Mid-America Apartment Communities, Inc.

Thank you, Julianne, and good morning, everyone. This is Andrew Schaefer, Treasurer and Director of Capital Markets for MAA. Members of the management team participating on the call this morning with prepared comments are Eric Bolton, Brad Hill, Tim Argo, and Clay Holder. Rob Del Torre and Joe Fracchia are also participating and available for questions as well. Before we begin with prepared comments this morning, I want to point out that as part of this discussion, company management will be making forward-looking statements. Actual results may differ materially from our projections. We encourage you to and our 34-act filings with the SEC, which describe risk factors that may impact future results. During this call, we will also discuss certain non-GAAP financial measures. A presentation of the most directly comparable GAAP financial measures, as well as reconciliations of the differences between non-GAAP and comparable GAAP measures, can be found in our earnings release and supplemental financial data. Our earnings release and supplement are currently available on the For Investor page of our website at www.maac.com. A copy of our prepared comments and an audio recording of this call will also be available on our website later today.

After some brief prepared comments, the management team will be available to answer questions. I will now turn the call over to Eric.

Thanks, Andrew, and good morning. Core FFO results for the second quarter were ahead of expectations as the strong demand for apartment housing across our markets is steadily absorbing the new supply being delivered. This strong demand continues to for steady occupancy performance from our portfolio, as well as blended lease over lease pricing that has consistently increased since Q4 of last year. These positive trends are continuing into July. MAA's strategy has long focused on positioning our portfolio to capture higher full cycle demand to drive superior long-term value growth to best mitigate the occasional periods of supply pressure We have a unique portfolio diversification strategy involving both large and mid-tier markets. Further, by appealing to a broad segment of the rental market with a more affordable price point, as evidenced by our strong rent income ratios and sector-leading low delinquency performance, we believe we are able to drive higher demand and absorption across our portfolio. We continue to believe that new supply deliveries across our markets are currently peaking, and we expect to see the volume of new deliveries decline over the back half of this year, with 2025 ushering in a multiyear period where the growing demand for apartment housing will exceed the level of new competing supply. As detailed in yesterday's earnings release, We continue to find compelling opportunities to deploy capital in new acquisitions and development that will, we believe, deliver meaningful earnings accretion over the next few years. Our balance sheet remains strong and well-positioned to deliver on this future value pipeline that we are building. We believe that with the combination of the evolving market conditions poised to decline with the level of new supply delivering across our markets, the redevelopment and repositioning opportunities available to harvest within our existing portfolio, and the new growth pipeline that we're building through in-house development, our pre-purchase program with third-party developers, and the acquisition of newly constructed properties, MAIA is positioned for meaningful growth and value over the next few years. Before turning the call over to Brad, Tim, and Clay for more details, I'd like to send my thanks and appreciation to our MAA associates for their dedication and tremendous service to our residents. MAA is capturing record levels of resident retention, high resident satisfaction ratings, and strong lease renewal performance, thanks in large part to your hard work. I'll now turn the call over to Brad.