MAA Recognizes Toni Jennings for Service on the Board of Directors

Rhea-AI Summary

Mid-America Apartment Communities, Inc. (MAA) announced Toni Jennings' retirement from the Board of Directors, effective before the May 21, 2024 Annual Meeting of Shareholders. The board approved reducing the number of directors to 12. The Nominating and Corporate Governance Committee ensures smooth director succession. Three new directors were nominated for election at the 2023 Annual Meeting, temporarily increasing the board size to 13.

GERMANTOWN, Tenn., March 26, 2024 /PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced the retirement of Toni Jennings from the Board of Directors, effective immediately preceding the May 21, 2024 Annual Meeting of Shareholders. This planned transition aligns with the board's retirement policy and refreshment strategy. In conjunction with Ms. Jenning's departure, the Board of Directors has approved a reduction in the number of authorized directors to 12.

Eric Bolton, Chairman of the Board, expressed appreciation for Ms. Jenning's substantial contributions stating, "Toni's combined tenure spanning approximately 12½ years, encompassing both Post and MAA, has been immensely valuable and impactful to our growth and success. We extend our gratitude for her dedicated representation of our shareholders' interests and wish her the best in her future endeavors."

The Nominating and Corporate Governance Committee, in collaboration with the Board of Directors, continuously maintains and executes director succession and refreshment strategies. In anticipation of Ms. Jenning's departure, along with future planned retirements, the Board of Directors nominated three new directors for election at the 2023 Annual Meeting of Shareholders. This proactive measure temporarily increased the size of the board to 13 to allow for a seamless transition. Under the current succession strategy, we expect to further reduce the size of the board in coming years.

About MAA
MAA is a self-administered real estate investment trust (REIT) and member of the S&P 500. MAA owns or has ownership interest in apartment communities primarily throughout the Southeast, Southwest and Mid-Atlantic regions of the U.S. focused on delivering strong, full-cycle investment performance. For further details, please refer to the "For Investors" page at www.maac.com or contact Investor Relations at investor.relations@maac.com.

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SOURCE MAA

FAQ

When did Toni Jennings retire from the Board of Directors?

Toni Jennings retired from the Board of Directors of Mid-America Apartment Communities, Inc. (MAA) effective immediately before the May 21, 2024 Annual Meeting of Shareholders.

How many directors are currently authorized on the Board?

The Board of Directors has approved a reduction in the number of authorized directors to 12 following Toni Jennings' retirement.

How many new directors were nominated for election at the 2023 Annual Meeting of Shareholders?

Three new directors were nominated for election at the 2023 Annual Meeting of Shareholders, temporarily increasing the board size to 13.

Who expressed appreciation for Toni Jennings' contributions?

Eric Bolton, Chairman of the Board, expressed appreciation for Toni Jennings' substantial contributions to Mid-America Apartment Communities, Inc. (MAA).

What is the role of the Nominating and Corporate Governance Committee?

The Nominating and Corporate Governance Committee collaborates with the Board of Directors to maintain and execute director succession and refreshment strategies.