becb68e928", "parentComponentId": null }, { "bbox": { "h": 0.01, "w": 0.49, "x": 0.11, "y": 0.88 }, "kind": "source-note", "text": "1 Communities considered stabilized when achieving 90% average physical occupancy for 90 days", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:29.584+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "de5bf3fb-e3be-4877-958b-884195ee7e27", "parentComponentId": null }, { "bbox": { "h": 0.01, "w": 0.6, "x": 0.11, "y": 0.89 }, "kind": "source-note", "text": "2 MAA owns 80% of the joint venture that owns this property with right to purchase the remainder after stabilization", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:29.584+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f09d15a9-fd93-4a2d-8930-cc4183865160", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.09, "x": 0.14, "y": 0.39 }, "kind": "subtitle", "text": "EXPECTED AVERAGE STABILIZED NOI YIELD", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:29.584+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0676910c-6408-422b-9887-fcb86167d2df", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.09, "x": 0.14, "y": 0.48 }, "kind": "subtitle", "text": "EXPECTED TOTAL STABILIZED INCREMENTAL NOI", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:29.584+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5ca52bef-0004-4fb3-a9ae-66405277d060", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.09, "x": 0.14, "y": 0.63 }, "kind": "subtitle", "text": "EXPECTED AVERAGE STABILIZED NOI YIELD [FOR DEVELOPMENT]", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:29.584+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb890507-88be-44ae-9c58-a5ca42429c30", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.09, "x": 0.14, "y": 0.72 }, "kind": "subtitle", "text": "EXPECTED TOTAL STABILIZED INCREMENTAL NOI [FOR DEVELOPMENT]", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:29.584+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee52aa0e-acf4-436d-b5e1-8d73391c005b", "parentComponentId": null }, { "bbox": { "h": 0.27, "w": 0.64, "x": 0.26, "y": 0.29 }, "kind": "table", "text": "ACTIVE DEVELOPMENTS AT 3/31/2023\nPROPERTY MSA TOTAL UNITS EXP TOTAL COST (IN MILLIONS) EXPECTED INITIAL OCCUPANCY EXPECTED STABILIZATION¹\nNovel West Midtown² Atlanta, GA 340 $ 92.3 2Q 2023 3Q 2024\nNovel Daybreak² Salt Lake City, UT 400 94.0 2Q 2023 4Q 2024\nNovel Val Vista² Phoenix, AZ 317 77.2 3Q 2023 1Q 2025\nMAA Milepost 35 Denver, CO 352 125.0 4Q 2023 3Q 2025\nMAA Nixie Raleigh, NC 406 145.5 4Q 2024 3Q 2026\nMAA Breakwater Tampa, FL 495 197.5 1Q 2025 4Q 2026\nTOTAL ACTIVE DEVELOPMENTS 2,310 $ 731.5", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:29.584+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23504293-bc83-4467-9c27-868fc0aa212f", "parentComponentId": null }, { "bbox": { "h": 0.19, "w": 0.64, "x": 0.26, "y": 0.59 }, "kind": "table", "text": "ACTIVE LEASE-UPS AT 3/31/2023\nPROPERTY MSA TOTAL UNITS TOTAL COST TO DATE (IN MILLIONS) PHYSICAL OCCUPANCY EXPECTED STABILIZATION¹\nMAA LoSo (Acquisition) Charlotte, NC 344 $ 139.3 84.9% 2Q 2023\nMAA Windmill Hill (Development) Austin, TX 350 59.5 74.6% 4Q 2023\nTOTAL ACTIVE LEASE-UPS 694 $ 198.8 79.7%", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:29.584+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c6e1aafe-feb7-4e74-9fbb-8f2fe8e50990", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "b0d35389-6a9b-44e1-a63b-27c928baf1b0", "evidence": "Expected Value Creation³ of over $139 Million from Total Active Developments and Lease-up Communities", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:47:23.221211+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [ { "to": 20, "from": 11, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "c39e147e-55c3-4815-bdaa-67186620ee03", "evidence": "The presentation discusses MAA's development program, unit interior upgrades, and repositioning of select properties.", "position": 0, "objective": "To show how MAA is uniquely positioned to handle pockets of supply pressure", "confidence": 0.7, "extraction": { "at": "2026-07-16 23:08:43.20197+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 18, "type": "setup", "function": "quantify_opportunity", "rawType": "kpi_overview", "block": null, "metadata": { "slideType": "kpi_overview", "slideTypeCanon": { "name": "KPI overview (contrarian)", "slug": "kpi_overview", "status": "active", "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796", "version": 1, "description": null }, "function": "quantify_opportunity", "functionCanon": { "name": "Quantify opportunity", "slug": "quantify_opportunity", "status": "active", "canonId": "019de52d-17e4-726f-aa15-83350acef1dd", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 85, "componentCount": 8, "textChars": 613, "nDataPoints": 16, "notes": null, "elementsJson": null, "confidence": 0.9, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-02 08:29:25.946+00", "seconds": 6.361, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de515-f9e3-70c0-b0bb-ea4a0335a462/18", "deck": "/decks/019de515-f9e3-70c0-b0bb-ea4a0335a462", "deckAnchor": "/decks/019de515-f9e3-70c0-b0bb-ea4a0335a462#slide-18", "deckJson": "/decks/019de515-f9e3-70c0-b0bb-ea4a0335a462.json" }, "components": [ { "bbox": { "h": 0.169, "w": 0.457, "x": 0.453, "y": 0.212 }, "kind": "image", "text": "New Development | Novel Val Vista | Phoenix, AZ", "attrs": {}, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:25.946+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5137a137-c3e1-410d-aa1f-922dd41f8770", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.239, "x": 0.175, "y": 0.449 }, "kind": "list", "text": "ATLANTA\nDENVER | ORLANDO\nRALEIGH", "attrs": {}, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:25.946+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "89d8fa16-b6cc-47b5-bed9-e2d00b564d74", "parentComponentId": null }, { "bbox": { "h": 0.023, "w": 0.08, "x": 0.164, "y": 0.74 }, "kind": "metric", "text": "~$21M", "attrs": {}, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:25.946+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "12aaa173-6d89-4665-a323-33b3e85c1a5e", "parentComponentId": null }, { "bbox": { "h": 0.023, "w": 0.08, "x": 0.31, "y": 0.74 }, "kind": "metric", "text": "~$61M", "attrs": {}, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:25.946+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24927cdd-5cfa-4d54-b4db-6e07823ccee8", "parentComponentId": null }, { "bbox": { "h": 0.023, "w": 0.15, "x": 0.22, "y": 0.34 }, "kind": "metric", "text": "$1 BILLION", "attrs": {}, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:25.946+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7580c8bd-a29f-4531-b2e8-7a9826162e8e", "parentComponentId": null }, { "bbox": { "h": 0.048, "w": 0.29, "x": 0.133, "y": 0.843 }, "kind": "source-note", "text": "1 Value creation calculated using proforma adjusted stabilized\nNOI for 2023 development projects at a 4.5% cap rate, less\nexpected investment basis", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:29.957+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dc3ac8a3-8371-4a48-8e0e-ea9807c9f4a7", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.314, "x": 0.097, "y": 0.248 }, "kind": "list", "text": "~17K unit upgrades from 2020-2022", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": 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A reconciliation of the following items and an expanded discussion of their respective components can\nbe found in the accompanying Appendix: (i) EBITDA, EBITDAre and Adjusted EBITDAre to Net income; and (ii) Net Debt to Unsecured notes payable and Secured notes payable.\n5 Core FFO Payout Ratio is defined here as most recently declared dividend annualized divided by the midpoint of company guidance for full year 2023 Core FFO/Share per 1Q 2023 company filings.", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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MAA believes NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:39.53+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0254605b-82bf-4969-aaf2-c3865ca4a568", "parentComponentId": null }, { "bbox": { "h": 0.069, "w": 0.775, "x": 0.107, "y": 0.565 }, "kind": "paragraph", "text": "Gross Real Estate Assets represents Real estate assets, net plus Accumulated depreciation, Cash and cash equivalents and 1031(b) exchange proceeds included in Restricted cash. MAA believes that Gross Real Estate Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:39.53+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "376aab1c-e336-49cd-b684-b7e7bc56ae55", "parentComponentId": null }, { "bbox": { "h": 0.089, "w": 0.775, "x": 0.107, "y": 0.199 }, "kind": "paragraph", "text": "FAD is composed of Core FFO less total capital expenditures, excluding development spending, property acquisitions, capital expenditures relating to significant casualty losses that management expects to be reimbursed by insurance proceeds and corporate related capital expenditures. Because net income attributable to noncontrolling interests is added back, FAD, when used in this release, represents FAD attributable to common shareholders and unitholders. FAD should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. As an owner and operator of real estate, MAA considers FAD to be an important measure of performance from core operations because FAD measures the ability to control revenues, expenses and capital expenditures.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:39.53+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "52796a74-5326-456d-8aa1-2ad52112a064", "parentComponentId": null }, { "bbox": { "h": 0.089, "w": 0.775, "x": 0.107, "y": 0.82 }, "kind": "paragraph", "text": "Non-Same Store and Other NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties classified within the Non-Same Store and Other Portfolio during the period. Non-Same Store and Other NOI includes all storm-related expenses related to hurricanes. Non-Same Store and Other NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes Non-Same Store and Other NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:39.53+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9a64dc7b-9b76-4146-bcc5-1feb5f19e87e", "parentComponentId": null }, { "bbox": { "h": 0.029, "w": 0.775, "x": 0.107, "y": 0.65 }, "kind": "paragraph", "text": "Net Debt represents Unsecured notes payable and Secured notes payable less Cash and cash equivalents and 1031(b) exchange proceeds included in Restricted cash. MAA believes Net Debt is a helpful tool in evaluating its debt position.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:39.53+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9d440cc9-a2fb-4fc8-98c0-6f1ba7a9269e", "parentComponentId": null }, { "bbox": { "h": 0.14, "w": 0.775, "x": 0.107, "y": 0.31 }, "kind": "paragraph", "text": "FFO represents net income available for MAA common shareholders (calculated in accordance with GAAP) excluding gain or loss on disposition of operating properties and asset impairment, plus depreciation and amortization of real estate assets, net income attributable to noncontrolling interests, and adjustments for joint ventures. Because net income attributable to noncontrolling interests is added back, FFO, when used in this release, represents FFO attributable to common shareholders and unitholders. While MAA's definition of FFO is in accordance with NAREIT's definition, it may differ from the methodology for calculating FFO utilized by other companies and, accordingly, may not be comparable to such other companies. FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. MAA believes that FFO is helpful in understanding operating performance in that FFO excludes depreciation and amortization of real estate assets. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:39.53+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "de2b4204-0e8a-4c34-b8ad-8a5f17ef9e98", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.775, "x": 0.107, "y": 0.48 }, "kind": "paragraph", "text": "Gross Assets represents Total assets plus Accumulated depreciation. MAA believes that Gross Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:39.53+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe7bfcf9-5fa6-4311-a909-b4a90ce96414", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.59, "x": 0.104, "y": 0.11 }, "kind": "title", "text": "Definitions of Non-GAAP Financial Measures", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:39.53+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "905ccb1e-3d8e-4b11-9d36-5548513c40e5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 36, "type": "appendix", "function": "appendix", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "dense", "densityScore": 56, "componentCount": 4, "textChars": 3151, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 0.9, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-02 08:29:35.196+00", "seconds": 5.369, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de515-f9e3-70c0-b0bb-ea4a0335a462/36", "deck": "/decks/019de515-f9e3-70c0-b0bb-ea4a0335a462", "deckAnchor": "/decks/019de515-f9e3-70c0-b0bb-ea4a0335a462#slide-36", "deckJson": "/decks/019de515-f9e3-70c0-b0bb-ea4a0335a462.json" }, "components": [ { "bbox": { "h": 0.025, "w": 0.06, "x": 0.84, "y": 0.88 }, "kind": "image", "text": "MAA", "attrs": {}, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:35.196+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "de3dad4d-9b24-4938-9dc9-6bd0cdae198e", "parentComponentId": null }, { "bbox": { "h": 0.629, "w": 0.779, "x": 0.109, "y": 0.19 }, "kind": "list", "text": "Same Store NOI\nSame Store NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties classified within the Same Store Portfolio during the period. Same Store NOI excludes storm-related expenses related to hurricanes. Same Store NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes Same Store NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.\nOTHER KEY TERMS\nAverage Effective Rent per Unit\nAverage Effective Rent per Unit represents the average of gross rent amounts after the effect of leasing concessions for occupied units plus prevalent market rates asked for unoccupied units, divided by the total number of units. Leasing concessions represent discounts to the current market rate. MAA believes average effective rent is a helpful measurement in evaluating average pricing. It does not represent actual rental revenue collected per unit.\nAverage Physical Occupancy\nAverage Physical Occupancy represents the average of the daily physical occupancy for an applicable period.\nDevelopment Communities\nCommunities remain identified as development until certificates of occupancy are obtained for all units under development. Once all units are delivered and available for occupancy, the community moves into the Lease-up Communities portfolio.\nLease-up Communities\nNew acquisitions acquired during lease-up and newly developed communities remain in the Lease-up Communities portfolio until stabilized. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.\nNon-Same Store and Other Portfolio\nNon-Same Store and Other Portfolio includes recently acquired communities, communities in development or lease-up, communities that have been disposed of or identified for disposition, communities that have experienced a significant casualty loss, stabilized communities that do not meet the requirements defined by the Same Store Portfolio, retail properties and commercial properties.\nResident Turnover\nResident turnover represents resident move outs excluding transfers within the Same Store Portfolio as a percentage of expiring leases on a rolling twelve month basis as of the end of the reported quarter.\nSame Store Portfolio\nMAA reviews its Same Store Portfolio at the beginning of each calendar year, or as significant transactions or events warrant. Communities are generally added into the Same Store Portfolio if they were owned and stabilized at the beginning of the previous year. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days. Communities that have been approved by MAA's Board of Directors for disposition are excluded from the Same Store Portfolio. Communities that have experienced a significant casualty loss are also excluded from the Same Store Portfolio.", "attrs": {}, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:35.196+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9501d09c-2e7d-4ce7-b3ea-4f197c339c7c", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.02, "x": 0.905, "y": 0.88 }, "kind": "source-note", "text": "36", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:35.196+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b8f79f31-8610-42e8-ad20-43c63760bb83", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.62, "x": 0.1, "y": 0.103 }, "kind": "title", "text": "Definitions of Non-GAAP Financial Measures and Other Key Terms", "attrs": {}, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:29:35.196+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b8741f73-922f-42b0-903c-b902698a3ce3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 3, "to": 5, "label": "Problem", "description": "The presentation starts by highlighting MAA's consistently strong performance for shareholders." }, { "from": 4, "to": 11, "label": "Solution", "description": "MAA proposes creating value through the full market cycle, highlighting its unique diversification and balance." }, { "from": 8, "to": 9, "label": "Market Size", "description": "The presentation discusses strong demand drivers for MAA markets and robust job creation." }, { "from": 10, "to": 14, "label": "Product", "description": "MAA showcases its affluent resident profile, diversified employment, and affordable rents, leading to solid rent growth opportunity and strong collections." }, { "from": 24, "to": 25, "label": "Team", "description": "The presentation highlights MAA's strong, investment-grade balance sheet and balance sheet strength." } ], "loops": [ { "from": 11, "to": 20, "label": "Cost Of Inaction", "description": "To show how MAA is uniquely positioned to handle pockets of supply pressure" }, { "from": 19, "to": 21, "label": "Before After", "description": "To highlight the potential for continued value creation" }, { "from": 10, "to": 10, "label": "Voice Of Customer", "description": "To showcase MAA's affluent resident profile" } ] }