Mid-America Apartment (MAA) Prices 1.1M Share Offering; Proceeds of $212M

Mid-America Apartment Communities, Inc., ("MAA") (NYSE: MAA) today announced that it has priced an underwritten public offering of 1,100,000 shares of common stock for expected gross proceeds of approximately $212 million, all of which are being offered in connection with the forward sale agreements described below.

J.P. Morgan and Wells Fargo Securities are acting as the joint book-running managers for the offering.

MAA has entered into forward sale agreements with J.P. Morgan Securities LLC and Wells Fargo Securities or their affiliates (the "forward purchasers") with respect to 1,100,000 shares of its common stock. In connection with the forward sale agreements, the forward purchasers or their affiliates are expected to borrow and sell to the underwriters an aggregate of 1,100,000 shares of the common stock that will be delivered in this offering. Subject to its right to elect cash or net share settlement, which right is subject to certain conditions, MAA intends to deliver, upon physical settlement of such forward sale agreements on one or more dates specified by MAA occurring no later than February 2, 2023, an aggregate of 1,100,000 shares of its common stock to the forward purchasers in exchange for cash proceeds per share equal to the applicable forward sale price, which is subject to certain adjustments as provided in the forward sale agreements.

The offering is expected to close on August 5, 2021, subject to customary closing conditions.

MAA will not initially receive any proceeds from the sale of shares of its common stock by the forward purchasers or their affiliates in the offering. MAA expects to contribute the net proceeds, if any, it receives upon the future settlement of the forward sale agreements to its operating partnership, Mid-America Apartments, L.P. ("MAALP"), which intends to use such proceeds for its development and redevelopment activities, working capital and general corporate purposes, which may include the repayment of outstanding indebtedness under its commercial paper program, unsecured revolving credit facility and secured property mortgages, if any. General corporate purposes also may include the selective development, redevelopment or acquisition of properties.

Selling common stock through the forward sale agreements enables MAA to set the price of such shares upon the pricing of the offering (subject to certain adjustments) while delaying the issuance of such shares and the receipt of the net proceeds by MAA until the expected funding requirements described above have occurred.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission and has become effective. The offering of these securities will be made only by means of a prospectus supplement and accompanying prospectus. Copies of these documents may be obtained from: (i) J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-866-803-9204; and (ii) Wells Fargo Securities, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, New York, 10001, at (800) 326-5897 or email a request to [email protected]. Alternatively, investors may obtain these documents, when available, for free by visiting EDGAR on the Securities and Exchange Commission's website at www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy MAA's securities, nor shall there be any sale of MAA's securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful under the securities laws of any such jurisdiction.

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