Strategic Growth and Valuation Opportunity: Buy Rating for Mid-America ApartmentWe are updating our estimates for MAA following the 3Q25 results as well as recent company presentations and ahead of next week's Nareit Conference. We are lowering our 2025 estimate to $8.71 from $8.78 and our 2026 estimate to $8.67 from $9.01, implying another down year for FFO/sh growth. While MAA has been navigating the record supply shock coming out of COVID, and is showing some positive trends in operating results (Exhibits 1 & 2), the momentum has thus far been slower than anticipated. Additionally, the company has some expense growth in 2026 and interest expense headwinds that are pressuring our estimates heading into the end of the year. Year-to-date performance has been disappointing for the Apartment sector overall, with a weighted average total return of approximately (~10%) compared to 2.5% for the REIT sector.